The White House has pegged Aug. 2 as the drop-dead deadline for a debt-limit deal. But deal or no deal, President Obama is heading to Chicago on Aug. 3 for his 50th birthday bash — a pricey fundraiser for his re-election campaign. Obama’s campaign began promoting the birthday last week with an appeal to supporters to “bring 50 new people into this campaign for President Obama’s 50th birthday.” Obama’s birthday is Aug. 4. The party will be held the night before at Chicago’s historic Aragon Ballroom. Lynn Sweet of the …
Catching you up on clips, commentary and news of the day. Sign up for the daily email update from Scribe. FOX and the Sharks – Mike Gonzalez Are the Rich Undertaxed? – Michael G. Franc In wake of Mumbai attacks, Pak could help save dialogue with India – Lisa Curtis A subsidy by any other name – David Kreutzer U.N. sea treaty still a bad deal for U.S. – Kim R. Holmes Politics has overtaken science at the EPA – Dr. Gilbert Ross White House Defends Net Neutrality Rules, Disses Defunding …
On this week’s Hertage Libertad Radio program, on Virginia’s WBER, we were fortunate to have Senator Jim DeMint (R–SC) join us for a segment to discuss his new book, The Great American Awakening, the Tea Party, and the current fight over the debt ceiling. Senator DeMint gave us the latest account on Congressional negotiations dealing with spending, fiscal reforms, and taxes. He also talked about specific reforms he’s championed, such as a balanced budget amendment. Does it have realistic potential of being passed? What are the chances that lawmakers strike …
Is open trade and investment good for China but bad for the U.S.? The Heritage Foundation’s China Global Investment Tracker has just been updated. Through June 30, it shows over $60 billion in Chinese investment in Latin America. This worries some people. They think that China is gaining economic benefits and cementing strategic ties in our backyard. At the same time, the U.S. has had a clear and powerful opportunity for years to expand our own links to the region through free trade agreements (FTAs) with Colombia and Panama. Those …
An article in the The Wall Street Journal recently revealed that our budget situation is likely worse than what the Congressional Budget Office (CBO) projects, meaning we could be in much more debt than we realize. In 2010, the federal government collected about $2.16 trillion in total tax revenue yet still generated a deficit of nearly $1.3 trillion. This means Washington borrowed about 40 cents of every dollar it spent (and will borrow 43 cents of every dollar this year). CBO produces two scenarios to project America’s budget outlook: an …
Even 100 years after his birth, the world continues to remember President Ronald Reagan. In one week alone, he was honored with a mass led by the archbishop of Krakow, a special session of the Hungarian parliament, a street named after him in Prague, and statues in Budapest and London. In the former captive nations of Europe, Reagan’s bold stand for liberty and against communism is recognized and appreciated. Two of Reagan’s advisers recently sat down to discuss his legacy of freedom for Americans and Europeans alike. Watch the conversation between Attorney General Ed …
A new report from the United Nations Department of Economic and Social Affairs demonstrates that the U.N. has no business meddling in economic or social issues. In a recently released World Economic and Social Survey entitled “The Great Green Technological Transformation,” the U.N. says our governments need to spend $1.9 trillion a year for 40 years in order to successfully transition to a global green economy. That’s a $76 trillion price tag for the green initiative, an initiative that won’t bring about economic prosperity nor improve our environmental well being. …
Late on Tuesday, July 5, an Azerbaijani tanker plane crashed in Afghanistan en route to U.S./NATO Bagram Air Base with a load of fuel. The United States and NATO should mourn the nine crew members who were killed on board, yet this accident should serve as a reminder of the invaluable contributions and sacrifices that this small, predominately Muslim country has made for NATO and American forces when other coalition allies have been pulling out of Afghanistan. This supply plane flew from Baku, the capital of Azerbaijan, which is located in …
In this week’s Heritage in Focus, labor economist Rea Hederman discusses last month’s job report. Listen to the full interview, here. Unfortunately, last month’s jobs report was the worst one in some time. We created a mere 18,000 jobs and the unemployment rate increased to 9.2 percent. Normally in a recovery, as more people rejoin the labor force in their search for work, labor force participation increases. Worryingly, however, the labor force participation rate went down. How do we reverse this? How do we create jobs? And are we looking …
Four years after home values in America plummeted, fears over America’s housing market remain. In testimony before Congress yesterday, Federal Reserve Chairman Ben Bernanke cited “the continuing depressed condition of the housing sector” as one of the factors behind America’s sagging economy. In response to the poor market, the White House is reportedly considering a repeat of the historically bad decisions that contributed to the mortgage meltdown rather than pursuing a much saner course: eliminating Fannie Mae and Freddie Mac. In a town hall last week, President Obama remarked that “the continuing …
