In the following video, Independent Institute Research Fellow Jeffery Miron discusses why federal entitlement spending (Medicare, Medicaid, and Social Security) is growing to unprecedented levels and must be cut and cut and cut some more if the U.S.’s fiscal spending and debt crisis is to be resolved. HT: Mike Munger
In the following, insightful, new video, Independent Institute Research Fellow Benjamin Powell reveals “Why Washington only cut $38 billion” recently from federal spending because as public choice economics shows, special interests prevail over the average citizen by utilizing the political process to redistribute wealth and power from the many to the few (and costs…
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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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How much has the recent debate over federal spending changed things in Washington D.C.? Consider that at the beginning of the year, both the President and the members of his political party believed that any cuts to their previously proposed levels of spending would be unthinkable. After all, it was only two months ago…
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In a new article, “How Can Anyone Take This Seriously?”, Independent Institute Research Editor Anthony Gregory slams the absurd squabbling in Congress over 2% of the federal deficit while the U.S.’s gigantic spending and debt crisis plunges onward. The U.S. is running deficits somewhere between one and one and a half trillion dollars, and…
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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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In the new article, “The Real Cost of U.S. in Libya? Two Billion Dollars Per Day,” Loren Thompson at Forbes now reports that the real cost of Obama’s war in Libya is $2 billion per day! The one thing most experts seem to agree on about the current coalition air campaign in Libya is…
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Edward P. Lazear (former Chairman, President’s Council of Economic Advisors; Jack Steele Parker Professor of Human Resources Management and Economics, Stanford University; Morris Arnold Cox Senior Fellow, Hoover Institution) proposes significant spending cuts, no tax increases, and most importantly—adoption of rule-based constraints on future government spending. What do you think—is limiting growth in government…
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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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Margo Thorning writes in the Wall Street Journal, “Pull the Plug on Electric Car Subsidies: They are costly and don’t do enough to protect the environment,” that the flow of taxpayer money into subsidizing plug-in electric vehicles (PEVs) is economically and environmentally harmful, a waste, and should be ended now. There are a lot…
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