… Despite the Obama administration touting a budget deficit of “only” $680 billion in 2013, the GAO’s more accurate accounting shows a total government cost of $3.8 trillion on total revenue of $2.8 trillion.
In other words– the administration wasn’t exactly honest with the American people– the deficit was more like $1 trillion, not $680 billion.
But it gets worse.
The GAO added up ALL the US government’s assets in 2013. Aircraft carriers. The highway system. Land. Cash and financial assets. The total is $2.97 trillion. The liabilities, on the other hand, total $19.88 trillion. This includes the official public debt, plus all sorts of IOUs and loan guarantees.
This means the net EQUITY of the US government is -$16.9 trillion [poster note: yes negative folks. GE.]
Moreover, the US government’s cash position is a mere $206 billion… roughly 1.1% of its public debt. This isn’t enough to cover net interest payments for the next year.
Unlike a savvy investor who borrows cheap money to purchase productive assets, the US government borrows money to pay interest.
via Sovereign Man and H/T to ZeroHedge where we saw it first
Russia has lashed out following comments from US Secretary of State John Kerry:
- RUSSIA SAYS KERRY THREATS ARE `UNACCEPTABLE’
- RUSSIA SAYS KERRY ISN’T ANALYSING SITUATION IN UKRAINE
- KERRY IS USING COLD WAR SLOGANS, RUSSIA FOREIGN MINISTRY SAYS
In comments on the Russian foreign ministry website, Lavrov added:
- RUSSIAN MEASURES IN UKRAINE ARE `REASONABLE,’ `LEGAL’: FOR.MIN.
- U.S., ALLIES IGNORED VIOLENCE, RUSSOPHOBIA IN UKRAINE PROTESTS
- G-8 HALT OF PREPARATIONS FOR SUMMIT IS UNCONSTRUCTIVE: RUSSIA
In addition, EU ministers debate freezing the assets of Ukrainians responsible for corruption and “targeted measures” against Russia if no change of course is undertaken.
- EU Ministers Debate Freezing Assets of Ukrainians Responsible for Corruption – Draft Text
- EU Debates Calling Russian Crimea Actions “Invasion” – Draft Text
- EU Commends Ukraine’s Response to Russia Actions – Draft
- EU Will Suspend Visa Negotiations with Russia – Draft Text
- EU Debating Placing Arms Embargo on Russia If No Change of Course
- EU Could Prepare Future “Targeted Measures” vs Russia If No Change in Course – Draft
Perhaps most notable though this morning was the following headline:
- RUSSIA DEP FORMIN KARASIN SPOKE ON UKRAINE W/ CHINA COUNTERPART
- RUSSIA: CHINA EXPRESSED UNDERSTANDING OF ITS UKRAINE ANALYSIS
- RUSSIA, CHINA DISCUSSED UKRAINE’S INTERNAL POLITICAL CRISIS
In other words, China was well aware of the plan and appears comfortable taking sides.
The Right Way to Combat Gun Violence: Most gun control ideas are irrelevant or impossible. Steve Chapman | February 25, 2013
Public policy is a lot like math: No matter what the problem, the wrong answers are far more numerous than the right ones. This is particularly true on the subject of mass shootings and other firearms violence, which have stimulated a new fervor for barking up the wrong tree.
Many liberals think the answer to mass shootings and street crime lies in stricter gun regulation: banning “assault weapons,” limiting the capacity of magazines or, in their unrestrained moments, adopting ultra-stringent laws like those in Britain or Australia.
But most of these ideas are irrelevant or impossible. Even if the Second Amendment didn’t prevent it, Americans would never stand for a near-total ban on ownership of semiautomatic weapons, a la Australia, or of handguns, as in Britain. You might as well expect Nebraska to build 300 miles of oceanfront beaches. Continue reading
The word “privatization” is a loaded term these days. Unions and big government worshippers scoff at the idea of any public services being in the hands of ruthless, greedy capitalists. The left has the distorted view that people in the private sector are driven primarily by their desire to cut costs and throw workers out on the street. To them, government workers are angels sent from heaven to do God’s work like picking up the neighborhood trash or maintaining a public pool filled with the bodily discharges of kids whose derelict parents decided to drop off and go shopping for a few hours. On the right, conservatives who supposedly hold high regard for market forces and Ronald Reagan’s classic declaration “government is the problem,” typically have a favorable view of privatization schemes. Continue reading
RANT WARNING: So, I admit that I find comedian Paul Mooney funny, just as I admit that i occasionally listen to Rush Limbaugh if I am driving. I caught little snippets last week of the faux controversy whereby Rush supposedly called Sex Addicted, but Impoverished, Ms, Fluke a “slut” .. an apropos epithet that seems to have caused Limbaugh advertiser Sleep Number Bed to leave him as quickly as Ms. Fluke reportedly gets into hers.
OK, whatever, anything to paint our Vicodin chewing, bombastic captain as negatively as possible as often as possible, even though we are told he is irrelevant. I get it.
(Then, BTW, traumatized by the fact that the Ms. Fluke – reportedly a 30 year old activist and therefore either a really stupid or lazy ‘college student’ who perhaps should spend more time studying than screwing – was called a nasty name by someone he should care less about, our President was forced into contemplation of his daughters for some weird reason. BHO then reportedly felt compelled to call Ms. Fluke and express support for her sex life. WTF?! A little creepy there BHO…)
Do not lose sight of the foundational issues here, i.e. those whereby the Federal Government seeks to abrogate 1st Amendment rights on freedom of religion (and, arguably, establishment of a government religion) and also seeks to force the individual into a collectivist and coerced system of health care purchasing for which the Federal Government has no power. The shadow diversion issues of “sexism”, “gender-ism”, “class-ism”, “racism”, “social justice” and all the other divisive “-isms” are just another dose of the incessant smoke screen we are faced with as our society, culture, rights and economy are devalued, changed or stolen outright.
But, even the dumbest among us (like me) can see a crushing double standard in the smokescreen of the faux issues. OK, Rush Limbaugh calls some narcissistic, messianic sex-fiend a slut when she comes to us – hand out – expecting us to pay for her free condoms and dental-dams while she is enrolled in a Catholic College, replete with moral restrictions, of her own choosing. Not only is she reasonably called a slut, but a stupid and entitled slut at that. (My words, not Rush’s.)
Now compare that considered opinion, to this stream of sexist, racist, unsolicited bile – although funny – from comedian, Obama supporter and stanchion of the left Paul Mooney, and ask yourself where is the outcry against HBO for airing these opinions?
I.e. forward to 2:39 into the clip as Paul opines on Sarah palin (who as far as i know pays for her own condoms.)
FOUL LANGUAGE WARNING. You’ve been advised. Deal.
Updated 3/12/2012 – go here for another’s take at NRO written by my beloved Mark Steyn
The International Energy Agency just released their World Energy Outlook for 2011.