“Soft despotism is a term coined by Alexis de Tocqueville describing the state into which a country overrun by "a network of small complicated rules" might degrade. Soft despotism is different from despotism (also called 'hard despotism') in the sense that it is not obvious to the people."

Monday, February 01, 2010

Obama ends grants to manufacturers of worsted wool. Annual savings: $5 million

Oh and by the way, this is part of Obama's $3.8 trillion budget.

Of course, Obama blames it all on Bush. He neglected to mention, he has dithered over a healthcare expansion that would cost trillions more.


  1. From a 2001 ITC Report: "The U.S. industry producing worsted wool fabrics for men’s tailored clothing consists of Burlington Industries, Inc., Greensboro, NC; Warren Corp., Stafford Springs, CT (an affiliate of Italy-based Loro Piana); and possibly a few smaller firms located in several States. It is believed that Burlington Industries and Warren Corp. account for all U.S. production of the fine worsted wool fabrics."

    Is anyone else wondering why the US government (aka: US Taxpayers) is funding this? It sounds like a great example of pork barrel legislation. Kudos to the elected officials from these states who got this approved. 10 years at 5million/year. These companies split 50 million. Pretty darn good. I wonder how much the elected officials who ran this through Congress got?

  2. The new Megaprojects Update is out.

    The way you read this is: The 4,700,000 bpd in 2009 hasn't All started producing, yet, and the 3,200,000 projected for this year will have some leakage over into next year.

    Of course, the main thing is, this doesn't consider the approx. 4,000,000 barrels/day that goes away every year as oil fields decline.

    Basically, we'd probably be kinda okay for another year if Demand wasn't Increasing by about 2 Million bpd in the non-OECD countries, and if we weren't trying to come out of recession. Oh, and if we could continue getting that 1 mbpd from "floating" storage that's going to go away in June, or July.

    It's looking really "iffy" folks.

  3. Now only if politicians can be that smart.

  4. Well, the Pubs have fallen for it: Hook, line, and sinker.

    Jan tax receipts will be interesting. April will "tell the tale." An awful lot got "written off" in 2009. Some will be left over. No way of telling (unless you're a really high-powered Corporate Tax Attorney) how much.

    Also, of great importance is what will happen when higher (maybe, much higher) gasoline prices hit in the 4th fiscal quarter.

    But, 2011 we should return to the long-term mean of giving approx 20% of our GDP to Unca Sam. That should lead to revenues in 2011 of about $3T, giving us a deficit of around $600B.

    The Trap is Set, and baited to perfection. The Party of Stupid won't realize what's happened to them until the gate clangs shut.

    Politics is frustrating; but it's a hell of a show.

  5. Must be frustrating when you almost always are proven WRONG!

    BHO's Budget assumes 4% growth for the rest of this year, wanna bet on that?

    How many times do deficits turn out to be SMALLER than politician's estimates, much less lying Marxist Politician's estimates?

    You insist on being wrong just so you can come off as the all-seeing contrarian.

  6. Heritage predicts larger deficits than estimated, Rufus, smaller:
    Who you gonna trust?

  7. Great video Sam.
    Sad that Rufus does not have the processing power of a bottlenose.

  8. Too bad it ain't survival of the sharpest.

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  10. Ny Times right on BHO, Rufus Wrong:

    Huge Deficits May Alter U.S. Politics and Global Power

    Projections suggest there is virtually no room over the next decade for new domestic initiatives for President Obama or his successors.

  11. But the second number, buried deeper in the budget’s projections, is the one that really commands attention: By President Obama’s own optimistic projections, American deficits will not return to what are widely considered sustainable levels over the next 10 years. In fact, in 2019 and 2020 — years after Mr. Obama has left the political scene, even if he serves two terms — they start rising again sharply, to more than 5 percent of gross domestic product. His budget draws a picture of a nation that like many American homeowners simply cannot get above water.

    For Mr. Obama and his successors, the effect of those projections is clear: Unless miraculous growth, or miraculous political compromises, creates some unforeseen change over the next decade, there is virtually no room for new domestic initiatives for Mr. Obama or his successors. Beyond that lies the possibility that the United States could begin to suffer the same disease that has afflicted Japan over the past decade. As debt grew more rapidly than income, that country’s influence around the world eroded.

    Or, as Mr. Obama’s chief economic adviser, Lawrence H. Summers, used to ask before he entered government a year ago, “How long can the world’s biggest borrower remain the world’s biggest power?”

  12. That which is unsustainable will not be sustained.

    via M.Simon, et al