Archive for February, 2009

Budget and Tax Facts

Michelle Malkin lists some remarkable “fun” facts about the Obudget, including these nuggets:

In 2009, federal spending will approach $4 trillion, or 28 percent of gross domestic product (GDP) – a one-third increase in the size of government in a single year….

1. The Administration’s projected budget deficit of $1.75 trillion is higher than the last five years of deficits combined, and under this plan, we will see three consecutive trillion dollar deficits between now and FY 2012.

2. While it was purported to cut the budget deficit in half – from $1.75 trillion in 2009 to $533 billion by 2013 – this budget projects higher deficits in 2014 ($570 billion), 2015 ($583 billion), and 2016 ($637 billion). In 2019, the final year in the budget, the deficit is projected to be $712 billion.

3. Including the recently-enacted trillion-dollar “stimulus” spending bill, discretionary spending will soar by 24 percent this year under this budget.

4. The budget projects that the national debt will increase from $8.4 trillion in 2009 to $15.4 trillion in 2019.

Meanwhile, Greg Mankiw cites CBO numbers on average effective tax rates:

Lowest quintile: 4.3 percent
Second quintile: 9.9 percent
Middle quintile: 14.2 percent
Fourth quintile: 17.4 percent
Percentiles 81-90: 20.3 percent
Percentiles 91-95: 22.4 percent
Percentiles 96-99: 25.7 percent
Percentiles 99.0-99.5: 29.7 percent
Percentiles 99.5-99.9: 31.2 percent
Percentiles 99.9-99.99: 32.1 percent
Top 0.01 Percentile: 31.5 percent

N.B.: These figures include all federal taxes, not just income taxes.

The tax system is already remarkably progressive, even when payroll taxes are included.


Read Full Post »


President Obama has sent his budget to Congress. It increases federal spending beyond the bounds of rational thought:

debtAs Gateway Pundit observes, Obama has already spent more than twice the entire cost of the war in Iraq! This budget takes the federal deficit to 1942 levels.

The budget also includes a cap-and-trade program that will cost the economy an estimated four million jobs, increasing unemployment by 2.7%, despite the fact that global warming claims increasingly appear to be bogus.

Bogus is a good word for just about everything this administration says and does.

Read Full Post »

I’m Back!

Sorry for disappearing for the past three weeks. I have finally fixed the problem with my computer, which was not what it initially seemed, but was indeed a software issue. I’ve been sick with a cold/cough/sore throat. I’ve been building some web sites and putting together some PowerPoint presentations. I’ve written and given a paper at a conference. All this after being in Kentucky for the snow and ice storm and spending a few (very pleasant) extra days there as a result.

There is another reason I haven’t been blogging. I have been watching the Obama Presidency with a mixture of puzzlement and horror. Horror, because it seems to me that Obama has made more domestic and foreign policy mistakes in one month than any other President (including Carter!) has made in four years. Puzzlement, because I can’t decide what combination of cluelessness, incompetence, commitment to a discredited, dysfunctional ideology, and outright hostility to the United States is behind such an accomplishment.

I am convinced that Obama’s speeches are the most intellectually dishonest I’ve ever heard. Karl Rove rightly notes in today’s Wall Street Journal that they attack straw men. They also assert contradictory sentences in close proximity to each other (“We must learn to be responsible and cut the federal deficit!” “We must double the federal deficit immediately!”) and promise absurd, unachievable things (“We will stop anyone, anywhere from plotting against the United States of America!”). My overall view of politicians’ honesty is not high. But Obama doesn’t just lie when the going gets tough. He lies from the get-go. He says things that can’t possibly be true and promises things that can’t possibly be achieved. Meanwhile, he seems convinced that the Reagan-Clinton-Bush policies that took the Dow from below 800 to over 14,000 were an obvious mistake, while the 1970s policies that knocked 1/3 off the Dow in real terms are an obvious solution. I don’t know where to start.

Read Full Post »


The Catch

The Catch

The longest run in Super Bowl history!

The longest run in Super Bowl history!

Read Full Post »