Lawmakers are scrambling to address the staggering $14.29 trillion national debt and a vote to raise the debt ceiling is fast approaching. While legislators negotiate cuts to discretionary spending, they must also consider making significant reforms to the nation’s growing entitlement programs.
Don’t Get Fooled Again – Auto Bailouts Still Stink
On Tuesday, May 24, 2011, the Democratic National Committee (DNC) unveiled a video that can only be described as the first Obama-for-President advertisement of the 2012 election cycle. The video purports to skewer likely presidential candidates Mitt Romney, Tim Pawlenty, and Newt Gingrich over their opposition to the auto industry bailouts of 2009. Since General Motors (GM) and Chrysler have graciously paid back some of the money that taxpayers were forced to loan to them two years ago, Democrats are seizing this opportunity to try to make critics of the bailouts look bad. In so doing, they ignore the case against bailing out private companies, misleading claims by Chrysler, and the remaining losses that will come from the taxpayers’ investment in GM.
Congress and GSE Reform: “Ready, Fire, Aim”?
Home sales are still abysmal and are expected to fall further. Foreclosures continue unabated, no end in sight. According to RealtyTrac, “there are 872,000 homes that have been repossessed by lenders, but have yet to be sold.” Sales of distressed homes, properties already owned by banks or in some stage of foreclosure, have slipped lower, and there is talk among the financial services experts of a double dip in the housing market.
Despite Federal Largesse, Educational Performance Remains Unchanged
On May 16, President Obama traveled to Memphis, Tennessee to deliver the commencement address for graduates of Booker T. Washington High School. The school has had notable improvements in academic performance, and won the administration’s Race to the Top Commencement Challenge. The president seemed to use the opportunity to arrogate some credit for the students’ accomplishments:
Why America Must Lower Its Corporate Income Tax Rate
America is stuck in the middle of a corporate tax nightmare. While the rest of the industrialized world has realized that low corporate tax rates are necessary to succeed in the twenty-first century global economy, America continues to miss the boat.
Google under Fire
Google is the world’s largest search engine, and Android by some estimates is the most popular mobile platform, but the company is facing several problems related to privacy and security, as well as the validity of claims made in regard to software designed for use by the government. To Be Certified or Not to Be […]
The Pig Book is Dead, Long Live the Pig Book
Every year around tax day, Citizens Against Government Waste (CAGW) holds its infamous press conference to release the annual Congressional Pig Book, which highlights the most egregious earmarks stuffed by members of Congress into the 12 appropriations bills.
Obama’s Budget Ignores More Than It Mends
On April 13, 2011, after calls from both sides of the political aisle for leadership on America’s ballooning deficits and debt, President Obama delivered what has been dubbed “The Debt Speech” at George Washington University. It was widely considered a response to House Budget Committee Chairman Paul Ryan’s (R-Wis.) “Path to Prosperity” budget proposal, which lays out a blueprint for reducing federal spending by $6.2 trillion in the coming decade. That budget was approved by the House on April 15, 2011, by a vote of 235-193.
Congress Should Plug the Holes Before It Raises the Roof
As high levels of federal spending persist, the nation is on pace to reach its statutory $14.294 trillion debt limit in mid-May. Debates over whether or not to raise the debt ceiling as well as whether or not to attach provisions to reduce the deficit and debt have ensued. Scare tactics are being employed to compel members of Congress to vote for another increase, or else experience “catastrophic economic consequences” and default on the national debt. Lawmakers face a major dilemma and are gearing up for a fight when Congress reconvenes after the Easter recess.
Tax Dollars Disappear into Black Hole
March is National Black Hole Awareness Month, a perfect time to match science with spending. While scientists continue to identify black holes in the far reaches of space, the closest and most deadly vortex is the nation’s $14.3 trillion national debt. Indeed, there are striking similarities between the astronomical black holes and the fiscal abyss facing the United States.