An expensive Frankenstein in space
The European Space Agency and NASA have confirmed that the Europeans will be building the service module for Orion.
Several points:
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Tag: debt
According the the inspector general, the Post Office will go out of business this year unless Congress bails it out.
The day of reckoning looms: According the the inspector general, the Post Office will go out of business this year unless Congress bails it out.
And where will Congress and President Obama find the cash? Print it of course, which of course they plan to do with all their other budget problems. Get ready for inflation, gang!
The day of reckoning looms: According the the inspector general, the Post Office will go out of business this year unless Congress bails it out.
And where will Congress and President Obama find the cash? Print it of course, which of course they plan to do with all their other budget problems. Get ready for inflation, gang!
“The toll collectors on the road to serfdom.”
Health premiums to double under Obamacare.
Finding out what’s in it: Health premiums to double under Obamacare.
Finding out what’s in it: Health premiums to double under Obamacare.
The future of the social security program is worse than you think.
The future of the social security program is worse than you think.
For the first time in more than a quarter-century, Social Security ran a deficit in 2010: It spent $49 billion dollars more in benefits than it received in revenues, and drew from its trust funds to cover the shortfall. Those funds — a $2.7 trillion buffer built in anticipation of retiring baby boomers — will be exhausted by 2033, the government currently projects.
And this is from the New York Times, of all places! Of course, as soon as any politician suggests instituting any of the reforms suggested in the article the Times will then start screaming bloody murder in protest. They are very good at appearing nuanced and thoughtful about the debt, until someone actually suggests doing something about it.
The future of the social security program is worse than you think.
For the first time in more than a quarter-century, Social Security ran a deficit in 2010: It spent $49 billion dollars more in benefits than it received in revenues, and drew from its trust funds to cover the shortfall. Those funds — a $2.7 trillion buffer built in anticipation of retiring baby boomers — will be exhausted by 2033, the government currently projects.
And this is from the New York Times, of all places! Of course, as soon as any politician suggests instituting any of the reforms suggested in the article the Times will then start screaming bloody murder in protest. They are very good at appearing nuanced and thoughtful about the debt, until someone actually suggests doing something about it.
The good, bad, and (mostly) ugly of the fiscal deal.
The good, bad, and (mostly) ugly of the fiscal deal.
And then there is this: Six idiotic things included in the fiscal cliff deal that will add to the national debt.
The good, bad, and (mostly) ugly of the fiscal deal.
And then there is this: Six idiotic things included in the fiscal cliff deal that will add to the national debt.
The deindustrialization of America.
The deindustrialization of America.
But don’t worry. Congress has delayed dealing with the debt for another few months!
The deindustrialization of America.
But don’t worry. Congress has delayed dealing with the debt for another few months!
The federal government has reached its debt limit today.
The day of reckoning looms: The federal government has reached its debt limit today.
Treasury Secretary Timothy F. Geithner told Congress that the U.S. hit its statutory debt limit, necessitating emergency steps announced last week as a way to keep funding the government and avoid default. Geithner said he had issued a “debt issuance suspension period” for the Civil Service Retirement and Disability Fund, effective today and to last until Feb. 28, 2013. The letter said the Treasury was taking similar action for the Postal Service Retiree Health Benefits Fund.
This is only a temporary solution that solves nothing. And the fake negotiations over the fake “fiscal cliff” are doing even less than nothing to deal with the debt situation. We are bankrupt and worse, we are continuing to refuse to face that reality.
The day of reckoning looms: The federal government has reached its debt limit today.
Treasury Secretary Timothy F. Geithner told Congress that the U.S. hit its statutory debt limit, necessitating emergency steps announced last week as a way to keep funding the government and avoid default. Geithner said he had issued a “debt issuance suspension period” for the Civil Service Retirement and Disability Fund, effective today and to last until Feb. 28, 2013. The letter said the Treasury was taking similar action for the Postal Service Retiree Health Benefits Fund.
This is only a temporary solution that solves nothing. And the fake negotiations over the fake “fiscal cliff” are doing even less than nothing to deal with the debt situation. We are bankrupt and worse, we are continuing to refuse to face that reality.
The federal government will hit the debt ceiling on December 31.
The day of reckoning looms: The federal government will hit the debt ceiling on December 31.
The treasury will do things to stall the inevitable crash, but in the end, our elected leaders – backed by the voters — are doing nothing to solve this debt problem. (On this note, consider the absolute refusal of this Democrat to consider any spending cuts in negotiations with the Republicans.) The crash is coming.
The day of reckoning looms: The federal government will hit the debt ceiling on December 31.
The treasury will do things to stall the inevitable crash, but in the end, our elected leaders – backed by the voters — are doing nothing to solve this debt problem. (On this note, consider the absolute refusal of this Democrat to consider any spending cuts in negotiations with the Republicans.) The crash is coming.
Obama’s proposal to avoid sequestration would increase spending 55 percent over the next decade.
The day of reckoning looms: Obama’s proposal to avoid sequestration would increase spending 55 percent over the next decade.
I can’t understand how is it that anyone takes anything this guy says seriously.
The day of reckoning looms: Obama’s proposal to avoid sequestration would increase spending 55 percent over the next decade.
I can’t understand how is it that anyone takes anything this guy says seriously.
Seven charts that outline the true and terrible state of the economy.
The day of reckoning looms: Seven charts that outline the true and terrible state of the economy.
The day of reckoning looms: Seven charts that outline the true and terrible state of the economy.
“We are not going to do anything.”
Senate Democrats in action: “We are not going to do anything.”
But of course, it will be the Republicans’ fault, even though their proposed bill is one that Harry Reid himself considered acceptable earlier this year.
Senate Democrats in action: “We are not going to do anything.”
But of course, it will be the Republicans’ fault, even though their proposed bill is one that Harry Reid himself considered acceptable earlier this year.
Hurricane Sandy relief funding turns into Porkfest 2012
Surprise surprise! Hurricane Sandy relief funding turns into Porkfest 2012.
Surprise surprise! Hurricane Sandy relief funding turns into Porkfest 2012.
Sequestration and NASA
Here we go again. Yesterday an aerospace organization, Aerospace Industries Association, released a sixteen page report [pdf] claiming that NASA will lose 20,500 jobs and NOAA 2,500 if the federal government goes over the “fiscal cliff” and sequestration happens.
Immediately, a slew of news articles xeroxed this report to pound home this point, noting the job loses for the specific cities of each newspaper and how disaster awaits the country if sequestration is allowed to take place and we go over that blessed “fiscal cliff”:
- Fiscal cliff could cost Colorado 2,100 space jobs
- Budget cuts to cost Houston more than 5,000 NASA jobs, study says
- 1,300 aerospace jobs said at risk in Huntsville if nation goes over fiscal cliff
The trouble is, this is all hogwash and bad journalism.
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Lacking focus
A new National Research Council report released yesterday says that NASA lacks focus nor can it complete the missions it has with the resources available.
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The GAO is concerned about the future budget and schedule of the James Webb Space Telescope.
O goody: The GAO is concerned about the future budget and schedule of the James Webb Space Telescope.
This is very bad news if true for NASA’s astronomy program. Webb was originally budgeted at $1 billion and scheduled to launch in 2011. Its budget is now $8.8 billion and its launch is now set for October 2018. And until it launches there is little money to build any other space telescope.
O goody: The GAO is concerned about the future budget and schedule of the James Webb Space Telescope.
This is very bad news if true for NASA’s astronomy program. Webb was originally budgeted at $1 billion and scheduled to launch in 2011. Its budget is now $8.8 billion and its launch is now set for October 2018. And until it launches there is little money to build any other space telescope.
The toughest bridge in the world
An evening pause: I think the trucks in this video are a perfect metaphor for the American public’s attitude towards the federal debt. So what there are yellow flashing warning signs! Charge on!
The real fiscal cliff
But no one … at this point seems to have grasped that [nothing will be solved] unless the avoidance of the fiscal cliff includes measures that radically cut the deficit and end the unspeakable fraud of 70 percent of the country’s $1 to $1.5 trillion federal deficit being covered by phony notes cyber-clicked into existence from the Treasury’s 100 percent subsidiary, the Federal Reserve. No test of psychological confidence will be passed by this charade, nor any test of Grade 3 arithmetic either. The administration swaddles itself in a few weeks of a record-breaking rise in economic-growth and tax-collection rates. But this is only three weeks, and applies to a built-in annual budget deficit of $1.5 trillion on top of an accumulated national debt that took 232 years to get to $10 trillion in 2008 and made it to $16 trillion this year. (And there are still 5 million fewer people working in the U.S. than there were four years ago.) [emphasis mine]
This fake political term, “The fiscal cliff”, is an unmitigated lie, created by politicians to disguise their failure to actually deal with the debt. They are using it to avoid even cutting spending levels back to 2008 numbers, a reduction in spending that would hardly be noticed in the bloated, overweight, and increasingly oppressive federal bureaucracy.
But no one … at this point seems to have grasped that [nothing will be solved] unless the avoidance of the fiscal cliff includes measures that radically cut the deficit and end the unspeakable fraud of 70 percent of the country’s $1 to $1.5 trillion federal deficit being covered by phony notes cyber-clicked into existence from the Treasury’s 100 percent subsidiary, the Federal Reserve. No test of psychological confidence will be passed by this charade, nor any test of Grade 3 arithmetic either. The administration swaddles itself in a few weeks of a record-breaking rise in economic-growth and tax-collection rates. But this is only three weeks, and applies to a built-in annual budget deficit of $1.5 trillion on top of an accumulated national debt that took 232 years to get to $10 trillion in 2008 and made it to $16 trillion this year. (And there are still 5 million fewer people working in the U.S. than there were four years ago.) [emphasis mine]
This fake political term, “The fiscal cliff”, is an unmitigated lie, created by politicians to disguise their failure to actually deal with the debt. They are using it to avoid even cutting spending levels back to 2008 numbers, a reduction in spending that would hardly be noticed in the bloated, overweight, and increasingly oppressive federal bureaucracy.
The overall debt from student loans now exceeds $1 trillion, with defaults skyrocking. The solution from one Democratic Congressman: a $1 trillion bailout.
The day of reckoning looms: The overall debt from student loans now exceeds $1 trillion, with defaults skyrocketing. The solution from one Democratic Congressman: a $1 trillion bailout. More here.
The day of reckoning looms: The overall debt from student loans now exceeds $1 trillion, with defaults skyrocketing. The solution from one Democratic Congressman: a $1 trillion bailout. More here.
“1,200 days and $5 trillion in new debt since Senate Democrats passed a budget.”
“1,200 days and $5 trillion in new debt since Senate Democrats passed a budget.”
An annual budget is required by law. Harry Reid’s answer: “It would be foolish for us to do a budget at this stage.” And what do the American people do? They reward the Democrats, providing proof positive that we are in very bad shape and heading for disaster.
“1,200 days and $5 trillion in new debt since Senate Democrats passed a budget.”
An annual budget is required by law. Harry Reid’s answer: “It would be foolish for us to do a budget at this stage.” And what do the American people do? They reward the Democrats, providing proof positive that we are in very bad shape and heading for disaster.
The federal government’s debt ceiling will be reached no later than the end of February, and possibly sooner.
The day of reckoning looms: The federal government’s debt ceiling will be reached no later than the end of February, and possibly sooner.
The day of reckoning looms: The federal government’s debt ceiling will be reached no later than the end of February, and possibly sooner.
Don’t you dare call it default!
The day of reckoning looms: Don’t you dare call it default!
The day of reckoning looms: Don’t you dare call it default!
A service module to nowhere
As a replacement for its discontinued ATV cargo freighter — which paid its share of ISS — Europe has decided to build a service module for the Orion capsule.
This decision occurred at the same time ESA decided to upgrade Ariane 5 rather than replace it. Both decisions, to my mind, were serious mistakes.
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Our country’s road to bankruptcy, in one chart.
The day of reckoning looms: Our country’s road to bankruptcy, in one chart.
The day of reckoning looms: Our country’s road to bankruptcy, in one chart.
“Long-term budget pressures on NASA mount.”
Why SLS will surely die: “Long-term budget pressures on NASA mount.”
Whether the cheaper, more efficient, and competitive commercial space program will survive remains unknown. It could be that our brilliant Congress, which wants SLS, will keep that very expensive program alive just long enough to choke the life out of the commercial space program. Then, with the government part of private space dead from lack of support, they will suddenly be faced with the gigantic bill from the NASA-built SLS and will, as they have done repeatedly during the past four decades, blanch at paying the actually construction and launch costs, and will kill that too.
Why SLS will surely die: “Long-term budget pressures on NASA mount.”
Whether the cheaper, more efficient, and competitive commercial space program will survive remains unknown. It could be that our brilliant Congress, which wants SLS, will keep that very expensive program alive just long enough to choke the life out of the commercial space program. Then, with the government part of private space dead from lack of support, they will suddenly be faced with the gigantic bill from the NASA-built SLS and will, as they have done repeatedly during the past four decades, blanch at paying the actually construction and launch costs, and will kill that too.
A new audit has found that the Federal Housing Administration has a deficit of $13.5 billion for the fiscal year ending in September.
The day of reckoning looms: A new audit has found that the Federal Housing Administration has a deficit of $13.5 billion for the fiscal year ending in September.
The day of reckoning looms: A new audit has found that the Federal Housing Administration has a deficit of $13.5 billion for the fiscal year ending in September.
The Democratic senator seeking the chairmanship of the Senate Budget Committee has refused to promise to write a budget next year.
What Americans apparently wanted: The Democratic senator seeking the chairmanship of the Senate Budget Committee has refused to promise to write a budget next year.
This will be the fourth year in a row that the Democrats in the Senate have failed to write a budget. And note, they don’t need a single Republican vote to do it, since budget bills cannot be fillibusted.
As I like to say, the day of reckoning looms.
What Americans apparently wanted: The Democratic senator seeking the chairmanship of the Senate Budget Committee has refused to promise to write a budget next year.
This will be the fourth year in a row that the Democrats in the Senate have failed to write a budget. And note, they don’t need a single Republican vote to do it, since budget bills cannot be fillibusted.
As I like to say, the day of reckoning looms.
Harry Reid said Thursday that the Democrats intend to raise the debt limit another $2.4 trillion.
The day of reckoning looms: Harry Reid said Thursday that the Democrats intend to raise the debt limit another $2.4 trillion.
The day of reckoning looms: Harry Reid said Thursday that the Democrats intend to raise the debt limit another $2.4 trillion.
Five big stories the media will ‘discover’ after the election
Five big stories the media will ‘discover’ after the election.
Five big stories the media will ‘discover’ after the election.
Bankruptcy
It appears that Barack Obama has won another four years in office. Despite what many consider to be one of the weakest and most incompetent presidencies in history, the American people have decided to stick with this man. Even worse, the Democrats look like they will gain seats in the Senate, even though it was the Democratic majority in that Senate that has refused to pass a budget — as required by law — for the last three years. For that dereliction of duty, the American people have decided to reward them with more power.
Overall, it appears that the polls that favored Democrats in their sampling were actually capturing the tone of the country. The public wants big government and a restriction in freedom. 2010 was a fluke, not a trend. I was wrong.
We are stuck with Obamacare. We are stuck with trillion dollar deficits. We are stuck with bankruptcy. I have little hope now for the near future. It will probably take fifty years or more to fix the problems that the past four years and the next four years will create.
This is not even a conservative perspective. No policy can survive, even good leftwing policy, when the government is bankrupt. And with trillion dollar deficits the new normal, we are guaranteed that the government will go bankrupt. And it will take everything else down with it.
Even worse, this willingness of the American public and its intellectual class to ignore this reality, to make believe that trillion dollar deficits don’t matter, suggests an intellectual bankruptcy that is even more appalling. For you can’t fix a problem if you refuse to face it.