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  • Obama's Battle of the Bulging Deficit

    “We’ll Need To Raise Taxes Soon” opines Roger Altman, a former Deputy Treasury Secretary under President Clinton, in a Wall Street Journal editorial today. Of course, he comes to this conclusion because deficits are high, excessive entitlement spending continues to darken the budget outlook, and, well, that’s the solution he … More

    Barney Frank Calls For Bigger Losses at Fannie and Freddie

    Barney Frank, Chairman of the House Financial Services Committee has suggested that Fannie Mae and Freddie Mac, the now bankrupt housing finance giants, should relax their lending standards. This suggestion is farcical. One’s immediate reaction after the laughter has subsided might well be, “will we never learn?” For many years, … More

    IMF Tax Recommendation Indicates Obama Tax Policy Off-Target

    On June 15, the International Monetary Fund (IMF) released a study suggesting national tax policies contributed to, but did not cause, the credit boom and bust that caused the global recession. The IMF noted that countries with income taxes tend to impose heavier tax burdens on equity than debt, thereby … More

    Baucus Should Support, Not Undermine CBO Integrity

    Senate Finance Committee Chairman Baucus’ recent off-the-cuff remarks to CBO Director Elmendorf highlight the critical role the CBO will play in the coming health care debate as it evaluates and scores the various proposals. Senator Baucus also demonstrated the pressures the CBO is under, and the ease with which Members … More

    Obama’s First Health Care Clue

    President Obama has made health care reform among his very top priorities. Good. The health care system is deeply troubled from soup to nuts. Cost, access, availability, insurance, budget pressures are all very serious issues. It is therefore disconcerting to learn over the weekend through the President’s health care reform … More

    Deficit Spending and Higher Interest Rates Imperil the Recovery

    Long-term interest rates are rising rapidly, with the 10-year Treasury pushing against 4 percent for the first time since the summer of 2008 – before the financial markets collapse. The many influences on U.S. interest rates at the moment are all moving in the same direction – up. One influence … More

    President Needs More Diversity, Fewer Czars

    President Obama has appointed yet another czar. This time it’s a pay czar, Kenneth Feinberg, to monitor the compensation paid to seven companies currently under the opiate influence of federal bailout money. We’re long past czar fatigue. The political usefulness of a czar is that it allows the President to … More

    Obama Jobs Deficit Now at 6.4 Million, and Climbing

    The economy shed 345,000 jobs in May and the unemployment has jumped to 9.4 percent, its highest level since 1983, and this is regarded as good news? Yes. In a way, it is good news, as it agrees with other evidence that the rate of decline in the economy is … More

    Results of the Owe-bama Debt-O-Rama

    President Obama recently said, One hundred days ago, in the midst of the worst economic crisis in half a century, we passed the most sweeping economic recovery act in history…One hundred days later, we are already seeing results.” President Obama is right: In the last one hundred days, the U.S. … More

    "Terrible" Treasury Auction Exposes Hole in Obama Econ Plan

    The U.S. Treasury auction of long-term bonds on Thursday was “terrible”, in the words of one Wall Street economist, with the rate on the 30 year bond jumping from 4.1 to 4.3 percent. This is just the first sign that the debt-based Obama economic stimulus plan is about to become … More