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Wisconsin Sees Continuing Improvements in the Economy

October 10, 2011 By Editor Leave a Comment

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Now that the effort to recall the six Republican state legislators who helped pass Wisconsin’s “Budget Repair Bill” has proven unsuccessful, and citizens are seeing the benefits of living in a state which is fiscally responsible and business- friendly, optimism is growing throughout the state.

State Senator Rich Zipperer recently chronicled several reasons for this optimism in a 9/21/11 column emailed to his constituents. The Republican representing Wisconsin’s 33rd district listed a number of significant accomplishments the budget bill brought about:

Balanced the state budget while holding the line on taxes, eliminating a $3 billion deficit in the process.
Instated permanent property tax caps for the first time in Wisconsin’s history.
Rooted out millions in waste from state government.
Improved the security of elections with photo I.D. for voting legislation.
Transformed the bureaucratic Department of Commerce into the more nimble Wisconsin Economic Development Corporation.
Reformed the state’s legal system, allowing job creators to operate without squandering millions on frivolous litigation.

Employers have noticed the steps Wisconsin has taken to position itself for long-term economic growth, and are becoming optimistic as well. Zipperer outlined dramatic improvements in employer attitudes toward the state:

Wisconsin improved four spots on CNBC’s “top states for business” list this year, an overwhelming 88 percent of the state’s business leaders surveyed by Wisconsin Manufacturers and Commerce approve of the direction the state is heading, and, according to CEO Magazine, we are now the nation’s 24th best state to do business in – 17 spots higher from 2010.

Not everyone shares Zipperer’s enthusiasm, however. Despite the futility and expense of the senatorial recall effort (which cost state and local governments over $2.1 million), the Democrats will attempt to recall Governor Scott Walker in November.

Plus, many Democrat-controlled counties and municipalities plan to meet mandated spending reductions by cutting critical Fire and Sheriff Department budgets instead of trimming non-essential services. In doing so, the Democrats and their union supporters hope to convince voters that the Governor’s budget cuts are a threat to public safety.

Having experienced many of the tangible benefits cited by Zipperer, the public isn’t buying this argument. If only the democrats and unions recognized this new reality …

A useless and costly gubernatorial recall election could be avoided.

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Filed Under: Opinion, Wisconsin Tagged With: economy, state government, Wisconsin, Wisconsin Economic Development Corporation

‘Dark Days Are Upon Us’….Really?

September 30, 2011 By wmmactrust Leave a Comment

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“Any people anywhere, being inclined and having the power, have the right to rise up, and shake off the existing government, and form a new one that suits them better. This is a most valuable – a most sacred right – a right, which we hope and believe, is to liberate the world.” …Abraham Lincoln

Wouldn’t it be nice if one of these mornings we could wake up to no ‘bad’ news? Where a morning cup of coffee would buoy your spirits and fire you up to a brand new day full of prospect and good fortune?

But a sinking economy, recession, appeasement of those that would harm our country, a foreign policy that dilutes our supremacy on the world stage coupled with the now daily reports of the Obama administration’s corrupt dealings, would seem to sap our resolve in believing that Obama has killed American ‘exceptionalism’ and hope for a brighter future.

With all of that said, and some not said, I believe the American spirit, key to our survival of individual rights, freedom of choice and traditions, will triumph in the end despite the sad sack policies of a President whose every action seems intent on diluting and eventually killing that American spirit. Abraham Lincoln’s quote would seem to encourage us in that resolve, to rise up and take matters into our own hands. However, the intent was metaphorical.

We are slowly rising up especially with the advent of the Tea Party which has tweaked the American conscience to action. The key to success will be for us to be as unrelenting in our message in opposition to the Obama lemmings who seem to have no clue that their path, if successful, will lead to the eventual destruction of our country. Time to get up, get out and throw Obama and his pantywaist followers out of Washington in 2012.

But the battle will be only half won if the corrupting forces of the K St lobbyists and lawyers are allowed to continue do to everything possible to keep their ‘status quo,’ at the expense of the American people. Our mission then is to make sure whoever replaces the Alinskyite zombie now in the White House, is not allowed to continue in that vain. Just my opinion.

William McCullough

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Filed Under: Guest Post Tagged With: American, economy, Obama, recession, tea party, White House

Should Space Exploration Be Manned Or Unmanned?

September 27, 2011 By Editor 1 Comment

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Considering that our national debt now exceeds $14 trillion, is space exploration still cost justified?

And, with today’s advanced robotics and satellite technology, should we still send up astronauts (whose safety in space is extremely expensive to maintain)?

President Obama made his opinion on the subject quite clear when he cancelled the Constellation program, which was our next step in manned exploration, and included a return to the moon. His goal is to change NASA from a space transportation provider to a research and development organization.

Many agree with the president, pointing out that private contractors can build the necessary hardware and that technological advancements have rendered manned space travel not worth the risks.

Other experts disagree, arguing that robots can only uncover what they’re programmed to seek out. And, since space exploration may involve encountering the unimaginable, robots are ill-equipped to properly respond.

G. Scott Hubbard, professor of Aeronautics and Astronautics at Stanford University summarized the arguments for the utility of space exploration and the relative roles of humans and robots in a recent forum at freakonomics.com:

Space exploration will eventually allow us to establish a human civilization on another world (e.g., Mars) as a hedge against the type of catastrophe that wiped out the dinosaurs.
We explore space and create important new technologies to advance our economy. It is true that, for every dollar we spend on the space program, the U.S. economy receives about $8 of economic benefit. Space exploration can also serve as a stimulus for children to enter the fields of science and engineering.
Space exploration in an international context offers a peaceful cooperative venue that is a valuable alternative to nation state hostilities. One can look at the International Space Station and marvel that the former Soviet Union and the U.S. are now active partners. International cooperation is also a way to reduce costs.
National prestige requires that the U.S. continue to be a leader in space, and that includes human exploration. History tells us that great civilizations dare not abandon exploration.
Exploration of space will provide humanity with an answer to the most fundamental questions: Are we alone? Are there other forms of life beside those on Earth?

Obviously, there are compelling arguments on both sides of the issue. And one of the most severe consequences of our long-term fiscal irresponsibility is that we may no longer be able choose our course of action based solely on the merits of those arguments.

But look at the bright side. At least the manned space program ran long enough to give us Tang and Velcro.

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Filed Under: Congress, Opinion Tagged With: economy, NASA, President Obama, space exploration

Why Are Ron Paul’s Poll Numbers Improving?

September 20, 2011 By Editor 1 Comment

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Once considered a “fringe” presidential candidate, Texas Congressman Ron Paul is suddenly being taken seriously by voters and the media alike.

After finishing second to Michelle Bachmann in the recent Iowa straw poll, and having climbed into third in most polls of republican candidates (behind Rick Perry and Mitt Romney), Paul has become a force to be reckoned with. His poll numbers are improving.

So, why the sudden surge in popularity? Is it due to Paul’s debating skills or slick packaging by his handlers?

Or, could it be due to the electorate’s realization that our country faces some of the most severe economic, monetary, and security problems in its history, and Paul’s proposals for addressing them make more sense than that of any other candidate?

Unlike many of his competitors, Paul is very specific about how he would resolve our country’s many woes. According to his Ron Paul for President website, the ten-term congressman would do the following as president:

On the Economy

Veto any unbalanced budget submitted by Congress.
Refuse to raise the debt ceiling so politicians can no longer spend recklessly.
Fully audit (and then end) the Federal Reserve System, which continues to create money out of thin air to finance future debt.
End the corporate stranglehold on the White House.
Reduce gas prices by allowing offshore drilling, abolish highway motor fuel taxes, increase the mileage reimbursement rates, and offer tax credits for the use and production of natural gas vehicles.
Eliminate income, capital gains, and death taxes.

On Healthcare

Repeal ObamaCare and end its unconstitutional mandate that all Americans must carry only government-approved health insurance.
Allow purchase of health insurance across state lines.
Provide tax credits and deductions for all medical expenses.
Exempt those with terminal illnesses from the employee portion of payroll taxes.
Give a payroll deduction to any worker who is the primary caregiver for a spouse, parent, or child with a terminal illness.
Guarantee that Medicare and Medicaid funds are not raided for other purposes.
Make all Americans eligible for Health Savings Accounts (HSAs) and remove government-imposed barriers to obtaining HSAs.

On National Defense

Secure our national borders.
Avoid expensive land wars by using constitutional means to capture or kill terrorist leaders who attack the U.S. and plot further attacks.
End the nation-building that is increasing our debt and sacrificing the lives of our troops.
Follow the Constitution by asking Congress to declare war before one is waged.
Only send our military into conflict with a clear mission and the tools they need to accomplish it.
Ensure our veterans receive the care, benefits, and honors they have earned when they return.
Revitalize the military for the 21st century by eliminating waste in the military budget.
Stop giving rich dictators taxpayer money through foreign aid.

Are Ron Paul’s positions extreme? Some think so.

But, in an age of $1.5 trillion annual budget deficits (with 41 cents of every dollar spent
being borrowed), and a national debt in excess of $14 trillion (with $4 trillion having been added in the last 30 months alone), maybe not that extreme.

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Filed Under: Presidential Election Tagged With: congress, debt, defense, deficit, economic, economy, military, numbers, poll, Presidential Election, resolve, ron paul

Rick Perry Is Not A Suitable Candidate For President

September 6, 2011 By Editor Leave a Comment

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Riding in on his white stallion, Rick Perry has quickly ascended to the top of the 2012 GOP presidential polls.

Despite his late entry into the race, the August RealClearPolitics.com average of six leading presidential polls showed Perry with a 5 point lead over Mitt Romney, his nearest rival. In fact, the August 25th CNN/Opinion Research poll credited Perry with a 13 point lead (Perry – 27, Romney – 14, Palin – 10, Bachmann – 9).

So, will another former Texas Governor take residence at 1600 Pennsylvania Avenue?

On the country’s most pressing issue — unemployment — Perry can make an impressive case. Since June, 2009, over 40% of all net new US jobs were created in Texas. The Governor maintains his pro-growth agenda which included tax cuts, incentives for new technologies, strong tort reforms, and investments in education is largely responsible for the state’s thriving economy.

But, Rick Perry has no shortage of critics. Opponents, including many Republicans, point to a number of factors which may trouble conservatives, and ultimately undermine his candidacy:

Since Perry assumed office, state spending has nearly doubled from $49 billion in 2000 to approximately $90 billion in 2010. This contradicts his “reduce the size of government” theme.
Despite the number of new jobs created, 23 states have a lower unemployment rate than Texas (8.2% in August).
Texas’s total debt has increased 281% during Perry’s tenure (from $13.4 billion in 2001 to $34 billion in 2010).
Perry received $37 million over 10 years from just 150 donors (over a third of the $102 million he had raised as governor). Almost half of those donors received big contracts, tax breaks or appointments during Perry’s tenure.
According to the Bureau of Labor Statistics, 9.5% of hourly-paid workers in Texas are paid at or below minimum wage (the national percentage is 6.0%).
Perry’s overt religious faith and often stated belief in “intelligent design” make many moderates uncomfortable. He is strongly pro-life, opposes public funding of elective abortions, and supports amending the Texas constitution to define marriage as “only a union between a man and a women.”
The state’s educational performance is poor. Texas has the lowest percentage of adults with high school diplomas, is 49th in verbal SAT scores and 46th in average math SAT scores.
A former Democrat, Perry served as Al Gore’s campaign chairman in the state of Texas in 1988.

So is Rick Perry the GOP’s best bet to beat Barack Obama in 2012? When all the facts are considered, Republican primary voters may not want to “mess with Texas.”

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Filed Under: Presidential Election Tagged With: economy, Presidential Election, Rick Perry, Texas

Are We In A Recession, Or Depression?

July 5, 2011 By Editor Leave a Comment

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As our massive economic downturn enters its fourth year, demoralized citizens nationwide are questioning whether our “great recession” is actually a full-blown depression.

Webster’s Dictionary defines a recession as “a period of reduced economic activity”, and a depression as “a period of low general economic activity marked especially by rising levels of unemployment.”

Rising levels of unemployment? According to Mort Zuckerman, Editor-In-Chief of US News and World Report, in his 6/20/2011 article “Why The Jobs Situation Is Worse Than It Looks”:

“In the face of the most stimulative fiscal and monetary policies in our history, we have experienced the loss of over 7 million jobs, wiping out every job gained since the year 2000. From the moment the Obama administration came into office, there has been no net increases in full-time jobs … Total payrolls today amount to 131 million, but this figure is lower than it was at the beginning of 2000, even though our population has grown by nearly 30 million.”

The unemployment rate remains at 9.1%, with some estimates — but, when you factor in the millions who have stopped looking for work — the unemployment rate exceeds 16%.

Those stimulative fiscal and monetary policies have compounded another problem contributing to our economic woes: an out-of-control federal budget deficit. Since President Obama took office in 2009, the federal deficit has grown by $3.5 trillion, with 41 cents of every dollar spent being borrowed.

Further, the Congressional Budget Office (CBO) estimates the US’s ratio of debt-to-GNP (gross national product) will be 69% in 2011, and expand to 101% in 2021 if current policies aren’t altered.

Obviously, a debt crisis of this magnitude does little to generate the consumer and investor confidence necessary for economic recovery. Nor do three wars, collapsing home values, rising food and gas prices, and increasing inflation, foreclosure rates and personal bankruptcy filings. Not to mention the fact that the European economy is in even worse shape than ours.

So, are we in a recession or a depression?

Ronald Reagan answered this question brilliantly during his 1980 presidential campaign. In describing similarly dire economic conditions he said, “A recession is when your neighbor loses his job; a depression is when you lose yours; and a recovery is when Jimmy Carter loses his.”

Let’s just hope the recovery has begun long before we follow Reagan’s advice in November 2012.

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Filed Under: Opinion Tagged With: depression, economy, federal deficit, fiscal policies, monetary policies, Obama, recession, unemployment

Government Needs To Stop “Stimulating” The Economy

May 31, 2011 By Editor Leave a Comment

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As the recession grinds into its third year, calls for the president and congress to “do something” about it.

But, is it the federal government’s job to stimulate our economy? And, does such market intervention actually improve the average citizen’s financial condition?

While opinions vary on the first question, economic data shows that the government’s recent efforts to revive the economy have failed miserably.

For example, despite enactment of the Troubled Asset Relief Program (TARP) and other federal efforts to reinvigorate the housing market, average home values have declined from 9.5% (in the northeast) to 3.9% (in the south) over the past year, while the foreclosure rate has increased by over 24% since 2008.

In fact, Neil Barofsky, Special Inspector General for TARP (which was originally passed to protect home values and preserve homeownership), recently indicated that the program had “little merit.”

In his March 30, 2011 New York Times article, Barofsky wrote that “Congress was told that TARP would be used to purchase up to $700 billion of mortgages, and … modify those mortgages to assist struggling homeowners. Almost immediately … TARP shifted from the purchase of mortgages to the infusion of hundreds of billions of dollars into the nation’s largest financial institutions.”

In other words, the billions allocated to help financially distressed taxpayers instead went to the entities that helped create the crisis in the first place.

Unfortunately, government intervention distorts market forces and hurts those it’s designed to help. Such legislation is always administered by incompetent bureaucrats who make decisions based on political rather than economic considerations.

Though initially painful, the best approach would have been to allow the housing market to crash. For, while homes would have been lost and the net worth of many families would have suffered, true market values would have been established. Business people, investors and individuals would then able to make the informed economic decisions necessary to revitalize the economy.

If you’re skeptical, consider the fact that the President now wants to eliminate the mortgage interest deduction. This incentive has made it economically feasible for people to buy instead of rent for generations.

Can you imagine the impact this political decision would have on the housing market?

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Filed Under: Opinion Tagged With: economy, federal government, recession

Economic Turbulence

September 29, 2008 By Editor Leave a Comment

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Here is an article that I wrote on December 8, 2007 regarding the imminent ecomonic crisis:

Everyone should prepare to withstand imminent economic turbulence in 2008.

Without being an economist, I feel confident in making this assertion just by looking at very simple, but huge indicators that anyone can witness and evaluate.

Our country is involved in an expensive war in the Middle East that costs billions of dollars. Our current administration is looking to expand the war. The invoice for the war will certainly be presented to the nation soon, which means the burden to fund war operations rests exclusively with taxpayers.

The size of government is growing, and elected officials are legislating guaranteed pay raises and benefits every single year for themselves and bureaucrats. Government employee salaries alone are increasing by a rate of at least 3% each year.

Those increases are being subsidized innocuously through, for example, the imposition of higher licensing fees, cigarette taxes and other creative taxing methods that fly under the radar of most taxpayers.

Small business retailers are finding it difficult to make ends meet. Next time, as you drive down Main Street in your community, take note of the number of retail vacancies that are slowly beginning to pop-up in shopping centers and strip malls.

Gasoline prices fluctuate every week by a margin of 10 to 15 cents per gallon. And, in case you haven’t noticed, utility companies are requesting and obtaining rate increases from your local public service commissions.

Housing values are slowly, but surely declining, meaning that your nest egg- the equity you’ve accumulated in your home- is beginning to disappear right before your very eyes.

What does this all mean?

Your margin of discretionary income is beginning to narrow exponentially, and you will be required to make up the difference by tapping into your savings and emergency funds.

Once those funds are tapped out, financial trouble begins.

Take the time to review and adjust your spending habits and the reliability of your source of income. Pay attention to your what your local and state representatives are doing to increase government spending.

Be cognizant of the fact that, as you’re taking steps to reduce your financial burden, others are taking steps to increase it.

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Filed Under: Opinion Tagged With: economic crisis, economy, housing crisis, lending crisis, robert flessas, wall street bailout

Time is Running Out – By Ron Paul

September 24, 2008 By Editor Leave a Comment

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Ron Paul issued this article regarding our government’s proposal to bail out Wall Street:

“Whenever a Great Bipartisan Consensus is announced, and a compliant media assures everyone that the wondrous actions of our wise leaders are being taken for our own good, you can know with absolute certainty that disaster is about to strike.

The events of the past week are no exception.

The bailout package that is about to be rammed down Congress’ throat is not just economically foolish. It is downright sinister. It makes a mockery of our Constitution, which our leaders should never again bother pretending is still in effect. It promises the American people a never-ending nightmare of ever-greater debt liabilities they will have to shoulder. Two weeks ago, financial analyst Jim Rogers said the bailout of Fannie Mae and Freddie Mac made America more communist than China! “This is welfare for the rich,” he said. “This is socialism for the rich. It’s bailing out the financiers, the banks, the Wall Streeters.”

That describes the current bailout package to a T. And we’re being told it’s unavoidable.

The claim that the market caused all this is so staggeringly foolish that only politicians and the media could pretend to believe it. But that has become the conventional wisdom, with the desired result that those responsible for the credit bubble and its predictable consequences – predictable, that is, to those who understand sound, Austrian economics – are being let off the hook. The Federal Reserve System is actually positioning itself as the savior, rather than the culprit, in this mess!

• The Treasury Secretary is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means $700 billion is only the very beginning of what will hit us.

• Financial institutions are “designated as financial agents of the Government.” This is the New Deal to end all New Deals.

• Then there’s this: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process.

There goes your country.

Even some so-called free-market economists are calling all this “sadly necessary.” Sad, yes. Necessary? Don’t make me laugh.

Our one-party system is complicit in yet another crime against the American people. The two major party candidates for president themselves initially indicated their strong support for bailouts of this kind – another example of the big choice we’re supposedly presented with this November: yes or yes. Now, with a backlash brewing, they’re not quite sure what their views are. A sad display, really.

Although the present bailout package is almost certainly not the end of the political atrocities we’ll witness in connection with the crisis, time is short. Congress may vote as soon as tomorrow. With a Rasmussen poll finding support for the bailout at an anemic seven percent, some members of Congress are afraid to vote for it. Call them! Let them hear from you! Tell them you will never vote for anyone who supports this atrocity.

The issue boils down to this: do we care about freedom? Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for? Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care?

When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media?

Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be.”

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Filed Under: Opinion Tagged With: bailout, economy, federal government, ron paul, treasury

Wisconsin Sees Continuing Improvements in the Economy

‘Dark Days Are Upon Us’….Really?

Should Space Exploration Be Manned Or Unmanned?