In 2011, U.S. House of Representatives Speaker John Boehner realized the most significant achievement of his entire career in the U.S. Congress when he reached a deal with the White House to restrain the growth of U.S. government spending: the Budget Control Act of 2011. Here, using the leverage of the threat of not…
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Despite not having taken any action to pass an annual budget for the United States government of any kind for almost two and a quarter years, it appears that the current majority Democratic Party in the Senate may finally have developed a blueprint for the federal budget, one that even promises to reduce the…
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In the Washington Post, Lori Montgomery and Paul Kane report that with strong public support and White House opposition, the “House rejects proposal to raise debt ceiling” by voting down a measure that would raise the national debt ceiling by 16.8% from the current $14.3 trillion to a whopping $16.7 trillion. With an August…
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Gasoline prices have continued to rise now for 35 straight days. Gas pump prices have climbed for 35 straight days even though industry surveys show Americans have started to drive less. The national average rose by a penny to hit $3.87 per gallon on Tuesday, more than a dollar higher than it was last…
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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 his new column syndicated by Creators Syndicate, “Are politicians serious about spending cuts?”, John Stossel asks the key question about whether Washington is really going to address the gigantic, federal government spending and debt crisis that continues to mount: Last year, I reported that the United States fell from sixth to eighth place…
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Kevin Williamson at National Review has further discussed his June 2010 projections of total long-term, U.S. national debt being $130 trillion. In a 2008 Forbes article, economist Laurence Kotlikoff had more conservatively estimated the debt to be $70 trillion. What Williamson points out now though is that both the total, money supply of the…
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