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I’m in Tampa, FL for the CNN-Tea Party Express Republican Presidential Debate. The debate begins at 8pm on CNN. I’ll be on WSB Radio from 5pm to 7pm doing a “pre-game” show and then, starting at 7pm, I’ll be on CNN the rest of the night.When the debate starts, Michele Bachmann intends to join Mitt Romney in defending social security against Rick Perry and his evil, awful “ponzi scheme” comment.To be clear, none of the Republican Presidential candidates, except Ron Paul, wants to abolish social security. Not even Rick Perry who, though he wrote it was an affront to our constitutional system, made clear in both his book and on stage in California that he was not going to refight 70 years of American legislative progress, but would instead work to fix a broken system.But Romney and Bachmann intend to keep going after Rick Perry for his “ponzi scheme” comment.They might want to reconsider. Alex Tabarrok notes at Marginal Revolution that Nobel Prize winning economist Milton Friedman called social security “the biggest ponzi scheme on earth. That was back in 1999.In 1967, Nobel Prize winning economist Paul Samuelson also considered social security a ponzi scheme.Oh, and they aren’t the only one’s to use the word “ponzi” to describe social security. So did Nobel Prize winning economist Paul Krugman.That doesn’t even include Mitt Romney who called the social security system a “criminal enterprise.”Please click here for the rest of the post.
After promising time and time again to focus on jobs.After promising time and time again to pivot to jobs.After promising time and time again to give a jobs plan speech right after his Martha’s Vineyard vacations.After promising new fresh proposals, not a rehash of plans he has pitched previously.After demanding time and time again before a joint session that Congress pass his [stimulus] bill.After demanding time and again at a campaign rally in Richmond that Congress pass his [stimulus] bill.President Obama hasn’t yet provided Congress the [stimulus] bill.This inconvenient truth was made clear during the press gaggle, Obama’s Press Secretary Jay Carney, conducted yesterday on board Air Force One, while en route to Obama’s taxpayer-funded campaign rally in Richmond, Virginia.Please click here for the rest of the post.
It’s fortunate that all our Elected Leader promised us was a Job’s Plan. Because the plan he presented last night looks like a cribbed version of Christine Roemer’s failed effort from 2009. The President’s proposed American Jobs Act features the same boondoggles, the same EBT Cards, the same targeted tax relief and undoubtedly; the same result.Like the rest of Barack Obama’s Presidency, this bill will be smaller than the failure bomb detonated in 2009. He intends to only add $447Bn worth of “paid for” spending to the deficit this time. The last time out, the price tag was $787Bn. So, outside of a $342Bn concession to the results of the 2010 Midterm Election, President Obama has learned positively nothing from the last 2.5 years.Please click here for the rest of the post.
While it’s been the subject of rumor, gossip and misinformation for the last several years, this time it’s real: drilling off the north shore of Cuba is scheduled to begin November 1. Six wells are planned to be drilled with this rig by the various international companies who own exploration rights off the north shore of the island.Please click here for the rest of the post.
The major controversy right now in the GOP presidential primaries is over Rick Perry’s contention that Social Security is a Ponzi scheme that can’t deliver on its promises under its current structure. Mitt Romney doesn’t exactly dispute this – in fact, Romney himself said the same thing in his book, but then Romney always did like to attack other Republicans for things he himself has said or done – but Romney’s argument is that you can’t say these things out loud and win elections.Well, President Obama Thursday night handed Perry a huge gift, by providing a vivid illustration of how Perry is right about Social Security.Please click here for the rest of the post.
In less than two weeks, on September 21st, the public comment period will be closing on a Department of Labor scheme to have employers report the amount of money paid to outside vendors (namely, attorneys, PR firms, website developers, video firms, polling firms and just about every type of communications and human resource consultant) as newly-minted “persuaders.”Please click here for the rest of the post.
Last year, Speaker John Boehner (R-OH) sent the President a letter raising concerns about 191 pending regulations that costs American business billions of dollars a year. The President ignored the letter, so Speaker Boehner sent him another one. The potential cost of these Obama regulations will be devastating to an already sputtering economy and constitute a massive hidden tax on all Americans.The only way for Senators to stop regulations in the short term is to block the work of the newly created Consumer Financial Protection Bureau (CFPB). This bureau will be a regulation creating machine and an entity that will slow economic growth — much like Obama’s 191 pending regulations. The only way for Senators to stop the bureau from mass producing new regulations is to refuse confirmation of the president’s nominee to head the Bureau, Richard Cordray.Please click here for the rest of the post.