LAR: 'Obama's Economic Humbug'Inbox x
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Dec. 23, 2011
Bad Santa Report: Economic growth revised downward in third quarter from 2.5 to 1.8 percent.
Video: 11 Big Gov't Busts of '11: #4-The Super Committee This bi-partisan group of members of the House and Senate were supposed to reduce our deficit. Predictably that couldn't come up with an idea and, predictably, they make our list of Big Government Busts!
State Legislatures Take on 'Judicial Hellholes' that Undermine Business Group names top "judicial hellholes" for 2011: the states of California and West Virginia, along with local jurisdictions Philadelphia, Pennsylvania, South Florida, Madison and St. Claire Counties in Illinois, and New York City and Albany, New York.
It is easier to report the Obama/Reid spin that the House wants to heartlessly raise taxes on Christmas rather than explain the truth that House Republicans have actually been the only responsible parties in this whole debate. 'Obama's Economic Humbug'
By Robert Romano
"This is nothing more than Obama's economic humbug, just in time for the holidays," remarked Americans for Limited Government (ALG) President Bill Wilson in response to the Bureau of Economic Analysis' downward revision of economic growth in the third quarter.
"First at 2.5 percent, then 2 percent, and now revised downward to an anemic 1.8 percent, the economy in the third quarter has once again fallen way short of the government's rosy projections," Wilson said.
That means the Bureau had "initially exaggerated the actual growth number by 38 percent," which Wilson warned would have serious ramifications on the government's projected revenues over the next decade.
The White House Office of Management and Budget (OMB) has said that revenues will more than double the next decade, from their current level of $2.1 trillion to more than $4.8 trillion by 2021.
Much of that hinges on the robust growth that is projected. In 2011, OMB had said growth would top 3.1 percent. In 2012, it claims it will rise as high as 4 percent.
It will be very telling how OMB takes current economic data into account when it publishes its next budget in February. If it does, then it will likely show revenues growing by a much slower rate, and, particularly, that the debt growing much faster.
But, it being an election year in 2012, and in essence being a White House operation, in reality one should expect next year's numbers to be as exaggerated as this year's numbers.
Get full story here. 11 Big Gov't Busts of '11: #4-The Super Committee Video by Frank McCaffrey
State Legislatures Take on 'Judicial Hellholes' that Undermine Business By Kevin Mooney
Some state legislatures are taking a stand against abusive litigation practices that drive up costs for consumers and discourage business, according to a new report from the American Tort Reform Foundation (ATRF). Even as it identified "judicial hellholes" where judges apply the law against defendants in a manner that is considered unfair and unbalanced, ATRF called attention to "points of light" throughout the country where state lawmakers are taking a stand against runaway litigation practices.
"State legislatures enacted nearly 50 civil justice reforms in 2011," the report says. "These included comprehensive tort reform packages in Wisconsin, Tennessee, Alabama, and North Carolina, and more targeted reforms in Arizona, Florida, Indiana, Kentucky, Missouri, North and South Dakota, Oregon, Pennsylvania, South Carolina, and Texas."
Some of these reforms include new measures that guard against the use of "junk science" in court and limiting liability to landowners in cases where those who are injured were trespassing. ATRF also highlighted encouraging court rulings in jurisdictions that are typically weighted against civil defendants.
Even so, the nation has a long way to go before abusive litigation practices are brought to heal as the report makes clear. The following areas have been identified as the top "judicial hellholes" for 2011: the states of California and West Virginia, along with local jurisdictions, Philadelphia, Pennsylvania, South Florida, Madison and St. Claire Counties in Illinois, and New York City and Albany, New York.
Americans for Limited Government president Bill Wilson notes that, "job creation and investment in a state is often dictated by the litigation climate within that state. Simply put, those states which give the trial lawyers free rein to drum up nuisance law suits struggle to compete for business investment with those who have reasonable tort liability rules."
Get full story here.
By Rick Manning
As originally published at TheHill.com.
Obama and his cronies are good at one thing — telling a lie consistently enough so that it is continuously reported and eventually believed. They know that the only reality in politics is what people believe to be true, not what actually is true.
The payroll tax issue is a perfect example of this axiom.
For better or worse, the House of Representatives passed a yearlong extension of the payroll tax cut well before the Senate ever brought the issue up.
Republicans in the House chose to extend it for a year because that creates certainty and avoids costly retooling of various payroll calculation systems that U.S. businesses depend upon to provide their employees paychecks.
They also chose to extend it for a year, because that time period allows whatever stimulative effect the tax cut might have time to succeed.
Harry Reid's Senate, on the other hand, chose to pass a two-month extension of the tax cut. The Senate extension sows instability into the system, and guarantees another trip to the precipice of legislative indecision in February, when the same senators who demand a two-month extension will likely fall all over themselves pushing for a 10-month additional extension.
Yet it is Republicans in the House who are painted as the ones who don't want the extension.
What a crock. Get permalink here. |
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