February 2009


Read the excellent commentaries by Walter E. Williams and Rush Limbaugh to see how the federal government is usurping liberty on a large scale.  The founders were prescient on this score:  they tried their best to build strict limits on Federal power into the Constitution.  Please refer to Amendment X, which today most people pretend doesn’t exit.  The founder’s safeguards generally succeeded until the  modern statists began reinterpreting, and then literally ignoring the Constitution beginning in the 1930s.  Today, statists are firmly in control in the federal government, and the Constitution, for them, is no longer a thing to merely be ignored.  It is a thing to hold in contempt.  Don’t believe me?  Here is just one of countless examples.

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38 dizzying days of Obamanomics.  It’s difficult to keep up with this socialist lion.  Now we have a $3.6 trillion budget proposal with the number of earmarks slashed drastically to 9,000.  9,000 earmarks! This from a man who assured us that there would be “no” earmarks in his budget.

In other developments, the federal government grabbed more equity in Citibank and now owns about 36% of it but effectively controls up to 70%.  But the Obama administration adamantly denies that it is “nationalizing” any bank. That is obviously claptrap.  Of course it’s nationalization.  The federal government has nationalized Citibank, period.  By any definition, this is socialism.

The Democrats in Congress have always claimed to be “moderate” and “mainstream,” while painting those nasty conservatives as radical, hate-mongering, school-lunch-stealing neanderthals.  But the full glory of their true hard-core leftist nature is being revealed now.  Joe Lieberman and a few straggling cohorts notwithstanding, they never have and do not now intend to be moderate or mainstream in any way.   They have no intention of listening to the vast majority in mainstream America.  Every single stop is being pulled out, and our country has been set more firmly on the course of socialism in the blink of a political eye.

Obama and the Congress are behaving precisely like the off-the-shelf liberals they are, but ones who are finally unfettered by any shred of meaningful opposition.  One imagines Barney Frank and Barbara Boxer in the corner of a darkened committee room, lovingly blowing the dust off the leftist playbook (copyright 1968), fondling it in almost uncontainable anticipation of how they will remake the world next.  “My precious,” they mutter.  But even though some of them may look like Gollum, they are not nearly as thoughtful.  Liberals never have second thoughts.  Step #1:  Spend.  Step #2:  Spend at a greater rate.   Step #3:  Tax.  Step #4:  Fund abortions.  And so on.  Is there one burning liberal desire that is not mindlessly thrown on the table?

“Although, in some sense, the United States of America is still the militarily strongest nation on earth, that means absolutely nothing if our enemies are willing to die and we are not.”
Thomas Sowell

Consumer confidence dipped to a new low in February. This unsurprising result comes in the wake of the ungodly stimulus plan recently signed by the President. The confidence measure is called the “Present Situation Index.” Mr. Obama would be well to pay attention: his own present situation index continues to sink. Low consumer confidence is not an independent parameter that can be adjusted by governmental action. It is an aggregate of families’ assessment of present conditions, future expectations, and the fears and uncertainties associated with both. The reason confidence continues to be low is not because the almighty state has failed to spend enough tax dollars. Consumers instinctively know what a bad idea is, and they have no confidence in the recent massive governmental intrusion. Mr. Obama could, tomorrow, inspire all the consumer confidence he needs if he would aggressively pursue spending cuts to reduce the burden of government borrowing on the economy, along with major tax cuts on capital, investment, and productive income.

The modern left has an infinite capacity to pretend. Take this: Obama now says he’ll slash the deficit by enacting strict spending restraint.  Here’s a great idea for spending restraint: Don’t spend $787 billion dollars.  How about that?  It just might work.  Why spend billions now, only to attempt spending restraint over the next 7 years, since we all know how well “spending restraint” works in Washington?   If Obama was trying to impress Wall Street, it didn’t happen (-251 points).  The deficit this year is projected to be $1.5 trillion dollars, or about 12% of GDP – unprecedented in peacetime.  But he’s only going to cut in half the $1.3 trillion “inherited” from the Bush administration.  Gee, thanks.  There’s an excellent chance our budget deficit will reach basket-case Latin American levels in no time.

What’s lost in all of this (I suppose it’s been lost for a long time now), is that the federal government has zero constitutional authority to fund 90% of the bloat in this bill.

The Dow fell another 251 points today to 7115, its lowest level since 1997.  There seems to be a strong inverse correlation between the frequency of Obama utterances and the value of the stock market.  It must be puzzling to the messiah why nobody (at least nobody whose livelihood depends on figuring these things out) believes that the federal government spending $850 billion dollars on chicken houses, exercise technique research, and overseas abortions will yank us out of the ditch.  According to Obama, it’s so simple:  “stimulus is spending.”   This level of naivete is staggering even for a die-hard Keynesian.  This is junior-high-civics-class-taught-by-the-volleyball-coach stuff.