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    Morning Bell: The Obama Depression

    The Heritage Foundation does not believe in Keynesian economics. We do not believe that massive government spending has a “multiplier effect” which turns the initial amount of money spent by the government into an even greater increase in national income. Economic studies of projects claiming to have a “multiplier effect” … More

    Obama Administration Transportation Policy Needs a Jump-start

    The Obama administration’s initial efforts at transportation policy are off to a rocky start. Transportation Secretary Ray LaHood this morning came out in favor tracking and taxing drivers on the miles they drive instead of the amount of gas they consume. Almost immediately a spokesperson at the Transportation Department said … More

    TARP Explained in Pictures

    The federal government’s Troubled Asset Relief Program been complicated and controversial from the beginning. First sold by then Treasury Secretary Hank Paulson as a plan to buy mortgage-related assets from U.S. financial institutions,TARP quickly morphed into an incoherent slush fund. New Treasury Secretary Timothy Geithner has had a very similar problem … More

    Britain’s Public Debt: Up By 1.4 Trillion Pounds This Week

    On Monday, if you accept the OECD’s figures, Britain’s public debt was 42% of GDP, or about 600 million pounds. Today, Britain’s public debt is about 142% of GDP, or about 2 trillion pounds. In one week, Britain’s debt has increased by 1.4 trillion pounds. That’s 2 trillion dollars of … More

    Statement on the Fiscal Responsibility Summit

    Yesterday, Heritage Vice President Stuart Butler and Roe Institute Director Alison Fraser, along with a dozen other leading budgetary experts from think tanks across the political spectrum, urged President Barack Obama to follow up his recently announced “Financial Responsibility Summit” with (1) leading a sustained “national conversation” on entitlement and … More

    The Global Government Debt Bubble: Hitting Close to Home

    Last month Heritage fellow J.D. foster wrote: The global recession has caused deficits to balloon almost everywhere, and governments worldwide are considering their own massive programs to stimulate their economies. So the United States will be offering this great wave of federal debt to the credit markets while most other … More

    Fairness Doctrine Confusion

    On Wednesday, White House spokesman Ben LaBolt told FoxNews.com: “As the president stated during the campaign, he does not believe the Fairness Doctrine should be reinstated.” However, only three days earlier, President Obama’s Senior Advisor David Axelrod told Fox News Sunday, “I’m going to leave that issue to Julius Genachowski, … More

    Britain’s Failing Credit

    Last week, Moody’s Investors Service warned that the increase in U.S. debt caused by the ‘Economic Stimulus’ Act could hurt the country’s AAA credit rating. According to Moody’s the public debt as a percentage of the total economy (GDP) will jump 21.6 percent, up to 62.4 percent of GDP by … More

    The Sports Stadium Lesson: Government Spending Doesn't Stimulate

    As baseball season rapidly approaches, we are reminded that between 1990 and today 18 cities have put up government money to help build new stadiums for their baseball teams. All of these government expenditures were justified on the exact same theory that the stimulus bill was: that government spending creates … More

    Morning Bell: The 'Buy America' Threat to Our Economic Recovery

    As destructive as we believe the economic stimulus bill that President Barack Obama signed Tuesday is, the Obama Administration could undo a significant portion of the legislation’s damage today, and this weekend. President Obama will travel to Ottawa today to meet with Canadian Prime Minister Stephen Harper. Also today, Secretary of … More