Finally – Someone in Senate Talks Sense About Debt Limit Increase

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. America has a debt problem and a failure of leadership. Americans deserve better. I, therefore, intend to oppose the effort to increase America’s debt. ” – Sen Barack Obama (2006)
“We either save this country or we do not. And to save it, we must seek solutions.” – Sen Marco Rubio (2011)


BTW, it’s worthwhile looking at the SF Examiner’s summary of the Democrat Leadership’s extremely partisan votes on increasing the debt ceiling.  They pretty much always vote on partisan lines, economy &c. be damned!

Ms. Magazine sez : “Math is Hard!”

Math Class is tough

Apparently “feminist economist”, Susan F. Feiner isn’t all that woried about unprecedented, out-of-control ballooning debt.  Mostly ‘cuz :

We can just print money to pay it all off! Hooray! In her own words :

There is absolutely no bookkeeping, accounting or arithmetic possibility that the U.S. could “run out of money.” How could we? “We, the people” control the availability of dollars! And that means our government can, during a crisis of unemployment, spend what it wants to spend. Any other fiscal policy will cause more unnecessary pain and suffering.

Besides, this hedge fund manager guy, Barton Biggs, has a plan on which all that borrowed money could be spent.   A Barton is a smart guy, and is probably like totally cute,  so she takes on faith that that  will be AwesomeCool.

For more, read “Math is hard” story @ their website.   It’s main argument involved bird sounds.  Seriously.  Caw caw. See for yourself.

1 in 4 jobs created by … McDonalds?

Clinton vs Bush vs Obama - jobs

An unusually vivid example occurred on April 19, which McDonald’s declared National Hiring Day, encouraging people across the country to apply for a job.
The world’s biggest restaurant chain reported that it received one million applicants for open positions, which resulted in 62,000 people gaining employment. Another 900,000 plus were turned down.
A McDonald’s spokeswoman said the company had planned to hire only 50,000 new employees. But the intense demand prompted it to take on an additional 24% in staff.  —, via gateway pundit.

Öbama’s Döllardämmerung

Mark Steyn says some interesting, and depressing things today –

The president’s plan is to balance the budget by climbing into his Little Orphan Obammie costume and singing: “The sun’ll come out tomorrow / Bet your bottom dollar that tomorrow there’ll be sun.” We’ve already bet our bottom dollar and it’s looking like total eclipse. But Obammie figures if we can only bet Daddy Warbucks’s bottom dollar, the sun will shine. The “rich” don’t have enough money to plug the gap: As a general principle, whatever the tax rates, the Treasury can never take in more than about 19 percent. Since Obama took office, the government’s spent on average 24.4 percent of GDP. That five-point gap cannot be closed, and it’s the difference between the possibility of a future and the certainty of utter ruin. Hence, outlook “negative.”

By the way, if you were borrowing (as the United States government does) 188 million dollars every hour, would your bank be reassured by a 12-year plan?

That’s 2023. Go back 12 years. That’s 1999. Which, if any, politicians in that year correctly identified the prevailing conditions in the America of 2011? Most of our problems arise from the political class’s blithe assumptions about the future. European welfare systems assumed a mid-20th-century fertility rate to sustain them. They failed to foresee that welfare would become a substitute for family and that Continentals would simply cease breeding. Bismarckian-Rooseveltian pension plans assumed you’d be living off them for the last couple of years of your life. Instead, citizens of developed nations expect to spend the final third of their adult lives enjoying a prolonged taxpayer-funded holiday weekend.

What plans have you made for 2023? The average individual attempts to insure against future uncertainty in a relatively small number of ways: You buy a house because that’s the surest way to preserve and increase wealth. “Safe as houses,” right? But Fannie/Freddie subprime mumbo-jumbo and other government interventions clobbered the housing market. You get an education because that way you’ll always have “something to fall back on.” But massive government-encouraged expansion of “college” led Americans to run up a trillion dollars’ worth of student debt to acquire ever more devalued ersatz sheepskin in worthless pseudo-disciplines. We’re not talking about the wilder shores of the stock market — Internet start-ups and South Sea bubbles and tulip mania — but two of the safest, dullest investments a modestly prudent person might make to protect himself against the vicissitudes of an unknown future. And we profoundly damaged both of them in pursuit of fictions.

Why We Don’t Need Socialized Medicine

The Motley Fool on John Mackey

motley fool joker

There was some good commentary in the middle of their coverage of WFMI :

Personally, I support Mackey’s public advocacy of alternative ideas. He’s one CEO trying to be part of the solution, not the problem — and even if they’re not delicately phrased, he often makes excellent points.

If anything, General Motors’ bankruptcy shows that Mackey’s quip about unions may have been too kind. Combined with management’s own poor decisions, unions’ costly and short-sighted demands proved more like a fatal disease to the automaker than an inconvenient and socially embarrassing one. That’s why longtime labor foe Wal-Mart’s (NYSE: WMT) recent decision to team up with unions to support employer mandates practically dripped with irony. Whole Foods, Starbucks (Nasdaq: SBUX), and Costco (Nasdaq: COST) are all good examples of companies that have made it a point to provide employee benefits without coercion.

Here’s another thought: Shouldn’t the very people contemplating a Whole Foods boycott on these grounds applaud many of the company’s existing initiatives? Are they aware of its progressive, employee-friendly policies? And if so, does this mean they don’t care as much as they think they do?

I mean, really, how dare Whole Foods let employees vote on their benefits, when most retail workers get no benefits whatsoever? The nerve of Mackey, forgoing his base salary and capping management’s pay at 19 times that of his lowest-paid employee? What is Whole Foods thinking, donating part of its profits to local and global organizations working to make a positive difference? And giving the majority of its stock options to rank-and-file employees, rather than upper management? That’s just diabolical!

Sometimes, trying to be part of the solution seems to challenges some people’s assumptions about the way things are supposed to be. Mackey’s belief in conscious capitalism — a world where responsible, entrepreneurial capitalists try to make things better, not worse, and where we all take greater responsibility for our own decisions — might challenge some people’s long-held assumptions. But it’s a great thing to contemplate.

Why is Healthcare so expensive? Follow the Money

Pajamas Media has published an interesting article  by Sammy Benoit on how tort reform would save huge abounts of money, the expenses that Obama says he wants reduced – that of unnecessary procedures.  In short, unimaginable amounts of money are blown on unneeded “care”  because doctors and hospitals are afraid of being sued.  They don’t want some lawyer hauling them into court, asking why long- long- long- long shot Procedure X wasn’t done.

Why can’t this horribly expensive “feature” be reformed?  This graphic answers quite a lot on it’s own :


Anyhoo, the article is a good read.)

Unemployment fell because people are giving up.


The Washington Post delivers the bad news :

Unemployment dipped in July for the first time in 15 months, but the jobs data released Friday also brought into focus the limits of the budding economic recovery.

The new numbers raised hopes that the recession could be nearing an end. The unemployment rate fell to 9.4 percent, from 9.5 percent in June, and employers slashed 247,000 jobs, the slowest rate of decline in nearly a year.

For all the optimism in Washington and on Wall Street — President Obama said the economy is “pointed in the right direction,” and the stock market rose 1.3 percent — some details in the report show that the labor market remains weak. The stabilization in the economy is not rippling through to ordinary American workers. Economists generally expect the unemployment rate to resume its rise in the coming months, ultimately reaching or surpassing 10 percent.

The July decline in the jobless rate came about not because more people had jobs, but because 422,000 people removed themselves from the labor force, essentially giving up the search for work. The number of long-term unemployed people — those who have been out of a job but looking for more than 26 weeks — rose by another 584,000.