Debt default: global threat, or greatest stimulus plan ever?
The World Bank and International Monetary Fund declare themselves deeply troubled by the U.S. government shutdown crisis, and the looming possibility of “default.” There is absolutely zero possibility of actual default, mind you. Such a thing would only happen if President Barack Obama explicitly directed it, because there is a vast amount of spending the federal government could cut before it became necessary to think about defaulting | Read More »
The priority problem
The shutdown drama has given Americans an eye-opening look at our massive government’s inability to prioritize. If you take the apologists for President Obama and his Shutdown Theater performances at face value, the Administration assigns extra manpower to keep people out of national parks and memorial sites… and also has plenty of warm bodies available to facilitate an immigration rally on the National Mall. Great: the four-trillion-dollar | Read More »
Nancy Pelosi says the federal cupboard is bare, there are no more spending cuts to make
House Minority Leader Nancy Pelosi swung by CNN’s State of the Nation to assure America that austerity has run its course, the budget has been cut to the bone, and there isn’t a penny left to pinch from Uncle Sam’s moth-filled wallet. ”The cupboard is bare. There’s no more cuts to make,” Pelosi gibbered. ”It’s really important that people understand that. We all want to reduce | Read More »
Rubio calls for balanced budget, ObamaCare defunding
It’s time for our more-or-less annual Debt Ceiling Joust, in which Democrats tell us the national debt has to keep growing forever, while a few Republicans briefly threaten to keep the debt ceiling right where it is, unless they receive a balanced budget promise… which would probably end up being another one of those 10-year plans that dissolves into a mass of wet tissue paper | Read More »
Freedom is resistance
As ObamaCare collapses into a pile of flaming garbage on the eve of full implementation, there’s a cottage industry of liberals screaming that it’s all the fault of those dastardly Republicans, because they won’t fix the idiotic program that none of them voted for. We’ve heard this sort of complaint throughout the Obama presidency, of course – his endless failures are always the fault of | Read More »
Are We at War with China?
On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss Edward Snowden’s escape to Russia, whether our cyber-war efforts qualify as war and how Obamacare will impact the federal deficit.
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Is the Deficit Really Shrinking?
On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss a DHS reaction to Bitcoin, a CBO report on a shrinking deficit and why liberals think deficits are a good thing.
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The Democrat budget’s “spending cut” hocus pocus
It’s awful that the Democrats want to squeeze a trillion dollars in new taxes out of Americans with Senate Budget Committee chair Patty Murray’s (D-WA) budget proposal, but hey, at least they offer a “balanced approach” by cutting a trillion in spending too, right? Wrong. The “spending cuts” are almost entirely fraudulent. They’re just paperwork shuffles and accounting tricks. It begins with one of the most | Read More »
All of a sudden, the President says we don’t have a debt crisis
Presto, change-o! At the beginning of the year, we were sternly lectured that huge tax increases were absolutely necessary to confront our looming debt crisis. America was driven to the edge of the “fiscal cliff,” ostensibly producing business panic that explained a fair measure of Barack Obama’s permanent economic malaise, by the President’s refusal to budge an inch from his demands for those deficit-fighting tax | Read More »
The Associated Press reports that “federal revenue collections hit an all-time high in April, contributing to a further improvement in the budget deficit for the year.” Releasing its monthly budget report, the Treasury Department said Thursday that through the first seven months of this budget year, the deficit totals $80.8 billion, significantly below the $184.1 billion imbalance run up during the first seven months of | Read More »
Spending at Gun Point
In the days leading up to President Obama announcing his gun control plans, and now that he has, the focus of Republicans and Conservatives has been squarely on his ever-encroaching attack on the Second Amendment. As Republican National Committee Chairman Reince Priebus stated on the President’s move, “He paid lip service to our fundamental constitutional rights, but took actions that disregard the Second Amendment and | Read More »
The House Must Act Now
Well, we really stuck it to the rich at 1:39 in the morning. Whew, now we can breathe a sigh of relief. The 40 Republicans who voted for Obama’s stimulus bill had to swallow hard voting for over $100 billion in new spending just in 2013, but at least those of us who are not super rich won’t see our taxes increase this year. Oh | Read More »
Happy ‘Deficit Day’
You are familiar with the Tax Foundation’s “Tax Freedom Day” — the date by which the average American has earned enough to pay his taxes for the year. This year Tax Freedom Day finally arrived on April 17th. To borrow a phrase from President Obama, let me be clear, on average Americans, must use every penny they earned from January 1st until April 17th to pay their taxes for the year.
One of my favorite economists, Professor Antony Davies, and his colleague, James R. Harrigan, suggest we also celebrate what they call “Deficit Day” to focus Americans’ attention on the on fact that we are headed to bankruptcy. They explain it all in an excellent article they published at Real Clear Markets.
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What Spending Cuts?
We constantly hear about the age of austerity and painful spending cuts that are being enacted in Washington. The only problem is that they don’t exist. Earlier this week, the CBO published a report on the budget deficit for the first 9 months of Fiscal Year 2012 (October 2011-June 2012). The headline figure of the report shows that the 9-month deficit stands at $905 billion, | Read More »
Romney extends lead among Independents to 14 percent
In the new ABC News/Washington Post poll, former Massachusetts Governor Mitt Romney extends his lead among Independents to 14 points, 53-39 percent. Two months ago, a POLITICO/George Washington University Battleground poll found Romney had a ten-point lead among the critical Independent voters. The mainstream media is touting the poll as showing the race is “dead even” — a 47-47 percent Obama-Romney contest among registered voters. | Read More »