Welfare-Warfare State

Michael Scheuer: Obama, Rice, Kerry, McCain, and Graham intervening for more war

"Today there are only two parties in the United States: (a) the bipartisan and interventionist elite and their ideological, fifth-column, and globalist supporters and funders (AKA: The Tyranny), and (b) the rest of us who are taxed to death for the privilege of paying for, and seeing our children die in their unnecessary, intervention-caused wars. How can Americans change this reality? It seems clear that intervention cannot be stopped at the ballot box. On the issue of options, there are many to consider. But one can get off to no better start than to reread the works of John Dickinson, Thomas Jefferson, and Thomas Paine written in 1775 and 1776." Continue reading →

Continue ReadingMichael Scheuer: Obama, Rice, Kerry, McCain, and Graham intervening for more war

Fantasy Dream: Easy Retirement (If You Have $1 Million).

"MarketWatch is a conventional website. It runs financial news. It also runs articles on investing. This one caught my eye. 'How to make your nest egg last over 40 years.' That sounds good! I read it. The article says you can achieve this goal. But you will need at least $2 million. A million won’t get the job done. The point is this: a journalist in a major financial magazine shows that there is no easy retirement, even if you have $1 million at 65. But hardly anyone does. Then how will people afford retirement? They can’t. Do most people understand this? They will move in with their kids. Are the kids ready for this? No. Are the kids in debt? Yes." Continue reading →

Continue ReadingFantasy Dream: Easy Retirement (If You Have $1 Million).

Rahm’s Chicago: $1 Billion Financial Shortfall Forecast by 2015

"Chicago Mayor Rahm Emanuel released the city’s second Annual Financial Forecast on Wednesday. Not only does the report predict a $369 million financial shortfall for the city's operating 'budget' in 2014, but it also predicts a shortfall of more than $1 billion by the year 2015. On Thursday, Breitbart News reported the city’s payroll is more than $2.4 billion, with over 2400 city employees (not including school employees) making over $100,000 a year. The payroll is by far the highest expense for the city, yet in the Financial Forecast report, it is expected to increase by $100 million in 2014." Continue reading →

Continue ReadingRahm’s Chicago: $1 Billion Financial Shortfall Forecast by 2015

40% Of US Workers Now Earn Less Than 1968 CPI-Adjusted Minimum Wage

"40.28% of all workers make less than $20,000 a year in America today. So that means that more than 40 percent of all U.S. workers actually make less than what a full-time minimum wage worker made back in 1968. That is how far we have fallen. Good paying full-time jobs are disappearing, and they are being replaced by low paying part-time jobs. So far this year, 76.7 percent of the jobs that have been 'created' in the U.S. economy have been part-time jobs. That would be depressing enough, but what makes it worse is that wages for many of these low paying jobs have actually been declining over the past decade even as the cost of living keeps going up." Continue reading →

Continue Reading40% Of US Workers Now Earn Less Than 1968 CPI-Adjusted Minimum Wage

This Could Shake Muni Bonds to the Core

"Detroit went bankrupt, but so what? Its own decades-long gross political mismanagement, corruption and incompetence pushed the city over the cliff into bankruptcy. Why should we care? The largest Chapter 9 filing in U.S. history will reverberate well beyond this once- bustling city and its creditors. What's most threatening to muni bond investors, and in fact all investors, is whether the city's general obligation bonds are secured or unsecured issues. General obligation bonds, backed by a city's ability to levy taxes to pay interest and principal, are thought to be the safest of all munis. Detroit is putting this to the test." Continue reading →

Continue ReadingThis Could Shake Muni Bonds to the Core

The Financial Tale of Two Cities: Detroit and Chicago

"At State Data Lab, we calculate and report a metric called ‘Net Revenue’ for all 50 states. Net Revenue subtracts total reported net expenses from general revenue. It can inform whether a state is truly ‘balancing its budget,’ at least as far as reported results. Net revenue can also be calculated for cities. The chart above shows how net revenue in Detroit was persistently negative in the five years before its bankruptcy filing. The chart also shows an even more alarming trend for the city of Chicago. And those results can understate reality; they rely on the city’s financial reports, which do not include accumulating off-balance sheet retirement obligations." Continue reading →

Continue ReadingThe Financial Tale of Two Cities: Detroit and Chicago

The Latter-Day Rome Lives And Kills

"Libya is no longer. Ditto Iraq. Afghanistan is not doing much better since Rome set up camp there. The Comitatus – 'the sprawling apparatus that encompasses the ministries of government, the lawyers, the diplomats, the adjutants, the messengers, the interpreters, the intellectuals' – refused to keep count of the casualties in the Iraq war. Likewise has 'Operation Enduring Freedom' in Afghanistan, still ongoing, been the direct and indirect cause of the deaths and displacement of many thousands of Afghan civilians. The latter-day Rome has mechanized the warfare state’s killing capabilities and has refined its propaganda wing to an art." Continue reading →

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Last Hurrah of the Interventionists?

"In what a Washington Post columnist describes as a rout of Rand Paul isolationism, the Senate just voted overwhelmingly to send another $1.5 billion in foreign aid to Egypt. The House voted 400-20 to impose new sanctions on Iran’s oil exports, two days before Iran’s new president, elected on a pledge to re-engage the West on the nuclear issue, takes his oath. Do these triumphs of AIPAC and the War Party, of neocons and liberal internationalists, tell us where we are going? Or are they the last hurrahs of the interventionists, as America’s long retreat proceeds apace." Continue reading →

Continue ReadingLast Hurrah of the Interventionists?

Kill Wasteful Missile Defense Efforts

"In the 30 years, since President Ronald Reagan created his expensive pie-in-the-sky Strategic Defense Initiative—quickly and appropriately named 'Star Wars' by critics and journalists alike—the United States has spent a whopping $250 billion on trying to shoot down fast intercontinental ballistic missiles, such as those that might someday be fielded by Iran and North Korea. This government effort has been a boondoggle, but then huge costs and poor performance rarely cause any government program to be terminated—evidence of this effect is exhibited by the continued flow of money to the project despite three decades of failure." Continue reading →

Continue ReadingKill Wasteful Missile Defense Efforts