Tuesday, November 10, 2009
The New Tammany Hall
The New Tammany Hal
"A fantastic - and frankly scary - piece appeared in the Weekly Standard a month ago by Fred Siegel & Dan DiSalvo with this title and subtitle:
The New Tammany Hall
Public sector unions have become a labor aristocracy--and they are bankrupting states and municipalities.
The authors write that public sector employee unions have enjoyed a lot of political victories at the state and local level:
'Indeed, they are the one group, besides Goldman Sachs executives, that's done well during the current Great Recession.
Public sector unions have become political powerhouses in New York, New Jersey, Washington, California, and a host of other states.'"
"A fantastic - and frankly scary - piece appeared in the Weekly Standard a month ago by Fred Siegel & Dan DiSalvo with this title and subtitle:
The New Tammany Hall
Public sector unions have become a labor aristocracy--and they are bankrupting states and municipalities.
The authors write that public sector employee unions have enjoyed a lot of political victories at the state and local level:
'Indeed, they are the one group, besides Goldman Sachs executives, that's done well during the current Great Recession.
Public sector unions have become political powerhouses in New York, New Jersey, Washington, California, and a host of other states.'"
Paterson: NYS Will Be Broke In 4 1/2 Weeks If Cuts Aren't Made Immediately
Paterson: NYS Will Be Broke In 4 1/2 Weeks If Cuts Aren't Made Immediately
"Governor David Paterson called an unusual joint session of the Legislature Monday to implore recalcitrant lawmakers to close the state's huge budget gap before New York runs out of money."
"Governor David Paterson called an unusual joint session of the Legislature Monday to implore recalcitrant lawmakers to close the state's huge budget gap before New York runs out of money."
Monday, November 09, 2009
First-time-homebuyer credit draws fraudulent claims
First-time-homebuyer credit draws fraudulent claims
"U.S. Treasury Inspector General for Tax Administration J. Russell George told a panel of the U.S. House of Representatives late last month that more than 19,000 people filed 2008 tax returns claiming the tax credit for homes they had not yet purchased."
This is a surprise?
"U.S. Treasury Inspector General for Tax Administration J. Russell George told a panel of the U.S. House of Representatives late last month that more than 19,000 people filed 2008 tax returns claiming the tax credit for homes they had not yet purchased."
This is a surprise?
Government's bailout strategy driving up unemployment - says TARP oversight chair Elizabeth Warren
theblogprof: Government's bailout strategy driving up unemployment - says TARP oversight chair Elizabeth Warren
"And even more ironically, this was shown on MSNBC of all places:"
"And even more ironically, this was shown on MSNBC of all places:"
Montague moves playoff football game to Holton
Montague moves playoff football game to Holton
Montague has moved its Saturday 1 p.m. (last week) playoff game to the artificial field turf stadium at Holton.
Montague (10-0), which is hosting Sanford-Meridian in a Division 6 district championship game, moved the game because of poor field conditions at its stadium."
Kids played football for a century on muddy fields.
Is this new "sensitivity" really a ploy to get voters ready for a new artificial turf stadium.......yep!
Montague has moved its Saturday 1 p.m. (last week) playoff game to the artificial field turf stadium at Holton.
Montague (10-0), which is hosting Sanford-Meridian in a Division 6 district championship game, moved the game because of poor field conditions at its stadium."
Kids played football for a century on muddy fields.
Is this new "sensitivity" really a ploy to get voters ready for a new artificial turf stadium.......yep!
Why you can't get swine-flu vaccine
Why you can't get swine-flu vaccine
"the US government set out to have the H1N1 vaccine produced largely in single-dose syringes -- a demand that has set back production considerably, because multidose vials are far easier to make.
And the only reason to seek single-dose production was to please people needlessly worried about the preservative thimerasol, which is used to provide multiple doses of the vaccine. The fear -- utterly groundless and repeatedly debunked is that thimerasol can cause autism and other neurological disorders in infants and other young children.
If not for that decision, we'd have more than enough vaccine.
Instead, because the government yielded to pressure from antivaccine fringe groups, we're behind the curve on protecting millions of children from swine flu."
"the US government set out to have the H1N1 vaccine produced largely in single-dose syringes -- a demand that has set back production considerably, because multidose vials are far easier to make.
And the only reason to seek single-dose production was to please people needlessly worried about the preservative thimerasol, which is used to provide multiple doses of the vaccine. The fear -- utterly groundless and repeatedly debunked is that thimerasol can cause autism and other neurological disorders in infants and other young children.
If not for that decision, we'd have more than enough vaccine.
Instead, because the government yielded to pressure from antivaccine fringe groups, we're behind the curve on protecting millions of children from swine flu."
Will the United States Default on Its Debt?
Will the United States Default on Its Debt?
"I suggested that the unthinkable had become thinkable: some advanced society—say, the United States, Spain, Italy, Japan, or Great Britain—might someday default on its government debt.
It wouldn't pay its creditors all they were owed or wouldn't pay them on time.
Just a few days later, and completely coincidentally, the International Monetary Fund (IMF) issued a report that, without saying so, added credence to this unsettling hypothesis"
The table below shows government debt in relation to a country's gross domestic product (GDP), which is the output of its economy. The first column shows the debt-to-GDP ratio for 2007, the last pre-crisis year; the second column gives the IMF's projection for 2014. (Debt reflects government borrowing to cover annual budget deficits.) By this standard measure, many rapidly growing emerging-market countries are less indebted than wealthier nations.
General Government Debt to GDP
COUNTRY 2007 2014
BRAZIL 67% 59%
CANADA 64% 69%
CHINA 20% 20%
FRANCE 64% 96%
GERMANY 63% 89%
INDIA 81% 79%
ITALY 104% 129%
JAPAN 188% 246%
SOUTH KOREA 30% 35%
MEXICO 38% 44%
UNITED KINGDOM 44% 98%
UNITED STATES 62% 108%
"I suggested that the unthinkable had become thinkable: some advanced society—say, the United States, Spain, Italy, Japan, or Great Britain—might someday default on its government debt.
It wouldn't pay its creditors all they were owed or wouldn't pay them on time.
Just a few days later, and completely coincidentally, the International Monetary Fund (IMF) issued a report that, without saying so, added credence to this unsettling hypothesis"
The table below shows government debt in relation to a country's gross domestic product (GDP), which is the output of its economy. The first column shows the debt-to-GDP ratio for 2007, the last pre-crisis year; the second column gives the IMF's projection for 2014. (Debt reflects government borrowing to cover annual budget deficits.) By this standard measure, many rapidly growing emerging-market countries are less indebted than wealthier nations.
General Government Debt to GDP
COUNTRY 2007 2014
BRAZIL 67% 59%
CANADA 64% 69%
CHINA 20% 20%
FRANCE 64% 96%
GERMANY 63% 89%
INDIA 81% 79%
ITALY 104% 129%
JAPAN 188% 246%
SOUTH KOREA 30% 35%
MEXICO 38% 44%
UNITED KINGDOM 44% 98%
UNITED STATES 62% 108%
Fee increase from 21 cents a ton to $7.50 a ton proposed for trash dumping in Michigan
Fee increase from 21 cents a ton to $7.50 a ton proposed for trash dumping in Michigan to encourage recycling
"Some legislators in Michigan want to increase solid waste disposal fees from 21 cents to $7.50 a ton to encourage recycling."
oh...and it would also be a $145 MILLION tax increase on Michigan residents.....and oh, it's another ALL DEMOCRAT political scam.
"Some legislators in Michigan want to increase solid waste disposal fees from 21 cents to $7.50 a ton to encourage recycling."
oh...and it would also be a $145 MILLION tax increase on Michigan residents.....and oh, it's another ALL DEMOCRAT political scam.
Will the United States Default on Its Debt?
Will the United States Default on Its Debt?
"In my latest NEWSWEEK column, I suggested that the unthinkable had become thinkable: some advanced society—say, the United States, Spain, Italy, Japan, or Great Britain—might someday default on its government debt."
"In my latest NEWSWEEK column, I suggested that the unthinkable had become thinkable: some advanced society—say, the United States, Spain, Italy, Japan, or Great Britain—might someday default on its government debt."
Sunday, November 08, 2009
No new talks scheduled in Philly transit strike
No new talks scheduled in Philly transit strike
"Commuters in the City of Brotherly Love have been told to gear up to begin a second week of finding other ways to work following the collapse of a proposed deal to end a six-day-old strike by about 5,000 bus drivers, subway and trolley conductors and mechanics."
This is what you get with government mandated commuter-care.
"Commuters in the City of Brotherly Love have been told to gear up to begin a second week of finding other ways to work following the collapse of a proposed deal to end a six-day-old strike by about 5,000 bus drivers, subway and trolley conductors and mechanics."
This is what you get with government mandated commuter-care.
MSU fans, meet Ashton Legget
MSU fans, meet Ashton Leggett
"Two weeks ago, Michigan State running back Ashton Leggett was on the scout team, buried beneath a host of ballcarriers on the depth chart.
Flash forward to the Spartans' 49-14 win over Western Michigan, when Leggett emerged for 110 yards and four touchdowns on 14 rushing attempts - including a 71-yard scoring run the first time he touched the ball."
Muskegon HS grad!
"Two weeks ago, Michigan State running back Ashton Leggett was on the scout team, buried beneath a host of ballcarriers on the depth chart.
Flash forward to the Spartans' 49-14 win over Western Michigan, when Leggett emerged for 110 yards and four touchdowns on 14 rushing attempts - including a 71-yard scoring run the first time he touched the ball."
Muskegon HS grad!
Mercy H.E.A.R.T. Center
Mercy H.E.A.R.T. Center
"Lipid Profiles and Glucose Screenings
A blood draw to obtain Total Cholesterol, LDL, HDL, Triglycerides, and Glucose values.
Open to community.
Results sent to your home in about 1 week. 12 hour fast required prior to testing.
Second Tuesday of every month.
Walk-ins between 7:00 AM and 12:00 PM.
$15 for a Lipid Profile
$6 for a Glucose Test"
"Lipid Profiles and Glucose Screenings
A blood draw to obtain Total Cholesterol, LDL, HDL, Triglycerides, and Glucose values.
Open to community.
Results sent to your home in about 1 week. 12 hour fast required prior to testing.
Second Tuesday of every month.
Walk-ins between 7:00 AM and 12:00 PM.
$15 for a Lipid Profile
$6 for a Glucose Test"
Now that they passed it, will Dems survive 2010?
Now that they passed it, will Dems survive 2010?
"Sixteen Democrats, however, come from McCain districts, and still voted for the bill. They are listed below by district and last name as well as the percentage of their voters that went for McCain:"
"Sixteen Democrats, however, come from McCain districts, and still voted for the bill. They are listed below by district and last name as well as the percentage of their voters that went for McCain:"
Saturday, November 07, 2009
FuturePundit: Policy Decisions Slow H1N1 Vaccine Production
FuturePundit: Policy Decisions Slow H1N1 Vaccine Production: "Why is H1N1 influenza vaccine coming out so slowly in the United States? Dr. Scott Gottlieb, a former FDA deputy commissioner, says a few policy decisions slow the production of vaccine."
Friday, November 06, 2009
Report Says 75 Percent of Young Americans Unfit for Military Service
Report Says 75 Percent of Young Americans Unfit for Military Service
"About 75 percent of the country's 17- to 24-year-olds are ineligible for military service, largely because they are poorly educated, overweight and have physical ailments that make them unfit for the armed forces, according to a report issued Thursday.
Other factors, such as drug use, criminal records and mental problems"
"About 75 percent of the country's 17- to 24-year-olds are ineligible for military service, largely because they are poorly educated, overweight and have physical ailments that make them unfit for the armed forces, according to a report issued Thursday.
Other factors, such as drug use, criminal records and mental problems"
Thursday, November 05, 2009
Police: Security guard head-butted, sat on, driven away at Wal-Mart
Police: Security guard head-butted, sat on, driven away at Wal-Mart
"Two women trying to avoid arrest after allegedly stealing goods from a local Wal-Mart store head-butted, urinated on and drove off with a security guard in the getaway car on Halloween night, police said.
"Two women trying to avoid arrest after allegedly stealing goods from a local Wal-Mart store head-butted, urinated on and drove off with a security guard in the getaway car on Halloween night, police said.
Nice gals, right by my home.
And the libs want to disarm me and my family and neighbors?
Health-Care Bill Doesn't Index for Inflation; Hits Young and Rising Middle Class Hard - WSJ.com
Health-Care Bill Doesn't Index for Inflation; Hits Young and Rising Middle Class Hard - WSJ.com: "All of those twentysomethings who voted for Barack Obama last year are about to experience the change they haven't been waiting for: the return of income tax bracket creep. Buried in Nancy Pelosi's health-care bill is a provision that will partially repeal tax indexing for inflation, meaning that as their earnings rise over a lifetime these youngsters can look forward to paying higher rates even if their income gains aren't real."
Rivals.com College Basketball - Preseason Countdown: No. 3 Michigan State
Rivals.com College Basketball - Preseason Countdown: No. 3 Michigan State
"OVERVIEW
The state of Michigan has received its share of bad news in the past year - but none of it came from Michigan State. The Spartans gave fans a feel-good story by reaching their sixth Final Four under coach Tom Izzo before losing in the national championship game to North Carolina. With limited accolades and hype, Michigan State marched to the Final Four on guile and hard work. Michigan State can't play the underdog card this season. Michigan State returns Big Ten Player of the Year Kalin Lucas to a team that won the conference by a commanding four games. But the Spartans do have some holes to fill. While every other Big Ten team that went to the NCAAs returns nearly intact, Izzo must replace two key players. Center Goran Suton was one of the most valuable players in the NCAA tournament, and guard Travis Walton was the league's defensive player of the year. If Michigan State can find capable replacements, the Spartans could write another inspirational story for their fans."
"OVERVIEW
The state of Michigan has received its share of bad news in the past year - but none of it came from Michigan State. The Spartans gave fans a feel-good story by reaching their sixth Final Four under coach Tom Izzo before losing in the national championship game to North Carolina. With limited accolades and hype, Michigan State marched to the Final Four on guile and hard work. Michigan State can't play the underdog card this season. Michigan State returns Big Ten Player of the Year Kalin Lucas to a team that won the conference by a commanding four games. But the Spartans do have some holes to fill. While every other Big Ten team that went to the NCAAs returns nearly intact, Izzo must replace two key players. Center Goran Suton was one of the most valuable players in the NCAA tournament, and guard Travis Walton was the league's defensive player of the year. If Michigan State can find capable replacements, the Spartans could write another inspirational story for their fans."
Senate blocks census US-citizenship question
Senate blocks census US-citizenship question
"Senate Democrats have blocked a GOP attempt to require next year's census forms to ask people whether they are a U.S. citizen."
"Senate Democrats have blocked a GOP attempt to require next year's census forms to ask people whether they are a U.S. citizen."
Yes, there is a difference between the democrat and republican party.
Tell your friends!
Prichard Alabama Files Bankruptcy Over Pensions
Prichard Alabama Files Bankruptcy Over Pensions;
"Inquiring minds are noting another city has been driven to bankruptcy because of pension promises that cannot possibly be met.
Please consider Prichard Alabama Files For Bankruptcy."
"Inquiring minds are noting another city has been driven to bankruptcy because of pension promises that cannot possibly be met.
Please consider Prichard Alabama Files For Bankruptcy."
Warren Buffett: Tax Hypocrite?
TaxProf Blog: Warren Buffett: Tax Hypocrite?
Warren Buffett's Tax Hypocrisy:
When Warren Buffett criticized President Bush's tax cuts while plumping for the presidential campaigns of Barack Obama and Hillary Clinton, he garnered prominent, adulatory headlines ... Consider that as the context for two pieces of information:
First, the observation, amid a column in today's Wall Street Journal, about Berkshire Hathaway's cash mountain: 'Mr. Buffett would rather not resort to the simplest way of solving this problem -- paying excess cash out to shareholders in the form of a dividend. Since he owns roughly 26% of Berkshire's shares, a cash dividend would saddle Mr. Buffett with one of the largest personal-income tax bills in American history. That's not the kind of thing at which he likes to excel. Mr. Buffett's reluctance to pay a dividend leaves him with little choice but to buy big companies outright.'
Second, the news (again, from the Wall Street Journal) that Mr. Buffett's Berkshire Hathaway is joining in a bid to buy $3 billion in tax credits from Fannie Mae. Reports the Journal: 'The credits are virtually worthless to Fannie Mae and require the company to take losses each quarter as their value declines. Companies such as Berkshire Hathaway and Goldman Sachs could use them to offset federal tax expenses.'
Neither Journal article places the news in the context of Mr. Buffett's stated support for higher taxes.
Prior TaxProf Blog coverage"
Warren Buffett's Tax Hypocrisy:
When Warren Buffett criticized President Bush's tax cuts while plumping for the presidential campaigns of Barack Obama and Hillary Clinton, he garnered prominent, adulatory headlines ... Consider that as the context for two pieces of information:
First, the observation, amid a column in today's Wall Street Journal, about Berkshire Hathaway's cash mountain: 'Mr. Buffett would rather not resort to the simplest way of solving this problem -- paying excess cash out to shareholders in the form of a dividend. Since he owns roughly 26% of Berkshire's shares, a cash dividend would saddle Mr. Buffett with one of the largest personal-income tax bills in American history. That's not the kind of thing at which he likes to excel. Mr. Buffett's reluctance to pay a dividend leaves him with little choice but to buy big companies outright.'
Second, the news (again, from the Wall Street Journal) that Mr. Buffett's Berkshire Hathaway is joining in a bid to buy $3 billion in tax credits from Fannie Mae. Reports the Journal: 'The credits are virtually worthless to Fannie Mae and require the company to take losses each quarter as their value declines. Companies such as Berkshire Hathaway and Goldman Sachs could use them to offset federal tax expenses.'
Neither Journal article places the news in the context of Mr. Buffett's stated support for higher taxes.
Prior TaxProf Blog coverage"
Clunker pickups traded for new pickups
Clunker pickups traded for new pickups
"The most common deals under the government's $3 billion Cash for Clunkers program, aimed at putting more fuel-efficient cars on the road, replaced old Ford or Chevrolet pickups with new ones that got only marginally better gas mileage, according to an analysis of new federal data by The Associated Press.
The single most common swap - which occurred more than 8,200 times - involved Ford F150 pickup owners who took advantage of a government rebate to trade their old trucks for new Ford F150s. They were 17 times more likely to buy a new F150 than, say, a Toyota Prius. The fuel economy for the new trucks ranged from 15 mpg to 17 mpg based on engine size and other factors, an improvement of just 1 mpg to 3 mpg over the clunkers."
"The most common deals under the government's $3 billion Cash for Clunkers program, aimed at putting more fuel-efficient cars on the road, replaced old Ford or Chevrolet pickups with new ones that got only marginally better gas mileage, according to an analysis of new federal data by The Associated Press.
The single most common swap - which occurred more than 8,200 times - involved Ford F150 pickup owners who took advantage of a government rebate to trade their old trucks for new Ford F150s. They were 17 times more likely to buy a new F150 than, say, a Toyota Prius. The fuel economy for the new trucks ranged from 15 mpg to 17 mpg based on engine size and other factors, an improvement of just 1 mpg to 3 mpg over the clunkers."
Wednesday, November 04, 2009
A deathblow to ObamaCare
A deathblow to ObamaCare
"But Virginia results are the most important.
More than 80 Democratic congressmen and 20 senators come from states that John McCain carried in 2008.
For them, the sudden switch in Virginia, a swing state that Obama actually carried, heralds tough political times ahead.
New Jersey is the quintessential blue state.
If it goes Republican, blue state congressmen needn't worry.
Their districts are likely still safe.
But when a Republican in Virginia wins by 20 points, it sends a message to red-state Democratic congressmen to take cover"
"But Virginia results are the most important.
More than 80 Democratic congressmen and 20 senators come from states that John McCain carried in 2008.
For them, the sudden switch in Virginia, a swing state that Obama actually carried, heralds tough political times ahead.
New Jersey is the quintessential blue state.
If it goes Republican, blue state congressmen needn't worry.
Their districts are likely still safe.
But when a Republican in Virginia wins by 20 points, it sends a message to red-state Democratic congressmen to take cover"
Persistent Errors in Stimulus Job Count
Persistent Errors in Stimulus Job Count
"President Barack Obama's economic recovery program saved 935 jobs at the Southwest Georgia Community Action Council, an impressive success story for the stimulus plan. Trouble is, only 508 people work there.
The Georgia nonprofit's inflated job count is among persisting errors in the government's latest effort to measure the effect of the $787 billion stimulus plan despite White House promises last week that the new data would undergo an 'extensive review' to root out errors discovered in an earlier report.
About two-thirds of the 14,506 jobs claimed to be saved under one federal office, the Administration for Children and Families at Health and Human Services, actually weren't saved at all, according to a review of the latest data by The Associated Press.
Instead, that figure includes more than 9,300 existing employees in hundreds of local agencies who received pay raises and benefits and whose jobs weren't saved.
That type of accounting was found in an earlier AP review of stimulus jobs"
"President Barack Obama's economic recovery program saved 935 jobs at the Southwest Georgia Community Action Council, an impressive success story for the stimulus plan. Trouble is, only 508 people work there.
The Georgia nonprofit's inflated job count is among persisting errors in the government's latest effort to measure the effect of the $787 billion stimulus plan despite White House promises last week that the new data would undergo an 'extensive review' to root out errors discovered in an earlier report.
About two-thirds of the 14,506 jobs claimed to be saved under one federal office, the Administration for Children and Families at Health and Human Services, actually weren't saved at all, according to a review of the latest data by The Associated Press.
Instead, that figure includes more than 9,300 existing employees in hundreds of local agencies who received pay raises and benefits and whose jobs weren't saved.
That type of accounting was found in an earlier AP review of stimulus jobs"
Philip Greenspun’s Weblog » The Coming Collapse of the Municipal Bond Market
Philip Greenspun’s Weblog » The Coming Collapse of the Municipal Bond Market: "Sheehan starts off by noting that a lack of panic by the ratings and government agencies does not indicate health for a financial market. He cites the fact that the Fed did not anticipate how bad the subprime collapse was likely to be and obviously the Moody’s and Standard and Poor’s ratings were ridiculous.
Sheehan notes that “spending is rising and revenue is collapsing” for all levels of government. Pension fund losses will require governments to double their contributions to pension plans (see my blog posting on public employee pensions). Spending is rising, e.g., in New York City from an average of $65,401 in compensation per public employee in 2000 to $106,743 in 2009."
Sheehan notes that “spending is rising and revenue is collapsing” for all levels of government. Pension fund losses will require governments to double their contributions to pension plans (see my blog posting on public employee pensions). Spending is rising, e.g., in New York City from an average of $65,401 in compensation per public employee in 2000 to $106,743 in 2009."
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