In this podcast, Bruce and Dale discuss the Nancy Peolosi’s beclownment, and the state of the economy
The direct link to the podcast can be found at BlogTalkRadio, since I inadvertently failed to record a local copy of the podcast.
The intro and outro music is Vena Cava by 50 Foot Wave, and is available for free download here.
As a reminder, if you are an iTunes user, don’t forget to subscribe to the QandO podcast, Observations, through iTunes. For those of you who don’t have iTunes, you can subscribe at Podcast Alley. And, of course, for you newsreader subscriber types, our podcast RSS Feed is here. For podcasts from 2005 to 2007, they can be accessed through the RSS Archive Feed.
Dictated by the 5 of 9 Chrysler board members (appointed by the US and Canadian governments) and the UAW board member, Chrysler is pleased to present the 2010 Obamamobile:
Note the standard dual teleprompters. Since this model is run by hot air and not much else, all you have to do to boost power is read the prepared statements on the ‘prompter and zoom, you’re off to the races!
Bruce Bartlett gives you a different way of looking at the mess your political leaders, over a number of generations, have gotten us into and what it will cost, at a minimum, to fulfill the promises they’ve made over the decades.
To summarize, we see that taxpayers are on the hook for Social Security and Medicare by these amounts: Social Security, 1.3% of GDP; Medicare part A, 2.8% of GDP; Medicare part B, 2.8% of GDP; and Medicare part D, 1.2% of GDP. This adds up to 8.1% of GDP. Thus federal income taxes for every taxpayer would have to rise by roughly 81% to pay all of the benefits promised by these programs under current law over and above the payroll tax.
Since many taxpayers have just paid their income taxes for 2008 they may have their federal returns close at hand. They all should look up the total amount they paid and multiply that figure by 1.81 to find out what they should be paying right now to finance Social Security and Medicare.
To put it another way, the total unfunded indebtedness of Social Security and Medicare comes to $106.4 trillion. That is how much larger the nation’s capital stock would have to be today, all of it owned by the Social Security and Medicare trust funds, to generate enough income to pay all the benefits that have been promised over and above future payroll taxes. But the nation’s total private net worth is only $51.5 trillion, according to the Federal Reserve. In effect, we have promised the elderly benefits equal to more than twice the nation’s total wealth on top of the payroll tax.
We again have a new crop of political leaders making similar promises about a range of things, from energy to the environment to health care. Look at what they’ve done with the portion of health care they were given previously?
Someone – anyone – tell me how, given the performance of government to this point with Medicare and Medicaid, it is going to provide lower cost health care when it is obvious that it has been instrumental in doing just the opposite?
For some reason, I just can’t get past that negative and inconvenient truth enough to suspend disbelief and decide that once government is running the whole show, everything will fall in line and we’ll have world-class health care at a much lower price – all managed by government.
And one other point Bartlett makes – this mess was made by politicians and, as our laws are written, can only be fixed by politicians. But politicians rarely, if ever like to make decisions which will be unpopular and cause them to have to find new employment. No one likes to be the bad guy. So don’t expect much in the way of “fixing” this mess. You’re more likely to see the whole house of cards collapse because it is unsustainable and the administration in charge at the time blame the previous one (kind of like what you’re seeing now on just about everything else) than to see any political leader actually make the hard decisions necessary (and then win over the Congress) to actually take care of these looming problems.
Enjoy your Sunday.
Apparently Al Gore, not content with the environmental dissembling and misrepresentations he’s been peddling for the past few years, has decided to expand his mendacious horizons. He’s decided to lecture Dick Cheney on when it is appropriate to criticize the current administration.
“I waited two years after I left office to make statements that were critical,” Gore said during an interview on CNN, pointing out that his critiques were focused on “policy.”
As usual, he’s wrong on both counts (you’d think these boobs would check things before they blurt them out). From a September 2002 speech:
AL GORE: Vice President Cheney said after the war against terrorism began, “This war may last for the rest of our lives.” I kind of think I know what he meant by that, but the apprehensions in the world that I spoke of earlier are not calmed down any by this doctrine of preemption that they are now asserting. By now the Bush Administration may now be beginning realizing that national and international cohesion are indeed strategic assets. But it is a lesson long delayed and clearly not uniformly and consistently accepted by senior members of the cabinet. From the outset, the administration has operated in a manner calculated to please the portion of its base that occupies the far right, at the expense of solidarity among all of us as Americans and solidarity between our country and our allies. On the domestic front, the administration, having delayed for many months before conceding the need to pass Joe Lieberman’s bill and create an institution outside the White House to manage homeland defense, has actually been willing to see this legislation held up for the sake of an effort to coerce the Congress into stripping civil service protections from tens of thousands of federal employees. Now which is more important: passing the Homeland Security Act, or satisfying a relatively small yet powerful member of the right-wing coalition that has as its number-one priority dismantling labor unions? If that’s the most important priority in that legislation, that explains why they’re refusing to let the bipartisan consensus in favor of it go forward.
Far more damaging is the administration’s attack on fundamental constitutional rights that we ought to have and do have as American citizens. The very idea that an American citizen can be imprisoned without recourse to judicial process or remedies, and that this can be done on the sole say-so of the president of the United States or those acting in his name, is beyond the pale and un-American and it ought to be stopped.
September 2002 is not “2 years” from inauguration and the highlighted passages are not “policy” critiques. And if that one transcript isn’t enough, check these out. Most are earlier than the above speech excerpt.
This is pure political analysis, but I found it to be hilarious. It’s from today’s “Mike Allen Playbook” at Politico (Allen does this daily) in which he is discussing the appointment of Republican Gov Jon M. Huntsman Jr as ambassador to China by the Obama administration. His concludes it is a brilliant political move (and it may be) since it has been said that Huntsman has 2012 aspirations. And, of course, this effectively removes him from the spotlight.
But that’s not what I found hilarious. It was this:
The appointment is freighted with intrigue, and looks like political genius by the White House: It’s like John Edwards or John Kerry joining the Bush administration in 2001. And the GOP is left with no leading moderate voice. Huntsman was talking about immigration, the environment and gay rights in ways that would have gotten him endless elite media coverage in the run-up to 2012. Some Huntsman advisers realized that GOP primary voters might be more prepared to accept his views in 2016, after a 1964-like cataclysm in 2012. But at the White House Correspondents’ Association Dinner, it was clear he was interested in running this time.
“Endless elite media coverage”? Anyone remember what happened to the GOP darling of the elite media this last election? Mr. Moderate was savaged by the elite media after he put away the other Republican contenders.
And you have to love the Allen implication that a candidate can enjoy “endless elite media coverage” if he happens to talk about wedge issues in a certain ‘way’. What does that say about the ‘elite media’ and journalism in general?
The 2012 presidential campaign has already begun, and like he did in his IL Senatorial race, Mr. Obama is finding ways to remove potential opponents from the ballot. That’s politics .
More disturbing, but certainly not at all surprising, is the Allen admission that the “elite media” will give a candidate “endless” coverage if he or she discusses the issues in a way that conforms with the media’s ideas of how they should be discussed.
By the way did you know that “hate crime” legislation passed the US House of Representatives on April 29th?
My latest Examiner column talking about and denouncing it.
Wow … just that thought should make you cringe and wish both Obama and Biden a long life (or at least a “long enough life”).
Jennifer Rubin, as usual, has an excellent update on the disasterous Pelosi presser yesterday. I’ve got to tell you, watching this woman at work almost makes you pine for good old incompetent and inept Denny Hastert.
UPDATE: CIA Director Leon Panetta, in a memo to members of the CIA, implies Ms. Pelosi is being less than honest about what she knew about waterboarding:
Panetta, President Obama’s pick to run the clandestine agency and President Clinton’s former chief of staff, wrote in a memo to CIA employees Friday that “CIA officers briefed truthfully on the interrogation of Abu Zubaydah, describing ‘the enhanced techniques that had been employed,'” according to CIA records.
“We are an agency of high integrity, professionalism and dedication,” Panetta said in the memo. “Our task is to tell it like it is — even if that’s not what people always want to hear. Keep it up. Our national security depends on it.”
It would appear the first shots in what could develop into a global trade war have been fired:
Ordered by Congress to “buy American” when spending money from the $787 billion stimulus package, the town of Peru, Ind., stunned its Canadian supplier by rejecting sewage pumps made outside of Toronto. After a Navy official spotted Canadian pipe fittings in a construction project at Camp Pendleton, Calif., they were hauled out of the ground and replaced with American versions. In recent weeks, other Canadian manufacturers doing business with U.S. state and local governments say they have been besieged with requests to sign affidavits pledging that they will only supply materials made in the USA.
Outrage spread in Canada, with the Toronto Star last week bemoaning “a plague of protectionist measures in the U.S.” and Canadian companies openly fretting about having to shift jobs to the United States to meet made-in-the-USA requirements. This week, the Canadians fired back. A number of Ontario towns, with a collective population of nearly 500,000, retaliated with measures effectively barring U.S. companies from their municipal contracts — the first shot in a larger campaign that could shut U.S. companies out of billions of dollars worth of Canadian projects.
Reports are Canadian McDonalds are only using Canadian potatoes and calling them “freedom fries” – okay, I’m kidding. But this isn’t a kidding matter. You remember how, when caught with the “buy American” clause in the stimulus package, Obama tried to wave it away by saying it didn’t mean what it said and Congress promising to water it down?
Yeah, like many political promises made by Congress and the President, this one has now proven to be false.
The buy American provisions in the stimulus package, signed into law in February, were just the beginning. Last week, Obama unveiled a series of proposals aimed at increasing taxes by nearly $200 billion over the next decade on U.S. companies doing business abroad. At a White House event, Obama said the measures were designed to “close corporate loopholes” that permit companies to “pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, N.Y.”
Those sorts of measures are sure to speed the recovery. [/sarc]
Who is Obama lecturing here?
President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.
“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”
Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”
In the same article:
Earlier this week, the Obama administration revised its own budget estimates and raised the projected deficit for this year to a record $1.84 trillion, up 5 percent from the February estimate. The revision for the 2010 fiscal year estimated the deficit at $1.26 trillion, up 7.4 percent from the February figure. The White House Office of Management and Budget also projected next year’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.
Oh, and I loved this:
“Most of what is driving us into debt is health care, so we have to drive down costs,” he said.
Private health care isn’t borrowing from China is it? It is the government run side of things which is doing that. So after admitting government can’t manage cost effective health care the message is to hand them the rest of it as well?
Physician, heal thyself.