Posts in "Obama"

Stephen Parvin's picture
By Stephen Parvin at 1:28AM

U.S. Hyperinflation Possible by 2015

Check out this recent report from the National Inflation Association:

The U.S. government this week reported a record monthly budget deficit for February 2010 of $220.9 billion. Total tax receipts for the month were only $107.5 billion compared to outlays of $328.4 billion. The total U.S. deficit for the first five months of fiscal year 2010 was $651.6 billion, with tax receipts of $800.5 billion and outlays of $1.45 trillion. The deficit was up 10.5% for the first five months of fiscal year 2010 over the same period in fiscal year 2009.

We are now at a point where if the U.S. government taxed Americans 100% of their income, the tax receipts generated would not be enough to balance the budget. Likewise, if the U.S. government cut 100% of its spending including defense, but kept paying Social Security, Medicare and Medicaid, we would still have a budget deficit. NIA believes it will be impossible for the U.S. to have a balanced budget ever again.


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Robert Bentley's picture
By Robert Bentley at 10:50PM

President Obama's Proposed Budget Would Add More Than $9.7 Trillion to the National Debt

When most people think that $12 trillion is a lot of money, we get this story:

President Obama's proposed budget would add more than $9.7 trillion to the national debt over the next decade, congressional budget analysts said Friday. Proposed tax cuts for the middle class account for nearly a third of that shortfall.

The 10-year outlook released by the nonpartisan Congressional Budget Office is somewhat gloomier than White House projections, which found that Obama's budget request would produce deficits that would add about $8.5 trillion to the national debt by 2020.

When is it enough? When do our officials in Washington have to wake up before they realize they are destroying the country through debt?

It has been said that the greatest danger we face in this country is our fiscal irresponsibility.


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Seth Man's picture
By Seth Man at 10:21AM

Robert Taft Fights Back: The Old Right "Whips" the New Deal

Arm yourself in the battle of ideas against Obama's New New Deal (see the end of this post).Obama New New Deal

Robert Taft (1888-1953) was a prominent member of what is now known as the "Old Right" and an ardent anti-New Dealer. He is well-known for his non-interventionist foreign policy which he described in his book A Foreign Policy for Americans (available as a pdf from the Mises Institue). He opposed the New Deal and World War II, took a principled stand against the Nuremberg Trials as victor's justice, balanced the scales of labor and management that the New Dealers had tipped to the unions, and was named one of the five greatest senators in American history by John F. Kennedy in his Profiles in Courage.


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Seth Man's picture
By Seth Man at 7:53AM

The Next New Dealers or Generation Liberty?

The Washington Post ran this piece by E.J. Dionne under the headline "The Next New Dealers."  A better headline would have been "Generation Liberty."  This is where Young Americans for Liberty will make the difference for generations to come.  We cannot let our generation slip into the statist hypnosis.  H/t: The New Republic.

Obama zombies

Is Obama losing the under-30 crowd, too?

E.J. Dionne Jr

WASHINGTON--Young Americans are the linchpin of a new progressive era in American politics. So why aren't Democrats paying more attention to them?

The relative strength of conservatives in American politics since the 1980s was built on generational change: Voters whose views had been shaped by the New Deal were gradually replaced with the more cautious souls who came of age after FDR. Then the Millennial generation came along.


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Kelse Moen's picture
By Kelse Moen at 6:18PM

Who Says Government Isn't Bipartisan?

At least the House is. And the Senate isn't too "obstructionist" either. From the Boston Globe:

House Votes to Extend PATRIOT Act With Few Changes

The House voted, 315 to 97, to extend the Patriot Act, sending the bill to President Obama. Without the bill, the provisions would expire Sunday.

The Senate approved the extension Wednesday. The privacy protections were cast aside when Senate Democrats lacked the necessary 60-vote supermajority to pass them. Some in Congress had sought to increase restrictions and scrutiny on the government's authority to spy on Americans and seize their records....The three sections of the Patriot act that would stay in force:

■ Authorize court-approved roving wiretaps that permit surveillance on multiple phones.

■ Allow court-approved seizure of records and property in antiterrorism operations.

■ Permit surveillance against what's called a "lone wolf,'' a non-citizen engaged in terrorism who may not be part of a recognized terrorist group.

(Emphasis added.)

Preston Mui's picture
By Preston Mui at 7:46PM

Health Premiums Increase 39%, Obama Urges Oversight

From the New York Times:

President Obama will propose on Monday giving the federal government new power to block excessive rate increases by health insurance companies, as he rolls out comprehensive legislation to revamp the nation’s health care system, White House officials said.

By focusing on the effort to tighten regulation of insurance costs as a new element that had not been included in either the House or Senate bills, Mr. Obama is seizing on outrage over recent premium increases of up to 39 percent announced by Anthem Blue Cross of California, and moving to portray the Democrats’ health overhaul as protecting Americans from profiteering insurers.

The President's proposal is, of course, the wrong idea. Yes, premium increases are going to be tough on Americans. Yes, insurers are probably going to be making what some would call obscene profits with this rate increase.


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Matt Cockerill's picture
By Matt Cockerill at 4:56PM

Is anyone else Sick of seeing Cheney's Face Plastered on TV 24/7?

Here he is again, demanding that Biden and Obama take a healthy dose of "thank you George Bush" with regard to Iraq and demanding terrorist acts be treated not as crimes, but an "act of war" by the Obama Justice Department.


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Robert Bentley's picture
By Robert Bentley at 4:54PM

Obama Declares He Will Rule by Authoritarian Decree

With his agenda stalled in Congress, it looks like President Obama and his administration will use rule by authoritarian decree to get the job done.

Here is a quote from his Chief of Staff:

“With much of his legislative agenda stalled in Congress, President Obama and his team are preparing an array of actions using his executive power to advance energy, environmental, fiscal and other domestic policy priorities,” reports The New York Times. “We are reviewing a list of presidential executive orders and directives to get the job done across a front of issues,” said Rahm Emanuel

How is this type of governing acceptable in the United States of America? How have we become a country in which we have a dictator ruling the people?


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Bonnie Kristian's picture
By Bonnie Kristian at 3:45PM

Obama: "I'm just like Bush"

Ok, ok, so he didn't say exactly that...but he came pretty close:

This weekend, Americans were treated to something new: Barack Obama defending his war policies by suggesting they merely continue his predecessor's practices. The defense is illuminating, not least for its implicit recognition that George W. Bush has more credibility on fighting terrorists than does the sitting president....

"I think that the most important thing for the public to understand," he [said], "is we're not handling any of these cases any different than the Bush administration handled them all through 9/11."

Wait...being like Bush on terror is a good thing? I thought that was one area of policy where Obama was going to chart a totally new course, repudiating the lack of respect for the rule of law displayed by his predecessor.  We all remember that, right?

When Mr. Obama arrived in the Oval Office his first official act was to order the closing of Guantanamo in the manner of Christ cleansing the temple. Attorney General Eric Holder soon followed by opening a criminal investigation of the CIA's interrogators. And everywhere he went, Mr. Obama told anyone who would listen that when it came to terror, he would be the anti-Bush.

So much for that plan.  Hat tip to the Humble Libertarian.

Rachel Kania's picture
By Rachel Kania at 4:35PM