Pledge of Fiscal Responsibility Archive

Jefferson Democrats and the 2012 Election

By James Schaefer. In a Wall Street Journal piece entitled Obama and the Politics of Condescension, Karl Rove asks the question, "Do we place our trust in the federal government or the people?" This question is not a new one. At the founding of the republic, it  was central to the debate. Alexander Hamilton wanted...
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Amendment Filed. Call Your Congressman!

Senators Mark Udall (D-Colo.) and Richard Shelby (R-Ala.)  have introduced a Balanced-Budget Amendment to the Constitution that---are you sitting down?---includes a 20% of GDP cap on federal spending!  It requires a 3/5 vote of both houses to run deficits or overspend, but in other respects is very much like a bill...
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Party On!

By John Lumbard.   When we launched this blog the federal debt was 12-and-something trillion, and we were fretting about the first trillion-dollar budget deficit.  Really, I shouldn't have been surprised to see the $14 trillion number at the top of our home page, but it touched a nerve anyway.  And...
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Join Americans for a Balanced Budget Amendment

By John Lumbard.   As the months have rolled by we've worked to simplify our message, because nobody wants to stop partying long enough to think about bipartisan fiscal responsibility.  Most Americans are for it---probably by a massive majority---but most haven't even thought about practical ways to ensure that the Congress does...
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Taking the Long View

By James Schaefer. In America nearly everyone has the opportunity to acquire substantial retirement savings; it's simply a matter of applying self discipline (and some common sense) consistently over a very long period of time.  Starting at age 22, saving a million dollars -- or more -- in retirement accounts is fairly...
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Term Limits? Again?

By John Lumbard.   It's said that fish and guests begin to stink after 3 days or so.  Apparently the American public now believes, by overwhelming margins (74% of Democrats and 84% of Republicans), that even competent congressmen begin to stink after a while.  Term limits are back in favor, presumably because...
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How ’bout a Little Optimism? The American Promise.

By John Lumbard.   Investors are running scared right now, fearful that a slowdown in our economy means that we're headed back into a double-dip recession.  Stop worrying and enjoy a double dip in the ocean (a balmy 66 degrees at the New Hampshire shore today) or two scoops of ice cream at Annabelle's here...
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Sustainable Government

By Dan H.   As California goes, so goes the nation.  That has long been the case with fad and fashion, but lately California has been playing the role of canary in the coal mine.  The state budget is out of control, and there are no longer any easy answers.   Much...
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The Safe Withdrawal Rate

By John Lumbard.   The “safe withdrawal rate” is the amount of cash a retired person can withdraw from an IRA or other investment account without someday running out of money.  It’s not an easy figure to calculate, because you need to project your investment returns and your cost of living...
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Sustainable Government

By James Schaefer.   In a recent Opinion piece in the Wall Street Journal (Tax Aversion Syndrome and Our Deficit Future), Peter G. Peterson writes about Congressional Budget Office projections that show the public debt rising from its current 60% of GDP to 233% in 30 years, and 500% in 50...
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