“President Obama’s budget will add almost $11 trillion to the federal debt over the next ten years, according to the ranking member on the Senate Budget Committee.
Obama’s budget, which was unanimously voted down in the House and the Senate, would increase the national debt to $25.4 trillion by 2022, according to the office of Sen. Jeff Sessions, R-Ala., which studied the update filed by Obama’s Office of Management and Budget.
Sessions’ office noted that the president’s budget is consistent with his claims that the country can “pay down our debt in a balanced way” by raising taxes on the wealthy. “[T]he President’s call for tax increases would not be used to reduce deficits, but rather to fund new spending,” his office said.
The updated budget outlook contradicts the White House’s claims earlier this year. “Our budget will get us, over the next several years, to the point where we can look the American people in the eye and say we’re not adding to the debt anymore; we’re spending money that we have each year, and then we can work on bringing down our national debt,” White House Chief of Staff Jack Lew told CNN in February.”
“High up above Scandinavia about 75 degrees north latitude is an obscure archipelago that few people in the world know about, and even fewer have been to.
It’s called Svalbard, population ~3,000. And while the islands are technically part of Norway, they come with some incredibly unique benefits that I’ll explain in a moment.
For centuries, Svalbard was completely lawless, devoid of any government authority. It attracted whalers, hunters, merchants, and fishermen from all over the world– the UK, Russia, France, Netherlands, North America, and Scandinavia.
Amazingly enough, they were all able to co-exist for hundreds of years without a sovereign authority or central government telling them what to do or how they could live.”
Via Sovereign Man
“Did you know that a smaller percentage of Americans are working today than when the last recession supposedly ended? But you won’t hear about this on the mainstream news. Instead, the mainstream media obsesses over the highly politicized and highly manipulated “unemployment rate”. The media is buzzing about how “163,000 new jobs” were added in July but the unemployment rate went up to “8.254%”. Sadly, those numbers are quite misleading. According to the Bureau of Labor Statistics, in June 142,415,000 people had jobs in the United States. In July, that number declined to 142,220,000. That means that 195,000 fewer Americans were working in July than in June. But somehow that works out to “163,000 new jobs” in July. I am not exactly sure how they get that math to add up. Perhaps someone out there can explain it to me. Personally, I find that the “employment rate” gives a much clearer picture of what is actually going on in the economy. The employment to population ratio is a measure of the percentage of working age Americans that actually have jobs. When it goes up that is good. When it goes down, that is bad. In July, the employment to population ratio dropped from 58.6 percent to 58.4 percent. Overall, the percentage of working age Americans that have jobs has now been under 59 percent for 35 months in a row.”
“President Obama today said it was “patriotic” of “well-to-do Americans” to pay higher taxes.
Obama, who spoke at the White House, indicated the money would be used not just for paying down the deficit, but for broad new spending plans, which he termed “investments” in “things like” education:”
Instead of the middle class paying more, we should ask the wealthiest Americans to pay a little more, a modest amount, so that we can reduce our deficit and still make investments in things like education that help our economy grow . . . And here’s the thing — there are a lot of well-to-do Americans, patriotic Americans, who understand this and are willing to do the right thing, willing to do their part to make this country strong.
“In his report on the Bureau of Labor Statistics’ latest jobs and unemployment report, statistician John Williams (shadowstats.com) writes: “The July employment and unemployment numbers published today, August 3rd, were worthless and likely misleading . . . Suspecting at one time that the jobs numbers were being rigged against him by his own Bureau of Labor Statistics (BLS), President Richard M. Nixon proposed a new approach to reporting the numbers. Although the proposed changes never were implemented, several decades later the BLS adopted reporting methods that were somewhat parallel to the late president’s thinking.”
I will spare the readers an explanation of Williams’ account of the manipulation that is occurring as it is arcane.
Instead, Let’s just apply common sense. According to the BLS, there were 163,000 new nonfarm payroll jobs created in July. This figure is about 13,000 more jobs than is needed to keep pace with population growth. Therefore, the unemployment rate should have declined fractionally. Instead, the unemployment rate (U3) rose from 8.2% to 8.3%.”
Via Activist Post
“There has been much confusion over last week’s remarks by Mario Draghi, with the prevailing narrative being that the market first got what Draghi meant wrong (when it plunged), then right (when it soared). The confusion is further granulated by attempts to explain what was merely a desperate attempt at delaying a decision for action, which was inevitable considering the now open opposition by Buba’s Weidmann, into a formal and planned plotline: “Inverse Twist” or other such technical jargon is what we have seen floating around. The reality is that, just like all other central bankers, Draghi did what he does best: use big words and threats of action in hope it will buy him a few extra days of time. The reality is also that, just like when the LTRO was announced, the market did get it right initially, when peripheral bonds plunged, and got it wrong over the subsequent 3 months when bond prices rose, only to collapse to new lows (and in the case of Spain – record high yields as of two weeks ago). Back then, the ECB merely bought a few months time with its transitory intervention. This time it has at best bought a few days with the lack of any actual action. And yet, Draghi did leave a way out, for at least another brief respite (where unless Europe expands the available bailout machinery yet again, the respite will have an even briefer half life than that from the LTROs). The way out is simple, and in order to avoid any confusion, we will use an allegory from the movie Batman: Spain and Italy can be saved. But first they must be destroyed. “
Via Zero Hedge
“Ever since he first rolled into our lives back in 2008, we’ve loved WALL-E, the lovable trash compactor robot at the heart of the Pixar film of the same name. He’s cute, he’s loving, he’s brave, and he’s just plain neat. Too bad he’s only a cartoon, right? Well, not anymore.
Mike Senna, a California robotics enthusiast, was best known up until a little while ago for building a life-sized, working R2-D2. It started out as a hobby, then became something more when Mike began taking R2 to events for City of Hope, a pediatric cancer charity. After a while, it became apparent that it would be even more fun if he built a character with “more emotion,” and Senna began work on WALL-E.
As tough as building R2 must have been, building WALL-E was tougher. After all, someone’s already built an R2-D2, but until now WALL-E only existed in a computer. There were no schematics, no pre-existing parts, nothing. Senna had to watch the movie over and over again to get all the movements right, develop the robotic elements himself, and then put it all together. He spent at least 25 hours a week working on it (he also has a job), and estimates that it probably took anywhere between 3,200 and 3,800 hours to finish the project. Oh, and he paid for all of it himself.”
“Curious how many Democrats live on your block? Just download the Obama campaign’s new mobile app.
The app, released last week, includes a Google map for canvassers that recognizes your current location and marks nearby Democratic households with small blue flags.”
Via Pro Publica
“Eric Hovde’s campaign is outing a gay-rights group for labeling him a Democrat.
Madison-based Fair Wisconsin admits that a recent poll about Wisconsin’s U.S. Senate race contained a huge error.
The poll asked respondents across the state whether they would vote for Republican Tommy Thompson or Democrat Eric Hovde.
One problem: Hovde, a Madison developer and hedge fund manager, is a Republican running against Thompson in a primary field of candidates trying to out-conservative each other.
Fair Wisconsin told Wisconsin Reporter that the error wasn’t intentional, and that its contracted pollster, Mountain West Research in Utah, made the mistake.”