No posts in a while

I'm sure you've noticed I haven't posted anything new in a while. I started writing a book and haven't paid as much attention to the blog. Sorry to disappoint.

Obama giveth and Obama taketh away

Headline: Obama wants to cut $17B from budget

The reality: President Barack Obama is seeking $81 billion more in spending on domestic initiatives in his record $3.55 trillion budget plan while calling on Congress to trim $17 billion worth of programs, including raising more tax revenue from the oil and gas industries.

Only in Washington can you increase spending by $64 billion and get credit for budget cuts.

Update: Now Yahoo is showing the headline "Obama seeks to trim 121 federal programs." What a joke!

UPDATE: IBD reports: Bush was ridiculed in his last budget for proposing cuts of $18 billion on 151 separate discretionary programs, but the GOP was hammered relentlessly for its supposed profligacy. Where are the critics now, as deficits are estimated to hit $4.42 trillion through 2012, and total debt will soar from 41% of GDP in 2008 to 67%?

British tax rates

Adam Smith must be turning over in his grave: Marginal tax rate in Britain hits 61.5%.