My goal in life is very simple. I want to promote freedom and prosperity by limiting the size and scope of government. That seems like a foolish and impossible mission, perhaps best suited for Don Quixote.
Democrats, and the President in particular, believe that continually taking on more debt to pay existing debt is a more responsible course of action. Even worse, they appear to believe that debt accumulation is the equivalent of economic growth.
Although mainstream media carries few reports about the fighting, it continues in many, widely separated areas around major towns.
The IPCC report on Climate Change has the same message as always – despite the fact that none of their projections have proven to be accurate. Pat Michaels, with Cato, joined the show to talk about the environmental movement.
The DEA- and liberals- remains skeptical that a drug made with readily available ingredients, like codeine, butane, gasoline and other wonders of the petro-chemical industry-- and that’s cheap to make to boot-- has arrived in the U.S.
The Tax Foundation in Washington does some great work on fiscal issues, but I also admire their use of maps when they want to show how various states perform on key indicators.
Expect their very best effort with Obamacare: This administration is masterful at making sure they have the punitive measures all set to go to cover for the fact that they can’t govern.
It wasn't just a one-off, slip of the tongue as he is prone to do. Barack Obama repeatedly assures America and the world that radical Islamic jihad has been reduced to little more than an inconvenient nuisance. Whether it is wishful thinking or outright denial, the harsh reality is far different than Obama's all-is-well fantasy.
The King’s College is a lot like Hillsdale or Grove City, only it’s in Manhattan right around the corner from Wall Street. Its prior president, Dinesh D’Souza, resigned (Or should I say was resigned? Too bad there’s no passive/middle voice for the verb to resign. It is much needed) after World Magazine published a story which led to a scandal.
Ezra Klein recently pointed out on MSNBC that, yes it’s true, the Obamacare implementation is not going as smoothly as the left would like. And while the Liberal “Wonk Blog” editor stumbled across an accidental nugget of truth, he failed to intellectually digest that truth in a broader context.
Despite the shutdown, Debt Limit, and other daily DC Distractions, the big story for the market is Janet Yellen, nominee for Fed Chairman. How wrong is she for the job? According to the American Principles in Action, she’s pretty wrong for the job. . .
Every time I hear the insane rhetoric being spouted by the President, the Democrats and of course the lamestream media, with respect to the catastrophe that we all face over the debt ceiling and government shutdown, I want to scream.
Fundamental to the Bernanke-Yellen-Keynes philosophy is that credit (debt) is the main pathway to growth, and that the manipulation of interest rates and ease of access to money will somehow be the linchpin for a flowing and growing economy.
Look if you thought Washington squabbling was bad, just wait until they agree on something. It's pretty much unanimous that Janet Yellen is the world's next savior. That worked out so well for Barack Obama.
Now that Janet Yellen has been named to lead the Federal Reserve the global financial markets should factor out any possibility that the Fed will diminish their Quantitative easing program anytime during her tenure.
Given that over 4 months have passed since the Treasury stopped updating "debt to the penny", the national debt is considerably more than $48 billion over the limit.
When I write about the importance of understanding the difference between a disease and its symptoms, I’m almost always seeking to help people understand why it’s important to focus on the problem of government spending rather than the side-effect of government borrowing.
The case is a perfect example of what is quickly becoming known as the “disability-industrial complex”: specialty law firms overwhelming the system with dubious disability claims, doctors vouching for applicants with dubious claims, and federal administrative law judges awarding disability benefits to individuals with dubious claims.
Over the weekend a surge in attacks resulted in more than 240 people killed in Iraq. On Monday, news services reported at least 71 people killed and 164 injured. Bomb attacks in Baghdad accounted for 30 of the dead and 106 wounded.
Open warfare has broken out inside the GOP between Tea Party Insurgents and the Republican Party Regulars. It revolves around tactics, more than policy. It’s an old-fashioned power struggle.
The woefully statist MSNBC anchor made the assertion that our government is incapable of functioning, due to the flawed design of the Constitution, and the “radical” nature of the GOP . . . Right. Because, an Executive Branch that openly admits it will “not negotiate” is clearly not a causal player in today’s legislative gridlock
Expect the government to do something really stupid, like include a bailout of the Obamaphone device, to be operated by the FCC, in conjunction with Fannie Mae, under a joint venture with the NSA and IRS and the National Institute of Health, in some sort of budget compromise that raises the deficit by $3.6 trillion while 'cutting spending' over a mythical 50 year period.
More proof that when Obama speaks, the Market sells off. If President Obama was looking to trigger a selloff for Thursday, he succeeded.
In the end, something will give. Boehner will agree to put a clean bill to vote, or it will be crammed down his throat by moderate Republicans who will not want to take the blame for a default. Either way, time will not expire.
The real problem in Washington is that many don’t understand the concept of economic growth. . . Just as importantly: Many don’t understand that it is imperative to economic prosperity Carl Schramm, economist and columnist, pointed out that some people in Washington actually believe growth is bad for the economy.
Even though it’s an uphill battle, I’m glad there are some lawmakers willing to fight Obamacare. They realize a hard battle today could help save America from genuine fiscal crisis in the future.
I know a guy who makes $15 million a year, and recently he bought a $400,000 car. Now, I grew up in a small town in Tennessee. I can’t wrap my head around the idea of a $400,000 automobile. But as a ratio, that’s a very small part of his income. It would be like someone who makes $150,000 a year buying a $4000 car.
I realize we’re in the middle of a government shutdown and there’s a debt limit deadline rapidly approaching, but I’m not going to write about fiscal policy today. Instead, I’m going to share a story about evil and stupid government policy.
As Barry Goldwater (who was at odds with the Rockefeller Republicans) once said, “When asked if I belonged to an organized political party, I had to say No. . . After all: I belong to the Republican party.”?
In a remarkable article in the Wall Street Journal recently, Dr. Jonathan David - a board-certified gastroenterologist and a professor of medicine at the Albert Einstein College of Medicine - exposed one of the most unremarked episodes of socialism ongoing in the American economy today.
There have been several occasions when members of the president’s party, if not his government, have talked about the country as if we are engaged in a civil war.
Grover Norquist, President of Americans for Tax Reform, joined the program to discuss the theatrics of the “government shutdown.” It seems like some in Washington would even like to blame the weather on the government's partial shutdown.
I guess I speak for all Americans when I say the games in Washington DC have gotten so petty it's an embarrassment. Having said that, the key to changing what's happening is for these guys to stop playing to the crowd and to get back to the notion of governing.
Take courage from our soldiers, storm the barrycades, return to your homes, and sail on the ocean.There is only one answer to this weak, childish tyranny: Disobedience.
The answer then to the question we asked in the original title for this post is "yes, there will be a very small and negative effect on GDP", but with numbers like these, even if the partial U.S. government shutdown continues for an extended period of time, the negative effect will be almost indistinguishable from noise.
The bigger question — and one most important to the future of this country in the long run — is how we got to the point where a temporary suspension of some government services is seen as the end of civilization as we know it.
Is it game over on Obamacare?
Let’s take a step back and look at the big picture. What’s America’s biggest long-run economic challenge? Almost surely, the answer is that poorly designed entitlement programs will lead to a much more onerous burden of government spending.
Remember this the next time someone says that people on Medicaid have no other options
I have often wanted to ask people who don’t like me to have some sort of medical test done. Because I was sure it was those darned liberals' problem not mine. Now I have the MRI to prove it.
Gee, isn’t it wonderful that Japan’s Prime Minister decisively wants to do the wrong thing and decisively put his nation deeper in a ditch.
The relatively sudden escalation of U.S. interest rates is having the effect of starving a fire of fuel - it is putting the brakes on what had been the rapid rise of U.S. home prices, as it appears that the second U.S. housing bubble is now beginning to peak.
Thanks to the shale boom made possible through a technology known as hydraulic fracturing USA moves to number one in energy production. Don't worry. Obama will blow this one too.
I happen to think that a default would not be catastrophic. However, that debate is moot because the odds of a default are a million-to-one, if not higher.
The President’s temper-tantrum-governing trudges on as he closes the oceans, bullies veterans, and violates the 1st amendment of military personnel. The most audacious part of his childish tantrum, however, is his insistence that only absolute compliance with his vision will rescue us from the pain imposed by his decisions.
Moody's Puts Puerto Rico on Downgrade to Junk Review Citing Very High Debt, Pension Obligations, Chronic Deficits; Exodus Underway | Mike Shedlock
Radical Capitalism: A remote Indonesian village runs its own telecommunications company. (From a laptop and a tree) | Nick Sorrentino
Open Letter to Obama and Congress From Internet Giants Calls For Reining In Government Surveillance | Nick Sorrentino
(An important interview) Saving the Net from the surveillance state (And Crony Media): Glenn Greenwald speaks up (Q&A) | Nick Sorrentino