ECON 101

August 26, 2009

Whatever else President Obama has hidden in his transcripts, ABC’s John Stossel makes it clear he never took basic economics:

Debate Shows How Little Obama Understands

“Choice, competition, reducing costs — those are the things that I want to see accomplished in this health reform bill,” President Obama told talk-show host Michael Smerconish last week.

Choice and competition would be good. They would indeed reduce costs. If only the president meant it. Or understood it.

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In a free market, a business that is complacent about costs learns that its prices are too high when it sees lower-cost competitors winning over its customers. The market — actually, the consumer — holds businesses accountable and keeps them honest. No “public option” is needed.

So the hope for reducing medical costs indeed lies in competition and choice. Today competition is squelched by government regulation and privilege.

But Obama’s so-called reforms would not create real competition and choice. They would prohibit it.

Read the rest. John McCain claimed he was no expert in economics, but I think even he understood this.

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More about the Lion of the Senate

August 26, 2009

Not only was Ted Kennedy the kind of man who would leave a woman to die, not only was he a drunk and a sexual harasser, but he was also a self-serving, disloyal bastard who offered to work with the Soviets against the sitting President of the United States.

This is the man whom the congressional Democrats and the media wish to honor.

No surprise. It’s in a line with their behavior during the Iraq War, too.  Waiting

Bah.

LINKS: Hot Air has more.


The Pelosi-Obama deficits

August 26, 2009

Forwarded by a reader, this Wall St. Journal editorial provides a very clear summary of the administration’s deficit and spending binge and the fantasies on which it’s based:

Earlier this year when President Obama was selling his first budget blueprint, he promised to end years of “borrow and spend” budgeting. Yesterday, reality struck.

Mr. Obama’s White House and the Congressional Budget Office told us that current U.S. fiscal policy is “borrow and spend” on a hyperlink. The good news is the deficit for 2009 will be “only” $1.58 trillion, about $250 billion lower than expected thanks to less need for TARP funds. But the Obama fiscal plan envisions $9 trillion in new borrowing over the next decade, which is $2 trillion more debt than the White House predicted earlier this year. The 2010 deficit also rises by about as much as the 2009 deficit falls from January, so even the TARP windfall gets spent.

We’ve never fretted over budget deficits, at least if they finance tax cuts to promote growth or spending to win a war. But these deficit estimates are driven entirely by more domestic spending and already assume huge new tax increases. CBO predicts that debt held by the public as a share of GDP, which was 40.8% in 2008, will rise to 67.8% in 2019—and then keep climbing after that. CBO says this is “unsustainable,” but even this forecast may be optimistic.

The Journal’s editors are being kind to use the word “optimistic.” The more fair description is “delusional.” The progressive’s “plan” to control the deficit assumes Congress will hold spending to just the rate of inflation for the next 10 years – here’s a bipartisan reality check. Even funnier are the progressives’ assumption that crashing federal revenues will not just recover, but reach historic highs, sort of like running your credit cards to the max on the assumption you’re going to get that big raise. And the economic growth they’re counting on to provide those revenues is sure to be crippled thanks to the taxes imposed by their health-care reform plans and cap-and-trade scheme.

Whatever they’re smoking, I want some of it.

As I’ve said before, there are only three ways to pay for the deficits the Democrats are running (and growing): borrowing from overseas, leaving future generations saddled with the debt and its interest (think credit cards, again); printing money, which inevitably will cause high inflation and make creditors angry as their debt becomes worth less – and thus less likely to loan more; or raising taxes on everyone to massive levels, thus breaking another of the Lightworker’s promises and again crippling economic recovery.

And, let’s face it, they’ll probably come up with a combination of all three.

November, 2010, can’t get here fast enough.  Praying


When are bonuses not evil?

August 26, 2009

When Congress decides to pay retention bonuses to its own staff, of course.

That’s different, you see.


The narrative is the story

August 26, 2009

Bill Whittle at Big hollywood asks a darned good question: Why is Rodney King famous and Kenneth Gladney unknown?

Here’s a better question: If Kenneth Gladney — a black American who was beaten when he went to protest ObamaCare — had been there instead to support President Obama and had been beaten up and called a nigger by Anti-Obama town hall protesters…

…Well, does anyone doubt he would have been as famous as Rodney King? Why is Kenneth Gladney ignored? And why did a black patriot who showed up in opposition to ObamaCare with an AR-15 have his face and hands edited out of the video that MSNBC used to create the belief that wild white mobs, enraged at the very idea of a black man in the White House, were waiting outside to lynch the “President of Color?”

The example of these two black patriots flies dead in the face of The Narrative. Well, what is “the Narrative?”

To find out the answer and see a related video, be sure to read the rest.


Ted Kennedy is dead

August 26, 2009

He passed away last night from brain cancer:

Sen. Ted Kennedy died shortly before midnight Tuesday at his home in Hyannis Port, Mass., at age 77.

The man known as the “liberal lion of the Senate” had fought a more than year-long battle with brain cancer, and according to his son had lived longer with the disease than his doctors expected him to.

“We’ve lost the irreplaceable center of our family and joyous light in our lives, but the inspiration of his faith, optimism, and perseverance will live on in our hearts forever,” the Kennedy family said in a statement. “He loved this country and devoted his life to serving it.”

While my sympathies go out to his family and those who cared for him, it’s hard for me to feel anything but contempt for the man, for he never admitted guilt nor ever paid for leaving Mary Jo Kopechne to die in a Chappaquiddick estuary. Any accomplishment he may ever have had is blighted by that.

Maybe now he’ll finally have to answer for it.

(via Tigerhawk)

LINKS: RS McCain shows no restraint. Power Line looks at his role in the smearing of Judge Bork and its effect on American political culture. More at Hot Air, Baseball Crank, and Sister Toldjah.

UPDATE: I linked to Crank’s post above -do read it- but I wanted to excerpt a portion because of the lesson it teaches that Barack Obama should have learned:

Kennedy’s career could have been a cautionary tale for our current president, who might not have found himself in quite the fix he is in at the moment if he’d followed Ted’s example, bided his years, spent more time in the trenches doing the unglamorous work of legislating and taking the hard punches that must be taken to sell the product to the public, learning how the system works, why it works and who makes it work. Most of the changes Ted Kennedy made in this nation over his career were change for the worst – but he did, over time, make real change because he worked at it instead of just saying the word “change” and hoping it would be so.

Ouch!  Feeling beat up