Tag Archives: budget

Moving Pictures

BY RICH GALEN
Reprinted from Mullings.com

The other day, the President railed against Congressional (read: Republican) inaction on averting the sequester by giving a speech while surrounded by uniformed policemen. The picture was designed to make the point that if the automatic cuts go into effect, people across the country will lose police protection.

Back when mules were the principal form of transportation, I was a member of the City Council of Marietta, Ohio 45750. One of my committee assignments was as chairman of the Police and Fire Committee. Continue reading →

See…Seekwes…Sequestration.

BY RICH GALEN
Reprinted from Mullings.com

The latest projectile-sweat-producing event in our nation’s capital is the looming automatic cuts in the federal budget known as “sequestration.”

Sequestration is not a word we get to use every day in a sentence, most of us, but it is fun to say because we get to use the tip and the back of our tongues to say it.

According to Webster’s, sequestration is a 14th century word from the Latin sequesrare – to hand over to a trustee or some other third party. Today it is an Continue reading →

Future of US Finances

BY FRANK HILL
Reprinted from Telemachus.com

Sometimes, it is just smarter (and easier) to let people who are smarter than you explain complicated things.

Such is the case with Chuck Blahous, a long-time friend from Washington DC who is now a trustee on the Social Security and Medicare Trust Fund. We were about to plow through the CBO update on long-term economic and budget projections that came out yesterday when we saw Chuck’s summary come in our email inbox.

CBO reported that ‘deficits would fall below $1 trillion!’ for the first time in 4 years. People from the White House on down, including the President, Continue reading →

The Real Budget Battle

BY JOHN FEEHERY
Reprinted from TheFeeheryTheory.com

The real budget battle in Washington is not between Republicans and Democrats or conservatives and liberals. The real budget battle in Washington is between discretionary spending vs. entitlement spending.

What the hell does that mean?

Discretionary spending is basically money authorized and then approved each year by Congress. Entitlement spending is money that automatically Continue reading →

What’s the Mayan Word for “Cliff”?

BY RICH GALEN
Reprinted from Mullings.com

Boy, I’m good. I finished Wednesday’s column with: “Plan B might not pass, but Plan C or D, or Q will find its way to the floors of the two Chambers before December 31 and will pass.”

Plan B is not going to pass as last night the House Republican Conference…

SIDEBAR

You might have noticed over the past 14 years that I refer to the assemblage of the GOP in the House and Senate as the “Republican Conference” and the Democrats as the “Democratic Caucus.” That’s what they call themselves. Continue reading →

Plan B

BY RICH GALEN
Reprinted from Mullings.com

We’re now within 10 legislative days ’til the Fiscal Cliff – assuming the Members won’t be decking the Halls of Congress with boughs of holly on Christmas Eve and Day.

There is movement in the positions coming from either end of Pennsylvania Avenue. The President campaigned successfully on the idea of raising taxes on the wealthy – with the wealthy being defined as any family earning $250,000 or more annually. Continue reading →

President Obama on the Fiscal Cliff

BY FRANK HILL
Reprinted from Telemachus.com

For a ‘constitutional scholar’, President Obama sure doesn’t act like he knows who holds the cards in any negotiations on budget matters in Washington, DC.

Who does hold the cards?

The House of Representatives. Period. ‘All bills for raising revenue shall originate in the House’ from Article 1 of the Constitution. There are multiple Committees on Authorization and Appropriations in the House and the Senate. None in the White House. Continue reading →

Fiscal Cliff Tragedy/Comedy, Part I

BY MICHAEL S. JOHNSON

The tragedy and the comedy of the fiscal cliff negotiations are that they have little to do with the fiscal cliff.

The fiscal cliff is a relatively straight-forward collection of budget issues. But like so many other budget issues that have become the playground of ideologues, the fiscal cliff negotiations have been hijacked by a herculean clash over political dogma, a classic struggle between progressive forces dedicated to the redistribution of wealth and libertarian forces dedicated to dismantling government as we know it. Continue reading →

Capitalism

BY RICH GALEN
Reprinted from Mullings.com

With the Redskins playing the Monday night game and the Nationals still not having made a deal with their 1st baseman, Adam LaRoche, there’s not much to think about here in Our Nation’s Capital other than that pesky fiscal cliff.

Depending on what comes up in your Google search for “what will be the effect on GDP of the fiscal cliff” you get answers ranging from a drop of about 1.4 percent (NASDAQ) up to four percent (Washington Post).

Most of the guesses fall in the 3-3.5 percent range. Continue reading →

The Pledge

BY RICH GALEN
Reprinted from Mullings.com

Much was made over the weekend about cracks in Grover Norquist’s “No Tax Pledge” by Rep. Peter King and Senators Lindsay Graham (R-SC) and Saxby Chambliss (R-GA).

Before we go on, we all know there IS such a thing as the “No Tax Pledge,” but until last night as I was writing this, I had never actually read it.

Here is the operational section of the pledge as signed by hundreds of candidates for the U.S. House and U.S. Senate: I pledge that I will… Continue reading →

High vs. Low-Income Earners

BY FRANK HILL
Reprinted from Telemachus.com

Income disparity is not as big as you may think, believe it or not.

Everyone is talking about ‘taxing the rich!’, ‘redistributing the wealth!’ and ‘income inequality!’ as if it is something from a fairy tale or something. If you didn’t know better, you would think you were reading history from the French Revolution (‘Off with their heads!) or the writings of Leon Trosky and the others who brought ‘income-equality’ (as in ‘low’ income for everyone but the rulers) in Soviet Russia for almost a century. Continue reading →

Kick the Can Over the Fiscal Cliff

BY RICH GALEN
Reprinted from Mullings.com

The election wasn’t over for 48 hours before both sides started laying down their opening bids on dealing with what has become known as the “fiscal cliff.”

At its core, the “fiscal cliff” (and I’m going to stop putting it within quotes from here on) is the result of the Congress and the President (to use another phrase I wish I could excise from the political lexicon) “kicking the can down the road.” Continue reading →

Voters Understand Fiscal Cliff

BY STEVE BELL
Reprinted from the Bipartisan Policy Institute

In failing to address the foolishness of present policy, candidates make a comprehensive response less likely.

Center Forward recently released the results of a poll taken by Purple Insights, asking 1,000 likely voters how much they knew about the “fiscal cliff,” the massive increases in taxes and cuts in spending scheduled to occur within the first two days of January 2013. Continue reading →

Blue Mountains and Budget Cliffs

BY MICHAEL S. JOHNSON

WINTERGREEN, VA (Oct. 7, 2012)—The Blue Ridge Mountains are spectacular, even on a cold, overcast gray day in October. The leaves are turning color and the tranquility is sedating. Crisp 40-degree temperatures sharpen the senses, but still beckon you outdoors for slow walks and casual conversations.

Congressman Paul Ryan is here, preparing for his debate later in the week with the Vice President, jovial Joe Biden, the man who always says just a little more than he should. Continue reading →

Big Bird, Show Us The Money

BY FRANK HILL
Reprinted from Telemachus.com

‘Hey! Waddya Mean I’m Part of the 1%?’

Has anyone seen the slightly amateurish ads lately by the Obama campaign that tries to hammer Governor Romney on ‘cutting Big Bird’ out of the federal budget?

Probably not since even Big Bird and PBS have asked the Obama campaign to take them off the public airwaves.

At a time when we have 23 million un/underemployed people in this nation, gas prices spiking like Billy Idol’s peroxided hair, and the Middle East completely coming apart at the seams, the geniuses behind the Obama Phenomenon of 2008 have resorted to a childish attack on Governor Romney on a serious issue such as budget discipline behind…..Big Bird? Continue reading →

My Hypocrisy Knows No Bounds

BY FRANK HILL
Reprinted from Telemachus.com

We were somewhat amused by President Obama and his political consultant David Axelrod ‘accusing’ Mitt Romney of ‘exploding the deficit’ with his ‘$5 trillion tax plan!’

Well, they should know, shouldn’t they? President Obama and his Administration have broken the world records for the accumulation of debt over the past 4 years. They are veritable experts at ‘exploding the deficit!’

President Obama and David Axelrod accusing Mitt Romney of ‘exploding the deficit’ is like Chicago mobster Al Capone ‘accusing’ squeaky-clean G-man Eliot Ness of illegally running bootlegged liquor during Prohibition. Continue reading →

The Gathering Fiscal Storm

BY STEVE BELL

We have written about the fiscal cliff and its possible economic consequences several times in recent months. Other organizations have been more sanguine about the impact of the expiring tax cuts and large federal spending reductions that are set to occur at the beginning of January 2013.

A few days ago, the Congressional Budget Office (CBO) released its latest assessment of the fiscal cliff and the analysis bolsters our argument: Going over the cliff inevitably leads to a serious recession.

Continue reading →

Ryan Right Choice for Romney

BY RICH GALEN
Reprinted from Mullings.com

The selection of Rep. Paul Ryan to be Gov. Mitt Romney’s running mate was an excellent choice.

Nevertheless, the press corps happily bought into the Obama campaign’s early response that, as the Washington Post’s Dan Balz wrote: “There was no one on Romney’s short list of contenders they wanted to run against more than the chairman of the House Budget Committee.”

The great thing about that statement is: It would have worked no matter whom Romney had picked. In this age of everything anyone has ever said or even thought about anything being available instantaneously on-line, there is no such thing as a candidate that can’t be savaged in a 30 second ad by one SuperPAC or another. Continue reading →

America Needs to Go For a Long Run

BY JOHN FEEHERY
Reprinted from TheFeeheryTheory.com

The Long Run was one of the best albums ever produced, and I was thinking about the title song on Tuesday.

I have long believed that our federal government is far too focused on short-term thinking, and our policies are not built for the long run. And I think that most voters get that fact, which it is one of the reasons they are so frustrated with our national politicians.

Probably the best part of the President’s State of the Union speech came when he used the word “durable” to describe his vision of the American economy.

Of course, it was all bullshit, because the President has been the king of the temporary fix, but the sentiment is exactly right. Our economy needs to be built for the long run.

What does that mean? Continue reading →

What Would Founders Think?

BY STEVE BELL

All you really need to know about the state of Washington, D.C., are three facts:

A–a majority of Republicans in the Senate defeated a bill to extend the payroll tax holiday that was introduced by their own Senate Minority Leader last week;
B–President Obama has decided that the only real legislative item he wants passed is that very payroll tax holiday–not deficit reduction, not extension of unemployment benefits, not ending the expansion of the Alternative Minimum Tax into the middle class, not preventing a 27 per cent overnight reduction in payments to Medicare providers;
C–Congressional Democrats and Republicans, as well as the White House, still have not approved the basic appropriations bills necessary to keep the government operating.

To extend what should be extended will cost about $200 billion plus. The President doesn’t want to run the risk as a big taxer, so he is watching as Congress wrangles, something that has been thematic about this President–talk and watch.

Congress fears both extending the items that a weak economy needs and not extending them. This confusion puts the rotten cherry on top of the melted ice cream sundae that has been this session of Congress.

Continue reading →