Tag Archives: Democrat

News

Social Security running deficits ten years ahead of schedule

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Story from Investors Business Daily.

Here’s the prediction before Obama was elected:

Peter Orszag, now director of the Office of Management and Budget, predicted as director of the Congressional Budget Office in August 2008 that no one needed to worry about Social Security. “CBO projects that outlays will first exceed revenues in 2019 and that the Social Security trust funds will be exhausted in 2049,” we were told.

And then in 2009, Obama began his massive government spending plan:

You know, in public schools the young people are taught by unionized teachers that Social Security is a brilliant economic initiative.  So they’ll keep voting for more socialism because that’s all they know. They’ll only find out much later that they’ve been fleeced by a massive government-run Ponzi scheme. (This is assuming they are even able to get jobs to pay payroll taxes – the unemployment rate among young people is 52%)

We’re doomed!

News

Unemployment for young Americans surges to record high of 52 percent

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Here’s a story from the New York Post. (H/T Gateway Pundit)

Excerpt:

“The unemployment rate for young Americans has exploded to 52.2 percent — a post-World War II high, according to the Labor Dept. — meaning millions of Americans are staring at the likelihood that their lifetime earning potential will be diminished and, combined with the predicted slow economic recovery, their transition into productive members of society could be put on hold for an extended period of time.”

“The number represents the flip-side to the Labor Dept.’s report that the employment rate of 16-to-24 year olds has eroded to 46.6 percent — the lowest ratio of working young Americans in that age group, including all but those in the military, since WWII.”

And they’ll have to pay for the trillions that Obama is adding to our national debt, too.

Remember, young people really liked Obama during the election:

I’m thinking that those young people should be more careful about considering a politician’s voting record instead of listening to their government-funded public school teachers. It seems to be that government-run public schools will always indoctrinate children to vote for bigger government, and that means higher unemployment in the private sector, especially for entry-level job-seekers. Maybe the young people didn’t think that far ahead, but then they should be more cautious about forming opinions without asking their parents for input.

You may also be interested in a wonderful video linked here that shows several prominent Democrats assuring us that the stimulus bill was needed to create millions of jobs and keep unemployment below 8%. They don’t understand economics – they’re Democrats. The know less about economics than my keyboard. If young people want to learn about economics, then they need to read Thomas Sowell and Walter Williams. Those are the two greatest living economists, and they teach economics so that regular people like me can understand.

News

Who are the ten most corrupt politicians of 2009?

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The list is here, courtesy of Judicial Watch. (H/T ECM)

Here are two of them:

Senator Christopher Dodd (D-CT): This marks two years in a row for Senator Dodd, who made the 2008 “Ten Most Corrupt” list for his corrupt relationship with Fannie Mae and Freddie Mac and for accepting preferential treatment and loan terms from Countrywide Financial, a scandal which still dogs him.

In 2009, the scandals kept coming for the Connecticut Democrat. In 2009, Judicial Watch filed a Senate ethics complaint against Dodd for undervaluing a property he owns in Ireland on his Senate Financial Disclosure forms. Judicial Watch’s complaint forced Dodd to amend the forms. However, press reports suggest the property to this day remains undervalued.

Judicial Watch also alleges in the complaint that Dodd obtained a sweetheart deal for the property in exchange for his assistance in obtaining a presidential pardon (during the Clinton administration) and other favors for a long-time friend and business associate. The false financial disclosure forms were part of the cover-up. Dodd remains the head the Senate Banking Committee.

Rep. Barney Frank (D-MA): Judicial Watch is investigating a $12 million TARP cash injection provided to the Boston-based OneUnited Bank at the urging of Massachusetts Rep. Barney Frank. As reported in the January 22, 2009, edition of the Wall Street Journal, the Treasury Department indicated it would only provide funds to healthy banks to jump-start lending. Not only was OneUnited Bank in massive financial turmoil, but it was also “under attack from its regulators for allegations of poor lending practices and executive-pay abuses, including owning a Porsche for its executives’ use.” Rep. Frank admitted he spoke to a “federal regulator,” and Treasury granted the funds. (The bank continues to flounder despite Frank’s intervention for federal dollars.)

Moreover, Judicial Watch uncovered documents in 2009 that showed that members of Congress for years were aware that Fannie Mae and Freddie Mac were playing fast and loose with accounting issues, risk assessment issues and executive compensation issues, even as liberals led by Rep. Frank continued to block attempts to rein in the two Government Sponsored Enterprises (GSEs).

For example, during a hearing on September 10, 2003, before the House Committee on Financial Services considering a Bush administration proposal to further regulate Fannie and Freddie, Rep. Frank stated: “I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two Government Sponsored Enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. We have recently had an accounting problem with Freddie Mac that has led to people being dismissed, as appears to be appropriate. I do not think at this point there is a problem with a threat to the Treasury.”

Frank received $42,350 in campaign contributions from Fannie Mae and Freddie Mac between 1989 and 2008. Frank also engaged in a relationship with a Fannie Mae Executive while serving on the House Banking Committee, which has jurisdiction over Fannie Mae and Freddie Mac.

Click through to see if Obama is on the list.

How about those unions?

In orther news, Obama has decided that unions don’t need to report what they do with all the union dues they collect. (H/T ECM)

Excerpt:

As 2009 fades away, President Obama has decided to let disclosure of hundreds of millions of dollars in forced-union-dues disclosure fade away too. Under current law and regulations valid until December 30th, union bosses were supposed to carefully document the billions of dollars they extract from workers as a condition of employment that they in turn pour into front groups and other “funds” each year.

A large part of the billions were about to be made public and reported on a Department of Labor disclosure form known as the Form T-1 Annual Report. But, that won’t happen now!

According to Bureau of National Affairs, Inc, “The Labor Department is issuing a final rule that extends for one year the deadlines for unions to file Form T-1 Trust Annual Report Reports.”

Where would Obama be without unions?