Saturday, June 25, 2011

Heritage Foundation - #3022 - President Obama Abuses Strategic Petroleum Reserve (2) Pictures of America's Fiscal Nightmare (3) The Truth About Tax Cuts (4) Time for America to Get Cyber-Serious

When it comes to making bad energy policy decisions, President Obama is a pro. Yesterday was no exception when the Obama Administration announced it would release 30 million barrels of oil from the Strategic Petroleum Reserve (SPR). This is part of an agreement with the International Energy Agency (IEA) to put a total of 60 million barrels on the market in the next 30 days. Another 27 nations will make up the other half of the oil needed.  President Obama and the IEA first explained this irresponsible action by noting a supply disruption as a result of the war in Libya. However, this disruption does not justify the depletion of the SPR, and the Administration doesn’t have the legal rationale, either. The White House slightly changed its tune late yesterday when Press Secretary Jay Carney told reporters it was meant as protection against increasing gas prices over the summer driving season.  Clearly, President Obama is putting politics and polls ahead of responsible governance and a smart energy policy. Even The Washington Post’s editorial board agrees. This morning, in a scathing editorial entitled “The wrong reason for depleting the strategic oil reserve,” the Post argues the White House is likely more focused on a “political emergency” and “the government should not tap the reserve absent a genuine crisis.”  Read more.......

Pictures of America's Fiscal Nightmare - There’s urgency in Washington to fix a problem that’s been a long time coming: America’s fast track to fiscal implosion. In The Heritage Foundation’s just-released, expanded 2011 Budget Chart Book, you can see just how bad the country’s spending problem is and how America racked up so much debt. Congress is coming to grips with the need to enact reform, in part because there’s a new breed of Tea Party conservatives making their voices heard on Capitol Hill and also because the government has reached the legal limit on how much it can borrow.  Read more.......

The Truth About Tax Cuts - All you are likely to hear about low tax rates from liberals and their echo chamber in the media is that they don’t work—that they fail to gin up economic or job growth. Exhibit A for this preposterous proposition is the Bush tax cuts. The left wants you to accept it as conventional wisdom that the policy was a bust.  Don’t believe it. The tax cuts enacted by the U.S. Congress in 2003 were an important cause of an economic expansion that roared for some 50 months and created 8.1 million jobs. The opposite philosophy—a stimulus that has crowded out private investment, plus an enormous health bill and a nightmarish financial regulatory package that are killing job creation—has only delayed recovery and left us with 9.1% unemployment.  Read more........

Time for America to Get Cyber-Serious - In the 1995 movie The Net, Sandra Bullock fights computer hackers attempting to cyber-sabotage her life. The hackers successfully change her identity, manipulate U.S. markets, and access the private personal data of U.S. officials. While the clunky looking computers, cell phones, and storyline in the movie are joked about today, cyber terrorism is a real—and much bigger—threat 16 years later.  Protecting America is no longer just a matter of diplomacy and sending armed forces overseas to fight. In the past 10 years, national defense has become a multifaceted intelligence enterprise, requiring additional expertise against nuclear, cyber, and chemical threats from our enemies.  Last week, the Pentagon announced that cyber attacks can now be declared an act of war, proving that these technological arenas are part of a 21st-century battlefield requiring a sharp, pre-emptive strategy and dedicated online soldiers.  Read more........

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