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“The conventional wisdom in Washington — on the left and among many on the right — is that the debt ceiling must be raised in order to avoid defaulting on the national debt, a potentially catastrophic scenario, the thought of which has business and fin …
READ MORE“No man in America is a match for House Budget Committee Chairman Paul Ryan on the federal budget. No congressman in my lifetime has been more determined to cut government spending. No one is better informed for the task he has set himself. Nor has any …
READ MORERejecting any serious cuts to government spending, President Obama stated recently, “Nothing is easier than solving a problem on the backs of people who are poor, for people who are powerless and don’t have lobbyists or don’t have clout.” Exactly. In t …
READ MORE“A transparent budget proposal—such as the Administration’s first 2012 Budget presented by President Obama on February 14 or the House Budget presented by Paul Ryan on April 6—contains year-by-year tables showing the proposed path for government outlay …
READ MORE“Why did politicians cut a trivial amount of money in the recent budget agreement? Prof. Ben Powell explains why politicians don’t cut spending, as a general rule. Using public choice economics, or the economics of politics, he shows how the political …
READ MOREFor the past few months I have been really disturbed about this nation’s fiscal challenges. With a $14 trillion structural deficit, and a $1.6 trillion deficit for this fiscal year alone, I think people should be concerned—I mean really concerned. So w …
READ MORE“As to where the money is coming from, Humphrey announced, “We can pay for it out of a growing, expanding economy. And it is actuarially sound.” It is depressing to record that three days later, on Sept. 28, Richard Nixon also proposed that Social Secu …
READ MOREThe Greenspan-Bernanke explanation on the cause of the financial bubble rests on the theory of the saving glut. According to this explanation, the problem was not that the Fed mismanaged the monetary policy, but that a saving glut that took place outsi …
READ MORE“The proposal represents the most comprehensive philosophical statement by resurgent Republicans since they claimed control of the House in last fall’s midterm elections. It promises to define the party heading into the 2012 presidential election and t …
READ MORE“The Federal Reserve shows few signs of easing its aggressive efforts to stimulate growth before the middle of the year, according to the minutes of the most recent meeting of the central bank’s policy making committee. Some members of that committee h …
READ MORE“The benefit of maintaining price stability in the eurozone as a whole, and thereby keeping the inflation risk low, becomes even greater in times of crisis. At the height of the financial crisis, the ECB lowered interest rates aggressively in the face …
READ MORE“For the fiscal year 1934, based on the appropriation bills passed by the last Congress and the estimated revenues, the deficit will probably exceed $1,000,000,000 unless immediate action is taken. Thus we shall have piled up an accumulated deficit of …
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