The June 20th report of the International Monetary Fund (IMF) to the United States strongly recommended that the debt ceiling be raised because “if the debt ceiling is not raised soon…[it] would have significant global repercussions, given the central role of U. S. Treasury bonds in world markets. ” In announcing the report, John Lipsky (picture, left), acting managing director for the IMF, said:
The economic projections released by the Federal Reserve on Wednesday estimated that in less than two years the unemployment rate would be down to 7 to 7 ½ percent, with the economy growing at an inflation-adjusted rate of nearly 4 percent. And in the next three to five years, the unemployment rate would likely be back to normal: between 5.2 and 5.6 percent.
Michigan’s Republican Gov. Rick Snyder (left), a former computer executive/entrepreneur, now in his first elective office, has seized upon an idea he believes will dig the state out of its unemployment quagmire — one that’s among the highest in the country. He announced June 21 that he will be looking to "foreign-born engineers, scientists, and cutting-edge tech savants" to jumpstart Michigan’s business and commerce. All kinds of data, he says, support his concept, Global Michigan Initiative. He points to Silicon Valley in particular as having launched some one-half of its computer and silicon chip businesses with immigrant technical wizards.
Even under the “high-job-growth” scenario offered by the McKinsey Global Institute (MGI), it will take ten years for the U.S. economy to generate the 21 million new jobs necessary to rehire the current unemployed as well as new entrants to the workforce. And the unemployment rate would still be at 5 percent.
Americans have indicated avid opposition to property rights violations throughout the course of U.S. history, whether those violations take the form of taxation, eminent domain, or “open space” laws. According to one psychologist, that sense of being wronged when one’s property rights are violated may be innate, as property ownership may be a natural-born attribute.
The economy remains the biggest political issue today. In many respects, it is always the most important issue for African Americans. Polling data suggests that on socially conservative issues, African Americans are among the most conservative blocs of voters in America. Gallup polling data suggests that on these socially conservative issues, black America is as conservative as Republicans. Why, then, is black America so much in thrall to socialist statism, which invariably embraces amorality on abortion, adultery, gay marriage, and so on.
One of the most important, but widely unknown bills currently proposed in Congress is legislation that would end American participation in the North American Free Trade Agreement (NAFTA). The bill, H.R. 4759, calls for America’s withdrawal from the free trade agreement, and is sponsored by several Democrats and a small cadre of Republicans, including Rep. Ron Paul (R-Texas) and Rep. Walter B. Jones (R- N.C.).
In what could be one of the understatements of 2011, Fed Chairman Ben Bernanke, speaking at the International Monetary Conference in Atlanta on Tuesday, remarked, “U.S. economic growth so far this year looks to have been somewhat slower than expected.… A number of indicators also suggest some loss of momentum in the labor market."
With the European economy in shambles from a seemingly intractable sovereign debt crisis and the United States technically out of money to fund its own bloated government, talk of sovereign default is in the air. Greece, the beneficiary of the first of three EU/IMF bailouts, is again on the ropes, insisting that it will not be able to meet its June obligations of more than $13 billion in interest payments. The hard-pressed Greek populace, meanwhile, is balking at the range of financial austerities being urged upon them by their government’s creditors, and Greece’s political class is caught in the middle. The financial world is expecting Greece to default eventually, and other EU debtors like Ireland, Portugal, and even Spain to follow suit.
When Jason West of Vernal, Utah, tried to pay his disputed medical bill last week with 2,500 pennies, he was issued a citation for disorderly conduct. The reason for the charge was that West allegedly dumped the pennies onto the cashier's desk and asked her to count all of them. While the manner in which West delivered his payment may have been a bit extreme (placing rolled coins gently on the desk might have avoided the citation) there was an irony in his case that points to a more important principle than good manners, which are more frequently these days being enforced by the local constabulary, rather than by Emily Post. That is, had he paid the bill with federal reserve notes — backed, really, by nothing more than the promise of the federal government that the paper money has value — then he would have faced no legal problems at all.
Do we need a “Balanced Budget” Amendment? NO! A constitutionally sound, informed electorate could quickly bring about the conditions that would allow the nation to balance the federal budget and end deficit spending. Thomas Jefferson wrote: “A nation that expects to be ignorant and free … expects what never was and never will be.” The voters must come to understand that it is our responsibility to make certain our Representatives honor their oath of office and keep their actions constrained within the scope and bounds established by the Constitution (no, the Constitution does not say “from each according to his ability, to each according to his need” — that was Karl Marx).