From CNSNews.com: An annual report issued by the Competitive Enterprise Institute (CEI) shows that the U.S. government imposed $1.17 trillion in new regulatory costs in 2008. That almost equals the $1.2 trillion generated by individual income taxes, and amounts to $3,849 for every American citizen. According the 2009 edition of Ten Thousand Commandments: An Annual […]
Economy
Unemployment Hits 9.4%
The unemployment rate rose to 9.4 percent in May, its highest rate since July 1983, up from 8.9 percent in April: WASHINGTON (Reuters) – U.S. employers cut 345,000 jobs last month, the fewest since September and far less than forecast, according to a government report on Friday that was the most definitive evidence the economy’s […]
Tim Geithner is a Laughingstock in China, Too
Ouch, Treasury Secretary Tim Geithner who has become pretty much a permanent punch line here is apparently a laughingstock in China too (emphasis mine): U.S. Treasury Secretary Timothy Geithner on Monday reassured the Chinese government that its huge holdings of dollar assets are safe and reaffirmed his faith in a strong U.S. currency. A major […]
Poll Question: Is the U.S. Economy Headed for a Recovery or a ‘Dead Cat Bounce’?
Ok folks, here’s the 64 trillion dollar question for you… [poll id=”14″] I’m leaning toward dead cat bounce for various reasons… In short all the money the Federal Reserve and the Federal Government are pumping into the economy will have a positive effect and we will see GDP rebound in the short term. In the […]
Democrats Considering a National Sales Tax?
It looks like the cats out of the bag… With the Federal Government now borrowing nearly 50 cents of every dollar spent it looks like the Obama Administration and Democrats in Congress are considering a national sales tax or “Value Added Tax” (VAT) to pay for their out of control spending: With budget deficits soaring […]
Environmentalists: ‘Cap-and-Trade’ Is Designed to Drive up Energy Costs and Redistribute Wealth
From CNSNews.com: President Obama’s “cap and trade” plan to reduce greenhouse gas emissions is specifically designed to drive up energy prices and redistribute wealth, according to a coalition of environmental, union, and liberal activist groups that is pushing for Congress to enact the proposal this year. The plan would also redistribute wealth by taking revenue […]
John Larson: Government Should Compel Consumers to Use Alternative Energy
From CNSNews.com: Government policy should be crafted to raise the price of carbon-emitting energy sources so consumers are compelled to choose alternative energy, House Democratic Conference Chairman John Larson (D-Conn.) told CNSNews.com on Thursday. Larson agreed that such a policy would likely result in higher electricity prices for consumers but said this is needed to […]
What Caused The Finacial Crisis?
A lot has been written about greed and mismanagement on Wall Street but that’s only half the story… Make no mistake greed and mismanagement played their part but so did government intervention and regulatory policy and that’s the largely untold story: Related Speaking of doom, what if Obama only makes it worse? – John Ibbitson, […]
Kerry and Boxer: U.S. ‘Needs’ Cap-and-Trade on Carbon Emissions Even if Energy Costs Rise
I was going to mention this Washington times piece on Barack Obama’s climate plan yesterday… But I had the feeling if I waited one or more of our genius politicians would say something stupid. Enter Democratic Sens. John F. Kerry and Barbara Boxer: Democratic Sens. John Kerry and Barbara Boxer told CNSNews.com that the nation […]
Sydney Morning Herald: Geithner’s Incompetent
I wrote earlier that I believe the Obama Administration’s wanton destruction of our economy was the result of simple inexperience or incompetence rather than malice. Tomorrow’s Sydney Morning Herald seems to support that conclusion: When Barack Obama announced his champion to rescue the world from economic ruin, it was the first time most Americans had […]
Is Obama Intentionally Destroying Our Economy???
Never assume malice where incompetence will suffice. Over the last few days I’ve been hearing various theories that essentially say… The Obama administration is deliberately damaging the economy and gutting the stock market on the theory that doing so will make it easier for them to argue “the free market has failed” and pave the […]
Jim Cramer Responds to White House Spokesman Robert Gibbs
First it was Rush Limbaugh and then Rick Santelli now it’s Jim Cramer who seems to be at the top the White House’s “enemies list”. While I’m no fan of Jim Cramer and his often over the top rants he’s right on the mark with his criticism of Pres. Obama’s agenda: This is an agenda […]
Federal Obligations Exceed World GDP???
I tend to be skeptical of articles like this one from World Net Daily: Federal obligations exceed world GDP Does $65.5 trillion terrify anyone yet? By Jerome R. Corsi, February 13, 2009, WorldNetDaily As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the […]
Porkulus Passes 61-37
The senate voted 61-37 in favor of the $838 billion pork stuffed stimulus package. Erstwhile republicans Arlen Specter, Olympia Snowe and Susan Collins joined democrats in supporting the bill. Judd Gregg abstained. God Save us from bipartisanship!
Tom Coburn: The Stimulus Package Is More Debt We Don’t Need
I wanted to mention Sen. Tom Coburn’s Op Ed in the Wall Street Journal yesterday, but I didn’t get chance. Coburn gets right to the heart of the matter this pork stuffed crap sandwich “will not only fail to stimulate the economy, but could seriously delay economic recovery.” As the Senate considers a massive $1.1 […]