Category Archives: Economy

UPDATED: DOD Is Killing Us (& On So-Called Cuts To Killer Spending/ers)

Debt, Economy, Military, Republicans, War

When the need to slash the military is raised, Republicans typically counter that their beloved Department of Defense is a small-ticket item. Blame Medicare, Medicaid and Social Security.

He who admits half the truth is still a wholesale liar. The DOD is a budgetary killer.

Via Fox News’ Bret Baier:

Each day during the month of November, the government brought in a little more than $5 billion of revenue. That’s a lot of money – but the U.S. government spent in that time more than $11 billion a day. The difference is roughly $6 billion.
Of that $11 billion, the top items were as follows: The Department of Health and Human Services, which goes through roughly $3 billion a day; Social Security, which shells out roughly $2.5 billion a day; the Department of Defense, which runs a $1.8 billion daily tab; and interest on the debt, which eats up $854 million every day.

MORE.

UPDATE (19/12/012): Finally, Republicans, and a couple of Democrats and their anointed experts, are framing all budget proposals out there as they should—and as these worse-than-useless efforts are habitually framed by libertarians (led by Ron Paul): “cuts to designated increases in spending.”

Bret Baier (archived here) has been tackling the structure of the debt:

At last check, it was approaching $16.4 trillion. Just four years ago, it was $10.6 trillion.
The skyrocketing number is, to say the least, reason for concern for every American.
Here’s why:
As of today, every household in the United States owes about $140,000 of this debt.
The country is borrowing roughly $6 billion every day, and $239 million every hour. Put another way, that’s $4 million every minute.
The country runs up so much debt for a fairly basic reason — it spends far more than it takes in. This year, for every dollar in revenue the federal government brought in, it spent two dollars and six cents. That shortfall over the course of the year adds up to the annual deficit. The national debt — or total accumulated debt — is the sum of all annual deficits, minus any surpluses. …

Google Goes Galt

Britain, Business, Economy, libertarianism, Natural Law, Private Property, Taxation

Hurray. Google Goes Galt, as a sickly Starbucks (what do you expect from people who burn their coffee beans) prepares to “‘voluntarily’ hand more money over to the UK Government.”

With their unbounded enthusiasm for state power, British protesters prefer that their omnivorous state own what belongs to Amazon, Starbucks and Google. But Google Big Guy has other ideas. Libertarian ones.

“Google boss: ‘I’m very proud of our tax avoidance scheme'”:

The head of the internet giant Google has defiantly defended his company’s tax avoidance strategy claiming he was “proud” of the steps it had taken to cut its tax bill which were just “capitalism”.
In an interview in New York Eric Schmidt, Google’s Chairman, confirmed the company had no intention of paying more to the UK exchequer. … “It’s called capitalism. We are proudly capitalistic. I’m not confused about this.”
He also ruled out following Starbucks in voluntarily handing more money over to the UK Government.
“There are lots of benefits to [being in Britain],” he said.
“It’s very good for us, but to go back to shareholders and say, ‘We looked at 200 countries but felt sorry for those British people so we want to [pay them more]’, there is probably some law against doing that.”

For a background on the British assault on tax havens, please read “Could Her Subjects Be Making Kate Middleton Sick?”

UPDATED: An Immigrant Thanks Tucker Carlson (Carlson Quoted)

Canada, Conservatism, Economy, IMMIGRATION, Republicans

That US immigrant is … me.

A couple of the regular “conservative” culprits were cogitating, on Bret Bair’s Special Report, over who could come up with the most “inspiring” (read schmaltzy) message to lure the only immigrants America seems eager to court.

The Republican Party was being described as the designated home of the poor, low-skilled, Latin, welfare recipient (by default), likely illegal new arrival, when, out of the blue, a bold Tucker Carlson saw fit to reintroduced an outrageous idea you’ve heard from other patriots (and even from David Frum).

Desirable immigrants, and I paraphrase Mr. Carlson (transcripts, a civilized feature, so rare online, should be up shortly), are those who are financially successful. (For even if you are a stellar guy earning $17,000; other native and immigrant families will be subsidizing your medical care, your nutritional needs—through food stamps—your schooling, etc.)

To flabbergasted glares from his co-panelists, Tucker inquired as to why we were avoiding a “conversation” about an unmistakable trend—as well as about the identities and countries of origin from whence successful immigrants tend to hail (versus the identity of the unsuccessful kind). Carlson even credited the good kind of newcomer for being partial to the host country’s values and culture.

He will be branded as a racist. That’s for sure.

But thanks, Mr. Carlson. And yeah, how about a “positive” message to high-value immigrants, you know, the kind that help pay for the political largess politicians and pundits are so eager to extend? Kind words are seldom directed at those who do not insist on their right to mulct other Americans (immigrants included) out of their earnings.

The process Canada follows is based on the merits of the individual; his education, linguistic skills (English and French), appreciable achievements and likely ability to find employment. Novel, isn’t it?

UPDATE (Dec. 4): The Carlson quote is up. Here is what Mr. Carlson said to his flabbergasted co-panelists:

CARLSON: …”Well, the screen begins with a conversation about outcomes. Why is it that immigrants from certain countries have not thrived and immigrants from other countries have thrived? No one wants to have that conversation because it’s considered mean, but when the future of the country is at stake, it’s worth taking a rational, non-passionate, and, by the way, nonpolitical look at outcomes, and ask real questions like, why is it? You’re not attacking anybody. But these are questions that we need to ask because the country is at stake.”

Meager but meaningful, considering the climate.

The Dear Leader Lunges For More Powers, Republicans Roll Over

Barack Obama, Conservatism, Constitution, Debt, Democrats, Economy, Republicans, Taxation

The Republican’s “counter bid” in the farce known as the fiscal cliff entails a proposed $800bn in new taxes, derived from closing “special-interest loopholes and deductions,” as well as an alleged (no doubt token) reduction in rates for all. The treachery was to be expected.

Obama, for his part, is showing the Republicans the middle finger, insisting on $1.6 trillion in new taxes, against a delayed promise of a measly “$400 billion in spending cuts to come later. Obama also demanded $50 billion in new stimulus.”

AND, the Dear Leader took the opportunity to grab new powers. Obama is demanding “executive authorization to override the debt ceiling at any time and by any amount he desires.” This, surely, is a formality. If he runs short of money, Dear Leader will turn to The Ben Bernanke to make The Money. (See “Quantitative Easing Explained.”)