French gov’t to suffer consequences of socialism

According to British newspaper The Telegraph, socialist-lead France is fast approaching a “full-blown hurricane” as punishing tax rates and disastrous government policies are forcing French businesses and investors scrambling to avoid the legalized confiscation of their wealth.

French bankruptcies have skyrocketed over the summer and, according to Laurence Parisot of the MEDEF group in France, consumer confidence in the economy is quickly dwindling. Worse, the French government does not appear concerned, or even aware, of the gravity of the looming crisis.

A message to the U.S. government: learn from the mistakes of other nations. Big government destroys incentives to invest and succeed and punishing taxes provide little in the way of long-term economic success for virtually any economy, especially one built upon the principles of capitalism.

http://www.telegraph.co.uk/finance/financialcrisis/9610717/French-business-erupts-in-fury-against-disastrous-Francois-Hollande.html

Budget Office predicts another year of $1t+ deficits

Posted by Steve Adcock

According to estimates from the Congressional Budget Office, the government will once again run deficits that exceed $1 trillion in 2012, this time reaching $1.1 trillion. The economic future of this nation is “uncertain”, at best.

“CBO expects the economic recovery to continue at a modest pace for the remainder of calendar year 2012, with real (inflation-adjusted) GDP growing at an annual rate of about 2¼ percent in the second half of the year, compared with a rate of about 1¾ percent in the first half.”

http://www.cbo.gov/publication/43539

Is Paul Ryan a believer in small government?

Posted by Steve Adcock

Before we talk about how Paul Ryan is a pseudo believer in small government, I find it prudent to at least mention a simple statement: Ryan is not a horrible pick. A true Libertarian Mr. Ryan is not, but then again, he’s a far cry from Mitt Romney and his “less than small government” agenda he set forth as governor of Massachusetts.

One of the bigger criticisms of Paul Ryan is that of his proposed budget, which does cut some spending, but most small government activists believe the Ryan budget to fall short of instituting true reform. Others point to the budget and are thankful that the Wisconsin Congressman at least put forth something on which to debate. Small victories, I guess, in today’s political world of virtually no progress.

Ryan voted in favor of a $15b bailout to General Motors as well as another $192b in so-called “anti-recession” spending. Ryan supports using the Constitution to define marriage as between one man and one woman and supports a Constitutional ban on same-sex marriage. Ryan supports making the Patriot Act permanent as well as an initiative to allow electronic surveillance without a warrant.

Ryan supported the military invasion of Iraq in 2002 and voted in favor of the nearly $80b in emergency spending in Iraq and Afghanistan. Ryan was not in support of bringing our troops home back in 2007 (and again in 2011) and previously voted to allow indefinite stationing of troops in Iraq as part of our nation’s supposed “War on Terror”.

Ryan does offer some better qualities. For example, Ryan voted to terminate funding for National Public Radio in 2011. In 2000, he supported a $46b tax cut plan for small businesses in the U.S. and generally supports the concept of tax simplification, as well as a nearly $400b deduction in marriage taxes over 10 years.

But, Ryan’s support of propositions like the Patriot Act, DOMA, TARP and a wide variety of wasted stimulus spending leaves a lot to be desired in Paul Ryan’s support of small government. Again, not a horrible pick, but definitely nothing too encouraging when it comes to his actual voting record that Libertarians and small government activists could hang their hat on.