Obama Downgraded, Tea Party Vindicated

Obama Fail Downgradedby Peter Ferrara

President Obama achieved the historic downgrading of America’s credit rating the old-fashioned way. He earned it.

He came into office with federal spending already near an historic peak, with a percent of GDP at 20.7 percent and having increased by one-seventh during the Bush years. One year earlier Bush had joined with then House Speaker Nancy Pelosi to enact a pointless Keynesian stimulus package of $168 billion, which the record will show created exactly 0.00 jobs, and stimulated nothing but national debt.

Send In the Clowns
Barack Obama​ surveyed the continuing wreckage of the financial crisis, and decided to follow the advice of the reknowned economist Otter, “who famously said in ‘Animal House​,’ this situation ‘absolutely requires a really futile and stupid gesture be done on somebody’s part,'” as quoted by Andy Kessler in Monday’s Wall Street Journal. [Read more...]

A Christian Response to the Ongoing Enslavement of America’s Poor

Fr. Peter-Michael Preble

Fr. Peter-Michael Preble

by Fr. Peter-Michael Preble –
Yesterday, President Obama signed a law that will raise the debt ceiling and continue to enslave the American people for another three or four years. It has reduced the national debit some but it seems to me at least that it has not gone far enough. Just so you know, your share of the national debit is about $42,500. It seems to me that the era of Big Government needs to end.

I am what one would call a “classical liberal.” Now, before you go crazy because I use the word liberal, please read on. I think you will be surprised.

Classical liberalism developed in the 19th Century in Western Europe and the Americas and is a political philosophy committed to the ideal of limited government, liberty of individuals including freedom of religion, speech, press, assembly and free markets. The sovereignty of individual private property rights is essential to individual freedom. The philosophy believes in an unfettered market with a very minimal role of government. In other words, small federal government, small state government, with decisions being made at the local level where the people have a direct voice in determining what is best for their community. [Read more...]

Economic Slavery: Modern-Day Indentured Servitude

Economic Slavery Indentured Servitude by Frank Ryan –
The “tax the rich” hysteria gripping this nation is absolute insanity. Cries to raise taxes on those with incomes over $250,000 or some other magical number are unbelievable.

As a CPA, I find the “tax the rich” schemes to be pure junk science. To that end, the illogical precepts underpinning these arguments must be exposed. (Incidentally, by way of full disclosure, I would not be personally affected by these tax increases. I merely want to expose the scheme for the fraud that it is.)

Many in Congress have attempted to make earning an income distasteful, so those pitiable enough to earn an income are subjected to public scorn. Politicians and many in the media are collectively pushing policies to “punish those people” by taxing them into economic slavery and involuntary servitude. [Read more...]

The Post-Economic Age

socialism communism a failure by Bruce Walker –
The Left, grounded in the childish superstitions of Marx, views life as economics. One awful flowering of this dangerous silliness is the proliferation of victims. The resource-rich nations of long decolonized Africa and Asia, for example, remain poor because of imperialist exploitation by America and Europe. Women and racial minorities are still, officially, “exploited,” although how that can be taken seriously forty years after the Women’s Liberation Movement and fifty years after centerpiece Civil Rights legislation is never really considered. The Left needs victims and victimizers and the easiest way to invent these clumps of humanity is dreary socialism and its dull-normal offspring, like feminism.

Most of all, the Left needs all things to be, at their core, economic. Although many Americans and many Europeans face daunting problems finding work and paying bills, this is less the result of true economic problems and more the consequence of the awareness by Leftists that the full flowering of prosperity would end the need for their noxious hatreds and coveting. [Read more...]

Shovel-Ready Punch Line

Obama Shovel Readyby Jonah Goldberg –
“Shovel-ready was not as … uh … shovel-ready as we expected,” Barack Obama joked the other day at a meeting of his Council on Jobs and Competitiveness.

Republicans jumped on Obama’s comment as insensitive. “He joked about the wildly mistaken predictions he and others at the White House made a couple of years back about the job-creating potential of the stimulus,” said Senate Minority Leader Mitch McConnell. “Well, I don’t think the 14 million Americans who are looking for jobs right now find any of this very funny.”

I’m sure they don’t, but the fact that the president laid an egg when he tried to be self-deprecating isn’t the scandal here.

After all, Obama has pretty much said the same thing several times. In a New York Times magazine profile last October, the president admitted he had to learn the hard way that there’s “no such thing as shovel-ready projects.” [Read more...]

Another Devastating Jobs Report

Obama Marxist Communist Radical by Jeffrey Folks –
As every economist outside the White House and the New York Times now recognizes, a healthy recovery is not just around the corner. Economists have been racing to lower their second quarter and full-year GDP estimates to below 2%. There is growing apprehension that the economy is slipping back into recession. And all of this is happening because of the President’s intense hostility toward capitalism.

With the exception of Obama’s evil twin (aka Jimmy Carter), we have never had a president this antagonistic toward the free market. Obama arrogantly refuses to accept even most fundamental law of free-market economics: the fact that businesses must be allowed to make a profit if they wish to expand and hire new workers. [Read more...]

It’s Official: The Left Is Out of Ideas

by Peter Heck –
With a little over a year to go until the next national election cycle is complete, it has become apparent that from an economic standpoint, the SS Liberal has officially run out of steam. Hull weighted down with the barnacles of false promises and rudder crippled by the reckless mismanagement of a spendthrift captain from Chicago, she sits there floundering in a sea of unemployment and malaise not experienced since Jimmy Carter was at the helm.

And despite all the rosy window dressing provided by the beaming ship attendants of the mainstream media, who pretend to be shocked every time another leak opens up, we passengers are fully aware of our surroundings. [Read more...]

Economics 101

Economics 101by David Solway –

It’s really very simple. One does not need to take a graduate course in Economics to figure out why a productive society prospers and how it can be destroyed. As Tim Harford explains in The Undercover Economist, “Economics is partly about modeling, about articulating basic principles and patterns that operate behind seemingly complex subjects.” The key word is “seemingly.” The other part of Economics is plain common sense—the part which all too many economists refuse to practice since it deprives them of shamanistic status as delvers into realms of mystical complexity. Paul Krugman comes immediately to mind. “[I]ncreased government spending,” pontificates The New York Times guru, “is just what the doctor ordered, and concerns about the budget deficit should be put on hold.” One may be pardoned for thinking that it is Krugman who should be put on hold. [Read more...]

The Welfare State and the Selfish Society

Dennis Prager

Dennis Prager

by Dennis Prager –

In the contemporary world, where left-wing attitudes are regarded as normative, it is a given that capitalism, with its free market and profit motive, emanates from and creates selfishness, while socialism, the welfare state and the “social compact,” as it is increasingly referred to, emanate from and produce selflessness.

The opposite is the truth.

Whatever its intentions, the entitlement state produces far more selfish people — and therefore, a far more selfish society — than a free-market economy. And once this widespread selfishness catches on, we have little evidence that it can be undone.

Here’s an illustration: Last year, President Obama addressed a large audience of college students on the subject of health care. At one point in his speech, he announced that the students will now be able to remain on their parents’ health insurance plan until age 26. I do not ever recall hearing a louder, more thunderous and sustained applause than I did then. [Read more...]

The Lost Lesson of Thanksgiving

Thanksgiving Communism Failureby John Stossel –
Had today’s political class been in power in 1623, tomorrow’s holiday would have been called “Starvation Day” instead of Thanksgiving. Of course, most of us wouldn’t be alive to celebrate it.

Every year around this time, schoolchildren are taught about that wonderful day when Pilgrims and Native Americans shared the fruits of the harvest. But the first Thanksgiving in 1623 almost didn’t happen.

Long before the failure of modern socialism, the earliest European settlers gave us a dramatic demonstration of the fatal flaws of collectivism. Unfortunately, few Americans today know it.

The Pilgrims at Plymouth Colony organized their farm economy along communal lines. The goal was to share the work and produce equally. That’s why they nearly all starved. [Read more...]

The Power of Negative Thinking

11/12/2010 – John Kelly –
Simply put, progressives feel that life isn’t fair. True enough, but there are endless other things that life isn’t as well. Life isn’t carefree, simple, eternal, digitally organized, or purple-green plaid. Yet we live. Most people can accept life’s troubles and have come to love life, as it is, including its frightful beauty. Yet for others, life’s summary judgment comes up negative, so they seek to force a remedy.

Life’s seeming unfairness is felt by young children who are only just sensing its deep, oceanic nature: If only mommy and daddy could always be here to hold me up. If only things weren’t so hard… [Read more...]

Socialism and Reality

10/25/2010 – Steve McCann –
The images on the television screen emanating from Europe are a sobering reminder that socialism has failed wherever it has been tried and will always do so despite the best efforts of the die-hard true believers. The riots in the streets of France and Greece, the announced layoffs of nearly 500,000 government employees in the United Kingdom, and the potential national bankruptcy of Ireland, Spain, Italy, and Portugal are the current face of this failure.

Yet within the halls of power in Washington, D.C. there is a socialist/progressive cabal, and its titular leader Barack Obama, oblivious to this reality. These ideologues continue to cling to the belief that they have a unique ability to succeed where so many others have failed. The egocentric American Left know no bounds, and their determination to impose their will upon the United States has not and will not abate despite the results of any election. [Read more...]

Social Darwinism and the Left

10/15/2010 – Jay Richards –
The charge that if you defend free markets and limited government, then you’re a Social Darwinist is a hackneyed and dishonest claim of the Left. I’m not sure who first tried to identify conservative economic policies with Social Darwinism, though Walter Mondale famously attacked (and misrepresented) Ronald Reagan in the 1980s for defending “Social Darwinism” rather than “social decency.”

In a recent column, Robert Reich indulges this nonsense once again (“Republican Economics as Social Darwinism”). The charge, of course, is that conservatives or Republicans oppose say, nationalized medicine, or a massive welfare state, or unsustainable entitlement spending, because they think society should allow the weak to be weeded out and the strong to survive. [Read more...]

Poor in America Grow Under Obama

Povery Rates Increase from 13.2% to 15%

Povery Rates Increase from 13.2% to 15%

9/12/2010 – Catholic Online –

Since President Barack Obama has taken office, the numbers of America’s poor has steadily climbed. Working-age poor people are reaching the levels of the 1960s, before the national war on poverty.

Census figures for 2009 are to be released this week, and demographers expect troubling statistics.

The findings come at a most unfortunate time – seven weeks before Congressional elections, with many Democrats and Obama supporters expected to be voted out. The expected increase, from 13.2 percent to about 15 percent people living below the poverty line, would be another blow to Democrats struggling to persuade voters to keep them in power.

If these estimates hold true, some 45 million people in this country — more than one in seven, were poor last year. It would be the highest single-year increase since the government began calculating poverty figures in 1959. The previous high was in 1980 when the rate jumped 1.3 percentage points to 13 percent during the energy crisis. [Read more...]

Humility in a Time of Recession

9/1/2010 – Samuel Gregg –
Since 2008, there has been much discussion about the contribution of unethical behavior to our present economic circumstances. Whether it was borrowers’ lying on mortgage-applications or Fannie Mae and Freddie Mac’s politically-driven lending policies, there seems to be some consciousness that non-economic factors played a role in facilitating what we already call the Great Recession.

Unfortunately evidence is emerging that some people have learned nothing. A recent report, for example, commissioned by the Wall Street Journal illustrates that “losses from mortgage fraud—ranging from falsified credit reports to identity theft—rose 17% last year after declining 57% in the two years after its 2006 peak.” [Read more...]