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Posts Tagged ‘national debt’

Budget resolution addresses wrong EPA regulations

by 1389AD ( 68 Comments › )
Filed under Barack Obama, Climate, Economy, Environmentalism, Republican Party at April 20th, 2011 - 2:00 pm

Cartoon of man with tape over mouth: 'Warning EPA CO2 Pollutant!'

Animated wooden email box From the 1389 Blog Mailbox:

Guest Article by Scott P.:

The Federal budget has been the subject of debate all over the country for the past few weeks and months. With a proposal finally pushed through last week, there remains some controversy in the republican realm over the EPA’s budget after the resolution. The choice to only cut about 16 percent of the EPA’s budget, as well as reduce only a few programs has continued to ruffle the feathers of outspoken republicans who see many EPA regulations as costly and unneeded, primarily those that allow the EPA to regulate greenhouse gas emissions. GOP reps and business leaders have connected the regulations with reduced revenue and no employment growth.

With the resolution providing less than stellar results for the republicans, it will remain to be seen if they will continue their assault on the EPA throughout 2011. If one had to bet, look for them to continue. The republicans have built up too much time and effort to stop simply because the budget proposal didn’t come to their own liking. It would be one thing if the proposal included cuts to any of the EPA programs that have constricted business owners and industry recently, instead the resolution simply cuts down on some of the EPA’s local projects and water infrastructure plans. Conspicuously left off the cuts was any reference to the greenhouse gas regulation, the Clean Air Act, or the cap and trade taxes that are hindering industry revenue and employment growth.

Given the misfire by President Obama, it’s likely that the GOP will have to adjust its plan of attack on the EPA. They have already introduced the Energy Tax Prevention Act of 2011, which is guided to take power away from the Clean Air Act and to eliminate the cap and trade agenda, which levies costly taxes against businesses. It’s likely that more acts such as this one will continue to be levied by GOP reps in what little effort they can put forth to reduce the EPA’s power, primarily because they’ve been continually rejected. One plan of attack that may work well against the EPA is to point out their inability to promote, invest, and defend the proper initiatives, such as ones that are served to cut down directly on environmentally related health risks, instead of defending rather useless initiatives. Every year the EPA does work with little resources on programs such as asbestos removal which cuts down on mesothelioma cases, as well as limiting water contamination levels, public water problems and its associated health risks.

A better use of the EPA’s current resources should be the GOP’s reference point. The EPA’s work in water contamination allows the agency to regulate and monitor public water sources and local water rules in an effort to cut back on the associated health problems. Their work in asbestos abatement does wonders all over the country every year ridding schools and older buildings of potentially hazardous materials. In some cases, their work in removing asbestos can even be considered a direct life saving initiative, seeing as mesothelioma life expectancy is on average, lasts only a year after diagnosis. Considering the direct impact that some of the EPA’s initiatives can have, it should be pointed out and exploited that there has been a recent failure in promoting and diverting resources to the right programs.

Given the fact that the EPA has spent the bulk of the year defending the Clean Air Act and the cap and trade agenda, two controversial issues, they could stand do divert some of their attention to more important programs. Hopefully republicans and business owners will continue to point out the ineffectiveness in some areas of the EPA’s structure, in a way that can get back revenue and employment growth, while still looking to serve the environment in the proper way.


Previously published on 1389 Blog.


The Ghost of Tennessee Ernie Ford…

by 1389AD ( 12 Comments › )
Filed under Barack Obama, Economy, History, Misery Index, Music, Open thread, Satire at April 18th, 2011 - 4:30 pm

…speaks up once again for the beleaguered American working man:

Two Trillion Tons

(h/t: Dolphin)

From the YouTube description:

Uploaded by HerBunk on Apr 7, 2009

A Ghost who looks a little like Tennessee Ernie Ford warns us that Barack Obama’s economic stimulus plan and budget could be hazardous to our economic well-being. Jim Gossett and Lars Larson wrote the lyrics for “Two Trillion Tons” for the Lars Larson Show on Westwood One Radio Network.

1956 Version: Tennessee Ernie Ford Sings 16 Tons

And yes, my mother’s father was a coal miner for most of his life. As arduous as it was, he liked the work.


Also see:

Tennessee Ernie Ford: Official Site
Wikipedia: Tennessee Ernie Ford


A Good Second Step!

by Flyovercountry ( 72 Comments › )
Filed under Democratic Party, Economy, Politics, Republican Party at January 20th, 2011 - 6:30 pm

Crossposted at Musings of a Mad Conservative.

Maybe, this time they heard us.  We fiscal conservatives have had our hearts broken for years.  We have sent, by default Republicans to Washington, (mostly because their Democrat counterparts were insane,) and watched in disgust as they promptly began to approve spending an programs they promised us they would not.  We have watched the Democrats win majorities in both Houses of Congress by running candidates who sounded like Republicans, by claiming to be fiscal conservatives, and watched in disgust as they immediately fell in line to please their liberal masters.  I read something this morning which has given me hope.  We’ll call this a positive second step down a hugely long and winding road.  Recognize though, a walk down any road needs to begin somewhere. 

A number of the House GOP’s leading conservative members on Thursday will announce legislation that would cut $2.5 trillion over 10 years, which will be by far the most ambitious and far-reaching proposal by the new majority to cut federal government spending.

Jordan’s “Spending Reduction Act” would eliminate such things as the U.S. Agency for International Development and its $1.39 billion annual budget, the $445 million annual subsidy for the Corporation for Public Broadcasting, the $1.5 billion annual subsidy for Amtrak, $2.5 billion in high speed rail grants, the $150 million subsidy for the Washington Metropolitan Area Transit Authority, and it would cut in half to $7.5 billion the federal travel budget.
But the program eliminations and reductions would account for only $330 billion of the $2.5 trillion in cuts. The bulk of the cuts would come from returning non-defense discretionary spending – which is currently $670 billion out of a $3.8 trillion budget for the 2011 fiscal year – to the 2006 level of $496.7 billion, through 2021.

It remains to be seen whether the House Leadership will get behind this proposal.  Jim DeMint has a similar bill he is introducing into the Senate.  Cuts this deep will require backbone and resolve, something many of us outside of Washington find lacking.  There are many people who feel that introducing a bill which would never be signed by the President to be a time waster.  (Jordan’s proposals have been announced as DOA in the Senate, but remember, Reid has 19 members up for re-election in 2012 who won in conservative states by pretending to be fiscal conservatives.  There will be a real pressure over the next 2 years for them to prove their bonafides.  Reid will have increasing trouble in holding them to the liberal fold as election time draws near.)  My personal belief is that they should pass these cuts, and make the President and the liberal law makers defend their tax and spend positions.  Jordan calls for a reduction of the federal workforce of 15% and a 5 year freeze on all increases of federal pay.  In other words, make those living on the government teat participate in the recession as well.  We have reached a point in America where the Productive Sector of the economy is now on an even size as the Public Sector.  Greece is what happens when the Public Sector becomes bigger than the Productive Sector. 

There is one Caveat to this.  At some point in time, Entitlements must be confronted.  While I applaud Jordan for introducing cuts which exceed the cuts suggested in the Pledge to America, They will not bring us to a point where revenues equal expenditures.  The deficit will still continue to grow, but just at a slower rate.  At some point, our bond ratings will one day fall, which will make it more expensive to borrow money.  while this is a good second step, we must be planning to take a third, fourth, and fifth step, and then continue from there.  Defense, which is the only legitimate endeavor that our government takes, is the only thing the Democrats wish to cut ever.  Jordan has included huge cuts in Defense spending as well.  Even with all of his cuts, it will not be enough, unless we attack the gorilla in the room.  Entitlements and debt interest account for about 65% of our annual expenditures. 

Sovereign Debt 101

by 1389AD ( 104 Comments › )
Filed under China, Economy, Europe, France, Germany, Health Care, Healthcare, Progressives, Socialism, Spain, UK at January 2nd, 2011 - 3:30 pm

Why The World Economy Sucks

(h/t: yenta-fada)

What are we talking about here?

Business Dictionary offers a long-winded, technical definition of sovereign debt. In a nutshell, sovereign debt is debt that a government owes. If a debtor government cannot repay its debt, its creditors (bondholders) do not have the power to force it into bankruptcy and divide up its remaining assets. So if the debt goes bad, both the debtor government and its creditors are in a predicament.

Government debt. Under the doctrine of sovereign immunity, the repayment of sovereign debt cannot be forced by the creditors and it is thus subject to compulsory rescheduling, interest rate reduction, or even repudiation. The only protection available to the creditors is threat of the loss of credibility and lowering of the international standing (the sovereign debt rating) of the country which may make it much more difficult to borrow in the future.

The Greek Debt Crisis Explained in Four Minutes

Note: The above video makes some valid points about the financial house of cards that various governments are busily trying to prop up. That said, I place no faith in the ability of the IMF or any other international financial organization to do anything other than worsen the crash by attempting to delay the inevitable.

I also must point out that there is a tremendous difference between a private enterprise with a good credit rating borrowing at a low interest rate to invest in future productivity, and a government borrowing money for supposedly the same reason. Experience has proven governments to be incapable of investing borrowed money in anything that will result in economic expansion.

The real outcome of such wasteful spending will be more like this chilling ad by Citizens Against Government Waste (CAGW):

TV Ad: United States owes China


Originally published on 1389 Blog.