February 25, 2018

Obama’s 2012 Budget Proposal is a Trip to La-la Land.

What would you say if I told you that the Obama Administration is proposing in a budget that cuts out spending to the equivalent to getting a penny off of your Wendy’s value meal?

Let’s be clear: for an administration that has had to deal with the worst economy in decades, the Obama Administration has proven an uncanny ability to live in La-la Land when it comes time to make a budget.

I don’t say this to attack the Obama Administration on its handling of the economy. Indeed, that might be seen as a different issue. Rather, I point it out because it is significant in that budgeting is how the executive branch sets its priorities for the coming year. As yet, over the course of his tenure in the White House, the President has not had a budget survive through Congress, even when his party controlled both the Senate and House.

Further, it is widely accepted by economists that once national debt exceeds 90% of GDP (gross domestic product or the value of everything a country produces in a year), “annual economic growth tends to be about one percentage point lower.” The current GDP for the US is about$14.58 Trillion. The current national debt is at $15.087 Trillion, or about 103.45% of GDP. [cont…]

Are we in the midst of the rise of China and the decline of America? [graphs]

If these days and years will be seen as great, it will be because we will decide in coming months and years what course we will take, pass policies that reverse the trends and return America to its competitive edge and full solvency as the best investment in the world, or whether we will lapse into decline. Will we figure out a way to care for the poor and disadvantaged, to keep our promises to older generations, but refrain from pouring an unbearable burden on our children and grandchildren?

Or, perhaps better said: will we return America to a beacon on a hill, the leader of the free world? [cont…]

Tea Party bait in the NYT: “You are white, Republican, and racist. Oh, and theocratic, too.”

I’ll admit it: just the fact that the story is coming  from the New York Times gives me pause. But there it is: “Crashing the Tea Party,” by David E. Campbell and Robert D. Putnam, a couple of professors who think they have profiled Tea Party members based on some wide ranging research. The results are provocative and, […]

Does government spending have a multiplier effect on the economy?

If I didn’t lose you with that wonk-ish sounding title, there’s a good possibility I’ll lose you a little later, so let me summarize: new research suggests that government spending doesn’t actually help the economy all that much. Bear with me as I explain.  Some economists of the Keynesian persuasion believe that in a recession […]

Will Dems or GOPers “get the message” from last Tuesday?

Image by jmtimages via Flickr Some guy over at Popehat doesn’t think they will: Chance of the Republicans “Getting It” About Small Non-Economic-Sector Government: Thumbs Down.There is no good indication that Republicans, whether traditional or Tea Party, grasp — or care — that military adventurism, the post-9/11 Security State, the War on Drugs, or government enforcement […]

In-house making gains over outside counsel

In news that’s good for me, ensconced in my Dilbert-land cubicle in the legal department of corporate America, general counsels are reporting that the costs of litigation balanced against tough economic times is pushing them to expand their in-house legal departments at the expense of outside counsel. From the ABA Journal: Given the higher regulatory […]