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They probably misplaced a decimal point. CBO Says White House Underestimates Deficits The nonpartisan Congressional Budget Office said Friday that based on the Obama administration’s budget proposal, deficits over the next decade would be $1.2 trillion higher than the White House estimated. A preliminary analysis of the president’s budget by the CBO forecasts a $1.43 trillion deficit for [...]
I read where the government claims that because Washington D.C. was practically shut down by Snowmageddon we taxpayers were losing $100 million per day from lost productivity of federal employees. Then in an unrelated matter I see where Evan Bayh announced he will not run for re-election as senator from Indiana because the [...] This is Part III of my three part series on the state of the economy going into 2010. Part II appeared yesterday, and Part I appeared on Tuesday. This weekend I will combine the three parts into one downloadable PDF. The Consequences The Impact of Deleveraging The economy is still a mess [...] This is Part II of my three part series on the state of the economy going into 2010. Part I appeared yesterday, and Part III will appear tomorrow. This weekend I will combine the three parts into one downloadable PDF. The Importance of Debt The Fed, the Obama Administration, and a [...] This is the first report of a series of 3 reports on the state of the economy as we enter 2010. Part II will appear Wednesday, and Part III will be posted on Thursday. I have been poring over current economic data, year-end reports from various sources, and current or proposed legislation. [...] Comments on President Obama’s State of the Union Speech
I will say that President Obama is pretty good at this speech stuff. Remember last year when Professor Obama said that the adults are now in charge and we’re going to clean up the mess the kids made? This year had a much different tone. At [...] More from Cato’s Dan Mitchell on Keynesian stimulus. It is an excellent recap of the promises and failures of the current economy. I disagree with his conclusion that we are almost certain to recover in 2010. I have previously written about the phenomenon that regardless of what the Obama Administration does, economies tend to repair themselves. Evidence [...] This has been a phenomenal year for the economy. There have been major, fundamental changes that will affect our lives for many years to come. I don’t see these changes as a good thing for the short or long term. These changes are generational in that they don’t occur often and they will radically impact the [...] By Jeff Harding.
I’ve been thinking a lot about gold lately. Especially now that Nouriel Roubini has come out and trashed the noble metal (see Tyler Durden’s article). Anyone who tells you they know what’s going to happen with gold is guessing. Roubini is guessing. Roubini also makes some fundamental errors in his analysis, and [...] By Jeff Harding. The new jobs bill negotiations are apparently getting under the skin of our politicians. As reported in the Wall Street Journal Wednesday, the Republicans and Democrats were rather testy with each other during a meeting with the President. Here’s part of their exchange: Republicans pushed Mr. Obama to freeze federal spending, a plea the [...] By Jeff Harding. As my readers know, every so often I get fed up with what comes out of Washington (Our Nation’s Capital) and feel the need to vent. My recent irritation is a letter Christina Romer, the president of Obama’s Council of Economic Advisers, published in the Wall Street Journal. The letter is an apologia for the economic policies [...] By Jeff Harding. Since the biggest financial collapse in world history was built on credit related to housing, it is pretty obvious that we should be paying very close attention to that market. The reasons are complex, but a recovery must be based on the liquidation of bad debt. The sooner that happens the quicker a recovery [...] By Jeff Harding. I have all this vitriol stored up from not being able to publish for two weeks and it needs to be spewed. I just read Foreign Policy magazine’s “The FP Top 100 Global Thinkers,” and it is worthy of my bile. Of all the crap I have to read every day to get [...] By Jeff Harding. In order to understand the present state of the U.S. economy you have to understand that there are two things happening at once. For the most part they are in conflict with each other, in that one track can negatively impact the other. Lest I be accused of putting out conflicting information, there is evidence that [...] By Jeff Harding. The Obama Administration knows it didn’t “create or save” 640,000 jobs but they use the Big Lie to justify the huge waste of taxpayer dollars through the $787 billion American Reinvestment and Recovery Act of 2009. But on Friday the government says that it did: … The new data come from information tens of [...] By Jeff Harding. Check out this report on the Obama Administration’s latest gift: free golf cart! This is from the Wall Street Journal. I really can’t add much to this. We thought cash for clunkers was the ultimate waste of taxpayer money, but as usual we were too optimistic. Thanks to the federal tax credit to buy [...] |
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