Comments for Reno Hayek Symposium

Comment on August Reno Hayek Meeting: Nevada Hurting by Tom Motherway

Tom Motherway — Sat, 28 Aug 2010 01:06:03 +0000

Victor, Thanks for your comments. You are right that we need to get the facts straight in terms of the severity of the problem. I believe we need to go back several budgets and compare population growth plus inflation to budgetary growth and specifically see where the money went. There is so much fat that needs to be reduced.

Steven Horsford is correct in wanting to look at government in total, that is include the counties and cities in the mix. A lot of the so-called services can be delivered at less cost from this perspective.

And, there should be some push back on his 50/50 deal. Let's see the cuts first and let's assure ourselves of their permanency.

Finally, there is no substitute for electing and supporting fiscally responsible candidates. That means donate and talk them up and canvass the neighborhoods! Ultimately, we need to break up the unholy alliance between the legislators and the public employee unions, the latter at the local level.

Comment on August Reno Hayek Meeting: Nevada Hurting by Victor

Victor — Fri, 27 Aug 2010 21:59:00 +0000

One last note – scratch what I said about Clinger. I still think he's using the $5 bil and $8 bil figures as the basis for claiming there is a $3 billion hole, but I misread what he was saying in the RJ. He said he's going to be preparing a $5 billion budget.

I'm sure the LCB projection of over $5 billion is accurate though, I called Russell Guindon yesterday and confirmed it myself.

Comment on August Reno Hayek Meeting: Nevada Hurting by Victor

Victor — Fri, 27 Aug 2010 21:00:00 +0000

So Horsford's 50/50 split is most likely (no details yet) very disingenious, because he wants to cut $1.5 billion in spending that never exist (or existed only on paper). And it also means that the education claim (we can only fund education without tax increases) is hogwash.

Anyway, I believe that this issue (correctly defining the debate) is the most important issue for the upcoming year. Unless believers in the free market and limited government are able to correctly define the debate and defeat this inaccurate assumption, you're setting yourself up for tax increases to pay for spending that never existed anywhere but on some piece of paper.

Comment on August Reno Hayek Meeting: Nevada Hurting by Victor

Victor — Fri, 27 Aug 2010 20:59:28 +0000

Tom –

Nevada is having budget issues (as a result of overspending http://npri.org/publications/why-are-hightax-stat... but the severity of the problems have been greatly exaggerated.

In the last budget Nevada spent $6.5 bil. In the next biennium both Andrew Clinger (http://www.lvrj.com/news/rory-reid–balance-state-budget-by-cutting-agencies-101571833.html – towards the end) and the Legislative Counsel Bureau (see pg 8, http://media.lasvegassun.com/media/pdfs/blogs/doc... have confirmed that Nevada is projected to take in over $5 billion in tax revenue.

6.5 – 5 is only $1.5 billion. So why does every keep talking about a $3 – 3.5 billion deficit? Because they're assuming a $1.5 billion spending increase for a total state budget of over $8 billion. — continued in next comment

Comment on Damn Musicians’ Union by Maria Martinez

Maria Martinez — Wed, 11 Aug 2010 13:41:55 +0000

Laura, that was great. I think you have a new calling!
Kudos!

Maria Martinez

Comment on Objection From Drunken Sailor by Ian kenner

Ian kenner — Mon, 09 Aug 2010 03:45:58 +0000

I’ve known Gary since 2002; as a boss, mentor, and friend. Always insightful, and a man deeply respected by many, not just myself. Even as I myself serve out country in the u.s. Army now; a lot of what he says rings true to this day.

Comment on Deflation, A Self Fulfilling Prophesy? by renohayektjm2

renohayektjm2 — Wed, 04 Aug 2010 03:44:28 +0000

Thanks Chuck. You comment makes sense. Increasing velocity means deals are getting done, frozen markets are clearing, investments are being made, and eventually consumers consume more, save and de-leverage less. Using Tom's chess match impending rule change analogy of our last meeting, the rules become more certain and the game continues. My only hesitation is that the bureaucracy has been delegated an awful lot of rule making power which will remain unabated even with a change in one house of Congress. I would therefore suggest that 2012 is perhaps the better key date. Strategists, time your balance sheet management strategies! tjm

Comment on Deflation, A Self Fulfilling Prophesy? by Chuck Baird

Chuck Baird — Tue, 03 Aug 2010 18:59:09 +0000

I am one economist who thinks that any deflation will be short lived. There is too much liquidity in the system. What holds inflation back, for now, is a decline in velocity due mainly to what Robert Higgs calls "regime uncertainty" — transactors simply do not know what to expect from our renegade government. If, in November, Republicans get control of at least one house of Congress, regime uncertainty will decrease and velocity will pick up.

Comment on US Deficit-Debt and the European Debt Quiz by $78.8 Trillion; United States Debt Obligations exceed world GDP; Monetary Collapse Looming? | DebtLog.info

Fri, 28 May 2010 15:56:43 +0000

[...] US Deficit-Debt and the European Debt Quiz « Reno Hayek Symposium [...]

Comment on Blumenthal Didn’t ‘Misspeak.’ He Lied by Paul Chiavini

Paul Chiavini — Thu, 27 May 2010 18:49:58 +0000

As a former Marine too young for Vietnam, but tutored in boot camp and in the field by combat vets from Vietnam, I concur. I have never understood why simply serving isn't enough, for some people, to feel that they have established some level of credibility. I was deeply disappointed by this whole affair.