Friday, August 5, 2011
Thursday, August 4, 2011
Myths and Facts About the Debt-Ceiling Compromise (according to The White House)
Not sure if this effort on the part of the White House is meant to assuage nervous supporters or convince undecided independents but the White House is in full campaign mode defending and explaining President Obama's actions in the debt ceiling debate with both an FAQ page and an infographic describing the agreement.
"Why do half of all Americans pay no federal income taxes?"
If you've wondered why roughly half of all Americans pay no federal income taxes, Ezra Klein asks the same question and comes to this conclusion:
"But the basic story here is that once you've added together the standard features of the tax code and the tax expenditures for the elderly, poor and young, you've explained almost everyone who doesn't pay taxes."
Read the whole post and the Tax Policy Center report that it links to. You'll be glad you did.
"But the basic story here is that once you've added together the standard features of the tax code and the tax expenditures for the elderly, poor and young, you've explained almost everyone who doesn't pay taxes."
Read the whole post and the Tax Policy Center report that it links to. You'll be glad you did.
The Onion: Obama Turns 50 Despite Republican Opposition
How empty would life be without The Onion? (Happy Birthday Mr. President.)
"August 4, 2011 ISSUE 47•31
WASHINGTON—After months of heated negotiations and failed attempts to achieve any kind of consensus, President Obama turned 50 years old Thursday, drawing strong criticism from Republicans in Congress. "With the host of problems this country is currently facing, the fact that our president is devoting time to the human process of aging is an affront to Americans everywhere," said Senate Minority Leader Mitch McConnell, who advocated a provision to keep Obama 49 at least through the fall of 2013. "To move forward unilaterally and simply begin the next year of his life without bipartisan support—is that any way to lead a country?" According to White House officials, Obama attempted to work with Republicans right up until the Aug. 4 deadline, but was ultimately left with no choice except to turn a year older."
"August 4, 2011 ISSUE 47•31
WASHINGTON—After months of heated negotiations and failed attempts to achieve any kind of consensus, President Obama turned 50 years old Thursday, drawing strong criticism from Republicans in Congress. "With the host of problems this country is currently facing, the fact that our president is devoting time to the human process of aging is an affront to Americans everywhere," said Senate Minority Leader Mitch McConnell, who advocated a provision to keep Obama 49 at least through the fall of 2013. "To move forward unilaterally and simply begin the next year of his life without bipartisan support—is that any way to lead a country?" According to White House officials, Obama attempted to work with Republicans right up until the Aug. 4 deadline, but was ultimately left with no choice except to turn a year older."
"Today, the U.S. defense establishment is the world’s largest socialist economy."
Fareed Zakaria explains in his Washington Post column today something that should make conservatives cringe:
"Serious conservatives should examine the defense budget, which contains tons of evidence of liberalism run amok that they usually decry. Most talk of waste, fraud and abuse in government is vastly exaggerated; there simply isn’t enough money in discretionary spending. Most of the federal government’s spending is transfer payments and tax expenditures, which are — whatever their merits — highly efficient at funneling money to their beneficiaries. The exception is defense, a cradle-to-grave system of housing, subsidies, cost-plus procurement, early retirement and lifetime pension and health-care guarantees. There is so much overlap among the military services, so much duplication and so much waste that no one bothers to defend it anymore. Today, the U.S. defense establishment is the world’s largest socialist economy."
"Serious conservatives should examine the defense budget, which contains tons of evidence of liberalism run amok that they usually decry. Most talk of waste, fraud and abuse in government is vastly exaggerated; there simply isn’t enough money in discretionary spending. Most of the federal government’s spending is transfer payments and tax expenditures, which are — whatever their merits — highly efficient at funneling money to their beneficiaries. The exception is defense, a cradle-to-grave system of housing, subsidies, cost-plus procurement, early retirement and lifetime pension and health-care guarantees. There is so much overlap among the military services, so much duplication and so much waste that no one bothers to defend it anymore. Today, the U.S. defense establishment is the world’s largest socialist economy."
Fiscal policy: Flying blind | The Economist
This is why politics is scary:
"...as new data have revealed the true dimensions of the 2008 collapse, the public's perception of events hasn't much changed. Critics still jeer the stimulus for its failure to deliver promised results, despite the now-obvious inadequacy of the package."
"...as new data have revealed the true dimensions of the 2008 collapse, the public's perception of events hasn't much changed. Critics still jeer the stimulus for its failure to deliver promised results, despite the now-obvious inadequacy of the package."
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