Monday, April 12, 2010

SEIU invested tens of millions on Obama and DemCare in order to replenish its woefully underfunded pensions -- on your dime

The SEIU spent $85 million on Barack Obama's campaign and millions more on pushing for DemCare. Among its biggest rewards will be millions of medical civil servants -- and millions of new, dues-paying members. The Wall Street Journal's September 10, 2009 op-ed ("Read the Union Health-Care Label -- Get ready for Detroit-style labor relations in our hospitals"), describes state-run health care as opening "the door to implement forced unionization schemes" by reclassifying in-home health-care (and child-care) contractors as union members.

But why is the SEIU so desperate for state-run health care? Put simply, union bosses appear to be underfunding their members' pensions, deliberately and systematically, while enriching their own plans. And someone has to make up the shortfall. That someone is you.

Of all major unions, the SEIU appears to be one of the worst at the practice of underfunding its retirement obligations. Aside from being a major supporter of the far left Democrat agenda, it is tied to ACORN and its variants, the the disgraced posse of community agitators. So the act of skirting ethical, legal and moral hurdles doesn't appear to be a stumbling block for this crew.

The Rank Hypocrisy of the SEIU

The SEIU argues on its website that 401(K) plans are bad for workers. It claims that defined benefit funds are superior tools to assure workers' pensions. It would seem reasonable that the SEIU, then, would ensure that its 2 million members would benefit from generous, well-funded pensions.

But that is not the case -- at least for rank-and-file union members. ATR reports that:

• In 2006, the average SEIU members' pension plan was only 82% funded with assets of about $19,000 per person.
• Separate funds for employees of the SEIU itself were 105% funded, with about $85,000 per person.
• And funds covering SEIU officers and employees were 123% funded, holding roughly $80,000 per person.

However, only ten years earlier, in 1996, the SEIU National Industry Pension Fund possessed nearly 110% of the funds it would need for all of its pension obligations.

The Reason for the Disconnect Between Union Bosses and Members

So why are the union bosses' pension plans overfunded at 123% and the rank & file union members plans are near "endangered status" at 82%?

While the union blames market conditions, actual fund performance metrics demonstrate that this is not the case. It appears, instead, that the playing field has been tilted to reward the union bosses and union employees at the expense of the rank-and-file.

The problem exists not only in the SEIU's national plans. The U.S. Chamber of Commerce revealed that 13 SEIU local pension plans were less than 80% funded. Six were less than 65% funded, clearly in a danger zone.

For example, the Massachusetts Service Employees Pension Fund fell from nearly 110% to 70% funded in 10 years; and the SEIU 1199 Upstate Pension Fund fell from 115% to 75% since its inception in 1999.

To regain some semblance of fiscal stability, the SEIU has wagered heavily on forcing other employees to help fund its shattered pension reserves. That was the motivation behind the Employee Free Choice Act (EFCA) ("Card Check"), a major Democrat initiative for 2009, and one on which the SEIU spent tens of millions of its members' money.

Since Card Check is in serious trouble with lawmakers, state-run health care must suffice.

• The public option could force hospital and other health care workers into underfunded pensions, putting their retirements at risk
• The average union pension has resources to cover only 62% of what is owed to participants
• Less than one in every 160 union-represented workers is covered by a union pension with required assets
• The PBGC already supports upwards of 30,000 pension plans
• Pension Benefit Guarantee Corporation (PBGC), the governmental pension insurer, will assume $86.7 billion in liabilities by 2015
• The PBGC limits the benefits in multi-employer plans to $13,000 a year per retiree, compared with roughly $52,000 for single-employer plans.
• In 2007, the PBGC reported a deficit of $955 million, a $216 million increase from the previous year
• In July of 2009, the PBGC agreed to take on $6.2 billion in pension liabilities from bankrupt auto supplier Delphi Corp

DemCare was a Democrat payoff to union bosses, who fear what will happen to them when the massive pension disparity between workers and bosses becomes widely known.

DemCare was designed, first and foremost, to reward the SEIU. It's not about health care. It's about the redistribution of tax dollars from your wallet into the unions' coffers. And, no matter how these central planners, these masterminds, swirl the money around, their unfunded pension liabilities will crush taxpayers as certainly as night follows day.

Larwyn's Linx: Crash Course -- Illustrated Guide to Tea Party Saboteurs

Have a great link you'd like me to review? Drop me an email. You can also install a Larwyn's Linx blog widget.

Nation

Crash Course: Illustrated Guide to Tea Party Saboteurs: Malkin
3,000+ welcome Tea Party Express in Clinton, MI: BlogProf
Beware the Tea Party Crashers: RWN

The Democrat Race Lie: B&R
Back to the future: the new campus radicals: NAS
Stupak's disdain for regular Americans: RWN

Economy

With 10% unemployment, Obama issues 1M green cards: GWP
Obama: 'No one I've met is looking for a handout': JWF
Behavioral economics hooey for better living: Fausta

How Fannie & Freddie Foiled Regulators: Tapscott
Unions Pushing States Toward Broken Promises: LegalIns
SEIU Exec: white union members rabidly racist: GWP

Media

New Obama Bio Strengthens Case for Dreams Fraud: Cashill
Quotes of the Day: Hot Air
Your higher taxes pay for my health care: WashReb

Boston Globe: Correct by Mistake: Wizbang
Coulter on Steele: Democrats attacking him because of his skin color: GWP
A Tour Through Recession America: Hanson

World

The UK Sinks Even Lower: Muslims Now Allowed To Throw Things To Express 'Protest': JoshuaPundit
Socialized medicine at its best: NHS caught harvesting organs: TAB
Muslim staff escape NHS hygiene rule: Telegraph (UK)

The Two Best Arab Journalists Warn What A Nuclear-Armed Iran Means: BRubin
Moose hunter bags community organizer: GWP
Romanian Immigrant: ‘Let’s say I came from hell’: BMW

The patient as government pawn: Malkin
Missing: 300 Somalis Smuggled Into US By Virginia Man Linked to Terrorists: GWP
CPUSA rush to judgement on Kyrgyzstan…actually a down right lie: Ameristroika

SciTech

The Amazing Media Habits of 8- to 18-year olds: Insider
A Marvel of Engineering: C&S
Why Renren is better than Facebook: Chinahush

Cornucopia

Just to make Huckabee freak out: DPU
todaze public tv get your learn on: SondraK
Capsule Apartment appears in Beijing, 2 square meters each: Chinahush

Today's Larwyn's Linx Sponsored By: PJTV is recruiting citizen-reporters for Tax Day Tea Parties!

QOTD:

"..It does not require a majority to prevail, but rather an irate, tireless minority keen to set brush fires in people's minds.." --Samuel Adams


Sunday, April 11, 2010

Smart Power: Khameini rips Obama for threatening Iran with nukes. Clenched fist to commence in 3... 2... 1...

I haven't been keeping up with the news, but I was wondering how President Obama's overtures o' peace to the Iranians are going. You know, when the President said, "if countries like Iran are willing to unclench their fist, they will find an extended hand from us."

Anyone know how that Smart Power™ diplomacy is working out?

Supreme leader Ayatollah Ali Khamenei slammed US President Barack Obama on Sunday for threatening a "nuclear attack" even as Defence Secretary Robert Gates said he did not believe Iran had an atomic bomb.

Foreign ministry spokesman Ramin Mehmanparast said Iran will officially complain to the United Nations regarding Obama's "threats"... "He (Obama) has implicitly threatened Iranians with nuclear weapons," state television quoted Khamenei as saying... "...the head of a state is threatening a nuclear attack," said Iran's spiritual guide.

"The US president's statements are disgraceful. Such comments harm the US and they mean that the US government is wicked and unreliable."

In a policy shift, Washington said on Tuesday it would use atomic weapons only in "extreme circumstances" and would not attack non-nuclear states -- but singled out "outliers" Iran and North Korea as exceptions.

...[Iran's] Natanz facility has a capacity of 60,000 centrifuges, and Iran has been steadily enriching uranium there for years in defiance of three sets of UN sanctions and the threat of a fourth... enrichment lies at the heart of Western concerns over Iran's nuclear programme as the sensitive process can produce fuel for a reactor or, in highly extended form, the fissile core of an atomic bomb.

Consider this exhibit nine million that my Dad was right. Many years ago, he told me: "Son, everything Democrats touch turns to crap."


'I am not an African-American! I am Lloyd Marcus, AMERICAN!'

El Marco has the must-see photos of the Tea Party Express rolling through a town near you.

And he points us to an outstanding article by Bob Parks, which I'd encourage you to whip out at any legacy media reporter who tries to paint Tea Partiers as racists.

It's called "The Democrat Race Lie" and it's an exceptional summary for dimwits on the left.

Yes -- I mean you, Garofalo.


Bitter Spinster Columnist Visits Saudi Arabia, Observes Rampant Misogyny -- And Bashes Catholic Church For Mistreatment of Women

Funny, I didn't know there were any Catholic institutions allowed in Saudia Arabia. Yet, somehow, the creative genius of one Dowd-comma-Maureen makes the conceptual leap from the malevolent misogyny of Sharia law to... her downtrodden status as a female Catholic.

How could such spirited women [Saudi females], smart and successful on every other level, acquiesce in their own subordination?

I was puzzling over that one when it hit me: As a Catholic woman, I was doing the same thing.

I, too, belonged to an inbred and wealthy men’s club cloistered behind walls and disdaining modernity.

I, too, remained part of an autocratic society that repressed women and ignored their progress in the secular world.

Gee, Maureen, conflating your own petty misery with this:

That's a woman receiving lashes for alleged adultery. Or this:

That's a woman who was stoned to death for alleged adultery. Or this:

That's a woman who was beheaded for... something. Must've been bad, though.

Truth be told, Mo, conflating your view of the Catholic Church and all of its painful and ugly scandals, with an endemic, sanctioned culture of brutality and misogyny seems a tad, well, stupid. Moronic, in fact.

It's amazing how none of these brave, bold Times columnists ever screw up enough courage to attack real religious extremism.

Here's hoping Pinchy moves MoDo behind a pay-wall again -- and soon. Her material is even more pathetic than the Bush-Cheney-Plame-Neocon column she ran for roughly 200 weeks in a row.


Hat tip: Memeorandum. Linked by: Michelle Malkin. Thanks!

Al Gore AWOL as China's Pollution Eviscerates the Earth

While Al Gore tries to earn his second billion dollars perpetuating the warmal colding grift in the U.S., China's prolific polluters have somehow escaped his scrutiny.

Half a year ago, a chemical plant in Hunan Liuyang was shut down after a "cadmium pollution" incident began killing off plant life. The event received national attention. Reporter Fang Qianhua visited the site and filed a shocking report illustrating the ravaging effects on local agriculture.

July of this year my partner Yang Xiaohong and I went to Liuyang in Hunan province together to cover the incident of cadmium pollution.

Centered at Xianghe chemical factory which was the source of the cadmium pollution, the fields within 1.5 kilo-meter radius were seriously polluted with cadmium.

At the time, the amount of the cadmium content in majority of the villagers’ body seriously exceeded the standard level.

Some of them were very young babies. Apart from this, large tracts of contaminated farmland and crops were too horrible to look at.

Those once familiar fruits and vegetables in the field became grotesque and disfigured beyond recognition, making people feel nausea and fearful when looking at them.

November of this year I once again returned back to the polluted areas to investigate and found many farmland were deserted, rarely seen crops.

However after walked through many villages we could still see some remaining fruits and vegetables in the corners of the deserted fields.

Because they were never cleared away, after a few months of pollution they have become more deformed, more shocking.

In order to find crops suitable for the photo shoot, I went there 4 times to couple of the villages to look for those polluted vegetables. To me, these deformed and sick fruits and vegetables are like a group of special patients.

Al Gore, Henry Waxman, Nancy Pelosi and Chuck Schumer were unavailable for comment as they were jetting about the country drumming up support for increased Statism.


Fail in 90 Seconds: The Obama Economic Track Record

For your review, the Obama administration's economic track record in 90 seconds can be described as follows (I can also summarize it in one second, if necessary: "teh FAIL")...

 FAIL: The "HAMP" mortgage modification program, designed to save homeowners from foreclosure? Out of 651,000 "trial" modifications, zero (that's none) have turned into a permanent repayment plan.

 FAIL: The "Cash-for-Clunkers" program cost taxpayers between $20,000 and $45,000 per vehicle purchased.

 FAIL: The "Stimulus" program, which cost $787 billion and was rammed through Congress using the premise that, without it, unemployment would not pass 8%, has resulted in 10.2% unemployment and 17% "under-employment" (U-6). The tab will be paid for by your children and grandchildren.

 FAIL: The $60 billion bailout of GM and Chrysler -- abrogating bankruptcy law with payoffs to various union bosses -- is an utter and complete failure. The businesses are unsustainable without a massive restructuring, including dramatically retooling union contracts.

 FAIL: The bailout of AIG, orchestrated by the then-head of the Federal Reserve Bank of New York (FRBNY) Timothy F. Geithner, "wasted billions" of taxpayer money according to the inspector generator of the TARP program. The initial $85 billion rescue failed, forcing the Fed to pay above-market for the swaps it acquired. The result? "There is no question that the effect of the FRBNY's decision - indeed, the very design of the federal assistance to AIG - was that tens of billions of dollars of government money was funneled inexorably and directly to AIG's counterparties," according to the inspector general. In fact, the terms of the plan were so flawed that the Treasury Department had to dole out an additional $40 billion to AIG just weeks later. For his part in the debacle, FRBNY chairman Geithner was rewarded with a Secretary of the Treasury role by President Obama.

These are the economic qualifications of President Obama and his Congressional sycophants; the masterminds who are plotting their takeover of another one-sixth of the economy: socialized medicine. Come to think of it, those quals are even worse than the average Democrat president, though not by much.

Larwyn's Linx: Lindsey Graham, Schumer Set to Introduce Amnesty Bill

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Nation

Lindsey Graham, Schumer Set to Introduce Amnesty Bill: GWP
Rancher’s killing stirs immigration debate: WashExam
Voicemails Expose Left’s Racism: Crowley

‘It’s the Constitution, Stupid’: Moran
Cuomo's Not a Lock: Riehl
'Spittlegate' and Its Consequences: Cashill

Economy

Debt Denial: DC
Recovery? Then why do things keep getting worse?: EOTAD
The Deadly Tax on Medical Innovation: PJM

The unsustainable federal income tax gap: Hot Air
Tax Day only bitter for the suckers who pay: Steyn
SEIU Refuses To Accept The Truth: LogMon

Obama: Interns for me but not for thee: Hot Air
Public-Sector Unionism Is a Bad Deal for America: FireEng
Projecting the Budget: ZH

Climate & Energy

Al Gore Protest at Duke University: Randy
UN may use 'ecocide' as crime like genocide; 'Could be used to prosecute climate deniers': Guardian (UK)

Media

Guess How Many People Pay To Read Local Newspapers With Paywalls?: Insider
Eternal Islamic Enmity toward the Jews: AT
That Was One Revealing Campaign Commercial: Riehl

'No One I’ve Met is Looking for a Handout': JWF
The Crisis by Thomas Paine: AmDigest
Unleashing my inner libertarian: AlterNet

World

A Plane Crash Changes Poland: AT
A Great Friend of the United States, Freedom, and the Jewish People: LegalIns
Palestinian Authority Celebrates Those Who Turned Christianity's Holiest Shrine into a Military Bunker: BRubin

Why Won’t Congressman Gerry Connolly (D-VA) Come Clean about the Dar Al-Hijrah Fundraiser?: BigGovt
World more dangerous with Obama's nuke policy: WashExam

SciTech

Planned Parenthood opposes laws that make it a crime for people not to tell partners they have HIV: BlogProf
Are Robots Alive?: Discovery
Probe Of Apple-Google Hiring Collusion Gains Steam: Insider

Cornucopia

Why I own an M1 Garand Rifle: A Human Right
Cheaters Run on Overdrive: LA Times

Today's Larwyn's Linx Sponsored By: Halt the Assault

QOTD:

Yesterday brought an email from Nita Chaudhary of MoveOn.org, which is raising money for a new ad campaign: "Republicans are on a rampage to repeal health care. It's time to fight their misinformation with the truth. We're launching a big campaign to make sure voters know how health care reform will help them and put the Republican lies to rest."

This reminded us of another fund-raising email, from last December. It urged us to sign a petition: "America needs real health care reform--not a massive giveaway to the insurance companies. Senator Bernie Sanders and other progressives should block this bill until it's fixed."

That petition was from MoveOn.org! Of course, the bill was not "fixed." The Senate approved it on Christmas Eve, with Sanders voting "aye." It became law last month when the House followed suit... Now MoveOn is raising money to defend a law it called "a massive giveaway to the insurance companies." How dumb does it think its backers are? That was a rhetorical question, because apparently they are very dumb: As we write, the group claims to have raked in more than $183,000 from its latest pitch. -- James Taranto


Saturday, April 10, 2010

Photo Essay: Hitler learns that all of the copies of his bunker video weren't destroyed per his orders

Dammit, I'm gonna keep flogging this one until someone says it's funny!

I got carpal frickin' tunnel syndrome from all of the cutting and pasting, for heaven's sake!


New York: 90% Want Public Sector Union Workers to Forego Raises

Gee: is a 9-to-1 ratio statistically significant?

Nearly 90 percent of respondents to this week’s RBJ Daily Report Snap Poll say the state’s union workers should forgo 4 percent raises... Faced with a deficit of more than $9 billion and a late budget, [Gov.] Paterson asked union members who work for the state to forgo the raises, which took effect April 1... non-union state workers have gone without scheduled raises for the past two years.

The leaders of New York’s public employee unions rejected his call, saying Paterson has been unwilling to listen to union ideas for saving money—in particular, reducing the state’s hiring of private contractors... Unions represent more than 100,000 state employees. The 4 percent raise adds an estimated $400 million to New York’s annual payroll costs.

Prediction: New York's public sector unions will fight the taxpayer tooth-and-nail. In doing so, everyone will lose including the rank-and-file government worker.


Related

Set the Wayback Machine to 'Depression Era', Mr. Peabody!
New York's Unions Organize Circular Firing Squad
Poetic Justice: DemCare Will Erase Health Care Benefits for Million of Union Members Starting in Just Nine Months

Truth In Advertising: License Plate Edition


Related

Preview of Coming Attractions: EPA Imposes Death Sentences on Thousands of Americans
Tango: your future car if the EPA gets its way
New 2010 American Auto Models to Meet the EPA's 35 MPG Edict


Hat tip: TAG.

Bank for International Settlements: Brace for Impact

The adjective 'sobering' doesn't do the latest Bank for International Settlements (BIS) working paper (PDF) justice. The executive summary of the paper, which is entitled The future of public debt: prospects and implications, concludes with a recommendation that is certain not to be heeded by the current administration.

Our projections of public debt ratios lead us to conclude that the path pursued by fiscal authorities in a number of industrial countries is unsustainable. Drastic measures are necessary to check the rapid growth of current and future liabilities of governments...

Introduction

2008's historic financial meltdown led to industrialized countries taking on an unprecedented amount of public debt. According to the OECD, public sector debt will top 100% of GDP in 2011 for all industrialized countries. This level has never been seen during peacetime.

Worse, these projections ignore the "off-the-books" obligations -- Social Security and Medicare, for example -- which are many times the size of the documented debt. Given the aging of key demographics in these countries, "there is no definite and comprehensive account of the unfunded, contingent liabilities that governments currently have accumulated."

The current interest rate environment is, in historical terms, exceptionally low. The question BIS grapples with is a critical one: given governments' traditional unwillingness to implement tough frugality measures, when will investors begin demanding higher interest rates that correspond to the real risks associated with out-of-control spending?

When this occurs, the game is up. Higher interest rates to higher debt levels, which lead to higher interest rates, and so on. The question is when, not if, we enter that particular vortex.

The facts

The acceleration in accumulated public debt should be of tantamount concern, according to BIS.

A key fact emerging from the table is that over the past three years public debt has grown rapidly in countries where it had remained relatively low before the crisis. This group of countries includes not only the United States and the United Kingdom but also Spain and Ireland..

...overall fiscal balances have been deteriorating sharply – by 20–30 percentage points of GDP in just three years. And, unless action is taken almost immediately, there is little hope that these deficits will decline significantly in 2011. Even more worrying is the fact that most of the projected deficits are structural rather than cyclical in nature...

Table 1 points to a rather stunning fact: by 2011, U.S. public debt will have increased from 62% of GDP to 100% in just four years. When measured against the other countries in the table, the U.S. will move from seventh highest debt load to fourth, trailing only Japan, Italy and -- drum roll, please -- Greece.

Even more concerning is the fact that the fiscal policy of increased spending unhappily coincides with accelerating -- and unfunded -- spending tied to social programs for the elderly. In the case of the U.S., Social Security and Medicare represent huge expenditures that will increase dramatically as the baby boomer generation retires en masse.

Further compounding the problem is the rise in per capita health care costs in all industrialized countries -- including those with completely socialized delivery of medical services.

A 2007 study -- one of the few that attempted to estimate the total debt situation for seven major countries -- and determined, on average, that each country would have to improve their spending-to-revenue ratio by 4.5% of GDP to make good on their debts. The U.S. was far worse than average -- and, remember, this is 2005 data -- because it required a roughly 7% of GDP budget fix. In today's dollars, that would mean cutting about a trillion dollars in spending annually (or bringing in a trillion more revenue). The situation is far more dire today.

The future public debt trajectory

BIS also attempts to do 30-year projects for the debt/GDP ratio for a dozen major economies: Austria, France, Germany, Greece, Ireland, Italy, Japan, the Netherlands, Portugal, Spain, the United Kingdom and the United States.

...in our baseline scenario, conventionally computed deficits will rise precipitously. Unless the stance of fiscal policy changes, or age-related spending is cut, by 2020 the primary deficit/GDP ratio will rise to 13% in Ireland; 8–10% in Japan, Spain, the United Kingdom and the United States; and 3–7% in Austria, Germany, Greece, the Netherlands and Portugal. Only in Italy do these policy settings keep the primary deficits relatively well contained – a consequence of the fact that the country entered the crisis with a nearly balanced budget and did not implement any real stimulus over the past several years.

...in the baseline scenario, debt/GDP ratios rise rapidly in the next decade, exceeding 300% of GDP in Japan; 200% in the United Kingdom; and 150% in Belgium, France, Ireland, Greece, Italy and the United States. And, as is clear from the slope of the line, without a change in policy, the path is unstable.

...Seeing that the status quo is untenable, countries are embarking on fiscal consolidation plans. In the United States, the aim is to bring the total federal budget deficit down from 11% to 4% of GDP by 2015... [but the] consolidations along the lines currently being discussed will not be sufficient to ensure that debt levels remain within reasonable bounds over the next several decades.

...An alternative to traditional spending cuts and revenue increases is to change the promises that are as yet unmet. Here, that means embarking on the politically treacherous task of cutting future age-related liabilities. With this possibility in mind, we construct a third scenario that combines gradual fiscal improvement with a freezing of age-related spending-to-GDP at the projected level for 2011. The blue line in Graph 4 shows the consequences of this draconian policy. Given its severity, the result is no surprise: what was a rising debt/GDP ratio reverses course and starts heading down in Austria, Germany and the Netherlands. In several others, the policy yields a significant slowdown in debt accumulation. Interestingly, in France, Ireland, the United Kingdom and the United States, even this policy is not sufficient to bring rising debt under control.

Given that, BIS asks the question: just what level of spending reductions would be necessary for these countries to achieve economic stability?

For the U.S., 8.1% of GDP must be either cut or found in revenue. In today's dollars, this represents roughly $1.2 trillion -- coincidentally, that's roughly the total amount of the Democrat Stimulus and Omnibus spending packages of 2009.

Each and every year, for the next five years, the U.S. must rein in spending by this amount. And the longer it is put off, the more painful it will be.

Worse still, BIS asserts that interest rates are certain to rise for all of these countries as investors demand higher risk premia. The implications are brutal: as higher amounts of public debt come due, ever larger percentages of an economy's production are dedicated to servicing debt.

The confluence of these factors imply increased taxes, which suppress the prospects for real economic growth. According to BIS, taxes crowd out productive private capital.

Not only that, but a vicious cycle soon emerges: "a persistent slowdown in the rate of economic growth."

The vortex of debt sucks the life from the private sector and reduces economic vigor and opportunity.

Conclusion

BIS offers several important takeaways:

• The fiscal problems facing the U.S. and other industrialized countries are far worse than they appear.

As frightening as it is to consider public debt increasing to more than 100% of GDP, an even greater danger arises from a rapidly ageing population. The related unfunded liabilities are large and growing, and should be a central part of today’s long-term fiscal planning.

Unfortunately, today's Democrats are ignoring the looming disaster and -- worse still -- ladling on a brand new and completely unaffordable entitlement.

• Second, the amount of debt that must be financed is outrageously high -- and interest rates are certain to rise as reality confronts bond investors.

• Third, the persistently high levels of debt will severely harm the private sector, which reduces the prospects for long-term growth and recovery. As the debt/GDP ratio approaches the 100% limit, economic instability becomes a distinct possibility.

• Long-term fiscal imbalances (spending far beyond one's means) "pose significant risk" to the entire monetary system. Rampant inflation -- perhaps even hyperinflation -- are possible outcomes as debt is monetized (money is printed to "purchase" the debt) or inflation is outright encouraged by a government that wishes to reduce its real outlays.

Sensible measures -- like raising minimum ages for Social Security, Medicare and Medicaid benefits -- are required in short order. The importance of the November elections -- and restoring fiscal sanity to the country -- can not be overstated.


Global Warming: Two Photos That Prove It's a Scam

Gee, that Arctic sea ice really seems to have thinned out over the last thirty years. Not.


Another warmist in the Arctic: GE sponsors 15-year-old on polar trip... Shortly after twice reporting a temperature of -34 C, he suggests that the ice is “falling apart” around him.

Parker Liautaud, 15 years old, is reporting on his progress skiing his way to the North Pole. He has made his goal to become the youngest person to ski to the North Pole, and to use that attempt to bring greater awareness to the urgent environmental issues of the arctic.

And more importantly for his purpose of letting the world see the ravages of global warming on the arctic - There was a lot of open water today. It really shows what’s been going on in the Arctic – it’s falling apart. Right now we’re camping on this patch of old ice, but all around us is open water, broken and thin ice. To our north there’s a massive pan of very thin ice. Everything is freshly frozen, if not open.


Twitter / Parker Liautaud: Temp -34, Windchill -42. W ... Temp -34, Windchill -42. We did about 11 Nm today, it was a really good day. We have about 35 Nm left, and about 5 before we’re half way. 3:00 PM Apr 4th via API [His previous tweet also reported a temperature of -34]

...I always like to encourage young minds in science, but this is just a glorified field trip with a guide. What a bunch of suckers GE is for paying for such an expedition.

The ice from Cryosphere Today looks better than 30 years ago.

GE is anything but a bunch of suckers, Anthony. They appear to be little more than crony capitalists, taking advantage of the new swing to Statism by the Democrats in power. They're doing so using nationalized health care and the environment, for starters.

And, in the case of global warming climate change, not only is it economically disastrous for the United States, the entire concept is a shameless scam designed to -- surprise! -- redistribute wealth.

The satellite photos tell us everything we need to know.


Hat tip: American Digest and TAB. Linked by: Tom Nelson. Thanks!

Larwyn's Linx: 'No such thing as a pro-life Democrat'

Have a great link you'd like me to review? Drop me an email. You can also install a Larwyn's Linx blog widget.

Nation

'No such thing as a pro-life Democrat': RWN
The GOP Prepares for War in New Orleans: Moran
Palin takes on Obama and Dems: Moran

The Pfleger-ization of the Catholic Church: Malkin
More Teabagger Death Threats: Protein Wisdom
Congress is derelict on Black Panther Case: Times

Economy

The Liberty to Achieve: AT
The End of Trust: Hanson
Greece: 6% Coupon For 3 Years?: Denninger

Bernanke: The Lies Continue: Denninger
Cali Budget Meltdown, Mega Housing Analysis Edition: DHB
CA Muni Bonds: Worse Than Kazakhstan: Mish

Climate & Energy

Weather Satellites: Al Gore is full of s***: TAB
Soylent Greenbacks: CBullitt
Meeting the EPA's decrees: RWN

Media

Sorry, Ladies: You're Destroying the Family!: Ameristroika
Howard Dean: The Bet's Off on Incumbency: AT
Abuse of Power? Change.org pushing Discovery to drop Palin's show: BlogProf

At the Movies with 'Queers for Palestine': Zombie
Best Quotes from Ann Coulter's 2009 Columns: RWN
Another Motherhood-Hating, Traditional Gender Role-Attacking, San Fran Liberal: RWN

In Exposing ACORN ‘Lies,’ Madcow Leaves Truth On Cutting Room Floor: BigJournalism
John McCain's no maverick -- but he is a sore loser: Salon
Canada's Coulter Conundrum: Free Speech: Steyn

World

If We Europeanize, Europe Is in Trouble: Goldberg
Tragedy Upon Tragedy As Polish Leadership Killed: LegalIns
Greek Debt Crisis Flares Anew: Times

The Naivety and Radicalism of Barack Obama Readily Seen in the START Treaty: Virtuous
'I’m Tired Of Hearing About The Holocaust': Maggie's Farm
Qatari flight scare diplomat on Qaeda visit: Maktoob

SciTech

PC Security Tips for Corporate Executives: eSecurity Planet
How to make a subtitled video of Hitler freaking out (Tutorial): YouTube
Adobe Flash evangelist: 'Go screw yourself Apple': CNet

Cornucopia

Obama Regime Appoints PitchingPrompter: Feed Your ADHD
Friday Stupid: Smoking Hot Celeb Chimes In On California’s Fiscal Woes: RWN

Today's Larwyn's Linx Sponsored By: St. Louis Tax Day Tea Party Event– April 15th in Clayton


Friday, April 09, 2010

Set the Wayback Machine to 'Depression Era', Mr. Peabody!

It's another Obama record!

With tax day fast approaching, it's worth discussing the current state of revenues in the United States. Last year, revenue collection hit a 60-year record low of 14.8 percent of GDP -- which was enough to pay for only 60% of what we spent...

Overall, the income tax is quite progressive -- the top fifth of earners pay over 90% of taxes and the top percentiles pays 36%. In 2009, these earners paid income taxes equal to 13% and 18% of their incomes, respectively. By comparison, the average effective income tax rate is 8%, and nearly half of all taxpayers had no (or negative) net income tax burden at all. Payroll taxes are far flatter, and in fact are regressive on the top-end since workers pay no Social Security payroll tax on income over $107,000.

Whether the tax code should be more or less progressive is an open question, depending what one believes to be the appropriate distribution of income and the extent to which they want to use the tax code (or public policy more generally) to get there.

Distributional issues aide, though, most experts believe the current code is in many ways broken. The complexity of the code makes tax preparation costly in terms of time and money; hundreds of deductions, credits, and exclusions narrow the tax base and distort behavior; and higher than necessary corporate and individual rates tend to discourage work and investment, while reducing international competitiveness. Meanwhile, we still have no solution for dealing with the Alternative Minimum Tax, which is "patched" each year so as not to hit middle-class earners. And at the end of 2010, all of the 2001/2003 tax cuts are scheduled to expire.

Of course, one way to achieve some level of fiscal sanity is to outlaw public sector unions; fire the EPA, the Department of Commerce, the Department of Education, the Department of Labor and a few other useless agencies; and downsize Congressional staffers to one apiece.

And there is only one fiscal roadmap I've seen that really seems achievable.


 

There's something very important I forgot to tell you. Don't cross the streams in Alan Grayson's brain.

You mean every Congressman doesn't barge into an opposing political party's meeting at a family restaurant while screaming obscenities with spittle-flecked anger?

You say it's only Alan Grayson?

On Thursday, April 8th, 2010, Congressman Alan Grayson, Democrat in Florida’s 8th district, interrupted a district meeting of the local Orange County Republican Executive Committee. The meeting was being held at Perkins, a family restaurant.

...Matthew Falconer, candidate for Orange County Mayor, quickly challenged Alan’s rudeness. Grayson demanded not to be interrupted, but Falconer quickly reminded the congressman that he is in fact interrupting their meeting.

Linda O’Keefe, member of the Orange County Republican Executive Committee and extraordinary patriot volunteer with the Orlando Tea Party said, "I’m wondering if Grayson realizes that we do still, for now, have the right to assemble! But can’t we have a meeting without being interrupted by our congressman?"

Currently, there are 12, Republican candidates looking to send Alan Grayson to the unemployment line in November... Tom Tillison of the Tea Party Patriots Live radio show and the Orlando Tea Party, had quite a lively discussion with Alan afterwards for 10 minutes. Tillison said, “I let him know that he’s a congressman and he needs to act like one. I reminded him that these are his constinuents.” Tillison asked Grayson, “Don’t you feel that you at least owe them an explanation for your recent votes?”, to which Alan replied, “I don’t owe them anything, they’re trying to defeat me.”

Tillison followed, “You are a U.S. Congressman and you approach these people acting like a thug.” ...to which Grayson responded that he was “being attacked.”

Falconer himself released the following statement.

“On Thursday April 8th I was attending a meeting of the Orange County Republican Executive Committee at a Perkins Family Restaurant in Windermere. About 30 Republicans were meeting when Democratic Congressman Alan Grayson barged into our meeting ranting about how we put spies into an Organizing for America meeting.

As I was sitting with Orange County Republican Chairman Lew Oliver, I stood up to Grayson and demand[ed] he apologize to Lew for the [vile] comments he made recently (Grayson said "Lew Oliver could not find a $20 bill if it was stuck in his a**"). Grayson yelled at me for interrupting him when I reminded Grayson he was interrupting our meeting.

The conflict was caught on video showing Alan Grayson, a U.S. Congressman, standing in the middle of a family restaurant screaming at his constituents. Politics aside, I do not think the man has the emotional stability or integrity to represent us in the U.S. Congress.

Grayson pledged to use his own personal funds to defeat me in my race for Orange County Mayor (supporting his Democratic friend Bill Segal). He then told me to get my "a** out of his face."

I am in awe of the lack of respect he showed for the customers of this restaurant and his constituents.”

Florida must be so proud of this man.

But he's doing it for the children.


Update: Michelle Malkin has the video.

Update II: Take the TAB poll on Grayson.

Civil Rights Commission Sets Panther Case Deadline for Eric Holder's New, Super-Transparent DOJ

Several weeks ago, Eric Holder's Department of Justice celebrated a "year of transparency".

On Monday, March 15, the Department of Justice celebrated the first anniversary of Attorney General Eric Holder’s 2009 Freedom of Information Act (FOIA) guidelines. Issued this week last year, the Attorney General’s guidelines were supposed to usher in President Obama’s “new era of open government” by establishing a “criteria governing the presumption of disclosure” and creating “effective systems for responding to requests..."

Held in the Great Hall at the Robert F. Kennedy Department of Justice Building, the “celebration” was roughly an hour long, and featured several self congratulations by FOIA representatives from the Department of the Treasury, the Department of Homeland Security, the Department of Defense, the Environmental Protection Agency, and the Office of the United States Trade Representative. Attorney General Eric Holder made some short remarks touting the Justice Department’s work in creating a new era of transparency. According to Mr. Holder, President Obama has “delivered” on his pledge “to restore the sacred bond of trust that should exist between our nation’s government and its citizens.” Holder also announced that the Justice Department will present an Open Government Plan on April 7th. The celebration did not feature a question and answer portion.

Oh, that Eric Holder! He's such a card!

Gerald A. Reynolds, chairman of the U.S. Commission on Civil Rights, sent a letter today asking Attorney General Eric Holder to launch a “full-fledged, nationwide investigation of ACORN... with all deliberate speed.”

The Oct. 9 letter, also signed by four other commissioners, notes that ACORN is now “the subject of vote fraud investigation in some 15 states.” The letter cites an internal report in which ACORN itself raised “serious questions about the relationships between its nearly 175 affiliates and possible violations of federal law” – including money transfers, possible conflicts of interest of employees working for more than one affiliate, and widespread evidence of ACORN’s role in fostering vote fraud.

The commissioners called the filing of “possibly hundreds of thousands of fraudulent voter registration applications in some 14 states” an “invidious invitation for corruption” that disenfranchises legitimate voters, and called on Holder to take “serious and rapid action.”

Commissioners previously criticized Holder for dropping a Department of Justice investigation into alleged voter intimidation in Philadelphia by the New Black Panther Party.

Confidential Memo to Eric Holder: the voters are coming for you in November. Then you can try stonewalling Congress.


'Brave, brave Sir Stupak ran away. Bravely ran away, away. When danger reared it's ugly head, he bravely turned his tail and fled.'

The Tea Party Express is celebrating the retirement of Bart Stupak.

Bravely bold Sir Stupak
Rode forth from Marquette
He was not afraid to fold
Oh Brave Sir Stupak
He was not at all afraid to be mocked in nasty ways
Brave, Brave, Brave Brave Sir Stupak.

He was not in the least bit scared to be bribed
Or to have his fealty questioned, and his elbow twisted
To have his integrity jeered and his honesty burned away
And his veracity derided and mangled, Brave Sir Stupak.

Brave Sir Stupak ran away. Bravely ran away, away.
When a tough vote reared its ugly head, He bravely turned his tail and fled.
Yes Brave Sir Stupak turned about, He gallantly chickened out.

Bravely taking to his feet, He beat a very brave retreat.
Oh bravest of the brave, Sir Stupak.

I hear what cinched Stupak's decision was President Obama's promise to campaign for him.

 

Larwyn's Linx: Exposing the WikiLeaks/Communist/Media Alliance

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Nation

Handicapping the House: VodkaPundit
Exposing the WikiLeaks/Communist/Media Alliance: RWN
Jim DeMint: The right's rainmaker: Politico

5 things we learned about Obamacare after it passed: Exam
Alderman is Boss of Obama’s Chicago Machine: BigGovt
Great Moments In Health Care Analysis: Driscoll

Sebelius appoints 5 miserable failures: Ameristroika

Economy

Jerry Brown Behind CA's $500B Pension Disaster: AT
Redistribution Tales: Free BlackBerrys for smokers: Pundette
Beware: 'Value-added tax' is an economy killer: Post

Greenspan: Moonbats Set Off Financial Crisis: RWN
GOP ObamaCare Strategy: Try Repeal, Then Cut: York
Will U.S. accept youth unemployment like Europe's?: WSJ

Climate & Energy

The Weatherization Boondoggle, Redux: Malkin
The $300 Million Woman-DOE’s Cathy Zoi: Ameristroika
EPA Wants To Limit Use of Deicing Fluid at Airports: Powers

Media

Parting company with those neglecting the Constitution: Williams
Government is the biggest lawbreaker: AT
David Remnick Revisits Obama and Bill Ayers. But What has he Left Out?: PJM

A New Birth of Freedom: BigGovt (Rahe)
Who are the real racists?: MojoSteve
NYT's Netanyahu Lies: AT

Man Arrested for Threatening Pelosi’s Life, Predictable Attempt to Link Him to Tea Parties Underway: Powers
AP: Jobless Claims Rise ‘Unexpectedly’!: S&L

World

How's That Russia Negotiation Going?: LegalIns
Netanyahu Cancels Trip to Obama’s Nuclear Summit: GWP
Obama Administration Denies Visas to Israeli Nuclear Scientists: Simon

Ahmadinejad Warns Israel: An Attack On Gaza Will End Your Filthy Life: GWP
Obama Twisting Arms to Get His ‘Home Country’ to Legalize Abortion: Powers
Putin’s ‘Opposition’ Takes Over Kyrgyz: S&L

SciTech

Wearable robot lets internet users 'feel' physical contact: Telegraph (UK)

Cornucopia

Buy now and beat the rush!: Crazy Unk
Obama Easter Message sans Christ: Green Mountains
Redistribution of weath is in the Bible, the DNC platform, and Obama's budget: BlogProf

Image credit: Conservatoons.