Using "extraordinary measures," the Treasury won't hit the debt ceiling for another two months, which will then precipitate another debt ceiling crisis, with the same outcome as before: government spending will increase.
JBS CEO Art Thompson's weekly news video update for December 31, 2012 - January 6, 2013.
JBS CEO Art Thompson's weekly news video update for December 24 - 30, 2012.
Foreign governments continue to increase their purchases of U.S. government debt despite concerns over the fiscal cliff and the government's continued profligate spending.
All the chairman of the Federal Reserve has done in his latest announcement of a new bond-buying program is give himself and his Federal Open Market Committee permission to buy government bonds forever.
Suppose you saw a building on fire. Would you seek counsel from the arsonist who set it ablaze for advice on how to put it out? You say, "Williams, you'd have to be a lunatic to do that!" But that's precisely what we've done: turned to the people who created our fiscal crisis to fix it. I have never read a better account of our doing just that than in John A. Allison's new book, The Financial Crisis and the Free Market Cure.
If the “fiscal cliff” controversy isn’t enough to convince you this government is one big fraud, what will it take? The budget mess was delivered to us by the same people who every step of the way claimed to be acting in our best interest. Let that sink in. Every president and every member of Congress assured us that their fiscal policies would produce prosperity and employment.
With all the talk about taxing the rich, we hear very little talk about taxing the poor. Yet the marginal tax rate on someone living in poverty can sometimes be higher than the marginal tax rate on millionaires.
Isabel Sawhill, a senior fellow at The Brookings Institution, thinks that the debt ceiling is an "anachronism" and ought to be repealed altogether. Many agree with her.
The decline in the purchasing power of the dollar has finally caught up with the U.S. Mint, which is planning to remove pennies and nickels from circulation. Also, the GAO wants the United States to stop printing paper one-dollar bills and to switch instead to one-dollar coins.