Evidence shows that “austerity” during a sharp downturn in 1920 coincided with quick economic recovery and robust growth throughout the rest of the decade. Nevertheless, there is a belief that the example of President Herbert Hoover from 1929–1933 was a failure of austerity, which pushed the economy into the Great Depression. It was not. Hoover never cut spending or slashed tax rates. In fact, Hoover doubled spending in real terms during his four years in office. When FDR arrived at the White House, according to Cato economist Steven Horowitz, FDR’s …
There’s more bad news for Obamacare. A new poll from the Kaiser Family Foundation shows that 51 percent of Americans have an unfavorable view of President Barack Obama’s signature health care law, while only 34 percent see it favorably. Kaiser reports that this is “a low point in Kaiser polls since the law was passed,” and that the reason for the law’s declining popularity is rooted in decreased Democrat support: While Democrats continue to be substantially more supportive of the law than independents or Republicans, the change in favorability this …
Rep. Paul Ryan (R-WI) is mighty disappointed with President Obama. The chairman of the House Budget Committee, who has bested Obama in head-to-head policy showdowns, blames the president for failing to outline a solution to the debt crisis while dividing America with talk of class warfare. Ryan’s speech at Heritage yesterday made news for its strong critique of Obama. He sat down for an interview afterward to outline why he’s so disheartened by Obama. Ryan also redefined how Americans should look at class warfare, taking aim at crony capitalism and …
The echo chamber of Washington is hard at work. The consensus is growing that the U.S. military will need to aim for a slimmer but still perfectly effective military, thanks to the budget and capability cuts of the past three years. However, given the magnitude of ongoing defense budget cuts, a hollowing force simply does not translate into a “meaner” military. For the past half-century and more, America has taken a leadership role in the world. This has manifest vital national interests all around the globe. As a result, the …
In its push to get electric vehicles on the road, the Obama administration has partnered with a company in dire financial straits that is also under investigation by the Securities and Exchange Commission for insider trading. San Francisco-based green technology company ECOtality received roughly $115 million in two separate Energy Department grants to build 14,000 electric vehicle charging stations in 18 cities. President Obama cited ECOtality in last year’s State of the Union address as a success story of his stimulus law. Ted Karner, president and CEO of ECOtality subsidiary …
The 39-story United Nations headquarters stands on the banks of the East River in Manhattan. But now the U.N. is planning the construction of a new building next door, with a price tag pegged at $400 million — and it could soar even higher. And since U.S. taxpayers pay 22 percent of the U.N. budget, the costs for that new building will come right out of your pocket, leading to a very serious question: Just how far should the United States go in supporting the U.N. and international organizations like it? The …
For months now the so-called super committee has been meeting in secret, tasked with delivering a budget-cutting (er… make that deficit-cutting) plan. Many have doubted they could actually reach their minimum target of $1.2 trillion in cuts. Few, if any, details had leaked—until today, when we learned that the Democrats are trying to break the logjam and “go large” by offering up a deficit reduction package approaching $3 trillion. So, score one for the Democrats for exceeding the minimum cuts? Not so fast. As the old saying goes, the devil …
Click here to join us right now for our “Lunch with Heritage” chat with Health Policy Analyst Kate Nix. The Obama Administration recently said that part of Obamacare, the CLASS Act, would no longer go into effect. Also, in a speech at Heritage yesterday, Paul Ryan mentioned the need to reform Medicare. Join right now as Kate takes your questions about the CLASS Act, what it means for the future of Obamacare, and how Medicare should be reformed. Lunch with Heritage feat. Kate Nix
What is America? What is this country fundamentally about? By and large, pundits and politicians on the right and the left don’t seem to get it. Some come close, but there is a widespread failure to explain why the Founders established this republic. On this date in history, two of the clearest expressions of the American ideal were first articulated. On October 27, 1787, a young Alexander Hamilton, writing under the pen name Publius, published the first Federalist paper in New York’s Independent Journal. In the very first paragraph, he …
In his straightforward and scathing piece for today’s New York Post, Heritage senior fellow Peter Brookes discussed the devastating impact a sequestration of the defense budget would have on America’s military. If the congressional “super committee” cannot find $1.5 trillion in budget savings over the next 10 years by November 23, the law would trigger automatic spending “sequestration” cuts of $1.2 trillion—of which roughly half a trillion or more would be from the defense budget. This spells major trouble for U.S. national security. Since President Obama has been in office, …
