Earlier this week, the Obama White House criticized Members of Congress for examining the effects of the $1.2 trillion in automatic spending cuts scheduled to kick in next year. Instead, the Administration said it would prefer that lawmakers turn their attention to longer-term deficit reduction proposals. But this is not …
Be sure to check out the latest Heritage Libertad podcast. For the English version, click here. For the Spanish version, click here. The English version kicks off with a discussion of Fast and Furious. We then have a discussion with Congressman Farenthold (R-TX) on various issues. The segment closes with a …
Whenever misguided economic policy advice crops up, it’s imperative to correct it. The latest comes from Princeton economist Alan Blinder. He advocates for more stimulus, especially more education spending, and pleads for higher tax rates on the “rich.” These policies are mistaken. He begins by contending that, because interest rates …
Both the House and the Senate are proceeding with appropriations, the annual spending measures due by the start of the new fiscal year on October 1. Appropriations, which make up about one-third of the federal budget, are “discretionary” spending, meaning they require annual legislative approval. By contrast, mandatory or “direct” …
The Democratic staff of the Joint Economic Committee (JEC) fabricated details about the
The farm bill is currently making its way through the Senate amidst heated debate. But don’t let the title fool you. Nearly 80 percent—of the bill’s spending goes toward the nation’s fastest growing welfare program: food stamps. Since 2000, the cost of food stamps (now known as the Supplemental Nutrition …
The uncertainty caused by Taxmageddon—the one-year $494 billion tax increase that looms on January 1, 2013—is strong enough to slow the economy months before it actually strikes. In fact, it is already doing so. Highly knowledgeable and highly influential market observers have been warning Congress of this for weeks. Their …
“Taxmageddon,” also called a “massive fiscal cliff” by Federal Reserve chairman Ben Bernanke, refers to the assortment of expiring tax relief combined with new Obamacare tax hikes and the payroll tax restarting on January 1, 2013. Taxmageddon will be especially hard on areas of the country that can least afford …
