The National Governors Association Annual Meeting in Salt Lake City, Utah, July 15-17, was a smashing success — at least from the viewpoint of China's Communist Party officials and its state-controlled mega-corporations.
Claiming that presidential candidate Ron Paul leads the “economic suicide wing” of the Republican Party, Brent Budowsky, writing for The Hill, says that Paul is the “worst possible role model” for Republicans because he suggested that a default by the government “would be OK.” Budowsky calls Paul a “Banana Republican,” claiming that Paul is taking an extremist position, adding that keeping the debt ceiling in place and putting the government on a diet would “literally crash American and global markets … that would do grave damage to our nation.”
The extreme hard-line attitude of many Republicans [including Paul] has significantly raised the prospects for a national default and rating agency downgrades that would sweep across the nation and many states, causing an economic cataclysm and public outrage unlike anything ever seen in the history of the republic.
SEA ISLE, N.J. — I should be worrying about how the politicians are killing the nation financially, but that's on the back burner today because the 25th annual Red, White and Blueberry Festival is right up the road and they're estimating that 10,000 of us will show up and eat a million blueberries.
That works out to just 100 blueberries each -- a piece of cake. Or a nice stack of blueberry pancakes with blueberry syrup and a side of blueberry sausages.
The party is in Hammonton, N.J., the "Blueberry Capital of the World." What lobsters are to Maine, what wings are to Buffalo, that's what blueberries are to Hammonton, home to sandy soil and dozens of blueberry farms.
The one unmistakable conclusion that can be drawn from Monday's dueling press statements on the debt limit battle is that President Barack Obama is losing the argument for endless deficit spending. But a second conclusion is equally important. House Speaker John Boehner, whom Obama accused of trying to sell out the fiscally responsible Tea Party faction of his Republican party, is losing as well.
President Obama bemoaned in his July 25 address to the nation that "a significant number of Republicans in Congress are insisting on a different approach — a cuts-only approach." That was a clear reference to the Tea Party movement. And because the U.S. Constitution allows the House to stop any legislation, Obama's only remaining strategy is to appeal to the American people. "So I’m asking you all to make your voice heard. If you want a balanced approach to reducing the deficit, let your member of Congress know. If you believe we can solve this problem through compromise, send that message."
The big news, as far as the media are concerned, is the political game of debt-ceiling chicken that is being played by Democrats and Republicans in Washington. But, however much the media are focused on what is happening inside the Beltway, there is a whole country outside the Beltway — and the time is long overdue to start thinking about what is best for the rest of the country, not just for right now but for the long haul.
However the current debt-ceiling crisis turns out, the current economic turmoil in financial markets around the world should cause some serious thoughts about the long run, and about the whole idea of a national debt-ceiling.
Some people may have been shocked when the credit-rating firm Moody's recently suggested that the debt-ceiling law be repealed, in order to avoid fiscal crises which can throw world financial markets into turmoil that can injure countries around the world.
According to President Barack Obama, Franklin D. Roosevelt, long regarded as a free-spending President, was actually “fiscally conservative.” What’s more, said Obama, Roosevelt’s “austerity” hampered the economic recovery being wrought by the New Deal, leading to a downturn in 1937 — a warning to leaders who think now is the time to begin slashing federal spending.
Obama offered this analysis of FDR’s alleged fiscal conservatism during the course of a July 22 town hall meeting at the University of Maryland, reports CNSNews.com. Said the President: “FDR comes in, he tries all these things with the New Deal; but FDR, contrary to myth, was pretty fiscally conservative.”
According to no less a source than Forbes magazine, a U.S. default is no longer a question of if. It’s when. In a July 23 article, Forbes’ Addison Wiggin warned readers not to get caught holding U.S. dollars when the United States government defaults — again.
Judging from President Obama’s lack of knowledge of basic free-market economics, I suggest that he invite Professor Walter E. Williams and author Thomas Sowell, two of America’s most eminent economists, to the White House to teach the President a course in basic economics — not the economics of Karl Marx, Nicolai Lenin, or Saul Alinsky, but the economics of Adam Smith, Frederic Bastiat, Jean-Baptiste Say, Milton Friedman, Ludwig Von Mises, and Friedrich Von Hayek, on which our free society and capitalist system are built. And since both Williams and Sowell are black Americans, he will see that free-market economics is not racially biased toward whites. Indeed, he will discover that two and two are four no matter what color you are.
That our President is economically illiterate can be proven by his strange assertion that the way to increase jobs is by raising taxes. Yes, higher taxes will create jobs but only in government. But government jobs do not create wealth, they consume it. The more money you give government, the more money government has to spend and the bigger government becomes. By taking more money out of the private sector, fewer jobs will be created by private business. None of this is so terribly difficult to understand.
A "super-Congress" is being proposed by Senate leaders Harry Reid and Mitch McConnell. The left-wing Huffington Post summarizes the plan — which they claim is also supported by Republican House Speaker John Boehner — this way:
"Legislation approved by the Super Congress — which some on Capitol Hill are calling the 'super committee' — would then be fast-tracked through both chambers, where it couldn't be amended by simple, regular lawmakers, who'd have the ability only to cast an up or down vote. With the weight of both leaderships behind it, a product originated by the Super Congress would have a strong chance of moving through the little Congress and quickly becoming law."
The National Governors Association Annual Meeting in Salt Lake City, Utah, July 15-17, was a smashing success — at least from the viewpoint of China's Communist Party officials and its state-controlled mega-corporations. A major component of this year's annual NGA confab was the first-ever U.S.-China Governors Forum, which brought the U.S. governors together with four of their Chinese counterparts, the governors of Zhejiang, Anhui, Yunnan, and Qinghai provinces. Leading the official Chinese delegation was Zhao Hongzhu, Communist Party Secretary of Zhejiang Province.
Secretary Hongzhu told China Daily that the summit exchange was "direct, practical and effective." According to China Daily, billions of dollars in trade deals were signed: