Category: ‘Economy & Finance’

Obama Budget Raises Deficit To Record Highs

May 11, 2009 Posted by Trenton Hansen

The Office of Management and Budget is predicting a higher-than-expected, $1.8 Trillion budget deficit for 2009 and a $1.3 Trillion deficit for 2010, according to a statement released by Peter Orszag, Director of the OMB.

The effect is the same as making $50,000 per year, but spending $100,000 a year. It is mathematically impossible to pay off. The Director of the OMB is pointing the finger at the previous administration, saying the deficit is “driven in large part by the economic crisis inherited by this administration.”

While the slow economy may or may not have been inherited by the current administration, the policy of overspending was not inherited by this administration. Spending more than we bring in will not solve the “economic crisis.”

The financial woes facing America have steadily increased since the Liberal Democrats came into power, as our influence in the world and our standard of living has decreased. Stop the madness.

Read the Fox News coverage here.

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Obama’s $17 Billion Budget Cut

May 8, 2009 Posted by Trenton Hansen

Pres. Obama has increased the amount to be cut from the federal budget to a whopping $17 Billion. I remember when $17 Billion would have made a pretty good dent in the budget. Of course, I was three years old at the time.

Obama has been touting the significance of his $17 Billion budget cut. Funny…it seems like just yesterday he was downplaying John McCain’s pledge to cut $18 Billion from the budget by eliminating earmarks as insignificant. In other words, not only has Obama not kept his promise to eliminate earmarks, he hasn’t even been able to match John McCain’s promise.

Even the Move-on Media take notice sometimes.

One thing to notice in the video, the reporter says

“President Bush attempted many of these very same cuts last year, but was blocked by Congress. Today on Capital Hill, Democrats greeted President Obama’s proposed cuts less than enthusiastically as well.”

Hmmm…Democrats controlled Congress last year…Democrats control Congress this year…Congress refuses to trim the budget…time to throw them all out.

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Jason Chaffetz Works To Expose Cap And Trade Realities

May 8, 2009 Posted by Trenton Hansen

Michelle Malkin has good things to say about Jason Chaffetz on her blog. She is referring specifically to Rep. Chaffetz’s Cap and Trade Disclosure Act, for which he is currently seeking co-sponsors.

The Republican Study Committee reports:

Rep. Jason Chaffetz is seeking original cosponsors for the Cap-and-Trade Tax Disclosure Act which will require utility companies to disclose and separately itemize the impact of cap-and-trade taxes on each customer’s utility bill. Sound tax policy requires that taxes should be visible to taxpayers and not buried in the cost of items we purchase. With this legislation, every utility customer – residential and business — will be able to identify the cost of cap-and-trade emissions that the utility is passing on to the customer. As regulated entities, utilities pass taxes on to customers, unlike unregulated companies that can also pass taxes on to shareholders and employees. The cap-and-trade tax is potentially the largest tax increase ever imposed. According to the Administration’s own budget document, the cost will be at least $646 billion over an eight-year period. No matter where you stand on the issue of cap and trade, both sides can agree that full disclosure and transparency are good public policy.

Some critics have said that cap and trade can’t be called a tax. Cap and Trade is a way for the government to collect revenue on energy used, while having private companies do the collecting. The effect would be the same as a national sales tax. Even some Liberal Democrats have opposed cap and trade because it is a regressive tax that will hit lower-income, working Americans the hardest.

The American people deserve full-disclosure on bills coming out of their government. Rep. Chaffetz’s bill would shine a light on the effects of the Cap and Trade tax, and expose it’s bottom line effects to American taxpayers.

Contact your representative and ask him or her to co-sponsor the Cap and Trade Disclosure Act.

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More Bank Bailouts Equals More Kickbacks To Congress

May 7, 2009 Posted by Trenton Hansen

The AP is carrying a story that would have been merely annoying had I not just watched the “Big Lie” video presentation from the good folks at iCaucus.org. The Independence Caucus has unveiled part of their research into the financial backroom dealing that keeps incumbents elected, wreaks havoc on our electoral system, and completely skirts around the McCain-Feingold Campaign Finance Reform Act.

Their research basically shows how 25 institutions (Fannie Mae, Freddie Mac, two auto companies, and 21 banks) have received 93% of all the TARP monies that were supposed to go to all the banks across the nation. One problem: the vast majority of the banks haven’t seen a red cent from the stimulus package. Out of over 8,500 banks, 21 got 93%, 553 got about 5%, and the rest has not been dispersed.

But you wouldn’t believe where a good portion of the money has gone…right back into the coffers of our Representatives, on both sides of the aisle. The money was contributed to the election campaigns of these people, and was almost evenly divided between Democrats and Republicans. Basically, it was payback for passing the stimulus bill. The folks at the Independence Caucus explain how it works.

So now back to the story from the AP. Why did the Banks need to be stress tested? The government has never needed to “stress test” the banks before now. Banks have always been required by law to have stress tests conducted by independent auditors at regular intervals. But lo and behold, the government stress test, required by Congress, conveniently finds that the banks need additional government money, which in turn will fuel an additional round of campaign finance kickbacks.

It’s well past time to stop this madness.

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Video: John Kyl – The Most Expensive 100 Days

April 30, 2009 Posted by Trenton Hansen

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Fact-Checking Obama

April 29, 2009 Posted by Trenton Hansen

Tonight’s Presidential Press Conference has been followed by some pretty good fact checking of his claims by writers from the AP (color me surprised).

A few things stand out, though.

Obama still insists on pushing the blame for the recession back onto the Bush Administration. Never does he acknowledge that his policies have had a big hand in making this collapse possible. Like every other stereotypical liberal, he is never to be blamed; he is only a victim.

In all honesty, it isn’t just Obama’s problem, or just Bush’s problem, or even just Congress’ problem alone. They all contributed to it. The problem is big government. The idea that government can do all the things that people in government think it can do is demonstrably wrong. The hard part is getting these “useful idiots” to admit it. This is Obama’s administration now. He holds the reins, and no longer has the luxury of playing Bart Simpson, trying to get a laugh by repeating “I didn’t do it.”

Another hard-to-avoid fact is that the problem he supposedly inherited was initially created by the Democratic Congress. Bush signed the bills into law, probably because he felt the Democrats had enough votes to override any veto. Frankly, I have a hard time understanding why he wouldn’t veto them out of principle. Bush’s signature added to the problem.

There is also his assertion that he has helped to save 150,000 jobs. The fact that the US economy has lost 1.2 million jobs since he took office apparently isn’t an obstacle to taking credit for any positive economic news. One very astute observation by the AP is that Obama’s claim to save jobs requires “calculating a hypothetical: how many people would have lost their jobs without the stimulus.” I can imagine lots of things, but I can’t take credit for any of it unless it is actually measurable.

Obama says we are “laying a foundation of growth.” Growth seems to be a common theme for this administration. But the only measurable growth we’ve seen so far is the growth in the deficit, growth in the amount of taxes Americans will be required to pay to overcome the deficit, and growth in the level of distrust in the people toward the government. How can we be laying a foundation for growth, when we refuse to stop spending? Even if we were capable of finding a way to cover these enormous expenses, if we don’t stop spending we will never catch up. That isn’t growth.

Some things Obama said make me plain nervous. For example, he said “My hope is that working in a bipartisan fashion we are going to be able to get a health care reform bill on my desk before the end of the year that we’ll start seeing in the kinds of investments that will make everybody healthier.” What kind of  “investments” make people healthier? My thoughts are that he is talking about future legislation that would compel people into certain “healthier” lifestyles, as decided by government. The reasoning behind such legislation would be, of course, that it keeps health care costs down; a form of health care rationing–you qualify for health benefits from the government only if you meet certain government-set specifications. If that turns out to be the case, Obama will have found a way to include all races into his vision for the perfection of Humanity. That’s an aspect of socialized medicine not many have considered, and the implications are chilling.

A pattern has emerged from the first 100 days of the Obama Administration, one of high-minded, lofty goals, accompanied by a profound lack of responsibility. We can always hope the next 100 days bring real change.

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Things Have Come Full-Circle

April 22, 2009 Posted by Trenton Hansen

This is a political cartoon from the Chicago Tribune, April 21, 1934.

Planned Economy or Planned Destruction?

Planned Economy or Planned Destruction?

We are apparently pursuing the same, stupid policies that the Progressives did during the Great Depression. Is there anyone out there who believes it will end up differently?

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Tea Party

April 16, 2009 Posted by Trenton Hansen

An historic day yesterday. The Move-on Media will regret not having covered these with greater faithfulness. The turnout was incredible, and yet, the media turns it’s collectivist noses up at the story.

Well, here’s some of what they missed.

Jason Chaffetz Fires Up The Crowd

Jason Chaffetz Fires Up The Crowd

Signs of the Times

Signs of the Times

Yes, We Can!

Yes, We Can!

Out in the Crowd

Out in the Crowd

Required Reading

Required Reading

Taking Back America

We the People...Taking Back America

We the People

Not Republicans, not Democrats, just Americans

Rep. Chris Herrod

Rep. Chris Herrod

Every American is Sovereign

Every American is Sovereign

Fantastic Turnout

Fantastic Turnout

The Children of Peace

The Children of Peace

Former Rep. Chris Cannon is Still Bitter

Former Rep. Chris Cannon is Still Bitter

Indebting the Next Generation

Indebting the Next Generation

Big Sticks

Big Sticks

The Liberals Said Only 30 People Would Show Up

The Liberals Said Only 30 People Would Show Up

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Obama’s Green Jobs Are Myth

March 26, 2009 Posted by Trenton Hansen

Steven Milloy’s GreenHellBlog today has a study posted by the University of Illinois College of Law and Economics regarding Obama’s new “Green Jobs.”

It demonstrates something we already know–that Obama hasn’t got a clue about running an economy and should simply let the market work. Of course we also already know he can’t do that, for two main reasons: 1) he’s a socialist and, therefore, 2) he is far too committed to his position, and his arrogance will not permit him to admit he’s wrong.

My wife picked up on that attitude in his press conference the other day. Did you notice how he said they were going to try new things, and if they don’t work, they’ll just keep trying? Rather than just leaving things alone to be worked out by the people.

Socialism and Environmentalism are a dangerous mix. Socialists think they can plan the economy, which is bad enough. But when you add overzealous obsession with the environment to the planning, you get all kinds of mischief, poor planning, and failed policies.

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Obama’s Budget Too Much For EU Chief

March 25, 2009 Posted by Trenton Hansen

According to ABC News today, the President of the European Union said that Obama’s budget proposal was a”road to Hell.” True to form, the leaders of France, German, and Great Britain promptly ignored him.

In my opinion, Czech Prime Minister Mirek Topolanek is correct, but an even better description of Obama’s policies was used as the title of a great book by Friedrick Hayek. The book is called The Road to Serfdom.

The author, Mr. Hayek, pleads with the Socialists of his day to open their eyes and look to the consequences of their policies. He argues that the unintended consequences of Socialist policies are tyranny and slavery, but that many of those promoting such policies do not intend to create tyrannical conditions.

Whether intended or not, Obama’s policies are guaranteed to diminish America’s influence in the world, reduce the GDP, lower the standard of living of all Americans, and bring about another Great Depression. Either way, Obama is the most dangerous man in the world right now. I am putting myself on record: I want Barak Obama to fail, because his ideas are so radical and unconstitutional that I don’t beli8ve they belong in America. I am also putting this on record: Barak Obama is NOT my president. I have always believed that if my candidate did not win, it was still my civic duty to support him. I cannot take that position with Barak Obama. I cannot give him any measure of support, unless he completely reverses himself on all his policy proposals.

It’s time for all Americans to stand up and speak out against this trend.

Here are some great resources:

There are many others as well. Please get involved, and help us stop this man.

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