“Does the health-care act worsen the deficit? The answer, I think, is clearly that it does,” Blahous, a senior research fellow at George Mason University’s Mercatus Center, said in an interview. “If one asserts that this law extends the solvency of Medicare, then one is affirming that this law adds to the deficit. Because the expansion of the Medicare trust fund and the creation of the new subsidies together create more spending than existed under prior law.”
Administration officials dismissed the study, arguing that it departs from bipartisan budget rules used to measure every major deficit-reduction effort for the past four decades — including the blueprint offered last month by House Budget Committee Chairman Paul Ryan (R-Wis.).
SEOUL, South Korea — At the tail end of his 90 minute meeting with Russian President Dmitri Medvedev Monday, President Obama said that he would have “more flexibility” to deal with controversial issues such as missile defense, but incoming Russian President Vladimir Putin needs to give him “space.”
The exchange was picked up by microphones as reporters were let into the room for remarks by the two leaders.
President Obama: On all these issues, but particularly missile defense, this, this can be solved but it’s important for him to give me space.
President Medvedev: Yeah, I understand. I understand your message about space. Space for you…
President Obama: This is my last election. After my election I have more flexibility.
President Medvedev: I understand. I will transmit this information to Vladimir.
Via ABC News
The gems can be found in the comment section. You don’t even have to read the story to know what’s going on with the empty suit!
The federal government could hit the debt ceiling sooner than expected — and possibly around the November election — according to a report out Friday.
Lawmakers on Capitol Hill had hoped that last summer’s deal to end the nasty fight over lifting the debt ceiling would ensure the issue wouldn’t resurface until at least 2013.
James Lileks (sub. req.) on why we need to reduce federal spending:
Because that old world is over. . . .
A half-century experiment in draping steamship anchors around the necks of the productive class and expecting them to run a four-minute mile has ended in failure. The confiscation of rights and property, the moral impoverishment of generations caused by the state’s usurpation of parental obligations, the elevation of a credentialed elite that believes academia’s fashions are a worthy substitute for knowledge of history and human nature, and above all the faith in a weightless cipher whose oratorical panache now consists of looking from one teleprompter screen to the other with the enthusiasm of a man watching someone else’s kids play tennis–it’s over, whether you believe in it or not. It cannot be sustained without reducing everyone to penurious equality, crippling the power of the United States, and subsuming the economy to a no-growth future that rations energy.
To which some progressives respond: You say that like it’s a bad thing.
The bipartisan congressional committee tasked with finding at least $1.2 trillion in deficit reduction announced on Monday it cannot reach agreement by the Wednesday deadline, a stark if not unexpected admission that its efforts have ended in failure.
There should be a severe consequence for failure. Perhaps the committee members would have to take a cut in pay, suffer a fine, or have one of their fingers cut off. As it stands, nothing happens and things continue to go their troubled failing way. Nothing happens because there is no pain associated with failure. Democrats want to raise taxes while Republicans refuse to feed the beast. Government is so inept with the tax money that is already flowing into its coffers so why should it be rewarded with more? So what are the consequences of the committee’s failure?
Amnesty International says nearly 1 million people have signed a petition on Davis’ behalf. His supporters include former President Jimmy Carter, Pope Benedict XVI, a former FBI director, the NAACP, several conservative figures and many celebrities, including hip-hop star Sean “P. Diddy” Combs.
“I’m trying to bring the word to the young people: There is too much doubt,” rapper Big Boi, of the Atlanta-based group Outkast, said at a church near the prison.
Wow! That short list of supporters is enough to make me want to throw the switch!
Davis failed to prove that he was guiltless and running around with a gun and committing crimes certainly didn’t place him in the category of law-abiding citizen. He was just another thoughtless criminal. Decades behind bars helped him find a mindless following to contest his plight. Now he can discuss his “innocence” with his maker. I wonder what all those liberal zombies did for the victim’s family?
You won’t see Amnesty International contesting the execution of Lawrence Russell Brewer. His crime cries out for the death penalty, but liberals are rather choosy when it comes to picking their victims. White racists just don’t have the appeal that black thugs emmulate.
During Obamas presidency, debt held by the public has now increased by $3.71694 trillion–or almost 59 percent from the $6.3073 trillion in debt held by the public that the government owed to its creditors on Jan. 20, 2009, when Obama was inaugurated.
I received this email a week ago and it further demonstrates government’s inability to act responsibly. More examples of clueless and pathetic antics abound. Another excellent example of numbers as it applies to money can be found here. What does a trillion dollars look like? You’ll see. The quoted email below just shaves some zeros off and demonstrates the level of chicanery exercised by our political leaders.
Took ‘em long enough to come up with a budget???
Income: $2,170,000,000,000 (2.17 Trillion)
New Debt: $1,650,000,000,000 (1.65 Trillion)
Amount Cut: $38,500,000,000 (38.5 Billion) – about 1% of
the total budget.Harry Reid is calling this a “historic amount“. The President said it
is a “historic deal”. John Boehner simply said, “We’ve come to an
Let’s Put This In Perspective. It helps me to think about these
numbers in terms that I can relate to.
Let’s remove nine zeroes from those numbers and pretend this is a
monthly household budget for the fictitious Jones family.
Amount of money the “Jones`s” family spent this month: $3,820
Total income for the “Jones`s” family this month: $2,170
Amount of new debt added to the credit card this month: $1,650
Outstanding balance on the credit card:
$14,271 (This represents our national debt).
So last week, the “Jones’s” sat down at the kitchen table and agreed
to cut $38 from their monthly budget. A historic amount!
Are You Impressed?
Liberals Closing in on the Ultimate Goal
The politics of this deal are obvious. Liberals have long been trying to force conservatives to choose between tax hikes and defense cuts, and this deal would force them to make that choice. Liberals want to preserve high-cost social programs. They would like to raise taxes to “pay” for them, but if they cannot get that, they will take big defense cuts to save entitlements and other domestic programs.
In the future, the GOP will have to accept the defense cuts, raise taxes, or abandon the deal altogether, none of which they will want to do. Many liberals, on the other hand, will be happy with any of these outcomes.
Essentially, this deal just postpones the day of reckoning on entitlement spending while sacrificing America’s security interests. It is hard to imagine a more short-sighted political decision by Congress.