Fiscal Policy

Balanced-Budget Baloney

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It wasn’t that long ago (1987) that the entire budget of the federal government was “only” a trillion dollars. It reached the $2 trillion mark in 2002, and didn’t exceed $3 trillion until 2009. Even after a long series of budget deficits, the national debt didn’t exceed $1 trillion dollars until 1982 and $5 trillion until 1996. The first budget ... [click for more]

$1 Trillion Deficits and the Crisis of the Entitlement State

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In case you have missed them since the early years of the Obama administration, the $1 trillion-a-year federal budget deficits are coming back, beginning with Uncle Sam’s new fiscal year for 2019, which starts on October 1, 2018. And they might not be going away anytime soon. Is it something to be worried about? Yes, it is. Both the Congressional ... [click for more]

The Most Unnecessary Federal Spending

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The National Defense Authorization Act (NDAA) for fiscal year 2019 (Oct. 1, 2019–Sept. 30, 2020), which directs how federal funds should be used for national defense, has now passed both the U.S. House and Senate — as it has every year since 1961. Officially titled the “John S. McCain National Defense Authorization Act for Fiscal Year 2019,” [click for more]

The Debt Ceiling Hysteria and Profligate Government

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Once again, the financial fears have been ratcheted up due to recent announcements by the U.S. Treasury Secretary, Steven Mnuchin, and the Congressional Budget Office (CBO) that by the middle of March 2018 the Federal government will have run out of room to continue borrowing due to the official debt ceiling. Some are now calling for ... [click for more]

Time to Shut It Down

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According to Article I, Section 9, Clause 7 of the Constitution, “No money shall be drawn from the treasury, but in consequence of appropriations made by law.” When one or both Houses of Congress fails to pass a bill, or Congress and the president can’t come to an agreement on a bill, to fund the operations and agencies of ... [click for more]

Financial Tyranny

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When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it. ― Frédéric Bastiat, French economist Americans can no longer afford to get sick and there’s a reason why. That’s because a growing number ... [click for more]

Will Trump Reduce Federal Spending?

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Donald Trump’s first proposed budget took a step towards draining the swamp in Washington. His proposal was the first one since the Reagan era in which a president has sought a wholesale demolition of boondoggles. On the other hand, Trump’s defense and homeland-security spending increases will squander bounties that should be reserved for taxpayers, not bureaucrats. Regardless of whether Trump ... [click for more]

Trump’s Democratic Budget

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Although the Constitution doesn’t mention a federal budget, according to the Budget and Accounting Act of 1921, the president must annually submit a proposed federal budget to Congress for the next fiscal year by the first Monday in February. Because the government’s fiscal year runs from October 1 to September 30, the budget submitted in February is actually for ... [click for more]

Trump’s Budgetary Blueprint Retains America’s Welfare State

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President Donald Trump has issued his preliminary federal budget proposal looking to the U.S. government’s next 2018 fiscal year. What it shows very clearly is that there will likely be no attempt to reduce the size and cost of most of the American interventionist-welfare state. On Thursday, March 16, 2017 the White House released, “America First: A Budget Blueprint to ... [click for more]