As we await the release from the White House of their 2013 budget later this month, I thought it would be interesting to look into the 2012 budget plan released by The White House nearly a year ago. The “Overview” claims: Key Budget Facts The Budget includes more than $1 trillion in deficit reduction—two-thirds of it from…
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Since the most recent recession began in December 2007, the United States’ government and Federal Reserve have spent unprecedented amounts of money trying to put the U.S. economy back together again. As with the story of all the king’s horses and all the king’s men efforts at repairing Humpty Dumpty, both would appear to…
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At the Pentagon yesterday, President Obama released a press statement concerning his new military strategy. The document was clear with regard to Iran, stating “U.S. policy will emphasize Gulf security, in collaboration with the Gulf Co-operation Council countries when appropriate, to prevent Iran’s development of a nuclear weapon capability and counter its destabilizing policies.”…
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The New York Times has a useful infographic outlining proposals for how to trim the defense budget. The Pentagon has committed to cutting $450 billion in spending over the next 10 years—only a small slice of the tremendous increase in war and defense spending we have seen in the previous 10 years. The graph…
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Christopher Jensen reports in the New York Times on yet another disaster from the massive U.S. corporate-welfare (i.e., pork) for “green” cars, this time luxury vehicles for the uber-rich: Fisker Automotive is recalling all 239 of its 2012 Karma luxury plug-in hybrid cars because of a fire hazard, according to a report filed with the…
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In a NBER working paper, Martin Feldstein argues that the Euro “should now be recognized as an experiment that has led to the sovereign debt crisis in several countries, the fragile condition of major European banks, the high levels of unemployment, and the large trade deficits that now exist in most Eurozone countries.” The…
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Call it a Christmas miracle, if you will, but the U.S. Congress has managed to end one of the most egregious wastes of taxpayer dollars by doing what it really does best: nothing! Cars in Depth’s Ronnie Schreiber has the story: Lost in the hustle and bustle of the holiday season, Congress has quietly…
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A recent Big Government article “It’s the Math, Stupid!: Seven Devastating Facts About 2012” discusses some upsetting numbers: Every day, the U.S. government takes in $6 billion and spends $10 billion. This means that every day the federal government spends $4 billion more dollars than it has. The real unemployment rate is a jaw-dropping 11 percent. Every fifth man you…
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In “Problems possible with nearly 65,000 Arlington graves, report says” in the Washington Post, Christian Davenport reports that the newly released year-long study, after earlier reports of misidentified remains, shows that the 150-year-old, Army-run, Arlington National Cemetery has problems with 25% of the graves! Errors include “mismarked or unmarked graves, urns that had been…
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Mark Spitznagel has a short op-ed in the Wall Street Journal where he illustrates the disastrous effects of central planning through monetary policy. The actions of the Federal Reserve have only allowed bad investments to persist and to postpone inevitable corrections necessary in the capital structure of the economy. Herein are pearls of great…
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