Tag: deficit
Repent! The End of Keynesian Economics Is At Hand!
Harry Reid says it would be “Foolish” for the Democrats to offer budget plan
The court jester speaks: Harry Reid said Thursday it would be “foolish” for the Democrats to offer their own budget plan.
The court jester speaks: Harry Reid said Thursday it would be “foolish” for the Democrats to offer their own budget plan.
Dear Congress: Your credit application has been turned down
Dear Congress: Your credit application has been turned down.
You may also wish to contact a consumer credit counseling agency. The National Foundation for Credit Counseling can help you locate a reputable counseling agency in your area. You may also wish to visit the NFCC’s website for helpful tips on such subjects as
•drawing up a budget
•living within your means
•saving during tough economic times
•steps to take when your finances get out of control
Dear Congress: Your credit application has been turned down.
You may also wish to contact a consumer credit counseling agency. The National Foundation for Credit Counseling can help you locate a reputable counseling agency in your area. You may also wish to visit the NFCC’s website for helpful tips on such subjects as
•drawing up a budget
•living within your means
•saving during tough economic times
•steps to take when your finances get out of control
Reid rejects Boehner proposal for $2 trillion in spending cuts
On Thursday Senator Harry Reid (D-Nevada) rejected House Speaker John Boehner’s call for “trillions” in spending cuts.
Once again, I must note that while we can be rightly skeptical of the Republicans expressed desire to cut the budget, we can have no doubt that the Democrats are against it entirely, and will resist spending cuts on all fronts.
On Thursday Senator Harry Reid (D-Nevada) rejected House Speaker John Boehner’s call for “trillions” in spending cuts.
Once again, I must note that while we can be rightly skeptical of the Republicans expressed desire to cut the budget, we can have no doubt that the Democrats are against it entirely, and will resist spending cuts on all fronts.
“The mood was less than cordial.”
Boehner meets with tea party activists from his district. “The mood was less than cordial.”
Surely, there are Tea Party activists with unreasonable expectations of what Republicans can accomplish with control of the House. However, the major beef Tea Partiers have with Republicans is not their lack of accomplishment. It’s their unwillingness to stand and fight, their apparent lack of principle, and the resulting impotence toward shifting the narrative in Washington.
Boehner meets with tea party activists from his district. “The mood was less than cordial.”
Surely, there are Tea Party activists with unreasonable expectations of what Republicans can accomplish with control of the House. However, the major beef Tea Partiers have with Republicans is not their lack of accomplishment. It’s their unwillingness to stand and fight, their apparent lack of principle, and the resulting impotence toward shifting the narrative in Washington.
Social Security deficits now “permanent”
More thrilling budgetary news: The Social Security deficit is now “permanent.”
Medicare’s hospital insurance trust fund is now slated to run out of money in 2024, or five years earlier than last year’s projection, while Social Security’s trust fund will be exhausted by 2036, a year earlier than the prior projection.
More thrilling budgetary news: The Social Security deficit is now “permanent.”
Medicare’s hospital insurance trust fund is now slated to run out of money in 2024, or five years earlier than last year’s projection, while Social Security’s trust fund will be exhausted by 2036, a year earlier than the prior projection.
Private citizen commits $25 million for Giant Magellan Telescope
Private citizen has just donated $25 million for the construction of the Giant Magellan Telescope.
This is how it used to be done all the time: All the early giant telescopes built in the United States before World War II were financed by individuals or private foundations, with no or little government investment.
Private citizen has just donated $25 million for the construction of the Giant Magellan Telescope.
This is how it used to be done all the time: All the early giant telescopes built in the United States before World War II were financed by individuals or private foundations, with no or little government investment.
Government reaches debt limit, borrows against federal pension funds
Time is running out: Government reaches debt limit, borrows against federal pension funds to pay obligations.
Time is running out: Government reaches debt limit, borrows against federal pension funds to pay obligations.
Senate Democrats: Where is your budget?
Senate Democrats: Where is your budget?
With the statutory committee deadline having been missed by six weeks, and with 744 days gone by since the Democrat-led Senate passed a budget, it was reported that this week Senate Democrats would finally produce a budget and hold a markup. But no budget was produced and the markup was delayed yet again.
The Republicans might not be very serious about spending cuts, but the Democrats are a downright joke. At least the Republicans have made some effort to deal with the problem, tepid as that effort is. The Democrats not only oppose any suggestion, they can’t even do their job.
Senate Democrats: Where is your budget?
With the statutory committee deadline having been missed by six weeks, and with 744 days gone by since the Democrat-led Senate passed a budget, it was reported that this week Senate Democrats would finally produce a budget and hold a markup. But no budget was produced and the markup was delayed yet again.
The Republicans might not be very serious about spending cuts, but the Democrats are a downright joke. At least the Republicans have made some effort to deal with the problem, tepid as that effort is. The Democrats not only oppose any suggestion, they can’t even do their job.
Social Security and Medicare running out of funds sooner than expected
Surprise surprise! Social Security and Medicare are running out of funds sooner than expected.
Surprise surprise! Social Security and Medicare are running out of funds sooner than expected.
Another sign of tight NASA budgets ahead
From Jeff Foust: Another sign of tight budgets ahead.
The possibility that NASA’s budget might cut by several billion doesn’t bother me a bit. Unlike it seems everyone else, I ain’t gonna be one of those who says “We need to cut the federal budget, but just don’t cut MY favorite program.” NASA shouldn’t be immune to cuts. In fact, NASA could easily lose the several billion dollars per year that’s going to be wasted on the program-formerly-called-Constellation.
And if Congress decided to cut the subsidies to the new commercial space companies as well, I probably wouldn’t cry that much over that either. I think these companies can make it on their own. I think there is a market for their product. By taking NASA’s money up front, they are then forced to take NASA supervision, something I think will be very damaging in the long run.
From Jeff Foust: Another sign of tight budgets ahead.
The possibility that NASA’s budget might cut by several billion doesn’t bother me a bit. Unlike it seems everyone else, I ain’t gonna be one of those who says “We need to cut the federal budget, but just don’t cut MY favorite program.” NASA shouldn’t be immune to cuts. In fact, NASA could easily lose the several billion dollars per year that’s going to be wasted on the program-formerly-called-Constellation.
And if Congress decided to cut the subsidies to the new commercial space companies as well, I probably wouldn’t cry that much over that either. I think these companies can make it on their own. I think there is a market for their product. By taking NASA’s money up front, they are then forced to take NASA supervision, something I think will be very damaging in the long run.
GOP denies TSA money to buy more body scanners
The House budget for the TSA has deleted funding for more body scanners.
Though I think denying the TSA this money is a good thing, this paragraph from the article stood out to me:
The measure includes $7.8 billion for the TSA, which Republicans said was a $125 million increase from current levels but $293 million less than the administration’s budget request.
In 2008 the TSA’s budget was approximately $6.99 billion. Considering how the Republicans wanted to bring spending back to 2008 levels, how can we take them seriously about getting control of the deficit if they agree to an overall budget increase for the TSA?
The House budget for the TSA has deleted funding for more body scanners.
Though I think denying the TSA this money is a good thing, this paragraph from the article stood out to me:
The measure includes $7.8 billion for the TSA, which Republicans said was a $125 million increase from current levels but $293 million less than the administration’s budget request.
In 2008 the TSA’s budget was approximately $6.99 billion. Considering how the Republicans wanted to bring spending back to 2008 levels, how can we take them seriously about getting control of the deficit if they agree to an overall budget increase for the TSA?
GOP senators focus on entitlement cuts
More debt ceiling negotiations: GOP senators focused on entitlement cuts in a meeting with Obama on Thursday. I found this quote quite intriguing and a refreshing change from previous such meetings:
Obama was careful not to dominate the meeting, according to Republican senators who attended. The president opened the session with brief remarks and spent most of the session listening to lawmakers’ concerns and responding to their arguments.
More debt ceiling negotiations: GOP senators focused on entitlement cuts in a meeting with Obama on Thursday. I found this quote quite intriguing and a refreshing change from previous such meetings:
Obama was careful not to dominate the meeting, according to Republican senators who attended. The president opened the session with brief remarks and spent most of the session listening to lawmakers’ concerns and responding to their arguments.
Americans Oppose Raising Debt Ceiling, 47% to 19%
According to a new Gallup poll, Americans oppose raising the debt ceiling by 47% to 19%.
But are those same Americans willing to accept the spending cuts that will be required at the same time? I wonder.
According to a new Gallup poll, Americans oppose raising the debt ceiling by 47% to 19%.
But are those same Americans willing to accept the spending cuts that will be required at the same time? I wonder.
Earn $100K to $200K as a California lifeguard!
Want more evidence that government spending is out of control? In one California city lifeguards earn $100K to $200K per year. They also retire with 90 percent of their salary, after only 30 years of work at as early as the age of 50.
Want more evidence that government spending is out of control? In one California city lifeguards earn $100K to $200K per year. They also retire with 90 percent of their salary, after only 30 years of work at as early as the age of 50.
White House Takes Dim View of Boehner Debt Plan
No surprise here: The White House takes a dim view of Boehner’s speech yesterday.
So my question here is there: Who is more serious about controlling spending, Obama and the Democrats or the Republicans in the House? Though it is very easy to find lots of reasons to criticize the various Republican proposals, at the moment they are the only proposals that are willing, even on a tiny level, to consider entitlement reform.
“Without significant spending cuts and reforms to reduce our debt, there will be no debt-limit increase.”
I like the sound of this: “Without significant spending cuts and reforms to reduce our debt, there will be no debt-limit increase.”
Also this: “We should be talking about cuts of trillions, not just billions. They should be actual cuts and program reforms, not broad deficit or debt targets that punt the tough questions to the future.”
And this: “And to those who contend that the economy is too weak to take on the challenge of entitlement reform — I would simply say, you’ve got it backwards. The truth is that making fundamental reforms to these programs would be good for the economy — and good for the next generation.”
I like the sound of this: “Without significant spending cuts and reforms to reduce our debt, there will be no debt-limit increase.”
Also this: “We should be talking about cuts of trillions, not just billions. They should be actual cuts and program reforms, not broad deficit or debt targets that punt the tough questions to the future.”
And this: “And to those who contend that the economy is too weak to take on the challenge of entitlement reform — I would simply say, you’ve got it backwards. The truth is that making fundamental reforms to these programs would be good for the economy — and good for the next generation.”
According to Rasmussen poll, the Ryan Plan is losing support nationally
According to a new Rasmussen poll, the Ryan Plan is losing support nationally.
If this is so, we are really in trouble, especially since there presently is no other realistic option on the table.
According to a new Rasmussen poll, the Ryan Plan is losing support nationally.
If this is so, we are really in trouble, especially since there presently is no other realistic option on the table.
ObamaCare Subsidies Won’t Keep Up With Premiums
More reasons to repeal it: ObamaCare’s subsidies will not keep up with costs.
More reasons to repeal it: ObamaCare’s subsidies will not keep up with costs.
Canada’s Conservatives score massive election win
A precursor for 2012? Canada’s Conservatives scored a massive election win yesterday.
A precursor for 2012? Canada’s Conservatives scored a massive election win yesterday.
Fed chairman Bernanke goes on record: US deficit “not sustainable”
Gee, you’d think he would have noticed this a long time ago: The Federal Reserve chairman Ben Bernanke went on record today to warn that the US deficit “is not sustainable.”
Gee, you’d think he would have noticed this a long time ago: The Federal Reserve chairman Ben Bernanke went on record today to warn that the US deficit “is not sustainable.”
Are astronomers finally going to push for a replacement for Hubble?
Astronomers are considering the merger two space missions to create a new optical/ultraviolet space telescope. The mission would be designed to do both deep cosmology and exoplanet observations.
The two communities would both like to see a 4–8-metre telescope in space that would cost in excess of $5 billion. “Our interests are basically aligned,” says [Jim Kasting, a planetary scientist at Pennsylvania State University]. Such a mission would compete for top billing in the next decadal survey of astronomy by the US National Academy of Sciences, due in 2020.
This story is big news, as it indicates two things. First, the 2010 Decadal Survey, released in August 2010, is almost certainly a bust. The budget problems at NASA as well as a general lack of enthusiasm among astronomers and the public for its recommendations mean that the big space missions it proposed will almost certainly not be built.
» Read more
Will fewer humans in space lead to more robot explorers?
Eric Berger at the Houston Chronicle asks: Will fewer humans in space lead to more robot explorers?
In a word, no. In the past fifty years, every time the budget of the manned space program has been cut, the unmanned program shrank as well. And every time the budget of manned space grew, so did the budget for unmanned missions.
Eric Berger at the Houston Chronicle asks: Will fewer humans in space lead to more robot explorers?
In a word, no. In the past fifty years, every time the budget of the manned space program has been cut, the unmanned program shrank as well. And every time the budget of manned space grew, so did the budget for unmanned missions.
More Democrats Join Threat to Hold Up Debt Ceiling Vote Without Spending Cuts
This is hopeful news: More Democrats are threatening to hold up the debt ceiling vote unless there are more spending cuts.
This is hopeful news: More Democrats are threatening to hold up the debt ceiling vote unless there are more spending cuts.
Funding for final shuttle flight assured
Funding for the final shuttle flight this summer is now assured.
Funding for the final shuttle flight this summer is now assured.
Federal Borrowing on Pace to Hit Debt Limit in Less Than Week
Time is running out: Federal borrowing is on a pace to reach the debt limit in less than a week.
Time is running out: Federal borrowing is on a pace to reach the debt limit in less than a week.
Investigation of doctors who issued fake sick notes in Wisconsin goes forward
The investigation of doctors who issued fake sick notes to union protesters in Wisconsin goes forward.
The investigation of doctors who issued fake sick notes to union protesters in Wisconsin goes forward.
Government Cash Handouts Now Top Tax Revenues
Time is truly running out: The federal government’s cash handouts to all households now exceed what those households pay in tax.
Time is truly running out: The federal government’s cash handouts to all households now exceed what those households pay in tax.
Budget chaos at NASA causes ESA to halt work on its own Mars orbiter and rover
Sounds crazy, but it’s true: The budget chaos at NASA has caused the ESA to halt work on its own Mars orbiter and rover.
Sounds crazy, but it’s true: The budget chaos at NASA has caused the ESA to halt work on its own Mars orbiter and rover.
Orion Program Shrinking To Save Money, Time
More on the incredibly shrinking Orion program.
It ain’t gonna fly, and if I’m wrong and it does, it will accomplish little in the process — except spend a lot of pork money we no longer can afford.
More on the incredibly shrinking Orion program.
It ain’t gonna fly, and if I’m wrong and it does, it will accomplish little in the process — except spend a lot of pork money we no longer can afford.