Money shot: "Under current law, the federal budget is on an unsustainable path, because federal debt will continue to grow much faster than the economy over the long run."
Director’s Blog » Blog Archive » The Long-Term Budget Outlook
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16 July 2009
OBAMA WILL REPEAL MEDICARE at DickMorris.com
Mickey Kause says Dick Morris is right twice a day. Fair enough; I think he's right on this one!
"Obama's health care proposal is, in effect, the repeal of the Medicare program as we know it. The elderly will go from being the group with the most access to free medical care to the one with the least access. Indeed, the principal impact of the Obama health care program will be to reduce sharply the medical services the elderly can use. No longer will their every medical need be met, their every medication prescribed, their every need to improve their quality of life answered."
OBAMA WILL REPEAL MEDICARE at DickMorris.com
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"Obama's health care proposal is, in effect, the repeal of the Medicare program as we know it. The elderly will go from being the group with the most access to free medical care to the one with the least access. Indeed, the principal impact of the Obama health care program will be to reduce sharply the medical services the elderly can use. No longer will their every medical need be met, their every medication prescribed, their every need to improve their quality of life answered."
OBAMA WILL REPEAL MEDICARE at DickMorris.com
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13 July 2009
10 July 2009
In Retooled Health-Care System, Who Will Say no? - washingtonpost.com
Probably won't be Doctors. Obviously won't be the eeevvviiilll healthcare companies. I'm betting on my fellow bureaucrats. "I'm sorry to tell you that granny's going to die because a GS12 doesn't like the ROI on the proposed medical plan".
In Retooled Health-Care System, Who Will Set Limits? - washingtonpost.com
Money quote:
"The question came from a Colorado neurologist. "Mr. President," he said at a recent forum, "what can you do to convince the American public that there actually are limits to what we can pay for with our American health-care system? And if there are going to be limits, who . . . is going to enforce the rules for a system like that?" President Obama called it the "right question" -- then failed to answer it."
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Here's Mickey Kause of Slate on the same subject:
"WaPo's Alec MacGillis notes that Obama's health care reformers
In Retooled Health-Care System, Who Will Set Limits? - washingtonpost.com
Money quote:
"The question came from a Colorado neurologist. "Mr. President," he said at a recent forum, "what can you do to convince the American public that there actually are limits to what we can pay for with our American health-care system? And if there are going to be limits, who . . . is going to enforce the rules for a system like that?" President Obama called it the "right question" -- then failed to answer it."
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Here's Mickey Kause of Slate on the same subject:
"WaPo's Alec MacGillis notes that Obama's health care reformers
are clearly spooked by the notion that they could be accused of denying, for example, hip surgery to an 80-year-old.
If so, they largely have themselves to blame. They brought it up! It wasn't the Republicans who billed health care reform as a cost saving, budget-balancing measure that would start to deny payments for treatments deemed "ineffective," or (as one acolyte put it) when "a person's life, or health, is not worth the price." And to think when they heard that people started to worry about rationing! Fancy that."[Yes, the emphasis is mine]
The 'acolyte' is Ezra Klein from www.prospect.org, arguably the most progressive of modern progressivists. This gets more distasteful, if this quote attributed to Justice Ginsburg,
AJSCOTUS, is correct:
"Frankly I had thought that at the time Roe was decided, there was concern about population growth and particularly growth in populations that we don't want to have too many of." --Supreme Court Justice Ruth Bader Ginsburg
If it is, the modern progressives are getting closer and closer to traditional progressives. Eugenics. Who'da thunk.
09 July 2009
Public Engagement Forum on Healthcare Reform
As we Americans attempt to recover from the current economic crisis, another, more serious crisis looms on the horizon. With a national budget deficit of nearly 1.67 trillion dollars, an expanding aging population, and the already strained programs of Medicare, and Medicaid, Americans will be forced to make difficult decisions in the coming years regarding their health insurance. Health care costs are projected to rise to levels that will be unaffordable without major tax increases at federal, state and local governments. President Obama has led the Congress to the threshold of major reform, both to extend coverage to the uninsured and to reduce costs. The reforms on the table promise to significantly change health care for all of us in the future.
George Mason University, in conjunction with the Concord Coalition, is inviting the public to attend a public engagement meeting on health care reform. Local government leaders, business leaders, students, and community members will come together to discuss the future of health care reform.
What: Public Engagement Forum on Health care Reform
Where: George Mason University - Mason Hall, Meese Board Room, Fairfax Campus
When: - Monday, July 27, 2009 - 4:30pm – 6:00pm
Questions? Contact Jeremy Milliken –JeremyMilliken@gmail.com
George Mason University, in conjunction with the Concord Coalition, is inviting the public to attend a public engagement meeting on health care reform. Local government leaders, business leaders, students, and community members will come together to discuss the future of health care reform.
What: Public Engagement Forum on Health care Reform
Where: George Mason University - Mason Hall, Meese Board Room, Fairfax Campus
When: - Monday, July 27, 2009 - 4:30pm – 6:00pm
Questions? Contact Jeremy Milliken –JeremyMilliken@gmail.com
08 July 2009
The Big Public Pension Squeeze
The cost of public sector pensions is set to soar in coming years because the recent meltdown in the financial markets has worsened the health of systems that were already badly underfunded. Municipal and state governments across the country are struggling with massive budget shortfalls, leaving them in no position to fill the pension gap. As a result, public workers look likely to bear the burden through cutbacks in their salaries and benefits and increases in their pension contributions.
The Big Public Pension Squeeze
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The Big Public Pension Squeeze
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07 July 2009
America's long-awaited fiscal train wreck is now underway
The money quote is actually the last sentence of this paragraph, "Not only will those factors steadily lower our standard of living, but they will imperil economic and financial stability. There are 'things' that happen when economic & financial stability goes down the drain. People start demanding a fix by, as the saying goes, any means necessary. In platonic terms, people call for a champion. And a champion will emerge. Think Lenin, think Mussolini, yes, think Hitler. And think of the effect on unpopular minorities when society implodes this way...
America's long-awaited fiscal train wreck is now underway. Depending on policy actions taken now and over the next few years, federal deficits will likely average as much as 6% of GDP through 2019, contributing to a jump in debt held by the public to as high as 82% of GDP by then - a doubling over the next decade. Worse, barring aggressive policy actions, deficits and debt will rise even more sharply thereafter as entitlement spending accelerates relative to GDP. Keeping entitlement promises would require unsustainable borrowing, taxes or both, severely testing the credibility of our policies and hurting our long-term ability to finance investment and sustain growth. And soaring debt will force up real interest rates, reducing capital and productivity and boosting debt service. Not only will those factors steadily lower our standard of living, but they will imperil economic and financial stability.
Morgan Stanley - Global Economic Forum
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America's long-awaited fiscal train wreck is now underway. Depending on policy actions taken now and over the next few years, federal deficits will likely average as much as 6% of GDP through 2019, contributing to a jump in debt held by the public to as high as 82% of GDP by then - a doubling over the next decade. Worse, barring aggressive policy actions, deficits and debt will rise even more sharply thereafter as entitlement spending accelerates relative to GDP. Keeping entitlement promises would require unsustainable borrowing, taxes or both, severely testing the credibility of our policies and hurting our long-term ability to finance investment and sustain growth. And soaring debt will force up real interest rates, reducing capital and productivity and boosting debt service. Not only will those factors steadily lower our standard of living, but they will imperil economic and financial stability.
Morgan Stanley - Global Economic Forum
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06 July 2009
California'€™s Nightmare Will Kill Obamanomics: Kevin Hassett - Bloomberg.com
Inasmuch as GWB is my second least favorite Republican Prez, AND I find it hard to disagree with Hassett...
"The federal picture is so bleak because he Obama administration is the most fiscally irresponsible in the history of the U.S. I would imagine that he would be the intergalactic champion as well, if we could gather the data on deficits on other worlds. Obama has taken George W. Bush’s inattention to deficits and elevated it to an art form."
href="http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTKrn1jUJwdE">California'€™s Nightmare Will Kill Obamanomics: Kevin Hassett - Bloomberg.com
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"The federal picture is so bleak because he Obama administration is the most fiscally irresponsible in the history of the U.S. I would imagine that he would be the intergalactic champion as well, if we could gather the data on deficits on other worlds. Obama has taken George W. Bush’s inattention to deficits and elevated it to an art form."
href="http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTKrn1jUJwdE">California'€™s Nightmare Will Kill Obamanomics: Kevin Hassett - Bloomberg.com
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Statistical vs. Material Significance, Arnold Kling | EconLog | Library of Economics and Liberty
Money quote:
"Statistical significance is not a measure of the importance of a relationship. Statistical significance is a measure of the unlikelihood that you got your results solely due to chance sampling error."
Statistical vs. Material Significance, Arnold Kling | EconLog | Library of Economics and Liberty
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"Statistical significance is not a measure of the importance of a relationship. Statistical significance is a measure of the unlikelihood that you got your results solely due to chance sampling error."
Statistical vs. Material Significance, Arnold Kling | EconLog | Library of Economics and Liberty
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05 July 2009
The Ten Commandments Of Microeconomics
Two notes:
1. Jodi should be the economist in the commercial
2. Here's the list:
The Ten Commandments of Microeconomics:
1. Thou shalt not idolize a social planner
2. Thou shalt not take private property in vain
3. Thou shalt honor the opportunity cost
4. Thou shalt honor the unintended consequences
5. Thou shalt not use price controls to alter market outcomes
6. Thou shalt not use taxes or subsidies to alter international trade
7. Thou shalt not ignore the power of incentives
8. Thou shalt not bear false witness against the goodness of greed
9. Thou shalt not covet fairness without honoring efficiency
10. Thou shalt not always covet government solutions to externalities
The Ten Commandments Of Microeconomics…
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1. Jodi should be the economist in the commercial
2. Here's the list:
The Ten Commandments of Microeconomics:
1. Thou shalt not idolize a social planner
2. Thou shalt not take private property in vain
3. Thou shalt honor the opportunity cost
4. Thou shalt honor the unintended consequences
5. Thou shalt not use price controls to alter market outcomes
6. Thou shalt not use taxes or subsidies to alter international trade
7. Thou shalt not ignore the power of incentives
8. Thou shalt not bear false witness against the goodness of greed
9. Thou shalt not covet fairness without honoring efficiency
10. Thou shalt not always covet government solutions to externalities
The Ten Commandments Of Microeconomics…
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02 July 2009
Troops Told To Stop Taliban Pursuit If Civilians Are At Risk
Assuming the news media has got this right, I do believe we've just telegraphed a successful strategy to the bad guys.
[McClatchy Newspapers, mcclathchydc.com, July 1, 2009]
Beginning Thursday, U.S. troops in Afghanistan will be under orders to back down when they’re chasing Taliban fighters whenever they think that civilians might be at risk.
30 June 2009
Hit & Run Debt and Taxes: The CBO's Dire Projections - Reason Magazine
How bad is the CBO's latest report on the country's budgetary future? The Washington Post calls the office's numbers "dire." U.S. News says they're "off the wall." And in a post about the report on his blog, the CBO's director, Douglas Elmendorf, writes that "under current law, the federal budget is on an unsustainable path."
What's the problem? In a word, debt: The Post's editorial board summarizes the CBO's findings as follows:
Debt is growing faster than gross domestic product. Under the CBO's most realistic scenario, the publicly held debt of the U.S. government will reach 82 percent of GDP by 2019 -- roughly double what it was in 2008. By 2026, spiraling interest payments would push the debt above its all-time peak (set just after World War II) of 113 percent of GDP. It would reach 200 percent of GDP in 2038.
Hit & Run Debt and Taxes: The CBO's Dire Projections - Reason Magazine
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What's the problem? In a word, debt: The Post's editorial board summarizes the CBO's findings as follows:
Debt is growing faster than gross domestic product. Under the CBO's most realistic scenario, the publicly held debt of the U.S. government will reach 82 percent of GDP by 2019 -- roughly double what it was in 2008. By 2026, spiraling interest payments would push the debt above its all-time peak (set just after World War II) of 113 percent of GDP. It would reach 200 percent of GDP in 2038.
Hit & Run Debt and Taxes: The CBO's Dire Projections - Reason Magazine
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29 June 2009
Global Warming - John Stossel's Take
Good rule: when the reply to a question is "Shut up", more questions need to be asked.
Global Warming - John Stossel's Take
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Global Warming - John Stossel's Take
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26 June 2009
Fixing the Health Care System, Arnold Kling | EconLog | Library of Economics and Liberty
I cannot improve on Dr Kling's observation:
"I love it when people who have never managed anything more than a government grant are convinced they can manage one sixth of the economy."
Fixing the Health Care System, Arnold Kling | EconLog | Library of Economics and Liberty
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"I love it when people who have never managed anything more than a government grant are convinced they can manage one sixth of the economy."
Fixing the Health Care System, Arnold Kling | EconLog | Library of Economics and Liberty
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Instapundit on IDB on Waxman-Malarkey
And recall that Smoot-Hawley knocked over European banks like ten-pins. Specifically, German banks. And the resulting social unrest led to a government led by and evil genie -- arguably the evilest genie -- that was very expensive, in both blood and bucks, to stuff back into the bottle.
INVESTOR’S BUSINESS DAILY ON WAXMAN-MARKEY: “The House of Representatives is preparing to vote on an anti-stimulus package that in the name of saving the earth will destroy the American economy. Smoot-Hawley will seem like a speed bump.”
25 June 2009
The Fundamental Economic Problem
The fundamental economic problem is related to scarcity. Humanity has limited resources and infinite demands. Who decides. My fellow bureaucrats? God? Philosopher Kings?
Economics Essays: The Fundamental Economic Problem
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Economics Essays: The Fundamental Economic Problem
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