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    Morning Bell: How to Balance the Budget in 10 Years

    Both houses of Congress have now voted to suspend the debt ceiling until May 19, buying lawmakers more time to develop a budget. The Senate would put together a budget for the first time in three years—and the details of that budget are crucial. To prevent the federal debt from … More

    GDP Fell in the Fourth Quarter of 2012

    The Department of Commerce made news Wednesday by announcing the first quarterly decline in gross domestic product (GDP) since the recession ended in 2009. As always, GDP is only a summary measure, not the whole story. This GDP report continues the narrative of the past three years: We are making … More

    Scholars Agree: High Tax Rates Do Harm Growth

    The Congressional Research Service (CRS) stirred controversy last year when it released a study claiming that tax rates do not influence economic growth. Predictably, those who favor higher taxes used the flimsy report to bolster their backward argument that raising tax rates, as Congress and President Obama did with the … More

    Global GDP: U.S. Adds, China Subtracts

    China’s 2012 official economic numbers are due out at the end of this week and I, among others, will gently suggest that they aren’t particularly accurate. Sometimes, however, it isn’t Beijing that can’t get basic economic facts right. Sometimes it’s us. A lot of foreigners believe China is contributing a … More

    Don’t Believe What You Read: Bigger Trade Deficit = More Economic Growth

    The latest trade deficit figures are out, and like always, most reporters fail to accurately explain what these numbers mean. During the past 10 years, there has been a clear relationship between trade deficits and U.S. economic growth. Most news coverage got the relationship backwards. Consider the following reports: “The … More

    Chart of the Week: Growth of Government Assistance Adds to National Debt

    More than 41 percent of the U.S. population is “enrolled in at least one federal assistance program,” adding tens of billions of dollars to the national debt each year, according to new research by The Heritage Foundation’s Patrick Tyrrell and William W. Beach. That means that a startling number of … More

    Generation Y: A Taste of What Is To Come for Generation Debt

    You may be wondering whether anyone, after all, went over the fiscal cliff at the end of December. News reports about Congress’s last-second legislation certainly conveyed the impression that everyone stepped away from that fateful edge. However, if you are under the age of 35, that rushing sound you hear … More

    Biden Is Wrong on Defense Spending

    Philip Ewing, in an article on Politico Pro about the vice presidential debate, asserts that comments about defense spending by Representative Paul Ryan (R–WI) signal that Governor Mitt Romney could abandon his pledge to maintain the defense budget at 4 percent of gross domestic product (GDP). Ewing is jumping to … More

    Conservatives Outline Policy Agenda Following Presidential Debate

    DENVER — Members of The Heritage Foundation’s policy team joined experts from across the country at the Conservative Political Action Conference in Colorado. The event included a surprise visit from former Governor Mitt Romney and speeches by Senators Orrin Hatch (R-UT), Marco Rubio (R-FL) and John Thune (R-SD). Heritage experts … More

    Another Downward GDP Revision Shows Economy Still Not Recovering

    On Thursday, the Department of Commerce revised its second quarter estimate of economic growth (in terms of real gross domestic product, or GDP) down to 1.3 percent from 1.7 percent. Anything less than a 2 percent rate of growth is more typical of an economy wilting toward recession than an … More