Barack Obama’s tiny victory may gratify the left, but it won’t be much comfort during the storms that lie ahead. Despite the apparent vindication of “The One”, the USA is running out of the liquidity required to fund his compulsive spending. Once that happens, trendy distractions such as “free” contraceptives will look incredibly silly.
The debt bomb will likely be a transformative event. It will shake up political alignments in ways that are hard to predict. The stereotypical 22 year old who voted for Obama in 2008 will be 30 in 2016, finally off the parental dime (and medical plan). He or she may be without a steady job, without benefits and without good career prospects and the wherewithal to start a family. A lost decade, indeed.
The election bitterly disappointed the conservative base of the GOP, who had serious reservations about Mitt Romney, but grew to respect him as a fighter and thought that liberation from the statist paradigm was at hand. But life goes on. We need to look at what went wrong, but more importantly, why our core message is so right. We must devise new ways of getting it across to more voters.
Drop by to hear a discussion of this challenge on the latest episode of “Italian Tomatoes” on Blog Talk Radio. We discuss the dynamics of 2012, and ways to reach those critical independent voters who proved so elusive this time around.
Business Insider – The Taxpayer Protection Pledge signed before witnesses by 238 US congressmen does not leave much wiggle room as the fiscal cliff arrives.
It is a solemn oath to the American people — under pain of political perjury — crafted by my old friend Grover Norquist to block retreat.
Each member of the covenant vows to “oppose any and all efforts to increase the marginal income tax rate for individuals and business; and two, oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates”.
Mr Norquist can legitimately argue that the US elections have reinforced the mandate of those demanding radical action to shrink the Leviathan state. The Republicans held the House — the paramount budgetary institution — by a fat majority on a crystal clear message. The party will now hold 30 governorships, the highest in twelve years.
Fox Business – After the stock market took a brutal, post-election battering, all eyes next week will be on equities as investors try to figure out what’s next for Wall Street. Next week will also be a busy one for investors with a lot of manufacturing, monetary policy and inflationary data coming out.
Sunday is Veteran’s day. The banks and the federal government are closed Monday but the stock and bond market are both open.
Tuesday, the National Federation of Independent Business comes out with its monthly index that gauges small business optimism for the prior month. Because the election was so recent, November’s index will be more closely watched to see whether or not President Obama’s re-election will affect small business owner’s optimism.
On Wednesday, the Commerce Department posts retail sales numbers for October. Reports for the two previous months have shown gains — the most since October 2010. Also on Wednesday, the Federal Reserve releases minutes from its last policy-setting meeting, which is significant because it gives investors details on what was discussed.
CNET Editors’ Rating
3.5 stars -Very good
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