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The Economy

Doomed by Debt

Unfortunately for the romantics out there, it is not love that makes the world go around. It’s money that makes the world go around, right? Well, if you think of money as those units of currency you carry in your wallet or pocket, then no it’s not actual money. Actual money (currency) is in relatively short supply. No, what makes the world go around is money created out of thin air; otherwise known as credit or debt. Think fractional reserve lending. Credit/debt is money that was never generated by the real economic production of a good or service. Credit/debt is, however, […]

We Feel Poorer Because We ARE Poorer

Today’s post complements yesterday’s post in which we talked about the faux recovery America has experienced since the so-called Great Recession of 2008. Monty Pelerin’s World has posted a graph and a chart that demonstrate clearly why most Americans are having a harder time making ends meet today than they were a decade or so ago. The following graph shows that most working Americans have seen their nominal income increase over the last 14 years; but their real income after taxes and inflation has fallen by about 9% on average. A fortunate few have earned promotions every three or four […]

The illusion of a recovery: Unemployment drops as part-time work explodes

Recovery Summer Episode VI, Revenge of the Part-Timers. In the new landscape of the American labor market, jobs are easier to come by but hours remain in short supply. New government data released Thursday showed the economy added 288,000 jobs in June — the fifth straight month gains have topped the critical benchmark of 200,000. The unemployment rate fell to 6.1 percent, down more than a percentage point over the past year. But there’s a gnawing fear among some economists that the improving data provides false comfort. The number of people in part-time jobs jumped by more than 1 million […]

George W. Bush’s Stimulus vs. Barack H. Obama’s – A Look Back

When Obama came into office, he faced the bursting of the housing bubble and a big recession. His answer was to respond with a stimulus package, mostly full of spending, but with some minor tax cuts thrown in for lip service. But his predecessor also came into office faced with a big recession and he also responded with his own stimulus package. Let’s take a look at the way both men handled the problems facing each. As I said above, let us remember why the Bush tax cuts even took place. When Bush & Cheney took office, they faced a […]

More of Obama’s Thug Tactics, con’t.

As reported here at Conservative Hideout previously, the Obama administration is steeped in what can be described as Chicago Thug Political Tactics. Unfortunately, the liberal policies of FDR and LBJ gave vast amounts of money to the political leaders in Chicago to consolidate their choke hold on the city, and therefore, the entire state. “The New Deal of the 1930s and the Great Society of the 1960s gave the Democratic Party access to new funds and programs for housing, slum clearance, urban renewal, and education, through which to dispense patronage and maintain control of the city.” Since Obama cut his […]

Gasoline Costs $900 More a Year Under Obama

I guess people voted for higher gas prices, because gasoline costs $900 more a year since Obama took office.  Breitbart has the graphical evidence… Remember, elections have consequences.

The Self Fullfilling Prophesy of Zero Leadership

Does hysteria breed hysteria? I think that is the message of Professor Larry Kotlikoff;s article at VOX. Imagine that you are an employer. Every day you hear, “the economy’s going over a fiscal cliff. Tax hikes and spending cuts totalling $600 billion will kill the economy”. Everyone is saying it – the politicians, the media, the economists, the Fed, the CBO, the IMF. So it must be true. Sure, the Republicans and Democrats may make a deal and save the day. But these guys never agree and, meanwhile, economic doomsday – January 1st – is just weeks away. What do […]

The Fiscal Cliff, and Why We’ve Already Lost, and will Continue to Lose

OK, we’re facing the infamous “fiscal cliff.”  What doe that mean?  It means that a crisis has been manufactured in order for Obama to triumph, and the Republicans to be scapegoated.  Here’s how it will happen. 1.  If both Houses and the POTUS fail to reach an agreement (read, if he Republicans fail to capitulate) there will be a rather unpleasant set of tax increases and budget cuts. 2.It doesn’t matter how many proposals the Republicans make.  It won’t matter how many times the Democrats change the rules or break their word-it will ALWAYS be the Republican’s fault. 3.  Reality doesn’t matter, and the MSM will […]

Food Stamp Growth Outstrips Net Jobs Growth by 75X’s

This is Obama’s America, where food stamps grow at 75x’s the rate of jobs. Take a look at this graphic, via The Weekly Standard… Of course, we can continue on this track, or even grow at  a faster rate.  All we have to do is re-elect Barak Obama.  

Obama’s ‘You Didn’t Build That Speech’ Reveals Bad Logic and Lies?

After going over the transcript from President Barack Obama’s campaign event in Roanoke, Virginia on July 13, 2012- the know famous ‘you didn’t build that’ speech- there are a couple further points I would like to make. Picking up midway through his speech… President Obama says- “We’ve already made a trillion dollars’ worth of cuts. We can make another trillion or trillion-two, and what we then do is ask for the wealthy to pay a little bit more.” It is common knowledge that under President Obama the amount of money that the federal government spends each year (outlays) has gone up by quite a […]

Does the US Hold the Largest Oil Reserves on the Planet?

Quite possibly, if we listen to the following official from the GAO… So then, if we are floating on oil, and the only barrier to this windfall is government, who is the problem? I think we all know the answer to that. John Hinderaker, from Powerline, adds some more… …Green River Formation alone–it is located at the intersection of the states of Colorado, Utah and Wyoming, and mostly underlies federal lands–contains as much oil as the entire proven reserves of the rest of the world combined. America is uniquely blessed in its energy resources. Two questions remain: 1) will Obama finally abandon […]

Obama’s Tax Reform Proposals Wrong, Politically Motivated, and Will Hurt the Middle Class?

Voters who go to the polls in 2012 will have two futures laid before them, and nothing illustrates this more than the tax code proposals submitted by GOP-nominee Mitt Romney and Democratic-nominee Barack Obama. Both Republicans and Democrats are going to try to make this race about a lot of other things, but at a fundamental level it is a race regarding what sort of path America is going to take- the one that we’ve been traveling on for the past couple years that the President wants to take us further on, or the alternative that former businessman and now GOP nominee Romney wants to […]

I’m Talking To You – Treasury Secretary Geithner admits he doesn’t have a plan…

choice of two futures

Paul Ryan’s budget was passed in the House, but Majority Leader, Harry Reid made damned sure that it didn’t pass his Senate because HE has a budget of his own that he wants..huh? He doesn’t have a budget to submit, but President Obama’s budget got shot down 97-0??! Wow, what a uniter in chief we have; but has anyone pulled him aside and explained that bipartisan efforts work best when it gets your legislation passed, not when it gets your legislation thrown on the floor and walked all over. Oh. Well then he obviously is just going to use continuing […]

Double Dumb Is Leading To Double Dip

unemployment

The markets, although a tad late in my opinion, are signaling that they have no faith that Europe or the United States are going to be able to get their economies growing again  any time soon. The bad news doesn’t let up. Here are just a couple of headlines to demonstrate my point: Stock futures signal another day of losses. Report: Bank of America cutting at least 3,500 jobs Does anyone doubt that the markets are right not to have any faith in our leaders to get the economy going again? Have you seen any evidence coming from either the […]

High Cigarette Taxes Fail to Meet Expected Revenue Targets: Anyone Surprised?

taxes

Apparently, raising taxes on tobacco products is falling out of favor with state governments… According to Patrick Gleason, director of state affairs for the conservative Americans for Tax Reform, tobacco has not been the revenue boon states that have increased cigarette taxes had hoped. “The lack of interest in raising tobacco taxes this year can be attributed to the fact that tobacco taxes have indisputably proven to be a dubious and declining source of revenue,” Gleason told TheDC. “From 2003-2007, 16 of 59 tobacco tax hikes fell short of revenue projections.” Here in Washington D.C., for example, the city’s 2009 […]

Lessons from Economic Recessions- Introduction and Great Depression

History teaches lessons- it allows those of us in the present to see how results in the past worked. Economic recessions are a great teaching tool for policy makers and average citizens, because they teach us how the recession may have happened and how to emerge from the recession and therefore inform us as to the policy actions that we must take and those that we as citizens must support. The problem is though that policymakers and citizens really only have learned about one historical economic recession, The Great Depression, and the lessons that they have been learned regarding this […]

Democratic policies lead to more expensive cars, allies upset at us, and corruption in the White House

Today on my drive home from work I listened to both a liberal talk radio show (the Ed Schultz show) and a conservative talk radio show that was having liberals call in to debate (the Michael Medved show). The basic point of liberals, no matter what the topic, was that conservatives/tea party supporters/Republicans support tax cuts for the rich which is corrupt and wrong and takes money and jobs away from the poor people in society, and the better way to go is to support the liberal/progressive/socialist/Democratic policies best illustrated by President Barack Obama. Also, they like to bring up […]

Conservatism: What it is and why it is needed?

Obama is the most pure statist in American history to ever occupy the Oval Office. If you look at the unprecedented spending undertaken by this administration, then you see that we are on a course of financial ruin.

Tax the Rich Until They Bleed

And when there’s no more blood, what then? Obama and the liberals love their populist meme: Tax the rich because they are not paying their fair share. Obama and at least some liberals know that is not true but they continue to beat this drum. Why? Because it’s an easy sell. When people are hurting, they want someone to blame . And, of course, Obama thinks this class warfare cry of tax the rich will get him re-elected. People need to know the truth about taxing the rich. There are a lot of myths out there. Below is a video that should go viral that […]

Taxes: A Historical Perspective REDUX

Both the Daley Gator and Capitol Commentary have discussed the fact that due to new tax increases, courtesy of a Democratic state government, Caterpillar may be forced to seek greener pastures in another state.  That reminded me of a post I did almost a year ago… With taxes on tanning salons and medical devises in the ObamaCare law, and the states proposing taxes on all sorts of services and products, I think it might be a good time to take a look at just how successful other taxes have been.  In 1990, a luxury tax was passed to go after the “rich people” by taxing […]