No Runny Eggs

The repository of one hard-boiled egg from the south suburbs of Milwaukee, Wisconsin (and the occassional guest-blogger). The ramblings within may or may not offend, shock and awe you, but they are what I (or my guest-bloggers) think.

Archive for July 7th, 2011

The GM-ification of the federal government, or “Obama, SEIU toss grandma over the cliff”

It is perhaps fitting that Sen. Ron Johnson (R-WI) compared the debt crisis to a bankruptcy, though not in the way he intended. Before I give you what Obama is prepared to do, I’ll give you the quote from Sen. Johnson (courtesy Tina Korbe over at Hot Air):

“I’ve been on the unsecured creditor side of a customer going bankrupt,” he said. “If you come to me as an unsecured creditor in a bankruptcy situation where the customer is going through a reorganization and you say, ‘Secured creditors are getting dollar for dollar — that’s interest on the debt, that’s Social Security. The rest of you guys, until we get this figured out, will basically get 60 cents on the dollar. Once we go through the reorganization, once we get this figured out, you’ll probably get 98 cents on the dollar.’ I’d be going, ‘That’s a sweet deal.’ I’d do that in an instant.”

The problem is, that’s just not how bankruptcies happen in the ObamiNation. I’ll let Doug Ross explain why Obama is throwing seniors under the bus (emphasis in the original):

Consider what Obama has already committed to — or is proposing to — cut:

  • The Obamacare takeover of the health care industry slashed $500 billlion from Medicare to help pay for the new entitlement.
  • The states will be forced to find about $400 billion in Medicaid funding in 2011, this time without the “shovel-ready Stimulus” package which picked up about $100 billion of the tab.

And now the President proposes additional cuts for seniors, this time in the form of reductions in Social Security.

Notice who doesn’t have to sacrifice: the public sector unions, whose support is crucial to Obama’s 2012 relection campaign.

Given the treatment of the creditors in the government seizures of GM and Chrysler in favor of the profiting UAW (at last check, the UAW will end up getting over $1.50 on every dollar GM owed it), we should have seen this coming.

That is not to say, however, that Social Security is a sacred cow. After all, assuming the Trustees’ intermediate-case scenario isn’t too rosy, in order to get the “Trust Funds” to their exhaustion dates of 2018 for the Disability Insurance fund and 2038 for the Old-Age and Survivors Insurance fund, the Treasury Department will need to come up with roughly $7 trillion in cash it doesn’t have.

Ask Egg – Twitter edition

by @ 8:01. Filed under Ask Egg.

If President Obama can crank out the Twitter version of “Ask Me”, I can lampoon it. Let’s roll in 140 characters or less, with the note that other than my account, these aren’t real Twitter accounts (though it should be easy to tell who I’m lampooning):

TehWon2012: How can I rescue the economy? #AskEgg
steveegg: @TehWon2012 Resign? Make the Bush-era tax rates permanent. Start drilling. Kill the EPA. Of course, you won’t listen. #AskEgg

Fleebag14: When we can’t honestly change our name to @Fleebag17 after spending millions, what next? #AskEgg
steveegg: @Fleebag14 3 words – Suck. It. Up. (or 2 for the DX fans among you) #AskEgg

BigBenFed: I’ve seen QE1 and QE2 slip beneath the waves. Should I launch QE3? #AskEgg
steveegg: @BigBenFed: Don’t be insane. The only things it did were sink the dollar and the economy. #AskEgg

MarkyDMN: I’ve inflicted as much pain as I could, but I still can’t get the eeeevil Pubbies to keep people from being as rich as me. What now? #AskEgg
steveegg: @MarkyDMN If U listened 2 Target CFO, you would have figured out MN is at the far end of the Laffer Curve. See reply to @Fleebag14. #AskEgg

NREFan: Are you going to post more? #AskEgg
steveegg: @NREFan Depends on how I feel.

Thus ends this episode of Ask Egg.

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