In February, we reported that in 2010, Social Security would start running deficits in 2010. Well, Social Security deficits have officially arrived, as analyst Michael Barone lays out in the Washington Examiner: Social Security tax receipts for the first half of 2010: $346.9 billion; Social Security benefits payments for the …
Gallup recently asked a sampling of Americans, “How serious of a threat to the future of the United States do you consider the following…” The results are clear: Americans judge the national debt on par with terrorism as the top threat facing the nation. Further, independents – a crucial constituency …
Did you know that the federal government spent $2.6 million training Chinese prostitutes to drink more responsibly? Were you aware that Washington is on track to spend $30,543 per household in 2010? What about a recent audit that classified nearly half of all purchases on government credit cards as improper, fraudulent, or …
Testifying before the House Budget Committee today, Federal Reserve Chairman Ben Bernanke noted: Even after economic and financial conditions have returned to normal, however, in the absence of further policy actions, the federal budget appears to be on an unsustainable path. A variety of projections that extrapolate current policies and …
Today, White House Chief of Staff Rahm Emanuel and budget director Peter Orszag released a joint memo asking government agencies to create lists of ineffective programs with the intention of enacting future budget cuts of 5 percent. This initiative follows in the footsteps of proposed legislation that would give the …
This morning White House Chief of Staff Rahm Emanuel and budget director Peter Orszag will release a memo directing all federal agency heads “to develop plans” to cut at least 5 percent from their budgets by “identifying programs that do little to advance their missions or President Obama’s agenda.” This …
The United States isn’t the only country in North America grappling with the fiscal problems caused by an aging population and mounting federal deficits—Canada faces a similar fate. The difference is that, while the United States just passed a $1 trillion-plus government overhaul of health care, incorrectly justified by claims …
