Today, the Treasury Department announced that Obama will ask for another $1.2 trillion increase in the debt ceiling, carrying our national debt to $16.394 trillion by next year. This will bring Obama’s total share of the debt to $5.77 trillion by the end of his tenure, far more than any other president. Unfortunately, there is not a darn thing we can do about it. Yet, | Read More »
Obama has been running around all day making a fool of himself as he promotes his $40 Social Security tax cut. Yes, the tax plan that will create a new class warfare Social Security Taxable Wage limit in order to accommodate his totally unworkable two-month extension. Obama has even set up a new web page asking people “what $40 per paycheck would mean to you.” | Read More »
“It’s going to take a lot more than a few accounting gimmicks and unrealistic assumptions to cure our budget ailment” Yesterday, the media was agog with glee over reports that CBO is projecting an annual deficit “below $1 trillion for the first time in four years.” How did they arrive at that conclusion? This projection was extrapolated from the Treasury Department’s report of the first | Read More »
The outcome of the impending payroll tax imbroglio seems to be clear. With Republicans offering spending offsets and Democrats demanding tax increases, my safe premonition is that, for better or worse, the simple tax cut extension will pass, albeit without either “offset” plan. Due to some divisions among conservatives, such an outcome seems to be intractable at this point. At this point, we must focus | Read More »
“in typical Democrat asinine fashion, they are promulgating a defacto permanent tax cut by telegraphing to the public that it is only temporary, thereby minimizing the pro-growth effect of the tax cut.” After decades of monstrous lies about Social Security, Democrats have finally blown the cover off their stratagem. They have always proclaimed that our payroll taxes were held securely in a trust fund in | Read More »
There is an old adage in Washington that describes the political system as consisting of three political parties; Democrats, Republicans, and Appropriators. The Appropriations Subcommittee chairmen, often referred to as the “College of Cardinals,” usually agree to concoct legislation that fuses the worst elements of the evil and stupid parties, resulting in something worse than a pure Democrat proposal. This is exactly what transpired with | Read More »
During last week’s foreign policy debate, Ron Paul won accolades from the crowd when he professed that there are no real pending cuts to the military, just reductions in baseline spending. Here is the full quote: “Believe me. They’re cutting — they’re nibbling away at baseline budgeting, and its automatic increases. There’s nothing cut against the military. And the people on the Hill are nearly | Read More »
Update: Roll call of members who stood strong is below the fold. This afternoon, the House passed Harry Reid’s first minibus appropriations bill (Agriculture, Commerce-Justice-Science, Transportation-HUD), which contains record levels of spending for Food Stamps, WIC, and international food aid. It also contains $2.3 billion for disaster spending, which is excluded from the budget caps. Appropriations Committee Chairman Harold Rogers promised today on the House | Read More »
The day has arrived. Our total debt has surpassed $15 trillion. At the close of business on Wednesday, the debt stood at $15.033 trillion, and is on the cusp of overtaking our GDP. Overall, the federal debt has risen $4.41 trillion (41.5%) since Obama took office and $6.36 trillion (73%) since the Democrats took control of Congress in 2007. Our GDP has grown by only | Read More »
One fundamental liberal desideratum is the achievement of equal results at the expense of equal opportunity. Conservatives believe in implementing policies that protect our God-given rights, which provide every human being with an equal opportunity to succeed. Liberals reject policies that foster unfettered equal opportunity because they invariably produce unequal results, being that human beings have different talents, capabilities, work ethic, and luck. On Tuesday, | Read More »
Amidst the hype concerning the so-called era of austerity and budget cuts, the national debt is rapidly marching towards the $15 trillion milestone. As of late last week, the national debt stood at $14.94 trillion. For those of you keeping score, that number has grown by $646 billion since the debt ceiling was raised on August 2, as part of the great bipartisan Budget Control | Read More »
For years, Democrats (and Republicans) have surreptitiously created dependency by manipulating the tax code. Liberals often refer to handouts as tax cuts, and tax cuts as handouts to the rich. To that end, they have perpetuated a travesty in which millions of people are able to obtain welfare payouts without ever applying for them. Most people don’t even realize that they are receiving handouts because | Read More »
We’ve seen this show before. Republicans propose grand ideas to cut spending and implement free-market reforms; they speak ebulliently about their new ideas, and …they summarily scuttle them and cave to the Democrats. Earlier this year, Republicans proposed a commendable plan to end the bipartisan pork fest of surface transportation spending. Instead of continuing the inexorable expansion of transportation spending, House Transportation Committee Chairman John | Read More »
Well, 32 months into his presidency, Obama has finally released his jobs and deficit reduction plans. Surprisingly, he is not attempting to obfuscate his true motivation this time. As Obama said yesterday, it is “simple math.” It’s $1.57 trillion in comprehensive tax hikes + $1.08 trillion in non-existent war spending + $430 billion in phantom savings on interest payments + $320 billion in savings from | Read More »
There is an old adage that defines insanity as “doing the same thing over and over again but expecting different results.” What’s worse than insanity is hypocritical insanity, which may be defined as doing the same thing that your opponent did over and over again, while expecting different results. Unfortunately, that is an apt description of the House GOP leadership of late. During the 2010 | Read More »
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