Right Wing Finance

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Pelosi: Where Are the Jobs, Mr. President?

February 5th, 2010 · Economy

Speaker of the house Nancy Pelosi, in her own words:

The fact is that [the president's] misguided economic policies have failed to create jobs. Since [the president] took office, the country has lost 3.2 million jobs, the worst record since President Hoover. And today we learned that in July nearly half a million people gave up looking for a job.

pelosi-nancy
“According to today’s survey, while the national unemployment rate dropped slightly, it still stands at a near record high. In addition, the unemployment rate for African Americans was still over 11 percent in July, and the unemployment rate for Hispanics was 8.2 percent in July.

“It is time for [the president] and [his party] to get to work for all Americans, not just the elite few.”

Wow, those are damning words are they not?

OK, I need to confess something to you… I editing the statement above. Pelosi is not talking about Obama’s failed economic policies, she’s talking about George W. Bush!

That’s right, that statement is from August 1, 2003, but if you replace [the president] with ” President Bush” and [his party] with “republicans” then you get the raw quote of her statement.

But I removed Bush’s name because it really contrasts where we are today with where we were then.

Then: losing 3.2 million jobs made George W. Bush the worst President since Hoover.

Today: losing 6 million+ jobs since Obama took office doesn’t seem to register with the Democrat party as they squandered Obama’s first year in office – the year they had a super majority mind you – by trying to ram a healthcare take-over bill down the throats of the American people, while completely ignoring unemployment.

Then: Democrats played class envy politics trying to cast the Republican economic policy as only helping the rich elite.

Today: Democrat economic policies haven’t only helped the elite: the political class, and their union organizing donators.

Perhaps the biggest, and saddest, difference between then and now is that then Republicans did have a robust economic plan than made a potentially bad recession much less painful than it could have been – even after the 9/11 attacks.

Meanwhile, today the Democrats have an upside-down economic policy destined to bring us little more than trickle up poverty, but won’t you feel good when the rich have less too.

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‘Obama maps route to lower deficits.’ Seriously?

February 1st, 2010 · Economy, Spending

OK, now THIS is funny…

CNN’s Money group has an article on Yahoo! finance today that starts this way:

Obama maps route to lower deficits

In his $3.8 trillion budget for next year, President Obama on Monday laid out how Congress can lighten the country’s debt load.

Specifically, he outlined a plan to reduce the nation’s debt by $1.2 trillion over the next 10 years, and to get annual deficits as a percent of the economy down from 10.6% today to 3% by 2015.

Seriously?

obama_clown_moneyWhat are these people smoking? It must be pretty strong stuff for them to think they have any credibility left

I mean, just look at the numbers! Obama’s flushing $3.8 TRILLION down the welfare toilet for next year alone, and yet we’re supposed to be excited that he’ll reduce the deficit by $1.2 trillion over the next 10 years?!

This is almost as ludicrous as his spending freeze that was announce the week he announce 8 billion for a high speed rail system.

All this smoke and mirrors is, of course, based on faulty economic philosophy:

Let 2001-2003 tax cuts expire for high-income households: The Bush tax cuts are scheduled to expire by 2011. As it has promised all along, the Obama administration would like to keep those tax cuts in place for everyone except the highest-income households.

Those highest income households just happen to be the ones that create the jobs too, so we can look forward to these predictions becoming painful oversold when those new jobs they’re counting on to create a new tax base fail to materialize…

Is it November yet?

source

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Democrats Still Aren’t Listening.

January 21st, 2010 · Economy

Only a few short days after the previously unthinkable loss of the seat once held by the liberal lion of the senate, Ted Kennedy, the Democrats are still not listening to the people – Senate Democrats Propose $1.9T Increase to U.S. Debt Limit.

The loss of a seat held for decades by Democrats in the bluest of blue states was a wake up call sent by the electorate to the Democrat party, but the party’s line is apparently busy.

Instead of heading the call to moderate their ways and curb their liberal passions to destroy this country, Democrats are plowing headlong and increasing the deficit by almost another $2 trillion to a record $14.3 trillion in national debt!

The single year deficit for 2009 was a record $1.4 trillion, and they are on course to break that record again in 2010.

Scott Brown’s win in Massachusetts was about American voters rejecting the Democrat takeover of healthcare, but it was also about voters rejecting the Democrat policies that will bankrupt this once great nation, only the Democrat party doesn’t seem to care.

They’re addicted to spending.

Here’s an explanation from Finance Committee Chairman Max Baucus (D-Mont.):The clueless Max Baucus

“We have gone to the restaurant. We have eaten the meal. Now the only question is whether we will pay the check,” said Finance Committee Chairman Max Baucus, D-Mont. “We simply must do so.”

By Baucus’ logic, we can just keep spending because we have to eat at the metaphorical restaurant.

Mr. Baucus, when voters cannot afford the tab when eating out at a restaurant, they eat at home! It’s called cutting costs, and sticking to a budget!

Still, there is a glimmer of hope:

Republican Sen. John Thune of South Dakota immediately offered an amendment to end the bank and Wall Street bailout, officially known as the Troubled Asset Relief Program, or TARP. Thune would prohibit further expenditure TARP funds and would require that all funds paid back be used to retire debt.

Thanks to http://www.willisms.com/ for the excellent photo of Sen. Baucus. ;-)

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In Obamaland, the Stimulus Bill Worked!

January 15th, 2010 · Economy, Spending

This is priceless. I mean, really funny.

Yahoo! Finance has an article titled How Effective Was the $787B Stimulus Package? that is simply laughable. Literally.

Some of the comedic highlights include:

  • The article cites a post at the Huffingandpuffington Post as “evidence from the administration” that the stimulus bill was a success!
  • The article quotes Christina Romer (Chairwoman of the President’s Council of Economic Advisers) as saying the results of the stimulus program are “stunning.”
  • The article quotes University of California at Berkeley economist Alan Auerbach as saying: “In general recessions tend to end even without any kind of government action,”

I find all this funny because:

  1. There is no evidence that the stimulus has been successful in it’s stated goal of creating or saving jobs.
  2. The results are truly stunning: unemployment not only rose after passage of the stimulus bill, but it rose even higher than “experts” expected if the stimulus wasn’t passed!
  3. Recessions “tend to end even without any kind of government action,” ? Whoa…really? You mean the world, economy and U.S. can function without government controlling every major aspect of it? The better way to look at this is that the U.S. economy tends to recover in spite of government action.

And if we take the administration at its word and 2 million jobs were saved (they’ve backed off on saying any jobs were created, since that clearly isn’t true) – that’s approximately $393,500 per job!

Here’s the video of Alan Auerbach trying to find some explanation of how one could maybe possibly begin to speculate on how to even calculate or justify the number of jobs saved. It too is mildly amusing.

video:

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Cagle Cartoons and Social Security: Ignorance in Ink.

January 8th, 2010 · Investing, Retirement

Here’s a cagle cartoon I saw in the paper last weekend. I thought I’d blog about it because I’ve heard the same sentiment from various people and read it on different corners of the blogosphere.

Cagle social security cartoon Ignorance in ink

It’s stupid, well actually dishonest, because the GOP plan to privatize social security was never to put the entire social security program into the stock market at once, but only a section of it that would go to pay for retirees 20+ years out!

Yeah, it would be a really stupid idea to put it all in the stock market when people are getting distributions from the fund on an ongoing basis. Silly liberals don’t understand the difference between long-term investing and short-term investing, I guess.

Ask yourself: Do you think the stock market will be higher 20 years from now than it is today?

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Why the Stimulus Failed.

January 7th, 2010 · Economy, Spending

Democrats seem hell bent on illustrating the definition of insanity by trying yet another stimulus bill and expecting a different result this time.

Personally, I think all this “stimulus” spending is just one slush fund after another. It’s democrats making sure they have fund available to buy democrats who may be on the face on a given vote, much like the recent bribes given to Ben Nelson and Mary Landrieu for their votes on the Health Care takeover legislation.

But let’s take Obama and the democrats at face value.

Heritage has a great article today that explains far better than I could why government stimulus programs don’t and can’t work, regardless of whether it’s George W. Bush or Barrack Obama pushing for them.

In essence, government stimulus is simply wealth redistribution, because the government can’t create new spending power – it can only tax or borrower money from one segment and give it to another, the net result being zilch.

Read all about in Why the Stimulus Failed at Heritage.org.

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Why Inflation Won’t be a Problem.

November 18th, 2009 · Economy, taxes

If you follow the financial news much, you’ll get the idea that high inflation is the next great panic. If you listen to the likes of Glenn Beck, you’ll hear that Weimar Germany style hyper-inflation is on the horizon. I don’t buy it, and here’s why.

Intuition.

My intuition and experience tell me that the thing most people worry about, never comes to pass. I also believe that history does not repeat itself, but it does rhyme. I feel that everyone has their eye on high inflation, so the next economic calamity is likely something no one is talking about.

Inflation, defined.

The Economics Glossary defines Inflation as:

” Inflation is an increase in the price of a basket of goods and services that is representative of the economy as a whole.”

And we’ve all heard that “Inflation is too many dollars chasing too few goods.” So it stands to reason that people would be concerned about inflation given the massive amounts of money being injected into the monetary system by the Federal Reserve and Obama’s “Stimulus” spending.

Why I don’t think hyper Inflation is likely.

Basically, I see the next few years being a function of two economic factors: increased money supply, and Obama’s economic policies.

Obama and the Democrat controlled Congress are spending the country into oblivion. If left unchecked, this spending would bankrupt the country. The United States would not be able to effect a positive real GDP because everything produced would go to paying interest on the deficit, and bailouts with nothing left over for defense or their coveted social programs.

Their are 2 ways to gain control of the massive Obama deficits (since they are unwilling to slow the growth of government or cut spending):

  1. Raise taxes,
  2. Grow the economy.

Economic growth is not on the Democrat agenda, since that involves supply side economics, free markets and little direct government control. The Democrat answer is therefore to raise taxes.

Economic stagnation or stagflation.

The likely outcome will be either stagnation or – worse yet – stagflation. The Democrats will say it’s only on the “rich” that will pay higher taxes, but this will have a trickle down effect since the same “rich” people are the ones who create jobs.

Corporations facing higher taxes, will outsource more jobs over seas to tax friendlier locales.
Small business entrepreneurs will higher less, or even be forced to close up shop.

And those are just the results of a direct increase in income tax.

Once we factor in the Energy Tax , Socialized Healthcare costs , and a National sales tax we’re looking at an increase is costs – an effective tax, if not a specific tax – on the lower and middle class as well.

All of these tax and price increases will effectively suck any excess money out of the system, and out of the pockets of American consumers. This will result in slow to no growth of jobs and GDP.

Taxes will skyrocket, and unemployment will remain high, thus choking off any real economic growth.

Obama’s war on Prosperity will hobble any economic recovery, and without a strong economy, inflation is not likely.

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AP: Obama’s Pay Czar Concerned Firms Could Lose Talent.

November 13th, 2009 · Economy

Seriously?

This according to an AP article:

The Obama administration’s pay czar said Thursday that he is “very concerned” about scaring away top talent at seven firms that took the biggest bailouts.

Perhaps the only surprising thing in this article is that the AP refers to Kenneth Feinberg as “Obama’s Pay Czar” instead of the Orwellian sanitized “Special master for executive compensation” preferred by the administration.

But back to the Pay Czar’s “concern.”

This is simply insulting to every American’s intelligence, even MTV watching Kanye West fans. Think about it: here’s a guy who comes into a company and declares his mission statement to be “executives working for company A will be paid less than those working at company B“, and then he declares concern that executives may be going to work for company B instead of company A?

That defies all logic, except perhaps liberal “logic.” After all, Obama and his czar probably expect executives to donate their time and energy for the greater good, all in an effort to prop up the state.

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Anita Dunn(ce) Leaving.

November 12th, 2009 · Pure Politics

According to this FoxNews article:

Dunn’s departure had been expected as she took the position on an interim basis earlier in the year. The White House had long said Dunn would leave before the end of 2009.

That may be true, but one can’t but wonder if maybe she was doing just too good of a job representing Obama. After all, it wasn’t long ago Ms. Dunn got quite a bit of heat praising genocidal communist totalitarian icon Mao Zedong as one of her philosophical heroes.

Then, of course, there was the time the administration got a little ahead of themselves and tried to bar Fox News from a press briefing, leaving Ms. Dunn to slander Fox News, calling it “An Outlet For GOP Propaganda.”

We know that the inner circle of Obama, like Obama czar Van Jones and Ms. Dunn, represent Obama’s true view of the world. Maybe the Bamster just didn’t like this message getting out just yet… so long Anita, we hardly knew ya.

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Half Of Us Kids Will Get Food Stamps. Is This Necessary?

November 10th, 2009 · Economy

Here’s an article from Arizona News that details how a recent study shows that up to half of the children in the U.S. will be on food stamps at some point in their lives.

For once, I don’t question the article.

This is mainly because it seems to be the objective of liberals to have the government agencies provide for the populace as much as possible. I suppose it’s the best way to grow government and increase dependency on our bureaucratic masters, second only to healthcare and welfare in general.

The other reason I don’t question the report is personal experience. When my daughter was starting kindergarten my wife and I went to an informational meeting at the school. A good portion of the meeting seemed geared toward getting people to fill out paperwork to request public assistance in paying for our child’s lunch. I understand the need to make people aware of the program, and make sure that people who really need the program know about it, but the head of food service literally told us, “Even if you think you make too much money, fill out the form anyway because you never know – you might qualify for the program.”

I’m sorry, but if I think I make too much to qualify, it’s because I do make too much to qualify.

Another reason I wouldn’t question it is that Obama’s great recession is very likely to push many more households into poverty and government assistance than before. But hey, that’s the point.

Anyway, go and read the report. It’ll make you sad.

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