The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Obama: ‘Countless New Jobs’

Posted on | January 26, 2011 | 32 Comments

— photo via Instapundit

“In a few weeks, I will be sending a budget to Congress that helps us meet that goal. We’ll invest in biomedical research, information technology, and especially clean energy technology – an investment that will strengthen our security, protect our planet, and create countless new jobs for our people.”
— President Obama, State of the Union Address

“Countless,” as in: You won’t be able to count them, because they exist only in my imagination.

Why does the president say things like this? The political appeal of Obama’s Magic Clean Energy Job-Creation Machine is that it shifts the burden of proof into the indefinite future. Government will “invest” however many billions of tax dollars into this technology and — Trust us, we’re experts! — it will “create countless new jobs” eventually.

This is the Economics of Assertion: Expecting people to accept a promise about future results based entirely on the authority of the person making the promise. Action X will produce Result Y because I said so!

Leaving aside common-sense economic objections — e.g., if there is genuine market demand for these technologies, why aren’t companies investing their own money to develop them? — people won’t buy into Obama’s “countless new jobs” promise because his past performance doesn’t justify that kind of confidence.

Why is this lack of confidence in Obama’s ability as an economic prophet not reflected in a flash-poll showing a general approval of the president’s speech?

According to the poll, which was conducted online by Knowledge Networks immediately after the president’s address, 91 percent of those who watched the speech approved of the proposals Mr. Obama put forth during his remarks.

“Those who watched the speech,” of course, were far more likely to be Democrats than Republicans. And the poll was “conducted online” — what percentage of voters were online late Tuesday night? Not me. I went to bed early and didn’t even watch the speech.

UPDATE: Welcome, Instapundit readers! You know things are bad for Obama when even “Morning Joe” can’t muster any excitement.

Category: Barack Obama, Economics

LIVE AT FIVE – 1.26.11

Posted on | January 26, 2011 | 5 Comments

TOP NEWS
Obama: U.S. Must Seize Sputnik Moment

Crazy Cousin John applauds during SOTU as John F'ing Kerry looks on

President appeals to GOP to forget demands for budget cuts

Mubarak’s Son, Family, Flee To U.K.
As Tunisia goes, so goes Egypt?






Leaked Documents Reveal Security Ties Between PA, Israel
IDF notes drop in attacks on Israelis

Emanuel’s Mayoral Bid Gets Boost From Obama
Rahm: “You never get distracted by the noise”



POLITICS
Paul Ryan: “We Need To Chart A New Course” (Video)

GOP's Ryan gives response to Obama's SOTU speech

“We hold to a couple of simple convictions: Endless borrowing is not a strategy; spending cuts have to come first.”

State Lawmakers Turn Attention To Distracted Pedestrians

Omaha Mayor Barely Survives Recall Vote Caused By Tax Increase Anger

FBI Arrests Former “Special Forces Colonel” For Fraud




White House, Rep. Cole Spar Over Bill To end Presidential Campaign Fund

NJ’s Christie Escalates War With Teachers’ Unions; Calls For End To Tenure



THE ECONOMY, STUPID
Toyota Recalls Over 1.7 Million Vehicles Globally
Dollar Falls Against Yen, Euro
Taco Bell Lawsuit: Where’s The Beef? (Video)
Apple Plans Mobile Payment Service for IGadgets
Software Developers Moving To Microsoft, Android Tablets As Options Multiply
U.S. Children Falling Short In Science



SPORTS
#1 Buckeyes Establish Dominance, Crush #12 Perdue

Ohio State's Buford works the ball against the Boilermakers' Johnson

Buckeyes nearly perfect in 87-64 win

Jazz Lose 17th Straight At Staples Center To Lakers

Perkins Returns, Celtics Hand Cavs 18th Loss In A Row


12 Iowa Players Hospitalized

Agent Expects Leino, Flyers To Reach Deal



FAMOUS FOR BEING FAMOUS
“Jersey Shore” Cast: We’re Going To Italy!

Fourth season of MTV show to film in Italy

As if Berlusconi didn’t have enough problems

Oprah’s Half-Sister Turned Down Tabloid Cash

Inside The Hot Business Of “Glee”



Travolta To Play John Gotti?

Grammer Creates Reality TV Banner

Pacino/Holmes “The Son Of No One” Bombs At Sundance

“The Hunger Games” Movie To Air March 2012



FOREIGNERS
Moscow Mourns Victims Of Airport Blast
Tunisia To Shake Up Cabinet As Protesters Clash
Hariri Pays The Price As Tripoli Burns
Death Toll Rises To 5 From Manila Bus Bombing



BLOGS & STUFF
Jennifer Klein: Where Was Obama The Centrist?
iOwnThe World.com: 92% Approval Of SOTU?
Big Journalism: Michele Bachmann Gives Chris Matthews A History Lesson
NRO: Don’t Dismiss Spending Freeze As Gimmick
Jammie Wearing Fool: Research Claims FNC Viewers Stupid Because Newsreaders Are Hot
Allahpundit: O’Donnell’s Ratings Up 50% After Olbermann Leaves
Althouse: Sociologists – “History Tells Us” Things History Doesn’t Tell Us
Moe Lane: Hi! I’m Loretta Sanchez! I’m A Vulture!

— compiled by Wombat-socho

Category: Live at Five

No, I’m Not Liveblogging It

Posted on | January 25, 2011 | 14 Comments

I’m tired. I’ve driven a crapload of miles to Nashville and halfway back. I’m in a motel near Harriman, Tenn., and in no mood to liveblog the State of the Union address.

Vodkapundit is drunkblogging it. Enjoy, if you can.

Category: Barack Obama, VodkaPundit

Kind of Sums It Up

Posted on | January 25, 2011 | 4 Comments

“Obama didn’t know what he didn’t know, yet his self-confidence was so stratospheric that once, in the context of thinking about Emanuel’s replacement, he remarked in all seriousness, ‘You know, I’d make a good chief of staff.’ “
— John Heileman, New York magazine

Ace’s headline:

BREAKING NEWS: New York Magazine Discovers That Obama Holds High Opinion of Himself, Is In Over His Head

President Obama was successful in persuading people to invest their hopes in him, to believe that he could accomplish tasks that were beyond the capabilities of ordinary politicians. He has spectacularly failed to fulfill those hopes, and his mission now is either to hide the failure — a difficult task, when unemployment has remained so high for so long — or to pin the blame on scapegoats.

Category: Barack Obama

Complete Guide to Tucson Shootings

Posted on | January 25, 2011 | 5 Comments

The Conservative Hideout compiles “Resource Links: Tucson Shooting Propaganda vs. the Truth.” You should go check it out.

Category: Arizona, Crime

Sickest News You’ll Read All Day

Posted on | January 25, 2011 | 16 Comments

“Krystal Violet Norby, a 25-year-old Minnesota woman was jailed after she allegedly photographed herself having sex with two children and a dog. . . .”

Category: Crime, Minnesota, Sex

$14,000,000,000

Posted on | January 25, 2011 | 18 Comments

Fourteen trillion dollars — that’s the national debt, the 800-pound gorilla to keep in mind as you listen to Obama’s State of the Union speech:

From Citizens United.

Category: Barack Obama, Economics

Paul Krugman, Mystifield

Posted on | January 25, 2011 | 18 Comments

“Something really strange has happened to the debate over economic policy in the face of the Great Recession and its aftermath . . .
“Now, however, we’re seeing a much more widespread attack on demand-side economics. More than that, it’s becoming clear that many people don’t so much disagree with the idea that demand matters as find it abhorrent, incomprehensible, or both. . . .
“I fairly often get comments to the effect that I can’t possibly believe what I’m saying about monetary or fiscal policy, that no sensible person could believe that printing money or engaging in deficit spending will increase output and employment — never mind that all I’m saying is what Econ 101 textbooks have been saying for the last 62 years.”
— Paul Krugman, “The War on Demand,” New York Times

He’s got a Nobel Prize in economics and yet Krugman can’t see that the essential problem of our economy is a capital shortage. Defiict spending can’t remedy that problem, because before the government can spend money it doesn’t have, it must first borrow that money. And where does government borrow money? From the capital markets. Money that might be invested in businesses is instead siphoned away to fund deficits.

The wipeout of the housing bubble destroyed a vast reserve of asset value. Deficit spending cannot restore the loss, but actually aggravates the problem. The private sector is starved by the resulting shortage of capital. The fact that unemployment has remained stubbornly high for 18 months, that the real-estate market is stagnant and that commercial banking perilously shaky — all of these are symptoms of the same disease. Yet Krugman would rather cling to his Keynesian theory like a toddler hugging his teddy bear than to confront the sober reality.

Category: Economics, New York Times
« go back — keep looking »

    About

    This is an area on your website where you can add text. This will serve as an informative location on your website, where you can talk about your site.

    Subscribe to our feed

    Search

    Admin