banking

Virginia News Stand: March 24, 2010

Annotations & Elucidations It's Up To Ken

It's official as of about 3:00 today: Virginia law prohibits the federal government from imposing an individual mandate on Virginians to buy health insurance. That's when Governor Bob McDonnell signed the Virginia Health Care Freedom legislation into law. Now, it's up to Attorney General Ken Cuccinelli to defend the feds' assault on us.

Here are some highlights of today's News Stand: It's not a day old and already there are problems with the children's portion of the takeover — that portion doesn't start until 2014. Hmm. Perhaps read the bill next time. So much for all the "good things" that begin immediately, Mr. President. Also, if health care, AIG, GM, the banking and insurance industries, Fannie Mae and Freddie Mac are enough, pretty soon the federal government will be the sole proprietor of student loans. Isn't that great? While they're at it, the White House says Joe Biden dropping the F-word yesterday was a good thing. Pure class, this bunch.

In Commentary and Analysis: It's always a good day when we feature Walter Williams. Today, we have him twice, along with the great Thomas Sowell. Tony Blankley chimes in, as well, mincing no words: they're socialists. 

News

McDonnell to sign Virginia Healthcare Freedom Act today (Norfolk Virginian-Pilot)

Cuccinelli sues federal government to stop health-care reform law (Washington Post)

Virginia, 13 other states sue over health-care law (Richmond Times-Dispatch)

University, local lawmakers file suit over health-care bill (Lynchburg News & Advance)

For Beach activists, a goal: Stop clinic from opening (Norfolk Virginian-Pilot)

Richmond firm receives lottery marketing contract (AP.org)

National News

Abortion activists fired up for 2010 (Politico/Norfolk Virginian-Pilot)

Stem-Cell Health Care Must Put the Patients First (Roll Call)

Senate writing final chapter to health care bill (AP/GOPUSA.com)

Problems already with child health care coverage (AP/GOPUSA.com)

Banks losing student loan business to government (AP/GOPUSA.com)

White House, experts: Health care suit will fail (AP/GOPUSA.com)

White House embraces Biden profanity (AP/GOPUSA.com)

Judge: No school prom but lesbian's right violated (AP/GOPUSA.com)

Breyer, Scalia explain why they often disagree (AP/GOPUSA.com)

Protests cancel Coulter speech in Ottawa (AP/GOPUSA.com)

Analysis

Is Health Care a Right (Walter E. Williams/GMU.edu)

Commentary

Sunday's Socialist Triumph (Tony Blankley/GOPUSA.com)

An Off-Budget Office? (Thomas Sowell/GOPUSA.com)

Constitutional Awakening (Walter E. Williams/GOPUSA.com)

Former Communist Eastern Europeans Witness To Optimum Size Of (Small) Government

A recent study by the Sofia, Bulgaria-based Institute for Market Economics used the latest data from the Organization for Economic Co-operation and Development and found that governments in developed countries are too large relative to their private sectors, and sop up too much of Gross Domestic Product to maximize economic growth. Leave it to former Eastern European communists to teach us we're going in the wrong direction with our massive government expansions into, well, everything — automobiles, manufacturing, energy, banking, insurance, housing as well as the impending health care industry takeover. The U.S., by the way, is a member of the OECD. Interestingly, the video below, although not specifically aimed at government-run health care, proves that it is run better the less the government is involved and leads to longer life expectancy. The IME should know. They lived it under communism before its fall.  

From the IME:

The IME study finds the government sector should be no larger than 25% of GDP (and perhaps considerably smaller) to maximize GDP growth.

The average government sector for the OECD countries now exceeds 41% of GDP.

The results indicate that policy makers who are enlarging their government sectors in the name of economic stimulus are likely to be retarding the renewal of economic growth and job creation rather than enhancing it.

The optimum size of government? The smaller the better and we're going in the opposite direction.