quarta-feira, 29 de janeiro de 2014

1914: o mundo nas paginas da revista L'Illustration

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Divida publica sobe mais que o PIB e a inflacao: heranca maldita do PT

O que o governo pensa que está fazendo?
Pretende tornar todos os brasileiros refens de sua politica irresponsável?
Paulo Roberto de Almeida 

Dívida pública sobe 5,7% em 2013 e atinge marca inédita de R$ 2,12 tri

O Globo, 29/01/2014

A dívida pública federal, que inclui tudo o que o governo deve a credores dentro e fora do país, subiu 5,71% em 2013, para R$ 2,12 trilhões, novo recorde. As informações foram divulgadas nesta quarta-feira (29) pela Secretaria doTesouro Nacional, do Ministério da Fazenda.
O crescimento da dívida pública no ano passado foi de R$ 115 bilhões. Em 2012, a dívida pública havia registrado crescimento maior, de7,5%, ou R$ 141 bilhões, para R$ 2 trilhões.
Segundo os dados do Tesouro, nos últimos nove anos a dívida pública mais que dobrou.
A dívida pública é a contraída pelo Tesouro Nacional para financiar o déficit orçamentário do governo federal. Quando os pagamentos e recebimentos são realizados em real, a dívida é chamada de interna. Quando tais operações ocorrem em moeda estrangeira (dólar, normalmente), é classificada como externa.

Fatores para o crescimento
O crescimento da dívida pública no ano passado está relacionado, principalmente, com as despesas com juros, no valor de R$ 218 bilhões.

Também pesou no aumento da dívida a injeção de R$ 39 bilhões no Banco Nacional de Desenvolvimento Econômico e Social (BNDES) em 2013, além das emissões de R$ 8 bilhões para a Caixa Econômica Federal, de R$ 7,86 bilhões para a Conta de Desenvolvimento Energético (CDE), de R$ 2,75 bilhões para o Fies e de R$ 2 bilhões para o Fundo da Marinha Mercante.
Ao todo, as emissões diretas – títulos de dívida que o Tesouro emitiu e que não foram para o mercado financeiro, englobando os valores para o BNDES, CDE e Caixa Econômica Federal, entre outros – somaram R$ 59,6 bilhões no ano passado. Ou seja, mais da metade do crescimento de R$ 115 bilhões registrado no estoque da dívida pública em 2013.
A dívida só não cresceu mais no ano passado porque houve um resgate líquido (vencimento acima do volume de emissão de títulos públicos) no valor de R$ 103 bilhões no mercado financeiro.

Programação para 2013
O crescimento da dívida pública em 2013 e a marca de R$ 2,1 trilhões para a dívida pública no último ano já eram esperados pela Secretaria do Tesouro Nacional. Segundo o plano da instituição, divulgado em janeiro do ano passado, a dívida pública deveria terminar 2013 entre R$ 2,1 trilhões e R$ 2,24 trilhões. Deste modo, mesmo com a elevação da dívida em 2013, ela terminou o último ano mais próxima do piso das expectativas (R$ 2,1 trilhões) do que do teto (R$ 2,24 trilhões).


Aumento nos últimos anos
Segundo os dados do Tesouro, nos últimos nove anos a dívida pública mais que dobrou: em 2004, o estoque de dívida estava em R$ 1,01 trilhão, subindo para R$ 2 trilhões no fechamento de 2012 e para R$ 2,12 trilhões no fim do ano passado.

Da expansão da dívida pública de cerca de R$ 1,11 trilhão nos últimos nove anos, mais de R$ 330 bilhões referem-se a emissões de títulos públicos para capitalizar o BNDES, ou mais de 30% da alta total.
Em 2009, o Tesouro emitiu R$ 100 bilhões para o banco público, valor que passou para R$ 80 bilhões em 2010, para R$ 45 bilhões em 2011 e para R$ 55 bilhões em 2012. No ano passado, houve a emissão de R$ 39 bilhões para o banco público.

Dívidas interna e externa
No caso da dívida interna, segundo informou o Tesouro Nacional, foi registrado um aumento de 5,84% em 2012, para R$ 2,02 trilhões. Em dezembro de 2012, a dívida interna somava R$ 1,91 trilhão. No ano passado, o crescimento foi de R$ 112 bilhões.

Já no caso da dívida externa brasileira, resultado da emissão de bônus soberanos (títulos da dívida) no mercado internacional e de contratos firmados no passado, o governo contabilizou um aumento de 3,72% no ano passado, para R$ 94,68 bilhões, contra R$ 91,28 bilhões no fechamento de 2012. Neste caso, o crescimento foi de R$ 3,4 bilhões.

Perfil da dívida
No ano passado, o governo manteve sua estratégia de tentar emitir mais títulos prefixados, ou seja, com correção fixa determinada no momento do leilão, o que aumentou seu percentual no total da dívida, e, ao mesmo tempo, reduzir a participação de papéis atrelados aos juros básicos da economia brasileira.

Em dezembro de 2013, o percentual de papéis prefixados somou 43,3% do total, ou R$ 878 bilhões, contra 41,18% no fechamento de 2012, ou R$ 789 bilhões. Os números foram calculados após a contabilização dos contratos de "swap cambial".
Os títulos atrelados à taxa Selic (os pós-fixados), por sua vez, tiveram sua participação reduzida em 2013. No fim do ano passado, representaram 11,35% do total (R$ 230 bilhões), em comparação com 22,55% no fechamento de 2012 (R$ 432 bilhões).
A parcela da dívida atrelada aos índices de preços (inflação), por sua vez, somou 36,14% no fim de 2013, o equivalente a R$ 732 bilhões, contra 35,48% no fechamento de 2012, ou R$ 680 bilhões.
Os ativos indexados à variação da taxa de câmbio, por sua vez, somaram 9,22% do total no fim de 2013, ou R$ 186 bilhões, contra 0,79% no fim de 2011, ou R$ 15,16  bilhões, no fim do ano anterior. O forte crescimento da dívida em dólar se deve à emissão de contratos de "swap cambial" pelo BC - para evitar uma alta maior na cotação da moeda norte-americana.

Instituto Millenium, um dos melhores think-tanks da América Latina:

Como um dos colaboradores do Instituto Millenium, só posso me congratular, e cumprimentar a todos os responsáveis e especialistas do IM, por essa informação auspiciosa em relação a seus esforços de esclarecimento da opinião pública sobre aspectos importantes das políticas públicas no Brasil.
Paulo Roberto de Almeida

Prezados especialistas do Instituto Millenium,
Temos o prazer de compartilhar com vocês nossa conquista divulgada em release a seguir. Agradecemos a todos vocês que colaboram conosco.
Att.,
 Simone

Instituto Millenium está entre os melhores think tanks das Américas do Sul e Central
Relatório  da Universidade da Pensilvânia  classifica Imil entre os 32 centros de pensamento mais importantes da região
O Instituto Millenium (Imil) é o 32º. colocado na lista dos mais importantes think tanks ou centros de pensamento (“Top Think Tanks”) da região das Américas do Sul e Central. É o que aponta o relatório "Global Go To Think Tanks 2013", elaborado pela Universidade da Pensilvânia e  divulgado em 22 de janeiro durante evento organizado pelo Banco Mundial, em Washington (EUA). A lista classifica 45 instituições na região. O "Global Go To Think Tanks 2013", avalia anualmente as ações de mais de seis mil think tanks em todo o mundo, com o objetivo de pesquisar as tendências e os desafios enfrentados pelos centros de pensamentos envolvidos com ideias e políticas públicas para a sociedade civil.
O Instituto Millenium foi criado em 2005, para a promoção e o fortalecimento da democracia, liberdade, estado de direito e economia de mercado. O Imil, que hoje é uma organização da sociedade civil de interesse público (oscip), conta com uma ampla rede de especialistas atuantes em diversas áreas e promove seus valores realizando seminários, palestras, encontros e eventos por todo o país.
Além do Imil, cinco instituições brasileiras obtiveram destaque no relatório: Fundação Getúlio Vargas (1º), Centro Brasileiro de Relações Internacionais (8º), Instituto Fernando Henrique Cardoso (11º), Instituto de Pesquisa Econômica Aplicada (12º), Centro Brasileiro de Análise e Planejamento (14º) e Núcleo de Estudos da Violência da Universidade de São Paulo (24º). O Instituto Liberdade, parceiro do Imil no Rio Grande do Sul, conquistou o 38º lugar na categoria Melhor uso de redes sociais ("Best Use of Social Networks"), em ranking global de 60 think tanks.
*No relatório (http://gotothinktank.com/dev1/wp-content/uploads/2014/01/GoToReport2013.pdf), "Instituto do Milênio" refere-se ao Instituto Millenium.
-- 
Simone Cardoso
Assessora de Imprensa do Instituto Millenium
Tel: (21) 2220-4466
Cel: (21) 9618-1569

Capital in the 21st. century: a controversial book by Thomas Piketty

Cover: Capital in the Twenty-First Century, from Harvard University PressCover: Capital in the Twenty-First Century in HARDCOVER

Capital in the Twenty-First Century

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$39.95 • £29.95 • €35.00
Publication: April 2014
Available 03/10/2014
696 pages
6-1/8 x 9-1/4 inches
96 graphs, 18 tables
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What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In Capital in the Twenty-First CenturyThomas Piketty analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings will transform debate and set the agenda for the next generation of thought about wealth and inequality.
Piketty shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality—the tendency of returns on capital to exceed the rate of economic growth—today threatens to generate extreme inequalities that stir discontent and undermine democratic values. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, Piketty says, and may do so again.
A work of extraordinary ambition, originality, and rigor, Capital in the Twenty-First Century reorients our understanding of economic history and confronts us with sobering lessons for today.

O capitalismo e a desigualdade: um debate nao isento de equivocosconceituais

Quando as pessoas argumentam que o capitalismo causa desigualdades, elas estão pretendendo uma contradição nos termos: um sistema de moto perpetuo, ou seja, a criação de riqueza sem as alavancas da criação de riquezas, uma impossibilidade prática.
Paulo Roberto de Almeida 

The Opinion Pages|CONTRIBUTING OP-ED WRITER

Capitalism vs. Democracy

Thomas B. Edsall
The New York Times, January 29, 2014
Thomas Piketty’s new book, “Capital in the Twenty-First Century,”described by one French newspaper as a “a political and theoretical bulldozer,” defies left and right orthodoxy by arguing that worsening inequality is an inevitable outcome of free market capitalism.
Piketty, a professor at the Paris School of Economics, does not stop there. He contends that capitalism’s inherent dynamic propels powerful forces that threaten democratic societies.
Capitalism, according to Piketty, confronts both modern and modernizing countries with a dilemma: entrepreneurs become increasingly dominant over those who own only their own labor. In Piketty’s view, while emerging economies can defeat this logic in the near term, in the long run, “when pay setters set their own pay, there’s no limit,” unless “confiscatory tax rates” are imposed.


Piketty’s book — published four months ago in France and due out in English this March — suggests that traditional liberal government policies on spending, taxation and regulation will fail to diminish inequality. Piketty has also delivered and posted a series of lectures in French and English outlining his argument.


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Fig. 1: After-tax rate of return vs. growth rate at the world level from Antiquity until 2100. Thomas Piketty

Conservative readers will find that Piketty’s book disputes the view that the free market, liberated from the distorting effects of government intervention, “distributes,” as Milton Friedman famously put it, “the fruits of economic progress among all people. That’s the secret of the enormous improvements in the conditions of the working person over the past two centuries.”
Piketty proposes instead that the rise in inequality reflects markets working precisely as they should: “This has nothing to do with a market imperfection: the more perfect the capital market, the higher” the rate of return on capital is in comparison to the rate of growth of the economy. The higher this ratio is, the greater inequality is.
In a 20-page review for the June issue of the Journal of Economic Literature that has already caused a stir, Branko Milanovic, an economist in the World Bank’s research department, declared:
“I am hesitant to call Thomas Piketty’s new book Capital in the 21st Century one of the best books in economics written in the past several decades. Not that I do not believe it is, but I am careful because of the inflation of positive book reviews and because contemporaries are often poor judges of what may ultimately prove to be influential. With these two caveats, let me state that we are in the presence of one of the watershed books in economic thinking.”
There are a number of key arguments in Piketty’s book. One is that the six-decade period of growing equality in western nations – starting roughly with the onset of World War I and extending into the early 1970s – was unique and highly unlikely to be repeated. That period, Piketty suggests, represented an exception to the more deeply rooted pattern of growing inequality.
According to Piketty, those halcyon six decades were the result of two world wars and the Great Depression. The owners of capital – those at the top of the pyramid of wealth and income – absorbed a series of devastating blows. These included the loss of credibility and authority as markets crashed; physical destruction of capital throughout Europe in both World War I and World War II; the raising of tax rates, especially on high incomes, to finance the wars; high rates of inflation that eroded the assets of creditors; the nationalization of major industries in both England and France; and the appropriation of industries and property in post-colonial countries.
At the same time, the Great Depression produced the New Deal coalition in the United States, which empowered an insurgent labor movement. The postwar period saw huge gains in growth and productivity, the benefits of which were shared with workers who had strong backing from the trade union movement and from the dominant Democratic Party. Widespread support for liberal social and economic policy was so strong that even a Republican president who won easily twice, Dwight D. Eisenhower, recognized that an assault on the New Deal would be futile. In Eisenhower’s words, “Should any political party attempt to abolish Social Security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear from that party again in our political history.”
The six decades between 1914 and 1973 stand out from the past and future, according to Piketty, because the rate of economic growth exceeded the after-tax rate of return on capital. Since then, the rate of growth of the economy has declined, while the return on capital is rising to its pre-World War I levels.
“If the rate of return on capital remains permanently above the rate of growth of the economy – this is Piketty’s key inequality relationship,” Milanovic writes in his review, this “generates a changing functional distribution of income in favor of capital and, if capital incomes are more concentrated than incomes from labor (a rather uncontroversial fact), personal income distribution will also get more unequal—which indeed is what we have witnessed in the past 30 years.”
Piketty has produced the chart at Figure 1 to illustrate his larger point.
The only way to halt this process, he argues, is to impose a global progressive tax on wealth – global in order to prevent (among other things) the transfer of assets to countries without such levies. A global tax, in this scheme, would restrict the concentration of wealth and limit the income flowing to capital.
Piketty would impose an annual graduated tax on stocks and bonds, property and other assets that are customarily not taxed until they are sold. He leaves open the rate and formula for distributing revenues.
The Piketty diagnosis helps explain the recent drop in the share of national income going to labor (see Figure 2) and a parallel increase in the share going to capital.
Piketty’s analysis also sheds light on the worldwide growth in the number of the unemployed. The International Labor Organization, an agency of the United Nations, reported recently that the number of unemployed grew by 5 million from 2012 to 2013, reaching nearly 202 million by the end of last year. It is projected to grow to 215 million by 2018.
Piketty’s wealth tax solution runs directly counter to the principles of contemporary American conservatives who advocate antithetical public policies: cutting top rates and eliminating the estate tax. It would also run counter to the interests of those countries that have purposefully legislated low tax rates in order to attract investment. The very infeasibility of establishing a global wealth tax serves to reinforce Piketty’s argument concerning the inevitability of increasing inequality.
Some Liberals are none too happy with Piketty, either.


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Fig. 2: Nonfarm Business Sector: Labor Share U.S. Department of Labor

Dean Baker, one of the founders of the Center for Economic and Policy Research, wrote me in an email that he believes that Piketty “is far too pessimistic.” Baker contends that there are a host of far less ambitious actions that might help to ameliorate inequality:
“Is it really implausible that we would ever see any sort of tax on finance in the U.S., either the financial transactions tax that I would favor or the financial activities tax advocated by the I.M.F.?”
Baker also noted that “much of our capital is tied up in intellectual property” and that reform of patent laws could serve both to limit the value of drug and other patents and simultaneously lower consumer costs.
Lawrence Mishel, the president of the Economic Policy Institute, responded to my email asking for his take on Piketty:
“We’d take the perspective that this phenomenon is related to the suppression of wage growth so that policies which generate broad-based wage growth are an antidote. The political economy is such that the political power to enact those taxes also requires a mobilized citizenry and institutional power, such as a robust labor movement.”
Daron Acemoglu, a more centrist economist at MIT, praised Piketty’s careful acquisition of data, as well as his emphasis on the economic forces and political conflicts over distribution that shape inequality. In an email, Acemoglu went on to say:
“Part of his interpretation I do not share. Piketty argues that there is a natural tendency for high inequality in ‘capitalist’ economies (the term capitalist is not my favorite) and that certain unusual events (world wars, the Great Depression and policy responses thereto) temporarily reduced inequality. Then both earnings inequality and inequality between capital and labor have been reverting back to their ‘normal’ levels. I don’t think that the data allow us to reach this conclusion. All we see is this pattern of fall and rise, but so many other things are going on. It is consistent with what Piketty says, but it is also consistent with certain technological changes and discontinuities (or globalization) having created a surge in inequality which will then stabilize or even reverse in the next several decades. It is also consistent with the dynamics of political power changing and this being a major contributor to the rise in inequality in advanced economies. We may be seeing parts of several different trends underpinned by several different major shocks rather than the mean-reverting dynamics following the shocks that Piketty singles out.”
There is, however, significant liberal applause for Piketty.
Richard Freeman, an economist at Harvard who specializes in inequality, unions and employment patterns, wrote me by email:
“I am in 100 percent agreement with Piketty and would add that much of labor inequality comes because high earners got paid through stock options and capital ownership.”>
Freeman and two colleagues, Joseph Blasi and Douglas Kruse, professors at the School of Labor and Management Relations at Rutgers, contend in their 2013 book, “The Citizen’s Share: Putting Ownership Back into Democracy,” that they have an alternative to a global wealth tax. They argue that:
“The way forward is to reform the structure of American business so that workers can supplement their wages with significant capital ownership stakes and meaningful capital income and profit shares.”
In other words, let’s turn everyone into a capitalist.
Piketty does not treat worker ownership as a solution, and he is generally dismissive of small-bore reforms, arguing that they will have only modest effects on economic growth worldwide, which he believes is very likely to be stuck at 1 to 1.5 percent through the rest of this century.
Piketty’s joins a number of scholars raising significant questions about how the global economic system will deal with such phenomena asrobotics, the hollowing out of the job market, outsourcing and global competition.
His prognosis is extremely bleak. Without what he acknowledges is a politically unrealistic global wealth tax, he sees the United States and the developed world on a path toward a degree of inequality that will reach levels likely to cause severe social disruption.
Final judgment on Piketty’s work will come with time – a problem in and of itself, because if he is right, inequality will worsen, making it all the more difficult to take preemptive action.

Presidencia imperial de Mr. Obama - resposta republicana ao State ofthe Union

OPINION

Ted Cruz: The Imperial Presidency of Barack Obama

In the nation's history, there is simply no precedent for an American president so wantonly ignoring federal law.

Ted Cruz
The Wall Street Journal, January 28, 2014

Of all the troubling aspects of the Obama presidency, none is more dangerous than the president's persistent pattern of lawlessness, his willingness to disregard the written law and instead enforce his own policies via executive fiat. On Monday, Mr. Obama acted unilaterally to raise the minimum wage paid by federal contracts, the first of many executive actions the White House promised would be a theme of his State of the Union address Tuesday night.
The president's taste for unilateral action to circumvent Congress should concern every citizen, regardless of party or ideology. The great 18th-century political philosopher Montesquieu observed: "There can be no liberty where the legislative and executive powers are united in the same person, or body of magistrates." America's Founding Fathers took this warning to heart, and we should too.
At a White House reception for U.S. mayors, Jan. 23.Reuters
Rule of law doesn't simply mean that society has laws; dictatorships are often characterized by an abundance of laws. Rather, rule of law means that we are a nation ruled by laws, not men. That no one—and especially not the president—is above the law. For that reason, the U.S. Constitution imposes on every president the express duty to "take Care that the Laws be faithfully executed."
Yet rather than honor this duty, President Obama has openly defied it by repeatedly suspending, delaying and waiving portions of the laws he is charged to enforce. When Mr. Obama disagreed with federal immigration laws, he instructed the Justice Department to cease enforcing the laws. He did the same thing with federal welfare law, drug laws and the federal Defense of Marriage Act.
On many of those policy issues, reasonable minds can disagree. Mr. Obama may be right that some of those laws should be changed. But the typical way to voice that policy disagreement, for the preceding 43 presidents, has been to work with Congress to change the law. If the president cannot persuade Congress, then the next step is to take the case to the American people. As President Reagan put it: "If you can't make them see the light, make them feel the heat" of electoral accountability.
President Obama has a different approach. As he said recently, describing his executive powers: "I've got a pen, and I've got a phone." Under the Constitution, that is not the way federal law is supposed to work.
The Obama administration has been so brazen in its attempts to expand federal power that the Supreme Court has unanimously rejected the Justice Department's efforts to expand federal power nine times since January 2012.
There is no example of lawlessness more egregious than the enforcement—or nonenforcement—of the president's signature policy, the Affordable Care Act. Mr. Obama has repeatedly declared that "it's the law of the land." Yet he has repeatedly violated ObamaCare's statutory text.
The law says that businesses with 50 or more full-time employees will face the employer mandate on Jan. 1, 2014. President Obama changed that, granting a one-year waiver to employers. How did he do so? Not by going to Congress to change the text of the law, but through a blog post by an assistant secretary at Treasury announcing the change.
The law says that only Americans who have access to state-run exchanges will be subject to employer penalties and may obtain ObamaCare premium subsidies. This was done to entice the states to create exchanges. But, when 34 states decided not to establish state-run exchanges, the Obama administration announced that the statutory words "established by State" would also mean "established by the federal government."
The law says that members of Congress and their staffs' health coverage must be anObamaCare exchange plan, which would prevent them from receiving their current federal-employee health subsidies, just like millions of Americans who can't receive such benefits. At the behest of Senate Democrats, the Obama administration instead granted a special exemption (deeming "individual" plans to be "group" plans) to members of Congress and their staffs so they could keep their pre-existing health subsidies.
Most strikingly, when over five million Americans found their health insurance plans canceled because ObamaCare made their plans illegal—despite the president's promise "if you like your plan, you can keep it"—President Obama simply held a news conference where he told private insurance companies to disobey the law and issue plans that ObamaCare regulated out of existence.
In other words, rather than go to Congress and try to provide relief to the millions who are hurting because of the "train wreck" of ObamaCare (as one Senate Democrat put it), the president instructed private companies to violate the law and said he would in effect give them a get-out-of-jail-free card—for one year, and one year only. Moreover, in a move reminiscent of Lewis Carroll's looking-glass world, President Obama simultaneously issued a veto threat if Congress passed legislation doing what he was then ordering.
In the more than two centuries of our nation's history, there is simply no precedent for the White House wantonly ignoring federal law and asking private companies to do the same. As my colleague Democratic Sen. Tom Harkin of Iowa asked, "This was the law. How can they change the law?"
Similarly, 11 state attorneys general recently wrote a letter to Health and Human Services Secretary Kathleen Sebelius saying that the continuing changes to ObamaCare are "flatly illegal under federal constitutional and statutory law." The attorneys general correctly observed that "the only way to fix this problem-ridden law is to enact changes lawfully: through Congressional action."
In the past, when Republican presidents abused their power, many Republicans—and the press—rightly called them to account. Today many in Congress—and the press—have chosen to give President Obama a pass on his pattern of lawlessness, perhaps letting partisan loyalty to the man supersede their fidelity to the law.
But this should not be a partisan issue. In time, the country will have another president from another party. For all those who are silent now: What would they think of a Republican president who announced that he was going to ignore the law, or unilaterally change the law? Imagine a future president setting aside environmental laws, or tax laws, or labor laws, or tort laws with which he or she disagreed.
That would be wrong—and it is the Obama precedent that is opening the door for future lawlessness. As Montesquieu knew, an imperial presidency threatens the liberty of every citizen. Because when a president can pick and choose which laws to follow and which to ignore, he is no longer a president.
Mr. Cruz, a Republican senator from Texas, serves as the ranking member on the Senate Judiciary Committee's Subcommittee on the Constitution, Civil Rights and Human Rights.

State of DesUnion, or a Diminished Union - Wall Street Journal

Obama Seeks to Borrow More from Poor, Middle Class

BY JAMES FREEMAN AND BRIAN CARNEY

The Wall Street Journal, January 29, 2014

As the Federal Reserve begins to wind down its Quantitative Easing program, which lends money to the U.S. Treasury among others, President Obama on Tuesday night unveiled a new way to finance the federal government's rising debt. In his State of the Union address, Mr. Obama pitched a new product aimed at workers who do not have 401(k) plans. He specifically promised: "I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA. It's a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in."
Of course no investment is risk-free, and those with modest incomes will have to decide if lending money to the Treasury represents their best opportunity to build wealth. The President is expected to provide more details at a speech today in Pittsburgh.

PRESIDENT DECLARES END OF GLOBAL WARMING DEBATE
More from the State of the Union address: President Obama contended that "the debate is settled. Climate change is a fact." But fascinatingly, the president's certainty comes at a time when even leading climate scientists are struggling to account for the almost-total absence of global warming over the past 16 years. Perhaps the march toward ever-higher global average temperatures will resume. But whether it does or not, climate scientists are already having to account for greater natural variability and other mitigating factors as they seek to explain why increasing CO2 concentrations have not led monotonically to higher average temperatures.
...AND TAKES CREDIT FOR BOOM IN FOSSIL FUELS
Journal editorial notes that much of Mr. Obama's speech "tried to address the economic insecurity that his own policies have done so much to create. Thus the odd combination of claiming credit for the recovery, even for the domestic oil boom he has resisted, while fretting about stagnant wages for "the middle class." Speaking of last night, the Washington Post has an interesting chart illustrating how the frequency of certain words in the State of the Union has changed over time.
Read today's full column »

Postagem em destaque

Livro Marxismo e Socialismo finalmente disponível - Paulo Roberto de Almeida

Meu mais recente livro – que não tem nada a ver com o governo atual ou com sua diplomacia esquizofrênica, já vou logo avisando – ficou final...