Read this: Here was the question to S&P exec John Chambers, and his reply: Q: “There’s been a figure of $4 trillion dollars circulating as an example of the scope of fiscal consolidation measures that could work to stabilize the U.S. debt-gdp ratios. Could you explain how that figure was arrived at since it was mentioned in S&P’s reports and where it figures in S&P | Read More »
Download Podcast | iTunes | Podcast Feed On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Senator Mike Lee to discuss the debt ceiling deal, and his new book, The Freedom Agenda: Why a Balanced Budget Amendment is Necessary to Restore Constitutional Government. Then Francis Cianfrocca discusses the wild week for the markets and the latest jobs report. We’re | Read More »
Despite being dispirited by the one-sided nature of the debt ceiling deal, most of us were looking forward to reaping the rewards from its only ancillary benefit; the impending stock market rally. Much to our chagrin, the Dow dropped precipitously, losing over 800 points since the opening bell on Monday. After the initial euphoria from the debt ceiling hangover began to subside, people have been | Read More »
Download Podcast | iTunes | Podcast Feed On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Senator Jim DeMint to discuss the fallout from the debt ceiling debate, the danger of Congress’ new super committee and his new book The Great American Awakening: Two Years that Changed America, Washington, and Me. We’re brought to you as always by BigGovernment | Read More »
This anonymously-sourced report from The Hill, which clearly derives in good part from Republican sources, is pretty damning about President Obama’s leadership, if it turns out to be accurate: GOP aides and lawmakers, speaking on background, portrayed Boehner as the calm negotiator who repeatedly exasperated President Obama. Boehner last month asked the networks to televise his response to Obama’s address to the nation, a request | Read More »
Here’s something no one wants to talk about, whether Republican or Democrat. Well, I should not say no one, but pretty much every Republican and Democrat who participated in the terms of the debate over the debt ceiling has ignored this. Government spending is going above 25% of GDP. Tax revenue, up until the last two years has averaged 18.5% GDP. Let’s give the Democrats, | Read More »
Playing off of Francis’s timely post, I think we should start considering Barack Obama the Keyser Soze of American politics. He’s got the Democrats to take the fall with the base, convinced Obama is an inept negotiator. He’s got the GOP befuddled thinking they’ve had some success. Meanwhile, Obama himself gets several loose ends sewn together that could complicate his re-election, including the debt ceiling, | Read More »
Because a Balanced Budget Amendment (BBA) is the only type of budget reform capable of binding future Congresses, it is disappointing that the pending debt ceiling bill does not contain the Boehner bill’s requirement that a BBA be approved by Congress and sent to the states. However, there is some good news for BBA supporters in the bill (the Budget Control Act of 2011 or | Read More »
If there has been one positive result from the recent knife fight in an alley that has been our debt ceiling debate, it’s come from watching the self-appointed Smartest People In The Room come to the belated realization that they’ve been out-maneuvered by a bunch of hobbits. No, don’t take it from me: listen to them. A representative sample is below. Paul Krugman: “The worst | Read More »
This isn’t Monday-morning quarterbacking. For one thing, it’s not football season yet. For another, the game wasn’t played on Sunday afternoon. It’s been going on for weeks, with twists and turns more reminiscent of comic opera than football. Even so, today’s media game has been all about deciding who got the better deal. Many of the partisans think they came up short, and are looking | Read More »
Peter Beinart doesn’t understand why the Tea Party gets to be the populist movement transforming American politics, instead of whatever latest cargo cult on the Left is these days. In the spirit of bipartisanship – with ‘bipartisanship’ being defined as ‘kicking progressives in the teeth for the amusement of the crowd’ – I shall deign to explain things for him, hardline progressives, and everyone else | Read More »
1) Obama gets his full lifeline, long-term debt limit increase that will take him beyond the election ($2.1-2.4 trillion), without making any transformational concession. There is no realistic roadmap to entitlement reform; not a single agency or program, domestic or mandatory, will be eliminated; Obamacare is off limits; there will be no balanced budgets, ever. We will still add trillions more to the debt over | Read More »
Download Podcast | iTunes | Podcast Feed On today’s edition of Coffee and Markets, Brad Jackson is joined by Francis Cianfrocca to discuss the McConnell – Obama debt deal, how we got screwed, and the weak GDP report. We’re brought to you as always by BigGovernment and Stephen Clouse and Associates. If you’d like to email us, you can do so at coffee[at]newledger.com. We hope | Read More »
Here’s the deal — I think we should hold out till after August 3rd because I think August 2nd is an imaginary deadline. I likewise think the super committee is going to raise taxes — and raise them in a big way. Also, I’m convinced the GOP is lying to itself on this plan. All that said, we’re not going to get a better deal | Read More »
Over the past week, the Tea Party has been impugned and maligned with more ferocity than ever before. Amidst our push to balance the budget, downsize job-killing government agencies and programs, and preserve our AAA credit rating, we have been condemned as extremists, suicidal, and traitors. Sadly, most of these acrimonious ad hominem attacks were propagated by those who purport to share the aforementioned goals, | Read More »
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