Federal debt Archive

Balanced Budget Amendment Poll

A July poll, conducted by CNN, shows that 74% of Americans are now in favor of a balanced-budget amendment to the Constitution.  It wouldn't be surprising to see that the numbers have ticked a bit higher in August, because the debt-ceiling debate revealed that Congress is far from mustering the...
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About That Trust Fund . . .

By James Schaefer Mr. Obama recently stated that he couldn't guarantee that Social Security checks would go out in August if America's debt ceiling weren't raised (Obama's Debt-Ceiling Scare Tactics).   America's taxpayers have paid $2.5 trillion in FICA taxes over the past several decades to create the Social Security trust fund.  It isn't enough...
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Problems With a Balanced Budget Amendment?

In yesterday's Wall Street Journal Senators Snowe and DeMint wrote an opinion piece (subscription req'd) which points out that none of today's budget negotiations offer anything like a long-term cure for the fiscal irresponsibility that has become the norm in Washington, DC.  They argue that this goal is best achieved...
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Building a Prosperous Future

By Tim Munsell.   Our National Debt is over $14 Trillion dollars, and growing by $1.5 trillion dollars a year.  That’s $47,500 per second! And the Congressional Budget Office says that unfunded liabilities for future payments of Social Security, Medicare and Medicaid add tens of trillions more.  This gigantic debt will have enormous consequences...
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Term Limits!

By Ralph Lockhart.   Amid all the hoopla about budget cuts, from both sides of the political fence, the media really doesn't do much to explain the entire Federal budget issue.  Consider the recent talk about $38 billion in budget cuts.  That's a huge number . . . . $38,000,000,000, or 38 thousand millions! But...
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This Week In Fiscal Irresponsibility

By John Lumbard.   This is shaping up to be a big week for debt and deficits.  The U.S. Senate is deep in discussions and negotiations regarding Senate Joint Resolutions 3,4,5, and 10.  The President is going to deliver a speech Wednesday afternoon at George Washington University (apparently without TV coverage) that...
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The Farmer and the Lottery

By James Schaefer.   The farmer wins the lottery and is being interviewed by a news reporter.  "What are you planning to do, now that you've got all this money?"  Replies the farmer,"Well, I guess I'll just keep farming 'til the money's gone." Today farmers enjoy so much taxpayer support that it's fair...
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Senator Udall (D – Colorado) Speaks

By John Lumbard.   Republicans are threatening to shut down the government over $100 billion in spending cuts---remember when that was considered big money?---while Democrats try to turn the event to their political advantage.  Wouldn't it make more sense to take a stand on principle and a permanent change for the...
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The Keepers of the Flame

By James Schaefer.   At long last, the topic of entitlement reform  -- "the topic" -- has been broached (see Weekend Interview with Paul Ryan). These entitlements -- Social Security, Medicare, Medicaid, and the Prescription Drug Benefit -- are the promises that politicians have made to American citizens for decades.  We think of them...
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The Scott Adams Challenge

By James Schaefer.   Scott Adams, the author of Dilbert, recently had a feature article in the Wall Street Journal, entitled "How to Tax the Rich", and he asked readers to think up incentives that might allow our biggest taxpayers to feel a bit better about dropping hundred-thousand-dollar checks into the ravenous maw...
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