Fiscal Cliff Result: The Can Is Kicked

Nothing happened.

I was hoping that we would go over the fiscal cliff because taxes would go up on everyone. I think everyone should suffer the pain of paying for the government’s uncontrollable spending. Perhaps the “middle class”, whom politicians believe are clueless, would then start to think about the future of our country. Perhaps [...]

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Why Surpluses Evaporate (1998-2001)

This is from the Mercatus Center, adapted from an article by Charles Blahous in his e21 piece “How Did Federal Surpluses Become Huge Deficits?. According to Virginia de Rugy of Mercatus:

According to the CBO, three areas have influenced the swing from projected surpluses to actual deficits over the 2002–2011 period: (1) increased [...]

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Budget Travesty 2012

The Obama Administration released its new fiscal year 2012 budget for the federal government and it shows a projected $1.3 trillion deficit:

The projected deficit is higher than the $1.296 trillion deficit in 2011 and also slightly higher than a roughly $1.15 trillion projection released by the Congressional Budget Office last week. The budget, according [...]

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How To Dent Your Pick: Cut Federal Spending

This is just in from Veronique de Rugy at the Mercatus Center on what happens to the federal budget with or without sequestration (automatic budget cuts:

This week, Mercatus Center Research Fellow Veronique de Rugy places the Budget Control Act’s sequester into perspective by illustrating the effect of sequestration on public debt. This chart uses data from [...]

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The Hoax That Is The Infrastructure Bank

Does anyone seriously believe that the reason we have high unemployment in America is because we have a substandard infrastructure? 

Apparently the politicians in Washington believe that is so because they are trying to make a case for massive infrastructure spending in order to “create jobs” and to “prepare our economy for the 21st Century.” [...]

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Liberal Fairy Tale: Federal Spending Creates Jobs

The President is expected to announce a $300 billion spending boondoggle to “create jobs.” One-half will consist of tax cuts, including further extension of the payroll tax reduction. This is proposed despite the fact that the 2009 Recovery Act stimulus of $830 billion consisted of the same kind of things. If it worked, why are [...]

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Stockman On Budget And Downgrade

 

 

 

 

 

 

 

 

 

 

 

This is an interview of David Stockman on Bloomberg Radio today by Kathleen Hayes. David goes into the budget crisis and the downgrade. As usual he pulls no punches.

Go here.

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Another Look At The Spending Issue

Another look at the spending issue.

 

 

 

Hat tip to Sourdough Jim

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Spending Cuts Put Into Perspective

This very short clip puts the proposed GOP spending cuts into perspective.

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The Great Immoderation

In both 1960 and 1980, the American people were enduring their fourth recession in about 12 years.  Each time they elected as President a man who pledged to get the economy moving again.  Each had a program of tax cuts, Federal deficits, debt monetization, and increased military spending.  In JFK’s case, his Keynesian economists followed [...]

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Spending Restraint Part I

Here is Cato’s Dan Mitchell’s latest video, the first in a series on government spending and the economy.

We’ll have to wait and see what he has to say about federal debt.

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