Speaking Truth To Democrat Bull[Expletive Deleted]

Paul Ryan is the man!

See also:
Rep. Paul Ryan on health inflation at White House health summit
Paul Ryan: Obamacare Will Raise Medical Costs
Ryan on Democratic Health Care Budget Gimmicks
Health care summit: Ryan makes good point on deficit reduction
Ryan on the Attack
Healthcare summit: Medicare and the deficit
Rep. Paul Ryan makes remarks on insurance regulation at White House health summit
Ryan talks decentralization at health summit
Ryan, Obama get into “difference in philosophy”
Transcript of Thursday’s bipartisan health care meeting
A Real Man With A Real Plan

What’d I say? I told you Paul Ryan gets it, and he’s more than an intellectual match for Obama.

/now pay close attention, because there’s going to be a very important quiz in November

A Real Man With A Real Plan

Rep. Ryan proposes radical solution to budget problem

I spent the first part of the week thinking about President Obama’s proposal for next year’s budget. It’s a modest document meant to take current policy and nudge it forward and leftward while beginning the hard work of pushing the deficit downward. It makes its changes at the edge of the state, freezing growth here and expanding programs there.

But I spent the latter part of the week thinking about the proposal from Rep. Paul D. Ryan (R-Wis.) for what our budget should look like 60 years from now. Ryan’s budget is a radical document that takes current policy and rolls a live grenade underneath it. Social Security? Ryan’s adds private accounts. Medicaid? Ryan privatizes it. Medicare? Same thing. Health care? Ryan repeals the subsidy for employer-provided insurance, replacing it with a tax credit.

The boyish Ryan is a conservative darling and the ranking Republican on the House Budget Committee, but there’s nothing conservative about this document. It does not respect, much less preserve, the status quo. But then, that’s a point in Ryan’s favor. The status quo does not deserve our respect. It is unsustainable. Left unchecked, it will bankrupt our country. On that, Ryan’s radicalism is welcome, and all too rare. The size of his proposal is shocking, but it is proportionate to the size of our problem: According to the Congressional Budget Office, which examined a simplified version of his proposal, it would wipe out our projected long-term deficits.

GOP Rep. Paul Ryan tackles Obama’s path to deficit disaster

The new era of Democratic bipartisanship, like cut flowers in a vase, wilted in less than a week.

During his question time at the House Republican retreat, President Obama elevated congressman and budget expert Paul Ryan as a “sincere guy” whose budget blueprint — which, according to the Congressional Budget Office (CBO), eventually achieves a balanced budget — has “some ideas in there that I would agree with.” Days later, Democratic legislators held a conference call to lambaste Ryan’s plan as a vicious, voucherizing, privatizing assault on Social Security, Medicare and every non-millionaire American. Progressive advocacy groups and liberal bloggers joined the jeering in practiced harmony.

The attack “came out of the Democratic National Committee, and that is the White House,” Ryan told me recently, sounding both disappointed and unsurprised. On the deficit, Obama’s outreach to Republicans has been a ploy, which is to say, a deception. Once again, a president so impressed by his own idealism has become the nation’s main manufacturer of public cynicism.

To Ryan, the motivations of Democratic leaders are transparent. “They had an ugly week of budget news. They are precipitating a debt crisis, with deficits that get up to 85 percent of GDP and never get to a sustainable level. They are flirting with economic disaster.” So they are attempting some “misdirection,” calling attention to Ryan’s recently updated budget road map — first unveiled two years ago — which proposes difficult entitlement reforms. When all else fails, change the subject to Republican heartlessness.

Read the report:

A ROADMAP FOR
AMERICA’S FUTURE
Version 2.0

See also:
The Roadmap Plan
A GOP Road Map for America’s Future
Roadmap to Solvency
Ryan’s fiscal plan draws attention
Paul Ryan’s Long (Deficit) Goodbye
Wisconsin Rep. Paul Ryan Stands Alone on Economic Solution
Rep. Paul Ryan says his budget plan doesn’t represent GOP
Political Punch Podcast: Rep. Paul Ryan, R-Wisc
Paul Ryan and his critics
The Savaging of Paul Ryan
Ryan Gets Serious

Paul Ryan is my favorite Republican, he gets it. He understands, like anyone with even half an ounce of honesty, that the current path of America’s fiscal future is bleak, unsustainable, and will inevitably lead to collapse and default. Sure, Ryan’s plan is radical, full of hard, painful choices, a big solution for a big problem. But, unlike the current “keep kicking the can down the road” policy, RYAN’S PLAN WILL ACTUALLY GET US OUT OF THE GIGANTIC MESS WE’RE IN AND IT’S ALREADY LONG PAST TIME THAT SOMEONE DID SOMETHING!

/although he says he won’t, I wish Ryan would run for President, he’s exactly the kind of leader this country needs right now

Another Day Older And Deeper In Debt

Congress Approves $1.9 Trillion Debt-Limit Increase (Update1)

The U.S. Congress approved increasing the federal debt limit by $1.9 trillion, to $14.3 trillion, enough to prevent lawmakers from having to raise it again before November’s midterm elections.

The House voted 233-187 today to send the increase to President Barack Obama for his signature. The hike is more than twice the size of any of the four previous debt increases lawmakers approved in the past two years.

The Senate voted last month for the legislation, which includes a tightening of Congress’s “pay as you go” budgeting rules that may make it harder for lawmakers to add to the deficit.

“We have no choice, we have to take steps to get our financial house in order,” said Representative John Tanner, a Tennessee Democrat. The tougher budget rules “are a good first step,” he said.

Obama announced a 2011 budget request this week that projected the government will run $8.5 trillion in deficits over the next 10 years. Lawmakers of both parties complained that his budget plan wouldn’t do enough to control the shortfalls, while Moody’s Investors Service said it may cut the government’s bond rating in the next decade if the outlook doesn’t improve.

House Democrats, recognizing the political peril of an increase in the debt limit, decided to use a mechanism today that avoided a direct vote on the boost. Instead, they used a procedural vote that will trigger approval of the increase.

‘Procedural Games’

Representative Pete Sessions, a Texas Republican, accused Democrats of using “deceitful procedural games to hide the fact that they are raising the debt limit.”

Democrats said the pay-as-you-go changes showed they are serious about reducing the deficit. The plan will “usher out an era of irresponsibility and begin putting the country back on a fiscally sustainable path,” Obama said today in a statement.

Representative Paul Ryan of Wisconsin, the top Republican on the Budget Committee, said the plan is filled with loopholes. He called it a “fiscal charade” so that “we can go talk tough in the election about how we did this and that, while we bequeathed the next generation an inferior standard of living.”

The changes adopted today would enact lawmakers’ pay-as- you-go rules into law; the rules currently are frequently ignored by lawmakers. The rules require lawmakers to finance new federal benefit programs and tax cuts with savings elsewhere in the budget to avoid adding to the deficit.

See also:
House raises debt limit to $14.3 trillion
House sends debt limit increase, pay/go to White House
House sends $1.9 trillion debt-limit increase to Obama
House Votes to Hike Debt Limit
Debt ceiling raised: Again
The Vicious Cycle Between the Debt and the Ceiling
$1.9T US Debt Ceiling Hike Likely To Last Into 2011 -Source
Treasury Expects to Hit Debt Limit in February
US debt to hit proposed ceiling by end-February: Treasury
US National Debt Clock

To their credit, not a single Republican voted for this debt saddle.

/which is why we need to elect more Republicans this fall so we can cut up Obama’s credit card

Not The Change We Were Hoping For

Slowly but surely, the American people are starting to figure out that Obama’s policies are not what he promised nd not what the electorate thought they were voting for.

President Barack Obama’s poll numbers start to wilt

Eroding confidence in President Barack Obama’s handling of the economy and ability to control spending has caused his approval ratings to wilt to their lowest levels since he took office, according to a spate of recent polls, a sign of political weakness that comes just as he most needs leverage on Capitol Hill.

The good news for Obama is that his approval ratings — 57 percent in a Gallup tracking poll over the weekend — remain comfortably high by historical standards for presidents.

But the trend lines among a variety of polls over the past several days are unmistakable: Independents and even some Republicans who once viewed him sympathetically are becoming skeptical, and many people of all stripes are anxious about economic and fiscal trends.

Obama’s approval rating has dipped below 60 percent on other occasions, according to Gallup, but though those slumps lasted only a day, this one appears to be more persistent.

Daily Presidential Tracking Poll

The Rasmussen Reports daily Presidential Tracking Poll for Monday shows that 33% of the nation’s voters now Strongly Approve of the way that Barack Obama is performing his role as President. Thirty-four percent (34%) Strongly Disapprove giving Obama a Presidential Approval Index rating of -1. Today is the second straight day the President’s rating has been below zero (see trends).

See also:
Confidence in Stimulus Plan Ebbs, Poll Finds
Public Wary of Deficit, Economic Intervention
39% Now Blame Bad Economy on Obama’s Policies
Health Care Will End Obama’s Honeymoon
How Obama could lose health fight

This is not what America voted for.

gr2009032100104

/it’s no longer funny or acceptable

Pay As You Go, Except For A Few Trillion Here And There

Some Democrats Warn of Loophole in Obama’s Pay-As-You-Go Rules

President Obama called on Congress yesterday to enact pay-as-you-go budget rules to help tame a deficit forecast to top $1.8 trillion this year. But even as some Democrats applauded the plan, others complained that it would give a free pass to expensive policies that would sink the nation trillions of dollars deeper into the red over the next 10 years.

The proposal would bar lawmakers from expanding entitlement programs such as Medicare and Social Security, creating programs such as universal health coverage or cutting taxes unless they cover the cost by raising taxes or cutting spending elsewhere. If, by year’s end, the White House budget office determined that new initiatives had not been paid for, the president would be required to make across-the-board cuts in entitlement spending.

The proposal is similar to rules that briefly helped the Clinton administration transform big budget deficits into surpluses. Republicans let the law, known as PAYGO, lapse in 2002.

“The pay-as-you-go rule is very simple. Congress can only spend a dollar if it saves a dollar elsewhere,” Obama said at a White House ceremony, backed by more than a dozen lawmakers, including House Majority Leader Steny H. Hoyer (D-Md.), who said he would introduce the plan as legislation next week. “It is no coincidence that this rule was in place when we moved from record deficits to record surpluses in the 1990s — and that when this rule was abandoned, we returned to record deficits that doubled the national debt.”

One big difference between Obama’s proposal and the Clinton-era rules, however, is that Obama would exempt an array of expensive policies currently in effect. For example, lawmakers could extend the tax cuts enacted during the Bush administration past their 2010 expiration date, restrain the growth of the alternative-minimum tax and continue to forestall scheduled payment cuts for Medicare physicians without consequence. All told, those policies would increase annual budget deficits by more than $3.5 trillion over the next decade.

Some independent analysts who support PAYGO rules objected to the loophole. “This is like quitting drinking, but making an exception for beer and hard liquor,” said Maya MacGuineas, president of the bipartisan Committee for a Responsible Federal Budget.

And while the proposal found favor in the House, it faced serious obstacles in the Senate, where several key senators said they would oppose it.

“I’m not for waiving PAYGO for $3.5 trillion of items, much of which I think ought to be paid for,” said Senate Budget Committee chairman Kent Conrad (D-N.D.). “I don’t think at this point we can afford not to pay for those very large expenditures.”

Coming one day after Obama vowed to shovel money from the economic stimulus package out the door even more quickly, yesterday’s call for fiscal rectitude also drew catcalls from Republicans.

“The president continues to display a frightening ability to say one thing, yet do the exact opposite,” said Rep. Tom Price (R-Ga.). “It’s frankly insulting that a president who is on a path to bankrupting our government would try to play the role of fiscal hawk.”

Obama: It’s OK to borrow to pay for health care

President Barack Obama on Tuesday proposed budget rules that would allow Congress to borrow tens of billions of dollars and put the nation deeper in debt to jump-start the administration’s emerging health care overhaul. The “pay-as-you-go” budget formula plan is significantly weaker than a proposal Obama issued with little fanfare last month.

It would carve out about $2.5 trillion worth of exemptions for Obama’s priorities over the next decade. His health care reform plan also would get a green light to run big deficits in its early years. But over a decade, Congress would have to come up with money to cover those early year deficits.

See also:
Obama Urges Congress to Tighten ‘Paygo’ Budget Rules (Update3)
Concord Coalition Supports Statutory Paygo But Cautions Against Large Exemptions
Obama Urges Congress to Tighten ‘Paygo’ Budget Rules
Obama proposes making ‘pay-as-you-go’ the law
Obama: After $3 trillion spent … “Pay Go” is back
Pay-go makes a comeback

What manner of bull[expletive deleted is this, just how stupid does Obama think we are? Pretty damn dumb I guess, pretending to suddenly be fiscally responsible after he’s already maxed out all the national credit cards. Now that he’s wrapped the country around a tree and totaled it, he promises to drive safely from now on.

/it’s like closing the barn door after the horse, the barn, and the entire farm is gone!

He’s Melting!

Ever since Obama won the Democrat nomination, the mainstream media has been totally in the tank for him and working hard day to day to prop him up as the best U.S. President of all time. Here’s the latest tongue bath.

Newsweek’s Evan Thomas: Obama Is ‘Sort of God’

Newsweek editor Evan Thomas brought adulation over President Obama’s Cairo speech to a whole new level on Friday, declaring on MSNBC: “I mean in a way Obama’s standing above the country, above – above the world, he’s sort of God.”

Thomas, appearing on Hardball with Chris Matthews, was reacting to a preceding monologue in which Matthews praised Obama’s speech: “I think the President’s speech yesterday was the reason we Americans elected him. It was grand. It was positive. Hopeful…But what I liked about the President’s speech in Cairo was that it showed a complete humility…The question now is whether the President we elected and spoke for us so grandly yesterday can carry out the great vision he gave us and to the world.”

Barf.

See also:
Newsweek Editor Evan Thomas: Obama Is “Sort Of God”

Well, the American public has a decidedly different opinion of the Obama god. The more they see of him, the less they are liking him and his policies. That new president smell is wearing off. He’s losing ground every week.

Daily Presidential Tracking Poll

The Rasmussen Reports daily Presidential Tracking Poll for Friday shows that 34% of the nation’s voters now Strongly Approve of the way that Barack Obama is performing his role as President. Thirty-four percent (34%) Strongly Disapprove giving Obama a Presidential Approval Index rating of 0. That’s the highest level of strong disapproval and the lowest overall rating yet recorded (see trends).

The President’s ratings have slipped since General Motors filed for bankruptcy to initiate a new government bailout and takeover. Just 26% of Americans believe the GM bailout was a good idea and nearly as many support a boycott of GM products. It remains to be seen whether the dip in the President’s numbers is a temporary reaction to recent news or something more substantive.

The Presidential Approval Index is calculated by subtracting the number who Strongly Disapprove from the number who Strongly Approve. It is updated daily at 9:30 a.m. Eastern (sign up for free daily e-mail update). Updates also available on Twitter.

Overall, 54% of voters say they at least somewhat approve of the President’s performance so far. Forty-six percent (46%) disapprove. For more Presidential barometers, see Obama By the Numbers and recent demographic highlights.

See also:
Obama’s approval index hits zero

And Obama’s not the only prominent Democrat who’s popularity is flagging.

Cheney is More Popular with Public Then Pelosi

Nancy Pelosi has to hate these new numbers from Gallup. The Speaker of the House is less popular with the American people then one of her biggest enemies and political rivals: Dick Cheney. Gallup shows that 37% of Americans have a positive opinion of of Cheney, while only 34% have a positive opinion of Speaker Pelosi.

The former Vice President has been an active voice for the past administration and their anti-terror policies lately, calling many of the moves that Obama has made dangerous to our country’s safety. Cheney’s chief complaint has been Obama’s criticism of the Bush administration’s use of enhanced interrogation techniques, tactics which Cheney asserts, kept our country safe over the last seven years of their administration. Pelosi has been an ardent opponent of the enhanced interrogation techniques, recently being at the heart of a scandal over her accusations that the CIA lied to Congress about the use of these techniques even though proof from the intelligence organization and other committee members says otherwise.

Vice President Cheney does still have slightly higher unfavorable ratings then the Speaker, but his popularity is treading up and hers is trending down in recent months, a sign that Pelosi’s harsh style of management, and recent scandals may be wearing on the American public. Republicans may and should use Pelosi as a campaign lightning rod in 2010 just as Democrats used Cheney and Bush as motivators for their voters in the 2006 and 2008 election cycles. In fact, her greatest contribution in the next two years may not be her work on Capitol Hill but her use as a central punching bag for the GOP to focus Americans attention on the perils of one party rule in our nation’s capital.

That’s gotta hurt!

See also:
Cheney and Pelosi Have Poor Ratings in Common
A race to the bottom – Cheney versus Pelosi
Cheney, Pelosi, Obama: A Tale of Three Ratings

Of course, to break through the pervasive media bias and Democrat talking points working in tandem to label Republicans as the “Party of No“, the GOP is going to have to work hard to advance alternatives and make sure the American people are aware of their efforts. It won’t be easy because the Democrats and the media are working against them. Remember when Obama and the Democrats taunted Republicans to offer an alternative to Obama’s obscene budget? Well, the Republicans did offer an alternative budget proposal, even though, as the minority party, it wasn’t their responsibility to do so.

See also:
The GOP’s Alternative Budget
Two Budgets: A Comparison
Graphs and Charts on the Republican Alternative

So, after having their bluff called, did the Democrats seriously consider the Republican alternative? Hell no, the same day the Republicans proposed their alternative, the Democrats totally ignored it, gave it no consideration, and proceeded to ram the abomination that is Obama’s budget through Congress unchanged, without a single Republican vote. So much for bipartisanship.

However, to their credit, the Republicans aren’t giving up.

House Republicans offer up a $23 billion list of spending cuts

Responding to a challenge from President Barack Obama, House GOP leaders are offering up a roster of more than $23 billion in specific spending cuts over the next five years.

The proposed cuts, which were to be sent to the White House on Thursday, bear little resemblance to the dramatic proposals Republicans unfurled when they took over Congress 14 years ago.

Rather than proposing, for example, the elimination of the Education Department, as they have in the past, Republicans are suggesting killing a program that pays for building sidewalks, bike paths and crossing guards as part of the Safe Routes to Schools program. That would save $183 million a year.

The Associated Press was provided a look at the plan, which flows from a White House tiff between Obama and House GOP Whip Eric Cantor of Virginia.

In April, Cantor praised Obama for instructing Cabinet secretaries to produce $100 million worth of commonsense cuts this year. Obama’s cuts were met with a lot of derision for being merely a drop in the bucket as the government faces extraordinarily large deficits, and Cantor said the president could do a lot better. Obama told him to come up with suggestions.

The result is a list of 37 specific program cuts that would save taxpayers more than $23 billion over the next five years and more than $5 billion in the first year alone.

Granted, $23 billion in specific spending cuts isn’t going to save us from Obama’s $3.6 trillion “Bankrupt America” budget, but at least it’s a substantial savings compared to Obama’s laughable $100 million in cost cuts. In any case it’s a start, the “Party of No” is at least trying to save the taxpayers some money.

Will the mainstream media report on this new Republican proposal to reduce spending, will Obama and the Democrats ignore it and sweep it under the rug, like the Republican budget alternative?

/stay tuned, hopefully, between Obama’s weak foreign policy and his out of control deficit spending, the American electorate will eventually figure out that they made a mistake, it seems the polls are already starting to point in that direction

You’d Better Sit Down, I’ve Got Some Bad News

Investors Business Daily, USA Today, Financial Times of London, and Pravda sum up the ugly truth about this country’s dire financial situation.

What We Owe: $64 Trillion, And Counting

OK, take a deep breath. You might need it after we tell you this: You now owe more than half a million dollars, not counting your home mortgage, credit cards and other debt. Don’t remember running it up?

Well, technically, you didn’t. The government did it for you. And USA Today has done us all a favor by taking out a calculator and doing the basic math. It’s beyond ugly.

Each household owes an additional $55,000, thanks to the soaring spending by the federal government on retirement programs just in the past year.

All told, each household at the end of 2008 owed $546,668. That’s four times what American households owe for mortgages, car loans, credit cards and other debt.

Looking long term is where it really gets scary. Recently, we learned the U.S. had $101 trillion in retirement and health care obligations over the next 75 years. The only problem is, at current tax rates we’ll have only $53 trillion to pay for it all.

That leaves a gaping hole of $48 trillion.

It gets worse. The stimulus plans and bailouts pushed into the budget by President Obama and congressional Democrats will add $9 trillion to our national debt over the next 10 years alone.

Add to that an expected $1.1 trillion spent over the same time to fund a government takeover of our health care system — an estimate most health care experts, by the way, believe is laughably low — and you have the makings of an epic financial tragedy.

Total federal debt will soar from 41% of GDP to 82% in just 10 years — more debt than we rang up in 235 years of existence. And over the next half-century, Americans will owe $63 trillion — 4.5 times our current GDP of $14 trillion.

“We have a huge implicit mortgage on every household in America,” David Walker, former U.S. comptroller, told USA Today. “Except, unlike a real mortgage, it’s not backed up by a house.”

Americans can’t be blamed for hyperventilating when they see such numbers emerging from the most fiscally irresponsible government in our nation’s history.

Even the nation’s president, in a moment of unguarded frankness last week, admitted that “we are out of money.”

Was that supposed to inspire confidence? Or was it merely a prelude to asking for a spate of new taxes to pay for it all — turning the U.S. economy from a vibrant, job-creation machine into a stagnant, European-style welfare state?

The current administration already has proposed or is mulling as many as 10 new taxes — everything from a European-style VAT (a national sales tax) to intrusive new taxes on beer, fast food, cigarettes and other sinful indulgences, to cap and trade, which is nothing more than a federal tax on energy.

Two weeks ago, Standard & Poor’s warned Britain it could lose its AAA rating because its national debt will soon hit 100% of GDP. Well, guess what? We’re heading down the same road. A story in the usually staid Financial Times of London last week said it all: “Exploding Debt Threatens America.”

More brutal was last week’s assessment of Russia’s Pravda, the former house organ for the Soviet communist regime: “The American descent into Marxism is happening with breath taking speed.” Ouch.

We’d like to disagree, but at least one of those newspapers is right. And unless we Americans stand up and tell our elected officials to stop this insane surge in spending and taxing, we’ll pay for it for decades to come.

See also:
Leap in U.S. debt hits taxpayers with 12% more red ink
Exploding debt threatens America
American capitalism gone with a whimper
Spending Like A Drunken Sailor On Crack

gr2009032100104

Seriously, we can’t afford to keep spending like this! The politicians in Washington must know that this financial predicament will literally break the back of the United States sooner rather than later at this rate of uncontrolled spending, but they’re either oblivious or don’t seem to care. Even Obama has recently said that this debt load is “unsustainable” and that “we’re out of money now“. But he doesn’t seem to care either. Hell, he’s off to New York for a Broadway “date” with his wife at taxpayer expense. You may as well tack your share of that cost to your bill too.

The Chinese and the rest of the foreign U.S. debt holders around the world know all to well how deep the debt hole is that we’ve dug for ourselves and they’re getting nervous. Unless the United States does something drastic, and does it soon, our debt holders will eventually quit enabling our reckless fiscal behavior and stop buying our debt cold turkey. If and when that happens, the U.S. economy will quickly collapse like a house of cards on top of the U.S. taxpayers and any semblance of a standard of living we once enjoyed. How’s that for something to look forward to?

/of course, the critical and sobering question is, how are we going to save ourselves, who’s going to step up, how are they going to step up, and when are they going to step up?

Where’s The Stimulus And Why Do We Need Any More Of It Anyway?

Remember the urgency?

So, this pork packed $1 trillion, plus interest, “stimulus” bill just had to be passed immediately, before anyone could even read it, to save the economy from disaster. Well, it’s more than three months later, just how much of this urgently needed $1 trillion in “stimulus” money has actually been spent so far?

Obama upbeat about stimulus, but not much has been spent

“Only a small part” of the nation’s $787 billion economic stimulus had been spent through the end of last month, according to congressional analysts, despite the Obama administration’s boasts Wednesday that the plan is a big success.

“One hundred days later, we are already seeing results,” President Barack Obama said during a visit to Nellis Air Force Base in Nevada.

“Across America, recovery is under way,” Vice President Joe Biden said in a statement accompanying a 28-page progress report.

However, Douglas Elmendorf, the director of the nonpartisan Congressional Budget Office, was more cautious in his “State of the Economy” review to the House Budget Committee last week.

“The economy will stop contracting and resume growing during the second half of this year,” he said, “but the hardships caused by the recession will persist for some time.”

The CBO report found that through April only about $19 billion in stimulus funds has been spent.

The Results Are In: Stimulus Bill Neither Timely Nor Targeted

Before the passage of the American Recovery and Reinvestment Act of 2009 (also known as the “stimulus bill”), President Obama and his chief economic advisor, Larry Summers, stressed that the government’s response to the economic crisis needed to be “timely, targeted, and temporary.” As predicted by a Heritage Foundation analyst,[1] the bill is neither timely nor targeted. Only time will tell if it is temporary.

Not Timely

Government agencies have spent only a tiny fraction of money planned to be spent in fiscal years 2009 and 2010. Moreover, agencies have not allocated most of the money that has been directed toward them for any named projects.

As of May 8, less than 8 percent of the spending scheduled for fiscal years ’09 and ’10 has taken place.[2] That 8 percent ($37 billion) had been spent almost entirely on Health and Human Services until the week of May 1, when $12 billion was spent in one week by the Department of Labor. Before the week of May 1, just 3.3 percent of scheduled ’09 and ’10 spending had occurred.

Of the $461 billion called for to be spent by the stimulus bill before the end of fiscal year 2010, just $37 billion has been doled out. Of that, $16 billion has been spent by the Health and Human Services department, $12 billion has been spent by the Department of Labor, and $6 billion has been issued in one-time payments to Social Security recipients. All of the other agencies combined have spent a total of $2.6 billion as of May 8.

Not Targeted

Fiscal year 2010 ends September 30, 2010, but the recession could end sooner than that. Indeed, a majority of economists surveyed in April predicted the recession will end in 2009.[3] Fed chairman Ben Bernanke also thinks the recession will end this year. The stimulus bill threatens to miss the very target it was meant to address.

Spending to fight an already-ended recession is unnecessary and wasteful. More diffusely, the specific spending programs targeted to fight the recession have mostly not been named.

Of the $461 billion of the stimulus bill the President’s budget blueprint says will be spent in fiscal years 2009 and 2010, just $102 billion has even been targeted for specific outlays by government agencies. Once again, a large amount of this sum is allocated by the Health and Human Services Department. Several agencies (such as the Agency for International Development, NASA, and the National Science Foundation) have yet to say how any of the billions of dollars granted to them by the act will be spent. Just 22 percent of the fiscal years 2009 and 2010 stimulus spending has been planned by government agencies.[4]

The New Keynesianism

The new Keynesian philosophy fashionable among Washington policymakers is that government spending can pull an economy out of recession–that government spending “injects” new demand into the economy, thereby increasing GDP.

But every dollar Congress injects into the economy must first be taxed or borrowed out of the economy. Rather than add new demand, government spending merely redistributes existing demand. Even transferring money from savers to spenders will not add new demand, because nearly all savings are banked or invested and then quickly made available for someone else to spend. Simply put, Congress cannot create new demand out of thin air, and this explains the repeated failure of Keynesian policies.

See also:
Very Little Stimulus Spending So Far
Economic Stimulus: How Much Has Been Spent So Far?
How Much of the Stimulus Money Has Been Spent? Not Much!
Obama, GOP Battle Over Impact Of Stimulus
Obama’s stimulus: First 100 days, ‘spin?’
Watchdog: Stimulus spending a corruption risk
What Is Congress Stimulating?
See If You Can Read It Before Congress Passes It

No matter who’s doing the counting, it’s pretty clear that it’s been over three months now and hardly any of this desperately needed $1 trillion has even been spent yet, a drop in the ocean, spit in a bucket. Surely not an amount that anyone can seriously claim, with a straight face, is doing anything to “stimulate” the U.S. $13+ trillion GDP economy. And how has this trivial amount of Democrat pork spending been spent so far, what important uses has it been put to? Let’s ask Joe Biden.

RECOVERY REPORT: 100 DAYS 100 PROJECTS

Here’s a random sample of what your taxpayer money (borrowed, but you’ll have to pay for it eventually, with interest) is being spent on in the name of desperately needed “stimulus”:

Supporting Communities:17. Darlington County, South Carolina, will be the location of a new 4,200 square-foot library supported in part by $787,000 of Recovery Act Community Facility Grant funding. This new library, located in the town of Society Hill, will replace an existing 850 square-foot building, and provide for the informational, educational, and recreational needs of the 4,000 residents who live in the greater Society Hill area of Darlington County. Isolated from larger libraries by 17 miles in either direction, the Society Hill library supports junior and high school students research needs, as well as adults who use the library’s resources for help in locating jobs, for instructions on constructing a resume, and for submitting their resumes electronically.

Direct Farm Loans:18. With the assistance provided by a Farm Service Agency (FSA) USDA Stimulus Beginning Farmer operating loan, Chang Suhn Lee and his wife Soon Oak have been able to expand their farm in Coalmont, Tennessee, both keeping a family farm operating and keeping up with a growing demand for their crops. Combined with a USDA Direct Farm Ownership Loan the Lees received in 2007, they have expanded their vegetable farm from seven acres to 45 acres in 2009.

Direct Farm Loans:19. David and Katherine Pyle, both raised on dairy farms, recently sought to start their own diary operation and saw a classified advertisement to purchase cows and lease a dairy facility in Augusta County, Virginia. Working with the Farm loan team and using Recovery Act funding, the Pyles were able to work out a loan and started the lease on their new farm on April 1st. Using Recovery Act funds to purchase cows, breed heifers and provided start-up and operating capital, the Pyles now own and manage a growing dairy operation.

Direct Farm Loans: 20. Norman and Ida Layne, along with their son Avery, of Cullen, Virginia, received two direct operating loans supported by Recovery Act funds for their family dairy and hog farm. The combined loans will help support direct operating expenses of the farm, as well as prior fee, repair and veterinary expenses, and will allow the Laynes to be able to keep the family farm for their son. Without the assistance of Recovery Act funds, the Laynes would have had to sell the family farm.

Supporting Communities:21. Ecumenical Faith In Action, Inc., in Washington County, Virginia, is the recipient of $50,000 in Community Facility Grant funding through the Recovery Act. With this funding, Ecumenical Faith in Action will add approximately 5,300 square feet to its food-distribution center. Their existing facility does not have any walk-in freezers or coolers — or even a loading dock. All frozen food is stored in approximately 25 residential type chest freezers. The addition will help alleviate these problems.

Hey, there’s 95 more “projects”, most just as worthless. Read the whole thing. And remember, this pork spending is just barely out of the starting gate, there’s about $950 billion more to flush down the toilet on unneeded Democrat pet projects like this that we can’t afford in the first place. And has anyone noticed that, despite this non-stimulative, wasteful pork spending, the economy is starting to recover anyway and most economists predict that the recession will be over by the end of this year?

Economists: Recession to end in 2009

The end of the recession is in sight, according to a new survey of leading economists.

While the economy is showing signs of stabilizing, the recovery will be more moderate than is typical following a severe downturn, said the National Association for Business Economics Outlook in a report released Wednesday.

The panel of 45 economists said it expects economic growth will rebound in the second half of 2009. However, the group still expects to see a decline in second-quarter economic activity.

“The good news is that the NABE panel expects economic growth to turn positive in the second half of this year, with the pace of job losses narrowing sharply over the remainder of this year and employment turning up in early 2010,” said NABE president Chris Varvares in a written statement.

Almost three out of four survey respondents expect the recession will end by the third quarter of 2009, the report said.

But 19% predicted that a turnaround won’t come until the fourth quarter, and 7% said it may not come until early 2010. None of the panelists expected the recession to continue past the first quarter of next year.

See also:
Will the recession end in 2009?
U.S. Recession May Soon End, Business Economists Say (Update1)
Economists hope US recession will end in 2009
Survey: Most economists see recession end in ’09
Geithner Says Economy Stabilizing, at ‘Beginning’ of Recovery

Let’s recap. We had to have a $1 trillion pork spending bill shoved down our throats, before anyone could even read it, in order to pull the economy out of a deep recession. But, the tiny fraction of the $1 trillion that’s been actually spent so far, more than three months later, isn’t enough to “stimulate” the economy in any meaningful way and has been spent on a variety of Democrat pet project pork nonsense that we don’t need and had to borrow the money for. Furthermore, in spite of this wasteful spending, the economy is recovering all by itself, and the economic consensus is that the U.S. will be out of this recession in about six months!

Now, you may ask yourself, if the purpose of the “stimulus” was to pull the economy out of the recession and, despite the “stimulus”, the economy will be out of the recession before the end of the year, why the [expletive deleted] do we need to spend another $950 billion of borrowed money, that we’ll have to pay interest on, on shameful, useless pork?

Of course, the obvious answer is that we don’t. In fact, all this additional, unnecessary pork “stimulus” spending will do nothing besides massively increase U.S. deficits and debt, trigger higher interest rates and inflation, increase the size of government and crowd out private sector investment. In other words, it’ll be a huge drag on economic growth and the debt albatross we’ll soon have around our necks could conceivably break the U.S. economy itself. If Obama and the Democrat Congress had any honor or shame they’d immediately repeal all the unspent portions of the “stimulus” bill still in the pipeline, in the name of fiscal responsibility and the American taxpayer, generations present and future.

/but they won’t do that because stimulating the economy wasn’t their objective in the first place, Obama and the Democrats could care less about the economy or the taxpayers, what they’re after is raw power, an expanded government, and the votes to hang onto it in 2010

Thank You President Obvious

The United States is out of money, when did this happen?

C-SPAN INTERVIEW TRANSCRIPT

SCULLY: Yet, it all takes money. You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we’ve made on health care so far. This is a consequence of the crisis that we’ve seen and in fact our failure to make some good decisions on health care over the last several decades.

Pay careful attention to the expression of his face when he says that. It seems to be like some kind of a funny joke to him. And what’s Obama’s solution to the problem, even as he acknowledges America is already flat broke and seriously in debt? Hey, I, know, the obvious answer is to quadruple the deficit! That makes a lot of sense, doesn’t it? I mean the trick to getting out of debt is to borrow lots more money and spend it, right?

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It’s a good thing the financial markets weren’t open when he made such a flippant remark.

/as Admiral Josh Painter said in The Hunt for Red October, “this business will get out of control, it will get out of control and we’ll be lucky to live through it”

File Under: No [Expletive Deleted] Sherlock!

You’re just not going to believe this one.

Obama says U.S. can’t keep borrowing from China

President Barack Obama raised the prospect on Thursday that China and other nations could stop buying U.S. debt and said the United States needed to tackle its deficit to avoid long-term economic damage.

“The long-term deficit and debt that we have accumulated is unsustainable. We can’t keep on just borrowing from China or borrowing from other countries,” Obama told a town hall meeting event in New Mexico.

“We have to pay interest on that debt and that means that we’re mortgaging our children’s future with more and more debt,” he said.

China is the single largest holder of U.S. debt and owned $744 billion worth of U.S. government securities at the end of February, the latest month for which data is available, according to the U.S. Treasury.

Obama said the debt situation would create greater economic problems if foreign countries like China lost their appetite for U.S. treasuries.

“What’s also true is at some point they’re just going to get tired of buying our debt,” he said.

“And when that happens, we will really have to raise interest rates to be able to borrow and that will raise interest rates for everybody.”

The White House estimated earlier this week the U.S. budget deficit will be $1.84 trillion for the fiscal year that ends September 30.

See also:
Obama Says U.S. Long-Term Debt Load ‘Unsustainable’
‘We can’t keep borrowing,’ Obama says; except with plastic
Obama: U.S. must stop relying on China, other nations to buy our debt

What the hell, are you [expletive deleted] kidding me? BARACK OBAMA, AIDED AND ABETED BY A DEMOCRAT CONGRESS, IS GOING TO SPEND MORE, INCREASE U.S. ANNUAL DEFICITS, AND INCREASE OUR NATIONAL DEBT MORE THAN ALL 43 PREVIOUS AMERICAN PRESIDENTS COMBINED!

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And Obama’s got the nerve to complain about our debt? Is he that arrogant, insane, or on drugs, again?

The U.S. is racking up “unsustainable” debt? Well, gee, I don’t know, here’s an idea, MAYBE STOP SPENDING MONEY LIKE A DRUNKEN SAILOR ON CRACK WITH SOMEONE ELSE’S STOLEN AMERICAN EXPRESS GOLD CARD!

Of course, that’s never going to happen. So, either Obama’s really stupid for saying what he said today or else he’s laying the groundwork for the largest tax increase in American history. You can already see it starting to happen, first they came for your soda pop . . .

Of course increasing taxes won’t solve our debt pronlem but, hey, it’s another required step down the red brick road to socialism, which doesn’t work ether.

/just wake me when this, not even close to long yet, national nightmare is over