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Posts Tagged ‘debt’

The USDOT was about to shut down construction projects and furlough about 2000 employees on Monday.  Who is to blame?  Senator Bunning who should, as Laura Ingram pointed out on her show yesterday, should win some kind of an award for trying to avoid further debt spending..

The Department of Transportation (WAS EXPECTED- Sic) will furlough nearly 2,000 employees without pay Monday, temporarily shutting down highway reimbursements to states worth hundreds of millions of dollars, national anti-drunk driving efforts, and multi-million dollar construction projects across the country.

The action comes as a result of Kentucky Sen. Jim Bunning’s decision to block key legislation that would have extended several critical priorities for middle class families. That legislation covered tax credits for COBRA health coverage, unemployment insurance for 400,000 people, as well as the short-term extension of the Highway Trust Fund. The Fund supports all surface transportation programs for the nation – highways, bridges, transit and safety inspections, as well as efforts to encourage seat belt use and to fight distracted and impaired driving.http://www.dot.gov/affairs/2010/dot3610.htm

We understand some of these projects are probably necessary, but when it comes down to putting in sidewalks in the Virgin Islands and making the entryway more appealing at Sequoia National Park- you have to stop right there and say enough is enough.  These are not projects that we would define as critical as LaHood claims.

LaHood saying, “The action comes as a result of Kentucky Sen. Jim Bunning’s decision to block key legislation,” is politics at its best.  The action comes on the heels of the largest debt the U.S. has ever-seen with President Obama signing away billions in federal funding.

The mention of spending  federal funds for seat belt education just boils my blood.  Mandatory seat belt laws gave police the right to pull you over and cite you with a ticket if they see you driving with out being buckled up.  Click it or Ticket.   In our state you are required then to attend a government sponsored traffic and education program that you are also required to pay for. 

We wear our seat belts not because the government makes us but because it saves lives. In fact we were rear ended by a drunk who managed to literally leave tire tracks on the driver side doors.  Kids in the car seats with adults buckled up thankfully.  We were okay, he on the other hand flew through the window.  Jackass.  MADD- Mother’s Against Drunk Driving has good intentions but to receive federal funding at a time when many Americans can’t afford to buy a new car? 

“The Senate acted late tonight to break its logjam, extending the Highway Trust Fund for another 30 days,” wrote Ray LaHood http://fastlane.dot.gov/2010/03/senate-extends-highway-trust-fund-dot-employees-back-on-the-job-wednesday.html.

Here’s a look at some of the “critical” construction projects that you are paying for:

Federal Lands Construction Affected By Furlough  
State Project Cost
Alaska Tongass National Forest road clean up $1,100,000
Alaska Coffman Cove Dock construction $885,000
Arizona Coronado National Monument main park entrance $1,500,000
Arkansas East Fly Gap and Gunner Pool Roads landslides restoration $923,000
California Sequoia National Park main entrance $15,000,000
California South Fork Smith River $13,800,000
California Golden Gate National Recreation Area road construction $8,700,000
District of Columbia 9th Street Bridge replacement $50,000,000
Georgia Chicakamauga & Chattanogga National Military Park constrution $634,000
Idaho Salmon River Road Nez Perce National Forest consctruction $20,133,000
Idaho Little Salmon River Bridge Nez Perce National Forest intersection $3,800,000
Idaho Fernan Lakes Idaho Panhandle National Forest $14,600,000
Illinois McRraven Road reconstruction $1,100,000
Maryland Great Falls Park entrance road construction $3,100,000
Maryland Piscataway National Park erosion and slope damage repair $89,000
Mississippi Natchez Trace Parkway resurfacing $8,100,000
Mississippi Natchez Trace Parkway trail construction (Ridgeland County) 5,600,000
Mississippi Vicksburg National Military Park road rehabilitation and resurfacing $5,000,000
Mississippi Natchez Trace Parkway trail construction (Madison County) $4,700,000
New Mexico Carlsbad Caverns National Monument roadway rehabilitation $9,000,000
North Carolina Newfound Gap road rehabilitation $9,900,000
North Carolina Blue Ridge Parkway reconstruction and resurfacing $6,000,000
North Carolina Goshen Creek Bridge replacement $3,000,000
Ohio Fitzwater Road bridges replacement $4,400,000
Oregon Beaver Creek Road Ochoco National Forest $6,200,000
South Carolina Ft. Sumter Historic Site entrance road and parking area rehabilitation $262,000
Tennessee Cades Cove Loop Road rehabilitation $6,700,000
Tennessee Shilo National Park tour roads and parking area rehabilitation $3,000,000
Tennessee Catossa Wildlife Management Area bridge replacement $1,000,000
Utah Bear River Access Road $13,800,000
Virginia/DC George Washington Parkway Humpback Bridge replacement $36,000,000
Virginia Blue Ridge Parkway reconstruction and resurfacing $12,000,000
Virginia Petersburg Park tour road relocation $1,500,000
Puerto Rico Vieques National Wildlife Refuge road and bridge reconstruction $6,000,000
Puerto Rico El Yonque National Forest slide repair $3,000,000
U.S. Virgin Islands Christiansted Bypass construction $14,000,000
U.S. Virgin Islands Centerline Road reconstruction $9,000,000
U.S. Virgin Islands St. John roundabout construction $7,200,000
U.S. Virgin Islands Long Bay Road reconstruction $5,500,000
U.S. Virgin Islands University of Virgin Island sidewalk construction $988,000
U.S. Virgin Islands North Shore Road reconstruction $448,000

Enough with the national monuments and national parks, how about fixing some simple potholes on the nation’s highways first?

Note that 37.5 million is being spent in Nancy Pelosi’s home state of California, and 37.2 million in the Virgin Islands.  Yes, the Virgin Islands- must be all that snow that they are getting from global warming tearing up the road surfaces.

All those projects and only 2000 employees were going to be effected?  What?  Are these the people that sit in offices or the actual construction workers themselves?  How much money are we talking about in salary for these 2,000 people? How much money did everyone of those stupid dot gov recovery gov signs cost?  There’s some savings for you!

More information is also available at Secretary LaHood’s twitter account, www.twitter.com/RayLaHood, and at his facebook page, www.facebook.com/sec.lahood. should you want to ask him why the investigation of Toyota has taken so long as well.

As for Bunning, pretty disgraceful of the Republicans to not stand by his side.  He may be long off the pitcher’s mound, but don’t think for one minute he isn’t going to throw another curve ball when it comes to spending.

Next time around, we would hope the Republicans, and hope against hope that some Democrat would rise up and catch the foul ball in the debt game that the Senate is playing. 

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The non-partisan Congressional Budget Office projects that publicly held debt will reach 56.1 percent of GDP under current law. If President Obama’s budget is implemented, CBO projects debt to reach 82.4 percent of GDP  according to http://www.heritage.org/research/features/BudgetChartBook/Obama-Budget-Increase-Debt-26-Percent-GDP.aspx 

You can keep track of our spending ways at the National Debt clock  http://www.brillig.com/debt_clock/ 

While George Bush may not be a saint, but Obama is looking more and more like a sinner- spending more than any other President in history. The National Debt was $10.6-trillion on the day Barack Obama took office, if his budget projections come to fruition, he’ll run up nearly as much government debt in four years as President Bush did in eight. 

From, A Pfennig for For your thoughts http://www.dailypfennig.com/ , “we’ll see the Budget Deficit, which is expected to be $180 Billion for the month of May… If it tallies there at $180 Billion, the Budget Deficit in the first 5 months of this year will have exceeded $650 Billion… And that’s before the $787 Stimulus gets added… And other items that will come along… And don’t forget that we posted a deficit in April!  I still believe the Budget Deficit will be at least $3 Trillion this year! That would push our National Debt to around $14 Trillion…” For a great explanation of “why do the annual federal budget deficits not match increases in the national debt,” visit http://www.independent.org/blog/?p=2355

Twice as nice for a Wednesday, both Trade Deficit and Budget Deficit will be released today. Ten Banks are going to repay their TARP (troubled assets relief program) funds, to the tune of nearly $70 billion, but that will barely put a dent in America’s economic decline, say nothing of the move toward socialized everything. 

Senators Joseph Lieberman (I-Conn.) and Lindsey Graham (R-S.C.)”vowed again Tuesday to vote against — and, if possible, filibuster — the troop-funding bill and all other legislation until they get their way,” according to http://www.huffingtonpost.com/2009/06/09/lieberman-graham-threaten_n_213262.html The hissy fit is over a photo amendment that would prevent the release of the Gitmo torture photos forever and ever.

“Transparency in government is an American value, but it is not without limits, no more than any of the values embraced in our Constitution,” Lieberman said. “The transparency in this case is needless and dangerous transparency.”

Their actions have merit.  The world does not need to see how low America stooped.  Too bad these two didn’t have the balls necessary during the campaign to warn that an Obama administration of transparency, would only come when it was convenient for Obama.  If nothing else, this Senate delay saves us a few bucks while the debate goes on.

According to CNN- President Barack Obama on Tuesday proposed making “pay-as-you-go” rules for federal spending into law.  The so-called PAYGO proposal requires Congress to balance any increased spending by equal savings elsewhere. By all accounts, added entitlement spending will be offset with spending cursor tax increases. Talk about bait and switch!

ABC points out, “discretionary spending – roughly 40% of the federal budget – is not covered by PAYGO.” The PAYGO rules will apply to new tax cuts and mandatory spending, with four major exemptions – any renewal of the 2001 and 2003 tax cuts, the continued efforts to “patch” the Alternative Minimum Tax, any effort to address physician’s payments in Medicare, and modifying the estate tax.” http://blogs.abcnews.com/politicalpunch/2009/06/president-obama-paygo-and-the-deficit-hole.html 

“”This is like quitting drinking, but making an exception for beer and hard liquor,” said Maya MacGuineas, President of the Committee for a Responsible Federal Budget (CRFB). “Exempting these measures from PAYGO would increase the ten-year deficit by over $2.5 trillion dollars. That’s not fiscal responsibility.” I’ll have a nice chardonnay please, and it better not be the frig from France.

60% of the budget is not subject to PAYGO.  Why is no one having a hissy fit over that?  While President Obama may enjoy a 60% approval rating, PAYGO and his expensive socialistic plans still don’t achieve his goals.  Bush might have spent a pretty dime, but at least is was shining in democracy. 

 debt by country
 

 

 

 

 

 

 

props to http://chalktalk-talk.blogspot.com/2009/06/worldwide-national-debt.html on the Percent of GDP.  Japan debt is equally dismal especially in light of recent military actions on the part of it’s neighbor North Korea.   Obama who continues his spiel of climate change for jobs might want to take a look at Japans which “is doing the smart thing by not meeting it’s ‘Kyoto Protocol’ targets and is only pledging to cut it’s future CO2 emissions by 8%. Via http://motorcitytimes.com/mct/japan-will-protect-its-economy-first/  Right now they need jobs and so do we.

I think I”ll have a Saki instead of that chardonnay after all.

My share of I.O.U.S.A. debt leaves little room for more than a sip out of the White House Fountain.

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Obama looks to propose a minimum of a one trillion dollar deficit every single year for the next ten years.  That’s TEN with 13 zero’s behind it.  “United States President Barack Obama’s budget would produce US$9.3 trillion (S$14trillion) in deficits over the next decade, an eye-popping figure that threatens his ambitious goals to overhaul health care and explore new energy sources, say congressional auditors.” Reported Bloomberg News and posted at http://blog.hotvictory.com/2009/03/22/obamas-budget-will-create-14-trillion-deficit-washington/

There is no way America will be able to sustain that amount of debt and still have any attempt at staying a capitalist society.  The trillions of debt amount to the purchase of pure socialism.  Obama is all swerving all over the road and while I hope he doesn’t get run over, his posturing in the middle of the road, is paramount to not only an increase in government spending, but an increasing reliability upon government spending and stimulus’.

Secretary Timothy Geithner and the Treasury Department are expected to release more carnage on our fragile economy and stock market this week with a long overdue plan to buy as much as US$1trillion (US$1.5trillion) in troubled mortgages and related assets from financial institutions.   “It intends to create a government body, called the Public Investment Corp., to finance the purchase of as much as $1 trillion in soured loans and toxic assets from ailing banks, according to sources.  The plan calls for the new entity to combine its resources with the Federal Deposit Insurance Corp., the Federal Reserve and private investors to buy those loans and other assets.”   http://www.washingtonpost.com/wp-dyn/content/article/2009/03/21/AR2009032102246.html  Who’s going to insure these deals?  FDIC? ROFLMAO!  Who will oversee PIC?  The government of course! 

Geithner already in hot water over the AIG bonuses that were paid,  his tax evasion problems, and his inability to hire any staff members.  Every idea he has had, has further eroded the American people’s confidence in his ability to guide the nation out of financial disaster.    Obama on the other hand loves “Timmy Boy” Geithner and in an interview with CBS TV, Obama said Geithner’s job was secure, and that he would not accept Mr Geithner’s resignation even if it was offered. http://www.abc.net.au/news/stories/2009/03/22/2522876.htm?section=justin

Coaxing private investors to form partnerships with the government to buy toxic assets from the banks is the best that Obama and Geithner can come up with?  While I am no economist, I see more of my tax payer dollars are going to pay for toxic debt that no one wants in the first place.  Even if there was no interest on the loans or taxpayer subsidies, why would anyone want to buy that kind of debt- let alone go into business with our government?  There are very few private investors left.  Geithner assumes someone will actually bid at an auction of assets!  Can China and Russia place their bids too?  Maybe Abu Dabbi?  Abu Dabbi loaned around $7 billion to Citigroup last year so they may be feeling a bit pinched.  Madagascar? I hear the economy is doing great.

While both types of assets — the loans and the complex securities — have dropped, so has everything else including the unemployment rate.  What is beyond toxic and to nearer to annihilation, is that nothing that has come from Obama, Congress, The Senate or The Treasury Department that puts people back to work independent of reliance on the government.   The plan for a Public Investment Corp., and the ideals that Obama believes that creating trillions in debt are nothing but toxic to democracy.   

What do workers do when all the bridges are finished being built with taxpayer money and we’ve all switched over to compact fluorescent bulbs?  In America, where where the individual used to be king and had every chance to make his own fortune, citizens may have to turn the lights off and light a candle to the change Obama promised.  Can you spell SOcIaLiSm?

Want to bet the candles are make with toxic lead wicks from China?

How’s that for a New World Order?  Alas, in the New World Order, Obama is once again pre-empting regular tv programming Tuesday night with another public address to the country.  While Obama may not be hiding from us, I’d rather watch American Idol.  I wonder if he’ll make fun of the Special Olympics during prime time or if bad manners go along with ignorance all the time.

God Bless America.

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