At some point between Thanksgiving and December 1, the federal government made history, as the value of outstanding U.S. Treasury securities exceeded $18 trillion—that’s an 18 with 12 trailing zeroes. At some point, such numbers begin to lose their meaning because the amounts exceed most people’s ability to comprehend.
On Nov. 2, the Intergovernmental Panel on Climate Change (IPCC) released its “2014 Summary for Policymakers.” This report has been described as the starkest warning yet about the need to dramatically reduce greenhouse gas emissions or face “the chaos of runaway climate change,” despite the scientific fact there has been no significant increase in the average global temperature since 1998.
In 2011, numerous local-government special-interest groups and elected officials fought against Gov. John Kasich’s proposed reduction to the Local Government Fund, a pool of taxpayers’ money collected by the state government and redistributed to local governments’ general revenue funds.
Since the economic crisis of 2008-2009, the Federal Reserve – America’s central bank – has expanded the money supply in the banking system by over $4 trillion, and has manipulated key interest rates to keep them so artificially low that when adjusted for price inflation, several of them have been actually negative. We should not be surprised if this is setting the stage for another serious economic crisis down the road.
Our current immigration rules outline acceptable reasons for border agents to follow, when deciding whether undocumented aliens can cross into the United States. What has and is continuing to happen with the unprecedented 60,000 currently asking for entry is an example of how our laws are being violated by “gaming the system”. The aliens were given a “cheat sheet” (see above), which has been found at the border, with prepared instructions on how to answer designated questions asked by border agents how to provide the right answers, which will in turn guarantee them entry. One of the more important questions they are being asked is their reason for wanting to leave their country of origin. The aliens were told to claim it was due to poverty and/or fear of their government or gangs. Those answers are the “triggers” or the “loop holes” in our immigration law, which were originally written and intended for specific purposes (such as preventing sex trafficking) and certainly not for qualifying half the world’s population for entry into America.
While we weren’t paying attention, post-war Iraq grew into a major force in the global oil market. Reaching a 30-year high, its production and exports have climbed steadily since 2011—making Iraq the second largest producer in OPEC, the seventh globally. The International Energy Agency (EIA) has forecast that Iraq has the fifth-largest proven oil reserves.
A judge in Sangamon County Circuit Court has blocked a modest reform of Illinois’ pension system for state workers and retirees outside Chicago from taking effect June 1, giving Gov. Pat “Four Counties” Quinn the excuse he’s probably been looking for to block reforms for two of Chicago’s pension plans. (I’ll explain “Four Counties” in a moment.)
Today, more than any time, arguably, since the Great Depression, the prospects for improved housing outcomes are dimming for both the American middle and working classes. Not only is ownership dropping to twenty-year lows, there is a growing gap between the amount of new housing being built and the growth of demand.
Put “Spies Like Us” vintage Chevy Chase and Dan Aykroyd at the top of EPA rather than the top of CIA field operations, and you have an idea of how John Beale monumentally screwed up EPA climate policy and international climate negotiations.