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Sawhill, a senior fellow at The Brookings Institution, thinks that the debt ceiling is an "anachronism" and ought to be repealed altogether.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.
All of official Washington and their media lapdogs are shaking in fear of the so-called “fiscal cliff” that is looming January 1, counseling that the economy needs to continue its wild trillion-dollar deficit spending habits into the indefinite future.
President Obama's Treasury Secretary Timothy Geithner has embraced the “Buzz Lightyear” debt strategy to overcome the fiscal crisis known as the “fiscal cliff”: to infinity and beyond. Geithner told host Al Hunt on Bloomberg TV's Political Capital on November 16 that he favors elimination of the statutory debt limit.
After spending more than two decades in Congress vigorously standing up for liberty, peace, sound money, free markets, and the U.S. Constitution, Rep. Ron Paul (R-Texas), a hero to constitutionalists and libertarians all over the world, offered a stark warning about the dark future facing the United States and the American people without dramatic changes. However, the message was not all gloom and doom. In fact, there was also a sense of hope evident in his historic farewell speech.
According to the text of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, the law is supposed “to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘too big to fail,’ [and] to protect the American taxpayer by ending bailouts.”
Federal Reserve Bank of Boston President and CEO Eric S. Rosengren told a Babson College audience November 1 he favored the Federal Reserve continuing QE3 policies at least until unemployment falls below the 7.25 percent marker, even if the policies fail to stop another recessionary spike in unemployment.
Mario Draghi, president of the European Central Bank, told the German Parliament on Wednesday that, yes, he would be buying government bonds but, no, that wouldn't trigger inflation.