The city council of tiny Alto, Texas — population 1,200, about 140 miles southeast of Dallas — shuttered its police department on June 15 because of a budget shortfall. In order to make up a $185,000 deficit, the council furloughed the four police officers and Chief Charles Barron for six months.
Constitutionally minded members of Congress Senator Jim DeMint of South Carolina, Senator Rand Paul of Kentucky, and Representative Mike Lee of Utah have introduced federal legislation that would exempt gold and silver coins issued by state governments as legal tender from federal taxation. This bill, called the Sound Money Protection Act, is intended to protect efforts by states to create a stable, inflation-free form of money. In particular, it would protect from federal gains taxation transactions between legal money in states which are species (e.g. gold or silver) and paper.
If the Obama administration gets its way, you can kiss your next SUV — and possibly your life, if you're involved in an automobile accident — goodbye. The administration is proposing a doubling of current federal gas mileage standards by 2025. New cars manufactured in that year would be required to meet a Corporate Average Fuel Efficiency (CAFE) standard of 56.2 miles per gallon, which the New York Times calculates “would require increases in fuel efficiency of nearly 5 percent a year from 2017 to 2025.”
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.
On the day President Obama took office in January of 2009, regular unleaded gasoline was selling nationally at an average price of $1.83 per gallon. The national average price has recently been as high as $3.98 per gallon, according to the American Automobile Association’s Daily Fuel Gauge Report. (The highest recorded average price was set on July 17, 2008, when it hit $4.11 per gallon.) That is not good news for President Obama.
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.
Item: In the Wall Street Journal for May 26, Cass Sunstein (photo at left), the President’s top regulator, wrote: “A 21st-century regulatory system must promote economic growth, innovation and job creation while also protecting public health and welfare. Earlier this year, President Obama outlined his plan to create such a system by adopting a simpler, smarter and more cost-effective approach to regulation. As a key part of that plan, he called for an unprecedented government-wide review of regulations already on the books so that we can improve or remove those that are out-of-date, unnecessary, excessively burdensome or in conflict with other rules.”