By Conn Carroll - Morning Examiner
There is a real hunger among conservatives for
a presidential candidate that is willing to talk boldly about reducing entitlement spending. Hence all the buzz for first Indiana Gov. Mitch Daniels and more recently House Budget Committee Chairman Paul Ryan R-Wis. Both have since declined to run for office.
New Jersey Gov. Chris Christie had also excited those who recognize that entitlement spending must be dealt with now. Conservatives loved his recent speech at the American enterprise Institute: Heres the truth: Youre going to have to raise the retirement age for Social Security. Uh-oh I just said it and Im still standing here. I did not vaporize into the carpeting. We have to reform Medicare because it costs too much and its going to bankrupt us. Once again lightning did not come through the windows and strike me dead." But Christie has repeatedly said he isnt running either.
Sen. Marco Rubio R-Fla. also took a brave stance on entitlements calling for and not backing down from a raise in the Social Security retirement age. But he isnt running either.
But Texas Gov. Rick Perry is running. And early reports from the campaign trail indicate that he is more than willing to address real entitlement reform: It is a Ponzi scheme for these young people. The idea that theyre working and paying into Social Security today that the current program is going to be there for them is a lie" Perry told a town hall in Ottumwa Iowa Sunday. It is a monstrous lie on this generation and we cant do that to them."
This is the kind of rhetoric many conservatives have been waiting to hear from a candidate who is actually in the presidential race.
Around the Bigs
The Wall Street Journal Economic Cost Will Be Less Than Feared: Early industry estimates place insured losses from Hurricane Irene somewhere between $3 and $5 billion but total economic losses may be greater. Were talking billions of dollars in lost output not tens of billions and that will probably be made up really quickly" Moodys Analytics chief economist Mark Zandi told The Journal.
The New York Times Profits Falling Banks Confront a Leaner Future: Facing tighter regulations and the possibility of a second recession banks are cutting jobs consolidating businesses and scrambling for new sources of income. People heard all these things before but the reality of seeing the numbers is finally sinking in" former JPMorgan John Chrin told the Times. Its hard to imagine big institutions achieving their pre-crisis profitability levels and even the community and regional banks are faced with the same problems."
The Washington Post Consumer fears put economy on the brink: According to the University of Michigans Surveys of Consumers Americans no longer believe they will make more money next year than this year. Fear is driving things" insurance agent Linda Bailey told The Post We really dont know whats going to happen do we?"
USA Today Ind. school voucher program cheered criticized: Noting that all but six of the 242 schools that have have been chosen by parents are religious schools Indiana teachers union has filed a lawsuit challenging the states new school voucher program. I think the intent is that the money will be going to religious institutions or private institutions to fund those childrens educations and so that is a voucher program funding religious education" Indiana State Teachers Association vice president and lead plaintiff Teresa Meredith told USA Today.
Campaign 2012
GOP Field: The Wall Street Journal reports that bad blood" between former Massachusetts Gov. Mitt Romney and Texas Gov. Rick Perry goes back at least as far as 2006 when the two had a shouting match over Romneys decision to hire media consultant Alex Castellanos for the Republican Governors Association. Castellanos was working for a primary opponent of Perrys at the time and Perry did not want RGA dues enriching a rivals consultant.
Perry: The New York Times attacks Perry for being inconsistent" on states rights citing his recent embrace of a constitutional amendment against same-sex marriage and support for federal regulation of abortion.
Huntsman: The New York Times Paul Krugman uses former Utah Gov. Jon Huntsman recent attacks on his primary rivals as anti-science to attack all conservatives for not believing in his fancy theories" of Keynesian economics.
Righty Playbook
The Examiners Tim Carnney notes Warren Buffetts past support for Obamas bailouts and wonders if Buffetts recent investment in Bank of America means a fresh round of bank bailouts is on the way.
The Heritage Foundations Matt Mayer defends Majority Leader Eric Cantors R-Va. demands that spending cuts in exchange for more aid to the Federal Emergency Management Agency (FEMA): Like Hurricane Dean a couple of years agowhen FEMA spent $50 million for a cloudy day in HoustonFEMA likely spent tens of millions preparing for Irene and will drop a lot more on declarations issued to states because of Irene. The federalization of fairly routine natural disasters continues unabated. At least Cantors call for spending cuts will force Washington to decide whether it wants to waste finite federal funds on FEMAs record-setting pace of declarations this year or reserve federal funds for truly catastrophic events and other federal priorities."
The Corners Ramesh Ponnuru blasts David Brooks latest column for creating false alternatives.
Lefty Playbook
Talking Points Memo keeps up the pressure on Majority Leader Eric Cantor R-Va. for insisting that any disaster relief beyond what is already currently budgeted should be offset by spending cuts elsewhere in the budget.
Mother Jones Kevin Drum looks at Pews latest poll and says the data show Obama should get tough with Republicans on the economy.
The Washington Posts Erik Wimple provides a chronology of The New York Times vs. Rep. Darrell Issa R-Calif.
