Category Archives: Budget

Budget, Econ, Jobs, Obama, True Talking Points

766,000 More Women Unemployed Today Than When Obama Took Office

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Be sure to see our previous post about labor participation rates.

CNS News: 

(CNSNews.com) – The number of American women who are unemployed was 766,000 individuals greater in May 2012 than in January 2009, when President Barack Obama took office, according to data released today by the Bureau of Labor Statistics.

In January 2009, there were approximately 5,005,000 unemployed women in the United States, according to BLS. In May 2012, there were 5,771,000.

The BLS derives its employment statistics from an overall number it calls the civilian non-institutional population. This includes all Americans 16 or over who are not on active duty in the military and who are not in an institution such as a prison, mental hospital or nursing home. From this civilian non-institutional population, BLS determines a subset it calls the civilian labor force, which includes all members of the civilian non-institutional population who are either employed or have made specific efforts to find work in the past four weeks. People who are not employed and who have not sought work in the past four weeks are considered by the BLS to have dropped out of the labor force.

Unemployed people are those who are in the labor force but do not have a job—despite having looked for one in the past four weeks. The unemployment rate is the percentage of the overall civilian labor force that does not have a job—that is, who have sought a job in the past four weeks and not found one.

In January 2009, according to BLS, the unemployment rate for American women was 7.0 percent. In May 2012, it was 7.9 percent.

When Obama took office in January 2009, the female civilian non-institutional population was 121,166,000. In May 2012, it hit 125,788,000—an increase of 4,622,000 since January 2012.

However, at the same time the female civilian non-institutional population was increasing, the percentage participating in the labor force was declining—following a long-term trend. In January 2009, 59.4 percent of women participated in the labor force, while in May 2012 it was 57.8.

May’s 57.8 percent female participation rate in the labor force was up from April’s rate of 57.6 percent—but that level (57.6 percent) was the lowest it had been since March 1993.Female participation in the labor force peaked at 60.3 percent in April 2000. The last time it was above 60 percent was March 2001, when it hit 60.2 percent.

Despite the increase in the female non-institutional population over the past three years, the actual number of women employed in the United States in May 2012 was about 83,000 lower than it was in January 2009. In January 2009, there were 66,969,000 women employed in the United States and in May 2012 there were 66,886,000.

The number of women employed in the United States peaked at 68,102,000 in April 2008, according to BLS.  The number of women employed in the United States today is 1,216,000 less than that.

Budget, Econ, Obama, True Talking Points

America Lost 129,000 Millionaires in 2011. How Much of Their Lost Money Did You Get?

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Case in point, government is not nearly as good at redistributing wealth as they are at destroying it.

How much of their wealth did you get?

CNBC:

America’s millionaire population declined last year for the first time since the financial crisis, according to a new report.

The population of U.S. millionaire households (households with investible assets of $1 million or more) fell to 5,134,000 from 5,263,000 in 2011, according to The Boston Consulting Group’s Global Wealth study.

Total private wealth in North America fell by 0.9 percent, to $38 trillion.

The ultra-rich were the largest losers in dollar terms. Households in North America with investible assets of more than $100 million saw their wealth decline 2.4 percent. Their population declined slightly to 2,928 from 2,989.

2012 Primary, Budget, Econ, Europe, Sweden, Taxes, True Talking Points

Sweden turns to Reagan’s economic reforms and it’s working

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UPDATE – Sweden to lower corporate tax rate to attract new business and investment – LINK

Investors Business Daily: 

Economics: The president (Obama) has been accused of seeking to turn the U.S. into an Americanized Western European welfare state. If he insists on imitating one particular model, we suggest he follow the Swedish paradigm.

Sweden has a reputation as the prototypical cradle-to-grave socialist European nation, and the political left has long yearned for America to be more like the Scandinavian nation.

But it’s looking through a smudged window. With little notice, Sweden has changed.

The turnaround has been driven in no small part by the election of Fredrik Reinfeldt as prime minister in 2006. He took office in October of that year and by January of 2007, tax-cutting had begun. The Reinfeldt government also cut welfare spending — a form of austerity — and began to deregulate the economy.

That doesn’t sound like the Sweden that American Democrats hold up as the standard.

But as Finance Minister Anders Borg told the Spectator, the Reinfeldt government was simply continuing the last 20 years of reform.

Far from hurting Sweden’s economy, the changes have improved it. And they’ll likely help to protect it from the 0.3% economic decline now forecast for the euro zone in 2012.

Sweden fell into recession in 2008 and 2009, as did many developed nations. But it’s pulled strongly out of the decline, posting GDP gains of 6.1% in 2010 and 3.9% last year, when it ranked at the top in Europe’s list of fastest-growing economies.

U.S. growth over those same two years under Barack Obama’s Keynesian stewardship? It was less than half of Sweden’s — 3% in 2010 and an anemic 1.7% in 2011.

While the U.S. continues to struggle with its jobs problem — unemployment is at 8.1% here — Sweden’s jobless rate has fallen to 7.5%.

Not perfect, but 7.5% is far below the euro zone average of 10.2% and significantly lower than the rates in Spain (21.7%), Portugal (12.9%) and the United Kingdom (8%), countries that Borg noted were “were arguing for large temporary stimulus.”

Under Borg, Sweden handled the downturn in the most un-European way. “While most countries in Europe borrowed massively, Borg did not. Since becoming Sweden’s finance minister, his mission has been to pare back government. His ‘stimulus’ was a permanent tax cut,” Fraser Nelson wrote last month in the Spectator.

Borg strongly opposed the Keynesian solution, which the left continues to advance while it inveighs against an austerity that has yet to be implemented.

He also refused to resort to the trickery of a stimulus, instead cutting the taxes that he knew were hindering entrepreneurs from giving the economy the kick it needed.

The country needed innovators and capitalists — “the source of job creation,” says Borg — and he did what he had to, to attract new ones and to keep those already there from leaving.

During Sweden’s decline into a welfare state, it became, as Borg told the Spectator, “a textbook case of European economic sclerosis” punished by “very high taxes and huge regulatory burden.”

That lasted until the 1990s, when the nation realized it had to return to the market policies that had made it rich prior to the onset of its cradle-to-grave coddling.

How much further can Borg and Reinfeldt take their reforms? Will voters ask them to come back and complete the job?

After all, it’s not over. Though it continues to fall, Sweden’s government debt as a share of GDP is still too high at 38.4%. And while it’s dipped below 45% for the first time in decades, the country’s tax-to-GDP ratio is still far too steep.

Despite this unfinished business, Sweden is still moving in the right direction.

2012 Primary, Budget, Econ, Obama, Social Security, True Talking Points

USA Today: Real 2011 Deficit $5 Trillion

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And that is not the debt folks, that is one years deficit spending.

USA Today:

The typical American household would have paid nearly all of its income in taxes last year to balance the budget if the government used standard accounting rules to compute the deficit, a USA TODAY analysis finds.

Under those accounting practices, the government ran red ink last year equal to $42,054 per household — nearly four times the official number reported under unique rules set by Congress.

A U.S. household’s median income is $49,445, the Census reports.

The big difference between the official deficit and standard accounting: Congress exempts itself from including the cost of promised retirement benefits. Yet companies, states and local governments must include retirement commitments in financial statements, as required by federal law and private boards that set accounting rules.

The deficit was $5 trillion last year under those rules. The official number was $1.3 trillion. Liabilities for Social Security, Medicare and other retirement programs rose by $3.7 trillion in 2011, according to government actuaries, but the amount was not registered on the government’s books.

Deficits are a major issue in this year’s presidential campaign, but USA TODAY has calculated federal finances under accounting rules since 2004 and found no correlation between fluctuations in the deficit and which party ran Congress or the White House.

Key findings:

• Social Security had the biggest financial slide. The government would need $22.2 trillion today, set aside and earning interest, to cover benefits promised to current workers and retirees beyond what taxes will cover. That’s $9.5 trillion more than was needed in 2004.

• Deficits from 2004 to 2011 would be six times the official total of $5.6 trillion reported.

• Federal debt and retiree commitments equal $561,254 per household. By contrast, an average household owes a combined $116,057 for mortgages, car loans and other debts.

“By law, the federal government can’t tell the truth,” says accountant Sheila Weinberg of the Chicago-based Institute for Truth in Accounting.

Jim Horney, a former Senate budget staff expert now at the liberal Center on Budget and Policy Priorities, says retirement programs should not count as part of the deficit because, unlike a business, Congress can change what it owes by cutting benefits or lifting taxes.

“It’s not easy, but it can be done. Retirement programs are not legal obligations,” he says.

2012 Primary, Budget, True Talking Points

MITCH DANIELS: TOLL ROAD MYTH AND TRUTH

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Governor Mitch Daniels:

Myth: We sold a state asset.

Truth: We didn’t sell anything to anyone. The state still owns the Toll Road and always will. It is merely being operated under contract, strictly regulated as to prices and service levels, just as many public utilities are across the state. The contract provides for more lanes, electronic tolling, more State Police coverage, better facilities and service than political management delivered. If the contract’s performance standards are not met, the state can cancel the lease and resume direct management.
In fact, this myth has it exactly backwards. Because of the transaction, Indiana became not a seller but a huge buyer of assets. We will buy $4 billion of additional public infrastructure to leave to future generations, all without a penny of new taxes or borrowing.

Myth: We got benefits in the short term but give up money in the long term

Truth: What money? The Toll Road was losing money. The U.S DOT reported that “The ITR was an underperforming asset that consistently lost money – the ITR lost money in three of the last five years it was publicly operated and in 2005, the ITR lost $16 million.” Over the entire 50-year previous history of the Road, a total of $130 million was generated for other purposes. The Major Moves Trust Fund now receives more than that in interest alone.

Myth: The deal wasn’t fair to the seven Toll Road counties.

Truth: Major Moves brought a bonanza to the Toll Road counties. In cash and new projects, the counties received $ 11 for every dollar they got in the 50 years of political management. For Lake County, Major Moves provided more than 5 times as much as the previous 50-year total and for Porter County, Major Moves provided more than 15 times as much as the previous 50-year total. In addition, other proceeds are being used to subsidize passenger car tolls, keeping them where they were in 1985. Indiana Toll Road tolls are among the lowest of any toll road in America. Besides, two-thirds of all tolls are paid by out-of –state vehicles.

Myth: Indiana didn’t receive a good price.

Truth: Indiana got a great price. The $3.8billion payment has already made over two times more for the State in interest than the Toll Road invested in communities during its 50 year history. Indiana’s largest public accounting firm, Crowe Chizek of South Bend, analyzed the Toll Road financial statements and found the $3.8 B to be at least $2 billion more than what the State could possibly have generated on its own, through higher tolls and borrowing. Scholars and publications throughout the world have further validated that this was a great deal for Hoosiers.

Myth: If the contractor could make a profit, the state could have done just as well.

Truth: For 50 years of politicians running it, the Toll Road barely broke even, owing hundreds of millions in debt. How much proof did we need? Through Major Moves, the state has locked in and pocketed a certain profit, a huge one. Whether the contractor and its investors will ever get their money back or not will not be known for many years. So far they have reported a loss of more than $270 million dollars. The risk of lost dollars has been shifted from Hoosier taxpayers to the investors. And, if the investors ever do make a profit they will pay taxes to the state, unlike the previous government management.

Myth: After 10 years, the money will all be gone.

Truth: Gone? It will be invested in roads, rail and bridges, hard public assets that will improve life in Indiana and strengthen the Indiana economy for generations to come. Without Major Moves, Hoosiers in northern Indiana would have waited decades more for overdue roads like I-80, I-94, US 6, US 41, SR 2 and SR 49 while politicians mismanaged the Toll Road and continued making promises they had no way to pay for and no intention of ever keeping. Moreover, $500 million of the proceeds are in permanent trust for future generations.

Myth: Our tolls now go to “foreigners.”

Truth: The only people receiving funds from the Toll Road are the Hoosiers who work there, and those investors in the partnership who paid for the lease. The list of investors is led by American workers’ pension funds such as Mid-Atlantic Regional Council of Carpenters, Midwest Operating Engineers, Painters Union of St. Louis, and Baylor University, as well as U.S. financial institutions like Northwestern Mutual Life on behalf of their depositors and shareholders.

Myth: There must have been some other way to accomplish all this.

Truth: Yes, there was. We could have tripled the gas tax. In the two years since the transaction, 32 states have actually raised their gas taxes, desperately trying to keep up with their infrastructure needs. Indiana hasn’t, and won’t have to. The only choices Indiana had were to simply forget about building the roads Hoosiers need and have been promised, drastically raise the price of gasoline that is already far too expensive, or find a new and creative answer.

And so we did. And that’s the truth.

2012 Primary, Budget, Obama, True Talking Points

Senate Unanimously Rejects Obama’s Budget Again

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The Hill:

A budget resolution based on President Obama’s 2013 budget failed to get any votes in the Senate on Wednesday.

In a 99-0 vote, all of the senators present rejected the president’s blueprint.

It’s the second year in a row the Senate has voted down Obama’s budget.

Obama’s 2012 budget failed 97 to 0 last May after Obama himself last April said he wanted deeper deficit cuts.

The House earlier this year unanimously rejected Obama’s budget.

Read the rest HERE.

2012 Primary, Budget, Obama, True Talking Points

Federal workers raking in millions in bonuses…

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Related: 77,000 federal workers paid more than governors – LINK

Fox News:

A new in-depth database of federal worker salaries shows the government paid out a whopping $105 billion in salaries last year for most of its civilian workforce — to boot, the workers got $439 million in bonuses.

The information, which was obtained and number-crunched by The Asbury Park Press through a Freedom of Information Act request, challenges the old notion that government workers trade high salaries for job security and benefits.

In fact, many workers get all those things.

“They get better pay and they especially get better benefits,” said James Sherk, senior policy analyst with the conservative Heritage Foundation.

The database, which is now online, allows users to enter a federal worker’s name and their department, and then look up their salary information. The trove covers about 70 percent of federal workers, with some eye-opening results.

The average salary, for instance, for New Jersey’s federal employees was $83,749. Many senior executives throughout the federal government make a six-figure salary.
Read more: http://www.foxnews.com/politics/2012/05/16/federal-workers-raking-in-millions-in-bonuses-new-database-shows

2012 Primary, Budget, Obama, Stuck on Stupid, True Talking Points

NBC: Stimulus Dollars Fund Crazed Sex Studies

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You paid for it…..

NBC:

The NBC Investigative Unit has raised questions about two grants totaling nearly $1.5 million dollars distributed to the University of California San Francisco. The money was part of the federal stimulus program and went to studies into the erectile dysfunction of overweight middle aged men and the accurate reporting of someone’s sexual history.

This is part of our ongoing series of investigations by the NBC Bay Area Investigative Unit into who received federal stimulus dollars, and why some projects did not break ground more than two years after receiving the grant.

The Investigative Unit looked closely at the federal government’s decision to spend nearly $1.5 million dollars of taxpayer money, money that came to California. Grant number 1R01HD056950-01A2 was among the thousands of grants funded, receiving $1.2 million dollars. This grant studied how to improve the accuracy of how people responded to questions about their sexual history.

“If you honestly report on your sexual activity and number of partners?” Scott Amey with asked with a sigh. “That’s a good one.”

2012 Primary, Budget, Econ, Obama, True Talking Points, West

Initial Jobless Claims Still Hover Around 400,000 Per Week!

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Some recovery. Initial claims for unemployment have been between 380,000 and 415,000 (that is 400k lost jobs per week) every time we have checked for three years now. Democrats called the George W. Bush recovery a “jobless recovery” even when unemployment dropped well below unemployment under President Clinton.

Bloomberg News – More Americans Than Projected Filed Jobless Claims Last Week

CNBC – Jobless Claims Stay Elevated as Labor Market Gains Stall

UPDATE: US Economic Growth Slows to 2.2% – LINK

Congressman Allen West comments:

For those who continue to complain that “We the People”, mainly conservatives, are cutting government too much, this should put everything into perspective. I know liberal progressives dislike me because we promulgate the truth which for them is like sunlight on a vampire. America, we are becoming a socialist egalitarian welfare nanny state and hardworking American taxpayers are on the road to Serfdom.

2012 Primary, Budget, Econ, Obama, True Talking Points

5.4 Million Join Disability Rolls Under Obama

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See our previous post – Food Stamp Spending Doubled Since 2008. Welfare Spending Nearing $1 Trillion a Year – LINK. 

How do and a half million people become disabled since the election of a president?

This cannot be simply chalked up to the wars because the Afghan and Iraq wars have resulted in 35,000 wounded. They might not even be a part of this number as those on VA disability are often counted separately. Perhaps we can estimate that 50,000 have PTSD and need mental health services.

But let us face the music shall we? Much of this is due to the Democrat’s repeal of the very successful Gingrich/Clinton Welfare Reform Law. Welfare Reform’s repeal was buried in the Obama Stimulus Bill.

Think of how much harder it is for people who are genuinely disabled to get care.

IBD:

A record 5.4 million workers and their dependents have signed up to collect federal disability checks since President Obama took office, according to the latest official government data, as discouraged workers increasingly give up looking for jobs and take advantage of the federal program.

This is straining already-stretched government finances while posing a long-term economic threat by creating an ever-growing pool of permanently dependent working-age Americans.

Since the recession ended in June 2009, the number of new enrollees to Social Security’s disability insurance program is twice the job growth figure. (See nearby chart.) In just the first four months of this year, 539,000 joined the disability rolls and more than 725,000 put in applications.

As a result, by April there were a total of 10.8 million people on disability, according to Social Security Administration data released this week. Even after accounting for all those who’ve left the program — about 700,000 drop out each year, mainly because they hit retirement age or died — that’s up 53% from a decade ago.

2012 Primary, Budget, Econ, Obama

Food Stamp Spending Doubled Since 2008. Welfare Spending Nearing $1 Trillion a Year

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Much of this is due to the Democrat’s repeal of the very successful Gingrich/Clinton Welfare Reform Law. Welfare Reform’s repeal was buried in the Obama Stimulus Bill.

UPDATE:  5.4 Million Join Disability Rolls Under Obama – LINK.

Heritage:

The number of Americans on food stamps (or, as it is now called, the Supplemental Nutrition Assistance Program, or SNAP) is higher than ever before, according to a new Congressional Budget Office report. Since 2007, rolls have grown by 70 percent. And participation rates are expected to increase over the next two years.

While some of the growth can be attributed to the recession, participation rates were steadily climbing prior to the recession. Since 2000, the number of Americans on food stamps has jumped by roughly 260 percent, from 17.2 million to 44.7 million in 2011.

Naturally, government spending on food stamps has also jumped, from approximately $20 billion in 2000 to a whopping $78 billion last year, a nearly 400 percent increase.

The growth in participation rates seems to be part of the federal government’s goal, as a report from the U.S. Department of Agriculture released just this month explains.

The food stamps program is just one part of an ever-expanding government welfare system that includes not only 12 food assistance welfare programs but a total of 79 federal welfare programs. These programs provide not only food assistance but cash, housing, energy and utility assistance, education services, child care, medical care, and so forth.

The total cost of these programs reached $927 billion last year. Welfare is now the fastest growing part of government spending, and despite welfare costs increasing 16-fold since the War on Poverty began in the 1960s—and total spending on cash, food, and housing assistance now twice the amount necessary to pull all Americans out of poverty—President Obama wants to spend more. Aggregate welfare costs are projected to reach over $1.5 trillion in 2022.

As Heritage senior fellow Robert Rector said last week at a House Budget Committee hearing, out of control welfare costs are contributing to “ruinous and unsustainable future budget deficits.”

Budget, Econ, Obama, Taxes, True Talking Points

New IRS Rules Prompting More to Give Up American Citizenship

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Reuters:

“‘Truth, justice, and the American way’ – it’s not enough anymore,” the comic book superhero said, after both the Iranian and American governments criticized him for joining a peaceful anti-government protest in Tehran.

Last year, almost 1,800 people followed Superman’s lead, renouncing their U.S. citizenship or handing in their Green Cards. That’s a record number since the Internal Revenue Service began publishing a list of those who renounced in 1998. It’s also almost eight times more than the number of citizens who renounced in 2008, and more than the total for 2007, 2008 and 2009 combined.

But not everyone’s motivations are as lofty as Superman’s. Many say they parted ways with America for tax reasons.

The United States is one of the only countries to tax its citizens on income earned while they’re living abroad. And just as Americans stateside must file tax returns each April – this year, the deadline is Tuesday – an estimated 6.3 million U.S. citizens living abroad brace for what they describe as an even tougher process of reporting their income and foreign accounts to the IRS. For them, the deadline is June.

The National Taxpayer Advocate’s Office, part of the IRS, released a report in December that details the difficulties of filing taxes from overseas. It cites heavy paperwork, a lack of online filing options and a dearth of local and foreign-language resources.

For those wishing to legally escape the filing requirements, the only way is to formally renounce their U.S. citizenship. Last year, IRS records show that at least 1,788 people did, and that’s likely an underestimate. The IRS publishes in the Federal Register the names of those who give up their citizenship, and some who renounced say they haven’t seen their name on the list yet.

The State Department said records it keeps differ from those published by the IRS. They indicate that renunciations have remained steady, at about 1,100 each year, said an official.

The decision by the IRS to publish the names is referred to by lawyers as “name and shame.” That’s because those who renounce are seen as willing to give up their citizenship primarily for financial reasons.

There’s also an “exit tax” for the very rich who choose to leave. During the last 25 years, a number of millionaires and billionaires have renounced their citizenship. Among them: Ted Arison, the late founder of Carnival Cruises, and Michael Dingman, a former Ford Motor Co. director.

But those of more modest means renounce, too. They say leaving America is about more than money; it’s about privacy and red tape.

Read more HERE.

UPDATE – AllGov:

According to National Taxpayer Advocate Nina E. Olson, approximately 4,000 people gave up their citizenship from fiscal year 2005 to FY 2010. Renunciations increased sharply within the past three years, from 146 in FY 2008 to 1,534 in FY 2010. And during the first two quarters of FY 2011 alone, 1,024 Americans ditched their citizenship.

The advocate’s report cites two reasons for the renunciations. First, many taxpayers abroad say they are confused “by the complex legal and reporting requirements they face and are overwhelmed by the prospect of having to comply with them.”

Second, others have accused the Internal Revenue Service (IRS) of “bait and switch” tactics, telling Americans they can resolve their unpaid taxes under an “older voluntary disclosure programs with the promise of reduced penalties, only to find themselves subjected to steeper penalties.”
According to tax attorney Andrew Mitchel, another factor has been a change of law in 2008 that means “non-U.S. citizen, nonresidents can now annually visit the U.S. for 120 or more days without becoming taxed as U.S. residents (under the pre-2008 rules, visits to the U.S. for more than 30 days during any of the 10 years following expatriation caused the individual to be treated as a U.S. resident for that year).”
2012 Primary, Budget, Obama, Pay to Play, Soros, True Talking Points

Obama Stimulus Dollars Funded George Soros Empire

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While Obama rails against the “rich” his administration funnels money to some of the wealthiest people in the world, provided of course that they are campaign donors.

George Soros
George Soros

See our George Soros category HERE.

See the report HERE (excerpt):

Newly recently released tax documents reveal how billionaire “philanthropist” George Soros expanded his U.S.-based empire by using funds from the American Recovery and Reinvestment Act of 2009, also known as the Obama stimulus. Soros and Obama worked hand-in-glove through the stimulus, which has been called the largest single partisan wealth transfer in American history.

In 2010, tax records show that Soros, a convicted inside trader with extensive knowledge of the American financial system and government policies under Obama, deployed grantees from his Open Society Foundations1 to lobby for and acquire federal contracts for job training, green energy, and community redevelopment programs.  By gaining control over those resources, Soros advanced his agenda for “green economics,” open borders, and increased government handouts. In short, he grew his empire, which includes much of the “progressive” movement in the U.S., as the federal government and Obama’s political constituencies grew in power and influence.

This report analyzes George Soros’s grants to organizations in 2010.  The records show massive coordination of non-profit networks in the states and nationally.  Four powerful organizations and coalitions — The STAR Coalition, The Gamaliel Foundation, the Apollo Alliance, and Green for All — are given detailed scrutiny in this regard, with the involvement of Van Jones getting special mention. Jones is the former Obama “Green Jobs Czar” fired after information about his communist past surfaced through the work of anti-communist blogger Trevor Loudon and then-Fox News personality Glenn Beck.  The lobbying power of such efforts ensured that stimulus funds flowed from taxpayers into union coffers and into the hands of other activists who had been instrumental in putting President Obama into office.

This report, “Obama Stimulus Dollars Funded Soros Empire,” includes an analysis of how Soros-funded organizations and networks operate, the strategies used to steer stimulus money to special interest lobbies, and an explanation of how taxpayers were forced to subsidize the “progressive” movement in the U.S. However, only Congress, with its investigative powers, can get to the bottom of how this money was spent and into whose coffers it ultimately ended up.
Read more: Obama Stimulus Dollars Funded Soros Empire | The Soros Files http://sorosfiles.com/soros/2012/04/obama-stimulus-dollars-funded-soros-empire.html#ixzz1sK89NdUu

2012 Primary, Budget, Dirty Tricks, Econ, Obama, Pay to Play, True Talking Points

Foreign Companies Flying In Foreign Workers For Stimulus Projects You Paid For…..(video)

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American firms could’t win these contracts or was someone paid? Instead of using American workers, just fly in Koreans…

I have seen this before. In the IT industry companies such as Peoplesoft and Hewlett Packard are flying in temps from India to do jobs Americans can do, but these foreign workers will work for much less.

2012 Primary, Budget, Econ, Obama, Treason, True Talking Points

Why Obama Hates Paul Ryan

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A great piece from American Spectator (excerpt):

In other words, Obama’s speech itself tells us this is all made up. Obama’s minions calculated the percentage of total spending cuts in Ryan’s budget, and then applied that same percentage to every politically sensitive line item in the budget. But as Ryan has said publicly, that is not what his budget does. The long overdue spending cuts are outlined in hundreds of pages on the House Budget Committee website.

What Ryan’s budget does is just return federal spending to its long–term, historical, postwar average at 20 percent of GDP, which prevailed for 60 years before President Obama and his runaway spending. With that manageable federal spending, America prospered as the richest and mightiest nation in the history of the planet.

But President Obama hysterically and falsely claims just doing that will lead to all of the above disastrous results, and further that “by the middle of the next century funding for the kinds of things I just mentioned would have to be cut by 95%,” which is another fabrication. Just returning to that long term, historical, postwar average of federal spending as a percent of GDP, Obama claims, is “really an attempt to impose a radical vision on our country… thinly veiled social Darwinism… antithetical to our entire history as a land of opportunity and upward mobility.” This from the long-time radical who ran on fundamentally transforming America, not restoring our history. Obama’s wild, false rhetoric is not even an honest, intelligent discussion of the budget issues.

What this means is Obama adamantly opposes restoring traditional, long-term control over federal spending, and won’t do that if reelected. Instead, on our current course under Obama and the Democrats, according to CBO, federal spending soars to 30 percent of GDP by 2027, 40 percent by 2040, 50 percent by 2060, and 80 percent by 2080. Actually, it would be higher than that, as GDP would collapse under that burden. Add in another 15 percent of GDP for state and local spending, and we are at full-blown communism.

Read the rest HERE.

Budget, Econ, Europe, True Talking Points

America’s Debt Is Greater than Entire Eurozone & U.K.’s Combined Debt

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The Weekly Standard:

US Gov vs Eurozone debt
As the chart shows, America’s debt is currently $15.1 trillion, while the Eurozone (which includes France, Germany, Greece, Italy, Spain, the U.K., and others) has a combined debt of $12.7 trillion. (All dollar amounts are in U.S. dollars, and the data refers to closing 2011 numbers.)

The Eurozone is larger than the United States, so America’s debt per capita also exceeds the Eurozone’s. According to the Census Bureau, the U.S. has a population of 313 million, whereas the Eurozone has a population in excess of 331 million.

Republican presidential candidate Mitt Romney frequently warns that the United States should not become like Greece. “We need to rein in government and unleash the extraordinary vitality and creativity of the American people,” Romney wrote in a December op-ed. “We must not wait to suffer a crisis like Greece’s or Portugal’s to right the ship of state.”

But with charts like this, that formulation might already be out of date, considering the enormity of America’s debt burden.

2012 Primary, Budget, Econ, True Talking Points

Chuck DeVore: Texas vs. California, Revisited

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An absolute MUST read from Chuck DeVore.

Chuck DeVore:

Across America, spending on local and state governments made up 19.8 percent of the average state’s economy in 2008. California spent 22.5 percent, compared with Texas’s 15.4 percent. Simply put, Californians spend 46 percent more of their income on their government than do Texans.

Comparing major categories of spending really brings home the difference.

The average state spends 5.7 percent of its economy on education. Neither California (at 5.6 percent) nor Texas (5.4 percent) deviates far from the average. But Texas stretches its spending much further, employing 17 percent more educators per capita than does California, with its strong teachers’ unions and highly paid teachers.

Welfare spending shows a shocking contrast, with California spending 5 percent of its economy on wealth-transfer programs, compared with the national average of 4.6 percent and Texas’s 3.1 percent.

California also spends more than Texas on law enforcement and prisons, 1.5 percent to 0.9 percent, as well as parks, recreation, and natural resources, 0.7 percent to 0.3 percent.

Mass transit and other state and locally run utilities constitute 1.4 percent of the average state’s economy. California spends 1.9 percent here, Texas, 1.2 percent. California’s proposed high-speed-rail system will significantly grow this outlay. By comparison, heavily urbanized New York, with its mass-transit systems and extensive network of government-run toll roads, outlays 2.2 percent of its economy towards government-run utilities.

Texas manages to spend more in one category than does California: roads. Though Texas has diverted as much as $1.2 billion from its highway fund lately, it still manages to spend 1.2 percent of its economy on highways, compared with California’s outlay of 0.9 percent. The national average is 1.1 percent. California used to spend far more on its roads, but cut back in the 1970s, the last time Jerry Brown was governor — he suggested then that if you build road and water infrastructure, they will come. California stopped building but they came anyway.

The spending category showing the largest divergence between California and Texas should come as no surprise to anyone following the impending bankruptcy of Stockton, California’s 13th-largest city: spending for government-employee benefits. Nationwide, states spend an average of 1.6 percent of their economy in this area. California spends 2.2 percent of its economy — $1,105 for every person in the state — to keep government employees comfortable in their golden years. Texas spends 0.9 percent of its economy for this purpose — $467 for each man, woman, and child in the state. While most Texas civil servants don’t have collective-bargaining rights, they experience about one-third the job-turnover rate of private employees, showing that the State of Texas is seen as a good employer.

Last month, Texas added 27,900 jobs. The official unemployment rate is 7.1 percent in Texas, compared with 8.3 percent nationally. California added 4,000 jobs and has an official unemployment rate of 10.9 percent.

 

2012 Primary, Budget, Corporatism, Energy Policy, Obama, Pay to Play

Another Department of Energy funded solar energy company goes bankrupt…

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It is the same story over and over and over… a contributor or bundler for Obama asks for a loan from the taxpayers. He gets the loan, starts or gets involved with a solar panel company, they pay themselves big money, give money to the Obama campaign or a campaign group – and then go out of business.

The story isn’t always exactly like this, but generally this is how it has worked.

Breitbart News:

On Monday, yet another Department of Energy funded solar energy company –the world’s largest solar power plant—filed for bankruptcy. Reuters reports:

Solar Trust of America LLC, which holds the development rights for the world’s largest solar power project, on Monday filed for bankruptcy protection after its majority owner began insolvency proceedings in Germany.

The Oakland-based company has held rights for the 1,000-megawatt Blythe Solar Power Project in the Southern California desert, which last April won $2.1 billion of conditional loan guarantees from the U.S. Department of Energy. It is unclear how the bankruptcy will affect that project.

The Reuters story states that the company won the loan, but as the Washington Post reported that the company turned down the loan in late September of 2011. The CEO of Solar Trust, Uwe T. Schmidt thought that the loan was “too risky”. The Obama administration was willing to loan more than two billion taxpayer dollars to a company who was unwilling to take that kind of risk. The company’s bankruptcy filings indicate they employed only nine people.

This $2.1 billion loan guarantee would have been equivalent to more than three Solyndra sized loans. Solar Trust is one of the companies Peter Schweizer mentioned in his book Throw Them All Out who were offered or received large Department of Energy loans or grants and also have ties to President Obama. Schweizer notes in his book that Citigroup Global Partners and Deutsche Bank have invested $6 billion in this project.

Until recently, the vice chair of Citigroup Global Partners was Louis Susman who sat on the National Finance Committee for Obama’s campaign in 2008. In return, Susman left Citigroup to become President Obama’s ambassador to Britain.Another partner in this project is Chevron, who favored candidate Obamaover his 2008 rival Senator McCain in campaign donations.

In addition to the offer of financial benefits this politically tied company received, Solar Trust also received regulatory benefits. The Bylthe Solar Power Project is located on federal land. While the Obama administration is decreasing development of proven energy sources like oil on federal lands, they actually fast tracked thisproject’s permitting process:

Solar Trust partnered with Chevron (NYSE: CVX) to develop the Blythe project, which is located on federal land. It and eight other projects were selected by the Bureau of Land Management for a fast-track program that reduced the time it took to get land permits.

Read more HERE.

Budget, Econ, Obama, Paul Ryan, True Talking Points

Obama’s attacks on the GOP budget proposal are surreal…..

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The Republicans are proposing real budgets and the Democrats, in violation of the Constitution, refuse to pass any budget and haven’t for three years.

This is a must see video at Real Clear Politics – LINK.

“Virtually none of the claims he makes about our budget are actually true,” Rep. Paul Ryan (R-Wis.) tells CNBC’s Larry Kudlow. “He’s distorting the truth, he’s dividing the country, and he’s becoming more bitter and partisan by the day. Frankly, it’s kind of sad to see.”

“This is surreal. Really bizarre,” Ryan told CNBC’s Larry Kudlow.

See the video HERE.

2012 Primary, Budget, Corporatism, Econ, Flashback!, Health Law, Lies, Obama, True Talking Points

CBO: OOPS Our $940 Billion Number Was Wrong – ObamaCare to cost $1.76 trillion over 10 yrs – UPDATED!

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Remember when Obama and the Democrats went on and on saying that ObamaCare would only cost $900 Billion so that it would be revenue neutral (not ad to the deficit)?

It wasn’t just this writer back in his college days who said that this number was a pipe dream. Many conservatives who ran the numbers said it would cost over $2 trillion as I reported in my college days (1, 2, 3, 4).

But it gets worse, the CBO is still underestimating the cost. Why? ObamaCare doesn’t start to spend huge money until the last phase of it’s implementation in 2014, but the new taxes are already starting to be phased in and really ramp up in 2013 just after the election. So ObamaCare is taking in money for over a year before the large expenses start incurring. If we take that into account and start the ten years in 2014, which is much more honest, the expense according to my estimates will be close to $2.3 trillion over ten years. Feel free to mark me on this readers, as I am certain others will verify this in time, as my earliest predictions about ObamaCare have been spot on so there is no reason to believe my estimate will prove to be any different (the Examiner piece below mentions the nine year issue as well).

Remember the adverse selection “death” spiral we spoke of in posts below? The longer ObamaCare goes on the more the costs will rise exponentially as that is exactly what it is designed to do. If Democrats manage to prevent an ObamaCare repeal, they know darn well they will have to replace it with a total government take over soon or the system will blow up in a short time.

Washington Examiner:

President Obama’s national health care law will cost $1.76 trillion over a decade, according to a new projection released today by the Congressional Budget Office, rather than the $940 billion forecast when it was signed into law.

Democrats employed many accounting tricks when they were pushing through the national health care legislation, the most egregious of which was to delay full implementation of the law until 2014, so it would appear cheaper under the CBO’s standard ten-year budget window and, at least on paper, meet Obama’s pledge that the legislation would cost “around $900 billion over 10 years.” When the final CBO score came out before passage, critics noted that the true 10 year cost would be far higher than advertised once projections accounted for full implementation.

Today, the CBO released new projections from 2013 extending through 2022, and the results are as critics expected: the ten-year cost of the law’s core provisions to expand health insurance coverage has now ballooned to $1.76 trillion. That’s because we now have estimates for Obamacare’s first nine years of full implementation, rather than the mere six when it was signed into law. Only next year will we get a true ten-year cost estimate, if the law isn’t overturned by the Supreme Court or repealed by then. Given that in 2022, the last year available, the gross cost of the coverage expansions are $265 billion, we’re likely looking at about $2 trillion over the first decade, or more than double what Obama advertised.

UPDATE – ObamaCare to force increases in state Medicaid programs:

Again, this is something I wrote about and you can find on my old college blog in the four links above. One of the ways that  the costs of ObamaCare was hidden is that some of it’s implementation is through unfunded mandates to state medicaid programs.

Washington Examiner:

CBO boosts its Obamacare Medicaid cost estimate

The CBO now projects that from 2012 through 2021 the federal government will spend $168 billion more on Medicaid than it expected last year, $97 billion less on subsidies for people to purchase insurance on government-run exchanges and $20 billion less on tax credits to small employers.  That works out to a $51 billion increase in the gross cost of expanding coverage from what the CBO estimated a year ago. However, the CBO also expects the federal government to collect more revenue from penalties on individuals and employers, as well as other taxes. These revenue increases will more than offset the spending increases, according to the CBO, so it now expects the cost of Obamacare during those years to be $48 billion lower.

It’s also worth noting that we were told time and again during the health care debate that the law didn’t represent a government takeover of health care. But by 2022, according to the CBO, 3 million fewer people will have health insurance through their employer, while 17 million Americans will be added to Medicaid and 22 million will be getting coverage through government-run exchanges.

Check out the full CBO report here.

2012 Primary, Budget, Econ, Obama, Treason, True Talking Points

Gov. Mitch Daniels: ‘Terrifying Rate’ at Which U.S. Debt Is Accumulating ‘Will Lead to National Ruin’

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CNSNews:

Indiana Republican Gov. Mitch Daniels said Tuesday that the size of the U.S. national debt and the rate at which the debt is accumulating will lead the United States to “ruin” — and no other outcome is mathematically possible.

“Whether one believes in a large, very active government or something more limited, mathematically, the amount of debt we already have and the terrifying rate at which it is accumulating will lead to national ruin,” Daniels said.

“There’s no other outcome arithmetically possible,” he added.

As of February 2012, according to monthly U.S. Treasury statements, our national debt is $15.48 trillion, about a $130 billion more from the month prior when the national debt was $15.35 trillion.

The Hoosier governor made his remarks in a conference call hosted by No Labels, a group of Democrats, Republicans, and independents “dedicated to making government work again.”

Daniels said that Congress has become dysfunctional in terms of dealing with our economic and fiscal situation — and picked a “lousy time” to become dysfunctional, since the United States has never faced “a non-military danger or threat as large as the one we face today.”

Daniels said that when addressing the problem of the national debt and trying to level with audiences, he usually asks them to put ideology aside for the moment and focus on the math surrounding our national debt – something he said no longer “works.”

“Look, let’s put the ideological debate off (to) tomorrow,” Daniels said. “You know, for today, can we agree that the math here does not work?”

Mathematically speaking, Daniels said, it all breaks down.

“There is absolutely no way” that cutting or taxing our way out our fiscal problems are the solutions. Instead, we need a private economy that grows much faster, and meaningful entitlement reform, Daniels said.

2012 Primary, Budget, Econ, Obama, Pay to Play, True Talking Points

Obama: Largest Wall Street Money Recipient, Hands Out Jobs to Contributors

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There are two sources for today’s story, one is a devastating piece from the normally Obama friendly Washington Post, the other is from an Iowa PAC called the American Future Fund. President Obama was the largest recipient of Wall Street cash of any presidential candidate in 20 years. While Obama was a Senator he took more money from Freddie Mac and Fannie Mae than anyone in the Senate with the exception of who many call the architect of the financial collapse Christopher Dodd.

Washington Post:

The Influence Industry: Obama gives administration jobs to some big fundraisers

Big donors considering whether to work the phones raising money for President Obama’s reelection campaign might consider the fate of his 2008 bundlers. Many of them, it turns out, won plum jobs in his administration.

Obama campaigned on what he called “the most sweeping ethics reform in history” and has frequently criticized the role of money in politics. That hasn’t stopped him from offering government jobs to some of his biggest bundlers, volunteer fundraisers who gather political contributions from other rich donors.

More than half of Obama’s 47 biggest fundraisers, those who collected at least $500,000 for his campaign, have been given administration jobs. Nine more have been appointed to presidential boards and committees.

At least 24 Obama bundlers were given posts as foreign ambassadors, including in Finland, Australia, Portugal and Luxembourg. Among them is Don Beyer, a former Virginia lieutenant governor who serves as ambassador to Switzerland and Liechtenstein.

The list goes on HERE.

 

Related:

Top 20 Industry Money Recipients This Election Cycle – Who is in the back pocket of Wall Street? – LINK.

Top All-Time Donors, 1989-2012 – Hint: Most goes to Democrats – LINK.

Wall St. Made More Money In 2.5 Years Of Obama Than 8 Years Of Bush – LINK.

Corruption You Can Believe In: Failed Sub Primes and Mortgage Fraud Lenders Funneled Money to Dodd & Obama the Most. Fannie & Freddie Gave $200 Million to Partisans-Most Went to Democrats! Dodd, Obama Among Top Recipients. Republicans Attempted to Pass Reforms-Blocked by Democrat Leadership! – LINK.

Hypocrite! Elizabeth Warren Takes Wall Street Cash! – LINK.

Corruption: Most Stimulus Funds Spent in Democrat Districts – LINK.

The taxes Democrats propose to “soak the rich” always seem to miss those who they demagogue for not paying their fair share. They have been “soaking the rich” for decades and keep missing the target. Why? – LINK.

2012 Primary, Budget, Health Law, Obama, Pay to Play, Thugs, True Talking Points

Alinsky-tied group awarded $56 million federal loan…

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…to start a non-profit health insurance company, but the group is has no experience in the insurance industry. What the group does have experience in is far left radical activism. Saul Alinsky was a 1960’s revolutionary communist activist.

More Obama pals get your money.

Like many of the “green jobs” projects that the Obama Administration has given huge loans to, this is yet another big taxpayer investment that will likely never be paid back and is instead taxpayer dollars used for Democrats political activism.  Many “green jobs” government loan recipients went out of business soon after receiving the loans, but the CEO’s of the companies were large political contributors who paid themselves large salaries and bonuses before ceasing operations.

Fox News:

A Saul Alinsky-tied group has been awarded a $56 million federal loan to start up a nonprofit health insurance company — one of several organizations across the country this week tapped to launch a new network of insurers under the sponsorship of the federal health care overhaul.

The Wisconsin group, Common Ground Healthcare Cooperative, was awarded the funding on Tuesday. According to the Department of Health and Human Services, the group is expected to provide coverage statewide within five years after starting on a smaller scale in early 2014.

But Americans for Limited Government President Bill Wilson questioned the group’s credentials — given its affiliation and lack of experience in the insurance field. 

“The indisputable fact is that Common Ground was an outgrowth of the Alinsky operation in Chicago,” Wilson said. “We’re not giving money to a group with experience in health care issues or in setting up exchanges. … We’re handing the money to people who have been trained by arguably the single most expert individual on community organizing in the last 100 years.”

Common Ground, a Milwaukee group that dates back to 2004, is an affiliate of the Alinsky-founded Industrial Areas Foundation.

2012 Primary, Budget, Culture War, Education, Mitt Romney, True Talking Points

Romney ads blast Santorum for supporting “No Child Left Behind”, but Romney supported it too (video)

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The “No Child Left Behind Act” has been a colossal failure. While the testing in the act did indeed give is a better idea of just how bad public schools are failing our children, it made the problem worse because school districts and teachers started teaching the test, and thus weren’t truly educating. This is something I have seen first hand.

Teaching is a missionary vocation. When the federal government and/or a bureaucratic and/or a union mentality is introduced that kills the missionary attitude and spirit. This is why our current public school model is failing more than it is succeeding.