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The Next Bailout

Social Security tipping over into the red

Last month, we noted that Social Security had delivered its worst performance in decades.  Now, Allen Sloan warns investors at Yahoo Finance that the entire program has gone into the red — and will stay there.  Get ready, Sloan says, for the mother of all bailouts

Technically, the fund should receive $120 billion in interest payments from the Treasury, which owes SSA for decades of skim repaid only in IOUs.  However, the interest itself will only be paid in IOUs.

The crisis in SocSec was supposed to arrive in 2019, according to the CBO in 2008.  Who came up with that figure?  Peter Orszag, the same man who missed the 10-year deficit projection by over $2.2 trillion in the spring of 2009, and who now runs the Office of Management and Budget.  Democrats used that figure, as well as others produced by various sources in the years preceding that analysis, to argue against Social Security reform, and to paint Republicans who warned that the crisis was a lot closer as Chicken Littles or grubby politicians who just wanted to get their hands on Grandma’s Social Security check.


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Making A Virtue Out Of Vice

Hey, I just cut 1/2 percent of the budget!

President Obama Lies About His Record Deficits and Massive Tax Increases
He says the deficits will save the economy, then blames them on George Bush.

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Most Of It From Inventory Manipulation

Fourth-quarter GDP 5.7%

The administration got some unexpectedly good news on the economic front this morning, although it had to be qualified almost immediately.  Annualized GDP in the fourth quarter rose 5.7%, the second quarter in a row of growth in the economy, which makes the recovery official.  However, almost two-thirds of it came from a slowdown in liquidation of inventories, leaving an anemic 2.2% of actual growth

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Unemployment

Due to the fact that President Barack Obama's $787 billion stimulus failed to stem job losses, the Congressional Budget Office now says the scheme will cost American taxpayers $862 billion, thanks to a higher than expected unemployment benefits total.
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Argument For State's Rights

Some information I have come across, about James Madison and states. This is from what I found not my original work.

James Madison [one significant argument concerned the use of the word state] had objected to the idea that states had created the Federal government. The Philadelphia Convention was not a state organ, nor were the ratification conventions parts of the state government. The states had not created the federal government.

Madison noted that the word state had three common significations [something that is signified; meaning or sense]: Could refer to the territory of a state, to a state government, or the sovereign people of a state. You can't read the word state purely as referring to state government.

I would recommend reading Madison's sequel to the Virginia Resolutions of 1798, the Report of 1800. In this he objected to the Federalist policy in the 1790s.

The Virginia Resolutions used the word state to refer to the sovereign people of Virginia. The Union was a union of sovereign peoples; as in the people of each state.

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What Could Go Wrong? Well … Everything

Nader group says let’s change the First Amendment

At least they’re advocating the use of the only legitimate mechanism to allow the government to regulate political speech

Mark Tapscott that they’ve finally admitted that they have some disdain for the Constitution

Madison knew that making the government the arbiter of acceptable political speech meant one thing: a government that would protect its own interests.  When the law-enforcement capabilities of the federal government get applied to determining the legitimacy of both the speech and the speaker, free political speech is at an end, and with it political dissent, free elections, and liberty.  None of the ills that Public Citizen proposes to solve with this approach compares to the disastrous results we will see when free speech gets controlled by the government that free speech itself was intended to limit and hold accountable.

In other words, Nader and Public Citizen couldn’t shine Madison’s shoes.



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Debt Limit

FEATURED VIDEO
Watch Heritage's new video, The Debt Limit: Made Simple. In this video, Heritage experts explain the danger of Congress’ decision to annually raise our nation’s debt limit without addressing the out-of-control spending that keeps us buried in debt.
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Conservatives Finish 2009 As No. 1 Ideological Group

Poll: Number who call themselves conservative now at post-9/11 levels

The increased conservatism that Gallup first identified among Americans last June persisted throughout the year, so that the final year-end political ideology figures confirm Gallup's initial reporting: conservatives (40%) outnumbered both moderates (36%) and liberals (21%) across the nation in 2009.

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So Are They

Obama to Iran: Stop laughing, we’re serious!

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