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LEVIATHAN NEEDS A HAIRCUT

The economy's been growing at a rate less than half the average for the recoveries following the 9 previous postwar recessions.  Accompanying the worst recovery ever is the longest period of sustained high unemployment since the Great Depression, the Congressional Budget Office noted. Real average hour earnings fell 1.1 percent between February of last year and this February, said the Bureau of Labor Statistics.   Americans are being squeezed more than the BLS data indicate.  The Consumer Price Index rose just 2.9 percent last year, but it doesn't include gasoline or food.  The American Institute for Economic Research compiles an "Everyday Price Index," which includes only stuff the typical consumer buys at least once a month.  The EPI rose 7.2 percent last year.   High unemployment, slow growth and soaring gasoline prices are the product chiefly of government policies.  They can be ameliorated, swiftly and substantially, if those policies are changed.  But it's too late to vote our way out of our biggest economic problem.

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WE SUFFER, WASHINGTON PARTIES — WHY DO WE TOLERATE IT?

What are the ramifications if the Supreme Court finds the individual mandate provision of the healthcare reform law unconstitutional? This provision requires individuals to purchase government-defined health insurance or pay a fine. I hope it will serve as a wakeup call to a nation that I believe is still sleeping through a crisis. Liberal and open-ended interpretation of the Constitution has rendered it practically meaningless, opening the door to steady growth of the federal government and its inexorable encroachment in our lives over the last half century. The problems we are having today all originate here. Our growing burden of taxes and government debt -- what now is breaking European countries and is about to break us -- stems from the growth of government programs, enabled by open-ended interpretation of the Constitution. Our private economy, in which freedom and the creative spirit are still allowed to operate, is going great. A miracle is taking place in energy, with new domestic production of oil and gas made possible by new drilling technologies.  New technologies abound, with more and more gadgets appearing all the time at lower and lower prices. So why are we turning over more and more of our lives to the most unproductive, least efficient part of our country: government?

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THE CREATIVE DESTRUCTION OF THE EURO

Next to the Nobel, the richest and most prestigious economic award is the £250,000 ($400,000) Wolfson Economics Prize, awarded by the Wolfson Foundation, founded by British entrepreneur and philanthropist Sir Isaac Wolfson in 1955.  It currently has an endowment of $1.2 billion. Unlike the Nobel, the final contenders for the Wolfson are known in advance.  This year, out of 425 entrants, five were chosen as finalists - and they all have a shared nightmare on how to "manage" a full or partial disintegration of monetary union. They agree on little else. "The consequences of a completely unplanned 'Exit' are likely to be catastrophic," said Neil Record from Record Currency Management, one of the five qualifiers. Catherine Dobbs, a former algorithms expert at Gartmore, said the global shock could be five to 10 times worse than the Lehman earthquake in 2008, given the scale of contracts and counter-party exposure. The Lehman lesson is that authorities must have contingency plans in place to stop a seizure of the global credit system. The crucial point is exactly how a break-up occurs, not whether it does so.

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HALF-FULL REPORT 03/30/12

Something rare happened this week.  The story to which the news media devoted the most attention actually was the most important story.  Supreme Court Justices signaled during oral arguments they're likely to throw out Obamacare root and branch.  Liberals are stunned. When neighborhood watch volunteer George Zimmerman shot black teenager Trayvon Martin Feb. 26, it was murder, motivated by racism, liberals concluded without benefit of evidence.  Now evidence is emerging, and an open and shut case is being cluttered up with facts. Zimmerman's mother is Peruvian, which makes him as Hispanic as Barack Obama is black.  He's a registered Democrat.  This has no bearing whatsoever on Zimmerman's guilt or innocence, but it complicates the liberal narrative that somehow white Republicans are to blame for the shooting, and casts doubt on the wisdom of the president's decision to interject himself in the case. The liberal boycott of the Rush Limbaugh program has fizzled, the Washington Post acknowledged this week.  Rush's ratings are up 10 to 60 percent, and advertisers are beating down his door.  The big loser is George Soros-funded Media Matters, which put its reputation for intimidating advertisers on the line, and failed. Democrats are panicking about the political implications of Zero telling Russian President Dmitry Medvedev he would show more "flexibility" on missile defense after the election.  The clumsy lie Obama told trying to explain away the comment may compound the damage. Paul Ryan's budget passed the House.  Zero's budget got zero votes.

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IS THE PRESIDENT A PATHOLOGICAL LIAR?

The presidency of Richard Nixon was destroyed, and that of Bill Clinton nearly ruined, by scandals that erupted over lies they told.  But no president ever before has lied as frequently, as flagrantly, or as foolishly as has Barack Obama. Mr. Obama was in Cushing, Oklahoma last Thursday (3/22) to pretend he was for the Keystone XL pipeline he blocked in January, and to feign support for domestic production of oil and natural gas, which his administration hinders and hampers in every way it can. Posing in front of stacks of pipe, Mr. Obama said: "Today, I'm directing my administration to cut through the red tape, break through the bureaucratic hurdles and make this project a priority." How does he expect people to believe this?  Does this guy have some psychological compulsion to lie?

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THE HEART OF DARKNESS

Monrovia, Liberia.  This is a horror story - far grimmer than anything Joseph Conrad ever imagined, much less experienced when he captained a steamboat on the Congo River in the Belgian Congo in 1889.  Conrad's famous novel, Heart of Darkness, was fiction and only very loosely based on fact.  This story is true - and it's not from the 19th century, it's contemporary. Steel yourself, because we're in for a stomach-turning rough ride.  How human beings can be capable of such evil seems inexplicable.  It is not true that all of us are so capable - Conrad was wrong about that.  Very wrong.  Yet enough people are to make this a cautionary tale, as the odds of a maelstrom in our land mount along with those of Zero's reelection.  It was such a maelstrom that recently engulfed West Africa. The country of Liberia is unique in Africa, founded in the 1820s by American freed slaves, with a constitution and government structure based on America's, and the capital named in honor of President Monroe - Monrovia. The colonists called themselves Americo-Liberians, immensely proud of their American heritage, with an Antebellum South lifestyle that included wearing top hats and morning coats, and living in homes with columned porches.  Their party, the True Whig Party, ruled Liberia for over 130 years.  Then, in 1980, the descent into madness began.

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OBAMALIES, OBAMADECEIT, OBAMACARE

Passage of his health care law is his proudest achievement, Rep. Carolyn Maloney, D-NY, said she was told by President Barack Hussein Obama, Jr.. But when the second anniversary of Obamacare rolled around last Friday (3/23), the White House hoped you wouldn't notice.  Why? Because we've learned everything Democrats said about it is false.  Here's a quick compendium of Obamalies and Obamadeceit on Obamacare.

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WHY ARE HOUSE REPUBLICANS ALL WHINE AND NO GUTS?

The Supreme Court last week ruled against the Environmental Protection Agency (EPA) in a unanimous decision. The EPA had charged a couple with violating the Clean Water Act. It claimed their property was a "wetland" and said it would fine them up to $75,000 per day - but there was no water on the property and there had been no judicial review of the charge. Where are the members of Congress whose funding enables the EPA to engage in this tyranny? Republicans whine that they cannot control spending because they only control one half of Congress. But the plain fact is that the Constitution is very specific. Any spending bill must be passed by both houses of Congress and signed into law by the president. Thus, there is nothing - nothing - to prevent the House Republicans from refusing to fund the EPA's desired budget until the agency puts procedures in place to guarantee the basic constitutional rights of all Americans.  Yet they are all whine and no guts.

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HALF-FULL REPORT 03/23/12

Jack Wheeler is still in Africa, so I'll be subbing for him this week and next.  We'll begin this HFR with unadulterated good news.  The Supreme Court smacked down the EPA Wednesday for regulatory overreach. The mission in Afghanistan is on track, Marine Gen. John Allen, the NATO commander in Afghanistan, told the House Armed Services Committee Tuesday. If Gen. Allen really believed that, he'd be delusional. The fat lady was warming up after Mitt Romney's big win in Illinois Tuesday.  Then Romney's own campaign manager revived fears Mitt is a duplicitous squish. GOP prospects hinge heavily on how the middle class responds to Paul Ryan's budget.  He proposes to spend $3.5 trillion less than Obama over the next decade.  Democrats already are running Mediscare ads, but some conservatives think Ryan doesn't cut enough. Wednesday was the second anniversary of the passage of Obamacare.  Zero hopes you didn't notice. Journalists don't check out Zero's birth certificate because they're afraid it might be forged, an editor told columnist Diana West.

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DAYLIGHT – THE STORY OF OBAMA AND ISRAEL

A few weeks ago the Obama administration put out a video extolling Obama's record on Israel. They took excerpts from speeches by Israeli leaders praising Obama and used them as proof that Israelis view Obama is a great friend of the Jewish state.  On the whole it was an obscene production. What can Benjamin Netanyahu or any other Israeli official say other than that Obama is a great friend of Israel? We have to face the dismal fact that Obama may remain in the White House until 2017. No Israeli official can afford to say openly what they think of this man.  While Israel's leaders cannot say the truth about Obama, American Jewish groups can say the truth. Unfortunately, since the majority of American Jewish leaders are more concerned about maintaining their liberal bonafides than defending Israel, the voices opposing Obama's hateful treatment of the US's most vital ally in the Middle East have emanated mainly from the underfunded margins of the American Jewish community. Here's one voice that tells the truth.

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