The president’s problem is largely a mess of his own making. Deficit spending did not begin when Mr. Obama took office. But he and his Democratic allies have supported, proposed, passed or signed and then spent every dime that’s gone out the door since Jan. 20, 2009. Voters know it is Mr. Obama and Democratic leaders who approved a $410 billion supplemental (complete with 8,500 earmarks) in the middle of the last fiscal year, and then passed a record-spending budget for this one. Mr. Obama and Democrats approved an $862 billion stimulus and a $1 trillion health-care overhaul, and they now are trying to add $266 billion in “temporary” stimulus spending to permanently raise the budget baseline. It is the president and Congressional allies who refuse to return the $447 billion unspent stimulus dollars and want to use repayments of TARP loans for more spending rather than reducing the deficit. It is the president who gave Fannie and Freddie carte blanche to draw hundreds of billions from the Treasury. It is the Democrats’ profligacy that raised the share of the GDP taken by the federal government to 24% this fiscal year. This is indeed the road to fiscal hell, and it’s been paved by the president and his party.
Archive for July 2nd, 2010
Posted in Big Government, Debt, Deficit, Economics, Fiscal Policy, Government Spending, Jobs, Keynes, Keynesian, Obama, Spending, stimulus, Unemployment, tagged Big Government, Bush, Debt, Deficits, Earmarks, Hypocrisy, Joblessness, Jobs, Keynes, Keynesian Economics, Keynesianism, Obama, Rove, stimulus, TARP, Unemployment on July 2, 2010 | 4 Comments »
Posted in Big Government, Dependency, Economics, Government Spending, Jobs, Keynes, Keynesian, Pelosi, Spending, stimulus, Unemployment, tagged Big Government, Dependency, Economics, Government Spending, Joblessness, Jobs, Keynes, Keynesian Economics, Pelosi, stimulus, Unemployment on July 2, 2010 | 24 Comments »
Nancy Pelosi is being appropriately mocked for her strange assertion that subsidizing unemployment is a great way to “stimulate” the economy, but keep in mind that this she is just mindlessly regurgitating standard Keynesian theory. Here are two videos. The first is Pelosi’s ramblings and the second is my analysis of Keynesian economics. I hope my words are more convincing.
From 1 July every Finn will have the right to access to a 1Mbps (megabit per second) broadband connection. Finland has vowed to connect everyone to a 100Mbps connection by 2015. In the UK the government has promised a minimum connection of at least 2Mbps to all homes by 2012 but has stopped short of enshrining this as a right in law. The Finnish deal means that from 1 July all telecommunications companies will be obliged to provide all residents with broadband lines that can run at a minimum 1Mbps speed.