QOTD: Debt Limit Smackdown

There isn't a person outside a mental hospital or an Ivy League faculty who believes the federal government can continue on its current fiscal trajectory, even with tax increases. Change is inevitable. Real change. Bone-deep, re-write the social contract, no more free lunch, learn to live within our means change. What is the political wisdom of demanding that it can only happen over your party's dead body?

Bill Frezza had that to say a week ago as the debt ceiling vote drew nearer (the no strings attached version of which was voted on last night and went down harder than a DC hooker).

Obviously, Mr. Frezza is correct in that Washington is so delusional with regards to spending that they can (and should) be grouped with the Ivy League nut jobs and the psychos whom belong in white padded rooms.  Thus, it's imperative that some how, some way, the putzes inside the beltway get their shit together and find a way to cut the federal budget now (and not for next year, or the next 10 years) and forever to allow our country's finances to remain in tact (or at least functional).

Tax Freedom Day

Tax Freedom day was yesterday (Tuesday) for this year.  Translated, all of your income through April 12, 2011 for this year, was effectively paid to the federal government to satisfy your tax obligations (how nice of you comrade!). 

The question is, do you feel free from the federal government and their uncontrolled spending?  No?  Me either!  Nor this author either.

Meanwhile, as I type this I have cruised over to www.usdebtclock.org where I see that my share of the Federal Debt as a taxpayer (per taxpayer) is approximately $128,548 of the total $14,292,975,600,000 debt.  (Of course, give or take a few clicks of the printing press mouse).  Have you paid your fair share?  Have you gotten a good return on your investment?  I didn't think so.

Here's to hoping that the Repubs get their act together and stonewall an attempt to raise the debt limit.  Perhaps they can make some push with all 47 Repub senators signed onto a Balance Budget Amendment, but I'm not holding my breath. 

Spain's Speed Limits 'Bore' F-1 Champ

It isn't often that you see a Formula 1 champ talk politics (regardless of how political the F1 series actually is considering the FIA is like the UN of auto racing) but that is exactly what Fernado Alonso is doing. 

On the final Friday in February, the Spanish Government slashed the speed limit from 74.5 mph (considering they use kph over there) to 68 mph, in an effort to extract higher fuel efficiency.  The champ of the most prestigious racing league in the world basically said "I'll be bored."  I guess anyone addicted to speed, or used to driving in excess of 200 mph for work, would be bored at pedestrian speeds. 

Considering the measure is reactionary to the conflicts ongoing in the MENA (Middle East / North Africa) and rising oil prices, Spanish officials said they would reduce commuter rail fare to entice lower automobile use.  Though, just like any good government intervention, the law of unintended consequences rears its ugly head.   With these new measures in place the government stood a chance to loose out on more than $680 million in tax revenue from fuel use and associated economic activity.  Taking into account Spain's debt problem, and the fact that their bonds have been going Tango Uniform, something tells me that the "conserve until we die from higher interest rates" will only last so long (as politicians can deal without revenue like a vampire deals without the dark).

After all, it seems that the only thing conservation ever actually conserves is a lack of lower tax rates (or soverign debt crises).