Feb 14, 2012, 12:25 pm EST
Instead of trying to figure who can cut federal spending the most in the shortest period of time, they ought to be figuring out who can write the biggest check. The main problem facing the country is the fact that there are more than 10 million people out of work. If we can solve this problem, than everything else will work itself out.
Last month, President Barack Obama declared that the economic rebound had started when unemployment hit 8.5%. The jobless rate has since dipped to a three-year low of 8.3%, indicating that the economic recovery is taking hold.
The draconian plan that Obama unveiled yesterday that would cut the federal deficit by more than $1 trillion over the next decade won’t put a single jobless person back to work. In fact, it will put thousands more out of work. Read
Feb 14, 2012, 11:47 am EST
One of the excuses we often hear about our federal debt is that “we owe it to ourselves,” meaning our $15.4 trillion in debt really isn’t so bad since interest checks are sent to individuals, pension accounts and other private holders of U.S. Treasury bonds. But that’s no longer true.
We owe our new debt to the Fed!
On Friday, The Wall Street Journal reported the Fed’s Operation Twist has overpowered the most recent long-term Treasury bond auctions. According to the Journal, data compiled by Barclays Capital shows that since Operation Twist began in October, the Fed has bought $50.3 billion in new Treasury bonds maturing in 20 to 30 years, accounting for a whopping 91% of new long-term Treasury bonds. Read
Feb 13, 2012, 6:04 pm EST
Even before the Barack Obama administration released its official budget blueprint, Republicans both on and off the campaign trail were roundly denouncing it as nothing more than a campaign document. They are outraged at the higher taxes, lack of entitlement reform and short-term spending.
While the four GOP primary contestants continue to rail against Obama’s record and ideas, they do so at their own peril with regard to general election voters.
Obama’s budget blueprint is filled with some of the same ideas he has been advocating since September and crystallized in the State of the Union address on Jan. 24. Among other things, he wants to spend more on education, job-training and infrastructure. He also wants to extend the payroll tax holiday and subsidize companies to keep jobs in America. Read