Category Archives: Business

Business, Economics, Political Commentary

Obama’s Budget

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That is, its failure:

Let’s start with the bottom line. Obama proposes to spend $3.78 trillion dollars in FY2014, the highest level of spending ever. Cato Institute’s Chris Edwards calculates this against the budget that preceded Obama’s term in office, the FY2008 budget that was the last to get a signature from George W. Bush. Obama’s proposal increases spending by 27 percent over those six years and by 8 percent over the last normal-order budget for FY2010.

This increase comes despite Obama’s promises to introduce budget and deficit discipline, and in defiance of voters who want the federal government to reduce spending. It comes after the initiation of the budget sequester, which was supposed to lop off a mere $85 billion in spending each year for the next decade, which would have been just 2.3 percent of last year’s budget. Instead, this proposal would increase spending by $154 billion, almost twice what sequestration was supposed to save taxpayers.

So much for a multi-year approach to fiscal discipline! Obama’s budget bypasses the very sequester his White House demanded and got in 2011. AEI’s Jim Pethokoukis pointed out that Obama’s own budget office projected that the new budget proposal would lead to a balanced budget by … 2055. That assumes, of course, that whatever savings Obama claims to make in this budget will last 41 years longer than the sequester savings did.

Needless to say, Republicans on Capitol Hill were not impressed.

Well, his gall is impressive.

And then there’s the criticism from the nutjob left:

Business, Health, Social Commentary

Stairs

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How to make them irresistible.

This is a pet peeve of mine. For anything less than four or five floors, I much prefer stairs to elevators, not just for health reasons, but because it can be faster than waiting for one, but in a lot of places, they make it very hard. I just found the stairway here at the Broadmoor Conference Center, but it’s very clear that they’d prefer the guests not see or use it. At the Grace Inn in Phoenix, where Space Access has been for the past few years, they lock the doors to enter it from the bottom, so you can go down, but not up.

Business, Economics, Health, Media Criticism, Political Commentary

Beyond ObamaCare

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Ramesh Ponnuru and Yuval Levin respond to their critics:

The first thing to note is that none of our critics actually defend Obamacare, and therefore none dispute the argument of the piece. Their dispute is entirely with what we propose instead — which our piece of course lays out only briefly and broadly, since we assumed that the argument that replacement is still the right way to think about things first had to be made. Their lack of interest in defending the law is interesting. Do they agree with us that Obamacare cannot work as enacted? Do they agree that piecemeal reforms will not work and Obamacare must be replaced? If they do, do they imagine that the party that forced this unpopular law down the country’s throat will be trusted to fix or replace it once it fails?

If they don’t agree that Obamacare is untenable (as we assume at least some of them don’t), how would they defend it? Do they not think it is headed for an insurance death spiral? Do they not think the financial incentives it sets up will result in far higher federal spending and far fewer insured Americans than its advocates promised? Do they think it will lower premium costs? Is it sustainable over time? Have you seen much of a substantive answer from the left to these commonly voiced concerns?

The critics of our piece offer no such answers, and actually suggest that we’re wasting our time repeating the obvious case against Obamacare. Several of them want to get right to a debate about what should replace it. That’s great. Not all of them, though, want to discuss the solution we pointed to. Kevin Drum acknowledges (twice) that he didn’t actually read our piece; he just read Yglesias and Klein (who just summarized Yglesias) and “sighed.” We know the feeling.

Don’t we all?

Business, Economics, Media Criticism, Political Commentary, Science And Society

The Global Warming Hysteria

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…is dissipating:

1. Global warming has gone AWOL over last 10 years, per the satellite record

2. Cumulating [sic] CO2 emissions in the atmosphere have had a minor impact on global temperatures over the last 20 years

3. The mainstream press, as represented by The Economist, and other proponents of convential [sic] climate orthodoxy are moving closer to the AGW skeptics’ (lukewarmers’) position

4. The publics [sic] (per Pew) belief in catastrophic AGW predictions is plummeting

As it should. As Robert Tracinski says:

So here’s the state of play of climate science a third of a century into the global warming hysteria. They don’t have a reliable baseline of global temperature measurements that would allow them to say what is normal and natural and what isn’t. Their projections about future warming are demonstrably failing to predict the actual data. And now they have been caught, yet again, fudging the numbers and manipulating the graphs to show a rapid 20th-century warming that they want to be true but which they can’t back up with actual evidence.

A theory with this many holes in it would be have been thrown out long ago, if not for the fact that it conveniently serves the political function of indicting fossil fuels as a planet-destroying evil and allowing radical environmentalists to put a modern, scientific face on their primitivist crusade to shut down industrial civilization.

I think that history will record that 2009 was the height of the hysteria, just before the release of the CRU data and emails, which broke the fever, and was a partial cause of the Copenhagen fiasco. And “FOIA,” whoever he or she is, will be viewed as a hero of humanity.

[Mid-morning update]

The new climate deniers.

[Later-morning update]

Why Freeman Dyson is a skeptic about climate “science”: “I believe any good scientist ought to be a skeptic.”

Amen.

Here‘s the full story.

Business, Economics, Education, Media Criticism, Political Commentary, Social Commentary

Bachelor Of Arts Degree

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The new high-school diploma:

Obviously, if Beaudry et al right, this is ferociously depressing news. It suggests that we’re pushing more and more people into (more and more expensive) college programs, even as the number of jobs in which they can use those skills has declined. A growing number of students may be in a credentialling arms race to gain access to routine service jobs. Or maybe the productivity of our nation’s wait staff is spiking as more skilled workers flood into these jobs.

And as evidence, McDonald’s is now requiring a college degree to be a cashier. And it’s positively destroying the low-skilled workers. This isn’t going to end well.

[Update on Friday]

OK, so it turns out that the McDonald’s help-wanted ad was erroneous. But the fact that it was believable should concern, and it may in fact be a sign of things to come.

Business, Economics, Education, Political Commentary, Science And Society, Social Commentary

The Corruption Of Once-Liberal Education

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What’s the matter with Vassar?

The students I contacted were angry about the walkout and embarrassed for Vassar. The protesters, on the other hand, tweeted a proud picture with a poster they’d ripped down. These students may fancy themselves courageous, but hiding behind masks and refusing to risk public contradiction by questioning a political opponent is cowardly.

As for the talk itself, you can watch it on video. The walkout comes at about 29 minutes into the tape. You can hear students criticizing the protesters as they leave. (A brief video with a better camera angle on the walkout can be found here.) But the real takeaway from the video is that, agree or disagree, the dreaded Epstein laid out a perfectly reasonable case for the importance of fossil fuels and the dangers of putting the industry that produces them out of business without an economically viable substitute. The notion that a talk like this is out of place at a an institution of higher education is pernicious. If anything, students desperately need to hear Epstein’s side of the story.

I asked Vassar’s administration for a comment on the walkout, the ripping down of ads for the talk, and on the threat by a student to harm himself at the talk as a protest. Acting Vassar College President, Jonathan Chenette has so far addressed only the walkout. Chenette’s statement, forwarded to me by Vassar, emphasizes that Epstein took the walkout in stride (true), yet added that the students who “[exited] rather than engaging” had “lost an opportunity for exchange and questioning.” (I have some serious concerns about this statement, but I’ll raise them when I reproduce the full text in a follow-up post.) My first response to Chenette’s statement is that it won’t do much to address the underlying problems at Vassar, which run deep.

There may be faculty at Vassar who still respect the ideals of liberal education as classically understood. Notwithstanding that, Vassar appears to have passed a tipping point beyond which these ideals no longer meaningfully operate where they’re most needed. Classes filled with courteous and respectful discussion don’t mean much if students dare not raise questions that half the country might ask.

If only the problem were just at Vassar.

And always remember, it’s a right-wing war on science.

Business, Economics, Education, Media Criticism, Political Commentary

Obama’s Competency Deficit

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Some thoughts:

This administration has grand ambitions to grow government but little interest in running it. The result, according to polling, is the highest mistrust in government in years. And rightfully so. We’ve willy-nilly added bureaucracy, deepened the debt, perpetuated cronyism, slowed economic entrepreneurialism and gotten few, if any, of the promised benefits.

It’s not exactly a new problem, but more people are starting to notice it. Too bad they didn’t do so a year ago.

Business, Economics, Media Criticism, Political Commentary

Obama Incompetence

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It’s not a new theme, but it is a new source: Joe Klein:

Yes, the President has faced a terrible economic crisis—and he has done well to limit the damage. He has also succeeded in avoiding disasters overseas. But, as a Democrat—as someone who believes in activist government—he has a vested interest in seeing that federal programs actually work efficiently. I don’t see much evidence that this is anywhere near the top of his priorities.

He only just figured that out? A little slow on the uptake, I guess.