Earl Scruggs was one of the greatest and his friends knew it...
Thursday, March 29, 2012
Tuesday, March 27, 2012
Sunday, March 25, 2012
"Suddenly" Is About To Show Up
There's a famous exchange in Hemingway's "The Sun Also Rises". Someone asks Mike Campbell, "How did you go bankrupt?" "Two ways," he replies. "Gradually, then suddenly."
He is a contemporary explanation by Mark Steyn...
I was in Australia earlier this month and there, as elsewhere on my recent travels, the consensus among the politicians I met (at least in private) was that Washington lacked the will for meaningful course correction, and that, therefore, the trick was to ensure that, when the behemoth goes over the cliff, you’re not dragged down with it. It is faintly surreal to be sitting in paneled offices lined by formal portraits listening to eminent persons who assume the collapse of the dominant global power is a fait accompli. “I don’t feel America is quite a First World country anymore,” a robustly pro-American Aussie told me, with a sigh of regret.
Well, what does some rinky-dink ’roo-infested didgeridoo mill on the other side of the planet know about anything? Fair enough. But Australia was the only major Western nation not to go into recession after 2008. And in the last decade the U.S. dollar has fallen by half against the Oz buck: That’s to say, in 2002, one greenback bought you a buck-ninety Down Under; now it buys you 95 cents. More of that a bit later.
I have now returned from Oz to the Emerald City, where everything is built with borrowed green. President Obama has run up more debt in three years than President Bush did in eight, and he plans to run up more still — from ten trillion in 2008 to fifteen and a half trillion now to 20 trillion and beyond. Onward and upward! The president doesn’t see this as a problem, nor do his party, and nor do at least fortysomething percent of the American people. The Democrats’ plan is to have no plan, and their budget is not to budget at all. “We don’t need to bring a budget,” said Harry Reid. Why tie yourself down? “We’re not coming before you to say we have a definitive solution,” the treasury secretary told House Budget Committee chairman Paul Ryan. “What we do know is we don’t like yours.”
Nor do some of Ryan’s fellow conservatives. Texas congressman Louie Gohmert, for whom I have a high regard, was among those representatives who appeared at the Heritage Foundation to express misgivings regarding the Ryan plan’s timidity. They’re not wrong on that: The alleged terrorizer of widows and orphans does not propose to balance the budget of the government of the United States until the year 2040. That would be 27 years after Congressman Ryan’s current term of office expires. Who knows what could throw a wrench in those numbers? Suppose Beijing decides to seize Taiwan. The U.S. is obligated to defend it militarily. But U.S. taxpayers would be funding both sides of the war — the home team, via the Pentagon budget, and the Chinese military, through the interest payments on the debt. (We’ll be bankrolling the entire People’s Liberation Army by some point this decade.) A Beijing–Taipei conflict would be, in budget terms, a U.S. civil war relocated to the Straits of Taiwan. Which is why plans for mid-century are of limited value. When the most notorious extreme callous budget-slasher of the age cannot foresee the government living within its means within the next three decades, you begin to appreciate why foreign observers doubt whether there’ll be a 2040, not for anything recognizable as “the United States.”
Yet it’s widely agreed that Ryan’s plan is about as far as you can push it while retaining minimal political viability. A second-term Obama would roar full throttle to the cliff edge, while a President Romney would be unlikely to do much more than ease off to third gear. At this point, it’s traditional for pundits to warn that if we don’t change course we’re going to wind up like Greece. Presumably they mean that, right now, our national debt, which crossed the Rubicon of 100 percent of GDP just before Christmas, is not as bad as that of Athens, although it’s worse than Britain, Canada, Australia, Sweden, Denmark, and every other European nation except Portugal, Ireland, and Italy. Or perhaps they mean that America’s current deficit-to-GDP ratio is not quite as bad as Greece’s, although it’s worse than that of Britain, Canada, France, Germany, Italy, Spain, Belgium, and every other European nation except Ireland.
But these comparisons tend to understate the insolvency of America, failing as they do to take into account state and municipal debts and public pension liabilities. When Morgan Stanley ran those numbers in 2009, the debt-to-revenue ratio in Greece was 312 percent; in the United States it was 358 percent. If Greece has been knocking back the ouzo, we’re face down in the vat. Michael Tanner of the Cato Institute calculates that, if you take into account unfunded liabilities of Social Security and Medicare versus their European equivalents, Greece owes 875 percent of GDP; the United States owes 911 percent — or getting on for twice as much as the second-most-insolvent Continental: France at 549 percent.
And if you’re thinking, Wow, all these percentages are making my head hurt, forget ’em: When you’re spending on the scale Washington does, what matters is the hard dollar numbers. Greece’s total debt is a few rinky-dink billions, a rounding error in the average Obama budget. Only America is spending trillions. The 2011 budget deficit, for example, is about the size of the entire Russian economy. By 2010, the Obama administration was issuing about a hundred billion dollars of treasury bonds every month — or, to put it another way, Washington is dependent on the bond markets being willing to absorb an increase of U.S. debt equivalent to the GDP of Canada or India — every year. And those numbers don’t take into account the huge levels of personal debt run up by Americans. College-debt alone is over a trillion dollars, or the equivalent of the entire South Korean economy — tied up just in one small boutique niche market of debt which barely exists in most other developed nations.
“We are headed for the most predictable economic crisis in history,” says Paul Ryan. And he’s right. But precisely because it’s so predictable the political class has already discounted it. Which is why a plan for pie now and spinach later, maybe even two decades later, is the only real menu on the table. There’s a famous exchange in Hemingway’s The Sun Also Rises. Someone asks Mike Campbell, “How did you go bankrupt?” “Two ways,” he replies. “Gradually, then suddenly.” We’ve been going through the gradual phase so long, we’re kinda used to it. But it’s coming to an end, and what happens next will be the second way: sudden, and very bad.
By the way, that decline in the U.S./Australian exchange isn’t the only one. Ten years ago the U.S. dollar was worth 1.6 Canadian; now it’s at par. A decade ago, the dollar was worth over ten Swedish Kroner, now 6.7; 1.8 Singapore dollars, now 1.2. I get asked with distressing frequency by Americans where I would recommend fleeing to. The reality is, given the dollar’s decline over the last decade, that most Americans can no longer afford to flee to any place worth fleeing to. What’s left is the non-flee option: taking a stand here, stopping the spendaholism, closing federal agencies, privatizing departments, block-granting to the states — not in 2040, but now. “Suddenly” is about to show up.
Thank you Mark Steyn and "National Review".
Thank you Mark Steyn and "National Review".
— Mark Steyn, a National Review columnist, is the author of "After America: Get Ready for Armageddon".
Friday, March 23, 2012
Professionally Coordinated Chaos
According to the Treasury Inspector General for Tax Administration, the Internal Revenue Service had a 21% to 26% error rate issuing Earned Income Tax Credit payments in Fiscal Year 2011. This equates to $13.7 to $16.7 billion in EITC improper payments. Imagine how long Apple would stay in business if 25% of the iPhones it sold didn't work.
Or, how about this one...
When Obamacare was being "sold" to the American people, we were told the 10-year gross costs would be less than $1 trillion (938 billion to be exact). However, current estimates by the Congressional Budget Office estimates Obamacare for the next ten years will cost the American taxpayer $1.76 trillion...almost twice the phony baloney figures mentioned just two years ago. That's 176,000,000,000,000 pennies. And I wouldn't give you two cents for all them "professional coordinators" in the whole country.
If you want me to turn your stomach more, please "Like" me on Facebook or comment below.
Inspired by Charles Krauthammer and George Will
Thursday, March 22, 2012
Please Stop Apologizing
THIS week, Robert De Niro made a joke about first ladies, and Newt Gingrich said it was “inexcusable and the president should apologize for him.” Of course, if something is “inexcusable,” an apology doesn’t make any difference, but then again, neither does Newt Gingrich.
Mr. De Niro was speaking at a fund-raiser with the first lady, Michelle Obama. Here’s the joke: “Callista Gingrich. Karen Santorum. Ann Romney. Now do you really think our country is ready for a white first lady?”
The first lady’s press secretary declared the joke “inappropriate,” and Mr. De Niro said his remarks were “not meant to offend.” So, as these things go, even if the terrible damage can never be undone, at least the healing can begin. And we can move on to the next time we choose sides and pretend to be outraged about nothing.
When did we get it in our heads that we have the right to never hear anything we don’t like? In the last year, we’ve been shocked and appalled by the unbelievable insensitivity of Nike shoes, the Fighting Sioux, Hank Williams Jr., Cee Lo Green, Ashton Kutcher, Tracy Morgan, Don Imus, Kirk Cameron, Gilbert Gottfried, the Super Bowl halftime show and the ESPN guys who used the wrong cliché for Jeremy Lin after everyone else used all the others. Who can keep up?
This week, President Obama’s chief political strategist, David Axelrod, described Mitt Romney’s constant advertising barrage in Illinois as a “Mittzkrieg,” and instantly the Republican Jewish Coalition was outraged and called out Mr. Axelrod’s “Holocaust and Nazi imagery” as “disturbing.” Because the message of “Mittzkrieg” was clear: Kill all the Jews. Then the coalition demanded not only that Mr. Axelrod apologize immediately but also that Representative Debbie Wasserman Schultz “publicly rebuke” him. For a pun! For punning against humanity!
The right side of America is mad at President Obama because he hugged the late Derrick Bell, a law professor who believed we live in a racist country, 22 years ago; the left side of America is mad at Rush Limbaugh for seemingly proving him right.
If it weren’t for throwing conniption fits, we wouldn’t get any exercise at all.
I have a better idea. Let’s have an amnesty — from the left and the right — on every made-up, fake, totally insincere, playacted hurt, insult, slight and affront. Let’s make this Sunday the National Day of No Outrage. One day a year when you will not find some tiny thing someone did or said and pretend you can barely continue functioning until they apologize.
If that doesn’t work, what about this: If you see or hear something you don’t like in the media, just go on with your life. Turn the page or flip the dial or pick up your roll of quarters and leave the booth.
The answer to whenever another human being annoys you is not “make them go away forever.” We need to learn to coexist, and it’s actually pretty easy to do. For example, I find Rush Limbaugh obnoxious, but I’ve been able to coexist comfortably with him for 20 years by using this simple method: I never listen to his program. The only time I hear him is when I’m at a stoplight next to a pickup truck.
When the lady at Costco gives you a free sample of its new ham pudding and you don’t like it, you spit it into a napkin and keep shopping. You don’t declare a holy war on ham.
I don’t want to live in a country where no one ever says anything that offends anyone. That’s why we have Canada. That’s not us. If we sand down our rough edges and drain all the color, emotion and spontaneity out of our discourse, we’ll end up with political candidates who never say anything but the safest, blandest, emptiest, most unctuous focus-grouped platitudes and cant. In other words, we’ll get Mitt Romney.
Thank you Mr. Maher and the New York TimesMonday, March 19, 2012
Sunday, March 18, 2012
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Tuesday, March 6, 2012
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