U.S. Rep. Jay Obernolte introduced a bill and a constitutional amendment on Friday that combined would address America’s unsustainable national debt. The United States has a debt of more than $28 trillion — $84,850 for every American citizen. House Resolution 263, the “Finding Federal Savings Committee Resolution,” would create reductions in federal spending by eliminating […]
Rather than debate how much the rich should pay in taxes, perhaps a more appropriate question is why any individual should pay income tax at all? In the past 12 months the U.S. Treasury has borrowed $4 trillion to fund various COVID-relief programs. The new relief package (signed into law on March 11) will add […]
Treasury Secretary Janet Yellen expressed confidence Wednesday that the U.S. has enough fiscal space to cover trillions more in spending on investments in the U.S. economy but said the federal government would eventually need to pare down the mounting debt. In testimony before a Senate panel, Yellen said that she believes the U.S. can afford to […]
(The Center Square) – The White House is working on another major spending bill this week, which is estimated to cost $3 trillion to $4 trillion. Though the plan has not been finalized, it is expected to fund a litany of projects including tuition-free community college, universal prekindergarten, paid family leave, climate research and infrastructure […]
U.S. Sen Richard Shelby has been in office since 1987. Last month, the 86-year-old Republican announced he would not seek a seventh term. Thirty-four years is a lot of time to spend in the Senate, and before he was a senator, Shelby was a member of the U.S. House for an additional eight years, meaning […]
Joe Biden has been in office for nearly 60 days. Here’s a short list of what most in the press are calling his “accomplishments”: He has issued over 50 executive orders, more than any president in history for his time in office. The press often claimed Trump’s use of executive orders was “dictatorial.” He has […]
Murkowski is right. Rescue Plan “went far beyond COVID-19 relief.” The American Rescue Plan Act will deliver a lot of much-needed money to Alaska. But Sen. Lisa Murkowski is right. It “went far beyond COVID-19 relief.” The additional spending should have been debated as separate legislation. The bigger problem is that even in exchange for […]
When I grew up in the 1970s, my father taught my sisters and me to “always save for a rainy day.” He was a child of the Depression, after all, one of the longest “rainy day” periods Americans have ever experienced. In 2021, however, America’s new national mantra appears to be “borrow and spend like […]
In the last four years the federal government has both cut government revenue and dramatically increased spending. It’s an unsettling combination, the precise long-term results of which will be debated by economists like myself until the cows come home. But at least one thing is already certain: The fiscal impact of all the federal COVID-19 […]
There’s a reason economics is frequently called the “dismal science.” What’s happening: The US economy is on track for a boom, with the Federal Reserve predicting last week that it would expand by 6.5% this year. That would mark the fastest growth since 1984, when Ronald Reagan was serving his first term as president. But a […]
