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    Pension Smoothing on UI Bill Is an Accounting Trick That Could Lead to Taxpayer Bailout

    The Senate is trying to use an accounting trick to claim deficit-reduction from a bill to extend federal long-term unemployment benefits. Far from that, the proposal to “smooth” pension contributions would merely shift tax revenue from the future into the present while destabilizing pensions even further and increasing the risks … More

    Is the Administration Offering Insurers an Obamacare Bailout?

    The Centers for Medicare and Medicaid Services (CMS) today released guidance to state insurance commissioners implementing President Obama’s “fix” for people losing their insurance. Not only does it violate the explicit text of Obamacare itself, but it also raises the possibility of insurers getting access to a new pool of … More

    FHA: The Next Round of Housing Bailouts?

    Despite some efforts this year to improve its financial position, the Federal Housing Administration (FHA) will reportedly seek a bailout from the federal government to cover losses on mortgage loans it insures. The FHA will ask taxpayers for a $1.7 billion cash infusion (more than double estimates earlier in the … More

    As Detroit Goes, So Goes the Nation

    Detroit is the poster child for economic decline. The city’s policies and politics over the past half-century should serve as a “do not” guide for policymakers across the country. There’s a great deal lawmakers in Washington can learn. The first is understanding that Detroit’s demise was the result of big-government, … More

    Detroit and the Bankruptcy of Liberalism

    Detroit is a showcase for the liberal agenda — and now it is bankrupt. More than 50 years of control by big-government liberals and union bosses have left a once-great American city crippled and deteriorating. Last week Detroit became the largest city in American history to declare bankruptcy. Few were … More

    Detroit Bankruptcy Is No Time for Federal Bailouts

    The city of Detroit filed for Chapter 9 bankruptcy protection yesterday with some $18 billion in debt, making it the largest municipal bankruptcy in the United States. There will inevitably be calls for the federal government to bail out Detroit. Washington should set a firm precedent now that it will … More

    The Obamacare Big City Bailout

    Bloomberg reports this week on the latest Obamacare trend sweeping across the country: Cities and states may soon attempt to unload unsustainable health costs on the federal government by dumping employees and retirees onto exchanges. Both Chicago and Detroit have explored using the exchanges to reduce massive budget shortfalls, and … More

    U.S. Mortgage Market Reform: Corker–Warner Bill Misguided

    Draft legislation by Senators Bob Corker (R–TN) and Mark Warner (D–VA) would wind down federally sponsored housing finance giants Fannie Mae and Freddie Mac, but it suffers from many of the same problems the system faced over the past two decades. The bill would replace the Federal Housing Finance Agency, … More

    Backdoor Bailouts Begin

    The Treasury Department’s release of $100 million from the Hardest Hit Fund last week amounts to a federal bailout of five Michigan cities without congressional oversight or approval. The Hardest Hit Fund, part of the 2008 Troubled Asset Relief Program, was intended to provide assistance to homeowners in states particularly … More

    Too Big to Fail: Brown–Vitter Swings and Misses

    In an unusual left–right pairing, Senators Sherrod Brown (D–OH) and David Vitter (R–LA) last week introduced legislation to increase capital requirements on large banks. Calling it the “Terminating Bailouts for Taxpayer Fairness” or TBTF Act, the legislation is aimed at ending another TBTF: the doctrine of “too big to fail.” … More