According to the Tax Foundation, today is Tax Freedom Day: That means Americans have worked about three and a half months of the year, from January 1 to April 13, before they have earned enough money to pay this year’s tax burden at the federal, state and local levels. Thanks in part to both President George Bush’s tax cuts and President Barack Obama’s temporary tax cuts, this year’s April 13 Tax Freedom Day is the earliest it has been since 1967. But do not celebrate yet. The Tax Foundation also …
Speaking to House Democrats at their Kingsmill Resort & Spa retreat last month, President Barack Obama defended his economic stimulus plan, claiming: “[We] are not going to get relief by turning back to the same policies that for the last eight years doubled the national debt and threw our economy into a tailspin. … If you’re headed for a cliff, you’ve got to change direction.” Our public policy definitely needs a change in direction. But the Obama Administration’s budget is not a change in direction. Instead, it is a foot …
“First of all, when I hear that from folks who presided over a doubling of the national debt, then, you know, I just want them to not engage in some revisionist history.” – President Barack Obama, February 9, 2009 President Barack Obama has recently begun denigrating Republican attempts to pare back the bloated “stimulus” bill by asserting that a party which oversaw a large increase in the national debt has no business lecturing anyone on fiscal responsibility. It is true that, between 2002 and 2009, the budgets largely shaped by …
Another day, another poll showing public support for President Barack Obama’s Trillion Dollar Debt Plan sinking fast. Trying to turn these numbers around, Obama went on the offensive yesterday delivering some red meat to House Democrats at their posh Resort and Spa retreat in Williamsburg, Virginia. Defending his plan, Obama told Democrats: “[We] are not going to get relief by turning back to the same policies that for the last eight years doubled the national debt and threw our economy into a tailspin. … I found this national debt, doubled, …
As the sun sets on the Bush presidency, it is important to honor the man who answered the call to public service, provided us leadership in a time of great consequence, and held his office with dignity and courage. The Heritage Foundation sometimes disagreed with President George W. Bush on policy, but never on our love for our nation. President Bush strove for innovative solutions to America’s dilemmas, just as we do. He looked across this nation and saw the answers to most problems were in the hearts of great Americans, …
Before President Bush took office, the federal government took in $2 trillion in revenue in 2000. As Bush leaves office, the federal government is expected to take in $2.4 trillion in 2009. In other words, after eight years under President Bush, the federal government is taking in $400 billion more a year in revenue. So why did Congressional Budget Office project a $1.4 trillion deficit for the 2009 budget? Massive spending increases. In 2000, the federal government spent just $1.8 trillion. Now the CBO estimates that the feds will spend …
Defending the Troubled Asset Relief Program The Washington Post’s Steven Pearlstein writes: Of course, because money is fungible, critics can always say that the Treasury money is now being used to pay excessive salaries or dividends, or finance unnecessary acquisitions — or, for that matter, to clean the toilets or support local Little League teams. But unless the government wants to get into the business of making every spending, lending and investment decision at every major bank, then we have to pretty much have faith that, in a free-market system, …
President-elect Barack Obama and President George Bush have joined forces to obtain the second $350 billion of the original $700 billion TARP bailout fund. There is way more than collegiality at work here. Obama and Bush are proving to be true ideological twins. With Treasury Secretary Hank Paulson at the helm TARP has turned into an all purpose political slush fund and Treasury Secretary nominee Timothy Geithner has made it clear he plans to do the same, “broadening its scope … to municipalities, small businesses, homeowners and other consumers.” Enough …
The Center for American Progress’ Matthew Yglesias asserts that “George W. Bush was a terrible president” and that since “the end of his administration coincides with everything being in a sorry state” that “it would be appropriate to respond with new and different policies.” We’ll let history judge how terrible a President George Bush is/was, but Matt is right about one thing: our country does need new and different policies. Problem is the Obama temporary tax cut/permanent new spending stimulus plan is Bushism on steroids. Heritage predicted back in January …
Despite the fact that Congress intended the $700 billion Troubled Asset Relief Program (TARP) solely for financial institutions, the Bush administration, the Treasury, Members of Congress and the automakers are negotiating a plan to use the last $15 billion to bail out Detroit’s automakers. I won’t get into the illegality of the issue; my colleagues Andrew Grossman and James Gattuso do a fine job of that here. The groups are in tough discussions to establish strict conditions for Detroit and establish a plan for the automakers. But is this better …
