Archive for 2010

ECONOMISTS WEIGH IN: Can the economy be saved?

I just want to remind people of what Robert Samuelson said about the stimulus way back when it was passed:

Judged by his own standards, President Obama’s $787 billion economic stimulus program is deeply disappointing. For weeks, Obama has described the economy in grim terms. “This is not your ordinary run-of-the-mill recession,” he said at his Feb. 9 news conference. It’s “the worst economic crisis since the Great Depression.” Given these dire warnings, you’d expect the stimulus package to focus almost exclusively on reviving the economy. It doesn’t, and for that, Obama bears much of the blame. . . . His politics compromise the program’s economics.

Yes, they did. And he knew it, and didn’t care.

UPDATE: More on how the stimulus was targeted.

CHANGE: Rangel In Hot Water Over Tapping His PAC For Cash. “Congressman Charles Rangel, whose ethics trial starts tomorrow, appears to have improperly used political-action committee money to pay for his defense. Rangel tapped his National Leadership PAC for $293,000 to pay his main legal-defense team this year. He took another $100,000 from the PAC in 2009 to pay lawyer Lanny Davis. Two legal experts told The Post such spending is against House rules.” Luckily for him, the ethics trial is taking place while Dems have a lame-duck majority. Unless, you know, this revelation causes things to be put off for further investigation.

WESLEYAN FACULTY ENDORSE AFFIRMATIVE ACTION: “Well, this is awkward. In the wake of an affirmative-action bake sale hosted by the campus conservative club, the Wesleyan University admissions office swore up and down that the school doesn’t have an affirmative-action policy — but now, a large number of the Wesleyan faculty have written in to Wesleyan’s campus paper, the Wesleyan Argus, to defend the practice of affirmative action.”

CHANGE: The old scientific powers are starting to lose their grip. “America’s share of world publications, at 28% in 2007, is slipping. In 2002 it was 31%. The EU’s collective share also fell, from 40% to 37%, whereas China’s has more than doubled to 10% and Brazil’s grew by 60%, from 1.7% of the world’s output to 2.7%.”

PRECARIOUS ALBION: “Britain today still has a productive demographic that sees value in things like restoring fiscal responsibility to government, commemorating Britain’s national identity and history, and maintaining public order. But that demographic is increasingly under siege.”

PETER WEHNER: Who’s serious about the debt?

It is simply not tenable for public officials to portray themselves as courageous voices for fiscal sanity while simultaneously fencing off cuts and reforms for entitlements. This doesn’t argue for recklessness or doing everything all at once. And it certainly doesn’t mean promoting austerity at the expense of pro-growth economic policies. But it does mean one should not declare entitlement programs off-limits. We have to deal with them; there’s no way around it. So there’s no point in making things more difficult or making commitments that are contrary to the national interest. Those who do open themselves to the charge that they are fundamentally unserious on this matter.

For the most part, they’ll be as serious as they’re forced to be.

And entitlement programs shouldn’t be off-limits, they should be at the top of the list. On the other hand, don’t underestimate the importance of earmarks. They’re the gateway drug of corruption and overspending.

BUYING GOLD? Caveat Emptor. “Wait: George Soros getting investment advice from . . . Glenn Beck? Come up with your own crazy conspiracy theory to explain that one.”