. For a city weaned on the Big Bad Bruins of the 1970s, Vancouver's flopping/biting routine went over about as well as a Roger Clemens statue.--Bill SimmonsPhoto links here and here.
If election were held today, I think Obama would win the WH, we'd lose the Senate, and win back the House.--Howard Dean
I'd bet a lot of dough that Dean will be correct on at least one of those 3 predictions.--Cav
Patriotism is supporting your country all the time, and your government when it deserves it.--Mark Twain
Illinois gained nationwide notoriety in January when Governor Pat Quinn signed into law a 67% hike in the personal income tax rate while lifting the corporate tax rate to 9.5%, the fourth highest in the nation. How is that working out? The good news is that corporate tax receipts in Springfield are up by about $300 million amid the economic recovery—though the state comptroller's office announced in April that the state still faces $8 billion in unpaid bills. The bad news is that, according to the state's Department of Commerce, Illinois has already shelled out some $230 million in corporate subsidies to keep more than two dozen companies from fleeing the state. And more are on the way.--WSJ Editorial Board
In our view, markets will find a way to load risk on to any government guarantor. Eventually, regulatory controls get gamed. The regulatory mechanism steers financial firms toward a common risk factor. When failure comes, it is catastrophic. ... I have been saying for quite some time that the goal of government should be to aim for a financial system that is easier to fix rather than one that is harder to break. I also believe that a large financial sector that provides a lot of "safe" assets (safe only because of a government guarantee) is not obviously better than a financial sector that is only as large as it can be using the tools of diversification and skill at managing risk.--Arnold Kling
The Liberal government under former prime minister Jean Chrétien and finance minister Paul Martin began a concerted effort to balance the budget in 1995. Between 1995 and 1998, the government cut spending by a whopping 14%. As the report’s authors note, “if the U.S. government were to cut real spending by 14% over the next three years, the budget in FY [fiscal year] 2013 would be US$473-billion (in 2010 dollars) less than the FY 2010 budget.” Most importantly, the Chrétien-era Liberals were able to balance the budget, “not with large tax increases, but with substantial cuts in government spending.” Federal spending as a percentage of GDP went from 18% in 1993 to 13% in 2009. And the Canadian economy prospered because of it. During this period, the unemployment rate fell from a high of 11.4% in 1993 to 6% in 2007, according to Statistics Canada. Moreover, as the government cut spending, more resources were freed up for the private sector. As a result, Canada experienced high growth rates of 4-5% between 1997 and 2000.--Jesse Kline