July 31, 2013

Snippets

Don't read these!
Below are some great snippets from recent media articles. All worth a thorough read.
 
From Investors Business Daily, some questions about Obama and Jack Lew's perception of the state of federal debt:
Treasury Secretary Jack Lew calls concerns over federal debt a "false crisis." Like someone falling out of an airplane who refuses to realize he'll soon hit the ground, Lew is deluding himself — and us.

The Democratic Party and their allies on the progressive left, including a number of notable economists who should know better, can't bring themselves to admit the hard reality — their big-spending, debt-increasing policies have wrecked the world's greatest economy and things, if left unchecked, will get worse. Much worse.

And yet, here's Lew on "This Week with George Stephanopoulos," speaking on current budget talks: "We need to remember this isn't just about cutting budgets."

No, given our situation, that's exactly what it's about.

Surging spending has driven the massive buildup of debt under President Obama. Total federal debt today is $17 trillion, twice as high as when Obama began.

Lew and others would have you believe it's Republicans' fault for refusing to spend enough to revive the economy — a common refrain among Democrats.

But federal spending soared from about 20% of GDP when Obama entered office to over 25% — an all-time record — the following year. Today at 23% it's still way above the norm of around 18% to 20%. And it would go even higher, if Obama had his way.
From the Las Vegas Review Journal, some Obamacare troubles;
The Silver State Health Insurance Exchange, the state-run ObamaCare brokerage, last week released preliminary 2014 premiums for Nevada’s individual insurance market. As opponents of the health care reform law have long warned and feared, they’re expensive.

Come Jan. 1, all Americans must purchase health insurance or pay a penalty tax of $95 or 1 percent of their adjusted gross income, whichever is higher. The vast majority of insured Nevadans have their coverage through their employers or unions. Just 15.4 percent of the state’s insured currently purchase their coverage through the individual market.

That figure will increase, and not simply because the mandate takes effect in five months. An untold number of employers are expected to drop coverage for their workers as a result of premium increases. Because President Barack Obama has delayed for one year the Affordable Care Act’s employer mandate — a penalty tax on companies that don’t offer medical benefits but have at least 50 full-time-equivalent employees — businesses now have an incentive to dump their insurance.

Plenty of Nevadans who currently have health insurance very well might find themselves in the market for an individual policy by this fall. They won’t like what they find.
Powerline has some thoughts on Hillary 2016. After recounting the series of Hillary biopics upcoming, the post sums up beautifully;
The funny thing about Hillary Clinton is how vastly her reputation exceeds her accomplishments. In reality, the only reason anyone has heard of her is that she married Bill Clinton. Otherwise, she would have toiled away as an obscure, reasonably competent if obnoxious lawyer. She was a relatively unpopular First Lady who is best remembered for being embarrassed by her husband’s serial infidelities. She served a brief term as a Senator from New York, a role in which she achieved nothing. Then she lost the Democratic nomination to Barack Obama, and punched her ticket during a singularly unsuccessful stint as Secretary of State. Never has she had an original thought, formulated a successful strategy, or stepped out of the shadow of her singular husband.
And in the Washington Post, some thoughts on the Obama White House hypocrisy;
Last night on Fox News’ “Special Report,” Charles Krauthammer eloquently exposed President Obama’s ability — or preference — to remain oblivious to the economic conditions he has created. Maybe the president is in denial, or maybe the bubble that he has constructed shields him from any unpleasant conclusions. Whatever the case, Krauthammer points out that as a direct result of Obama’s economic policies, “the median income of the middle class of Americans has declined by 5% in his one term,” and we are experiencing “growing income inequality, chronic unemployment . . . [and] the worst recovery since World War II.”

It is stunning that President Obama himself said “this growing inequality is not just morally wrong” but “bad economics,” as if he had nothing to do with it. In his recent “economic pivot,” which started with his speech at Knox College in Illinois on July 24, no one has mentioned that since Obama took office in 2009, he has created an economy of renters and part-time jobs while the number of billionaires in the United States has increased by more than 23 percent. The hypocrisy is remarkable. How can the president get away with railing against an economy of his own making?
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