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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,” H.R. 5515 authorizes and prioritizes funding for the Department of Defense (DoD) and military activities and construction, and prescribes military personnel strengths for Fiscal Year 2019. The bill complies with the bipartisan budget agreement and authorizes $639.1 billion in base funding. Further, the bill authorizes an additional $69 billion in the Overseas Contingency Operations (OCO) fund to cover contingency operations. When factoring in $8.9 billion for mandatory defense spending, a total of $717 billion is authorized to be appropriated. The bill passed the House by a vote of 351-66. Only 7 Republicans voted against it. The bill passed the Senate by a ...

Five Hundred Days of the Welfare/Warfare/Police State

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Earlier this month, Donald Trump reached his 500th day in office. A White House “Fact Sheet” touted “Trump’s 500 Days of American Greatness.” Many Republicans and conservatives were jubilant, and sang Trump’s praises. And of course, Trump himself, on his 500th day in office, tweeted that he had “accomplished a lot — many believe more than any President in his first 500 days.” But accomplishments or not — the United States has just experienced 500 more days of the welfare/warfare/police state. In Trump’s first 500 days, says the White House Fact Sheet, he “has achieved results domestically and internationally for the American people.” President Trump has rolled back unnecessary job-killing regulations beyond expectations. advanced free, fair, and reciprocal trade deals that protect American workers, ending decades of destructive trade policies. strengthened American leadership, security, prosperity, and accountability. re-asserted American leadership on the world stage, secured vital investments in our military, and stood up against ...

A Divergent Convergence of Epic Proportions

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Social Security is in dire straits. Payroll tax increases and benefit cuts are on the horizon. According to the latest annual report by the Social Security Board of Trustees (“The 2017 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds”), Social Security’s combined trust funds face depletion in 2034, which means that 23 percent of benefits would lack financing. That results from a number of divergent factors. First, according to the Social Security Administration (SSA), in the first quarter of 2018, the number of Social Security beneficiaries topped 62 million for the first time. At the end of 2017, there were 61,903,360 Social Security beneficiaries. At the end of March 2018, that number had increased by 330,318 to 62,233,678 Social Security beneficiaries. That includes 45,876,131 retired workers and their dependents, 5,990,290 survivors of deceased workers, and 10,367,257 disabled workers and their dependents. That is an ...

What Is the Optimal Top Marginal Income Tax Rate?

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It’s not just American bureaucracies that are headquartered in Washington, D.C. The International Monetary Fund (IMF), with its staff of approximately 2,700, has been headquartered in Washington, D.C., since its inception in 1945. The IMF “is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and ...