Posts Tagged ‘Congress’
« Older Entries |Yellen is Spellin’ Future Inflation
Saturday, March 13th, 2010
Townhall.com
The new Obama Fed is going to be very dovish when it comes to fighting future inflation and defending the value of the dollar.
The president has nominated Janet Yellen to be vice chair of the Federal Reserve. Ms. Yellen is a distinguished economist who unfortunately subscribes to the Phillips-curve model that trades off unemployment and inflation. In other words, rather than excess money creation as the cause of rising prices, she focuses on the unemployment rate, the volume of new jobs being created, and the growth of the overall economy. For Ms. Yellen, inflation is caused by too many people working and too much economic prosperity.
And since we have the opposite problem today — high unemployment and too few people working — she will be the last Fed governor to turn out the lights on the central bank’s zero interest rate.
There is no evidence in Ms. Yellen’s public opinions or speeches that she might use a market-price rule — targeting commodities, gold, bond rates, or the dollar — as a forward-looking inflation (or deflation) signal. So the absence of a commodity- or dollar-price rule will continue at the Fed. Ben Bernanke doesn’t use a market-price rule, and Obama’s additional Fed appointees — whoever they are — will undoubtedly come from the same Phillips-curve camp.
Supply-siders like myself who believe that only market prices can provide accurate signals of the supply and demand for money are going to be very disappointed. If the Fed supplies more cash than markets want, the inflation rate can go up whether unemployment is high or low. We learned this painfully in the 1970s, when high unemployment was accompanied by high inflation.
Even more troubling, fiscal policies coming out of Washington will reduce the investment demand for money. This is because tax rates on those individuals, families, and entrepreneurs who are most likely to save and invest are going up. Rather than extending the Bush marginal-tax-rate cuts on capital gains and other forms of investment, Washington will let that tax relief expire at the end of this year.
On top of this, Obamacare proposes to apply the 2.9 percent Medicare payroll tax on ordinary labor income to capital gains, dividends, interest, and profits from passive investments in partnerships and S-corporation small businesses.
Saving and investment are already double-taxed several times over. This includes the inheritance tax, which is slated to rise substantially next year. But taxing successful investors and earners is the exact wrong policy. Continued…
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Tags: Barack Obama, Congress, economy, Election 2010, inflation, unemployment
Posted in National Issues, The U.S. Government | No Comments »
How Real are the Defects in Toyota’s Cars?
Saturday, March 13th, 2010
Megan McArdle – Megan McArdle is the business and economics editor for The Atlantic. She has worked at three start-ups, a consulting firm, an investment bank, a disaster recovery firm at Ground Zero, and the Economist.
Mar 12 2010, 2:56 PM ET
One of the great mysteries of the Toyota debacle is why Toyota ignored the complaints for so long. Or at least it’s a mystery to reporters on cable news, abetted by consumer advocates who were all too happy to imply that Toyota didn’t care how many people it killed as long as they made a profit.
The Los Angeles Times recently did a story detailing all of the NHTSA reports of Toyota “sudden acceleration” fatalities, and, though the Times did not mention it, the ages of the drivers involved were striking.
In the 24 cases where driver age was reported or readily inferred, the drivers included those of the ages 60, 61, 63, 66, 68, 71, 72, 72, 77, 79, 83, 85, 89–and I’m leaving out the son whose age wasn’t identified, but whose 94-year-old father died as a passenger.
These “electronic defects” apparently discriminate against the elderly, just as the sudden acceleration of Audis and GM autos did before them. (If computers are going to discriminate against anyone, they should be picking on the young, who are more likely to take up arms against the rise of the machines and future Terminators).
Tags: Barack Obama, Congress, Election 2010, government control, Toyota
Posted in The U.S. Government | No Comments »
White House: When you ignore polls we don’t like, health care reform is only marginally unpopular
Saturday, March 13th, 2010
Washington Examiner
In Saturday’s Washington Post, Joel Benenson, lead pollster for the White House, has published a response to an op-ed by Democratic strategists Pat Caddell and Doug Schoen, who argued Friday that the Democratic party’s “blind persistence” in the “march of folly” for health care reform will lead to an “electoral rout” in November.
Not so, says Benenson. The American public is, in fact, “closely divided when it comes to supporting or opposing various health-care plans.” As proof, Benenson cites a recent Washington Post poll showing that 49 percent of those surveyed oppose the current Democratic health care proposal, while 46 percent support it. (The Post poll also found that 60 percent say the Democratic plan is too complicated, 59 percent say it’s too expensive, and 74 percent say they trust their insurance company to handle their claims fairly — but never mind.)
Benenson says the Post results are reliable because they are “consistent with eight of the 12 most recent independent public polls reported on Pollster.com.” Which leads to a question: You’re looking at the last dozen polls on something. Why throw four of them out? And even then, do the remaining eight polls really support your case?
The answer is no. If you look at the 12 most recent independent polls on Pollster.com, you’ll find every one of them shows that more people oppose health care reform than support it, and most of the polls show a significantly wider margin of opposition than Benenson suggests.
Tags: Barack Obama, Congress, Election 2010, Houston Voters, national healthcare
Posted in National Issues | No Comments »
The Obama Moratorium: No offshore drilling while he’s in office
Friday, March 12th, 2010
Washington Examiner
Local Opinion Editor
03/10/10 1:19 PM EST
The Obama administration’s six-month delay in approving new offshore drilling leases in federal waters will become a new three-year ban, Interior Secretary Ken Salazar quietly told reporters last Friday. Which means that no new oil and gas leases will be approved during President Obama’s term even though two –thirds of the American public supports such activity, according to a December 2009 Rasmussen poll.
Sixty percent also believe that gas and oil prices will drop if the government allows offshore drilling, opening up an estimate 14 billion barrels of oil and 55 trillion cubic feet of natural gas
On July 14, 2008 President George W. Bush lifted an executive ban on Outer Continental Shelf leasing. On October 1, 2008, in a bipartisan agreement, Congress lifted another longstanding ban on new oil and gas leasing in the OCS.
Drilling was supposed to begin this July. But Salazar said he intends to discard the 2010-2015 lease plan developed by the Bush administration in favor of a new plan that won’t even go into effect until 2012.
“Secretary Salazar has finally confirmed what had long been feared – that the Obama Administration has no intention of opening up new areas for offshore drilling during his four-years in office,” said Rep. Doc Hastings, the ranking Republican on the House Natural Resources Committee.
So for the next three years and probably more, trillions of dollars in domestic energy assets will remain untouched while billions of dollars more are spent on foreign oil.
Tags: Barack Obama, Congress, Election 2010, Energy Policy, government control, Houston Voters, National Security, unemployment
Posted in National Issues, The U.S. Government | No Comments »
Obama’s Communist Gun-Free America Plan
Friday, March 12th, 2010
Dear Concerned American,
The great pay-back has begun, and it’s going to be ugly.
The gun grabbers in Congress are paying back the anti-gun extremists who put them and Barack Obama in office.Hi, this is Congressman Paul Broun from Georgia.
I wish I had better news, but you and I are facing an assault on our gun rights like we’ve never seen before.
You see, H.R. 45 is Barack Obama’s gun control package, and it includes the most vile anti-gun measures he’s supported over the years.
It’s only the first step……but it’s a HUGE step.H.R. 45 establishes a NATIONAL gun registry database of every gun and its owner — for the whole county!
Your private information and every gun you own would be in the system.But that’s only if you succeed in buying a gun in the first place!
And since H.R. 45 dramatically increases requirements for firearms purchases far beyond those ever proposed, you just might find youself incapable of buying a firearm once this bill takes effect.And it gets worse too.
The National Association for Gun Rights has a survey ready for you to complete, but I want you to understand just how dangerous this bill is before I give you the link.
Please bear with me for a moment.You see, H.R. 45 would establish a national gun registry database which would:Increase requirements for firearms purchases, far beyond those ever proposed.
Create a national firearms registry overseen by the Federal Government.
Invoke Draconian penalties for bookkeeping errors related to the Federal Firearms Database.
It gets worse though. Sarah Brady and her allies in Congress want to force you to take a written exam to prove that you are “fit” to exercise your Constitutionally protected right to keep and bear arms. I’m outraged by this, and I know you are too. I’m sure I don’t have to tell you that gun registration has historically laid the groundwork for total firearm confiscation.
Citizen disarmament is the watchword of tyrants everywhere.In fact, the most brutal dictators of the last century were famous for their gun registration and confiscation schemes.
But H.R. 45, Obama’s National Gun Registry and Citizen Disarmament Act, is more than just a forced registration of all firearms in America.The bill also makes it increasingly difficult to buy a gun in the first place.Taken right out of Sarah Brady’s Christmas wish list, H.R. 45 includes a laundry list of new restrictions on firearms purchases.In addition to the outrageous national gun registration requirement, H.R. 45 also requires you to:Pass a written examination to purchase a firearm.
Release your medical records — including confidential mental health records — to the government to get your “fitness” to own a firearm approved.
Observe a two-day waiting period before all firearms purchases.Pay a gun tax of $25 or more on all firearm purchases.Moreover, H.R. 45 bans all private firearms sales and maximizes penalties for minor clerical errors in dealing with the national gun registry.
Tags: Barack Obama, Congress, Election 2010, government control, Houston Voters, Second Amendment
Posted in National Issues, The U.S. Government | No Comments »
48 out of 50 States Have Lost Jobs Since Democrats’ Stimulus Passed
Friday, March 12th, 2010
Committee On Ways & Means Republicans Ranking Member, Dave Camp
Friday, March 12, 2010
While the White House claims their stimulus bill “has already created or saved up to 2 million jobs,” the table below compares the White House’s original projections of state-by-state job creation with the actual change in state payroll employment through January 2010, using the latest data from the U.S. Department of Labor. Only North Dakota, Alaska and the District of Columbia have seen net job creation since stimulus, and even those levels fall far short of what the White House forecast.
To see how the Democrats’ stimulus has failed your state, see the table below.
| State |
Administration Claims of Change in Jobs Through December 2010 |
Actual Change in Jobs Through January 2010 |
| Alabama | +52,000 | -67,800 |
| Alaska | +8,000 | +2,200 |
| Arizona | +70,000 | -104,600 |
| Arkansas | +31,000 | -22,300 |
| California | +396,000 | -558,800 |
| Colorado | +59,000 | -83,500 |
| Connecticut | +41,000 | -45,200 |
| Delaware | +11,000 | -12,500 |
| District of Columbia | +12,000 | +4,800 |
| Florida | +206,000 | -240,400 |
| Georgia | +106,000 | -131,000 |
| Hawaii | +15,000 | -15,500 |
| Idaho | +17,000 | -18,400 |
| Illinois | +148,000 | -188,600 |
| Indiana | +75,000 | -81,600 |
| Iowa | +37,000 | -36,000 |
| Kansas | +33,000 | -47,700 |
| Kentucky | +48,000 | -32,100 |
| Louisiana | +50,000 | -40,900 |
| Maine | +15,000 | -13,500 |
| Maryland | +66,000 | -53,200 |
| Massachusetts | +79,000 | -81,000 |
| Michigan | +109,000 | -96,200 |
| Minnesota | +66,000 | -60,500 |
| Mississippi | +30,000 | -28,400 |
| Missouri | +69,000 | -71,900 |
| Montana | +11,000 | -8,800 |
| Nebraska | +23,000 | -19,400 |
| Nevada | +34,000 | -66,700 |
| New Hampshire | +16,000 | -5,400 |
| New Jersey | +100,000 | -85,500 |
| New Mexico | +22,000 | -20,600 |
| New York | +215,000 | -160,900 |
| North Carolina | +105,000 | -89,300 |
| North Dakota | +8,000 | +800 |
| Ohio | +133,000 | -194,800 |
| Oklahoma | +40,000 | -50,000 |
| Oregon | +44,000 | -52,000 |
| Pennsylvania | +143,000 | -126,200 |
| Rhode Island | +12,000 | -13,900 |
| South Carolina | +50,000 | -28,500 |
| South Dakota | +10,000 | -7,100 |
| Tennessee | +70,000 | -85,200 |
| Texas | +269,000 | -221,600 |
| Utah | +32,000 | -24,400 |
| Vermont | +8,000 | -4,900 |
| Virginia | +93,000 | -65,200 |
| Washington | +75,000 | -83,900 |
| West Virginia | +20,000 | -22,200 |
| Wisconsin | +70,000 | -101,800 |
| Wyoming | +8,000 | -12,600 |
Tags: Barack Obama, Congress, economy, Election 2010, government control, Houston Voters, unemployment
Posted in National Issues, The U.S. Government | No Comments »
Is Student Aid Bill Pelosi’s Ace in the Hole?
Friday, March 12th, 2010
AmSpecBlog
Subterfuge
By Philip Klein on 3.12.10 @ 2:54PM
The New York Times reports that Democrats have tentatively agreed to bundle the student loan bill (which would have the government directly lend to students and eliminate the role of private companies in federally-backed loans) into the health care reconciliation bill. Doing so could accomplish several things: 1) pass a student loan bill that can’t garner 60 votes in the Senate 2) allow Democrats to get around the requirement that the reconciliation bill would have to reduce deficits by $1 billion and 3) Potentially secure the needed votes to pass the Senate bill through the House.
The student loan bill comfortably passed the House with 253 votes, including those from 34 Democrats who voted against the health care bill. Thus, House Speaker Nancy Pelosi may be thinking that if she can induce some of those Democrats into supporting a health care bill by attaching it to something they like, it may be able to make up for whatever defections she’ll have within her caucus due to abortion or other concerns.
[When something is so bad that you have to hide it from the people, maybe you should just walk away from it.]
Tags: Congress, Houston Voters, Nancy Pelosi, national healthcare, socialized medicine, student loan bill
Posted in National Issues, The U.S. Government | No Comments »
Laura Argues That If they Have The Votes, They Would Have Voted
Friday, March 12th, 2010
Shut Up & Blog
Tags: Congress, Election 2010, Houston Voters, national healthcare, socialism, socialized medicine
Posted in National Issues, The U.S. Government | No Comments »
Dem Pollsters Stage Intervention Over Health Bill
Friday, March 12th, 2010
IBD’s Politics And Markets Blog
| By Ed Carson |
| Fri., March 12, ‘10 1:30 AM ET |
When friends fall into a spiral of self-destructive behavior, you have to try to break their delusions and set them on the right path. That’s what Patrick Caddell and Douglas Schoen are trying to do for President Obama and the Democratic Congress. The longtime pollsters warn in a Washington Post op-ed that if they don’t stop their “march of folly” on health care, Democrats face an “electoral rout in November”:
As pollsters to the past two Democratic presidents, Jimmy Carter and Bill Clinton, respectively, we feel compelled to challenge the myths that seem to be prevailing in the political discourse and to once again urge a change in course before it is too late.
Here’s the “political reality” that Democrats aren’t facing, according to the pollsters.
1. The health care bill is unpopular. That may seem blindingly obvious, but shooting up heroin with a dirty needle seems like a pretty bad idea if you’re not a junkie. Inside the Beltway and within the liberal blogosphere, health reform junkies and their enablers dismiss negative polling and insist that voters really do like their plan. Snap out of it, says Caddell and Schoen.
Nothing has been more disconcerting than to watch Democratic politicians and their media supporters deceive themselves into believing that the public favors the Democrats’ current health-care plan. Yes, most Americans believe, as we do, that real health-care reform is needed. And yes, certain proposals in the plan are supported by the public.
However, a solid majority of Americans opposes the massive health-reform plan. Four-fifths of those who oppose the plan strongly oppose it, according to Rasmussen polling this week, while only half of those who support the plan do so strongly. Many more Americans believe the legislation will worsen their health care, cost them more personally and add significantly to the national deficit.
2. The era of big government is over, again. Voters are turning sharply away from big government and government decisions. Caddell and Schoen cite polls that show Americans distrust Washington more than insurance companies and fear the government is a threat to liberty. And the health care bill is very much a part of that meme.
Since the spectacle of Christmas dealmaking to ensure passage of the Senate bill, the issue, in voters’ minds, has become less about health care than about the government and a political majority that will neither hear nor heed the will of the people.
3. Stop digging. Many liberal pundits argue that Democrats will fare better at the polls if they pass ObamaCare, a condition known as Cohn’s disease, after The New Republic’s Jonathan Cohn.
Nonsense, say Caddell and Schoen. Dems face a tough election if ObamaCare fails, but if it passes they “will face a far greater calamitous reaction at the polls.”
However, Obama and Democratic leaders show no sign of facing reality. Like an addict who still has his job and nice house, they may need to hit rock bottom before they’re ready to seek help.
Tags: Barack Obama, Congress, Houston Voters, national healthcare, socialized medicine
Posted in National Issues, The U.S. Government | No Comments »
The Democrats Won’t Talk About This Provision
Friday, March 12th, 2010
“You’ve heard about the controversies within the bill, the process about the bill, one or the other. But I don’t know if you have heard that it is legislation for the future . … We have to pass the bill so that you can find out what is in it, away from the fog of controversy.” — Speaker of the House Nancy Pelosi, March 9, 2010
Pity the Democrats. They just can’t get their message out. Not with a charismatic president (who has delivered 52 speeches on the subject), control of both houses of Congress, the gooey enthusiasm of 90 percent of the press, and more than a year of ceaseless agitation. Their efforts have been thwarted, so they imagine, by “misinformation,” “distortion” and the “special interests.” So influential are these dark forces that the leadership cannot shout over them. Speaker Pelosi must pass the grossly unpopular bill in order to get the peace and quiet she needs to explain its virtues.
In fact, on the most important variable about this legislation — cost — Americans see through the optimistic projections. Asked by Rasmussen whether the health care plan will cost more than currently estimated, 81 percent of voters said yes and 66 percent said it was “very likely” to exceed projections. Doubtless the Democrats can explain that Americans believe this only because they’ve been duped by lies and clever ad campaigns, not because 60 years of recent history demonstrate conclusively that government programs, particularly open-ended entitlements, nearly always exceed projected costs. In 1966, Medicare cost taxpayers $3 billion. The House Ways and Means Committee estimated that by 1990, we might be spending as much as $12 billion. The actual 1990 figure? $107 billion. In 1987, Congress estimated that the Medicaid DSH (disproportionate share hospital) costs would be less than $1 billion in 1992. The actual cost? $17 billion.
But since Pelosi is so eager for us to know the details, let’s indulge her. Among the specifications of the House bill that passed last November are several sections that mandate racial and ethnic quotas for medical schools and other federal contractors. As Allan Favish reported in The American Thinker, the bill specifies that the secretary of Health and Human Services, “In awarding grants or contracts under this section … shall give preference to entities that have a demonstrated record of … training individuals who are from underrepresented minority groups or disadvantaged backgrounds.”
This, along with other provisions, is broad enough to cover every medical, nursing, dental school and teaching hospital in the country and guarantees the institutionalization of racial, sex, and ethnic quotas in perpetuity (though the use of the word “underrepresented” before “minority” ensures that the quotas will not apply to Asians or Jews).
The rationale for quotas, insofar as there is one, is that African-Americans and Hispanics have, on average, poorer health than other groups. Liberals assume that these disparities are the result of discrimination or lack of access to health care rather than other factors like poverty, eating habits, heredity, and fitness. If medical and dental schools are required to admit more minority applicants, newly minted minority professionals will tend to those “underserved” populations.
Of course, medical and dental schools have been practicing affirmative action for decades, but they’ve had trouble recruiting large numbers of minorities. Part of the problem is that African-Americans do not tend to gravitate to math and science (the solution to which is to be found in families and schools). Still, for the past few decades, less-qualified minorities have been offered spots in medical schools, with the result that: 1) Those minority professionals who would have qualified without affirmative action bear a stigma, and 2) less-qualified minorities fail licensing exams at much higher rates than their classmates. Is it a service to the African-American or Hispanic communities to provide physicians and dentists who are less capable than others? Will it improve health outcomes to be treated by less-qualified professionals?
President Obama asked this week whether anyone could oppose “holding insurance companies accountable,” and “bringing down costs for everyone.” Funny, he doesn’t ask whether we object to this: a provision on “maintaining, collecting and presenting federal data on race and ethnicity,” in order to “facilitate and coordinate identification and monitoring … of health disparities to inform program and policy efforts to reduce such disparities.” That’s an engraved invitation to social engineering.
But then, even to mention it is probably contributing to the “fog of controversy.”
Tags: Barack Obama, Congress, economy, Election 2010, Houston Voters, national healthcare, Social Security
Posted in National Issues, The U.S. Government | No Comments »
Williams with Sowell – Government-Run Health Care
Thursday, March 11th, 2010
LibertyPen — November 01, 2009 — Economics professors Walter E Williams and Thomas Sowell discuss what citizens can expect from government-run health care. http://www.libertypen.com
Tags: Barack Obama, Congress, economy, Election 2010, government control, national healthcare, socialized medicine
Posted in National Issues, The U.S. Government | No Comments »
John Stossel – Fat Politics
Thursday, March 11th, 2010
LibertyPen — March 09, 2010 — John Stossel discusses what is really behind the “obesity epidemic” with J. Eric Oliver, author of “Fat Politics.” http://www.LibertyPen.com
Tags: Barack Obama, Congress, Election 2010, government control, socialism
Posted in The U.S. Government | No Comments »

