Due to cost overruns, NASA has cancelled the GEM X-ray telescope.
Due to cost overruns, NASA has cancelled the GEM X-ray telescope.
Tag: budget
The day of reckoning looms:
The day of reckoning looms. Two stories:
“If you’re anxious, you sit on your hands.”
“The bad jobs report is just a very small taste of the nightmare that is coming.”
An economy built to stall
In his first two years in office, Democrats gave Mr. Obama everything he wanted, save for cap and trade and union card-check, which would have done even more harm to job creation. They passed stimulus, ObamaCare, multiple housing bailouts, Dodd-Frank and more.
Even after Republicans took the House, they gave Mr. Obama the payroll tax holiday he demanded first for 2011 and again for 2012. Far from some new fiscal “austerity,” overall federal spending hasn’t declined. Meanwhile, the Federal Reserve has delivered monetary stimulus after stimulus—QE I, QE II, Operation Twist, and 42 months of near-zero interest rates with the promise of 30 months more.
Mr. Obama has had the freest run of policy of any President since LBJ. So maybe the problem is the policies.
Maybe Milton Friedman was right that “temporary, targeted” tax cuts don’t change the incentives to invest or hire because people aren’t stupid. Maybe each $1 of new federal spending doesn’t produce a “multiplier” of 1.5 times that in added output. Maybe the historic burst of regulation of the last three years has harmed business confidence and job creation. And maybe the uncertainty that comes from helter-skelter fiscal and monetary policy has dampened the animal spirits needed for a durable expansion.
As I said yesterday, though no president or Congress is entirely to blame for the state of the economy, they both can do great harm if they make decisions that interfere with the freedom of the market. And sadly, having the government interfere with the freedom of the market has been Obama’s mantra since the day he took office.
The head of the World Bank warned that Europe is heading for an economic “danger zone” as bad as 2008.
The day of reckoning looms: The head of the World Bank yesterday warned that Europe is heading for an economic “danger zone” as bad as 2008.
Not good: The Labor Department announced today that the U.S. economy only added 69 thousand jobs in May, the fewest in a year.
Not good: The Labor Department announced today that the U.S. economy only added 69,000 jobs in May, the fewest in a year.
The unemployment rate went up slightly as well, Labor also adjusted downward the number of jobs created in the past two months to terribly comparable numbers.
While no president is ever entirely responsible for the state of the economy, Barack Obama’s policies have certainly done significant harm. High regulation, Obamacare, and a clear hostility to private enterprise in all fields except space exploration has helped produce what appears to be the longest period with a floundering economy in my lifetime.
Two Democrats joined Republicans yesterday on a Senate committee to block the U.S. military from increasing its use of alternatives fossil fuels.
Two Democrats joined Republicans yesterday on a Senate committee to block the U.S. military from increasing its use of alternatives fossil fuels.
What stood out to me in this article was the following quote:
As part of this support, in December the Navy agreed to spend $12 million for 450,000 gallons of “advanced biofuels,” which can be blended with petroleum in a 50:50 mixture and burned in conventional engines. The Navy and Air Force have both set a goal of using advanced biofuels for 50% of their fuel use by the end of this decade. But the current $26-a-gallon price tag angered congressional Republicans, who accuse the Obama Administration of using the military to support its green agenda. [emphasis mine]
$26 per gallon for biofuels? I find it astonishing that anyone voted for this program.
Of course the military wants options. And of course we want to reduce our dependence on fossil fuels, if only to reduce the money pouring into the hands of the radical Islamists of the Middle East. But at that price, these alternative fuels are simply not competitive or affordable.
The number of searches on Google for the phrase “bank run” has just hit an all-time high.
Are people getting nervous? The number of searches on Google for the phrase “bank run” has just hit an all-time high.
Using the budget balancing rules Congress imposed on private companies, the federal deficit turns out to be five times greater than the official but fake numbers Congress normally publishes.
The day of reckoning looms: Using the budget balancing rules Congress imposed on private companies, the annual federal deficit turns out to be five times greater than the official but fake numbers Congress normally publishes.
The big difference between the official deficit and standard accounting: Congress exempts itself from including the cost of promised retirement benefits. Yet companies, states and local governments must include retirement commitments in financial statements, as required by federal law and private boards that set accounting rules.
The deficit was $5 trillion last year under those rules. The official number was $1.3 trillion. Liabilities for Social Security, Medicare and other retirement programs rose by $3.7 trillion in 2011, according to government actuaries, but the amount was not registered on the government’s books.
Four Princeton physicists received over $1.5 million in lodging subsidies from the Department of Energy while on “temporary” assignment to other labs, even after living at that assigment for as much as 14 years.
The work is good if you can get it: Four Princeton physicists received over $1.5 million in lodging subsidies from the Department of Energy while on “temporary” assignment to other labs, even after living at that assignment for as much as 14 years.
The above story, from Science, takes a more sympathic view of this misuse of government funds. The Washington Post is more blunt:
Four high-ranking federal lab workers found a way to turn “per diem” funds for a temporary assignment into a steady flow of extra income — at taxpayers’ expense. The overpayments, discovered in an inspector general’s audit, boosted the annual pay of some of the employees by as much as $64,000.
The Department of Energy paid the four scientists roughly $1.8 million for daily lodging and “inconvenience” during assignments away from home. But these scientists were paid as if they were on temporary duty for up to 14 years — long after most had permanently relocated to job sites.
The problem with this story is that it isn’t an exception but the rule. Right now the wolves are guarding the chicken house, and they are raiding it routinely for as much cash as they can get. Consider for example last week’s story about the NIH study that has spent a billion dollars without even getting off the ground.
You give someone the equivalent of a blank check, and they will make no effort to do things efficiently, or even to do what you hired them for.
“I think it was a missed opportunity of tremendous proportions that the Republicans didn’t embrace what they said they believed in during those times.”
The speaker is a Republican, and he is talking correctly about the first four years of the Bush Jr. presidency.
“If the quality of the Administration’s economic analysis hadn’t already proven to be nearly worthless the discrepancy here would be stunning.”
The discrepancy refers to a claim made by the Obama administration about one benefit of Obamacare, compared to the reality of what has actually happened.
It is time to repeal this disaster of a law. We should also fire the politicians who foisted it on us.
The federal judges in the Ninth Circuit plan to hold a conference in Hawaii this August that could cost $1 million or more, and will include a golf tournament, a tennis tournament, an ice cream social, a garden tour, sport fishing, yoga, surfing lessons, and Zumba dancing lessons.
Our federal government at work: The federal judges in the Ninth Circuit plan to hold a conference in Hawaii this August that could cost $1 million or more, and will include a golf tournament, a tennis tournament, an ice cream social, a garden tour, sport fishing, yoga, surfing lessons, and Zumba dancing lessons.
Though many of these recreational events are supposingly not being paid for by government funds, there is something rotten here, without doubt. I’ve been to too many of these kinds of conferences as a journalist, and saw millions wasted for the entertainment of government employees. And in this case, the government is getting them to Hawaii.