No, I am not referring to the Allied Leaders in WWI, college basketball, or the top accounting firms in the U.S. The BIG FOUR of the Budget are Medicare, Medicaid, Social Security and Defense. Together they make up around 65% of non-discretionary spending. Today, the New York Times and Wall Street Journal are running…
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Seth McLaughlin at the Washington Times reports in “Fears rise that Japan could sell off U.S. debt” of the growing concerns that the earthquake, tsunami, and nuclear disasters and now economic crisis in Japan could trigger a major sell-off of there of its huge holdings of U.S. government debt. As of January, Japan is…
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In “Is the U.S. Becoming a Welfare State?”, Daniel Indiviglio reports in The Atlantic that U.S. government entitlement programs now account for a whopping 35% of wages, up from 26% in 2008. Uncle Sam has been aggressively increasing Americans’ allowance recently. Government entitlement programs have grown to account for 35% of wages, according to…
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In an article in Politico, Brett Coughlin reports that the Government Accountability Office (GAO) estimates that at least 10% of all Medicare payments (a minimum of $48 billion) are fraudulent and that the federal Centers for Medicare and Medicaid Services (CMS) are unable even to identify an estimate of the degree of improper payments….
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The latest economic forecasts are now projecting that the federal budget deficit will reach a record of nearly $1.5 trillion in 2011. As the Wall Street Journal reports, this “grim outlook landed a day after President Barack Obama outlined plans to push for new spending that he said would help keep the U.S. globally…
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Former Congressional Budget Office (CBO) officials Douglas Holtz-Eakin (Director), Joseph Antos (Assistant Director) and James Capretta (Associate Director) show in a new Wall Street Journal article, “Health Care Repeal Won’t Add to the Deficit,” that repealing Obamacare (“Affordable Care Act” or ACA) will not increase the federal deficit. In so doing, they refute the…
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In a January 19th article in the Wall Street Journal, “What Congress Should Cut,” former U.S. House Majority Leader Dick Armey and FreedomWorks President Matt Kibbe propose abolishing “the Departments of Commerce and Housing and Urban Development, end farm subsidies, and end urban mass transit grants, for starters.” The primary economic challenge today is…
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In an article from Reuters, David Lawder reports that a new U.S. Treasury report of cash holdings, “The Financial Report of the United States,” shows that the U.S. government went into greater debt in fiscal year 2010 to the tune of additional $2 trillion. Unfortunately, the report does not include the massive land, minerals,…
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