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    Social Security Turns 78: What Was It Meant to Do?

    When President Franklin D. Roosevelt signed Social Security into law on August 14, 1935, he referred to it as “a law which will give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age.” But today’s Social … More

    Treasury Secretary Lew Ignores Real Debt Problem, Looming Crisis

    U.S. Treasury Secretary Jack Lew suggested yesterday on NBC that “we have already done a lot of deficit reduction.” In reality, government spending and debt are out of control and getting worse. Negligence in fixing the entitlement programs—which consume more than half of the U.S. budget already—has left them fiscally … More

    Sequestration “Meat Cleaver” Is Really a Scalpel

    In his speech yesterday, President Barack Obama referred to sequestration as a “meat cleaver” again, when news reports in fact show that the cuts have been much more targeted and much less devastating than he claims. “Then, rather than reduce our deficits with a scalpel, by cutting out programs we … More

    Sequestration Helps Force Needed Spending Cuts and Enables Private-Sector Jobs

    The Congressional Budget Office (CBO) released a letter this week describing how canceling sequestration in 2014 would affect the economy. The CBO dutifully plugged the numbers into its economic model, and the model gave the result it was written to give: more government spending equals more output in the government … More

    Morning Bell: 3 Whoppers from Obama's Big Economic Speech

    President Obama sure was excited about his speech yesterday. He talked for more than an hour in sweeping, grandiose terms about everything that’s happened since he became President, and everything that’s still going to happen. If only more of it were true. Here are three major whoppers Obama tried to … More

    ANALYSIS | Obama’s Economic Speech: Another Summer Rerun

    President Obama traveled to Illinois today to give the same tired, worn-out economic speech he’s been giving for almost five years now. Rather than offering new solutions that could revive the dormant economy and put people back to work, the President offered the same old policies that have already failed, … More

    Moody's: Further Deficit Reduction Needed to Maintain Stable Outlook

    Moody’s changed the outlook on the U.S. credit rating from negative to stable this week, citing improving deficits. While this is good news, policymakers should curb their enthusiasm about what this means for the U.S. debt situation. The improvement could be fleeting, as Moody’s relies heavily on favorable economic growth … More

    VIDEO: Three Reasons to Reform Social Security Now

    In a recent video by ReasonTV, Nick Gillespie describes Social Security as a “fiscal and demographic disaster.” Heritage research provides further support that the program “desperately needs to be reformed right now—for at least three reasons”: Social Security pays more in taxes than it receives in benefits. A recent Heritage … More

    Hurrah Too Soon: White House Budget Revision Shows $759 Billion Deficit in 2013

    The President’s Midsession Review, released this week, projects the 2013 deficit to be lower by $214 billion compared with the earlier Obama budget estimate released in April. But any hurrah would be misplaced. Most of the short-term improvement comes because revenue from the tax increases passed in December 2012 is … More

    Speaker Boehner: What’s “Free Market” About the Farm Bill?

    The latest House action on the $1 trillion farm bill comes straight from the playbook “Do as I Say, Not as I Do.” House Speaker John Boehner (R–OH) says: “I am a proud advocate for free markets and fair trade.” Representative Frank Lucas (R–OK), chairman of the House Committee on … More