Tag: debt

All NASA funding for the European ExoMars mission appears to have been cut by the Obama administration.

9:13 pm

All NASA funding for ESA’s unmanned ExoMars mission appears to have been cut by the Obama administration.

A public announcement by Nasa of its withdrawal from the ExoMars programme, as it is known in Europe, will probably come once President Obama’s 2013 Federal Budget Request is submitted. This request, expected in the coming days, will give the US space agency a much clearer view of how much money it has to implement its various projects. “The Americans have indicated that the possibility of them participating is now low – very low. It’s highly unlikely,” said Alvaro Gimenez, Esa’s director of science.

Though this story doesn’t confirm the earlier rumors that the Obama administration was going to eliminate the entire NASA planetary program, it sure lends those rumors further weight. However, the new budget should be released any day now, when we will finally find out.

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By a significant majority the House has voted to repeal part of Obamacare.

8:43 pm

More House action: By a significant majority the House has voted to repeal part of Obamacare.

Once again, that a significant number of Democrats joined the Republicans in this vote illustrates where the political power lies. The Democratic leadership and President Obama are fighting a losing battle trying to support this turkey, especially since this section of Obamacare has already been abandoned as unworkable by the White House.

Secretary of Health and Human Services Kathleen Sebelius effectively suspended the program last fall, conceding she couldn’t find a way to make it pay for itself. And the Congressional Budget Office took the program off the books, releasing lawmakers from budget rules that would have otherwise required them to replace the lost savings.

Since the rest of Obamacare is unworkable as well, expect more action to repeal it after the November election. And I expect that effort to succeed.

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The House has voted to freeze all congressional and federal pay for another year, through 2013.

8:34 pm

The House has voted to freeze all congressional and federal pay for another year, through 2013.

On a vote of 309 to 117, GOP supporters scored the two-thirds majority needed to approve the measure under a suspension of normal procedural roles. The bill, introduced by Rep. Sean Duffy (R-Wis.), would extend the current two-year freeze on federal cost-of-living raises for an additional year starting next January. Lawmakers haven’t raised congressional pay in four of the last six years.

The bill would need to be approved by the Senate before becoming law.

The yay votes above included a significant number of Democrats, once again indicating where the political winds are blowing. Even as their leadership poo-poos this vote, their membership knows what the voters want.

The last sentence in the quote above illustrates again which party in Congress is really doing nothing, as it is the Senate where this bill might die, and it is the Senate that the Democrats control.

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The NY Times reported today that the investigation into MF Global’s bankrucpty has located most of the missing $1.2 billion of customer money

9:25 am

The NY Times reported today that the investigation into MF Global’s bankrucpty has located most of the missing $1.2 billion of customer money.

Investigators have determined what happened to nearly all of the customer money that disappeared from MF Global around the time of its bankruptcy last Oct. 31, but have not publicly disclosed their progress, fearing that doing so might cripple efforts to recover the cash and pursue potential wrongdoing, people briefed on the investigation said.

While authorities have traced hundreds of millions of dollars to banks, MF Global’s trading partners and even the firm’s securities customers, investigators remain uncertain about whether they can retrieve the money.

As I was reading this article I had the strange feeling that I lived in an alternative universe. At no point did the New York Times bother to mention the name of former Democratic New Jersey Governor Jon Corzine, the economic go-to guy for the Obama administration and the man who was in charge of MF Global when all of this illegal and incompetent activity occurred. For those that want to know a bit more about the story, you might want to go to this New York Post editorial today, which lays out the issues that the New York Times so conveniently wants everyone to forget, and also notes that even now Corzine is out there campaigning and raising funds for Obama’s re-election.

Well, as they say, birds of a feather will flock together.

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The CBO has projected another trillion plus deficit for 2012, the fourth year in a row the U.S. government has produced such a deficit.

10:18 am

The day of reckoning looms: The CBO now predicts another trillion-plus deficit for 2012, the fourth year in a row the U.S. government has produced such a deficit.

For those who like to blame Bush for everything, it must be noted that these deficits, all during the Obama administration, are three to four times larger than any previous single year deficit of any previous administration. As bad as the deficits were in the Bush years — and they were bad — they don’t hold a candle to what Obama has done.

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Investigators now think that MF Global, the company run by Jon Corzine, Obama adviser and fundraiser, lost its customers’ money in “a labyrinth of shady trading and raids.”

9:42 am

Investigators now think that MF Global, the company run by former Democratic governor Jon Corzine, Obama adviser and fundraiser, lost $1.2 billion of its customers’ money in “a labyrinth of shady trading and raids.”

In the end, Jon Corzine faces the serious possibility of prison time for his part in this scandal. And he was the go-to guy of the Obama administration for economic advice.

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15 Questions The Mainstream Media Would Ask Barack Obama If He Were A Republican

9:28 am

Fifteen questions the mainstream press would ask Barack Obama if he were a Republican.

While many of these questions are simply intended as a way to attack Obama (which of course is what the press does to Republican candidates), the last three are perfectly reasonable and do address directly the actual failures of his administration.

13) Why should the American people reelect you when your 10 year budget saddles America with more debt than all previous Presidents combined?

14) Your stimulus bill cost more in real dollars than the moon landing and the interstate highway system combined. What do we have to show for all of that money spent?

15) Members of your administration promised that the trillion dollar stimulus would keep unemployment under 8 percent. Instead, we’ve had 35+ months of 8% and above unemployment. Doesn’t that mean we wasted a trillion dollars on nothing?

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On Tuesday the Treasury Department began using pension funds to keep the federal debt below the debt limit.

9:31 pm

The day of reckoning looms closer all the time: On Tuesday the Treasury Department began using pension funds to keep the federal debt below the debt limit.

This action is, at this time, only a stop-gap until the debt ceiling is raised $1.2 trillion as per Obama’s request. Nonetheless, it signals the federal government’s increasingly dire debt problems.

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Obama asks for more power to consolidate government agencies

10:18 am

President Obama today asked Congress for additional power to consolidate six government agencies.

While this at first sounds like a very good idea, I must admit that it is difficult for me to trust this man with more power, at any time. In addition, how serious can we take his claim of desiring to save money when his administration is on a pace to increase the federal debt by more than $6 trillion, exceeding the debt accumulated by all Presidents from George Washington to Bill Clinton?

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The U.S. Agriculture Department announced Monday it will close nearly 260 offices nationwide.

9:24 pm

The U.S. Agriculture Department announced Monday it will close nearly 260 offices nationwide.

Agriculture Secretary Tom Vilsack said the goal was to save $150 million a year in the agency’s $145 billion budget. About $90 million had already been saved by reducing travel and supplies, and the closures were expected to save another $60 million, he said.

Though this is probably a good thing, the article only notes the amount supposingly saved, without showing how it would actually reduce the agency’s budget. Furthermore, I am puzzled why these cuts are necessary, since the USDA’s budget in 2011 still exceeds what it got in 2008. Both facts make me wonder if these cuts are nothing more than smoke-and-mirrors, designed to make us think they are trimming the budget when they actually are not.

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The national debt now equals the entire U.S. economy

1:29 pm

The day of reckoning looms: The national debt now equals the entire U.S. economy.

The amount of money the federal government owes to its creditors, combined with IOUs to government retirement and other programs, now tops $15.23 trillion. That’s roughly equal to the value of all goods and services the U.S. economy produces in one year: $15.17 trillion as of September, the latest estimate. Private projections show the economy likely grew to about $15.3 trillion by December — a level the debt is likely to surpass this month.

But don’t worry. The press is focused like a laser on more important issues, such as whether the states might someday consider outlawing the pill.

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The National Science Foundation has declined until 2020 to commit to funding a giant American-built ground-based telescope

9:28 pm

Bad news for American astronomy: The National Science Foundation has declined until 2020 to commit to any funding for either one of the two giant American-built ground-based telescopes.

For nearly a decade now, two university consortia in the United States have been in a race to build two ground-based telescopes that would be several times bigger than today’s biggest optical telescope. One group—led by the University of California—plans to build the Thirty Meter Telescope (TMT) in Hawaii. The other team—led by Carnegie Observatories, the University of Arizona, and other institutions—is developing a 28-meter behemoth named the Giant Magellan Telescope (GMT), which would be built in Chile. Over the past few years, both teams have raised tens of millions of dollars toward the billion-dollar-plus projects in the hope that the U.S. National Science Foundation (NSF) would come up with the balance.

But now, it turns out, neither project has a chance of receiving any significant funding from NSF for at least another decade. In a solicitation posted by NSF last week, the agency indicated that it does not expect to fund the building of any giant segmented mirror telescopes—that is, TMT or GMT—until the beginning of the 2020s. According to the solicitation, all that NSF can provide right now is $1.25 million over 5 years for the development of a public-private partnership plan that could eventually lead to the building of a large telescope, should NSF be in a position to fund such a telescope sometime in the next decade.

I suspect the NSF’s unwillingness to fund this project at this time is directly related to the budget crisis in Washington. Though the NSF got slightly more money in 2012 than in 2011, that money is all accounted for by other projects. There is no margin for anything new that will be as expensive (in the billions) as these giant telescopes will be.

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Space exploration and the unexpected consequences of government decisions

4:24 pm

On Thursday, December 15, 2011, NASA management announced what seemed at first glance to be a very boring managerial decision. Future contracts with any aerospace company to launch astronauts to and from the International Space Station (ISS) will follow the same contractual arrangements used by NASA and SpaceX and Orbital Sciences for supplying cargo to the space station.

As boring that sounds, this is probably the most important decision NASA managers have made since the 1960s. Not only will this contractual approach lower the cost and accelerate the speed of developing a new generation of manned spaceships, it will transfer control of space exploration from NASA — an overweight and bloated government agency — to the free and competitive open market.

To me, however, the decision illustrates a number of unexpected consequences, none of which have been noted by anyone in the discussions that followed NASA’s announcement back in mid-December.
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At the end of 2011, America, like much of the rest of the Western world, has dug deeper into a cocoon of denial.

12:16 am

“At the end of 2011, America, like much of the rest of the Western world, has dug deeper into a cocoon of denial.”

Tens of millions of Americans have yet to understand that the can can no longer be kicked down the road, because we’re all out of road. The pavement ends, and there’s just a long drop into the abyss. And, even in a state-compliant car seat, you’ll land with a bump. At this stage in a critical election cycle, we ought to be arguing about how many government departments to close, how many government programs to end, how many millions of government regulations to do away with. Instead, one party remains committed to encrusting even more barnacles to America’s rusting hulk, while the other is far too wary of harshing the electorate’s mellow.

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The Obama Nation: Even More Debt And Even More Store Closings

10:50 am

A nation in economic collapse.

During “the Obama Nation”, the federal government has already accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office. Of course the Bush administration was nearly as bad at piling up government debt. Between Bush and Obama (with a big helping hand from the Federal Reserve), they have done a pretty good job of wiping out the financial future of the United States. If there are future generations of Americans, they will look back and curse those that did this to them. It is absolutely immoral to steal trillions of dollars from future generations. Unfortunately, there are very, very few members of Congress that are even objecting to this madness.

The article’s listing of store closings is also quite frightening, suggesting that the economic situation of the nation is far worse than has been reported.

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Why the establishment fears Newt Gingrich

9:26 am

Why the establishment fears Newt Gingrich.

When Newt became speaker, he was focused, disciplined and tough. He insisted on moving the Contract With America intact. He abolished committees and denied “old bulls” chairmanships. He insisted on using the majority to win conservative victories such as balancing budgets, achieving welfare reform and producing 11 million new jobs with tax cuts that spurred economic growth. He made some people unhappy when he pursued legislation that could win instead of pet bills that would have divided Republicans rather than uniting them. And he negotiated with a Democratic president to get the conservative legislation being passed signed into law. Some Republicans were left unhappy in the wake of all of that activity — some of them are still complaining today.

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