It has been more than three years since the U.S. Senate last passed a budget. The last time Senate Majority Leader Harry Reid fulfilled his legal responsibility, Conan was still on NBC, Tea Parties hadn’t come together, and the iPad hadn’t yet been introduced.
Obama's personally taken out the world’s largest student loan to cover the four year period of his instruction. The $5 trillion in student loan debt disguised as the federal deficit may not seem economical, but when were student loans ever supposed to have anything to do with economics? They are just resources meant to hasten- and finance- the personal journey.
House Budget Committee Chairman Paul Ryan introduced a hard-core GOP budget last week. His committee passed the package in a 19-18 vote.
Growth solves a lot of problems. All those GDP ratios for spending, deficits, and debt look a lot better when the GDP denominator is rising rapidly. Not through inflation, but through new incentives to promote real growth.
In 2009, Obama pledged to cut the deficit in half by the end of his term. On Monday, he officially broke that promise, by unveiling a budget with the fourth consecutive deficit in excess of a trillion dollars. By the end of 2012, the national debt will exceed $16 trillion and by 2022, a whopping $25.9 trillion.
President Obama is nothing if not an incorrigible spendaholic, as his new budget reconfirms in spades. While the nation drowns in debt, Obama wants to buy new expensive Tinkertoys to indulge his utopian fantasies.
Milton Friedman was an extraordinary Nobel Prize-winning economist whose ideas helped underpin modern conservative economic theory. His contributions to economics and the conservative movement cannot be underestimated. Sadly, Milton Friedman passed away a little more than five years ago at the ripe old age of 94. Although Friedman is no longer with us, his words, his ideas, and his legacy live on. In honor of Friedman, here are some of his best quotations.
The so-called "supercommittee" was doomed from the start, a victim of pie-in-the-sky thinking that a small, secretive legislative cabal could fix the debt crisis.</p><p> The idea that six Republicans and six Democrats in the midst of a highly charged election cycle could produce a budget-cutting plan within a few months was preposterous at best.
Is anyone really surprised that the Super Committee is failing to reach a deal to cut $1.2 trillion over ten years from the federal budget? Surely, the answer is no. This seems almost the inevitable conclusion of the predictable drama that began last summer, when last minute, debt ceiling negotiations punted the bigger budget questions to a Congressional “Super Committee” to convene in the fall.
Washington is once again in a deal making mode, and you are about to lose again. When Congress passed the massive debt increase bill earlier this year, it abdicated legislative responsibility to craft a solution to the spiraling debt. They gave the legislative responsibility to what Congress calls the Joint Select Committee on Deficit Reduction.