The national media is dominated at this moment by two gigantic scandals involving the U.S. government. One involves the GSA- General Services Administration- and their excessive spending on a conference in Las Vegas. The other involves the U.S. Secret Service and their excessive behavior on a Presidential trip to Columbia. Both scandals present valuable lessons about the way our government operates.
Recently, I discussed the central economic policy of President Obama's budget and accompanying Presidential budget message. What drives economic recovery and growth according to the President and his budget is federal spending, deficits and debt, the fundamental tenets of the Keynesian economics that arose in the 1930s.
Obama unveils new budget calling for 1.3 trillion in deficit spending. Problem is, we don't have it.
When Republican presidential candidate Mitt Romney casually estimated that his effective tax rate is around 15 percent, progressives immediately pounced on the issue. To this ideological minority with its Ahab-like obsession on class warfare, a rich American paying an effective tax rate of “only” 15 percent is, a priori, a scandal of the first order.
"No business is going to expand in this market"
Americans who follow the workings of our government -- even if only casually -- presumably know that the Republican Party took control of the U.S. House of Representatives in the November 2010 elections. Fewer likely know that the Republican-controlled House gained a veto over federal spending on March 4, 2011.
Harvard Professor Niall Ferguson inputs on how we got here and how to get out in this colorful video.
Cutting $1.5 trillion from the federal budget, supposedly the goal of the Super Committee, sounds daunting. When you put those numbers into the context of the total federal budget and our exploding national debt, however, you realize it shouldn't be so hard. The Committee's real challenge—and it's a doozy—is a political system that discourages common sense.
"I have great respect for each of you individually, but collectively I'm worried that you're going to fail -- fail the country," former Bill Clinton chief of staff Erskine Bowles said last week to the 12-member joint congressional supercommittee tasked with cutting the federal deficit by some $1.2 trillion over 10 years.
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