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  • trillion dollar deficits

    China Loves The Dollar

    Remember when China was going to stop buying American bonds and the world was going to end? This hand-wringing was always wrong-headed; perhaps now it will finally cease. In May, net official Chinese holdings of U.S. Treasuries jumped $38 billion. This is the flip side of the return of large-scale capital … More

    Morning Bell: Obamacare Is An Economy Killer

    Yesterday, the independent scorekeeper for Congressional spending proposals, the Congressional Budget Office (CBO), dropped a bombshell on Obamacare. The core of President Obama’s case for his health care plan has been his claim that it will “bend the curve” on rising health costs, thereby eventually lowering our nation’s exploding deficits. … More

    CBO: Obama Health Plan Will Weaken Economy

    The Washington Post reports: Instead of saving the federal government from fiscal catastrophe, the health reform measures being drafted by congressional Democrats would worsen an already bleak budget outlook, increasing deficit projections and driving the nation more deeply into debt, the director of the nonpartisan Congressional Budget Office said this … More

    The True Cost of the House Health Plan in Pictures

    Commenting on the delayed start to the House’s health bill spending, The Washington Post’s Ezra Klein writes: “The slow start is a way of holding down costs in the 10-year budget window.” Of course, Ezra does not  mean that the House bill actually holds down health care costs in any … More

    House Health Bill Would Silence Trustee’s Medicare Bankruptcy Warnings

    President Obama has repeatedly claimed that his health care reforms also represent entitlement reform. Not surprisingly, the Congressional Budget Office shows this claim implausible. They have scored several health care proposals as costing more than $1 trillion in the first decade, and certainly more thereafter. Accordingly, lawmakers are considering substantially … More

    Morning Bell: Cutting Recovery Off at the Knees

    President Barack Obama travels to Macomb Community College in Michigan today where he will unveil $12 billion in aid to the nation’s community colleges. According to Politico, the President’s message will be that “in a competitive global economy, the country’s economic viability depends upon the education and skills of its … More

    ObamaCare Only Makes Deficits Worse

    Last month, the Congressional Budget Office (CBO) released its latest Long-Term Budget Outlook. The Washington Post’s Robert Samuelson reports: For the past half-century, federal spending has averaged about 20 percent of GDP, federal taxes about 18 percent of GDP and the budget deficit 2 percent of GDP. The CBO’s projection … More

    Morning Bell: The Obama Economy is Failing

    Celebrating his first 100 days in office, President Barack Obama told the American people: “One hundred days ago, in the midst of the worst economic crisis in half a century, we passed the most sweeping economic recovery act in history…One hundred days later, we are already seeing results.” And he’s … More

    Obama's Budget Is More Expensive Than Initially Thought

    When the non-partisan Congressional Budget Office (CBO) released their original estimate of President Obama’s Budget , they said it was going to be expensive: in ten years the President would accumulate over $9 trillion in deficits. Turns out, that was low-balling it. In their original estimate, CBO assumed that interest … More

    Morning Bell: Holding the President Accountable on His Stimulus

    Yesterday, the White House released new rules for counting the number of jobs created by President Barack Obama’s $787 billion economic stimulus plan. Governors, mayors, and contractors will be required to keep track of every full-time, full-year job funded by Obama’s stimulus, but they are not required to submit their … More