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Archive for November 29th, 2012

Walker edges ever closer to indictment

Posted by Charles II on November 29, 2012

(Image of convicted Scott Walker aide Timothy Russell from Wisconsin State Journal)

Steve Schultze of Milwaukee Journal-Sentinel, via Giles Goat Boy at DK:

Timothy D. Russell, a former aide to Gov. Scott Walker, pleaded guilty Thursday to embezzling more that $21,000 from a nonprofit group that raised money for veterans.

Prosecutors charged Russell, 49, in January with stealing from a nonprofit that Walker assigned him to lead to raise funds for veterans and the annual Operation Freedom picnic the governor hosted while he was Milwaukee County executive.

Russell also was charged with stealing smaller sums from campaigns of two Milwaukee County Board candidates. Those counts were dismissed as a part of a plea bargain, though Russell acknowledged he had committed those thefts, as well.

Assistant District Attorney Bruce Landgraf said prosecutors will recommend a prison term of up to 2 ½ years followed by 2 ½ years of extended supervision…

it was revealed in another case that he played a role in setting up a secret computer system in the county executive’s offices that was used for campaign work.

Dee Hall, Wisconsin State Journal:

The governor on Monday said he is “absolutely” confident he is not a target of the investigation.

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Posted in corruption, crimes, Republicans acting badly | 6 Comments »

Debt burden continues to decline under profligate Democrats

Posted by Charles II on November 29, 2012

First, household debt:

(Image from Quartz, via Barry Ritholtz)

Now, that’s pretty easy. If the bank forecloses on your house, your debt is extinguished. This is not really the kind of debt decline we’d like to see. But actually the federal deficit has been falling since the end of the recession.

(image from FRED)

So, yes, at 8.6% of GDP as of 2011, the deficit is too high. As more people go back to work, the payroll tax holiday goes away, and the wealthy are cajoled into paying a little more in taxes, the deficit should drop swiftly… it’s already down from the 10.1% of GDP achieved by Dubya Bush in fiscal year 2009 (ending in October 2009, and therefore preceding almost all of the stimulus spending, contrary to what James “Dow 36000” Glassman thinks, only 22%–$33B– had been spent, most in the form of a special payment to Social Security recipients).

The magic number is about 3% of GDP. As long as the deficit remains under that limit, the debt burden will not rise, since it will be within population + productivity growth. Notice which presidents achieved that level of deficit or better.

Posted in deficit, Democrat-bashing, taxes | 5 Comments »

 
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