Month: June 2021

All politicians need to look at danger of mounting debt

To the editor It is important to me that all Americans pay serious attention to a very important recent development in the world of politics. It appears to me that there have been many well-respected and well-admired economists, some of whom are conservative/Republicans and some of whom are liberal/progressive/Democrats (which I happen to be) who […]

How Long Can America Keep Borrowing?

The debt crisis has grown far worse since 1994, when we headed a bipartisan panel. President Clinton asked us in 1994 to chair the Bipartisan Commission on Entitlement and Tax Reform to study the future of Social Security, Medicare and Medicaid and recommend measures to assure their long-term viability. Reforms of these popular programs were […]

National debt is a real cause for concern

Those $1,400 stimulus checks sent by the feds brought people some smiles. The checks accounted for about $410 billion of the entire $1.9 trillion stimulus, according to the Wall Street Journal. After all this federal largesse, our national debt sits at around $28 trillion.  A lot of political agendas are pushed with exaggerations to drive […]

Sanders: Democrats considering $6 trillion spending package

Senate Budget Committee Chairman Bernie Sanders (I-Vt.) confirmed to reporters Thursday that Senate Democrats are discussing a $6 trillion budget reconciliation proposal that would also expand Medicare and lower the cost of prescription drugs. Sanders on Thursday said the proposal builds on President Biden’s American Jobs Plan and American Families Plan. “Yeah, absolutely,” Sanders said when asked […]

Op-Ed: Following the principles of Andrew Mellon can help restore economic sanity

Andrew Mellon, who was considered the best Secretary of the Treasury since Alexander Hamilton, served in the presidential administrations of Warren G. Harding, Calvin Coolidge, and Herbert Hoover. Prior to his service as Secretary of the Treasury, Mellon was a successful financier and businessman. Mellon understood sound fiscal policy and he helped to advance policies […]

Biden Administration Will Cancel $500 Million In Student Loan Debt — Key Details

The Biden administration on Wednesday announced that it will be cancelling $500 million in student loan debt for thousands of student loan borrowers. The student loan forgiveness will be granted through the Borrower Defense to Repayment program. The program, which was established with formal regulations and procedures under the Obama administration in 2016, provides student loan forgiveness […]

News – Bill’s Blog The Fed – an ironic authority expressing concern about rapid debt growth

Sam Goldfarb wrote an article in the Wall Street Journal yesterday titled “Pandemic Hangover: $11 Trillion in Corporate Debt,”  The article noted how non-financial corporate debt had risen to, “according to the Federal Reserve, about half the size of the U.S. economy.” Goldfarb also noted that, in a May report, the Fed expressed concern that investors […]

Our Greatest National Crisis? Denying the Great Debt Crisis

Remember the 2012 Republican National Convention? Back then, the national debt problem was so fundamental to the GOP’s platform that the convention’s set design showcased a debt clock ticking away in real-time, edging closer to $16 trillion. Vice presidential nominee Paul Ryan, a conservative tax and budget expert, championed policies that slowed the debt’s alarming […]