Leave it to our Government...

(The following is an excerpt from WSL January 29, 2009. Now, whether you are a Democrat or Republican (I am neither), the government's (and Obama's) first attempt on how to improve our economic situation absolutely gives me 100% confidence that the people that we have elected to office have nothing but their selfish interests in mind and have no concept of fiscal responsibility- what a wasted opportunity)

The 647-page, $825 billion House legislation is being sold as an economic "stimulus," but now that Democrats have finally released the details we understand Rahm's point much better. This is a political wonder that manages to spend money on just about every pent-up Democratic proposal of the last 40 years.

We've looked it over, and even we can't quite believe it. There's $1 billion for Amtrak, the federal railroad that hasn't turned a profit in 40 years; $2 billion for child-care subsidies; $50 million for that great engine of job creation, the National Endowment for the Arts; $400 million for global-warming research and another $2.4 billion for carbon-capture demonstration projects. There's even $650 million on top of the billions already doled out to pay for digital TV conversion coupons.
In selling the plan, President Obama has said this bill will make "dramatic investments to revive our flagging economy." Well, you be the judge. Some $30 billion, or less than 5% of the spending in the bill, is for fixing bridges or other highway projects. There's another $40 billion for broadband and electric grid development, airports and clean water projects that are arguably worthwhile priorities.
Add the roughly $20 billion for business tax cuts, and by our estimate only $90 billion out of $825 billion, or about 12 cents of every $1, is for something that can plausibly be considered a growth stimulus. And even many of these projects aren't likely to help the economy immediately. As Peter Orszag, the President's new budget director, told Congress a year ago, "even those [public works] that are 'on the shelf' generally cannot be undertaken quickly enough to provide timely stimulus to the economy."

Most of the rest of this project spending will go to such things as renewable energy funding ($8 billion) or mass transit ($6 billion) that have a low or negative return on investment. Most urban transit systems are so badly managed that their fares cover less than half of their costs. However, the people who operate these systems belong to public-employee unions that are campaign contributors to . . . guess which party?
Here's another lu-lu: Congress wants to spend $600 million more for the federal government to buy new cars. Uncle Sam already spends $3 billion a year on its fleet of 600,000 vehicles. Congress also wants to spend $7 billion for modernizing federal buildings and facilities. The Smithsonian is targeted to receive $150 million; we love the Smithsonian, too, but this is a job creator?
Another "stimulus" secret is that some $252 billion is for income-transfer payments -- that is, not investments that arguably help everyone, but cash or benefits to individuals for doing nothing at all. There's $81 billion for Medicaid, $36 billion for expanded unemployment benefits, $20 billion for food stamps, and $83 billion for the earned income credit for people who don't pay income tax. While some of that may be justified to help poorer Americans ride out the recession, they aren't job creators.

As for the promise of accountability, some $54 billion will go to federal programs that the Office of Management and Budget or the Government Accountability Office have already criticized as "ineffective" or unable to pass basic financial audits. These include the Economic Development Administration, the Small Business Administration, the 10 federal job training programs, and many more.
Oh, and don't forget education, which would get $66 billion more. That's more than the entire Education Department spent a mere 10 years ago and is on top of the doubling under President Bush. Some $6 billion of this will subsidize university building projects. If you think the intention here is to help kids learn, the House declares on page 257 that "No recipient . . . shall use such funds to provide financial assistance to students to attend private elementary or secondary schools." Horrors: Some money might go to nonunion teachers.
The larger fiscal issue here is whether this spending bonanza will become part of the annual "budget baseline" that Congress uses as the new floor when calculating how much to increase spending the following year, and into the future. Democrats insist that it will not. But it's hard -- no, impossible -- to believe that Congress will cut spending next year on any of these programs from their new, higher levels. The likelihood is that this allegedly emergency spending will become a permanent addition to federal outlays -- increasing pressure for tax increases in the bargain. Any Blue Dog Democrat who votes for this ought to turn in his "deficit hawk" credentials.
This is supposed to be a new era of bipartisanship, but this bill was written based on the wish list of every living -- or dead -- Democratic interest group. As Speaker Nancy Pelosi put it, "We won the election. We wrote the bill." So they did. Republicans should let them take all of the credit.

Uncle Patrick

Introducing.....Thaddeus Warren Wight, born January 22nd at 1:57am (8lb. 6oz)!

For I know the plans I have for you," declares the LORD, "plans to prosper you and not to harm you, plans to give you hope and a future. (Jeremiah 29:11)

Congratulations Todd, Cece, Afton, Rashawn and Carina!

Rant

I am excited to see the turn around this country most assuredly will accomplish, but hesitant to guess as to 'when' based on some of the massive issues facing our country's lending institutions and their current state of affairs.
It also seems crazy to me that we are still a society living with very low saving rates. If history has taught us anything, it is to save so that when downturn occurs, your wealth can increase dramatically.
Unfortunately, I am learning this lesson the hard way but am working to get my savings rate up again.
I just finished the Short History of The 20th Century referenced in my reading section. I think its an excellent overview and I am dedicated now to be a better student of it.
In a CE class all week (basically) but looking forward to the weekend to go sledding with the kids or something.
Grace & Peace

Justification for Toys

I am always looking for proper justification for upgrading technology. Whether it be purchasing a new motorcycle to establish my target market with 18-year olds in an effort to provide financial advising services to their parents, or buying a Mac for $1500 vs a PC for $500 because I can write it off as a business expense.

That being said, I have been secretly longing for a new phone and now I have finally found the proper justification for it..(HT to Scott Deckert)...

Sniper Rifle

T-Wolves

Went to the T-Wolves vs. Miami last night.



A couple of sparks were Randy Foye and Brian Cardinal (I can't believe I just said that), but yes, Brian Cardinal. The journeyman did all the things he used to do at Purdue and more - hustling after loose balls, taking charges (I think three last night), and hitting the open shot.



But, they lost because we turned the ball over twice with about 2 minutes left and missed a couple of wide-open shots. We need to win those games at home.



Playing piano tonight at church and trying to redeem myself from my bitter defeat last week in basketball.



Hopefully, when I turn 90 I'm not only having as much fun like this guy but I play exactly like him (see Dave Brubeck)...

A Frustrating Week...

Frustrating game on Thursday night...

OU wasn't prepared on offense to deal with Florida's speedy defense. More specifically, OU's coach wasn't prepared (again).

OU's defense, on the other hand, was fantastic. The game was lost in the first half when OU couldn't convert easy turnovers into points. Twice! When you have an opportunity to put up easy points on good teams, you do it - and they didn't.

That being said, Friday was spent telling my co-workers how stupid they were for voting for Florida and defending my team. Allegations of cheap play and unfair playing by the OU side of the ball was received but immediately refuted and dismissed as idiotic and unfounded.

Saturday, I blew an easy 6 foot shot for the win at my basketball game at church while also going 1-2 from the free-throw line with 1:00 left to go in regulation to tie it...

Sunday morning worship, however, was AWESOME.

Grace & Peace

Number 8!!!!!

No, people, I am not referring to Dale Earnhardt Jr., Cal Ripken, or Yogi Berra...

I'm talking about Oklahoma University winning its 8th National Championship game tonight against a very stout Florida team. Here's a little history how OU has fared playing in Dolphin Stadium in the past.

NORMAN, Okla. -- Technically, the Sooners aren't in the Orange Bowl, but it sure feels like Oklahoma's familiar post-season stomping ground. The 2009 FedEx BCS National Championship game marks OU's third trip to Dolphin Stadium and its 19th trip to Miami all-time for a bowl game. Oklahoma is making its fourth appearance in the BCS title game. In fact, each year the BCS Championship has been contested in Miami (2001, '05, '09), OU has been one of the participants. In 2001, OU claimed the program's seventh national title with a 13-2 victory over Florida State. In all, four of Oklahoma's seven national championship campaigns (1955, '75, '85 and 2000) have concluded with victories in Miami, including each of its last three.

So, people, if history teaches us anything, we like Dolphin Stadium!

Boomer Sooner Baby - it is indeed (finally) Game Day!!!


And if that doesn't get you excited, watching this will (at least for me)...

2008 Christmas In Pictures

A surprise vist by Santa on Christmas Eve, my brothers and sisters-in-law over for Thanksgiving, the angels of the Christmas story, and my niece and nephews from California all made visits to the Wight House this Christmas season.

Blessings indeed...

PLW