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  • trillion dollar deficits

    President Obama’s Budget Is Killing Jobs

    The Obama Administration, the Democratic Congress, and their friends in organized labor are quick to blame unemployment on the trade deficit. Facts don’t support that assessment. The historical record shows a *positive* correlation between aggregate trade deficits and job creation – a trade deficit signifies *more* jobs. That’s because trade … More

    Borrowing from Their Future: Senator Harkin's $23 Billion Emergency Education Bill

    Sen. Tom Harkin (D-IA) announced during a Senate appropriations subcommittee hearing last Wednesday that he will sponsor a $23 billion emergency jobs bill in response to the country’s education employment situation. During the hearing Education Secretary Arne Duncan described the education job situation as “brutal” and Ramon C. Cortines, Superintendent … More

    In the Green Room: The State of International Monetary Policy

    Last Friday, The Heritage Foundation hosted three experts on international monetary policy for a lecture titled, “The Dollar, The Euro, and the International Monetary Order: What is the U.S. to Do?“. The panel consisted of Dr. Judy Shelton of the Atlas Economic Research Foundation, Dr. Robert Mundell, winner of a … More

    Europe’s Record Shows VAT is No Solution to Debt

    The United States is on an unsustainable financial course, and everyone seems to know it.  As Heritage highlighted in our recently published 2010 Budget Chart Book, if nothing is done, federal obligations will reach heights that even enormous tax increases will be unable to reverse.  In 2010, the federal budget … More

    US-China Trade: Only A Temporary Reprieve

    Today’s papers give the impression of a collective exhale on U.S.-China relations. Chinese President Hu Jintao is coming to Washington for a global nuclear security summit and that means a trade war over exchange rates has been averted. However, a better term than “averted” is “postponed.” It is probably true … More

    Is America’s AAA Rating in Trouble?

    America’s current predicament is that it borrows money from countries or individuals to finance many of its expensive obligations, including financing the $862 billion stimulus bill as well as the wars in Iraq and Afghanistan. But what would happen if America had to pay higher interest rates on all future … More

    Obamacare Increases Unemployment, Insurance Premiums, Deficit, and Debt

    President Barack Obama and congressional leaders claim that the Senate health bill, which will likely face a vote in the House by the end of the week, will decrease the deficit and bend the cost curve related to health care spending.  However, recent analysis by The Heritage Foundation’s Center for … More

    The Obama Budget: Spend, Entitle, Borrow

    Last Friday, the Congressional Budget Office (CBO) released its analysis of the president’s 2011 budget submission to Congress. This report hasn’t gotten nearly the attention it deserves. When the administration released its budget in early February, the news seemed bad enough. By its own reckoning, the Obama administration’s budget plan … More

    Health Reform That Breaks the Bank

    During last month’s Blair House health care summit, President Barack Obama was forced to change the subject after Rep. Paul Ryan(R-WI) Blair House thoroughly refuted the President’s claim that his health care plan would reduce the deficit. It took over a week for the White House to respond to Ryan, … More

    Stop the Spending Now

    Federal spending is out of control. Even President Obama knows it.  To really stop the madness, Reps. Jeb Hensarling (R-TX), Mike Pence (R-IN), and John Campbell (R-CA) have proposed a simple solution – a constitutional amendment capping federal spending at 20 percent of the economy. Their proposal puts the debate … More