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 …
Your family’s share of the national debt just got a lot bigger thanks to the recent increases in federal spending. According to an analysis by USA Today, in 2008 an additional $55,000 per household in new federal obligations was added onto the already massive figure, bringing the total to $546,668. …
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 …
The Tax Foundation released its “2009 Survey of U.S. Attitudes on Taxes, Government Spending and Wealth Distribution” yesterday. Some interesting findings include: 56 percent of respondents think taxes are too high; Only 14 percent are willing to pay more than $10,000 a year in total taxes for the government services …
Is President Obama’s economic policy preventing the economy from recovering? The Wall Street Journal thinks so. Tuesday’s editorial notes, After five weeks in office, it’s become clear that Mr. Obama’s policies are slowing, if not stopping, what would otherwise be the normal process of economic recovery. From punishing business to …
Liberal author Robert Kuttner doesn’t believe in the entitlement crisis. His argument – reflecting conventional far left thinking on the issue – goes something like this: Conservatives exaggerate the entitlement problem by using shady figures. Social Security is just fine, so don’t worry about it. Medicare is a problem, but …
President Obama will host a three-hour “Fiscal Responsibility Summit” at the White House Monday to “underscore how big the problems are.” Sixty members of the House and Senate, and representatives from various think-tanks and advocacy organizations from across the political spectrum will attend in an effort to sort out the …
Congressman Barney Frank met with reporters recently to further voice support for the $700 Billion TARP allocation while concurrently hinting at the need for defense cuts. In his statement, the Congressman said, “The biggest ongoing threat, I believe, to fiscal sanity in this country is an open-ended ever-expanding military budget.” …
Washington – Michigan Congressman Dave Camp raised doubts and highlighted confused realities of the Democrat Spending Bill at today’s Conservative Bloggers’ Briefing, held at the Heritage Foundation. Camp compared provisions in the Spending Bill and the recently passed SCHIP Bill, calling their contradictions ‘absurd.’ “You’re too rich to get a …
