Seventy-two Members of the U.S. House of Representatives, including Representatives Patrick McHenry (R-NC) and Jim Jordan (R-OH), have joined 33 U.S. Senators in standing tall against continued overspending, overborrowing and overtaxing. In a letter today to the congressional Joint Select Committee on Deficit Reduction, known as the Supercommittee, the 72 Representatives hit the nail on the head: “It is evident that America has a fiscal crisis because Washington spends too much, not because it taxes too little.” Their letter made clear what will happen if the Supercommittee leads Congress to …
Yesterday, the United States hit an unsavory milestone–$15 trillion in total national debt. Unfortunately, the number shouldn’t have come as a surprise. America’s debt has been growing at a rapid clip. How bad is America’s spending problem? Heritage’s Alison Fraser, Patrick Knudsen and Mackenzie Eaglen put it into context: At $1.3 trillion, the deficit for fiscal year (FY) 2011 was the third consecutive year of deficits exceeding $1 trillion. These deficits are larger than the largest deficit during World War II when adjusted for inflation. Even under President Obama’s February …
It has been 12 months since the American people spoke resoundingly at the polls against overtaxing, overspending, and overborrowing, but memories can be short in Washington. All it takes is for a couple of politicos and the so-called “mainstream” media to denigrate the Tea Party and the freshman congressional class–and urge compromise–and you have the spectacle of some Members of Congress hiding under the neutral-sounding “revenue raising” banner and urging the so-called “Super Committee” to raise taxes. Throw in some character assassination of those holding the line against spending and …
Greece continues to dominate the headlines as the country faces an increasingly dire economic situation and now political uncertainty as well. Prime Minister George Papandreou plans to resign once an interim government is formed, but there’s no telling if the political leadership will be able to avoid expulsion from the euro zone. Greece’s troubles might seem a world away from what the United States is experiencing, but a new report and video from the Joint Economic Committee suggest the two countries have troubling similarities. (Click to watch.) Here’s how Sen. …
Democrats on the Joint Select Committee on Deficit Reduction last week floated a proposal that includes massive tax increases on wealthy Americans. While their plan would also include some cuts to entitlement programs, the tax-code changes make up a significant portion, according to press reports. The Los Angeles Times reported: “Revenue would be raised mostly by bumping up the high-end tax bracket and limiting deductions for upper-income earners, those familiar with the talks said.” This isn’t exactly a surprise. President Obama and his liberal allies in Congress are waging a …
Offshore oil and gas leases produced $10 billion in federal revenue only a few years ago. Today that number is zero, a consequence of the Obama administration’s reaction to last year’s Gulf of Mexico oil spill and the resulting moratorium on production in the region. Sen. David Vitter (R-LA) says it’s a huge mistake for the federal government to forgo the money — and the jobs that result from the offshore leases. Writing for Roll Call today, Vitter outlines the extent of the problem: Revenue can’t be generated from lease …
When House Minority Leader Nancy Pelosi’s (D–CA) staff released a chart in May that attempted to illustrate how much past Presidents increased the national debt, it collided with a meticulous critique from Politifact that in turn led to a revised chart. The Washington Post’s Glenn Kessler weighed in as the original chart resurfaced recently, reporting on its methodological faults and misleading presentation. Even the revised version makes President Obama’s debt accrual appear minor compared to that of past Presidents. The facts show, however, that the Obama Administration is well on …
Young women in America are decidedly financially conservative, according to a new poll by Generation Opportunity. Some in this group, ages 18–29, have lived their college and professional lives for the past four years in a state of perpetual economic downturn. It’s no wonder this age group is opposed to more federal spending and feels un-represented by elected officials in Washington. As Heritage’s Robert Bluey and William Beach point out, they are part of the “debt-paying generation”—those who will be burdened by massive national debt by no fault of their …
President Obama says he wants big corporations, including oil companies, to pay their “fair share” in taxes. His deficit reduction plan includes eliminating what he calls special loopholes and subsidies for oil and gas companies—despite the fact that they’re not specific to the oil and gas industry but the broader manufacturing sector. If the President wants to collect more money from the oil and gas industry, he should support increasing access to America’s energy resources. This would greatly increase the amount of revenue coming into the federal government, and it …
According to a new poll issued by Generation Opportunity and The Polling Company, Inc./WomanTrend, America’s young adults are looking at a bleak future as the unemployment rate remains at 9.1 percent. The poll indicates that almost three-quarters of young Americans ages 18 to 29 will postpone important life events associated with the American Dream, such as purchasing a home, preparing for retirement, furthering education, marrying, and having children. These young adults have ideas about how to get out of this situation, however. The poll shows 76 percent advocating less federal …
