Tag: budget

Global Bankruptcy Months Away?

10:42 am

The day of reckoning beckons: Global bankruptcy months away? Key quote:

“Based upon world liquidity, the amount of money available to fund sovereign debt in 2011 is between $6-9 trillion,” Marc Nuttle told Townhall Finance. Nuttle runs the site DebtWall.org. “The world’s government projections for deficit financing in 2011 is $8-10 trillion. We are bumping into the ceiling of the world’s ability to fund ongoing sovereign deficits and debt on an annual basis.”

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NASA faces subpoena on heavy-lift rocket work

10:16 am

The space war continues: Several senators are threatening to subpoena NASA over what they perceive as the agency’s foot-dragging in building a heavy-lift rocket.

Idiots. They give NASA less money and less time to build the program-formerly-called-Constellation, and then are surprised when things don’t go well. Of course, it doesn’t help that the Obama administration is trying to sabotage the project anyway.

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Senate Republicans pull out of Biden debt limit negotiations

2:12 pm

The Senate Republicans have pulled out of Biden’s debt limit negotiations.

This article strongly suggests to me that the Democrats, who hold a majority in this negotiating group, have refused to take seriously the Republicans’ demand to cut spending, instead focusing on tax increases as a solution. The problem is that you could raise our taxes to 100 percent and you wouldn’t solve the debt problem. The government has got to reduce its spending.

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Democrats call for new spending in US debt deal

6:15 pm

In negotiations over raising the debt limit Democrats are now calling for more stimulus spending.

These guys just don’t get it. We don’t have the money, the federal government is broke, and it was their out-of-control spending and complete lack of responsibility that helped create today’s economic mess.

The one thing that worries me most however is that the public might not get it yet either, and might not vote these bums out of office. If that happens, we are really screwed, in ways that most Americans today probably can’t imagine.

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Conservative lawmakers push for pledge cutting spending across the board, capping government spending, and requires a balanced budget amendment.

12:46 pm

Conservative lawmakers are coalescing behind a pledge to cut spending across the board while requiring a balanced budget amendment.

This story once again suggests to me that the political winds are definitely favoring big cuts in government spending. Woe to the politician of either party who ignores these winds.

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How the recently dissolved California Space Authority wasted millions of dollars in federal earmarks and grants

9:27 am

How the recently dissolved California Space Authority wasted millions of dollars in federal earmarks and grants.

Sadly, this story is typical of many quasi-public/private authorities, most of which have nothing to do with the aerospace industry. There is a lot of one hand washing the other, using money the federal government nonchalantly gives away as if it is water.

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NASA about to decide on its shuttle heavy-lift replacement

5:56 pm

NASA is about to decide on its shuttle heavy-lift replacement, and it looks like it will be almost entirely shuttle-derived.

As I have said previously, this rocket will almost certainly never fly. NASA has to start over after spending billions and years developing Constellation, and is being given less money and time to do it.

And even if I am wrong and this rocket does fly, I bet it will do only one flight and then be retired as too costly.

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Obama to announce plans to cut government waste

9:59 am

Obama to announce plans today to cut government waste.

Though I applaud any effort to reduce the federal government’s out-of-control spending, to me this paragraph suggested strongly how symbolic and superficial this announcement by Obama will be:

One of the campaign’s first steps will be targeting waste and duplication among federal websites. The administration will halt the creation of new websites, as well as shut down or consolidate one-fourth of the 2,000 government websites in the next few months.

For one thing, having an employee launch an extra website is hardly very costly, as you are already paying that employee’s salary. Will they be laying off these workers as well? I doubt it.

For another, shutting down websites is hardly a demonstration of transparency in government.

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