Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Tag Archives: Spending

New Illinois Governor Facing Torrent of Red Ink

This article first appeared online at TheNewAmerican.com on Monday, January 12, 2015:

 

Previous Illinois administrations and politicians have been kicking the can down the road for decades. Now, the state has run out of road. Bruce Rauner, Illinois’ new Republican governor, was inaugurated on Monday and is facing a daunting task: a $4 billion backlog of unpaid bills and a budget showing deficits approaching $21 billion in three years unless something is done.

During his campaign that successfully ousted what Huffington Post noted as the “nation’s least popular governor,” Pat Quinn, Rauner made the usual political promises of streamlining government and improving education and the state’s business climate, all without increasing taxes. In fact, he promised

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Wall Street’s Hallelujah Chorus Greets New Highs in Stocks

This article first appeared at The McAlvany Intelligence Advisor on Friday, December 26, 2014:

 

 

Observers of new highs being put in by stocks at the Wall Street Journal could hardly restrain themselves. Eric Morath and Ben Leubsdorf, writing in the Journal on Tuesday, noted that the economy is now enjoying “a sweet spot of robust growth, sustained hiring, and falling unemployment [which is] stirring optimism that a post-recession breakout has arrived.”

Translation: Good times are here again, and likely to continue. Break out the Brie and Chablis.

Looking past the celebrations and the prognostications seemed, at first view, to confirm the market’s outlook:

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Underlying Economic Indicators Confirm Dow’s Record Run

This article first appeared online at TheNewAmerican.com on Wednesday, December 24, 2014:

 

With the Santa Claus rally driving stocks to new all-time highs, the normally restrained Wall Street Journal found itself describing the economy “in a sweet spot of growth, sustained hiring and falling unemployment, stirring optimism that a post-recession breakout has arrived.”

Investopedia explains the cause of the usual rally in stocks toward the end of each year this way:

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GOP Folds, Helps Democrats to Pass the CRomnibus bill

This article first appeared at The McAlvany Intelligence Advisor on Wednesday, December 17, 2014: 

 

 

If the Guinness Book of Records had a category for “political taradiddles,” this from Barbara Mikulski, a Democrat from Maryland and the Senate’s Appropriations Committee Chairman, would certainly qualify for its top ten. After all was said and done, after all the back-room deals had been completed, after Senator Ted Cruz’s last minute attempt to stall the vote by claiming that the CRomnibus bill would unconstitutionally fund Obama’s immigration executive order without debate was quashed 74-22, Mikulski exulted:

It is remarkable in today’s era of slam-down politics that we, working on this committee, have been able to set aside our differences, work across the aisle, work across the Dome, to find a way to compromise without capitulation on principles.

The only word with validity that she used was “capitulation” – total and complete surrender – by the Republicans, the party still perceived by many to be the party of small government, fiscal responsibility, and personal liberty. The sell-out was nearly complete,

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Voters Finally Learn What’s in the CRomnibus Bill Passed by the Senate

This article first appeared online at TheNewAmerican.com on Tuesday, December 16, 2014:

Official portrait of United States Senator (R-KY)

Kentucky Senator Mitch McConnell, the leader of the Republican sellout

The so-called CRomnibus bill (a combination of a Continuing Resolution and an omnibus spending bill covering dozens of federal agencies) was passed by the Senate late Saturday night, 56-40, approving government spending through next September.

Passage, although delayed slightly by complaints from Senator Ted Cruz (R-Texas) that it funded President Obama’s illegal immigration executive order without debate, was guaranteed when 24 Republicans, including every GOP leader, voted for it. This allowed some Democrats the opportunity to vote against it as a sop to constituents or to build their resumes in contemplated runs for the White House in 2016. They included newly inducted Senator Cory Booker (D-N.J.), along with Senators Elizabeth Warren (D-Mass.), Amy Klobucher (D-Minn.), and Kirsten Gillibrand (D-N.Y.).

Others whom Republicans bailed out with their “yea” votes included naysayers

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Omnibus Bill Passes House, Funds Government Through September

This article first appeared online at TheNewAmerican.com on Friday, December 12, 2014: 

President Barack Obama holds a conference call...

President Barack Obama holds a conference call with House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid, in the Oval Office

At the very last minute, with time and funding for government agencies running out, the House voted 216-206 to pass the so-called “omnibus” bill on Thursday, opening the way for the Senate to pass it on Friday. President Obama has promised to sign it before the day is out.

It was sausage-making at its finest. Even Arizona Republican John McCain said “I hate it, I hate it, I hate it, I hate it” with many expecting him to vote for it on Friday anyway.

Instead of attempting to create and muster support for a temporary bill which would have left the heavy lifting to the newly elected incoming congress in January, House Speaker Boehner (R-Ohio) and President Obama decided that

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Black Friday Gun Sales Outstripping Government’s Ability to Keep up

This article first appeared at the McAlvany Intelligence Advisor on Monday, December 1, 2014: 

Leaving a meeting with Vice-President Joe Biden, NRA official Jim Baker told The Daily Caller that Biden said the government simply couldn’t keep up with tracking, following, and monitoring Americans buying guns:

Regarding the lack of prosecutions for lying on the [gun registration] Form 4473s, we simply don’t have the time or [the] manpower to prosecute everybody who lies on a form, who checks a wrong box, [or] who answers a question inaccurately.

That was before Black Friday virtually inundated the FBI’s National Instant Background Check System (NCIS). According to the FBI, on Friday background checks were running at

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George Mitchell: the one man most Likely Missing from Thanksgiving Day lists

This article first appeared at The McAlvany Intelligence Advisor on Friday, November 28, 2014:

English: "The First Thanksgiving at Plymo...

English: “The First Thanksgiving at Plymouth” (1914) By Jennie A. Brownscombe (Photo credit: Wikipedia)

It’s a safe bet that Americans, in compiling their list of blessings for which they were most thankful on Thanksgiving Day, didn’t put George Mitchell at the top. It’s even safer to bet that most Americans don’t even know who he was, or how his life has made life better for nearly every American today.

The Economist had it right: “Few businesspeople have done as much to change the world as George Mitchell.” The founder of Mitchell Energy & Development Company located in Galveston, Texas, Mitchell was responsible for drilling more than 10,000 natural gas wells and, in the process, resetting the world’s energy equation.

Although he passed away over a year ago at the age of 94, Mitchell’s advances in fracking technology are continuing to delight American drivers with

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Oil Market: Lower Gas Prices not the Only Reason to be Thankful

This article first appeared at TheNewAmerican.com on Thursday, Thanksgiving Day, November 27, 2014:

When news from Vienna arrived on Wall Street early Thanksgiving morning that OPEC wasn’t going to cut its production quotas to stabilize crude oil prices, those prices immediately fell even further, touching lows not seen in four years. West Texas Intermediate briefly touched $70 a barrel while Brent crude was close behind, at $73.

Oil hit a high of $147 a barrel in July 2008, so Thursday’s drop represents an astonishing 52-percent decline in just over six years. This coincides with an 80-percent increase in crude oil production by the United States over that same period. As economies around the world struggle to regain their footing, thanks to failing Keynesian policies, the demand for crude remains about where it was 10 years ago. With flat demand and increasing supply, it was only a matter of time before prices started to fall.

American consumers are benefitting enormously,

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51 OECD Countries Sign Tax Evasion Treaty

This article first appeared at TheNewAmerican.com on Monday, November 3, 2014: 

Last Wednesday’s agreement among 51 countries belonging to the Organization for Economic Co-operation and Development (OECD) in Berlin to share tax information across borders in a continuing effort to crack down on tax evasion was announced with great excitement but precious little logic.

German Finance Minister Wolfgang Schaeuble told the group at a meeting entitled the “Global Forum on Transparency and Exchange of Information for Tax Purposes” that the agreement is “a joint contribution to more transparency and fairness in our globalized 21st century.” Britain’s Finance Minister George Osborne added, “Tax evasion is not just illegal, it is immoral. You are robbing from your fellow citizens and you should be treated like a common thief.” Said Osborne, the new treaty “strikes a blow on behalf of hard-working taxpayers.”

A careful look reveals that the new treaty in fact is designed to benefit tax collectors, not taxpayers.

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Tax Avoiders Performing a Public Service

This article first appeared at The McAlvany Intelligence Advisor on Monday, November 3, 2014: 

English: Judge Learned Hand, circa 1910. Franç...

Judge Learned Hand, circa 1910.

In his letter to the Washington Post on Saturday, libertarian economist Donald Boudreaux unwittingly exposed the logical fallacy behind the OECD’s (Organization for Economic Co-operation and Development) new “tax evasion” treaty: they really think they can help the little taxpayer by increasing the collection of taxes on the evaders. Wrote Boudreaux:

Consider the U.S.: in 31 of the 67 post-war years from 1946 to 2013, Uncle Sam’s budget deficit rose … when his tax receipts increased.

This fact means that Uncle Sam almost as often as not responds to each dollar of additional tax revenue by increasing his spending by more than a dollar – thus imposing a heavier tax burden on future taxpayers.

In other words, tax avoiders (not evaders) are performing a public service by doing what they can to reduce government revenues which constrain government spending.

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New York Governor Andrew Cuomo gets a “B” from Cato

This article first appeared at The McAlvany Intelligence Advisor on Wednesday, October 29, 2014:

In a remarkable display of pure unadulterated pragmatism, New York State Governor Andrew Cuomo signed into law in 2014 an unheralded tax reform bill that has won approval from two conservative think tanks: the Cato Institute and the Tax Foundation. In Cato’s “Fiscal Policy Report Card on America’s Governors” released earlier this month, the authors were positively ecstatic about him:

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$25 Billion Wasted last year, says Senator Coburn

This article first appeared at The McAlvany Intelligence Advisor on Friday, October 24, 2014: 

Official portrait of United States Senator (R-OK).

Senator Tom Coburn (R-OK).

Entering his final year as Senator from Oklahoma, Dr. Tom Coburn just issued his “Wastebook” for 2014, listing 100 examples of government waste totaling more than $25 billion. They range from the ridiculous to the sublime, from the silly to the fraudulent. The fact that $25 billion is less than 7/10 of 1% of the total budget does little to mute the message or soften the impact of the ghastly, egregious projects at which the federal government is throwing heaps and gobs of taxpayer monies.

Faced with deadlines, journalists at the Washington Post, MSN.com, and GOPUSA.com were forced to pick and choose from this rancid buffet. The Post selected

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Sen. Coburn’s Final 2014 Wastebook Is Funny, Sad, and Outrageous

This article first appeared at TheNewAmerican.com on Thursday, October 23, 2014:

Oklahoma Republican Senator Tom Coburn’s final edition of his “Wastebook” lists 100 ways that the federal government is wasting taxpayer dollars on wacky, useless, and exasperating projects. Coburn first served in the House of Representatives for three terms and then two more terms as Senator. Battling prostate cancer and keeping his pledge not to run for a third term, Coburn is retiring at the end of this year. He has rightfully earned the sobriquet from big spending Democrats as “Dr. No.”

Journalists across the political spectrum enjoyed selecting their own “favorite” projects to explore, decry, and ridicule. Josh Hicks at the Washington Post picked his favorite nine, including

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National Debt to be $27 Trillion in 10 Years, Says the CBO

This article was first published at TheNewAmerican.com on Thursday, October 16, 2014: 

English:

There was something for everyone in the release last week by the Congressional Budget Office of its August update and outlook. The federal government’s revenues are expected to top $3 trillion this year for the first time in history, thanks to individual income taxes rising by six percent, payroll taxes by eight percent, and corporate income taxes by 15 percent. Those infatuated with big government are celebrating the event as a reflection of an improving economy resuscitated by government spending and stimulus programs. Small government advocates, on the other hand,

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The Kansas Referendum on Reagan’s Tax Cut Policies

This article was published at The McAlvany Intelligence Advisor on Wednesday, September 24, 2014:

Big government liberals and high spending politicians have converged on Kansas, seeing an opportunity to discredit not only Ronald Reagan’s tax policies but to get even with the Tea Party, which took out a number of “moderate” Republicans in the state Senate over the last two election cycles.

Gov. Sam Brownback (pictured above), a supporter of less government and lower taxes, was able to ride the conservative wave that resulted in tax reform that not only increased an individual taxpayer’s standard deduction from $4,500 to $5,500 but also

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Foreign Affairs: Give Away Free Money!

This article first appeared at the McAlvany Intelligence Advisor on Friday, August 29, 2014:

Foreign Affairs

Foreign Affairs

What happens when a college professor meets up with a graduate student from Oxford University, intending to solve the world’s economic problems? What happens when they consider that the previous attempts to revive the economy have failed and their recommendation is to do more of the same?

The title of their resultant article in Foreign Affairs – the premier publication of the Council on Foreign Relations – explains it all:

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Article in CFR Magazine: Give Away Money to Stimulate Economy

This article first appeared at TheNewAmerican.com on Thursday, August 28, 2014:

 

Los Angeles Police Department (LAPD) Bell 206 ...

Mark Blythe, a professor at Brown University, and Eric Lonergan, a hedge fund manager living in London, have conjured the ultimate solution to a stagnant economy: Central banks should give away free money.

These two authors of a lengthy and allegedly erudite article in the September/October 2014 issue of Foreign Affairs, published by the Council on Foreign Relations (CFR), appear to be living in an alternate universe, as their suggestion, if it were fully implemented, would push the world’s economy back to the Dark Ages.

The article, entitled “Print Less but Transfer More: Why Central Banks Should Give Money Directly to the People,” rests on the false assumption that

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Welfare State Costs Taxpayers More Than $2 Trillion a Year

This article first appeared at TheNewAmerican.com on Wednesday, August 6, 2014:

 

Following the release of the latest budgetary statement from the U.S. Treasury, Ali Meyer dove into the statistical morass of charts and graphs to determine just how much the welfare state is paying out in benefits. Meyer, writing at CNS News, concluded that beneficiaries received over $2 trillion from the American taxpayer last year, or almost

 

Tea Party Protest, Washington D.C. September 1...

Taxpayers protesting

60 percent of all federal government spending. This included “means-tested” benefits — which require incomes to be below a certain level to quality for them — as well as “non-means tested” benefits such as Medicare, Social Security, unemployment insurance, workers’ compensation and the like.

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Santa Clara’s Field of Dreams

This article was first published at The McAlvany Intelligence Advisor on Monday, July 21, 2014:

Cover of "Field of Dreams (Widescreen Two...

Ray Kinsella, meet the Mayor of Santa Clara, California, home of the brand new Levi’s Stadium where the San Francisco 49ers are scheduled to play their home games starting this fall. And where, it is predicted, their fans will come to watch.

Whether enough of them will is an open question.

Already nearly a third of the 49ers’ season ticket holders have

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.

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