Government at work

The Agenda – Grinding America Down

Update: Man-Child: It’s Not My Fault By the Bear

The President likes to portray himself as the ‘only adult in the room’ but being an adult requires acting like one and taking responsibility for one’s own actions.

He opened his speech last night by blaming GWB for the deficit problem which is like any normal child saying “It’s Not My Fault” for breaking mom’s favorite whatever because the other guy made me do it.

Well in this case the other guy (GWB) did his share of increasing the National Debt but what the Man-Child has done to the National Debt in 2 1/2 years makes GWB’s spending look like chump change. At a certain point one must take responsibility for their own actions and until then no amount of B.S. will make him an adult.

Obama’s speech last night only confirms what many of us have been thinking for a long while that we have an immature child occupying the Oval Office and when history evaluates his presidency he will go down in history as the worst President ever.

Now I for one will not lose any sleep over the pending Aug. 2nd drop dead date if the debt limit is not increased and I can assure you that the Sun will rise the next day like any other day and the United States will not default on its obligations.

If anyone is responsible for creating this crisis, it is the Man-Child himself because he sees this as a political opportunity (to him all thing are political) to cast blame on others to enhance his reelection chances in 2012. Balancing budgets, spending too much etc. are all meaningless to him and I do believe he is incapable of comprehending the problem. It is the spending that is sucking out the life blood of the economy.

As Margaret Thatcher once said: “Socialism only works until you run of out other people’s money to spend.”

I will finish with an idle thought.

I sure most of you have heard of the process called “Gasification” whereby coal is converted into oil and refined into gas.

Probably the most abundant resource we have in the United States is B.S., we have an unlimited amount in Washington and if we could convert it into gas, what a boom for the country it would be.

Related

Rep. Paul Ryan has an excellent post up here clarifying the debt proposals.

Another good post…

Boehner Calls Obama’s Cynical Bluff

President Obama’s speech tonight on the debt ceiling debate was not an attempt to bridge the gap between his position and that of his congressional opponents. By repeating the rhetoric he has been using all through this debate by attempting to demonize Republicans, it was clear his goal was not to make a deal but to exacerbate a situation he has already described as a crisis.
[...]
By attempting to go to the people over the heads of Congress in a speech in which he blamed the country’s economic problems on everyone but himself (and curiously omitted the largest single expansion of entitlements—Obamacare—in his laundry list of reasons why we are in debt), the president has shown that his rhetoric about compromise and balance is merely a cynical political ploy. Though he acts as if he is the only person in Washington who is above such depraved behavior, instead, the president has again proved himself to be the one person in this drama who is most committed to avoiding a solution. If there is to be a solution to this impasse—and the bet here is there will be one—it will be in spite of Obama’s efforts, not because of them.

Read more from Commentary Magazine

Quote of the Day 7/26/11

“The salient feature of America in the Age of Obama is a failed government class institutionally committed to living beyond its means, and a citizenry too many of whom are content to string along.” – Mark Steyn

Econ 101 By the Bear

Economics is not an exact science, it is really all therory revovling around economic agendas where the end results dictate the means. To the average man it seems complex but in reality it is not.

Economists have computer models but computer models are as only good as the data inserted, so when you insert stupid, stupid is what you get out.

The American economy is on life support systems and the fine minds with their computer models can’t figure out why, could it be that they have O.D. on stupid and that is why they have come up empty. Have they been sitting around in too many Ivy League faculty lounges, sipping on fine wine debating the merits Keynes and Marx while the country is about to slide off the cliff.

The President’s economic council (a whole lot of Ivy League here) Austan Goolsbee, Peter Orszag, Christina Romer, Larry Summers — did not even last three years. (a whole lot of A-holes here) and while I am at it, you can throw in the tax cheat Sec. of Treasury, Timothy Geithner and Paul Krugman of the NYT, Nobel prize idiot. Whether they did it at Obama’s urging or not, these are the people responsible for America’s fiscal doldrums.

So how could it be with all these fine minds cannot figure out what is wrong with the economy, it is too much fine wine in the faculty lounge agreeing with one another and severe lack of “common sense.”

Now they tell us that the country may be in for a double dip recession and 9% unemployment may be the new norm. To which I say B. S.!!!!! This is just an excuse to cover up a dismal record.

Technically the recession ended two years ago when the country experienced some merger growth but if you ask the butcher, the baker and the candle stick maker, the recession never ended and it is still ongoing.

So what is wrong and why?

The problem with the American economy is government which sucks up money like a vacuum cleaner and feeds into a shedder. The more money government sucks up reduces the amount of money to invest and expand businesses. This translates into no new orders for equipment and the end result is no new jobs. Right now government is taking 25% of the GDP and if Obama goes unchecked that number will rise dramatically and eventually the GDP will start to shrink and at point the country has major problems.

What we need is a balanced budget amendment that caps government spending at 18% of GDP.

We have all heard the Obami want to tax the rich more to increase revenue (this is the old tried and true game of class warfare that the Democrats have used for decades). Don’t trust what they say because anyone making a 100k or more will see tax increases to satisfy government’s lust for spending.

In reality if everyone who paid taxes sent in twice the amount due, it wouldn’t even scratch the surface of solving the debt problem. What is really needed to increase revenue is more taxpayers and to get that we need 15 million new jobs. This will not happen until we replace the guy in the White House.

It is now become apparent that the Fed intends to reduce the Federal deficit with inflated dollars. Inflation is nothing more than a hidden tax and the American consumer will pick up the tab for government incompetence of unchecked spending.

The Federal deficit of $14 trillion dollars is a compilation of excess spending by government since the birth of the nation but Obama has taken it to new extremes, to the extent that bankruptcy is inevitable at his current pace. When you consider that government produces absolutely nothing, not one widget or tin can, the money it spends drags down the economy and excess spending produces stagnation and recessions.

There is a very easy way to understand the pending “Debt Bomb” … the government borrows over $0.40 on every dollar it spends. How long can this go on?

For recovery to happen we need economic growth and as long as Obama is in the White House it will never happen. Obama and his lapdog economic team see the world in a different prism that most Americans, it is the Ivy league world of Marx and the social experiment. It is the ‘change’ that he often spoke of but never defined for the people. What made America great was a free market economy and what we have today under Obama is Socialism in the true Marx tradition.

All one has to do to understand economics is exercise some common sense and ask, what are doing today different than what we did that made the country great.

    Government is not the solution, government is the problem – Ronald Reagan

Related

Dissecting The Demagoguery About ‘Tax Cuts For The Rich’ By THOMAS SOWELL

Get Ready for a 70% Marginal Tax Rate by Michael J. Boskin

A very good analysis of tax rates.

Hutt’s Crushing Blow to Keynes by Hunter Lewis

The history of modern economics is full of destructive fallacies, beginning with the mercantilists, continuing through Karl Marx, and culminating with John Maynard Keynes. These false ideas have impoverished billions of people and caused no end of needless suffering. When Keynes published his magnum opus, The General Theory of Employment, Interest, and Money in 1936, a potpourri of fallacies supported by obscurity, shifting definitions, and other rhetorical tricks, many economists criticized it privately, but very few did so publicly.

Read more from Mises Institute