As I’ve thoroughly explained here and here, the whole Social Security “trust fund” issue is a joke. It’s an accounting gimmick designed to push the supposed date of concern out into the future. When does Social Security become “insolvent”? Well, let’s look at what the word means: adjective not solvent; unable to satisfy creditors or [...]Continue reading Nominal SSA/Medicare “Solvency” Dates Worsen Slightly; Journalists Apoplectic
Archive for May, 2009
From Mark Calabria @ Cato: Once the government becomes a majority owner of GMAC, its only a matter of time until its focus shifts from re-bulding its financial health to expanding the American Dream of auto-ownership. Yes, citizen, step right up! You too can achieve your lifelong dream of owning an economical, gas-sipping Chevy Aveo! [...]Continue reading Quote Of The Day
Hey, at least the Republicans are looking outside the box. But as Radley Balko notes, a commitment to ideas might be a little bit more important than papering over your problems with a fresh new face: Nicolle Wallace, a top adviser to George W. Bush and John McCain’s presidential campaign, is adding a few names [...]Continue reading Lieutenant Dan For President!
Coming from Ezra Klein – Via Dave Weigel and Matt Yglesias comes the depressing news that the vast majority of the public doesn’t know what cap and trade” is. And I don’t mean in the sense that they don’t understand the auctions. They have no idea what problem the policy actually refers to. “Given a [...]Continue reading Cap And Tax
The passengers of United Flight 93 were heroes. Scared, unsure of what the future held, and in the face of everything that passengers previously understood about hijackings, they knew that it was their duty to try to overcome the odds and take down the hijackers on that flight. They didn’t turn to a sky marshal, [...]Continue reading Park Service Honors Freedom’s Heroes By Stomping On Property Rights
In a move very surprising to this veteran of far too many southern talk radio programs where I was the one condemning torture to a hostile audience, the Southern Baptist Convention’s Ethics and Religious Liberty Commission has just condemned torture. “I don’t agree with the belief that we should use any means necessary to extract [...]Continue reading Southern Baptists condemn torture, including waterboarding
This is funny: Kevin Drum, approvingly quoting Bill Schneider and then going off on his own tangent: “The Republicans aren’t a party, they’re a cult.” Well, today’s GOP does seem to check most of the boxes in the International Cultic Studies Association’s “Characteristics Associated with Cultic Groups.” Except for this one: “The group is preoccupied [...]Continue reading Kevin Drum Accuses Republicans Of Being Cult
From the AP, dated yesterday after the jobs report came out: Definite signs that business and industry have turned the corner from the temporary period of emergency that followed deflation of the speculative market were seen today by President Obama. The President said the reports to the Cabinet showed the tide of employment had changed [...]Continue reading Quote Of The Day
I disagree with Schiff on hyperinflation; but we’re DEFINITELY going to be seeing significant inflation. I’m thinking 1979 levels or so. Note: Schiff is also a firm believer in the inherent value fallacy; which is just that, a fallacy. There is no such thing as a stable currency, because nothing has inherent value. All value [...]Continue reading Truth Hurts… Ignorance Hurts Worse
President Obama says that he wants to nominate a Supreme Court Justice who has “empathy” as opposed to a jurist who makes decisions based on “some abstract legal theory.” Not surprisingly, I’m not the only one troubled by his selection criteria. Thomas Sowell has written an excellent 3 part series “Empathy” Versus Law” (Part 1, [...]Continue reading Quote of the Day: Empathy vs. The Rule of Law
Well, in my own mind, only until this bear market rally tanks, but I’ll get to that later. But here he goes: The bailout worked. At a relatively modest, though by ordinary standards very large ($17 billion), cost to the government, the auto companies were kept out of bankruptcy until the acute psychological phase of [...]Continue reading Richard Posner — The Bailout Saved The Economy!
Earlier this week, I wrote about the story of Ashton Lundeby — a 16 year-old kid being held in Indiana in connection with an alleged bomb threat — and his mother’s allegations that he son was being detained pursuant to the PATRIOT Act. Well, it seems that there is much less to this story than [...]Continue reading Ashton Lundeby Update: Less Than Meets The Eye
Like déjà vu but this time in reverse, the Colorado Senate voted down the bill which would repeal the death penalty and use the savings to fund cold case homicide investigations by a single vote*. Though the Senate stripped out the death penalty provision just 15 minutes before the scheduled vote on Monday, the conference [...]Continue reading Colorado Senate Defeats Death Penalty Repeal by 1 Vote
I don’t like getting into the political horse-trading. I frankly care very little about what happens in Congress, because I think they’re all a bunch of crooks and I want them all to go screw themselves. But funny is funny: The Democratic leader in the Senate promised Sen. Arlen Specter he would retain his seniority [...]Continue reading Snort! Guffaw! Snicker! LOL!
Back in October, the banks appeared to be in very deep trouble. Such deep trouble that they were forced to enter a deal with the Devil decided to run to the government for assistance. But they were shocked — SHOCKED! — when the government starting attaching a whole bunch of regulations and conditions to the [...]Continue reading Bundling The Banks Into A TARP
Chrysler will not pay the $7+ billion it owes to taxpayers: Chrysler LLC will not repay U.S. taxpayers more than $7 billion in bailout money it received earlier this year and as part of its bankruptcy filing. This revelation was buried within Chrysler’s bankruptcy filings last week and confirmed by the Obama administration Tuesday. The [...]Continue reading Chrysler files for protection against taxpayers
According to early reports, an armed student in College Park, GA seems to have saved the lives of a bunch of his friends. It’s pretty clear from the reporting so far that he kept a bunch of them from being robbed and raped. Here’s the scoop: Bailey said he thought it was the end of [...]Continue reading Heroes of the Day: The Second Amendment and a Georgia college student
Remember when we were told in the wake of the September 11th attacks that the extraordinary surveillance and investigative powers being granted to the Federal Government were intended solely to protect us from terrorist attacks ? Well, perhaps someone can explain exactly how a 16 year-old in North Carolina constitutes a terrorist threat: Oxford, N.C. [...]Continue reading The Latest Victim Of The PATRIOT Act: A 16 Year-Old Kid
From David Rittgers, Cato@Liberty: As I have said before, the quickest way to create an insurgent is to burn a man’s livelihood. This may be a competent counternarcotics tactic, but it is an epic failure as a counterinsurgency strategy. We can fight a war against the Taliban or we can fight the war on drugs, [...]Continue reading Quote Of The Day
Only 2 weeks ago the Colorado House passed H.B. 1274, a bill which would repeal the death penalty and use the savings to solve homicide cold cases, by a single vote. Foes of the bill in the Senate stripped out the death penalty repeal provisions and added an alternative source of funding to satisfy those [...]Continue reading Last Minute Senate Rewrite Jeopardizes Colorado Death Penalty Repeal