Articles tagged as

Deficit

Obama on Unpatriotic Debt – Rut-Roh…

Steve MacDonald

Bwahahahahahaha!   I love Liberals.  Honestly.  They don’t even make it difficult. H/T Hot Air And why not post the RNC’s response… http://www.youtube.com/watch?feature=player_embedded&v=VbJ9ICG3Z_I

Last I remember, NH sent both Frank Guinta and Charlie Bass to CUT THE SPENDING.

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Low expectations for Charlie on my part – am not enthused that he has failed to meet that height challenged standard.  For Frank, however, who campaigned hard with TEA Party constituencies, the bar was higher – MUCH higher.  Sigh….Today, I get to repeat my lament: why isn’t your name among the other Conservatives that voted against spending more?  Oh, to be sure, I got both eBlasts about H.R. 4628:

  • Charlie’s: Earlier today, the House passed, on a bipartisan vote, legislation to extend the current student loan interest rate of 3.4 percent for one year.  Without Congressional action, the rate would double on July 1st, making it even more difficult for students struggling to find jobs in such a weak economy to pay back their loans.  I strongly supported this fully-offset, fiscally-responsible legislation and hope the Senate moves on it as soon as possible.
  • Frank’s: Representative Frank Guinta (R, NH-01) today voted for the passage of H.R. 4628, the Interest Rate Reduction Act.  It would extend the current 3.4 percent rate for college undergraduate recipients of Federal Direct Stafford loans.  Without congressional action, that rate will double on July 1.  The bill was approved in a 215 to 195 vote.

I note with no small irony that Obama has recently visited over 120 colleges and universities.   My response concerning this out-and-out-pander vote back at Frank’s office (NH CD-2 is not my district and I’ve given up on Bass):

So, we’re taking money from a program that most of us want to kill, for which we had no money for it in the first place, to fund a program that Obama nationalized.

Er, where am I wrong here?

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There Is No Recovery

Steve MacDonald

Time to put another nail in the Obama recovery coffin.  The recovery that started when the recession “ended” in June of 2009.  The recovery that is not growing jobs faster than the rate of population growth.

But that is hardly the worst of the Democrat’s problems.  The bigger problem is that they are selling trillion dollar deficits year after year on the assumption it is creating jobs.  They are printing money to pump into the economy on top of that to “jump start” this or that, which devalues the dollar, making everything cost more. (Inflation.)  And the end result of all that debt, and deficit spending, and economic risk taking. and destruction is this…

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So, Obama knew that the financial meltdown was NOT just Wall Street’s fault???

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Conventional wisdom / street knowledge is that Wall Street and their crazy and risky financial instruments was not solely to blame for the financial crash from which we are still picking our way out of (even as Obama keeps erecting more and more obstacles in that pathway).  Over at The EnterpriseBlog, James Pethokoukis (a highly respected economics journalist) plucks 11 “stunning revelations” from a formerly secret document that Larry Summers (former head of Obama’s economic advisors, and was advising him during the campaign).  The 11th was what caught my eye (James takeaway followed by an actual quote from the Summer’s document):

11. The financial crisis wasn’t just Wall Street’s fault.

A significant cause of the current crisis lies in the failure of regulators to exercise vigorously the authority they already have.

Not to take away any shame or malfeasance by Wall Street, this is a stunning admission from someone who became “the Obama Administration’s economic insider”.  This statement can also be placed not only on the Wall Street regulators but also the two GSEs (Government Sponsored Entities) Fannie Mae and Freddie Mac.  Obama’s main thrust has been to advocate and regulate more rules by government over the financial sector.  Yet, little has been admitted by the Obama Administration (and other Democrats like Barney Frank) in terms of Government malfeasance.  But then again, to do so would undermine Obama’s own philosophy and core belief – how could the Progressive State be allowed to “guide” and regulate the lives of all of us if it itself cannot regulate itself?  What is the sense of adding more and more regulations if the State (e.g., the Feds) could not even credibly enforce what was already on the books?  If that last question holds true, Obama and the rest of his pathetic pack of Progressives have only a chasm of platitudes instead of a valid political philosophy.  If true, on what basis can they credibly state:

“trade your individual freedom for our equality enforced upon all – after all, we know better!”

Quick Summaries after the jump:

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7 Things About Obama

Steve MacDonald

Things everyone should know about Democrat leadership.  (No need to remind you that they will blame everyone but themselves for it.)   Every day, the U.S. government takes in $6 billion and spends $10 billion.  This means that every day the federal government spends $4 billion more dollars than it has. The real unemployment rate … Read more

Add A Half-Mil to Norelli’s Debt Tab

Steve MacDonald

RGGI deficit spending by NH democrats leaves us another 600K in the holeNew Hampshire Watchdog is reporting that up through 2010 the Democrat controlled New Hampshire State government overspent RGGI revenues to the tune of about $600,000.00 dollars.   They just assumed we’d have more revenue.  Hmmm..where have we seen that before?   SO much like their regular budgeting they spent (more)  money we didn’t have, leaving someone else with the hard work of fixing things.

NH Watchdog’s Grant Bosse reminds us of the RGGI tab, the sad state of the Cap and Trade scheme,  as well as the Democrats taking 3.1 million dollars out of that scheme to (cough-cough) ‘Balance’ the State budget.

So Teri ‘ Billion Dollar Deficit’ Norelli strikes again.

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Email Doodlings – 2012 Presidential Primary – Yes, it gonna be a long month…

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More meanderings from on this:

Despite the (still) prevailing hawkishness within the GOP, I feel that the tides are turning. Republicans are starting to understand that we are FLAT BROKE and we can’t financially sustain these wars. We are being bled dry just like the mujahedeen (al Queda) did to the Russians in Afghanistan.

I am going to hate my self for doing it, but I couldn’t help myself at the time….(heh!) (edited slightly)

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Obama Finally Builds Bi-Partisan Coalition!!!

Steve MacDonald

I may be jumping the gun here, but I believe that Mr. Obama will achieve that which he has been calling for for years. Democrats and Republicans will come together today to form a bi-partisan coalition…

Obama’s “Bride Of Stimulus” Speech

Steve MacDonald

I wasn’t going to bother, but when you have a title like “Bride of Stimulus” you have to run with it. And that is exactly what that speech was. To quote every democrat’s greasy palm card from 2007/2008, what we have here is…”the same old failed polices of the past.” Or what I referred to on twitter as “same old whore new dress.”

A Brief History of President Obama’s Fiscal Record

Steve MacDonald
A Brief History of President Obama’s Fiscal Record

Setting the Record Straight
July 15, 2011

 
 

Despite newfound concern with the debt overhang stifling economic growth, President Obama’s record falls far short of his rhetoric.  Let’s review the decisions made by President Obama and Congressional Democrats over the past couple of years, and the disappointing results of their policy choices:

January 20, 2009 
President Obama sworn into office

  • President tells the American people in his Inaugural Address: “Those of us who manage the public’s dollars will be held to account, to spend wisely, reform bad habits, and do our business in the light of day, because only then can we restore the vital trust between a people and their government.”

  • Debt Held By Public = $6.31 trillion

February 17, 2009
President Signs into Law the Spending Stimulus

  • The stimulus adds $821 billion in new spending according to the Congressional Budget Office (CBO).

  • The White House promises this infusion of spending and borrowing would keep unemployment rate below 8%.  As millions of Americans are painfully aware, that promise was broken.

  • Debt Held by Public = $6.48 trillion

February 26, 2009
President Issues FY2010 Budget

  • The President’s budget adds $2.7 trillion in new debt in FY2010 and imposes $1.4 trillion in new taxes.

  • Debt Held by Public = $6.58 trillion

March 11, 2009
President Signs FY2009 Omnibus Appropriations Act

  • The massive spending bill includes 8,696 earmarks at a cost of $11 billion.

  • The spending bill adds $19 billion in new spending above the baseline – an 8.6% spending increase.

  • Debt Held by Public = $6.66 trillion

April 29, 2009
Congressional Democrats Pass FY2010 Budget

  • The Congressional Democrats’ budget calls for a $2 trillion debt increase in 2010, and another 8.9% increase in non-defense discretionary spending.

  • The reconciliation process is abused to later pave the way for health care overhaul to be jammed into law.

  • Of note: this is the last time Congressional Democrats will bother budgeting.

  • Debt Held by Public = $6.85 trillion

continued on the jump…

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Big Ben, Parliament

Steve MacDonald

Rumor has it Mr. Obama gave a speech yesterday about something. I didn’t watch it and with good reason. Been there, done that. Two faced, self contradicting, tired, and repetitive. Put another way, Big Ben, Parliament.

Sebelius Admits to Obamacare Double tap

Steve MacDonald

Double TapFans of the movie Zombieland might understand the post title right away.  In the movie the lead protagonist, "Columbus" has a set of rules he always follows which he believes are the only reason he is still alive after the world is turned into Zombieland by a mutant strain of Mad Cow disease that turns almost everyone into crazed, flesh eating zombies.

Rule #1 is cardio.   You need to be able to run away from Zombies.

Rule # 31 is Check the back seat.  Always look to see if there is a Zombie in the back of the car before you drive away in it.

Rule # 3, beware of bathrooms.  Zombies seem to be able to sense when you are at your weakest.

Rule #18 Limber up.  Wouldn’t want to come up lame.

And Rule #2?  Double Tap.  It is not a waste of ammo to put another round into the head of a zombie to make sure they are down for the count.

So who stumbles into my metaphor but Obama Zombie and Health and Inhuman Services Minister Kathleen Sebelius.  Note to the left–no, I am not suggesting we double tap her, I am suggesting she and the democrats of the 111th congress–and all your lying or deluded selves included– have double-tapped the Taxpayers.  Sebelius has just admitted to a congressional committee that a huge chunk of money they claimed was going to offset the costs of Obamacare is the legislative-accounting equivalent of a double tap.

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Breaking The Addiction To Government

Steve MacDonald

Image: thesassyminx.comThe December New Hampshire labor report, period ending October 2010, is not all that remarkable.  Coos County is still suffering while overall the state is hanging in at 5.4%.  This number is still reflective of issues with the size of the labor force versus mid 2009 numbers.  We have to watch that as we head through the November and December reports into January, where holiday hiring will add to the labor force, and then most likley drop off.

What may have been the most interesting aspect of the new report however, was this paragraph from the first page.

In New Hampshire private industry GDP growth was below that of government. The current dollar change in private industry between 2008 and 2009 was almost non-existent. less than a $1 million dollar difference.  When adjusted for inflation private GDP saw a 1.5% percent decrease.  Government however (this is New Hampshire State Government) saw a 4.6% increase in current dollars.

This is how Democrat-controlled states feign growth. 

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Judd Gregg Has 13 Earmarks; Shaheen…32

Steve MacDonald

Following on the heels of Tim’s post about the tone deafness of the Senate (just scroll down) and the massive trillion dollar (that’s $1,000,000,000,000.00) case of bi-partisan domestic spending abuse known as the Omnibus, I thought you might like to see the list of Senators who are still abusing the "privilege" of adding earmarks even though the populace has made it clear we no longer want legislators doing that.

Tone deaf Shaheen has 32, and soon to be former (and apparently not soon enough) Senator Judd Gregg has 13.  I don’t have the specific allocations, just name, party and number of requests and there is no shortage of abuse from either party.  (H/T to Jamie Dupree and ajc)

(On the jump)

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Picking Up The Gauntlet

Steve MacDonald

The morning after I had taken my first casual whack at eliminating the deficit–The New York Times has a nifty interactive form you can use (here) to check off items it chose from the debt commission report to see if and how you might solve the problem–I wake up to a Google Alert that’s practically calling my name.

"Where Will Frank Guinta, Granite Grok, The Republican Liberty Caucus Of New Hampshire & The NH Tea Party Movement Come Down On Bowles-Simpson?"

The link leads to content from Heather Mac Donald (great last name) via the The Monday Morning Clacker--which is where we find out that "this is our last chance to meet Heather’s challenge."

That’s a bit dramatic, and hardly accurate.  If it wasn’t for Google Alerts, the mention of Guinta, and the fact that Heather and I share a last name I never would have even known about it, or the imagined arbitrary deadline.  Be that as it may, I accept.

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Governor Rapes School Funding To Hide Budget Shortfall

Steve MacDonald

Again, we see the smoke clear over the wreckage of the Lynch budget.  In this mornings UL Tom Fahey reports on how the Legislative Fiscal Committee plans to pilfer half of the $41 million dollar federal educations stimulus meant to save teachers jobs and the minds of our future leaders. They voted for a plan … Read more

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