Government Overestimating Growth

Well who knew that the Bureau of Economic Analysis would not be dealing straight with the folks when they come out with their economic reporting? After month after month of the administration telling us we are in recovery mode, the folks are still asking ‘where are the jobs?’

Turns out, not only is this a jobless recovery, but a recovery-less recovery too! Looking around, you don’t need Ezra Klein writing in the Washington Post to tell you that. But he did . . .

The economy grew at an annual rate of just 1.3 percent in the second quarter of this year. What wasn’t expected is that the BEA would go back and admit it’s been overestimating growth for the past three years. “For 2007-2010, real GDP decreased at an average annual rate of 0.3 percent; in the previously published estimates, real GDP had increased at an average annual rate of less than 0.1 percent.” {emphasis added}

Keep a sharp eye out to see if the rest of the legacy media jumps on this story. But don’t hold your breath.

Putting Country Over Party

Listening to the storyline of Democrats in the House of Representatives over the budget and debt ceiling debate, you might think there is some message coordination going on.

If you want a government that does not spend more than it has, you must be a terrorist. If you reject the growth in government and government policies that are not economically sustainable, then you must be a terrorist. Jeff Foxworthy could do a bit on this.

Referring to an opinion piece in Politico by William Yeomans, Rush said . . .

It has become commonplace to call the Tea Party faction in the House ‘hostage takers.’ But they have now become full-blown terrorists. They have joined the villains of American history who have been sufficiently craven to inflict massive harm on innocent victims to achieve their political goals.” This is William Yeomans writing. Mr. Yeomans, what in the name of Sam Hill do you think Barack Obama is?

Look at this array of examples of how the elected Democrats portray Republicans, and tea party folks specifically. Below are some quotes from the house floor . . .

STENY HOYER: (rotunda noise) The Republicans are holding hostage the credit of the United States of America.

DEBBIE “BLABBERMOUTH” SCHULTZ: …our Republican colleagues to hold our economy hostage.

DINGY HARRY: The Republican Party is holding our economy hostage.

CHUCK-U SCHUMER: (rotunda noise) It didn’t say, “Hold America hostage.”

LOUISE SLAUGHTER: …hold the debt ceiling hostage.

SHELDON WHITEHOUSE: One party is holding the country hostage.

JOHN OLVER: The debt limit has never before been held hostage.

BARBARA LEE: Republicans are holding our economy hostage.

EARL BLUMENAUER: …willing to take hostage the debt ceiling.

JASON ALTMIRE: Stop holding America’s credit rating hostage.

ROSA DeLAURO: The Republican majority continues to hold the American economy hostage.

CHRIS VAN HOLLEN: Let’s not hold the entire American economy hostage.

JOHN LARSON: …ideological HOSTAGE situation…

LLOYD DOGGETT: The only belt they’re really tightening is right around the neck of those hostages.

JAMES CLYBURN: Holding the American economy hostage.

JESSE JACKSON, JR.: This President is being treated differently!

SPEAKER PRO-TEM: (gavel banging)

JACKSON: No other President has been stuck up, shook down, or held hostage!

 Limbaugh continues . . .

We’re not holding anybody hostage. We are the hostages! We are equal time. We are paying the ransom all the time. We are the hostages. Our country has been kidnapped, and you’re asking a ransom from us in the form of higher taxes and less liberty and less freedom each and every day — and you dare to write pieces calling us terrorists! We don’t fly jet planes into buildings. We’re not killing people. We’re not putting people out of work. We’re not taking their money. We’re not destroying their savings. We’re not taking over the oil companies. We’re not taking over the car companies. We are not the ones in the process of destroying the U.S. healthcare system.

Bottom line. We’ve seen and heard this kind of rhetoric from Democrats before. It is still name-calling, only now we are being compared to Hamas, Hezbollah, and al-Qaeda.

Limbaugh continues . . .

I don’t want to hear any more crap from Democrats about “civility.” I don’t want to be preached to one more time by these holier-than-thou, better-than-everybody-else, smarter-than-everybody-else craven villains about “civility.” I have to tell you, folks (and I know that I am not alone): I am mad as all get out. The Democrats and their cohorts and the Drive-Bys have collectively ratcheted up this divisive, uncivil, reactionary language to trash the Tea Party — and, by extension, conservatives. We’re not terrorists! We’re not killing people. We are Americans who disagree with you! We’re Americans who disagree with statism. We are Americans who disagree with socialism, communism and liberalism.

Consideringstand-by-country what the Obama administration has done to “remake America,” you and I, the American people, are the real hostages. Ironically, it is the tea party people who have followed Obama’s advice to “put country over party.”

Link: Media Reality Check: During Debt Talks, Liberal Media Savaged Tea Party as Ignorant, Irrational Terrorists

‘Balanced Approach’ And Economic Suicide

By now it should be obvious to everyone in both parties that what the president means when he calls for a ‘balanced approach’ to ostensibly solve the public debt problem, that he is actually talking about increasing taxes. You know, on rich people who he feels are not paying their fair share.

If he knew anything about free-market economics, he would know that you don’t tax your way to prosperity, and you don’t borrow your way out of debt. If he knew anything about free-market economics he would know that a government that stifles a free market through increased taxation and regulation at a time when what is needed is economic growth and jobs, will do nothing but support the FUD factor. Fear, Uncertainty, and Doubt. The result of which is a depressed, stagnant, and weak economy. Which, according to the bean counters in Washington is where we are now.

Increasing taxes and regulation like (but not limited to) Obamacare, in an economic climate like we have now, will only serve to kill the economy, not save it.

If you want to believe that he and his ‘social justice’ pals are not aware of the negative consequences of their actions, go ahead and believe it. But it won’t change the outcome.

What the President is asking us to accept is economic suicide. When being ‘balanced’ means bleeding the economy to death, then no, there is no room for compromise.

The result is not unlike a ‘balanced approach’ to a mugging:

Give me your wallet or I’ll slit both your wrists.

Let’s compromise, how about only one wrist?

Interest Rate And The Debt

As an aside from the debate in Washington about whether or not to raise the debt ceiling, spend less, or balance the budget, there is something else just as ominous to the country and future generations that you should know about.

We all understand that borrowing money has a direct cost to it, the interest rate. Interest rates now are at all-time lows. No problem. When interest rates go back up, big problem.

This video demonstrates the effect of what higher interest rates will have on the economy and yet unborn Americans.

Short version, instead of owing over $1 trillion a year in interest payments now, we could be looking at $2.6 trillion per year by 2021. Or to put it another way, it amounts to more than half of what the government gets in taxes per year.

Meanwhile, Nancy Pelosi and The White House call the GOP’s plan (remember, Democrats don’t have a plan) extreme. Who knew that balancing the budget, reducing spending and trimming the size of government to a sustainable level would be characterized as extreme?

New York Times Reports 2nd Qtr Loss

A sign of the Times? Perhaps. The New York Times reported a second quarter net loss of $119.7 million for 2011. The same quarter last year turned in a profit of $60.8 million.

Online subscriptions are up, the paper says. Since there are no LY figures for online subscriptions, it couldn’t be anything but ‘up.’ The Times started a subscription scheme for their online version in March 2011.

Link: Editor & Publisher

Presidential American Idol

In yet another dose of wealth and class envy (and it’s Bush’s fault) from who we elected to be our “leader,” and still not coming out with his plan to address the debt ceiling debate, in an address to the nation tonight President Obama asked the American people to tell their congressmen what they want to do. Now how’s that for leadership?

The American people may have voted for divided government, but they didn’t vote for a dysfunctional government. So I’m asking you all to make your voice heard. If you want a balanced approach to reducing the deficit, let your Member of Congress know. If you believe we can solve this problem through compromise, send that message.

“We know what we have to do to reduce our deficits”

I guess that is why he doesn’t feel a need to tell us what he, as our “leader”, would do? That’s what ‘leading from behind’ is all about. He gets to vote present on everything. And does.

Balanced approach to a mugging: If you don’t turn over your wallet, I’m going to slit both your wrists. “Let’s compromise, how about only one wrist?”

And for an encore, the President accused congress for acting irresponsibly for not coming together on a solution to the problem. It’s like calling them chumps for believing in him and big government spending. It was, and is, his policies that got us to the ‘debt ceiling’ issue in the first place. Now he belittles congress for not stopping him.

Just goes to show you that there is no limit to the audacity of a community organizer.


Organized ‘Labor,’ Organized ‘Crime’

Newly created ACORN front groups across America have signed on to SEIU’s economic terrorism and sabotage campaign. ACORN, long associated with President Obama, is participating in the disruptive campaign through its newly renamed state chapters. Mortgage and student loan strikes, crippling bank boycotts, intimidation, and who knows what else are all on the agenda.  (more . . .)

Wasserman-Schultz, Gets No Respect

Rep. Debbie Wasserman-Shultz (D-FL) gets bitch slapped by Rep. Allen West (R-FL). Oh thank you Rep. West. Thank you. Of course we’re talking metaphorically now.

Speaking on the House Floor, among other things to do with the Cut-Cap-Balance Act, Debbie Wasserman-Shultz said this about Allen West. West had left the chamber and was not present when Wasserman spoke.

“The gentleman from Florida who represents thousands of Medicare beneficiaries, as do I, is supportive of this plan that would increase costs for Medicare beneficiaries. Unbelievable from a member from South Florida.”

West responded in an email.

From: Z112 West, Allen

Sent: Tuesday, July 19, 2011 04:48 PM

To: Wasserman Schultz, Debbie

Cc: McCarthy, Kevin; Blyth, Jonathan; Pelosi, Nancy; Cantor, Eric

Subject: Unprofessional and Inappropriate Sophomoric Behavior from Wasserman-Schultz

Look, Debbie, I understand that after I departed the House floor you directed your floor speech comments directly towards me. Let me make myself perfectly clear, you want a personal fight, I am happy to oblige. You are the most vile, unprofessional, and despicable member of the US House of Representatives. If you have something to say to me, stop being a coward and say it to my face, otherwise, shut the heck up. Focus on your own congressional district!

I am bringing your actions today to our Majority Leader and Majority Whip and from this time forward, understand that I shall defend myself forthright against your heinous characterless behavior……which dates back to the disgusting protest you ordered at my campaign hqs, October 2010 in Deerfield Beach.

You have proven repeatedly that you are not a Lady, therefore, shall not be afforded due respect from me!

 Steadfast and Loyal

Congressman Allen B West (R-FL)

Link: Allen West tirade: Wasserman Schultz ‘vile…despicable…not a Lady’

More Oil, More Roads

How many decades have we heard presidents say that we need to be investing in those highways, roads, bridges? President Obama is no different in that respect. I’d argue that creating permanent private-sector jobs ought to take precedence over road building right now. But that’s beside the point.

When I think about building roads, asphalt comes to mind. I’m not a chemist or anything but my guess is that asphalt requires hydrocarbons (oil) to produce.

For as long as President Obama has been talking about building and rebuilding road and highway infrastructure, the number of road miles ought to be right on the tip of his tongue. He’s just that smart.

Since he knows that, he ought to also know how much it would cost to do whatever it is he plans on doing, if he got everything he wanted.

I wonder how much money could be saved in the very same project if the price of oil were as low as it would be if we ever got serious at developing our own energy production, becoming an oil-producing country, a seller of oil, like those countries who we currently buy from, instead of an oil buyer.

My guess is that the saving would be substantial. And why on earth, especially in todays economic climate, wouldn’t we want to reduce the cost of oil and save. It would be a big saving for ‘working people,’ to borrow the Left’s class warfare term. Actually, everybody would save. What a novel idea.