Fiscal Policy

The Entitlement State and America’s Fiscal Crisis

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The Republican and Democrat Party Conventions are now behind us, but through all the cheers and jeers, hoopla and poopla, warnings of a dark and dangerous future or promises of a bright and beautiful shape-of-things-to-come, one of the most serious shadows hanging over America was hardly mentioned at all: the unsustainability of the “entitlement” programs of the welfare state. In ... [click for more]

America’s Fiscal Debt Bomb Caused by the Welfare State

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Portuguese The news is filled with the everyday zigzags of those competing against each other for the Democrat and Republican Party nominations to run for the presidency of the United States. But one of the most important issues receiving little or no attention in this circus of political power lusting is the long-term danger from the ... [click for more]

Balancing the Government’s Budget Now

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Uncle Sam has added nearly an additional half a trillion dollars to the national debt over the past twelve months. According to the Congressional Budget Office (CBO), the Federal government ended its fiscal year on September 30, 2015 with a budget deficit of a “mere” $435 billion. Total Federal expenditures for the fiscal year were nearly $3.7 trillion, while ... [click for more]

Politicians Ignore the Looming Debt Iceberg

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We libertarians are often accused of “worshiping” the Constitution, but that charge is false. Although we don’t care one bit for the “living Constitution” theory that leads only to the expansion of state power, it does not follow that we think every idea in the written Constitution is ideal. The document is flawed, as many Americans, the Anti-Federalists, argued ... [click for more]

The Transportation “Fiscal Cliff”

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Every few months in Washington, D.C., there is some perceived crisis that headlines newspapers for a few weeks before fading away or being overcome by the next crisis. They are generally crises of the government’s own making and are due to its reckless spending and continued operation of unconstitutional agencies and programs. This time it is the transportation “fiscal cliff.” The ... [click for more]

Lysander Spooner on the National Debt

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Once again, last autumn we were inundated with dire warnings about what would befall the American people and the world economy if Congress did not raise the debt ceiling — or, as I call it, the debt sky, because apparently the sky’s the limit. As he has each time this issue has come up, Barack Obama emphasized that increasing the ... [click for more]

The Keynes Disaster

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The government and the private sector should start spending more to turn the economy around. That’s what a former Obama administration official, speaking to a recent UBS adviser conference, said in making no apologies for the administration’s poor performance since 2009. Indeed, he said that Barack Obama had “saved” the country from a depression in 2009. He also called ... [click for more]

TGIF: Default Circus — er, Crisis — Averted?

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“The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, most of them imaginary.” — H.L. Mencken Even the sagacious Mencken might be amazed by what’s happening these days. Wherever we look, there are hobgoblins. The latest is — insert [click for more]

Digging Out

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Pundits are full of advice about how and how not to pull the country out of its financial morass. Rebuild infrastructure or cut spending, increase deficit spending or reduce the debt, raise or lower taxes, regulate or deregulate, implement a new industrial policy or get government out of the economy, open the monetary floodgates or end the Fed’s easy-money ... [click for more]
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