In “S&P Cuts U.S. Ratings Outlook to Negative,” Damian Paletta at the Wall Street Journal reports that the influential firm Standard & Poor’s has just “for the first time lowered its outlook on the U.S. government’s debt to ‘negative’ from ‘stable.’” A stark warning from a credit-rating firm about the U.S. government’s fiscal problems…
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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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“My fellow Americans, I come to you today with a heavy heart. We have a crisis on our hands. It is one of our own making. And it is one that leaves us with no good choices. For many years, our nation’s government has lived beyond its means…We have not faced the hard reality…
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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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FreedomWorks has produced a very timely new video, “We Won Wisconsin—But the Fight Goes On,” on the very serious, looming crises for state government across the U.S., as a result of the unsustainable entitlements, government employee union costs, and other spending and debt.
Jeffrey Anderson at The Weekly Standard reports that “Mandatory Spending to Exceed all Federal Revenues — 50 Years Ahead of Schedule”. We have now gotten to the point . . . where if national defense, interstate highways, national parks, homeland security, and all other discretionary programs somehow became absolutely free, we’d still have a…
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In conjunction with its Government Cost Calculator, the Independent Institute is proposing cutting the 2011 Fiscal Year budget for the federal government by $2.5 trillion from the updated $3.7 trillion in spending projected by the Congressional Budget Office in January. The result would reduce federal spending by 67.6% with a surplus for the year…
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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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