Archive for the ‘Uncategorized’ Category

It’s A Spending Problem

Not a taxation problem.  To wit:  The U.S. Treasury hauled in $240,418,000,000 in total taxes in the month of May, setting a record for inflation-adjusted tax revenues for that month of the year, according to the Monthly Treasury Statement released this week.

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More:   Despite these record revenues, however, the federal government still ran a deficit of $88,426,000,000 in May—because it spent $328,844,000,000 in the month.

In the first eight months of fiscal 2017 (October through May), the federal government hauled in $2,169,160,000,000 in total taxes and spent $2,602,013,000,000—thus, running a deficit of $432,853,000,000. Fiscal 2017 will end on Sept. 30, 2017.

Prior to this year, fiscal 2006 held the record for most federal taxes collected in the month of May. That year, the Treasury collected $232,837,160,000 (in constant 2017 dollars) during May.

Hat tip CNSNews.com

Inflation Pressures Ease In May

Key bit:  The Bureau of Labor Statistics released the May Consumer Price Index data this morning. The year-over-year non-seasonally adjusted Headline CPI came in at 1.87%, down from 2.20% the previous month. Year-over-year Core CPI (ex Food and Energy) came in at 1.73%, down from the previous month’s 1.88%.

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Not necessarily the back drop for higher rates. 

Hat tip Doug Short of dshort.com

Frozen Raptor

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An F-22 Raptor assigned to the 477th Fighter Group, escorts the 176th Wing, Alaska Air National Guard’s newly acquired HC-130J Combat King II aircraft on its return journey to Joint Base Elmendorf-Richardson, Alaska, June 3, 2017. (U.S. Air National Guard photo/Staff Sgt. Edward Eagerton)

Hat tip Glen Reynolds of instapundit.com

The Next Phase Of Capitalism Is Coming

Key bit:  The purpose of capitalism is not job creation. The purpose of the capitalist economy is to create wealth. Employment and the subsequent distribution of the spoils of an economy are byproducts of capitalism.

More:  Our current economic period was fueled by a huge expansion of credit, which temporarily has taken the economy beyond its limits. Through excessive borrowing, consumers have spent far more than they can afford, and the expansion of social programs and futile attempts to stimulate the economy via government spending have left the country with $20 trillion of debt. At this point the consumer is broke, the country is broke, and the economy of mass consumption is on a respirator and cannot be resuscitated by further spending. If not the spending, what then, is the catalyst that will take capitalism to its next phase of evolution?

      A host of very significant developments over the past 20 years indicates that we are witnessing the dawn of a new phase in this evolution: the era of mass prosperity.
Great stuff from the Washington Times:  The Economy Of Mass Prosperity

It’s Not A Revenue Problem

It’s a spending problem.

Key bit:  Real federal taxes per capita have more than doubled since John F. Kennedy served as president — and argued for lower taxes.

In 1961, the fiscal year Kennedy was elected, the federal government collected about $94.388 billion in taxes, according to the Office of Management and Budget. The population that year was about 183,691,481, according to the Census Bureau. That meant federal tax revenues equaled about $514 per capita — or $4,121 in 2016 dollars.

In fiscal 2016, according to OMB, the federal government collected about $3.268 trillion in taxes. That equaled about $10,114 for each of the 323,127,513 people in the country.

Per capita federal taxation in fiscal 2016 was 121 percent more than it was in 1965 and 145 percent more than it was in 1961.

Read the whole thing:  Per Capita Taxes Have More Than Doubled Since JFK

The Human Fly

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The lede:  Just over forty years ago, on May 26, 1977, a toymaker from Queens named George Willig became the first person to scale the outside of the World Trade Center. A 27-year-old avid mountain climber, Willig had been planning his route up the south tower for more than a year before starting his ascent at 6:30 a.m. on that Thursday morning. He’d created a set of customized climbing clamps which he’d sized to fit the existing grooves used by window cleaners along the edge of what at the time was the world’s third tallest building. It took Willig less than four hours to reach the top, where he was promptly arrested. But even as the cops took him into custody, he could hear the applause of onlookers 110 stories below. A sizable crowd had formed during his stunt, including news crews and cameramen reporting on his progress. In the coming months, Willig would make guest appearances on Good Morning America and The Merv Griffin Show. ABC hired him to do stunt work on The Six Million Dollar Man, and he earned cool nicknames like “The Human Fly” and “Spiderman.”

More stunning photos at the link:  The Human Fly Scales The World Trade Center

The Best

The very best whiskey in the world was crowned at the San Francisco World Spirits Competition last month:

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OVERVIEW of 2017 COMPETITION

The 2017 San Francisco World Spirits Competition was held at the Hotel Nikko, San Francisco from April 20th through April 23rd. The 2017 Competition was another record-breaking year that featured 2,253 spirit entries from all corners of the world. The San Francisco World Spirits Competition is pleased to announce the results from the 2017 Competition and we congratulate all medal winners.

Best of Class

Best of Class winners represent the best examples of each spirit type from this year’s competition. Highlights from Best of Class winners include: Best Gin, Tarquin’s The Sea Dog Navy Strength Gin; Best Bourbon, Barrell Batch 011 Cask Strength Straight Bourbon; Best Vodka,Wodka Vodka; Best Tequila, Nosotros Blanco Tequila.

For a full list of Best of Class winners, please click here.

Premium Awards

The competition’s Best In Show winners represent the Competition’s highest honors. Chosen from the Best of Class winners, this year awardees were Best in Show Un-Aged White Spirit, La Caravedo Puro Torentel Pisco; Best in Show Aged White Spirit, Ron Cartavio XO Rum; Best in Show Whiskey, WhistlePig Boss Hog: Black Prince Rye Whiskey; Best in Show Brandy, Croizet Extra Cognac; Best  in Show Liqueur, Grand Marnier Cordon Rouge Liqueur.

Additionally, the annual Tasting Panel Magazine Distillery of the Year was awarded to Jameson Distillery, Ireland. Importer of the Year went to Diageo, Plc, United Kingdom and the Director’s Award of Excellence went to Distell Group, South Africa.

To browse a full list of medal winners, please click here.

More here from BusinessInsider.com:  http://www.businessinsider.com/best-whiskey-in-the-world-2017-5

 

They Don’t Call Him ‘Mad Dog’ For Nothing

Quite possibly the quote of the year…

The world is a much safer place.  Happy Memorial Day.

Quite A Month For The Nasdaq Composite

May has been a great month for the major tech index.  The Nasdaq Comp is well on its way to its 16th positive close this month(out of 19 sessions).  That’s a win percentage of 84% marking the best monthly performance since September 1996.  The most consistent month of gains?  In August of 1979 the Nasdaq was green 22 of 23 sessions(95%). 

Don’t tell Paul Krugman!

The winner of the Nobel Prize in Economics, immediately after the election:  “Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never.”

More gold:  “So we are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened.”

Here’s a link to the infamous New York Times opinion article from Mr. Krugman, who by the way, has over two million followers on twitter:  What Happened On Election Day

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