For nearly four decades Congress has ensured that federal spending rises inexorably by guaranteeing that every budget item increases automatically each year. And woe to anyone who seeks merely to reduce these automatic increases, for he shall be labeled a heartless, slash-and-burn budget cutter!
The Obama administration on Friday accelerated efforts to tame unemployment among U.S. veterans by calling for a new conservation program that would put service members — specifically those returning home from the wars in Iraq and Afghanistan — to work rebuilding roads, trails, and other projects on public lands.
When Hollywood film director James Cameron (Avatar, Titanic, Terminator) announced that he was moving to New Zealand, preppers, fiscal doomsayers, and alarmists had a field day in deciphering his motives for moving, ultimately deciding that Cameron was moving so that he is better able to weather the massive monetary upheaval that is upcoming or he is escaping U.S. taxes and regulations.
Congress has the constitutional authority to approve the Keystone XL pipeline project.
Just when CoreLogic, the California-based mortgage data provider, began to wax optimistic about the housing market, the Census Bureau and the S&P/Case-Shiller index doused their enthusiasm with some cold facts and daunting data.
“We need a larger firewall.” So declared Christine Lagarde, Managing Director of the International Monetary Fund (IMF) during a speech in Berlin on January 23, 2012, in which she called on taxpayers of the world to chip in $1 trillion to the IMF to stave off a global crisis. “We need to act quickly or else we could easily slide into a 1930s moment,” Lagarde warned, in an obvious reference to the Great Depression.
In the summary of its “Budget and Economic Outlook” published on Tuesday, the Congressional Budget Office (CBO) noted the supportability of deficit spending even under its “alternative” analysis. Noted the CBO: “Even if the fiscal policies specified by current law come to pass, budgetary challenges over the longer term remain — and the challenges will be much more acute if those policies do not remain in place.” It added:
Venezuelan strongman Hugo Chavez threatened to nationalize private banks which refuse to obey an official mandate and finance the regime’s development projects, sparking more concerns about the future of Venezuela and its ailing economy. The socialist “President” also vowed to step up his failed land confiscation and redistribution schemes.
During a surprise visit to the Washington Auto Show Tuesday, President Obama touted his administration’s efforts in re-energizing the U.S. automobile industry, while castigating those who were "willing to let the industry die." Trumpeting American ingenuity and economic achievement, the President hopes to capitalize on the "government rescue" of General Motors and Chrysler as a political advantage for his 2012 reelection campaign.
Monday’s meeting of the European Union in Brussels resulted in agreement of 25 of the 27 member states to inflict upon themselves and their hapless and increasingly powerless citizenry the tools of international fiscal dictatorship.