Vitter's Balanced Budget Amendment and Other Stupid Ideas

I was pondering this Balanced Budget Amendment idea and kept coming to the conclusion that it would be a horrible way to run the country, and that was before I read The Pelican Institute's post stating: "Despite a balanced budget requirement, Louisiana has still managed to acquire $21 billion more in liabilities than it has assets to offset them."

It was also before I read that Norman Ornstein, a resident scholar at the conservative American Enterprise Institute said: "It is about the most irresponsible action imaginable. It would virtually ensure that an economic downturn would end up as a deep depression, by erasing any real ability of the government to pursue countercyclical fiscal policies and in fact demanding the opposite, at the worst possible time."

I think good ole Norm was getting at what I was thinking. I was thinking: where will Louisiana get federal disaster help the next time a levee or an oil well explodes? Given the state's Republican leaders' non-stop pleading for help cleaning up the oil and making the fisherman financially whole again, we'd be up shit bayou if we need those funds if while operating under a federal Balanced Budget Amendment we have a disaster at a point in the fiscal year when all federal disaster funds have already been allocated.

I emailed Senator Vitter and posed this very question to him when I learned of his refusal to vote for a debt ceiling bill unless it is tied to a Balanced Budget Amendment, but he didn't respond. Which brings me to the point of this post. Why does Senator Vitter keep wasting his time on stupid legislation that even other conservatives consider stupid? We all champion lost causes now and again, but Vitter seems to have made a career out of being on the wrong side of issues, being ineffective, and even worse, being consistently counterproductive.

"Unlikely" How?

This quote from an Associated Press article about Obama's European trip got me to thinking.

"His address came midway through a four-country European tour during which he's connected with his unlikely Irish roots..."

The author either meant "unlikely"as in objectionable or unlike: "Wow, Obama doesn't come across as a descendent of these common folks" (as they are portrayed in this NPR article); or "unlikely" as in highly improbable: "Black people don't have Irish ancestors, you silly goose!"

If the author intended the former, it's hard to see how that deserves mention in an article that's not about his ancestry or his personal American Dream narrative of working himself up from hardscrabble roots to greatness. If the author meant the latter, I think it shows our collective hesitation to see even a non-white-looking person who we KNOW is half white as truly American. I mean, how uncommon and unlikely is it really for an American of any race to have Irish ancestors?

Insurance Companies to Alabama Tornado Victims: SCREW YOU

I sit here this morning left speechless by the scope of destruction left by numerous and massive tornadoes across Alabama and Georgia last night. Watching those scenes naturally triggered thoughts of the long post-Katrina recovery. I'm sure other survivors of that disaster also immediately felt empathy for what the unfortunate folks across the Deep South are about to go through. Once they are able to get past the first waves of shock and grief, the tornado victims will suffer the injustice of having their insurance companies turn their backs on them. For years they paid for a service and a sense of protection that they will not receive.

Like a good con artist, State Farm, Farmers, USAA Insurance, and other insurance companies collected decades' worth of premiums from Gulf Coast residents, and then just 3 months ago, started dropping their windstorm and hail coverage. The timing of those companies' collective decision is eerily prescient in this January 2011 story from Daphne, AL, in which a customer is told her wind and hailstorm coverage would be dropped in March 2011 - a little over a month before many Alabama residents would need that coverage.


WKRG.com News

God help the tornado victims and grant them the strength and resolve to obtain the compensation they are justly owed.

Concept of the Day: DOUBLE STANDARD

Hey kids! Today's concept is: DOUBLE STANDARD. As in, "The Republicans seem to espouse a double standard when judging private sector and government sector finances."

The piece What's Good Enough for GE is Good Enough for the United States argues the point that S&P's downgrading of the U.S.'s credit rating was widely met with snorts and chuckling. Why?

Still, it’s true that federal debt held by the public has reached 60 percent of GDP, while tax revenues remain around 20 percent of GDP. 60 percent of GDP is a lot! And double, nearly triple, tax revenue! What would we call a company with outstanding debt double or even triple its revenues, and expected to keep the highest bond rating?

We would call it General Electric. As recently as 2007, GE had an S&P rating of AAA with outstanding debt at over three time revenues...

Even Transocean, which operated the Deepwater Horizon rig for BP, managed an A- rating prior to the spill, with a debt-revenue ratio similar to what the federal government has now. [J.W. Mason, New Deal 2.0]

We all know the conservative mantra, spouted ad nauseum from our Gret Stet of Looziana to the congressional halls of the Beltway: "Government should be run like a business!" As it turns out, the government is already run like a business. So thank you, Republicans. Your work here is done. You can all step down from your lives of public service now and go home.