The Financial Stability Oversight Council (FSOC), the unelected oversight group created by the Dodd-Frank Act to monitor and regulate firms deemed to pose systemic risk to the economy (ie. “too big too fail”), has decided begun to expand its remit beyond what even the law’s authors had imagined.
The total federal government spending in 2013 totaled $3,454,253,000,000—over $3.4 trillion—encompassing defense, highway and transportation costs, public education, immigration services, and government worker salaries, to name a few.
In June, in a sparsely populated county in northern New Mexico, a primary electionsurprisingly unseated an incumbent County Commissioner. No one seemed to notice. But, apparently, high-ranking Democrats to the north were paying attention.
In yet another uninspiring performance by our unengaged and unengaging president, this time a press conference at the end of a three-day U.S.-Africa Leaders Summit in Washington, D.C., Barack Obama discussed, among other things, the ceasefire between Israel and Hamas which, according to The One, “we” have achieved.
President Obama came into office promising the most open White House in American history. He went back on that promise almost immediately, refusing to cooperate with oversight organizations and stonewalling the press. Jay Carney, Obama’s press secretary from 2011 to 2014, dodged questions nearly 10 thousand times during his tenure. Brianna Keilar, a CNN reporter, as said of the White House that “anyone here can tell there’s less access than under the Bush administration.” When even Obama’s fawning press corps is fed up, you know something is going on.
Conservative and liberal media alike were all atwitter with Thursday’s midday news that the House of Representatives was going on its summer recess without passing a border-related bill because Republicans did not have the votes to pass it. The leftwas particularly pleased in the apparent inability of the new House leadership team to pass a relatively inexpensive bill that contained at least one conservative priority on an extremely visible issue.
This Molly Ball piece on the metric which best determines the outcome of elections makes for a fascinating read: essentially, it demonstrates that when Republicans don’t lose the working class by a wide margin, they do well, and when they lose it by 20 points, they don’t. Throw out all the other measures of race and religion – and Republicans even spot the Democrats the ten points! – and the share of the working class vote determines the outcome:
President Obama, and his administration, has enacted so many foolish and cost-increasing energy policies, it is easy to think that they are his purview alone. But in 2007, Republicans were just as guilty. Seeds were planted and a garden of bad legislation took root in a totally different energy environment. At the time, the growth seemed like something worthy of cultivation. However, what sprouted up more closely resembles a weed that needs to be yanked out.
John Feehery’s piece here on the dangers of rising Republican skepticism for big business is an amusing read, not just because I’m pretty sure nearly every sentence of it can be debunked in whole or in part. The tone is one of desperate confusion: when did the Republican Party stop being knee-jerk pro-business in the subsidies and carveouts and bailouts sense? Why do they want to kill the jobs of hardworking K Street influence peddlers?
It’s beginning to sink in with the intelligentsia: The flood of illegal aliens (yes, I said “illegal”) and particularly the tsunami of children traveling alone — parents risking their youngsters’ lives by sending them from Central America through gang-ravaged Mexico — threatens to turn the immigration debate into a major political liability for Democrats in November.
In my last post I discussed the apparent inversion of the responsibility of the executive branch of government, namely that it has taken on a far greater role in domestic policy while turning its back in large part on its traditional responsibility for foreign affairs. The result has been an over-mighty presidency at home, a weakened and ineffectual Congress, and a rudderless foreign policy. While I challenged the American public to rise against the tide of executive overreach, I did not thoroughly address what Congress itself can do to challenge the siphoning away of its traditional powers. There is in fact a great deal it can do.
With a surprisingly wide margin of victory, Congressman James Lankford won the Oklahoma Republican U.S. Senate primary, defeating former Speaker of the State House of Representatives T.W. Shannon by 23 points and avoiding a runoff election. Lankford now becomes the prohibitive favorite to replace outgoing Senator Tom Coburn, who is retiring with two years remaining in his current term.
The net neutrality movement is positioning to influence the FCC, Congress, and candidates in the mid-term election cycle, to support their version of net neutrality — i.e. FCC reclassification of broadband Internet service as a telephone common carrier service.
It’s Tax Day in America. Which brings to mind one of the late, great Ronald Reagan’s many great lines: “Republicans believe every day is the Fourth of July, but the Democrats believe every day is April 15.”
The editorial board of the New York Times had it right 27 years ago when it wrote, “The Right Minimum Wage: $0.00.” There’s a virtual consensus among economists that the minimum wage is an idea whose time has passed. Raising the legal minimum price of labor will result in an increase in unemployment and it will be the least skilled workers, those most in need of work, who will be the first to lose jobs and the last to be hired. That would be the tragic unintended consequences if government forces the new law upon businesses.
Minimum wage has become a contentious political issue, even though it has nothing to do with a living wage. Workers are paid for the worth of the job they are paid to do. Nevertheless, Democrats plan to tap into what they perceive as income inequality by using minimum wage as a plank in their populist economic platform heading into the November elections.
America 3.0: Rebooting American Prosperity in the 21st Century tells the story of our nation’s government as crushingly expensive, one that is failing at its basic functions and unable to keep its promises. Such an unworkable and out-of-control government cannot continue as the status quo.