According to the federal government’s 2010 financial statements, released in late December, the 2010 deficit was $1.29 trillion, a slight decrease from the 2009 deficit of $1.42 trillion. Despite this minor improvement, the long-term debt when all obligations are taken into account, including such major unfunded liabilities as Social Security and Medicare, is an astounding $64 trillion — and that may be understating things by about $12.3 trillion, says John Williams of ShadowStats.com (as reported by Douglas French on the Ludwig von Mises Institute blog).
In one of the most remarkable and unexpected political demographic developments, the 700,000+ Russian-American refugees who came to the United States in the 1980s are demonstrating their ideological and pragmatic affinity with the GOP, particularly in New York City, where the beleaguered GOP is a true minority party, having only a marginal place in city government, as 46 out of 51 NYC Council seats are held by Democrats.
When Medicare was first introduced in 1965, skeptics such as Barry Goldwater and Ronald Reagan bemoaned the implementation of socialized medicine and the extravagant cost of the original $3 billion plan. Little did they know that $3 billion was only the beginning.
President Obama and his fellow enthusiasts for "green technology" have stumbled into a thicket of their own making. Most of the their pet "alternative energy" projects -- solar panels, hybrid and electric car batteries, wind turbine magnets, compact fluorescent light bulbs, etc. -- are dependent upon "rare earth elements" that have been made all but unobtainable here in the United States, thanks in significant measure to environmental extremism.
Perhaps to the pleasure of Tea Party activists everywhere, Michigan’s Republican Representative Fred Upton has hinted that House Republicans may have the necessary votes to repeal President Obama’s healthcare law. Additionally, Upton indicates that the House Republicans may have enough votes to override a potential presidential veto of the repeal measure.