Keyword: deficits

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  • Obama's Fiscal Rollercoaster Won't Excite Economy

    11/07/2011 7:14:13 AM PST · by Slyscribe
    Investor's Business Daily ^ | 11/7/2011 | Jed Graham
    Democrats and Republicans may never agree on the multiplier from government stimulus, but that debate is increasingly about the past. What matters now is that the multiplier — whatever it is — is diminishing as policymakers try to erect something of a fiscal roller-coaster. Even deeper payroll tax cuts proposed by President Obama for 2012 would, at least on paper, be followed by an abrupt reversal and a ramping up of tax increases on higher earners. The policies spelled out by the White House would mean a jarring $380 billion tax hike in fiscal 2014 compared to 2012, equal to...
  • Editorial: Ron Paul's $1 trillion in cuts

    10/28/2011 2:09:20 PM PDT · by landsbaum · 4 replies
    The Orange County Register ^ | 10-28-2011 | Orange County Register editorial boarad
    The odds of Ron Paul being nominated by Republicans and defeating President Barack Obama are, in the words of one news service, "beyond remote." Perhaps. But Mr. Paul's "Plan to Restore America" is breathtaking, nevertheless. Candidates whose success may be less remote would do well to adopt this plan in large measure...
  • Where Is The Urgency? (Vanity)

    10/20/2011 4:02:57 PM PDT · by CXin99 · 1 replies
    Napa Whine Country ^ | October 17, 2011 | Tom Thurlow
    Right about the date of Republican debate last week it started to rain pretty heavily here in Napa County. Rains like this are rare for early October. A rainfall right before the grapes are picked can form a fungus on the grapes called Botrytis, which can distort the fermentation of the grapes when the winemakers try to ferment the grape juice into wine. Within a few hours, grapes in Napa and Sonoma Counties, at least the most vulnerable chardonnay and sauvignon blanc grapes, were being picked before the fungus could set in. Traffic here was pretty bad, with those flat-bed...
  • STEVE WYNN Goes On-Rant About Occupy Wall Street,Obama, Deficits..Anger At Government

    10/19/2011 5:26:37 PM PDT · by STARWISE · 27 replies
    Business Insider ^ | 10-19-11 | Joe Weisenthal
    COMPLETE TITLE: STEVE WYNN Goes On Big Rant About Occupy Wall Street, Obama, Deficits, And Anger At The Government ### Classic. On the conference call for Wynn Resorts, CEO Steve Wynn went on a big rant on Occupy Wall Street, Obama, and deficits. Here are our notes in raw form. It's all mostly paraphrased. In a nutshell, he says: Deficits are killing us, our dollars are worthless, and the Democrats are bankrupting the country and vilifying anyone who's successful. So naturally, people are protesting. *snip* You're seeing it taken to the next level in Greece. People are trying to break...
  • US US gov't runs $1.3 trillion budget deficit in 2011 ( 3rd year of $1 trillion plus imbalances)

    10/14/2011 12:09:58 PM PDT · by SeekAndFind · 12 replies
    Associated Press Via Yahoo News ^ | 10/14/2011 | Martin Crutsinger
    WASHINGTON (AP) -- The government ran a $1.3 trillion for the budget year that ended last month, the third straight year it has operated more than $1 trillion in the red. The 2011 budget deficit was the second highest on record. It's slightly ahead of the previous budget year's $1.29 trillion deficit but below the $1.41 trillion imbalance record in 2009. A decade ago, the government was running surpluses and trillion-dollar deficits seemed unimaginable. But those deficits now loom over tense negotiations in Washington. Lawmakers are under pressure to agree by Thanksgiving on where they can cut $1.2 trillion over...
  • California, the Example of What the Nation Could Become

    10/11/2011 10:42:15 AM PDT · by Tolerance Sucks Rocks · 31 replies
    California Political Review ^ | October 10, 2011 | Congressman Tom McClintock
    I want to welcome this groundbreaking scientific expedition to the savage lands of the Left Coast. You are here in California to answer an important theoretical question and now you have your answer. Yes, this is what Barack Obama’s second term would look like. Study it. Fear it. And then go home and make sure that it never happens to the rest of the country. Of course, in spite of all of its problems, California is still one of the best places in the country to build a successful small business. All you have to do is start with a...
  • Biden Says Obama, Not Bush, Should Get Credit for Economy

    10/01/2011 10:35:32 AM PDT · by John Semmens · 26 replies
    Insisting that “things are much better than most people think,” Vice-President Joe Biden said he is “comfortable with the idea of phasing former President George Bush out of the conversation when it comes to the economy.” “A narrow focus on unemployment and deficits misses the overarching improvements we have achieved since Barack Obama took office,” Biden cautioned. “Look, if you’re among the 9% who are unemployed it’s a bummer. But if you’re one of the 91% who has a job your commute to work is easier since fewer people will be driving to jobs on the streets you use. So,...
  • Inflation and Debt (huge deficits may cause hyperinflation)

    09/29/2011 11:19:01 AM PDT · by reaganaut1 · 5 replies
    National Affairs ^ | Fall 2011 | John Cochrane
    For several years, a heated debate has raged among economists and policymakers about whether we face a serious risk of inflation. That debate has focused largely on the Federal Reserve — especially on whether the Fed has been too aggressive in increasing the money supply, whether it has kept interest rates too low, and whether it can be relied on to reverse course if signs of inflation emerge. But these questions miss a grave danger. As a result of the federal government's enormous debt and deficits, substantial inflation could break out in America in the next few years. If people...
  • Spending Cuts, Not Tax Hikes, Best for Deficit: NABE

    08/22/2011 6:51:56 AM PDT · by MNJohnnie · 12 replies
    CNBC ^ | 08-22-11 | CNBC
    The majority of economists surveyed by the National Association for Business Economics believe that the federal deficit should be reduced only or primarily through spending cuts. The survey out Monday found that 56 percent of the NABE members surveyed felt that way, while 37 percent said they favor equal parts spending cuts and tax increases. The remaining 7 percent believe it should be done only or mostly through tax increases. As for how to reduce the deficit, nearly 40 percent said the best way would be to contain Medicare and Medicaid costs. Nearly a quarter recommended overhauling the tax system...
  • The Economic Delusions of the Political Class(Spending=growth=deficit reduction)

    08/17/2011 7:35:53 PM PDT · by sickoflibs · 7 replies
    Mises Institute ^ | August 16, 2011 | William L. Anderson
    The New York Times recently ran an "analysis" article entitled, "Debt Problem's Sure Cure: Economic Growth." This is something that falls into the category of "Gee, why didn't I think of that?" All you need is growth, so let's go get us some growth! That will take care of everything! Journalist Catherine Rampell asserts, There is, in theory, a happy solution to our debt troubles. It's called economic growth. No need to raise taxes or cut programs. Just get the economy growing the way it used to. Rampell admits that this is a dicey proposition. She holds to the belief...
  • Bush? Obama? Congress Spends the Money...

    08/15/2011 1:59:35 PM PDT · by pgyanke · 11 replies
    pgyanke | 8/15/2011 | pgyanke
    I'm really getting tired of hearing about Bush's spending compared to Obama's (don't get me wrong, like most conservatives, I didn't approve of Bush's spending either). I'm also tired of hearing about Clinton's surplus (you know, the surplus where we continued to fall deeper in debt...). Congress (specifically, the House) has the greatest authority over the purse. Want a better picture of federal financial management since Reagan? Here it is... Notice that both Reagan and GHW Bush had to deal with Democratic Congresses and we had deficit spending. Clinton was prevented from implementing "Hillarycare" early in his presidency and the...
  • Dollar to drop on S&P move; safe-haven demand seen

    08/07/2011 3:57:34 AM PDT · by markomalley · 6 replies
    Reuters/Yahoo ^ | 8/7/11 | Saikat Chatterjee
    The U.S. dollar may weaken and Treasury yields rise when Asian markets reopen on Monday, though any selling in response to ratings agency S&P's downgrade of the United States is likely to be tempered by the escalating crisis in the euro zone. The S&P cut in the U.S. long-term credit rating by a notch to AA-plus is an unprecedented blow and results from concerns about the nation's budget deficits and climbing debt burden. It called the outlook "negative," signaling another downgrade is possible in the next 12 to 18 months. "The initial reaction will be a high degree of uncertainty...
  • The Debt Deal's Three Biggest Winners and Losers

    08/02/2011 11:11:19 AM PDT · by JohnRLott · 30 replies
    Fox News ^ | August 2, 2011 | John R. Lott Jr.
    With a debt ceiling agreement finally in place and the Senate on track to approve it today congratulations are being handed out all around.  Armageddon and catastrophe has supposedly been averted. And politicians are rushing to put the best face on the deal.  Unfortunately, the new agreement does not accomplish as much as many had hoped, or as much as it should have, in terms of curbing spending and continued deficits. This explains why stock markets continued to fall despite the supposedly "good" news. The reason is because, once again, politicians are continuing to push the problem to the future. ...
  • Paul Krugman: The President Surrenders

    07/31/2011 9:25:53 PM PDT · by 2ndDivisionVet · 96 replies
    The New York Times ^ | July 31, 2011 | Paul Krugman
    A deal to raise the federal debt ceiling is in the works. If it goes through, many commentators will declare that disaster was avoided. But they will be wrong. For the deal itself, given the available information, is a disaster, and not just for President Obama and his party. It will damage an already depressed economy; it will probably make America’s long-run deficit problem worse, not better; and most important, by demonstrating that raw extortion works and carries no political cost, it will take America a long way down the road to banana-republic status. Start with the economics. We currently...
  • C-Town Supermarket, Single Mom's & For-Profit, Online Universities

    07/31/2011 10:12:08 AM PDT · by UnBubba · 18 replies
    Vanity | 7-31-11 | Self
    Just another day in Paradise.
  • The painful price of deficit hysteria (The Left is saddened)

    07/31/2011 9:43:24 AM PDT · by 2ndDivisionVet · 7 replies
    Salaon's War Room ^ | July 28, 2011 | Professor Julian E. Zelizer, Princeton University
    For decades, the right has used debt fears to attack the social safety net -- while Democrats have played along. Regardless of the outcome of the debt ceiling debate, conservatives have already scored a major victory over liberalism. Even if President Obama emerges from the struggle in stronger political shape than the GOP, the fiscalization of American politics -- meaning the focus of debate on deficits and debt -- constitutes a powerful blow to liberal Democrats who once hoped that President Obama's election would herald a new era for their cause. Liberals were wrong. Conservatives, who have a mediocre field...

    07/28/2011 2:16:08 AM PDT · by AmericanInTokyo · 14 replies
    CNN International ^ | 28 July 2011 | AmericanInTokyo
    Those Yanks living overseas or posted on assignment/traveling will more than likely have to put up with CNN International, which is unfathomably a couple of magnitudes worse than domestic CNN.
  • National Debt Politics : How Obama sees the voter as stupid

    07/25/2011 7:22:23 PM PDT · by sickoflibs · 24 replies
    sickoflibs rant | July 25, 2011 | sickoflibs
    First let’s cut through the ‘big budget deal’ Obama smoke screen. Obama’s original demand to Republicans months ago was a debt limit increase that is big enough (~ 3 trillion $) to get him through his presidential election, with NO budget cuts. And that is his only demand still: a huge debt increase that is clean of budget cuts. So his 'big deal debt/budget negotiations were a shame and the trillions in budget cuts he claimed he offered never existed because his own congressional leaders told them they were DOA which is why he killed the ‘big deal’ last week....
  • Hoyer: Balanced Budget Amendment Would ‘Make it Virtually Impossible to Raise’ Taxes

    07/20/2011 11:12:32 AM PDT · by Sub-Driver · 56 replies
    Hoyer: Balanced Budget Amendment Would ‘Make it Virtually Impossible to Raise’ Taxes Wednesday, July 20, 2011 By Terence P. Jeffrey ( - House Minority Whip Steny Hoyer (D.-Md.) said on the House floor last night that if the balanced budget amendment Republicans are supporting is ratified and included in the Constitution it would make it “virtually impossible” to raise taxes. “In order to pay our bills, Republicans would require us to pass a Constitutional amendment that would permanently enshrine their partisan budget priorities in law and make it virtually impossible to raise revenue,” Hoyer said. The push for a balanced...
  • Role reversal: Latin America taunts US on debt woes

    07/20/2011 1:37:17 PM PDT · by george76 · 9 replies
    Reuters ^ | Jul 20, 2011 | Brian Winter
    After three decades spent battling their own debt crises and getting constantly lectured about them by Uncle Sam, many Latin Americans are watching the countdown to a possible default in Washington with a mix of schadenfraude and fear of what a collapse might mean for them. For everybody from presidents on down to street vendors, seeing U.S. politicians argue over where to make painful budget cuts has also been a reminder that those days are over in Latin America. For now, at least, as most of the region enjoys an era of economic prosperity and comparatively tiny deficits.
  • St. Obama and the Debt Dragon

    07/17/2011 8:44:56 AM PDT · by JudyM · 12 replies
    Pajamas Media ^ | July 16, 2011 | Victor Davis Hanson
    “Reckless Fiscal Policies” Why did Obama only enumerate George W. Bush’s big spending as responsible for the out-of-control $14 trillion-plus debt, while not mentioning his own contribution of $5 trillion? Why is there a debt limit standoff now, rather than, say, in 2009 or 2010? Why did this latest $1.6 trillion Obama budget prompt the current crisis? Why did not Obama earlier start debt limit talks the moment that his own hand-picked Simpson-Bowles commission presented their findings? Why did Obama just recently submit, and have rejected, a budget that would have scheduled even larger deficits of the sort he is...
  • OC cities paid community development execs $6.4 million(big busines hearts socialism)

    07/14/2011 9:22:21 AM PDT · by mainestategop
    OC Register ^ | 7/14/11 | teri sforza
    Think of the community development department as the place where government and industry must do some serious kissy-face.
  • Democrats and the Social Security Trust Fund Lie Exposed today

    07/12/2011 8:25:51 PM PDT · by sickoflibs · 77 replies
    see links in thread ^ | July 12, 2011 | Reid/Obama quotes
    This has been one of my favorite subjects for years but today Democrats exposed themselves on it with the threat over the debt limit. Start with Democrat Senate Majority leader Harry Reid. “Senate Majority Leader Harry Reid (D-Nev.) on Monday disputed warnings that Social Security is headed for bankruptcy, calling those assertions an “outright lie.” And he says the huge federal entitlement program has not added “one penny” to the federal deficit.” Sen. Harry Reid Misleads on Social Security Financing , Tuesday, (March 29, 2011 CNS) OK, so Social Security does not add one penny, not one! If that is...
  • The final ticks of America’s bankruptcy bomb

    06/24/2011 12:43:42 PM PDT · by Clintonfatigued · 13 replies
    The Washingtin Times ^ | June 23, 2011 | Peter Ferrara
    The failures of federal, state and local officials of both major parties - over many years - have primed a ticking bankruptcy bomb for the United States that will explode the American Dream if we don’t disarm it. But it’s not too late to reverse course and avert the coming national bankruptcy. That will require fundamental structural reforms of all levels of government and our most politically sensitive entitlement programs. If we do this right, thoroughly modernized entitlements will serve the poor and most vulnerable among us far better, and a new economic boom will restore America’s traditional, world-leading prosperity....
  • What Greece Can Learn From Hungary

    06/13/2011 5:48:39 AM PDT · by Erik Latranyi · 10 replies
    Seeking Alpha ^ | 12 June 2011 | Igor Greenwald
    This is a tale of two countries in Europe. Both got in trouble after decades of corruption, sloth, and wasteful spending. One took the advice of the European Union, the International Monetary Fund, and its richer allies and creditors. It’s now more of a basket case than ever, with a 16% unemployment rate and an economy expected to shrink 3.5% this year. The other country told the would-be foreign nannies to shove off, and opted for a radical and homegrown remedy. It’s the one that just reported better-than-expected growth of 2.4%, and can boast that its stock market has outperformed...
  • Paul Krugman: The Lesser of Two Evils?

    06/04/2011 12:41:43 PM PDT · by SeekAndFind · 16 replies
    American Thinker ^ | 06/04/2011 | Jon N. Hall
    In times when there are no good alternatives, tradeoffs can become an acceptance of an increase in one bad thing in order to affect a decrease in another bad thing seen as being the greater evil.  Progressives think the central tradeoff right now is between the federal deficit and unemployment, and they believe we must accept an increase in the deficit in order to bring down unemployment.New York Times columnist Paul Krugman thinks the deficit is the lesser of our two evils.  In column after column he has urged that unemployment be tackled first and the deficit later.  On...
  • Team Obama's Debt Limit Scare Tactics Are Getting Old -- Fast

    05/19/2011 2:18:20 PM PDT · by JohnRLott · 6 replies · 1+ views
    Fox News ^ | May 19, 2011 | John R. Lott Jr.
    Wasn't the world supposed to end on Monday? No, I'm not talking about May 21. But on Monday, the U.S. government officially hit its debt limit, but where are disasters that the Obama administration have been predicting for months? We were warned that hitting the debt limit would be "deeply irresponsible" or “insanity” or “abrupt contraction would likely push us into a double dip recession.” But Americans woke up today to find nothing really changed from last week. The Obama administration’s scare tactics are getting old. Unfortunately, they keep on getting away with this and aren’t held accountable when their...
  • Boehner says ready to cut budget deal today

    05/16/2011 5:46:54 AM PDT · by markomalley · 65 replies
    Reuters/Yahoo ^ | 5/16/11
    House of Representatives Speaker John Boehner on Sunday said he is ready to cut a deal on raising the debt limit if only President Barack Obama would get serious about spending cuts. Obama warned that congressional failure to raise the debt limit could lead to a worse financial crisis than 2008-09 and urged that debate stay separate from spending cuts. Both sides stuck to their well-staked out positions, showing little evidence of movement. Boehner and fellow Republicans warned of dire consequences to the economy if the debt limit is not linked to spending cuts and deficit reduction. "I'm ready to...
  • Higher taxes keep federal deficit in check

    05/07/2011 3:25:40 AM PDT · by Scanian · 18 replies · 1+ views
    The Washington Times ^ | May 6, 2011 | Stephen Dinan
    The federal government notched its 31st straight month in the red in April, though individual income tax receipts are “significantly” higher than expected and made the deficit mush smaller than it otherwise would have been, the Congressional Budget Office said Friday. With the economy looking stronger than expected, income tax receipts are up 26 percent, or $130 billion, over 2010 at this point, the CBO said, calling the inflow “the result of increased amounts withheld from paychecks and strong growth in payments accompanying 2010 tax returns,” which were due last month. The better-than-expected tax revenue, which comes despite last December’s...
  • OK. Let's Decline

    05/05/2011 9:33:42 AM PDT · by JudyM · 6 replies
    VDH's Private Papers ^ | 5/5/2011 | Victor Davis Hanson
    A recent report in The New Yorker suggested that the Obama’s administration’s weird sort of/sort of not foreign policy is now gleefully self-described as “leading from behind.” Not exercising leadership is a reflection, the article suggests, of Obama’s view that the US is both disliked and in decline. Decline? Here are some tidbits from the Ryan Lizza adulatory piece. The following I think is meant as a compliment: The one consistent thread running through most of Obama’s decisions has been that America must act humbly in the world. Unlike his immediate predecessors, Obama came of age politically during the post-Cold...
  • Geithner & Obama have been playing shenanigans with the debt figures for about 3 months now (Vanity)

    05/04/2011 9:22:29 AM PDT · by jpl
    Vanity | Wednesday, May 3, 2011 | Me
    Was just looking at the Treasury web sites, and at this document here you can see the monthly federal deficit figures going all the way back to October of 1980. In February and March of this year, the government had an incredible combined deficit of around $410 billion: Period  Receipts  Outlays  Deficit/Surplus (-) (Figures shown are in millions of dollars) Feb-11  110,656  333,156  222,500 Mar-11  150,894  339,047  188,153 Yet on the Debt to the Penny website here where you can find the national debt figures over a defined range of time, if you look at the numbers, you can see that...
  • Republicans Are Winning the Budget Debate

    04/28/2011 3:08:48 AM PDT · by Scanian · 4 replies
    The Weekly Standard ^ | Apr 27, 2011 | JEFFREY H. ANDERSON
    Recent polling shows that Americans think we have a spending problem, not a taxing problem, and that Republicans are the party they trust to deal with that problem. A USA Today/Gallup poll released this week shows that Americans trust Republicans over Democrats on the deficit issue by a whopping 12-point margin (48 to 36 percent). That margin is made possible in large part because independents trust Republicans over Democrats by a margin of 17 points (47 to 30 percent). The poll shows a nearly dead even split on the question of who offers “the better long-term plan” for dealing with...
  • The deficit god

    04/26/2011 1:46:48 PM PDT · by PJ-Comix · 9 replies
    Washington Examiner ^ | April 26, 2011 | P.J. Gladnick
    A few weeks ago, using my couponing skills in my other identity as The Coupon Whisperer, I picked up several of the new Air Wick Freshmatic Odor Detector sprays. While the other sprays worked via timing or motion detection, the odor detector spray could detect unpleasant odors and then release a spray. I first set such a kit up in my bathroom. Soon afterwards, when I had to perform a personal duty there while in sitting position, no sooner had I begun my task when from the window sill behind me I heard: WHOOOSSSHHH!I was pleasantly surprised. Not long after...
  • Credit Rating Wake Up Call on Debt?

    04/21/2011 11:52:32 AM PDT · by JohnRLott · 4 replies
    Fox News ^ | April 21, 2011 | John R. Lott Jr.
    Fox News analysis of Standard & Poor's warning the U.S. over debt. Video available at link.
  • Where the Budget Deficit Actually Came From. Determing Where and When Things got Out of Line.

    04/20/2011 8:09:21 AM PDT · by SeekAndFind · 23 replies
    American Thinker ^ | 04/20/2011 | Greg Richards
    I found that in thinking about the budget, I did not have a good mental picture of where, exactly, and when, exactly, things had gotten out of line.  So I decided to do a quick analysis of the "big pieces" of the federal budget just to get a feel for the magnitude of our financial problems and where in the budget they were located.  It occurred to me that others might be interested in this as well, and that thought is the provenance of this essay. Just to begin at the beginning, this chart is a "50,000 foot view"...
  • Boehner the Enabler

    04/19/2011 8:14:30 PM PDT · by bronkburnett · 6 replies
    World Net Daily ^ | 4/19/2011 | Michael Master
    ...The CBO claims that the $38 billion cut from the discretionary budget will only yield an additional $352 million cut from actual spending in 2011. The method used for reducing the discretionary budget was to move $23 billion to the mandatory spending budget from the discretionary budget. All the other cuts they claimed as part of the deal were already in place or for programs that had money that would not be spent... they reduced the discretionary budget … but did not reduce actual spending.... Boehner, Obama and Reid ... all said that they cut $38 billion dollars out of...
  • Don't Single Out Standard & Poor's for Being 'Political'

    04/19/2011 11:00:41 AM PDT · by JohnRLott · 3 replies · 1+ views
    Fox News ^ | April 19, 2011 | John R. Lott Jr.
    If you think it's hard now to balance the budget, just wait until our credit rating gets trashed. Monday’s warning from the Standard & Poor’s rating agency -- that the U.S. government’s credit rating could be revised downward -- produced a firestorm in Washington. Republicans called it a "wake-up call," while the Obama administration's chief economist, Austan Goolsbee, lambasted Standard & Poor’s actions as purely "political." Credit ratings aren’t just a matter of national pride. Less dependable, risky borrowers have to pay a higher interest rate to get people to buy their bonds. Right now the our government only has...
  • Obama vs. Obama (Victor Davis Hanson Hits Obama So Hard His Dog Yelped!)

    04/14/2011 11:01:23 AM PDT · by MissesBush · 54 replies
    National Review Online ^ | 04/14/11 | Victor Davis Hanson
    The president gave the sort of scare speech he not long ago warned against, and blasted the income-tax rates he not long ago agreed were necessary — in a context in which he has just presented a budget with a $1.6 trillion deficit of the sort he now says is unsustainable, and has warned about recklessly voting against raising the debt ceiling in a fashion that he himself had once done, in a larger landscape in which he had once damned attacking Middle East countries in optional wars, Guantanamo, renditions, tribunals, preventative detention, intercepts, wiretaps, Predators, and leaving troops in...
  • Who's the Extremist Now?

    04/12/2011 2:55:02 PM PDT · by MissesBush · 6 replies
    Wall Street Journal ^ | 04/12/11 | William McGurn
    The senior senator from New York was on to something when he complained about ideology getting in the way of spending cuts. Just not in the way he would have us believe. Appearing on MSNBC on Friday before the budget deal was finally cut, Sen. Charles Schumer launched a pre-emptive blame strike. "We are on the one-yard line," he complained, "but Republicans in the House are making a goal-line stand on women's health, which has nothing—nothing—to do with the budget." The reference was to a GOP bid to strip Planned Parenthood, America's largest abortion provider, of hundreds of millions of...
  • Obama Lacks Credibility as a Leader on Spending Cuts

    04/11/2011 10:00:28 PM PDT · by JohnRLott · 14 replies
    National Review ^ | April 11, 2011 | John R. Lott Jr.
    Is President Obama really the Deficit-Cutter-in-Chief? After so obviously racking up massive deficits through his various stimulus programs, President Obama is now trying to portray himself as a leader in the effort to solve this problem. Time after time on yesterday’s Sunday morning talk shows, White House senior adviser David Plouffe said that Obama’s 2012 budget already proposes to reduce the deficits over the next decade by $1 trillion. Surprisingly, not a single host challenged him on his math. Plouffe asserted: “Well, first, on the 2012 budget, that would be $1 trillion of deficit reduction over the next decade and...
  • States Are Smart to Cut Cigarette Taxes

    04/11/2011 7:10:14 PM PDT · by Tolerance Sucks Rocks · 11 replies
    The Heartland Institute ^ | April 11, 2011 | John Nothdurft
    After decades of increasing tobacco taxes at the federal, state, and local levels, some states are beginning to buck this fiscally burdensome and irresponsible trend. On March 17, the New Hampshire House of Representatives passed a bill that would cut the state’s cigarette tax by a dime, to $1.68 per pack. Two other states with high tobacco taxes—New Jersey and Rhode Island—are also considering proposals to reduce taxes on tobacco products to make their state’s tax rates more competitive. This reversal in policy would be fiscally responsible and especially beneficial to low-income people. Many economists have noted that many states’...
  • We Are All Japanese Now

    04/05/2011 2:43:23 PM PDT · by blam · 15 replies
    The Daily Reckoning ^ | 4-5-2011 | Bill Bonner
    We Are All Japanese Now By Bill Bonner 04/05/11 Delray Beach, Florida – Even before the Richter needle began to quiver and the pots began to fall, Japan’s finances were already shaky. The country began running huge budget deficits following the stock market sell-off of 1990. Economists called this “fiscal stimulus” back then. Two decades later, the deficits are bigger than ever – 7.5% of GDP this year – and they stimulate nothing. Japan has gotten in the habit of living beyond its means. The country has an accumulated debt equal to twice national output and 20 times tax revenues....
  • Paul Ryan Is Right About the Budget -- Americans Cannot Afford Another Decade of Massive Spending

    04/05/2011 10:22:00 AM PDT · by JohnRLott · 17 replies
    Fox News ^ | April 5, 2011 | John R. Lott Jr.
    The deficit is a spending problem. That's the simple truth. If federal government spending after President Clinton's last budget had simply grown fast enough to keep up with inflation and the growth in population, the 2012 budget would be running over a $70 billion surplus. Instead, federal expenditures more than doubled from $1.86 to $3.82 trillion in the ten years from 2001 to 2011, causing this year’s enormous $1.65 trillion deficit. During President Obama's first three years in office the government's deficits are adding up to over $4.3 trillion. And there is no let up in sight. The Congressional Budget...
  • US Republican budget plan would cut $5.8 trln in 10 yrs

    04/04/2011 6:41:37 PM PDT · by gorush · 54 replies
    Reuters ^ | 4-4-2011 | Andy Sullivan
    A Republican budget plan due to be unveiled on Tuesday would cut $5.8 trillion from U.S. spending over the next 10 years, a congressional aide familiar with the proposal said on Monday.
  • GOP Aim: Cut $4 Trillion

    04/04/2011 2:00:50 AM PDT · by Scanian · 57 replies
    Wall Street Journal ^ | APRIL 4, 2011. | NAFTALI BENDAVID
    Republicans will present this week a 2012 budget proposal that would cut more than $4 trillion from federal spending projected over the next decade and transform the Medicare health program for the elderly, a move that will dramatically reshape the budget debate in Washington. The budget has been prepared by Rep. Paul Ryan, a Wisconsin Republican and the new chairman of the House Budget Committee, and it represents the most complete attempt so far by Republicans to make good on their promises during the 2010 midterm elections to cut government spending and deficits. Though Rep. Ryan based the Medicare portion...
  • Obama Administration: GOP Cuts Would Kill 70,000 Kids

    03/31/2011 12:19:12 PM PDT · by 2ndDivisionVet · 69 replies · 1+ views
    Time Magazine ^ | March 31, 2011 | Adam Sorensen
    That's what would happen if Congress pares back appropriations for USAID, says Rajiv Shah: "We estimate, and I believe these are very conservative estimates, that H.R. 1 would lead to 70,000 kids dying," USAID Administrator Rajiv Shah testified before the House Appropriations State and Foreign Ops subcommittee. "Of that 70,000, 30,000 would come from malaria control programs that would have to be scaled back specifically. The other 40,000 is broken out as 24,000 would die because of a lack of support for immunizations and other investments and 16,000 would be because of a lack of skilled attendants at birth," he...
  • Protestors clash with police in rally in London

    03/26/2011 9:14:14 PM PDT · by 2ndDivisionVet · 23 replies
    Xinhua ^ | March 27, 2011
    Protesters clashed with riot police and attacked banks and luxury stores in London on Saturday as about 250,000 Britons rallied against government spending cut. The police said more than 200 people were arrested during the protest, one of the biggest in the country since the Iraq war in 2003. Dozens of people including police were injured. Some protestors attacked police officers with bottles, paint and wood, damaged bank branches, and set fire on several locations. The protest attracted people from across the country, including public sector workers, pensioners, students, and members of community groups and trade unions. More than 4500...

    03/25/2011 10:54:05 PM PDT · by flat · 23 replies
    Don't Blame Tax Cuts for Catastrophic Deficits By: Michael Medved Liberal commentators blame the Bush tax cuts, not runaway spending, for the budget crisis. They insist that slashing rates on income taxes, which means smaller percentages of private income going to government, would guarantee red ink even if Congress finds many billions in spending cuts. The problem with this argument is that it's clearly contradicted by recent history. Actually, the second round of Bush tax cuts in 2003 brought increased revenues - both in actual dollar terms and as a percentage of the GDP (Gross Domestic Product) -- not falling...
  • Fed's Fisher: U.S. debt situation at tipping point

    03/22/2011 9:51:22 AM PDT · by Qbert · 24 replies
    Reuters via Yahoo Finance ^ | 3/22/2011 | Marc Jones and Sakari Suoninen
    FRANKFURT (Reuters) - The U.S. debt situation is at a "tipping point," Dallas Federal Reserve Bank President Richard Fisher said on Tuesday, and urged the U.S. central bank to refrain from any further stimulus measures. "If we continue down on the path on which the fiscal authorities put us, we will become insolvent. The question is when," Fisher said in a speech at the University of Frankfurt. Fisher, seen by economists as one of the most hawkish policymakers within the Fed, said that although debt-cutting measures would be painful, he expected the U.S. to take the necessary actions. "The short-term...
  • CBO: Obama’s budget doesn’t reach primary balance

    03/20/2011 3:46:45 AM PDT · by Scanian · 7 replies
    The Washington Times ^ | March 18, 2011 | Stephen Dinan
    Congress‘ chief scorekeeper says President Obama’s budget never achieves primary balance, the key measure the White House said would show the country is living within its means. In a preliminary analysis the budget Mr. Obama sent to Capitol Hill last month, the Congressional Budget Office says deficits will total $9.5 trillion over the next decade and never once will it be in balance — even when subtracting interest costs. The closest the government will come to balance is in 2018, when the deficit will be $902 billion and net interest costs are projected to be $725 billion — still leaving...