Wisconsin teachers retire in droves
So it was for the children, eh? Wisconsin teachers retire in droves after new law is passed.
So it was for the children, eh? Wisconsin teachers retire in droves after new law is passed.
Tag: debt
Wisconsin teachers retire in droves
After tax hike Illinois loses more jobs than any other state
Following a tax hike in January 2011, Illinois has lost more jobs than any other state.
This isn’t rocket science, nor is the data hard to find. Whenever government spending and taxes grow, private business inevitably shrinks.
Following a tax hike in January 2011, Illinois has lost more jobs than any other state.
This isn’t rocket science, nor is the data hard to find. Whenever government spending and taxes grow, private business inevitably shrinks.
The space shuttle program officially ended on Wednesday
The space shuttle program officially ended on Wednesday. Note however:
Closeout of the shuttle program is an enormous effort expected to take two years. The program occupied 640 facilities and used more than 900,000 pieces of equipment with a value exceeding $12 billion, according to NASA. Much of the work will take place at Kennedy Space Center, where orbiters have been maintained and prepared for launch. NASA requested $89 million for shuttle transition and retirement work in the 2012 fiscal year that begins Oct. 1, but Congress has not yet approved a budget.
The space shuttle program officially ended on Wednesday. Note however:
Closeout of the shuttle program is an enormous effort expected to take two years. The program occupied 640 facilities and used more than 900,000 pieces of equipment with a value exceeding $12 billion, according to NASA. Much of the work will take place at Kennedy Space Center, where orbiters have been maintained and prepared for launch. NASA requested $89 million for shuttle transition and retirement work in the 2012 fiscal year that begins Oct. 1, but Congress has not yet approved a budget.
25 Signs That The Financial World Is About To Hit The Big Red Panic Button
The day of reckoning looms: Twenty-five signs that the financial world is about to hit the big red panic button.
The day of reckoning looms: Twenty-five signs that the financial world is about to hit the big red panic button.
An overview of the space war situation by Clark Lindsey
Clark Lindsey has written a very nice and short summary of the present political battles over NASA’s budget and its future manned space rockets.
Clark Lindsey has written a very nice and short summary of the present political battles over NASA’s budget and its future manned space rockets.
Residents Overturn Township’s Plan for New $1.5 Million Office
A citizen rebellion overturns a township’s plan to build a $1.5 million headquarters for itself.
A citizen rebellion overturns a township’s plan to build a $1.5 million headquarters for itself.
Starbucks CEO calls for business boycott of campaign contributions until debt is solved
The CEO of Starbucks, a big time contributor to past Democratic candidates, is organizing an end to all campaign contributions until a long term solution to the federal debt is solved.
The CEO of Starbucks, a big time contributor to past Democratic candidates, is organizing an end to all campaign contributions until a long term solution to the federal debt is solved.
The immediate consequences of the Progress freighter failure
The immediate consequences of the Progress freighter failure:
- The next manned space ship launch from Baikonur likely to be postponed.
- ISS crew may be cut to 3 until Progress situation clarified.
- Russia postpones Soyuz rocket launch after crash (different launch than the manned mission above).
The longer term consequences? Congress will anguish over the lack of a shuttle. Some will demand more money for the program-formerly-called-Constellation, while others will demand more money for the new commercial companies. In either case, they will ignore the reality of a bankrupt federal government that simply can’t afford either at the moment.
The immediate consequences of the Progress freighter failure:
- The next manned space ship launch from Baikonur likely to be postponed.
- ISS crew may be cut to 3 until Progress situation clarified.
- Russia postpones Soyuz rocket launch after crash (different launch than the manned mission above).
The longer term consequences? Congress will anguish over the lack of a shuttle. Some will demand more money for the program-formerly-called-Constellation, while others will demand more money for the new commercial companies. In either case, they will ignore the reality of a bankrupt federal government that simply can’t afford either at the moment.
Budget Office: this year’s deficit to hit $1.28 Trillion
According to the Congressional Budget Office, this year’s deficit will be about $1.28 trillion, the third highest deficit in history, exceeded only by the previous two budgets of the Obama administration.
Note also that any cuts mentioned in the above article are not cuts, merely reductions in the overall growth of government. (Another example of a journalist lying for the government.) All told, the federal government will still continue to grow in the next few years at a pace that far exceeds inflation, the economy, or anything you can imagine in the real world.
According to the Congressional Budget Office, this year’s deficit will be about $1.28 trillion, the third highest deficit in history, exceeded only by the previous two budgets of the Obama administration.
Note also that any cuts mentioned in the above article are not cuts, merely reductions in the overall growth of government. (Another example of a journalist lying for the government.) All told, the federal government will still continue to grow in the next few years at a pace that far exceeds inflation, the economy, or anything you can imagine in the real world.
NASA’s costs estimates too low for Congress’s heavy-lift rocket
Surprise, surprise! An independent analysis of NASA’s budget estimates to build Congress’s heavy-lift rocket, the program-formerly-called-Constellation, are untrustworthy and likely low.
“All three program estimates assume large, unsubstantiated, future cost efficiencies leading to the impression that they are optimistic,” the team said in its key findings. A risk assessment revealed the funding reserves projected for all three programs are insufficient, according to Booz Allen Hamilton. NASA has not disclosed its internal cost estimate for the Space Launch System. “Due to procurement of items still in development and large cost risks in the out years, NASA cannot have full confidence in the estimates for long-term planning,” the executive summary said.
This project is nothing more than Congressional pork. It will never get built. Sadly, it might waste a lot of money before it never gets built.
Surprise, surprise! An independent analysis of NASA’s budget estimates to build Congress’s heavy-lift rocket, the program-formerly-called-Constellation, are untrustworthy and likely low.
“All three program estimates assume large, unsubstantiated, future cost efficiencies leading to the impression that they are optimistic,” the team said in its key findings. A risk assessment revealed the funding reserves projected for all three programs are insufficient, according to Booz Allen Hamilton. NASA has not disclosed its internal cost estimate for the Space Launch System. “Due to procurement of items still in development and large cost risks in the out years, NASA cannot have full confidence in the estimates for long-term planning,” the executive summary said.
This project is nothing more than Congressional pork. It will never get built. Sadly, it might waste a lot of money before it never gets built.
Federal debt increased $4 trillion under Obama, the most under any president
Just remember, it is never his fault: The federal debt increased $4 trillion under Obama, the most by any president.
Just remember, it is never his fault: The federal debt increased $4 trillion under Obama, the most by any president.
University shutters manned sub research program after forty years
Feeling the pinch: A Florida university has shuttered its manned submersible research program after forty years of operation due to lack of funds.
Feeling the pinch: A Florida university has shuttered its manned submersible research program after forty years of operation due to lack of funds.
NASA pushes for funds to save the James Webb Space Telescope
NASA pushes for funds to save the James Webb Space Telescope.
NASA pushes for funds to save the James Webb Space Telescope.
Social Security disability on verge of insolvency
The day of reckoning looms: Social Security disability on the verge of insolvency.
The day of reckoning looms: Social Security disability on the verge of insolvency.
One man’s response to Obama’s demand that taxes on the rich be raised
One man’s response to Obama’s demand that taxes on the rich be raised.
I deeply resent that President Obama has decided that I don’t need all the money I’ve not paid in taxes over the years, or that I should leave less for my children and grandchildren and give more to him to spend as he thinks fit.
and
Governments have an obligation to spend our tax money on programs that work. They fail at this fundamental task. Do we really need dozens of retraining programs with no measure of performance or results? Do we really need to spend money on solar panels, windmills and battery-operated cars when we have ample energy supplies in this country? Do we really need all the regulations that put an estimated $2 trillion burden on our economy by raising the price of things we buy? Do we really need subsidies for domestic sugar farmers and ethanol producers?
Read the whole thing.
One man’s response to Obama’s demand that taxes on the rich be raised.
I deeply resent that President Obama has decided that I don’t need all the money I’ve not paid in taxes over the years, or that I should leave less for my children and grandchildren and give more to him to spend as he thinks fit.
and
Governments have an obligation to spend our tax money on programs that work. They fail at this fundamental task. Do we really need dozens of retraining programs with no measure of performance or results? Do we really need to spend money on solar panels, windmills and battery-operated cars when we have ample energy supplies in this country? Do we really need all the regulations that put an estimated $2 trillion burden on our economy by raising the price of things we buy? Do we really need subsidies for domestic sugar farmers and ethanol producers?
Read the whole thing.
Did Obamacare cause the economic collapse
By the spring of 2010, private sector job growth turned positive. In April job growth increased to 230,000 net private-sector jobs. The economy appeared on track for a normal recovery from an awful recession. The administration began confidently predicting a “Recovery Summer.” But Recovery Summer fizzled instead of sizzled. In May private sector job growth dropped sharply to less than 50,000 net jobs. Thereafter, monthly improvement in private job growth averaged just 6,500 jobs.
What else happened in the spring of 2010? Despite obstacles that many believed would kill the bill, Congress passed the Affordable Care Act. Within two months, the trend in job growth dropped sharply. Monthly job creation had been on pace to top out in the hundreds of thousands. Post-Affordable Care Act, it has barely kept pace with population growth. [emphasis mine]
and
The health-care measure raises business costs and makes planning for the future more difficult. It should be expected to slow hiring.
Federal Reserve officials report that the law has had exactly this effect. Dennis Lockhart, president of the Atlanta Fed, reports that “prominent among these (factors businesses explain are impeding hiring) is the lack of clarity about the cost implications of the recent health care legislation. We’ve frequently heard strong comments to the effect of ‘my company won’t hire a single additional worker until we know what health insurance costs are going to be.'” Surveys bear out these warnings. In a recent poll one-third of small business owners identified the healthcare bill as one of their top two obstacles to hiring. [emphasis mine]
By the spring of 2010, private sector job growth turned positive. In April job growth increased to 230,000 net private-sector jobs. The economy appeared on track for a normal recovery from an awful recession. The administration began confidently predicting a “Recovery Summer.” But Recovery Summer fizzled instead of sizzled. In May private sector job growth dropped sharply to less than 50,000 net jobs. Thereafter, monthly improvement in private job growth averaged just 6,500 jobs.
What else happened in the spring of 2010? Despite obstacles that many believed would kill the bill, Congress passed the Affordable Care Act. Within two months, the trend in job growth dropped sharply. Monthly job creation had been on pace to top out in the hundreds of thousands. Post-Affordable Care Act, it has barely kept pace with population growth. [emphasis mine]
and
The health-care measure raises business costs and makes planning for the future more difficult. It should be expected to slow hiring.
Federal Reserve officials report that the law has had exactly this effect. Dennis Lockhart, president of the Atlanta Fed, reports that “prominent among these (factors businesses explain are impeding hiring) is the lack of clarity about the cost implications of the recent health care legislation. We’ve frequently heard strong comments to the effect of ‘my company won’t hire a single additional worker until we know what health insurance costs are going to be.'” Surveys bear out these warnings. In a recent poll one-third of small business owners identified the healthcare bill as one of their top two obstacles to hiring. [emphasis mine]
66 Percent of CEOs Plan to Freeze or Downsize Workforce Size
Two-thirds of the country’s CEOs plan to freeze or downsize their workforce over the next year, according to a new survey.
“As I approach my 44th year in business, the last 20 as CEO, I can never remember a time when I felt so disenfranchised from our leadership in Washington. They seem determined to continue their ongoing anti-business attitude and to frustrate small and mid-sized businesses by uncertainty on taxes, government regulations, and simply too many bureaucratic restrictions. We desperately need a change in Washington.”
I guarantee that much of this reluctance to hire stems from uncertainty and fear of Obamacare and the regulations it brings.
Two-thirds of the country’s CEOs plan to freeze or downsize their workforce over the next year, according to a new survey.
“As I approach my 44th year in business, the last 20 as CEO, I can never remember a time when I felt so disenfranchised from our leadership in Washington. They seem determined to continue their ongoing anti-business attitude and to frustrate small and mid-sized businesses by uncertainty on taxes, government regulations, and simply too many bureaucratic restrictions. We desperately need a change in Washington.”
I guarantee that much of this reluctance to hire stems from uncertainty and fear of Obamacare and the regulations it brings.
The Obama administration has issued more waivers to Obamacare
Repeal it! The Obama administration has issued more waivers to Obamacare.
Repeal it! The Obama administration has issued more waivers to Obamacare.
Two planes to Martha’s Vineyard
Barack and Michelle Obama took separate government planes to their vacation on Martha’s Vineyard,
This is just one clear example of why I have no faith in Obama’s sincerity when he claims he wants to rein in spending. To him, tax dollars and the government they fund are his little playthings, to do with as he likes.
Barack and Michelle Obama took separate government planes to their vacation on Martha’s Vineyard,
This is just one clear example of why I have no faith in Obama’s sincerity when he claims he wants to rein in spending. To him, tax dollars and the government they fund are his little playthings, to do with as he likes.
Why Americans hate modern economics
The job boom for government regulators under Obama
The chart of the day, from John Merlune at Investor’s Business Daily:
Merlune’s article outlines in frightening detail how there has been a job boom in only one place during the Obama administration, the government regulatory industry.
Regulatory agencies have seen their combined budgets grow a healthy 16% since 2008, topping $54 billion, according to the annual “Regulator’s Budget,” compiled by George Washington University and Washington University in St. Louis. That’s at a time when the overall economy grew a paltry 5%.
Meanwhile, employment at these agencies has climbed 13% since Obama took office to more than 281,000, while private-sector jobs shrank by 5.6%.
Justice Department has begun an investigation of Standard & Poor
Revenge and the abuse of power: The Obama Justice Department has begun an investigation of Standard & Poor.
Revenge and the abuse of power: The Obama Justice Department has begun an investigation of Standard & Poor.
“The left is going to have to compromise and cut some domestic welfare spending, and the right is going to have to compromise and cut some military spending.”
From a Tea party activist: “The left is going to have to compromise and cut some domestic welfare spending, and the right is going to have to compromise and cut some military spending.”
From a Tea party activist: “The left is going to have to compromise and cut some domestic welfare spending, and the right is going to have to compromise and cut some military spending.”
A government that kills
500 billion new reasons to repeal Obamacare
Making hard choices
A new poll shows that the congressional special election to replace Anthony Weiner in the traditionally Democratic district in Queens/Brooklyn, New York is surprisingly competitive.
The poll found [Democrat] Weprin, a state assemblyman, leading [Republican] Turner, a retired broadcasting executive, 48 percent to 42 percent in the race for the Democratic-friendly Queens and Brooklyn-area seat.
Two thoughts: First, this poll fits with another that shows for the first time a majority of adults don’t want their own Congressman reelected. If so, it shouldn’t be surprising that the Democrat appears so weak in Brooklyn/Queens, a place I lived for most of my life and a place I found to be so knee-jerk Democrat that you couldn’t admit to being Republican without risking being blacklisted from all things.
Second, despite the mess the federal government is in as well as the disgraceful scandal that caused the previously elected Democratic Congressman to resign, it is also not surprising that 48 percent of the population still wants to vote Democrat in this district. This is my biggest fear: the continuing unwillingness of too many Americans to honestly face our government’s budget problems.
» Read more
2012 is gonna be nasty
There’s no doubt that we’re in for a high level of personal nastiness and invective. This election is not going to be about some minor adjustment to spending, or some trifling adjustment of tax rates, or some nibbling at the edges of the regulatory state. What is at stake in the 2012 election is the continuation of a world-view; a political philosophy that sees ever-larger government as the cure to whatever ails us. This next election is the first big battle for the survival of that worldview as the majority view of the political class, or the survival of the insurgent TEA party idea that government has become to large, too intrusive, and too expensive, so therefore must be radically reduced. There is little room to compromise between these two visions of government. Indeed, in most ways, they are worldviews that are mutually exclusive. Over the next decade or so, we are going to learn which of these two views will prevail, and if the US, as presently composed, will remain a united polity.
There’s no doubt that we’re in for a high level of personal nastiness and invective. This election is not going to be about some minor adjustment to spending, or some trifling adjustment of tax rates, or some nibbling at the edges of the regulatory state. What is at stake in the 2012 election is the continuation of a world-view; a political philosophy that sees ever-larger government as the cure to whatever ails us. This next election is the first big battle for the survival of that worldview as the majority view of the political class, or the survival of the insurgent TEA party idea that government has become to large, too intrusive, and too expensive, so therefore must be radically reduced. There is little room to compromise between these two visions of government. Indeed, in most ways, they are worldviews that are mutually exclusive. Over the next decade or so, we are going to learn which of these two views will prevail, and if the US, as presently composed, will remain a united polity.
Wisconsin Republicans hold off Democrats in recall elections
Wisconsin Republicans have held off the Democrats in the first round of recall elections.
Wisconsin Republicans have held off the Democrats in the first round of recall elections.
Lying for Politicians
With the recently passed debt ceiling deal, there are going to be a lot of news reports talking about how that deal is going to force cuts and reductions in government spending. Everyone one of these stories will be a lie.
Take for example this story today in Nature, discussing the fate of science research under the deal. Here is how they describe what will happen if the Congressional “super-committee” cannot come up with an agreement and across-the-board “cuts” are triggered:
“Then there will be extraordinary pain,” says Michael Lubell, director of public affairs for the American Physical Society in Washington DC. “And it will get worse in 2014.”
The two-stage structure of the debt deal explains both the short-term reprieve and the long-term worry. The first set of agreed cuts, totalling US$917 billion, will be spread over 10 years, but two factors mitigate their effect. First, reductions to defence spending will account for a significant share of the cuts — meaning that other US agencies won’t bear the entire burden. Second, the cuts are heavily loaded forward onto the 2014 fiscal year and beyond, in an apparent effort to shelter the current fragile economy. Only minimal cuts will be implemented in fiscal years 2012 and 2013.
The trouble with this is that it is simply not true. There will be no cuts at all, under any condition, according the debt deal.
» Read more
Federal payments required by Obamacare understate the cost by as much as $50 billion
Finding out what’s in it: Federal payments required by Obamacare actually understate the cost by as much as $50 billion, according to a new study.
In May a congressional committee set the accounting rules that determine who will qualify for federal health care subsidies under the 2010 Patient Protection and Affordable Care Act. When the committee handed down the rules to the Congressional Budget Office, its formula excluded the health care costs of millions of workers’ spouses and children. The result was a final estimate for 2010 that hides those costs.
Finding out what’s in it: Federal payments required by Obamacare actually understate the cost by as much as $50 billion, according to a new study.
In May a congressional committee set the accounting rules that determine who will qualify for federal health care subsidies under the 2010 Patient Protection and Affordable Care Act. When the committee handed down the rules to the Congressional Budget Office, its formula excluded the health care costs of millions of workers’ spouses and children. The result was a final estimate for 2010 that hides those costs.