There’s lots of talk in Washington about spending cuts, with almost everybody saying that there needs to be at least $2 trillion of cuts in exchange for hiking the debt limit. Since the federal budget is about $3.8 trillion and is riddled with waste, fraud, and abuse,…
Daily Analysis
More Disgusting Examples of Government Waste, Fraud, and Abuse
It gets my blood boiling that the crowd in Washington is talking about raising our taxes when the budget is so riddled with excess spending. Here are two stories that illustrate the waste, fraud, and abuse that is pervasive in the federal budget. Our first example is…
I’m Willing to Go Along with President Obama’s “Balanced Approach” to Deficit Reduction, but Only if We Use Honest Math
The President has issued an ultimatum that more tax revenue must be part of budget negotiations. Indeed, he endlessly repeats his desire for a “balanced approach,” implying that as much as 50 percent of the deficit reduction in any agreement should come from higher…
European Political Elite React to Deteriorating Fiscal Outlook with Decisive Moves to…Kill the Messenger
I’m not a big fan of the rating agencies. I’ve warned in TV interviews that they generally wait too long before downgrading profligate governments. So when the rating agencies finally catch up to everyone else and lower their outlook for failing welfare states such as…
Perpetual Bailouts for the Fiscal Black Holes of Fannie Mae and Freddie Mac?
Here’s a recent interview with Neil Cavuto about bailouts for Fannie Mae, one of the government-created entities used by Barney Frank, et al, to subsidize housing (and line the pockets of well-connected political insiders). My main concern is not the bailouts, which…
If Truth-in-Labeling Is Important, the Housing Crisis Should Be Stamped: “Made in Washington”
If you want to understand how government intervention screws up markets and damages an economy, there are two new publications worth reading. First, pick up a copy of Reckless Endangerment, a new book by Gretchen Morgenson of the New York Times, and Joshua Rosner, an…
A Left-Wing Plan to Replace the Ideas of the Founding Fathers with a “Declaration of Dependency”?
Like the Constitution, the Declaration of Independence is filled with old-fashioned ideas about liberty, freedom, and restrictions on the power of government. But that’s no fun, at least if you’re a member of the ruling class. Heck, some people are using those musty…
Senator Rubio Slams Class Warfare
Obama waved the bloody flag of class warfare in his press conference this past week, though it’s not clear whether he was effective since he went out of his way to attack a provision for corporate jets that was part of his failed stimulus bill. In any event, Senator…
Is This an Example of the Nanny State Run Amok, Government Stupidity, or the Overlawyered Society?
Or is it another example of the “wussification of America?” I don’t know how to classify this story, other than it is a sad commentary on what is happening to America. Bureaucrats in Maryland, who obviously have too much time on their hands, are issuing rules…
The “Tax Expenditure” Con Job
e left is desperately trying to maneuver Republicans into going along with a tax increase. And they are smart to make this their top goal. After all, it will be very difficult – if not impossible – to increase the burden of government spending without more revenue…