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    Chart of the Week: Medicare Spending Is the Largest Driver of Future Deficits

    Medicare is in dire need of reform. This week’s chart illustrates why the entitlement program is the largest driver of long-term runaway deficits. With the country’s population aging and increasingly dependent on health care, Medicare’s cost to taxpayers is projected to rise from $522.8 billion in 2010 to $932 billion … More

    Federal Accounting May Understate Costs of Solyndra-style Programs

    The accounting methodology used to measure the cost to taxpayers of federal loan guarantee programs such as the one that financed defunct solar company Solyndra may dramatically understate the programs’ financial risk to taxpayers. Simply put, the federal government ignores administrative costs and the risks of borrowers defaulting on their … More

    Chart of the Week: Runaway Spending, Not Low Tax Revenue, Fueling Deficits

    Following the failure of the Joint Select Committee on Deficit Reduction, Sen. Pat Toomey (R-PA) criticized liberals for insisting that any deal include a massive tax hike. In a speech at Heritage last week, he said tax revenue isn’t the problem facing the United States in the future; it’s the … More

    Income Inequality vs. Wealth Inequality

    Recently, the Congressional Budget Office (CBO) released its latest statistics on income inequality. Economists, bloggers and others have been furiously debating their implications. Over at the American Enterprise Institute, Jim Pethokoukis has been bludgeoned by various left-wing bloggers for pointing out that the story of growth of income inequality is … More

    Congressman: Lobbyists Know More About Super Committee Than He Does

    Rep. Tim Huelskamp (R-KS) came to Washington in January ready to have a vigorous public debate over America’s debt crisis. He’s less optimistic about the outcome today — a result of the super-secret Joint Select Committee on Deficit Reduction. “I thought it was a very, very bad idea to create … More

    Tax Cuts and Supply-Side Effects

    Lawmakers have recently paid lip service to cutting the corporate tax rate to help boost economic growth. Doing so would be good policy, but it’s important to know why. Information disseminated by both political parties, think tanks, government organizations, media outlets, and political pundits has confused the issue, leading many … More

    Chart of the Week: Cutting All Defense Spending Would Not Solve Debt Crisis

    House Armed Services Chairman Buck McKeon (R-CA) is a man on a mission. He’s making the rounds on Capitol Hill to convince his colleagues, particularly those on the 12-member Joint Select Committee on Deficit Reduction, that they should avoid cutting defense spending. McKeon has a point — and it’s one … More

    CNN "Fact-Checks" Opinions

    During the Republican debate Monday night in Tampa, Florida, Governor Rick Perry (R–TX) said that President Obama’s $800 billion stimulus created zero jobs. CNN “fact-checked” this statement and determined it was false. To review, in 2009 just before the stimulus was enacted, the unemployment rate stood at 7.5 percent. Today—two years … More

    Washington in a Flash: Recess!

    Now that President Obama has signed the Budget Control Act into law following weeks of grueling debate, lawmakers are packing their bags and heading home for August recess. Both houses of Congress return the first week of September, but neither passed a formal adjournment resolution, denying Obama the opportunity to make … More

    Washington in a Flash: House to Vote on Boehner's Debt Plan

    Lawmakers are still scrambling to agree on a debt deal. The newly rewritten plan by Speaker John Boehner (R-OH) is expected to be voted on by the House. The newly rewritten bill has more savings than what the Congressional Budget Office originally projected. Numerous conservatives have voiced concerns about Boehner’s bill. Rep. … More