Category Archives: Reason

Debunking The Debt-Default Hoax

Debt, Democrats, Economy, Politics, Reason

David Henderson of EconLog, for the Library of Economics and Liberty, debunks the nonsensical (and irrational) notion that not raising the debt-ceiling will result in the US defaulting on its debt. Treasury Secretary Tim Geithner might be as gormless as his boss, since he has confused “debt obligations” with “other expenditures.”

As U.S. Senator Pat Toomey explained, in a January 19 Wall Street Journal op/ed, “the amount of money required to continue to make payments on all the U.S. government debt is a small fraction of the amount of revenue the U.S. government raises.”

Henderson again: “On car payments and student loan and credit card payments, Geithner is right. But on insurance premiums and utility payments, he’s wrong. Those are not typically debt obligations. Geithner is effectively saying that if the government wants to spend x and has only enough money to spend 0.67x, then not spending on the other 0.33x is a failure to keep an obligation. In a political sense, that might be: the government has made a lot of spending promises to a lot of people. But in an economic sense, it’s not. On the narrow issue of whether failure to raise the debt limit would necessarily mean U.S. government default on its debt, Toomey is right and Geithner is wrong.”

UPDATED: ‘You Can’t Fix Stupid’

Affirmative Action, Barack Obama, Debt, Economy, Government, Intelligence, Political Philosophy, Reason, Socialism, Taxation

The following is from my new, WND column, “You Can’t Fix Stupid”:

“How stupid is President Barack Hussein Obama? Let me count the ways.

Judging from the philosophical pose he struck during Wednesday’s “debt-reduction” address, the president is so stupid as to believe that the “rugged individualism,” “self-reliance,” and “healthy skepticism of too much government”—all qualities he attributed to the American people in that speech — can survive in the shadow of his government.

During his two years in office, Mr. Obama has accrued more debt than any president in American history. Why, in the month of March alone, his souped-up civil servants spent eight times what they collected in tax receipts and revenues.

For every year their honcho has been in office, the Obama officials have devoured over a trillion dollars, and will put Americans in hock to the tune of $1 trillion in interest payments alone, by the end of this decade, if not sooner.

How stupid is our president? So stupid as to believe that the governmental juggernaut over which he presides is what connects us a nation, and ensures that “we … do together what we cannot do as well for ourselves.”

How stupid is Obama? So stupid as to believe that America became a great country in 1935, which is when the earliest of the Medicare, Medicaid and Social Security entitlements was signed into law. Dummy did, after all, declare yesterday that, “We would not be a great country without [these programs]”? …

… But, as Ron White, that great satirist from the great State of Texas, teaches, ‘You can’t fix stupid.’

‘There is not a pill you can take, not a class you can go to. Stupid is forever.'”

Read the complete column, “You Can’t Fix Stupid,” now on WND.COM.

UPDATE (April 15): An Ivy-League education is increasingly not indicative of intelligence. What with affirmative action, one can hardly assume that Obama’s admission to these institutions bodes well for his IQ. It certainly does nothing of the sort for his wife’s; anyone who has read her graduation thesis will confirm what I’m saying. This effort is written on a high-school level. Obama’s transcripts remain well-concealed. Despite being appointed as an editor for the Harvard Law Review, Obama has never written a serious jouranl article for this publication.

Obama’s easy passage through this country’s finest schools shows just how worthless these once-proud institutions have become, and how worthwhile it is to be a privileged minority. (Or, in the case of Bush, McCain’s mindless daughter, and the likes—to belong to an American political dynasty.)

By the way, I agree that BHO has the cunning of a fox. But that’s a far cry from the brilliance with which he has been credited.

Obamanomics: Me, My Minions & YOUR Money

Barack Obama, Debt, Economy, Government, Political Economy, Reason, Taxation, The State

“Obama: U.S. economy cannot afford [a government] shutdown.” Unless the government continues “making key investments in things like education, infrastructure [and] innovation,” we won’t “win the future.” [Transcripts]

This dyed-in-the-wool statist needs the aid of Lego or some sort of pop-up children’s model to figure out that dolling out unemployment benefits, state aid, and government jobs programs, all necessitate the seizure of private wealth through taxing, borrowing, and printing paper.

That cannot create wealth! The fact that some individuals will get wealthy or be “helped” leaves out the unseen; the overall poverty and misery he, his minions and their schemes create.

There is no big secret about “creating” jobs. Government can’t do it. Unless it sucks more capital and credit out of the private economy, it has only the capacity to consume wealth, not create it.

Here’s a simple, crude model for Obama the statist. Play with it with the First Girls. Recommend it to your Fabian friends, Mr. president:

Put 10 blocks in box A. Take 5 blocks out of box A and place them in box B. The owner of box A is 5 blocks poorer, the owner of box B is 5 blocks richer. Total number of blocks: still 10. Total blocks added (or wealth created): 0.

Come on BO, you can do it.

The best BO can do is take a hike; go on a 4-year vacation; walk the plank; just GET OUT OF THE WAY!

No To Strafing Libya

Foreign Policy, John McCain, Military, Neoconservatism, Reason, UN, War

“No-Fly Zone” is one of those Orwellian coinages; it conjures a protective shield from high-above. But why not ask the Iraqis about this manna from the heavens? Before the US invaded Iraq, it had been bombing the place illegally—and immorally—over the unilaterally established No-Fly Zone. Not such a comfort if you’re on the ground. I’ll give the Obama Administration this: at least one of its officials has called a spade a spade. Secretary of Defense Robert Gates, a holdover from the Bush era, has explained what a “No-Fly Zone” over Libya actually entails (See CBS):

“A no-fly zone begins with an attack on Libya to destroy the air defenses.” He added that it couldn’t be done by a single aircraft carrier off the coast. “It’s a big operation in a big country,” Gates said. … In other words, there is no need to establish a no-fly zone, at least for now, and no desire within the military to do it period. The U.S. military has long experience with no-fly zones — more than a decade over Iraq — and knows what it takes, not just jets but tankers and early warning aircraft.

The neoconservatives were champing at the bit to take the battle for Libya away from the Libyan people and put it where it belongs: the US military. Steven Hayes of the Weekly Standard made a weak case on FoxNews. Essentially, the US needed to quickly and self-righteously compensate for its lackluster reaction (here’s mine) to the Egyptian revolt.

Fumed McMussolini: “We are spending $500 billion not counting Iraq and Afghanistan on our nation’s defense. Don’t tell me we can’t do a no-fly zone over Tripoli. (FoxNews) Impeccable reasoning, as always, from the senator. To wit, even if the occupation of Iraq and Afghanistan were essential to the defense of the realm—and they are certainly not-–why does it follow that Libya is too?

Sen. John McCain should know a thing or two. In all, he lost five jets during his time. (As Steve Sailer once quipped, “To lose one plane over Vietnam may be regarded as a heroic tragedy; to lose five planes here and there looks like carelessness.”)

There’s one more pesky detail. CBS again: “Adm. Mike Mullen, the chairman of the Joint Chiefs of Staff, told the same subcommittee that the Pentagon has no confirmation that Libyan strongman Muammar al Qaddafi is using his air force to kill civilians.”

Fibbing our way into occupying a country: Remind me why that sounds familiar.