Strangely, a government which can’t control it spending has its bonds downgraded. This is totally unique to Chicago and certainly has no bearing on other entrenched left-wing governments, just like how the failure of Detroit and several other cities have no bearing on other entrenched left-wing governments. Just move along and let the government and their favored cronies keep shoveling money around.
November 29, 2013
December 31, 2012
Sadly, this is par for the course. When Washington is in charge of buying and selling, politicians and big business will tend to get the better of such arrangements.
September 3, 2012
June 9, 2012
This Steve Sailer essay which expands upon a speech Robert Fitch gave providing backstory on President Obama in Chicago is rather interesting. It provides some additional insight into different parts of the Democratic machine in that city, and gives Sailer some of his argument that President Obama slid right into the upscale black + white yuppification coalition in Chicago. Contrast this to Jeremiah Wright’s indignation at middle-class blacks moving out of the inner city to get away from crime (Black Flight).
May 4, 2012
This is a hilarious and sad story. When bread and circuses is a fact, it’s bad enough; this is bread and circuses without the bread or the circuses. That’s perfectly fitting our post-modern Nero (checking a box while Washington burns).
April 22, 2012
Who cares about laws when it comes to campaign contributions? It’s the Chicago way. It’s also the same as in 2008, and we can see that this didn’t lead to any real negative repercussions.
March 9, 2012
We’ve got some more corporate whoring going on here. This round is dedicated to every corporate whore’s favorite color: green.
- The White House has another Friday afternoon document dump relating to Solyndra. Maybe this government would get more done if they had their document dump folks work five days a week.
- Steven Hayward has a comprehensive collection of recent environmentalist silliness. Included in this is that Solyndra and its associated whores may cost American taxpayers at least $2.7 billion (and probably a lot more). Here’s a hint to the federal government: the idea of a loan is to get your money back and make a bit of interest on it.
- We’ve been talking about Solyndra so much, it’s good to know that there will be even more taxpayer rip-offs we can discuss in the future. I’ve mentioned a few of these already, but it’s good to get a big list together, just to realize how much we’re getting screwed.
- I’m sure you’re shocked by now, but Genesis Solar—another Solyndra—is having its solar plant construction held up by environmentalists. I’m not sure which side I’m on here, because I oppose boondoggles and I oppose the way environmentalists use the regulatory State to prevent development. Too bad there isn’t a way that both sides could lose without also screwing over taxpayers.
January 22, 2012
Remember when recess appointments were a bad thing? Maybe the President could justify his decision by saying it’s a recess even though the Senate isn’t actually in recess…oh, wait…
July 12, 2011
The Koch brothers are the current Emmanuel Goldsteins for the Democratic Party. They also were the recipients of a couple of fund-raising requests by the DSCC. Phillip Ellender of Koch Companies Public Sector has a great deal of fun with this.
Guy Cecil of the DSCC, who clearly needs to grow up, has a smarmy response. On the other hand, I believe that Ellender has already fulfilled at least part of Cecil’s sarcastic request list: ”If you’d like to share voicemails from all the shady groups asking you for millions of dollars, we’d happily listen to those as well.” Ellender already has: he published the DSCC voice mail, and that’s a rather shady group.
July 4, 2011
$278,000 so far. That’s $666 billion for 2.4 million jobs “created or saved.” The entire idea of “jobs created or saved” is a joke, of course, but even if we take the administration’s claim seriously, it has doled out hundreds of thousands of dollars per job. Even if every one of those 2.4 million jobs was brand new and would never have existed save for the federal government’s “generosity” with taxpayer money, that’s a lot of cash per job, not much bang for the buck.
In reality, though, there are several holes in the claim. First of all, many of the jobs were “saved.” But who’s to say that they would actually have gone away? There is no meaningful counter-factual scenario in which we can watch these jobs be destroyed.
Secondly, would people have not spent their own money in suitable ways if it were not forcibly taken from them by government agents? If the hundreds of millions of taxpaying Americans had had that $666 billion to spend, how many jobs would have been “created or saved” as a result? More than 2.4 million, the same, or fewer? There is no way of knowing. You would figure that there would be less waste, so more money would go around to people who actually get things done. But then again, the businesses and individuals receiving the funds would not be hard-pressed to hire the modern equivalent of ditch-diggers and ditch-fillers to pad their figures. Maybe there would have been major positive effects as city and state governments lose some of their ability to foment regulatory malaise. But the point is that we don’t know what the natural results would have been.
Finally, of those 2.4 million jobs “created or saved,” how many were subsequently destroyed as businesses failed and states and localities trimmed their budgets? ARRA funding is over, and so we’re seeing state and municipal governments reduce their workforce. Many of the jobs “created or saved” were government employees. So in an honest system, these jobs wouldn’t be counted; at best, they would be “jobs which should have been destroyed but we delayed the inevitable for a couple of years at great taxpayer expense.” That doesn’t fit on the Excel chart, though, so they probably just dropped it off…