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  • budget deficit

    Bernanke Calls for Deficit Reduction

    Ben Bernanke made an important point while testifying before the House Budget Committee: lawmakers must reduce the federal deficit and return the nation to fiscal sustainability. The deficit, set to hit $1.8 trillion this year, is not expected to dip under $500 billion per year during the next decade, even … More

    Capping, Trading, and Stealing from our Children

    Intergenerational theft. A complicated phrase that can simply be described as borrow money now, force our children and grandchildren to pay later. We’ve heard it with Social Security, Medicare and, most recently, with the massive stimulus spending bill. We can now add cap and trade to the list. The Heritage Foundation’s … More

    Towering Debt and Deficits Highlight Urgent Need for Entitlement Reform

    Yesterday’s USA Today brought the not so surprising news that federal tax revenue has fallen drastically due to the struggling economy. The 34% decrease represents the largest plunge since the last major recession in 1981. Although revenue is down, the main driver of deficits is spending. Over the long term … More

    Initial Talking Points on CBO Scoring of Obama Budget

    • President Obama’s budget presented at the end of February painted a picture of a fiscal trainwreck. The Congressional Budget Office (CBO) today confirmed what many had suspected – the fiscal consequences of the President’s policies would be much worse. • The President is calling for massive tax increases equal … More

    Democrat Leadership Drops All Pretense of Fiscal Restraint

    With Election Day not yet a month past, the Democrat’s promise of fiscal responsibility has already been ditched. Wednesday, The Hill newspaper reported: Even the most ardent deficit hawk among House Democratic leaders says the cost of overhauling the nation’s healthcare system will be heaped on top of the snowballing … More

    Lies, Damned Lies, and…the Undeniable Truth

    Most people are skeptical about statistics, claiming that mathematically-minded people just bend numbers to their will. But when it comes to long term budget projections, economists from the left, right, and center all agree we on an unsustainable course, and that the entitlements—Social Security, Medicare, and Medicaid—are the main driver … More

    Apparently Budgetary Tradeoffs Don’t Apply to New Presidents

    Has the Blue Dog Coalition given up on their version of fiscal responsibility? Jim Cooper (D-TN), leader of the Blue Dogs – the self-described fiscally-conservative group of congressional Democrats – was quoted in a Wall Street Journal op-ed announcing, “I’m not sure the old rules are relevant anymore… It would … More

    Want to Cut Government Waste? Here's a Place to Start

    John McCain made a point of mentioning Citizens Against Government Waste during all three presidential debate. He cited the National Taxpayers Union in the last two. Today both organizations responded with a list of government waste that’s just waiting to be cut. NTU’s research arm, the National Taxpayers Union Foundation, … More

    Spending Explosions, not Tax Cuts, Driving Deficits

    Last week the Congressional Budget Office reported that the federal deficit will reach $407 billion this year. This actually is not as groundbreaking as it sounds. The best way to measure budget deficits is as a percentage of GDP, the 2008 budget deficit is 2.9% of GDP compared to 30.3% … More