Category Archives: Economy

Big Man Barack

Africa, Barack Obama, Constitution, Democrats, Economy, Ethics, IMMIGRATION, Intellectualism, Israel, Journalism, Law

To go by the dictionary, and “within the context of political science, big man, big man syndrome, or bigmanism refers to corrupt and autocratic rule of countries by a single person.”

Back in February, Democratic Senator Robert Byrd (D-W.Va.), “a stern constitutional scholar who has always stood up for the legislative branch in its role in checking the power of the White House,” warned about Obama’s executive-branch power grab.

According to Politico, “Byrd complained about Obama’s decision to create White House offices on health reform, urban affairs policy, and energy and climate change. Byrd said such positions ‘can threaten the Constitutional system of checks and balances. At the worst, White House staff have taken direction and control of programmatic areas that are the statutory responsibility of Senate-confirmed officials.'”

Byrd is an old Southern gentleman after whom Republicans are always chasing for his past indiscretions. George Will follows in Byrd’s footsteps in making a similar point, only later in the game, and leveled at a president he did not support.

“The Obama administration is … careless regarding constitutional values and is acquiring a tincture of lawlessness,” writes Will. After detailing the flouting of contracts, the use of TARP as a slush fund, and the bullying of business, Will concludes:

“The Obama administration’s agenda of maximizing dependency involves political favoritism cloaked in the raiment of ‘economic planning’ and ‘social justice’ that somehow produce results superior to what markets produce when freedom allows merit to manifest itself, and incompetence to fail. The administration’s central activity — the political allocation of wealth and opportunity — is not merely susceptible to corruption, it is corruption.”

Update IV: Cooking The Books To Make Cuba-Care Come True

Debt, Economy, Elections 2008, Fascism, Healthcare, Individual Rights, Objectivism, Politics, Propaganda, Republicans, Socialism

To listen to the reports by the malpracticing media, health care lobbyists have volunteered, for the good of all, to pay for a large portion of the so-called health care reforms: “Representatives from hospitals, the insurance industry, medical device and pharmaceutical companies, labor and physicians came to the White House to discuss major steps being taken to lower health care costs across the board” by $2 trillion.

That’s the narrative coming from the White House and the cretinous press corp.

Yep, that’s how the “market” works: the president sweet talks “stakeholders” in an industry, and, before you know it, they’re cutting costs and improving delivery. And Meghan McCain will grow a brain.

“A good rule in politics,” explains Cato’s Michael Cannon, “is that if something sounds too good to be true, it usually is. Lobbyists don’t simply propose to reduce their members’ incomes. If they did, they would be fired and replaced with different lobbyists.”

“According to the Urban Institute, covering the uninsured would cost a minimum of $120 billion per year. Over 10 years, the cost could easily hit $2 trillion.That money’s gotta come from somewhere. And that’s where politics comes in. Everybody wants that money to come from someone else.” …

“Another possibility is that the industry – which would get more customers under universal coverage – wants to help the president and Congress ignore the math.”

“Democrats have offered reforms that they claim would reduce health care spending over time, including more coordinated care, preventive care, and disease management. The industry endorsed those reforms in its recent letter to President Obama. But the number-crunchers at the Congressional Budget Office say there’s little to no evidence that those measures will produce savings. And unless the CBO agrees, Congress has to cut payments or raise taxes.”

“Senate Finance Committee chairman has spoken openly about getting the CBO to change its mind. If reformers can say that even the industry is committed to achieving savings with these reforms, that might make it easier to get the CBO to relent, and allow health care reform to pass without the necessary payment cuts or tax increases – even if there’s still no evidence that the assumed savings will appear.”

Cannon, director of health policy studies at the Cato Institute, doesn’t call it “cooking the books”; he calls it “the new math of universal coverage.”

Update I: Myron, last I checked, procuring private care in Canada was against the law. Socialized medicine—more often than not analyzed only from a utilitarian point of view—is coercion and tyranny that criminalize consensual, naturally licit contracts. If Obama is indeed building-up to Cuba-cum-Canada care by increments, it’ll end in coercion of the worst kind. Canada, North Korea and Cuba do not have second-tier medicine.

Update II (May 12): My man Myron again: In Canada, politicians jump the queue or hop over to the US. The rich and powerful are seldom without. Obama may be an operational centrist, but he’s all about heavy-duty planning. The guy can’t conceive of anything but a planned economy.

As bad as the Democrats are, let us not forget the quintessential con men and women: the Republicans. They’ve just about to compromise on a credit-card bill of rights. As you know, the right to carry debt with no penalty is enshrined in the Constitution.

Yaron Brook of the Ayn Rand Institute details the Republicans’ contribution to socializing American health care:

“[A]lthough they claim to oppose the expansion of government interference in medicine, Republicans don’t, in fact, have a good track record of fighting it.

Indeed, Republicans have been responsible for major expansions of government health care programs: As governor of Massachusetts, Mitt Romney oversaw the enactment of the nation’s first ‘universal coverage’ plan, initially estimated at $1.5 billion per year but already overrunning cost projections. Arnold Schwarzenegger, who pledged not to raise any new taxes, has just pushed through his own ‘universal coverage’ measure, projected to cost Californians more than $14 billion. And President Bush’s colossal prescription drug entitlement–expected to cost taxpayers more than $1.2 trillion over the next decade–was the largest expansion of government control over health care in 40 years.”

“The solution to this ongoing crisis,” writes Brook, “is to recognize that the very idea of a ‘right’ to health care is a perversion. There can be no such thing as a ‘right’ to products or services created by the effort of others, and this most definitely includes medical products and services. Rights, as our founding fathers conceived them, are not claims to economic goods, but freedoms of action.

You are free to see a doctor and pay him for his services–no one may forcibly prevent you from doing so. But you do not have a ‘right’ to force the doctor to treat you without charge or to force others to pay for your treatment. The rights of some cannot require the coercion and sacrifice of others.

So long as Republicans fail to challenge the concept of a ‘right’ to health care, their appeals to ‘market-based’ solutions are worse than empty words. They will continue to abet the Democrats’ expansion of government interference in medicine, right up to the dead end of a completely socialized system.

By contrast, the rejection of the entitlement mentality in favor of a proper conception of rights would provide the moral basis for real and lasting solutions to our health care problems…”

[SNIP]

The Republicans—who, as I’ve joked quite seriously, need a giant tin-foil hat; not a bigger tent—have never made an argument from rights. I doubt they know what a negative individual right is.

With the exception of Meghaaan McCain and Carrie Prejean, of course.

Update III (May 13): LEONARD PEIKOFF is still the best at battling the enslavement of doctors.

Update IV (May 14): A correction to the low-ball guesstimates hereunder as to the amount of debt carried by each American: “Every American is now burdened, most of them unknowingly, with $184,000 in federal liabilities and unfunded government promises.”

BREAKING: China Cancels US Credit Card

China, Debt, Economy, Federal Reserve Bank, Inflation, Republicans

We’ve been saying this on BAB for quite sometime: China has been a good sport about bearing the brunt of the American debt. Now a Republican admits the same:

“Representative Mark Kirk, a member of the House Appropriations Committee and co-chair of a group of lawmakers promoting relations with Beijing, said China had ‘very legitimate’ concerns about its investments.”

“‘It would appear, quietly and with deference and politeness, that China has canceled America’s credit card,’ Kirk told the Committee of 100, a Chinese-American group.” By which he meant that “investors in China have sharply curtailed their purchases of bonds.” [My emphasis]

“The Republican lawmaker said that China was justified in concerns about returns from finance giants Fannie Mae and Freddie Mac, which were bailed out by the US government due to the financial crisis.”

Yes, it takes a change of fortunes for Republicans to quit dissing the patient Asians for their democratic deficits, and begin to be thankful that they’ve continued to finance America’s non-stop spending and consumption.

I suspect that were Bush at the helm, republicans would be cussing and carrying on in their usual sinophobic manner.

The patient Asians took what we dished–the dissing, the spending, and the exported inflation.

No more.

Top Dog Dogs Tax Havens

America, Barack Obama, Economy, EU, Private Property, Taxation, UN

The swindler-in-chief’s shakedown efforts have taken a predictable turn today. Reports a sympathetic Bloomberg:

“President Barack Obama proposed raising about $190 billion over the next decade by outlawing three offshore tax-avoidance techniques. Obama’s plan also would make it riskier for Americans to stash money in tax-havens.”

Note how the efforts of private property owners to retain what is theirs by right are criminalized with the use of terms such as “stash away,” “tax avoidance,” “abusive,” “hiding money.” But state theft of said property is framed as “raising money,” “closing loopholes,” and conducting a “tax overhaul.”

The tax code is “full of corporate loopholes that makes it perfectly legal for companies to avoid paying their fair share,” Obama said at the White House today, as he outlined the plan [and as Treasury Secretary Timothy Geithner looked on with that evil-gnome scowl of his].

In 2001, I had the unusual occasion to commend the Bush Administration for refusing “to support an attempt by the Organization for Economic Co-operation and Development (OECD) to clamp down on tax havens. If the junta of high-tax governments has its way,” I wrote in the Financial Post, “not only will there be no place left to run to, but by eliminating what tax havens offer, these governments will have eliminated tax competition, and with it the imperative to downsize their fiefdoms.”

In “The War on Tax Havens,” I strongly condemned the coercive efforts of the OECD to strangle, “sanctuaries such as Bermuda, the Cayman Islands, Cyprus, Malta, Mauritius and San Marino are rolling over.”

The sentiment applies to the Obaminator in spades. I fully expect him, moreover, to fulfill the UN’s dream of establishing an international tax collection organization, so as to better co-ordinate the confiscation of private property.

Incidentally, a few weeks back the administration (and Bush would have been of the same mind) sanctimoniously castigated Castro for taxing remittances from the US. Pot. Kettle. Black. And oh the hypocrisy! The US is one of the few nations to tax the income that nationals earn outside its borders.

Recommended: “The War on Tax Havens”