What’s a supercommittee to do? Total national debt just hit a new record at $15 trillion, an increase of approximately $700 billion since the Supercommittee’s August inception. Hard as its members try, they just do not seem to be able to deliver the required $1.2 trillion in deficit reduction measures. …
The Heritage Foundation has consistently urged, and continues to urge, that the congressional Joint Select Committee on Deficit Reduction, known as the Supercommittee, “go big” with its recommendations, to “drive federal spending down — including by fixing ever-expanding entitlement programs — toward a balanced budget, while preserving our capability to …
The left continues to resist any suggestion of spending cuts right now. In their view, a depressed economy is no time to slash spending; that would only further weaken demand. The successful austerity policies adopted in response to the downturn of 1920, however, offer a clear rebuttal to this notion. …
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 …
Evidence shows that “austerity” during a sharp downturn in 1920 coincided with quick economic recovery and robust growth throughout the rest of the decade. Nevertheless, there is a belief that the example of President Herbert Hoover from 1929–1933 was a failure of austerity, which pushed the economy into the Great …
Remember the Great Depression of the 1920s? If not, that’s because it didn’t happen. The recession of the early ‘20s quickly ended after spending and taxes were cut dramatically. It provides a clear lesson in “austerity” that President Obama should heed. In 1920, newly elected President Warren Harding inherited a …
The Republican members of the Senate Finance Committee recently submitted their recommendations for tax reform to the deficit reduction super committee. Their recommendations lay out the principles they’d like tax reform to adhere to: economic growth, fairness, simplicity, revenue neutrality, permanence, competitiveness, and savings and investment. Towards those ends, the …
Today, the House Natural Resources Committee released its list of recommendations to the deficit reduction super committee. Their recommendations would go a long way to increase revenue for the federal government without raising taxes. The recommendations include increasing energy exploration and production both onshore and offshore, which would increase economic …
