Tag: Spending

Only Nixon Could Go to China. Only the GOP Can Clean Up Military Procurement.

 

f-35_jsf_jointstrikefighter_trillion_dollar_boondoggleDavid Axe, editor of the well-regarded online warfighting journal War is Boring, has obtained an unclassified but internal five-page brief from a former F-35 Joint Strike Fighter test pilot. The unnamed pilot blasts the military’s latest and “greatest” jet fighter’s ability to do, well, anything:

The F-35 jockey tried to target the F-16 with the stealth jet’s 25-millimeter cannon, but the smaller F-16 easily dodged. “Instead of catching the bandit off-guard by rapidly pull aft to achieve lead, the nose rate was slow, allowing him to easily time his jink prior to a gun solution,” the JSF pilot complained.

And when the pilot of the F-16 turned the tables on the F-35, maneuvering to put the stealth plane in his own gunsight, the JSF jockey found he couldn’t maneuver out of the way, owing to a “lack of nose rate.”

Athens on the Potomac

 

U.S. Debt ChartFinancial experts in New York, London, and Brussels have tut-tutted Greece’s economic travails as Athens considers its future with the European Union. Why did they borrow so much money? How can they ever pay it back? Do they think that much debt is sustainable?

Instead of pointing fingers at the innumerates running Athens, they should consider our own situation. Jason Russell of the Washington Examiner shows how America’s debt projections look suspiciously like Greece’s recent history.

With all the chaos unravelling in Greece, Congress would be wise to do what it takes to avoid reaching Greek debt levels. But it’s not a matter of sticking to the status quo and avoiding bad decisions that would put the budget on a Greek-like path, because the budget is on that path already.

Barack Obama’s Career Bedeviled by Financial Struggles

 

Obama DancingWASHINGTON — For years, President Barack Obama struggled under the weight of national debt, unsustainable entitlements, and a trillion-dollar stimulus borrowed against the value of his country totaling hundreds of billions of dollars. But in 2012, financial salvation seemed to have arrived: A large Asian government offered him another series of loans.

In that year’s campaign speeches, Mr. Obama, a Chicago Democrat, spoke of his prudent plan for using the cash to reduce deficits, expressing relief that the nation was on a “path to recovery.”

But at the same time, he splurged on an extravagant purchase: Trillions for a “luxury” health care plan, records show. At the time, Mr. Obama confided to a friend that it was a potentially inadvisable outlay that he could not resist. The cradle-to-grave control of taxpayers, he said, fulfilled a dream.

Outflanking Democrats on College Costs

 

shutterstock_201800939Many political debates in the upcoming presidential race will play out this way: The Democrat will offer “X for all” and the Republican will respond: “Do you have any idea how much that’s going to cost?” That’s the way nearly all political debates are engaged — usually to the disadvantage of Republicans (and the public fisc).

That’s why I wished, while attending a panel on higher education reform sponsored jointly by the Ethics and Public Policy Center and the Bradley Foundation, that every Republican candidate in America had been listening.

The Democrats have a tried-and-true formula (which is actually false, but work with me): They promise to spend more on education to make it more accessible. President Obama has proposed to make community college “free.”

Member Post

 

At the Nashville meetup, Addicted Mind polled her guests on Friday for their views on the national debt (which arguably includes state and local debts by extension). Is the debt a problem? Is it a dire threat? Might correction be in the wind? What changes to national and international circumstances could significantly escalate or diminish […]

Join Ricochet!

This is a members-only post on Ricochet's Member Feed. Want to read it? Join Ricochet’s community of conservatives and be part of the conversation. Get your first month free.

Big Government Is Bankrupt Government

 

The year 2007 marked the height of the housing bubble. Residential real estate prices were through the roof, especially in Arizona, Nevada, and California where speculators had swamped the market. This overvalued sector resulted in exceptionally high revenues for the Sun Belt cities that based most of their budgets on steadily growing property taxes.

Several cities, understanding the ups and downs of business cycles, maintained their level of spending or increased it by a modest amount. But other municipalities acted as if the good times would never end. Glendale, Ariz. borrowed to build a gargantuan pro football stadium and hockey arena nearly 20 miles from the city center. Stockton, Calif. borrowed $300 million to build their own arena, shopping centers, theaters, and a palatial waterfront complex.

Would the Sun Still Rise if we Eliminated the Susquehanna River Basin Commission?

 

can

You may find this hard to believe, but it seems “the dreaded sequester” missed some wasteful spending. Based on media reports, you are likely under the impression that bureaucrats are resorting to dumpster-diving for meals and public schools are issuing abaci because they can no longer pay the electric bill. However, after five minutes of research, I found that this is not the case.

If you want to feel better about what you have accomplished in life, I suggest perusing the inventory of federal programs. While there, you’re bound to find some seemingly unneeded gems, like the Susquehanna River Basin Commission. Based on their webpage, I’m not really sure what this commission does other than something awesome for the Susquehanna River. Something so awesome that it has an executive board. Perhaps creating executive boards for all the 250,000 rivers in this country would be the best way to solve the nation’s employment woes?

It’s the Spending, Stupid

 

Republican policymakers and strategists, most notably the “Reformicons,” have recently released numerous proposals for restructuring taxes. Many of the specifics may be sound and sensible. But the proposals are all a terrible mistake. My message to reformers is this: it’s the spending, stupid.

We live in an age of deficits. Any tax proposal will need to be revenue-neutral (and under static assumptions, because trust in economists is low). That means it will also be zero-sum: You can’t give one person a break without raising taxes for someone else. Good luck with that.

Mollie Hemingway Hits a Home Run

 

I readily admit it, folks. I miss Mollie. But she has not disappeared, and she has a piece on The Federalist website that you should all read.

To begin with she has discovered the woman in charge of the Ebola crisis. Her name is Dr. Nicole Lurie; and, some time ago, she was appointed Assistant Secretary of Health and Human Services for — drumroll, please — Preparedness and Response; and her job is to “lead the nation in preventing, responding to and recovering from the adverse health effects of public health emergencies and disasters, ranging from hurricanes to bioterrorism.” Here is what Mollie reports:

Member Post

 

I thought, in the aftermath of last quarter’s 2.9% GDP contraction, that reprinting what Franklin Roosevelt’s Treasury Secretary had to say about the profligate spending and debt of that Progressive President in his own attempt to spend and borrow our country out of a very serious economic dislocation would be á propos.  Henry Morgenthau had […]

Join Ricochet!

This is a members-only post on Ricochet's Member Feed. Want to read it? Join Ricochet’s community of conservatives and be part of the conversation. Get your first month free.

Member Post

 

Perhaps it’s all a trick or clever political posturing, but every time I read the news from Sacramento I see articles with headlines like Brown resists Democrats’ call for more spending: Gov. Jerry Brown called on lawmakers to hold the line on spending as they enter a month of budget negotiations in Sacramento amid calls from […]

Join Ricochet!

This is a members-only post on Ricochet's Member Feed. Want to read it? Join Ricochet’s community of conservatives and be part of the conversation. Get your first month free.

Member Post

 

Our government’s unfunded liabilities outstrip the combined wealth of the entire world. Yet, every day, politicians in Washington fret over millions here while spending billions there. They talk of bringing little programs in line while exploding the budgets of larger programs. Do you believe they are sincere when politicians propose “saving money” by reducing student […]

Join Ricochet!

This is a members-only post on Ricochet's Member Feed. Want to read it? Join Ricochet’s community of conservatives and be part of the conversation. Get your first month free.