Primary (formerly E Premte) Peeves

“Which side would you blame for the stalemate preventing a budget/debt ceiling deal?” the Wall Street Journal asked.

How ’bout both?

We all know that this particular six month extension is 90% political and 10% to assure that interest rates go up at least a point or two. The Repuglican leadership absolutely wants to have this fight come out again right in the middle of the 2012 presidential campaign. At the very least it will distract Obama from his real job of running for reelection.

Reckless spending by Demorats is a completely separate issue.

The real issue is that the Demorats are fiddling while Rome burns. Except the Repuglicans are busy eating grapes to the fiddle music.

Now doesn’t that just peeve me off? Or worse?

Interest-ing

“Vermont is a AAA rated state,” former State Treasurer and current Secretary of Administration Jeb Spaulding said yesterday.

The AAA Diamond Rating system “is North America’s premier rating program. Whether you seek simple roadside accommodations or a destination resort experience, trust AAA’s reliable Diamond ratings to guide your decisions. Some 32,000 hotels in North America and the Caribbean have achieved AAA rated;” many are right here in Vermont.

Being pathologically parsimonious, I stay exclusively in Motel 5s. (OK, there was that Motel 4-1/2 in South Carolina and my personal favorite, the 16 $CDN/night Bumblebee just over the border in New Brunswick.) No AAA surveyor worth his salt has ever stayed in a Motel 5 even with a broken down car.

I stayed in a jail once when my car broke down in central Jersey but that was free. Pretty nice cops in that town to take in a college kid in the pouring rain.

“When an accident is waiting to happen, it eventually does.” Economists Kenneth S. Rogoff and Carmen M. Reinhart wrote in This Time Is Different.

The Outstanding Public Debt as of noon on Monday, July 25, 2011:
$ 1 4 , 3 5 7 , 3 1 7 , 9 8 3 , 8 9 2 . 0 4

Three months and a week ago, Standard & Poor’s lowered its outlook for America’s long-term credit rating from stable to negative. At that time there was a one-in-three chance that S&P would downgrade the nation’s AAA credit rating. Fitch, Moody’s, and S&P rate the likelihood that businesses and sovereign nations will repay their debts.

Three months and a week ago, President Obama called for a bipartisan group in Congress to “begin negotiating” a $4 trillion debt-reduction package, the parties have not even agreed to its membership

Three months and a week ago, the Gang of Six — three Democrat and three Republican Senators — said they would deliver their own bi-partisan plan when Congress returned from its May recess.

The Wall Street Journal reported this morning that congressional leaders have trotted out yet another new set of “competing debt-crisis solutions.” This is so serious that President Obama “canceled fund-raising appearances” today. But the two parties still have no agreement about what to do before the August 2 default deadline.

Am I the only observer to notice that banks want interest rates to go up so the United States government wants interest rates to go up?

About $5 billion of municipal bonds are in default today. Yawn. Nobody cares.

Countries “can default on stunningly small amounts of debt,” Dr. Rogoff wrote.

I predict another week of Lindsay Lohan and Roger Clemens in the news.


Kenneth S. Rogoff is an economics professor at Harvard and a former research director of the International Monetary Fund. Carmen M. Reinhart is the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics. She directed the Center for International Economics at the University of Maryland and was Chief Economist at Bear Stearns.

Stunningly large amounts of debt notwithstanding, the U.S. has plenty of cash flowing in to service the debt, so the country won’t default to its creditors. Nope. No chance. Won’t happen. Instead, President Obama announced that he won’t send Anne her Social Security check.

And we let these people who can’t figure out how to run the medical system and who stole General Motors from us use our credit cards to stay in the Five Diamond motels.

Talk about a train wreck.

Independence Day

“Too often in recent history liberal governments
have been wrecked on rocks of loose fiscal policy.”

Here’s a revolutionary idea.

Independence Day commemorates our declaration of independence from the King of England. The revolution officially began two days earlier when the Second Continental Congress approved the legal separation of the American colonies from Great Britain, a resolution proposed by Richard Henry Lee of Virginia in June. After voting for independence on July 2, Congress debated and revised the Declaration itself for two whole days and approved it on July 4.

In the centuries since, only the 111th Congress has moved with anywhere near the speed of that first gathering, since the 111th Congress passed trillions of dollars of spending on millions of pages of bills in less than 100 days. And no one in Washington read any of them.

The Declaration of Independence fits on one page. Everyone in the Continental Congress read the whole thing.

In Peoria just one hundred fifty-seven years ago Rep. Abraham Lincoln said,

Nearly eighty years ago we began by declaring that all men are created equal; but now from that beginning we have run down to the other declaration, that for some men to enslave others is a “sacred right of self-government.” … Our republican robe is soiled and trailed in the dust. Let us repurify it. … Let us re-adopt the Declaration of Independence, and with it, the practices, and policy, which harmonize with it.

Lincoln spoke of the enslavement of persons. Today our republican robe is soiled and trailed in the dust by a government that would enslave We the Overtaxed People, taking more and more of our rights and our land and our life’s blood to its own purpose.

Just to rekindle our liberal friends, Franklin Delano Roosevelt made the “loose fiscal policy” quote.

The 112th Congress is back to its usual wiener roasts and Nero Claudius Caesar Augustus Germanicus is indeed still fiddling in Washington.

Two hundred thirty-three years ago today, General George Washington marked July 4 with a double ration of rum and an artillery salute for the soldiers who fought off the foreign monarchy that did enslave us. It is now time to mark July 4 with a double ration of electoral salute to those who would be the modern monarchy of government.




Much of our litigious life today grew out of English Common Law. We abandoned one really good idea in the first Revolution, though. We abandoned the No Confidence vote.

An earlier version of this column appeared in 2009.

I Was Right

Again. The Obamanation announced it will release 30 million barrels of oil from the strategic reserves and has another 30 million barrels pledged by our energy partners. Two million barrels per day for a month. And they can do it again next month and the month after if prices don’t drop enough.

It is to “make up for Libyan oil,” administration officials say.

Bwahahahahahahahahah hah ha. And hah.

It’s not a hail Mary to jumpstart the economy.

It’s not to fill in the gaps in our oil supply. There is plenty of oil.

It’s not even to ease the summer driving season.

But it is to drive speculators out of the market. See, if the price at the pump drops for 90 days, the third quarter Cost of Living calculations look flat again.

At the beginning of June, I said the Obamanation would try to get gas prices down to $2.47/gallon for July, August, and September, the “window” for Social Security’s 2012 COLA calculations. Artificial Cost of Living Adjustments are a free tax on the back of American seniors and the gummint needs more money. Way to go, Mr. Obama.

The Email Lied

If any other of our presidents had doubled the national debt, which had taken more than two centuries to accumulate, in one year, would you have approved?

Dean “Dino” Russell is a roofer here in the middle Keys. Dancing about on roofs all his life has made him the most physically fit man in the Home Depot; it also gives him an overview of life. He is the third-most conservative man I know.

He also likes his role as rouser of rabble.

He sent me another ubiquitous email. You know the kind; it starts with “Did you know?” and ends with “send this to all your friends.

This one blames President Obama for doubling the national debt — that masterpiece that we as a nation, Dino avers, have spent 220 years building from the original pence that fell out of Alexander Hamilton’s pocket. As an interesting digression, Andrew Jackson had four Secretaries of the Treasury, more than any other U.S. president; Mr. Jackson also paid off the entire public debt in 1835. That was the only time in U.S. history that this country has been debt free.

The email was wrong about Mr. Obama doubling our debt. He hasn’t quite done that. Yet.

I know a lot about public debt partly because I know how to Google but partly because it isn’t rocket science. Debts are like diets. Whether you have a spending problem or an eating problem, when you consume more than you work, somebody gets fat.

Dino’s email made 23 claims about all the bad things Mr. Obama has done from doubling the debt twice to not reading Arizona’s state law on illegal immigrants. The mail says the president joined another country to sue the great state of Arizona. The email called him out for mispronouncing Marine Corps and miscounting the states and not knowing Spanish; for putting 87,000 people out of work by using a forged document and for needing a Teleprompter; for spending “hundreds of thousands of dollars” to go to a play, to pitch the Olympics in Denmark, and to plant a tree on Earth Day; for stealing General Motors from we stockholders and firing the CEO; and making a joke at Special Olympians. He is called cheap for the gifts he gives other heads of state, subservient for bowing to the King of Saudi Arabia, and criminal filling his cabinet with crooks. He apparently won’t help white flood victims in the Midwest and has created 32 Czars.

“Every statement and action in this email is factual and directly attributable to Barrack Hussein Obama,” Dino claims. “Every bumble is a matter of record and completely verifiable.”

Erm, well, no.

The gist of the email was correct. Mr. Obama is sinking the economy. He did nationalize industry and health care. He did steal General Motors from me. He is centralizing power even more. He is almost single-handedly turning the United States of America into the Union of Socialist American States.

But the email got too many facts wrong.

President Reagan doubled the debt Carter left. Bush 41 bumped the debt Reagan left by more than 50% but Clinton did double the debt Reagan left. Bush 43 nearly doubled the debt Clinton left. Bush 43 left a $10 trillion debt against a $15 trillion GDP. Obama admittedly bumped it to $14 trillion against about the same $15 trillion GDP but he ain’t the Lone Ranger.

The email got too many facts wrong about Presidents in general.

We know Mr. Obama didn’t read Arizona’s law. Politicians don’t read laws. Let’s tar the lot of them.

Mexico did file an amicus brief supporting the Obama Administration, not the other way around. Yawn. Let’s worry about the Feds usurping states rights.

Good that Dino didn’t have any problem with George W. Bush’s pronounsations; of course, Mr. Bush knows Spanish.

Many of the 87,000 people affected by the Gulf oil spill are back at work but my wife isn’t and neither are the 15.4 million out-of-work Americans Mr. Obama promised he would help. We should tar him for that but the email didn’t go there.

I use a Teleprompter. So does your favorite soap star but the email didn’t go there. Let’s tar everyone for that, eh?

Every president spends “hundreds of thousands of dollars” to go out of town; it’s the cost we pay to keep them alive until election day but the email didn’t go there.

And so on.

The “facts” ain’t quite what the emailer would like us to believe. That’s too bad because Mr. Obama’s factual performance is so bad for the country that we don’t have to make things up.

“The email tells a story about how atrocious it is in Obamaland,” Dino said. “‘Tis better to lie in a good cause than tell the truth in a bad one.”

That’s the leftist mantra he used to deride. Now both sides believe ideology trumps facts.

It doesn’t.