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  • Obama Jobs Deficit Hits 8.3 Million, Another No-Jobs Bill Pending in Congress

    President Obama announced a renewed focus on jobs in his State of the Union address.  His budget stated (PDF) “it is critical that we take steps to jump-start job creation”. He’s right, of course. He is also explicitly admitted the failure of last year’s $862 billion “jump-start” stimulus program.  On March 4, … More

    The Fed and Inflation, Late Again?

    Inflation is ultimately and always a monetary phenomenon.  The Federal Reserve’s extraordinary actions during the recent crisis now require executing a difficult exit strategy without short-circuiting the recovery and most especially without letting inflation get out of control.  Comments by Fed officials beginning with Chairman Ben Bernanke suggest they are … More

    The Senate Still Doesn’t Get the Message

    Senate Majority Leader Harry Reid (D-NV) says “the American people need a message. The message that they need is that we are doing something on jobs.” Reid’s real message is to confirm what is now obvious to all, which is that he and his congressional allies have nary a clue … More

    Obama Pushes U.S. Credit Rating Below France

    On Tuesday, February 2, President Obama released his budget forecasting a deficit for 2010 of $1.6 trillion for the year and $9.1 trillion from 2010 through 2020. The next day the Moody’s credit rating agency announced Obama’s budget policies were so profligate and irresponsible as to risk the credit rating … More

    Obama May Finally "Get It" on Economy – We Can Still Hope

    Barack Obama made a big deal throughout the campaign and after that he wanted to raise income taxes on the rich by reversing the reductions in upper rates enacted under President Bush in 2001. Lower rate advocates have argued all along that lower rates are better for the economy, whereas … More

    To Defeat the Death Tax, Know Your Opponent

    Last Saturday the Baltimore Ravens inflicted a stunning defeat on the New England Patriots in an NFL wildcard game. In interviews after the game, the Ravens’ all-world middle linebacker, Ray Lewis, explained how his defense had stuffed one of the great offenses of the modern era – through study and … More

    Jobs Decline in December as Obama Jobs Deficit Continues to Climb

    Today’s Labor Department jobs report is a study in contrasts. For example, on the one hand the labor market is notably less weak than in recent months. December’s 85,000 drop in employment according to the payroll survey is markedly better than the monthly average of over 275,000 jobs lost during … More

    An Executive Order Debt Commission Doesn’t Cut It

    President Obama is reported to be considering an Executive Order creating yet another commission to consider options for curtailing Washington’s deficit addiction. Even at a time when action is desperately needed, such an Executive Order is likely worse than doing nothing. The Executive Order approach represents Congress’ latest embarrassing retreat … More

    The Latest Senate Debate on Drug Reimportation: The Outcome Could Kill You

    Timmy: Mommy, where does the new drug I’m taking for my Leukemia come from? Mother: It comes from a drug company. Timmy: But why does the drug company make it? They don’t know me. Mother: Well, partly they make drugs because they help people – the people who work for … More

    Honest Medicare Budgeting in Health Care Reform

    The health care reform wallowing through Congress includes a ploy reminiscent of the “liar loans” prominent during the recent real estate bubble before its collapse. The bill cuts imaginary Medicare spending and uses the funds for real spending elsewhere. Senator Judd Gregg (R-NH) has blown the whistle on this charade. … More