In 2000, the National Debt Clock displayed the nation’s $5.6 trillion debt from a building near the corner of 42nd Street and 6th Avenue in New York. The debt has since swollen to about $28 trillion and continues to rise. President Joe Biden’s new stimulus bill, the American Rescue Plan Act, will cost the nation […]
An economic framework called Modern Monetary Theory (MMT) governs the financial world today, but fails to account for the consequences of its practices. In fact, MMT is leading us to an extremely dangerous financial situation that could blow up at any time. What is MMT? Before we get to that, it helps to know what […]
The old news was bad, the new news will be worse. Earlier this month, the Congressional Budget Office released its Long-Term Budget Outlook. In a presentation this week, the CBO director warned that the report did not take into account the recently signed American Rescue Plan Act, and that things will very likely be worse than the official projections we are […]
President Joe Biden talks to reporters during the first news conference of his presidency in the White House. Chip Somodevilla/Getty Images Biden said Republicans suddenly care about the national debt again, at a Thursday press conference. “I love the fact they found this whole idea of concern about the federal budget. It’s kind of amazing,” he […]
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 […]
