BLOG POSTS under the CATEGORY: "Big Government Spending"
by LukeAmerica2020 on August 3, 2009
There are two basic aspects to the so-called “Cash for Clunkers” program. One is that the buyer receives a $4500 credit toward the purchase of a “fuel-efficient” car upon surrendering an otherwise good-running vehicle (our taxes hard at work). Then, this good-running vehicle has it’s engine destroyed so that no one can use the good-running vehicle.
This video shows a late model Volvo having its engine destroyed as per federal government regulation. (Usually the process takes about a minute, but this Volvo is resistant to destruction.)
Has the entire world flipped upside-down? Where is the outrage?
If this were depicted in a sitcom, the audience would be laughing at the idiocy of destroying such a fine automobile. But, instead, this is the “change” we “hoped” for and Washington eagerly applauds the despicable ordeal.
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 No Comments Yet |  Auto Industry, Big Government Spending, Videos |  Permalink
 Posted by LukeAmerica2020 on Monday, August 3rd, 2009 at 3:00 am
by LukeAmerica2020 on August 2, 2009
Tens of thousands of unsafe or decaying bridges carrying 100 million drivers a day must wait for repairs because states are spending stimulus money on spans that are already in good shape or on easier projects like repaving roads, an Associated Press analysis shows.
President Barack Obama urged Congress last winter to pass his $787 billion stimulus package so some of the economic recovery money could be used to rebuild what he called America’s “crumbling bridges.” Lawmakers said it was a historic chance to chip away at the $65 billion backlog of deficient structures, often neglected until a catastrophe like the Minneapolis bridge that collapsed two years ago this Saturday.
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No Comments Yet | Bailouts, Big Government Spending, Headlines, U.S. Economy, Unemployment | Permalink
Posted by LukeAmerica2020 on Sunday, August 2nd, 2009 at 12:00 pm
by c.rice on August 1, 2009
In 1893 Henry Ford built his first working engine. In 1896 he had his ‘quadricycle’. In 1903 he sold the Model A. From 1904 to 1907, he launched seven other models from N to the Model T. By 1913, 168,220 Model T’s came off the assembly line.
The 1920’s Ford Roadster with rear mounted spare tires and the rumble seat was a favorite of the roaring twenties. In 1923, the Dodge Brothers built an all-steel body business coupe with a 12 volt electric heater under the seat. By 1925, Ford had a 140 horsepower car with a Lycoming Straight 8 engine.
In the thirties, we got the Ford Model B with a 4 cylinder, 50 horsepower engine, the REO “Flying Cloud”, the Sport Coupe with a ’self shifter’ auto transmission, and the 1934 Ford Roadster with an 85 horsepower, V8 engine with it’s chrome racing greyhound radiator cap hood ornament.
During WWII people received gas ration stamps with police and emergency vehicles being first in line. Cars were few and far between; but, most roads were little more than dirt on gravel paths … the ‘blacktops’ were all two lane. People would save (sometimes trading alcohol stamps for gas stamps) to take the family for a Sunday Drive.
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4 Comments | Big Government Spending, U.S. Economy | Permalink
Posted by c.rice on Saturday, August 1st, 2009 at 6:00 am
by LukeAmerica2020 on August 1, 2009
A House panel passed its health care reform bill late Friday, preparing the ground for a critical vote on President Obama’s health care reform plan after the August recess.
The Energy and Commerce Committee’s passage of the bill, after two days of marathon markup sessions, represents the latest and most significant hurdle that comprehensive health care reform has cleared so far. It’s a major accomplishment for the president’s agenda, even though it comes weeks later than the White House and congressional Democrats originally had planned.
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Posted by LukeAmerica2020 on Saturday, August 1st, 2009 at 5:30 am
by LukeAmerica2020 on July 31, 2009
Bonuses paid to executives at nine banks that received U.S. government bailout money in 2008 were greater than net income at some of the banks, the office of New York Attorney General Andrew Cuomo said on Thursday.
Cuomo, in a report on months of investigation into compensation paid by the banks, said employee pay “has become unmoored from the banks’ financial performance.”
Representatives of the banks either declined comment on the report or could not comment immediately.
“There is no clear rhyme or reason to the way banks compensate and reward their employees,” said the report by Cuomo, New York’s top legal officer, who began his probe last October amid taxpayer complaints about Wall Street pay.
References:
Reuters
Breitbart.com
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Posted by LukeAmerica2020 on Friday, July 31st, 2009 at 10:00 am
by LukeAmerica2020 on July 30, 2009
How much are politicians straining to convince people that the government is stimulating the economy? In Oregon, where lawmakers are spending $176 million to supplement the federal stimulus, Democrats are taking credit for a remarkable feat: creating 3,236 new jobs in the program’s first three months.
But those jobs lasted on average only 35 hours, or about one work week. After that, those workers were effectively back unemployed, according to an Associated Press analysis of state spending and hiring data. By the state’s accounting, a job is a job, whether it lasts three hours, three days, three months, or a lifetime. (video below)
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Posted by LukeAmerica2020 on Thursday, July 30th, 2009 at 3:00 am
by LukeAmerica2020 on July 22, 2009
It’s bad enough that the Obama administration wants to penalize all Americans for their energy use through the cap-and-tax scheme that will hobble our economy and hike electricity and gas costs, but until now they only proposed to penalize us for our own energy use. With China refusing to join the West in economic suicide, who will pay for their emissions? Commerce Secretary says that the American consumer is to blame for China’s energy-production emissions — and we’ll pay for that instead of the Chinese:
Commerce Secretary Gary Locke said something amazing—U.S. consumers should pay for part of Chinese greenhouse-gas emissions. From Reuters:
“It’s important that those who consume the products being made all around the world to the benefit of America — and it’s our own consumption activity that’s causing the emission of greenhouse gases, then quite frankly Americans need to pay for that,” Commerce Secretary Gary Locke told the American Chamber of Commerce in Shanghai.
The idea that rich-country consumers should pick up the tab for some of China’s industrial emissions has been gaining currency lately—but not from within the Obama administration. The argument is that many of China’s factories churn out cheap stuff for the West, not for domestic consumption, so those consumers are actually responsible for the emissions. China, of course, loves the idea.
References:
HotAir.com
Wall Street Journal
Wall Street Journal - March 17th Chinese Made Same Statement
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No Comments Yet | Big Government Spending, Cap and Trade, Headlines | Permalink
Posted by LukeAmerica2020 on Wednesday, July 22nd, 2009 at 3:00 am
by LukeAmerica2020 on July 22, 2009
On July 21st, U.S. congressman Alan Grayson (D-FL) questions Federal Reserve Chairman Ben Bernanke before the House Financial Services Committee. During the interview, Grayson bursts out laughing at Bernanke’s hubris. (video below)
Grayson’s questioning focused on the Fed’s handouts to FOREIGN central banks in Europe and other countries. These “Central Bank Liquidity Swaps” rose from a total of $24 billion at the end of 2007, to over $553 billion by the end of 2008. In other words, the Fed loaned a half trillion dollars to foreign banks.
Grayson: “So who got the money?”
Bernanke: “Financial institutions in Europe and other countries.”
Grayson: “Which ones?”
Bernanke: “I don’t know.”
Gryson: “Half a trillion dollars and you don’t know who got the money?!?”
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Posted by LukeAmerica2020 on Wednesday, July 22nd, 2009 at 2:00 am
by LukeAmerica2020 on July 21, 2009
The bailouts could cost $80,000 for every American citizen.
Neil Barofsky, the inspector general for the Troubled Asset Relief Program (TARP), delivered his report today to the House Oversight and Government Reform Committee. The total price tag for federal support stemming from the financial crisis could reach $23.7 trillion in the long run, the government’s top bailout watchdog says in a new report to Congress.
The $23.7 trillion figure is admittedly a high-ball number and reflects the total potential gross exposure, but Barofsky in his prepared testimony notes that the TARP — which started as a $700 billion bailout — has expanded well beyond that.
“TARP has evolved into a program of unprecedented scope, scale and complexity. Moreover, TARP does not function in a vacuum but is rather part of the broader government efforts to stabilize the financial system,” the report says.
“The total potential federal government support could reach up to $23.7 trillion,” the report estimates, factoring in commitments from “dozens of programs” implemented throughout the federal government since 2007.
References:
Digital Journal
Fox News
Atlanta Journal Constitution
Sun-Sentinel.com
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Posted by LukeAmerica2020 on Tuesday, July 21st, 2009 at 7:00 pm
by LukeAmerica2020 on July 21, 2009
The Obama administration is delaying release of a congressionally mandated report on the nation’s economic conditions, spawning speculation that it is trying to tamp down bad economic news to avoid further complicating the already fraught legislative debate over health care reform.
The report, which is normally published by late July, is being delayed by several weeks, the administration acknowledged on Monday. Officials said the hold-up is not unusual in presidential transition years, noting that Presidents George W. Bush and former President Bill Clinton each published their initial budget updates weeks late.
“Because of the unique circumstances of a transition year, we — like President George W. Bush in 2001 — are releasing the mid-session review a few weeks later than as is usual in non-transition years,” Kenneth S. Baer, communications director for the Office of Management and Budget, said Monday.
Asked about the speculation that the delay is linked to the ongoing health care debate, Baer responded: “I don’t deal in speculation. What I know is that in transition years past both the full budgets and Mid-Session Reviews have come out later than in non-transition years and this year will be no different.”
“The last time the president made grand promises and demanded passage of a bill before it could be reviewed, we ended up with the colossal stimulus failure and unemployment near 10 percent,” said Senator Jim DeMint (R-SC). “Now the president wants Americans to trust him again, but he can’t back up the utopian promises he’s making about a government takeover of health care. He insists his health care plan won’t add to our nation’s deficit despite the nonpartisan Congressional Budget Office saying exactly the opposite. And today we learn that the president is refusing to release a critical report on the state of our economy, which contains facts essential to this debate. What is he hiding?”
References:
Washington Post
ABC News
Right Side News
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Posted by LukeAmerica2020 on Tuesday, July 21st, 2009 at 6:30 pm
by rayharvey on July 21, 2009
Only Barack evidently doesn’t know it. Quoting his own words:
Obama, June 11: “And so what you’ve got is a situation where, for example, the Mayo Clinic in Rochester, Minnesota, is famous for some of the best quality and some of the lowest cost. People are healthier coming out of there, they do great.”
Obama, June 24: “Well, I think what’s important is to say to the American People that you should get the best possible care to make you well. And that the measure of the quality of care is not quantity, but whether or not it is making you better. Now, what we’ve seen is that there’s some communities and some health systems that do this very well. Mayo Clinic, a classic example. In Rochester, Minnesota. People go there. They– spend about 20-30 percent less than some other parts of the country, and yet have better outcomes.”
Obama, July 1: “There are some places, like the Mayo Clinic — many of you have heard of — provides outstanding care, some of the best in the world. People fly in from everywhere to go to Mayo Clinic to get treatment. It turns out Mayo provides care much more cheaply than a lot of other health systems, even though it’s better care.”
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No Comments Yet | Barack Obama, Big Government Growth, Big Government Spending, Fact Of The Day, Headlines | Permalink
Posted by rayharvey on Tuesday, July 21st, 2009 at 11:35 am
by LukeAmerica2020 on July 16, 2009
Goldman Sachs made $3.44 billion in profit this past quarter, while the U.S deficit topped $1 trillion for the first time in the nation’s history and appeared to be headed toward doubling that figure before the budget year is out. Since most of the increase in the federal deficit is due to bailing out the banks and salvaging the greater economy they helped destroy, why is the top investment bank doing so well?
Well, because that was the plan, as devised by Bush Treasury Secretary Henry Paulson, a former CEO of Goldman Sachs. Remember that Lehman Brothers, Goldman’s competitor, was allowed to go bankrupt. The Paulson crowd wouldn’t let Lehman change its status to that of a bank holding company and thus qualify for federal funds; soon afterward, Goldman was granted just such a deal, worth a quick $10 billion. Much is now made of Goldman paying back part of its bailout money, but forgotten is the $12.9 billion that Goldman got as its cut of the $180 billion AIG payoff. That is money that will not be paid back.
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Posted by LukeAmerica2020 on Thursday, July 16th, 2009 at 7:00 pm
by rayharvey on July 16, 2009
America’s putatively high infant mortality rates are (along with life expectancies) among the most trumpeted healthcare canards going. The purpose is to try to convince you that American medicine is not actually the best medicine in the world but would only be such if the healthcare system in America were nationalized — a move, incidentally, from which America as we know her would almost certainly never recover.
Without a proper context, the statistics on infant mortality, with all their devilish intricacies, are, to say the least, misleading. Quoting Doctor Robert J. Cihak (M.D.), a Senior Fellow and Board Member of the Discovery Institute and past president of the Association of American Physicians and Surgeons:
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Posted by rayharvey on Thursday, July 16th, 2009 at 12:37 am
by LukeAmerica2020 on July 15, 2009
Over the past week or so while the entire country obsessed over the death of the King of Pop, Michael Jackson, attention was “somehow” diverted from our country’s two queens. The Queen of Socialism, Nancy Pelosi, pushed through the U.S. House the largest tax increase in the history of our country, Cap & Trade. And, an annual White House report revealed (for investigative reporters) that Queen Michelle Obama’s staff of 22 earns a total of $1,600,700.00 per year. (see chart below)
Mary Todd Lincoln was ridiculed for purchasing china for the White House during the Civil War. Mamie Eisenhower had to pay the salary for her personal secretary … herself. And, Laura Bush was criticized for her staff earning $561,325 in annual salaries. But Queen Michelle has set a new staff salary precedent for the First Lady … who performs absolutely no official duties … during the most severe economic turmoil of our lifetimes.
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14 Comments | Big Government Spending, News | Permalink
Posted by LukeAmerica2020 on Wednesday, July 15th, 2009 at 7:30 am
by LukeAmerica2020 on July 13, 2009
Republicans lined up Sunday (2009-07-12) in opposition to a second economic-stimulus package, a rare demonstration of unity from an out-of-power political party in search of a rallying cry against President Obama.
Republicans called Obama’s $787 billion spending plan a “flop” and said it hadn’t fulfilled its hype. They criticized the White House for increasing the federal deficit and doing little to combat an unemployment rate that hit 9.5 percent in June.
“The reality is it hasn’t helped yet,” said Senator Jon Kyl (R-AZ). “Only about 6.8 percent of the money has actually been spent. What I proposed is, after you complete the contracts that are already committed, the things that are in the pipeline, stop it.”
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Posted by LukeAmerica2020 on Monday, July 13th, 2009 at 3:00 pm
by LukeAmerica2020 on July 10, 2009
According to The Tax Foundation, analysis of federal health care funding shows that 33 states would see top tax rates exceed 50%. One new funding proposal being floated by the House Ways and Means Committee is a 4% surtax levied on couples with adjusted gross incomes (AGI) over $250,000 and individuals earning more than $200,000.
“Combining top federal and state rates, and factoring in all deductions, the government would be taking over half of every additional dollar from high-income taxpayers in two-thirds of the states under this latest funding scheme,” Tax Foundation President Scott Hodge said. “In fact, even in the seven states with no income tax, the lowest top tax rate would be about 46%.”
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Posted by LukeAmerica2020 on Friday, July 10th, 2009 at 5:00 pm
by LukeAmerica2020 on July 9, 2009
So what’s our fiscally responsible federal government doing with all of those taxpayer-funded bailouts and on that shovel-ready stimulus plan? For what carefully considered use is OUR tax-payer money being used? Well … one fine example is the $18 million being spent to update a single government web site, Recovery.gov.
According to this very same site’s About page, it’s purpose is to serve as “a user-friendly, public-facing website to foster greater accountability and transparency in the use of covered funds.” And, according to this page on the site, the initial outlay for the update will be $9.5 million and the cost could total $17,948,518 over a period ending in January 2014. The work is to be done by Smartronix, based in Hollywood, Maryland.
If this irony of ludicrous government waste weren’t actually true, it could well be the topic for a hilarious prime time sitcom. Surely, the audience would be chortling, chucking, and snickering as they gleefully exclaimed that “no government would ever be that utterly devoid of fiscal competence”. Maybe some of those contracted web designers and researchers ARE laughing … all the way to the bank.
Yes; our government is spending $18 MILLION to show us that they can spend stimulus money … you know … wisely. Are you laughing yet?
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Posted by LukeAmerica2020 on Thursday, July 9th, 2009 at 11:00 pm
by c.rice on July 9, 2009
The U.S. dollar is losing it’s value against other currencies. Obama’s continual borrowing/printing/spending is making matters worse. Other countries are now suggesting going to a one world currency. Our Secretary of the Treasury, Timothy Geithner, told them that he [we] “were open to their proposal”.
The housing/banking economic crisis added to our problems, but they began long before that. The original constitution stated that congress was to have sole power to mint money and set the value of currency in the U.S. It was backed up by gold.
In 1913 during a Christmas break, when most of the congressmen had already gone home, the Federal Reserve Act was passed in a secretive legislative process [similar to how Speaker Pelosi is pushing bills through without giving our representatives time to read or debate them]. These politicians allowed a cartel of powerful foreign bankers to take over the creation and minting of our money. They called themselves the Federal Reserve. They are neither federal nor a reserve. It doesn’t belong to America and it is a foreign controlled banking system.
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Posted by c.rice on Thursday, July 9th, 2009 at 9:00 pm
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