Headlines: November 8, 2008

Obama Calls for Stimulus Package

President-elect Obama explains the first part of his plan to create another Great Depression:

"He said it was an “urgent priority” to extend unemployment insurance benefits for workers who could not find jobs in the bleak economy. He also said he would give aid to states, create new jobs and move forward with his tax-cut plans for middle-class families."

This will guarantee that:

1. People have less incentive to find work.

2. Scarce resources are directed away from productive businesses that provide jobs.

3. We increase the amount of public debt.

U.S. Government Debt: The Mother of All Adjustable-Rate Mortgages

Imperialism, Immigration, Insolvency

"The U.S. federal government's current method of accounting makes that of former Enron Corporation look almost pristine. The long-term imbalances in the nation's entitlement programs, including Social Security and Medicare, are not integrated with the rest of the budget, although in the private sector, ignoring retiree health and pension programs would be illegal. If the federal government properly accounted for its explicit and promised liabilities, it would record a national debt of $63.7 trillion in 2006 and a national deficit of $2.4 trillion. [...]"

From Midwest to M.T.A., Pain From Global Gamble