The Obama administration continues to deflect blame over soaring gas prices, and conservatives and congressional Republicans have been quick to excoriate the President for his costly environmental measures. President Obama’s energy policies, critics allege, have prompted not only an increasingly heavy burden at the gas pump, but also are shaping a progressive rise in Americans’ electric bills.

 

Load sixteen tons, and what do you get? Another day older and deeper in debt… ” — Tennessee Ernie Ford
 
 

As scrutiny of the Federal Reserve System and public outrage over its actions continue to build, lawmakers on both sides of the aisle are working on proposals that would supposedly rein in the Fed or at least change the way it operates. And a new measure aims to tackle some of the issues head on.
 
 

In another purported attempt to spur "job creation," Senate Democrats will try to transform their $109-billion transportation bill into law this week. In this delicate economic time, and as the federal government continues to deepen the nation’s mounting deficit, the call for roads, bridges, and trains has met resistance. So congressional leaders are reverting to the Democratic rally cry that has become ingrained in the Obama administration’s political ideology: Government creates jobs.
 
 

Here’s a headline that’s sure not to boost investment and job creation in Pennsylvania: “Wyoming First, Pennsylvania Worst In Business Taxes.”

 

With the time counting down to the next United Nations conference on “sustainable development,” a new report recently published by the United Nations Environment Programme (UNEP) clearly indicates that the UN’s approach to the entire topic is to expand the power of government to regulate and control all levels of economic development throughout the world.

 

Officially, the United States’ federal budget deficit for 2011 will be roughly $1.3 trillion, a staggering and almost incomprehensible amount of money. But this doesn’t even come close to the actual shortfall faced by the Treasury this year. “The $1.3 trillion budget deficit would be $4.2 trillion if the change in the current cost of Social Security and Medicare promises during fiscal 2011 were included,” according to a Washington Post op-ed by Bryan R. Lawrence, founder of New York-based investment partnership Oakcliff Capital.

In the face of escalating sanctions imposed by the European Union and the U.S. government, supposedly related to the Iranian nuclear program, officials in Iran announced that the nation would accept gold and currencies other than the dollar in international trade. China, Russia, India, and other major economies have continued to do business with the Islamic Republic despite the growing Western pressure.

As duplicative and wasteful federal programs go unreformed, a report published Tuesday by the Government Accountability Office (GAO) affirms that the government is wasting "tens of billions of dollars" every year. According to the GAO, a nonpartisan investigative arm of Congress, nearly every agency of the Executive Branch could use improvement.

 

In a moment of unexpected and unsettling candor, Federal Reserve chairman Ben Bernanke, in his testimony on Tuesday before the House Financial Services Committee, said that he really doesn’t know what’s happening to the economy. In his best professorial manner and without blinking an eye, the chairman said, "In light of somewhat different signals received recently from the labor market than from indicators of final demand and production…it will be especially important to evaluate incoming information to assess the underlying pace of the economic recovery."

 

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