What's Happening Now…
DUPAGE COUNTY BUSINESS BLOG
Why Wall St. Is Deserting Obama - September 16, 2010
Interesting article by Andrew Ross Sorkin from The New York Times
"As every student of American history knows, this country's core founding principles included nonpunitive taxation, constitutionally guaranteed protections against persecution of the minority and an inexorable right of self-determination," he wrote. "Washington has taken actions over the past months, like the Goldman suit that seem designed to fracture the populace by pulling capital and power from the hands of some and putting it in the hands of others."
Must See Charts on the Current and Projected in Gov't Spending and Budget - July 15, 2010
Must See Charts on the Current and Projected in Gov't Spending and Budget
The simple charts are easy to scroll through, and tell quite a story. Despite all the noise, the nation's leadership has not addressed any sense of fiscal prudence or responsibility to the future.
Yes indeed, difficult choices ahead - and not even being debated or discussed right now as leaders try to push past the November election.
http://www.businessinsider.com/heritage-foundation-budget-spending-deficit-2010-6#-1
Much of the data is based on research provided by the Heritage Foundation in its 2010 Budget Chart Book.
In short, the federal government is spending more per household than ever before. At current spending rates, by the time this spring's college graduates turn 67, federal spending on just three programs -- Medicare, Medicaid and Social Security -- could consume two-fifths of the nation's economic output.
At a time of layoffs and pay cuts for many workers, federal spending grew more than eight times faster than median income. With population growing only 1% per year, there is not enough new income to tax to offset the drastic increases in spending forward.
Recent financial bailouts, while outrageously expensive, were a pittance compared with the ballooning overall federal budget.
Most federal revenue comes from individual Americans in the form of the personal income tax.
Entitlement spending and interest payments on debt are squeezing out available dollars for vital programs such as defense, homeland security and education.
The full chart book from the Heritage Foundation includes gov't revenues, deficits and other measures as well. Use the link below for more pictures, as unsettling as they may be. The whole series can also be downloaded.
http://www.heritage.org/budgetchartbook/default
The Coming Reset in State Government - June 15, 2010
Wall Street Journal
September 4, 2009
The Coming Reset in State Government
By Mitch Daniels
State government finances are a wreck. The drop in tax receipts is the worst in a half century. Fewer than 10 states ended the last fiscal year with significant reserves, and three-fourths have deficits exceeding 10% of their budgets. Only an emergency infusion of printed federal funny money is keeping most state boats afloat right now.
Most governors I've talked to are so busy bailing that they haven't checked the long-range forecast. What the radar tells me is that we ain't seen nothin' yet. What we are being hit by isn't a tropical storm that will come and go, with sunshine soon to follow. It's much more likely that we're facing a near permanent reduction in state tax revenues that will require us to reduce the size and scope of our state governments. And the time to prepare for this new reality is already at hand.
The coming state government reset will be particularly wrenching after the happy binge that preceded this recession. During the last decade, states increased their spending by an average of 6% per year, gusting to 8% during 2007-08. Much of the government institutions built up in those years will now have to be dismantled.
For now, my state's situation is far better than most, but it won't stay that way if we fail to act in Indiana. At present, we are meeting our obligations, without raising taxes, and still have over $1 billion in reserve. But the dominant reality is that...
Second Quarter Meeting Reminder - June 15, 2010
Please join us for our Second Quarter Meeting.
Date: Friday, June 18, 2010
Time: 8:00 a.m. - 9:00 a.m.
Location: Center Point Properties
1808 Swift Drive
Oak Brook, IL 60523
We are excited to announce House Republican Leader Tom Cross will be our guest speaker. Leader Cross' leadership in the state is critical and this is an extraordinary opportunity to find out what is really going on in Springfield.
This legislative session, Leader Cross is pushing an aggressive legislative agenda to create jobs. With the state billions of dollars behind in its bills and in debt, one of Leader Cross' highest priorities is to improve Illinois' economy and get people back to work. This effort is in line with our principles.
Please RSVP your attendance to Lisa Wagner or Laura Masterson at 630.752.9661 or email laura@wagnerco.org.
Click here for directions to Center Point Properties
http://www.centerpoint-prop.com/pdf/directions_to_cnt_oak_brook_office.pdf
Obama's Home-state Headache - June 9, 2010
Politico
May 7, 2010
Obama's Home-state Headache
By: Ben Smith and Manu Raju
President Barack Obama's enemies like to call him a creature of the "Chicago machine," but when it comes to the politics of his home state of Illinois, the White House doesn't seem to know where the gears are.
Indeed, Chicago has delivered an unending stream of embarrassment, frustration and discomfort to the administration of its favorite son, from an indicted governor to a failed Olympics bid to a series of smaller political blows.
In the latest encounter with political quicksand, the White House - already burned by a series of failures to fill Obama's Senate seat with a chosen candidate - has been forced to proceed with extreme caution toward the damaged Democratic Senate nominee, Alexi Giannoulias, waiting to see if he drops out even as some of its allies want the White House to take a heavier hand.
Giannoulias is only the candidate, after all, because Obama, a proud Chicagoan, first failed to persuade Illinois's Democratic governor to appoint Valerie Jarrett, the perceived favorite - at least without cash on delivery. Then, after the governor's indictment, the White House tried, and failed, to keep Roland Burris from warming Obama's seat. After that, Obama couldn't persuade Illinois's popular attorney general to run...
RECENT POSTS
- Why Wall St. Is Deserting Obama
- Must See Charts on the Current and Projected in Gov't Spending and Budget
- Second Quarter Meeting Reminder
- The Coming Reset in State Government
- Obama's Home-state Headache
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