"Profligacy" - I Don't Think That Word Means What Obama Thinks It Means

Keith Hennessey evaluates Obama's claim that the last decade was one of relative profligacy.

And let me add this - deficits are not a measure of governmental restraint or prudence.  Spending as a percentage of GDP is a better guide to the Federal presence in the economy, and that will be going up under Obama's proposed budgets.

Put another way, I would be more concerned with a government that had expenditures and tax receipts balanced at 25% of GDP then I would be a government that had expenditures of 20% of GDP, tax receipts of 17% of GDP, and borrowed to finance the rest.

Comments

[Thomas Collins]

Hennessey's analysis appeals to those who think. Axelrod realizes that the "Bush was profligate" meme appeals to non-thinkers who will turn out for the Dems, contribute $$$$ to the Dem cause and, in the case of NY Times non-thinkers, write Dem talking point op eds disguised as front page news stories.

[narciso]

Yes, the faux Chinese spokesman on SNL would
answer back, "Do I look like Mrs. Obama"

[Gabriel Sutherland]

Heh. Rep. Paul Ryan submitted a budget proposal that balances the budget THIS YEAR.

Ezra Klein describes it as "violent".

[Danube of Thought]

Amazing. I came to this site a few minutes ago to post a request for some knowledgeable JOMer to walk me through the FY 2009 budget process, in order to figure out which president to blame. (I realize that this means going along with the gag in which a budget deficit is universally deemed to belong to whoever was president at the time.) And lo and behold, there is the link to Hennessey's article.

As for the gag itself, I'm still somewhat in the dark. It's my understanding that when it comes to spending the president proposes, but the congress disposes . That is, each year the president submits his budget, but what comes back to him for his signature (assuming that's what happens) can contain very substantial congressional modifications, particular when the president and congress are of different parties.

I think it's the case that Bush submitted a FY 2009 budget that was wholly rejected by the congress, and that spending in the first three months of FY 2009 occurred pursuant to "continuing resolutions" rather than a Bush budget.

Can anyone shed some light?

[Jack is Back!]

This year in making our family budget, I have included a number of purchases that I would never had even thought about making had it not been for Peter Orzag and Barack Obama showing me the way to do it. This year, I have decided to purchase a new 12 passenger 2010 Falcon Fanjet, a 15,000 SF chateau in France and brand new Bugatti. I am even interested in Tiger's yacht should he want to sell it.

My good fortune is the result of studying the Orzag/Obama approach to economics. Namely, I have been able to amass this great fortune by assuming three things:

1. That I will win the $180 million Powerball Lottery in March.

2. That an uncle I have never met will leave me 10,000 shares of Berkshire Hathaway

3. That the Bill and Melinda Gates foundation will take pity on me and give me a grant of $25 million to fight obesity by flying my Falcon from inner city to inner city showing Denise Austin workout videos.

If this doesn't work out then I will just have to move to China.

[NK]

Hey TM--

I think you hit on a good point that most Americans will understand and agree with. The Feds should spend no more than 20% of GDP and take in no more than 18% in taxes(excepting war and emergencies voted on by 2/3 of Congress). That would let the Feds spend 2.8 Trillion this coming year. If the Fed Government can't manage that get another government. Taking in 18% allows the REAL private economy to flourish by not suffocating it, and 2% deficit funding is very doable for the next 20 years at least. 20/18 -- people will under this simple formula, especially when Barry O now proposes to spend more than an extra 5% of GDP which is almost 1 TRILLION over budget, people will understand DC is out of control because of SPENDING, and no tax increase will cover that out of control spending. I've commented before that the Dems are acting like Goodfellas and "bustin' the place out", before our creditors (Red Chines Army, Russian Gangsters, Middle East Oil Sheiks), say NO MORE, and stop buying T-Bills. That day will come soon, and so will November Mid-Terms, so they are bustin' the place out asap. Sad but true.

[jimmyk]

Dick Morris pointed out last night on Fox Business that the $1.3T deficit Obama claims for Bush included the $750B TARP money, the bulk of which is expected to be paid back. So by any reasonable accounting standard Bush's outgoing deficit was more like $600B.

Of course now Barry wants to take the money coming back in from TARP and spend it, in the hope that we are all too stupid to figure out that this isn't new spending. Just like letting the Bush tax cuts expire doesn't count as a tax increase. I guess if I fail to renew my NY Times subscription that doesn't count as a decline in their subscribers.

[Melinda Romanoff]

On a side note, yesterday, the Treasury Department opened up a commentary period for a proposed conversion of 401(k) assets to government issued annuities. You can find the link, where I found it, here.

Please use the responding email address, with the proper subject line as outlined in the post, for your enlightened commentary.

Thieves.

[Ranger]

I think it's the case that Bush submitted a FY 2009 budget that was wholly rejected by the congress, and that spending in the first three months of FY 2009 occurred pursuant to "continuing resolutions" rather than a Bush budget.

Can anyone shed some light?

Posted by: Danube of Thought | February 02, 2010 at 12:01 PM

Yes, this is exactly so. Remember one of the first bills Obama signed was the 2009 Budget with an 8% increase in the domestic spending base line, and something like 90 billion in earmarks (but remember, that week a billion was a small number). When asked why he chose to sign such a budget after running on "net spending cuts" and "go through the budget line by line", Obama and crew said this was "old business" from "last year" and they just wanted to sign it and get one with the important work of health care and cap and trade.

My guess is that there will be no budget this year. No Dem is going to want to vote for a massive spending increase going into this November. They will hold off, hope they can keep a majority, and then pass a huge spending increase after the vote (they may even pass a huge budget increase if they lose in a lame duck session).

Note: After the public revulsion the 2009 budget caused, Obama came back the next week and order his cabinet to find $100 million in saving (we were told at that point a million was a big number).

[bgates]

DoT - the sentence "In 2008, Congress adjourned without ever officially adopting Mr. Bush's budget for 2009" appears once in relation to any web page known to Google, as a link to the NYT Times Topics page on the federal budget.

A search of the NYT Topics Federal Budget section for the exact phrase "adjourned without ever" returns no results.

So it appears it used to have been the case that things happened as you remember, but the past is not like that anymore.

[glasater]

Dana Perino told Greta last evening that congress and the budgets for the past two years have been operating on continuing resolutions.

[clarice]

Speaking of profligacy--Blanche Lincoln looks like toast--and it appears her health care vote did it. Another martyr for the cause.

And yet more, John Murtha, who single handedly robs the DoD to pad his district is in intensive care (per the AP) following gall bladder surgery.

[Pofarmer]

before our creditors (Red Chines Army, Russian Gangsters, Middle East Oil Sheiks), say NO MORE, and stop buying T-Bills.

It's already happened. The Fed was the purchaser for something like 80% of the offerings last year.

[Pofarmer]

Dana Perino told Greta last evening that congress and the budgets for the past two years have been operating on continuing resolutions.

So, why even have a budget then? None of these jokers have one ounce of discipline or self control.

[Danube of Thought]

Rush is shedding some light on past and present budget numbers along the lines being discussed here. I would dearly love to hear some "leading Republican spokesman" do the same. (And no, I don't want it to be Sarah.)

BTW, I heard that one of the major organized labor figures today flatly rejected the Senate bill because of the Cadillac tax. So good luck getting the house to pass it. It's sidecars plus reconciliation, or it's nothing at all. I'm beginning to believe that the stake is being positioned over the heart of this monster.

[Danube of Thought]

It was Richard Trumka, head of the AFL-CIO.

[bgates]

in intensive care (per the AP) following gall bladder surgery.

Do we send the get-well cards to Toronto, or London? (Surely he wouldn't put his life in the hands of the foot-cutting tonsil hunters we have in this country.)

[Ignatz]

--Can anyone shed some light?--

IIRC in Feb 2008 Bush submitted a proposed Oct 1 2008-Sep 30 2009 budget of $3.1 trillion. The Dems began padding it and Bush indicated he would veto it. With porkulus, the omnibus spending bill, TARP and other expenditures, outlays ended up over 3.6 trillion rather than 3.1 for 09.
The continuing resolutions were used by the Dems to avoid negotiating with Bush. Barry obligingly signed the bloated omnibus bill as soon as it was plopped on his desk, which ended the continuing resolutions.
While TARP was IMO a bad idea at least Bush considered it a temporary bad idea. Barry however is now attempting to reuse the returned TARP funds and make it a permanent slush fund.

[Ignatz]

--And yet more, John Murtha, who single handedly robs the DoD to pad his district is in intensive care (per the AP) following gall bladder surgery.--

If the gall bladder is truly the source of gall, that loud mouthed SOB must have one about the size of a hot water bottle.

[Danube of Thought]

Thanks, Ignatz and bgates.

The crap Obama is peddling now without challenge is getting infuriating.

[NK]

Pofarmer--

you are correct. The Fed has been monetizing Congress's debt for 15 months or so by using Ben Bernanke's high tech printing press in order to keep mortgage rates at 5%, and of course allowing the Fed government to have its spending orgy. BUT, like all imbalances, that will end sooner than later. When it does, real capital (Red Army Generals, Putin, Japanese banks, Gulf Sheiks et al) will boycott T-Bills at their current grotesque supply level unless they pay a real return -- 7-8% anyone? That's why Turbo Tax Timmie and Barry O say the "deficit" is unsustanable, they know probably to the day when Ben stops his huge fed buys, then the deluge. Strap yourself in folks, it's going to be a bumpy ride.

[glasater]

Rick Santelli just said:

Traders on his floor feel we are in the eye of the hurricane.

There is uneasiness in the credit markets.

[bgates]

Quite welcome, sir.

The crap Obama is peddling now without challenge

-speaking of which, I'm pretty sure everybody will agree with me on this next item but I'll ask anyway. Rich Lowry's latest column talks about the giant lies in Obama's budget, but he provides this whopper of his own:

In his “question time” exchange with Republican House members, Obama proved for anyone who might have forgotten that he’s whip-smart, unflappable, and glib; it’s the facts that are his undoing.

Set aside for a moment, Gentle Reader, the horror you must feel at the sight of a Republican using the word "whip" in connection with a person of color; and tell me where the "smart" comes from. I asked Lowry myself, but I don't expect an answer.

Probably shouldn't have used the words "swoon" or "trouser crease" when I asked him.

(He also makes a terrible analogy between Obama and Don Quixote, which suggests Quixote's real fights with imaginary monsters are somehow like Obama's imaginary fights with real monsters, but we'll let that slide.)

[E. Nigma]

So, summing it all up:

The proposed budget will have huge deficit overhang component, with over 5% of GDP.

This will be financed by (drum roll!):

1) coercing our foreign friends and not so foreign friends to buy T-bills. New respect abroad for America! As I heard Mr. Limbaugh at lunch today say, this could break GLOBAL credit markets. Sounds like a plan!

2) the Federal Reserve buys the T-bills, which will then be collateral paper on reserve for banks? Enlighten me here, because this sounds like smoke and mirrors. Does the Federal Reserve become a bigger version of FNMA and Freddie Mac????

3) Tax increase. Good idea in the middle of a recession. Let's double down on that idea.

4) And of course, the thing that they can do easily enough, is to make us convert our 401K and IRA funds into Government annuities which will buy T-bills. As Melinda so aptly put it, "Thieves!".

Hope and change we can believe in, chapter 27. (rim shot!)

[Rob Crawford]

And yet more, John Murtha, who single handedly robs the DoD to pad his district is in intensive care (per the AP) following gall bladder surgery.

His asshole's rejecting him.

[MikeS]

WSJ had a great piece a couple weeks ago on this subject.

We ought to ask ourselves, since the 2008 budget was $2.9 trillion, and the 2010 budget is $3.6 trillion. Is the extra $700 billion being spent wisely?

[pagar]

"love to hear some "leading Republican spokesman" do the same. (And no, I don't want it to be Sarah.)"

We have another leading Republican?

[bgates]

Is the extra $700 billion being spent wisely?

Or for a family of four, "Are you $9,333 better off now than you were a year ago?"

[MikeS]

DoT is on the right track. The renegade Congress increased spending between 2008 and 2009 at a breathtaking rate. Even the OMB admits "...2008 to 2009 saw the greatest annual increase in spending in the last 30 years," but OMB points out that happened before Obama took office.

[bgates]

OMB points out that happened before Obama took office as President, back when Obama and his alleged brilliance and leadership and moral authority and fiscal responsibility were part of the majority party in the Senate.

[MikeS]

...before Obama took office as President,

Oh yes. Thanks for the correction bgates.
I should have pointed out that Obama was part of the renegade Congress that committed the profligate spending in 2008-2009.

[Danube of Thought]

"We have another leading Republican?" Unfortunately, no. That is the sad point I was trying to make. Boehner is OK if you like used car salesman with their own tanning beds.

[sbw]

I like the sound of "the renegade Congress."

Let's run with it.

[MikeS]

Last week the CBO projected that the $700 billion TARP program would cost only $99 billion.

Obama continues to include the whole $700 billion in the deficit he "inherited", while claiming for himself, all the credit for rescuing the financial industry.

[Janet]

Okay. If anyone reading this lives in the 41st district in Illinois....get out and vote for Matt Burden for State Representative.
Matt is also BLACKFIVE. LUN is his campaign website.

"Illinois doesn't have a revenue problem. Illinois has a spending problem."

[Ignatz]

--Boehner is OK if you like used car salesman with their own tanning beds.--

Heh.

[pagar]

I really don't care for used car salesmen who have their own tanning beds. I walked past the TV this morning and Sen Graham was talking about "No money for terrorist trials"
a good subject.
But just a day or two ago, we had this garbage from Him

We see this time and time again, only the name of the person speaking changes. IMO, the American public is better off with NO Congress wins, at this point in time.

"lindsey-graham-pushes-climate-policy-because-congress-needs-a-win/"

[Melinda Romanoff]

OK, this is pretty funny.

[Jack is Back!]

Lot of discussion here about budgets and "continuing resolutions" but Congress (both the Senate and House) approved a $3.44 trillion budget last year in April. The problem is that "continuing resolutions" have nothing to do with the budget. They are in lieu of approved appropriations. Each unit of Congress has their little pet projects, priorities, interests, etc. And as a result they have problems agreeing on appropriations which are the spending triggers for the Federal government. Also, the Federal fiscal year ends in September and starts in October. That is why you always see CR's at the last minute. What they do is allow programs and agencies to spend only at the prior year's approved appropriation until such time a new budget, authorization and appropriation is approved.

Budgets usually pass if you have a stacked deck in both houses. But the real trick in DC is getting appropriations approved. More on last year's budget approval at LUN

[Appalled]

Melinda:

The meme that the IRS is working out a scheme to swipe 401(k) assets and plop them into government bonds is terribly unfair. What IRS and DoL are trying to do is figure out policies that make a lifetime pension available to employees out of their 401(k). Currently, buying an annuity out of a lump sum from a k plan is a terrible inestment, because of insurance company loads.

The IRS/DoL requests for comments -- which is usually a step to regulatory change -- is an invitation to interested parties to comment, not the announcement of an Obama plot to do an Argentina to the employer-based pension system. But if you have comments, follow the instructions below on how to send them to the IRS. (Or better yet, simply read what the IRS is asking about)

[Ann]

HAPPY BIRTHDAY, HIT AND RUN!!!!!!!!!!!!!!!!!!!

HOPE IT IS FABULOUS ♥ ♥ ♥ ♥

[DebinNC]

Chutzpah alert: Obama today in NH..

“When times are tough, you tighten your belts,” he said at the forum.” You don’t go buying a boat when you can barely pay your mortgage. You don’t blow a bunch of cash in Vegas when you’re trying to save for college.”

First, he must blame Reid for the death of Kill Granny. Second, he and Michelle taking many years to pay off their college loans doesn't indicate the Obamas had saved for college or tightened their family financial belt in any meaningful way. Third, what kind of delusional person makes that statement the day after submitting an enormously "profligate" budget?

[Old Lurker]

Happy Birthday Hit!

OT for Cap'n Hate when he shows up. Captain, I'm traveling but wanted to thank you for comparing dancing-daughter notes with my story back on that other thread. I was particularly impressed with how you made Little Hatette pay her own way in NYC! Oh...that would make such a difference! Also I wanted to reassure you that no dancer-family escapes the NYC chapter of those short careers without knowing every nook and cranny of the Joyce Theater. Trust me on that. And sometimes you WISH for that theater!

[clarice]

It's Hits birthday! Well, I'll be darned. Where's the confetti and champagne?

[narciso]

Now technically there is someone else who has their own tanning bed, but just uses it
better. "Cohines" which translates as'pillows'
but that's clear what is not meant. He follows the rule of the REd Queen " a word means exactly what I mean it to"

[glenda]

Happy Happy Birthday Baby !!!!!! Hit, I hope it is the best, EVAH !!!!

[hit and run]

Yup,it's my birthday. It's a big nice round-numbered one,too.

Thanks all for the well-wishes.

And let me say for the record that I don't believe the old saw,"you're only as old as you feel"

Hogwashable sentimentalism.

I say you're only as old as you act.

And since I act like I'm going on half my chronological age,let me tell you,there are plenty of mornings I feel twice my actual age.

Maybe after I've acted half my age for awhile tonight,I'll stop back by.

[Pofarmer]

"We have another leading Republican?" Unfortunately, no. That is the sad point I was trying to make.

What's so sad about it? Use what you got.

[Jack is Back!]

Happy Birthday Hit. You and I both live in the age of Aquarius.

In honor of our departed friend PUK, did you know that Graham Nash was also born today:)

[jimmyk]

Has anyone commented on the Rahm-Sarah kerfuffle over his use of the word "retarded"? See LUN. For once I have to disagree with Sarah. This is the sort of PC crap that liberals are always pulling on conservatives, and I don't think we should imitate that. Turnabout is fair play, I suppose, but I'd rather set the right example.

[Rick Ballard]

I'd just as soon see Sarah stay out front taking the Alinsky slings and arrows. It's rather entertaining to watch the feces flinging progs tiny little heads explode when she delivers another solid hook to BOzo's flabby gut.

Why should any other Rep make themselves a target for the slime buckets until two months before the election? Boehner and Cantor are both doing decent jobs in maintaining discipline in the House and McConnell is doing fine with the Senate, given having 'My Friends' and his dipstick sidekick in the caucus as well as the Maine nutballs.

I hope Sarah makes a ton of money and keeps BOzo in night sweats for the next 2-3 years. I don't care if she runs in '12. As long as BOzo thinks she might he'll continue to stutter, twitch and flinch his way to abject failure.

[Pofarmer]

Can anyone remember a chief of staff being this prominent?

[Porchlight]

Turnabout is fair play, I suppose, but I'd rather set the right example.

Alinsky: “Make the enemy live up to its own book of rules. You can kill them with this, for they can no more obey their own rules than the Christian church can live up to Christianity.”

This isn't my favorite tactic, but I still think it's hilarious that Palin posts from Facebook and Mr. Brass-Balls-I-Own-All-of-Washington Emanuel jumps.

[peter]

Reuters scrubs a story White House didn't like. LUN

[MikeS]

It's all Bush's fault!

[narciso]

It was more a rebuke of the Israeli commando
(or is it deli clerk) false bravado in negotiations. I mean he needs their votes
not the other way around,

[Extraneus]

Speaking of Alinsky...

Rule 5: “Ridicule is man’s most potent weapon. It is almost impossible to counterattack ridicule. Also, it infuriates the opposition, who then react to your advantage.”

Isn't that the proper response?

[Hearty laughter.] "Obama thinks the American people are stupid, and that they won't understand that his budget triples the deficit as a fraction of GDP. Well, I have news for you, Mr. President: The American people aren't stupid."

Anyone can do this, but which (other) leading Republican will?

[hit and run]

Jack:
In honor of our departed friend PUK, did you know that Graham Nash was also born today:)

Hah! I think I may have known that at one point,but I definitely had forgotten.

But thanks for the heads up ... ol' Graham has mail.

[Frau Fastelovend]

"Smoke" and "Mirrors" - new secret service names for POTUS and FLOTUS?

Re: Murtha's surgery -Surely he wouldn't put his life in the hands of the foot-cutting tonsil hunters we have in this country.
Let Franklin Pierce, Pittsburgh report:
"As a voter in the Pennsylvania district represented by pork barrel Murtha I can assure you that John Murtha was loaded into the John Murtha Ambulance, driven along the John Murtha Parkway which turns onto John Murtha Street and then onto John Murtha Drive on the way to the doors of the John Murtha Hospital and into the John Murtha emergency room. The life flight crew had the John Murtha helicopter fired up and waiting at the nearby John Murtha Airport just in case the diagnosis was severe enough to require a ride to the John Murtha Trama Unit at a Pittsburgh Hospital. I speak for a majority of voters when I say we are hoping and praying that this unethical, dishonest, pork barrel pos ends up in the John Murtha Nursing Home so he can't run for re election in 2010."

[Extraneus]

Did everyone see that Chuck Schumer's approval rating has dipped below 50%?

[boris]

Now where did that come from? ... lol.

[Extraneus]

And speaking of polls...

A new Daily Kos/Research 2000 poll of Republicans finds that 63% believe that President Obama is a socialist, compared to 21% who say he is not and 16% that are not sure.

The survey also found that 53% believe that Sarah Palin is more qualified to be president than Obama, with 14% who believe Obama is more qualified and 33% who said they were not sure.

[centralcal]

Happy Birthday Hit! May you have a very blessed year ahead.

[centralcal]

LOL, Frau! Too funny.

[Extraneus]

Today's Obama speech at a town hall-style meeting in Nashua, N.H.: Number of "I" References: 45.

[Ignatz]

Happy Birthday H&R!
How's the new job?

[Captain Hate]

I was particularly impressed with how you made Little Hatette pay her own way in NYC!

Thanks OL; the good news was that when she went to Hunter the in-state rates were so reasonable that when she graduated with both a BA & MA I turned over the remaining unspent funds that had been put aside for her edumacation. That would *not* have been the case if she would've continued at Bard nor gone to Columbia per Hatette #2.

I figured your daughter would be familiar w/the Joyce.

Happy Birthday Hit; is the number round like half-a-century?

[pagar]

Happy Birthday, Hit!

Be sure and take your ID, in case you get the urge to buy some Quiche

[centralcal]

Captain - is the number round like half-a-century?

I am guessing ten years younger than that.

[Extraneus]

No way. I guess 40.

[Danube of Thought]

"Congress (both the Senate and House) approved a $3.44 trillion budget last year in April."

Was that April of 2008 (for FY 2009) or April of 2009 (for FY 2010)? If the former, did Bush sign it?

[PaulL]

Sarah was already great, and she's getting even better. Her Facebook posts are spot on.

[Danube of Thought]

I just checked, and it was the FY 2010 budget, passed in April 2009.

But what happened in 2008 for FY 2009?

[Captain Hate]

I'd commit a minor felony to be 40, knowing that with good behavior I'd be out before I'd reach my current age. Btw, this is the third time I've written this on this POS software.

[centralcal]

Captain, JOM is really acting up today. Posts appearing and disappearing for me.

Anyone know about Illinois elections. I keep seeing references to the "judges" in the precincts. Here in CA we usually have retired people manning the polls. Does Ill use judges????

[hit and run]

Centralcal and Extraneus win the prize on guessing my age.

Ignatz,the job is amazingly wonderful. An indescribable blessing after last year. Even if it was a crap job,I would be rejoicing at having a crap job. But it's a great job with great people doing what I love (well, "love" in the sense of if I have to go to work for the man,I'd rather do this than most other things...I mean,I'd rather be with mrs hit and run 24/7 like last year and get paid to do it...)

Really though,it's humbling to have had things turn out this way.

[MikeS]

DoT, I haven't yet found a definitive explanation for the fate of Bush's 2009 budget. The proposed budget is here. Here, is the renegade Senate's analysis of it.

[Porchlight]

Happy birthday, hit! So glad how things are working out - I can't think of anyone more deserving.

[clarice]

Hit, were all very happy for you. You're our really, true, actual, honest favorite.

[sbw]

The meme that the IRS is working out a scheme to swipe 401(k) assets and plop them into government bonds is terribly unfair. ...

No it isn't. As you point out, in the private sector it is a terrible investment. You present no reason why it would not be an equally terrible investment in the public sector.

Neither do you suggest that the real reason to steal $3B is to plug the hole in the budget and leave empty IOUs in the Al Gore memorial Lock Box next to the Social Security worthless paper.

[sbw]

... The best of intentions cannot cleanse a stupid move.

[Janet]

Happy Birthday Hit...the 40s are great!
"At 20," goes the old quip, "I was obsessed with what people were thinking about me. At 40, I'd stopped being obsessed with what people were thinking about me. At 60, I finally realized that nobody had ever been thinking about me at all!"

[PD]

Obama continues to include the whole $700 billion in the deficit he "inherited", while claiming for himself, all the credit for rescuing the financial industry.

How do you "inherit" something you voted for yourself?

He's a lying sack.

[PD]

This is the sort of PC crap that liberals are always pulling on conservatives, and I don't think we should imitate that.

It's not imitation. It's making them play by their own rules.

[sbw]

Anyone report that the Inspector General's TARP Report is out?

[sbw]

Courtesy of Belmont Club, Tarp critique: "Stated another way, even if TARP saved our financial system from driving off a cliff back in 2008, absent meaningful reform, we are still driving on the same winding mountain road, but this time in a faster car."

[Danube of Thought]

When my sister turned 50, she got a card from a very delightful lady who was about 80 at the time. It read, "Oh, to be fifty again!"

Happy day, Hit.

[Extraneus]

How do you "inherit" something you voted for yourself?

Back to the Republican "leaders," how hard is it to ask that question publicly? Can't it be done on Sunday shows, and any other venue you find yourself in?

Speaking of which, couldn't Scott Brown be asking this, while he cools his heels for over two weeks waiting to be seated? I'm disappointed that he hasn't taken the opportunity to make a stink over this. Doesn't he have the right to do so?

[Extraneus]

BigGovernment.com did, sbw.

[Danube of Thought]

Nice news from PPP:

"Democratic candidates this fall will fare about the same whether health care passes or not. That's the finding of our newest national poll. So Democrats can not pass health care and go down in flames for having accomplished nothing, or they can pass health care and still go down in flames but at least have done some good [sic] for it."

They also note zero post-SOTU bounce (48/49). The only bounce I've seen is in Ras's intensity numbers.

[Jane]

I don't expect Brown to ask that sort of question until he knows the ropes and the history Ex. And maybe not even then.

[MikeS]

June 5, 2008 Senate passes 2009 budget.

[Extraneus]

Well surely he knows that Ted Kennedy was seated the day after his 1962 special election. There's no excuse for leaving Brown hanging so long, except for the possibility that health care could somehow get rammed through in the meantime.

[Melinda Romanoff]

hit-

Many Happy returns on your, ahem, whichever it is, milestone.

I wholly approve of coordinated, spousal kidnapping, well done victim.

[Danube of Thought]

Great find, MikeS. Why is it left to us at JOM to shed light on the events about which Obama is making such preposterous claims? Has the GOP in opposition not recognized what low-hanging fruit is being offered to them? (Rhetorical question.)

[Frau Fastelovend]

Happy birthday, Hit. Celebrate for two days. the first goes by so quickly. By the end of the second day, you have had enough and can wait for next year.

[Melinda Romanoff]

Appalled-

My excercise of "meme" is no such thing. I have been following very closely the New School's proposals and efforts to "egalitize" the retirement system of the US. This is a well documented proposal, with Congressional testimony that dates from the Democratic take over in 2006. The historical record of these proposals go deeper.

The proposal, as ultimately envisioned by these enlightened individuals, maps out the introduction of the defined benefit, upon retirement, for every citizen. This benefit would be set, initially, at $600, per year, for everyone, after the "conversion" of their respective 401(k)'s AND IRA's. No matter the balance.

This is not a "meme". I've been following this since Teresa Ghilarducci got her 15 minutes in Congress in front of George Miller's committee.

I know this cold. You can start with a search on the book "When I'm Sixty-Four".

[rse]

Excellent MR.

I was looking forward to your response.

[Danube of Thought]

MR, on a cursory glance I can't find anything suggesting that this scheme would be mandatory--it looks like they contemplate giving people an option to convert to a very bad investment.

[sbw]

Damn! JOM can clear out cobwebs!