Tag: Debt

Let’s Get Serious about Eliminating the Department of Education

 

“The Department of Education shall terminate on December 31, 2023.” If you’ve read this far, you have completed HR899, introduced by Rep. Thomas Massie.

Abolishing the DOE isn’t a new idea. The department was created in 1979 by the Carter administration, fulfilling a campaign promise to the NEA, the teachers union, which in turn gave him their first ever presidential endorsement.

But skepticism over the department was present even at its inception. The bill passed by just four votes in a heavily Democratic House. Ronald Reagan, always concerned about over-centralized power, immediately campaigned to unwind it. Several Republican education leaders since have endorsed its elimination.

Joe Selvaggi talks with Cato Institute’s Director of Tax Policies, Dr. Adam Michel, about the sources of the nation’s recent record levels of deficits and debt. Together, they seek to understand what would constitute a policy path toward fiscal sustainability that is also politically viable.

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Happy Friday, everyone!  Both Michael and I take a break on Saturdays, then Michael takes over editing Substack on Sundays and writes an exclusive editorial to accompany the latest cartoon.  He’s crazy busy of course, so he generally publishes late in the day.   Subscribe HERE. President Biden celebrates lifting the debt ceiling while our national […]

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Join Jim and Greg as they applaud Alabama Sen. Katie Britt and her staff for discovering that U.S. Marshals were told not to arrest demonstrators outside the home of Supreme Court justices over last year’s leaked abortion ruling, even though they were clearly violating federal law. They also dive into the debate over whether the Nashville killer’s manifesto ought to be made public after the police say it will not be released while the investigation is active. What are the considerations for and against making it available? Finally, they sigh at another depressing poll, as Americans overwhelmingly think the federal government spends too much money but also strongly believe it spends too little on several key drivers of spending.

Don’t Let Biden Cancel Medicare/Social Security Reform

 

Joe Biden is facing a moral dilemma. Does he embrace politically unpopular reforms to Social Security and Medicare that will ensure their survival for future generations, or does he, for short-term political gain, aggressively block any changes to these iconic retirement programs?

Democrats have worked hard and successfully to make Medicare/Social Security the “third rail” of American politics. Medicare/SS reform has now such a stink about it that Republican lawmakers shouted their outrage at allegations that they were threatening Social Security in President Biden’s State of the Union address.

The only current proposal, by Florida Sen. Rick Scott, would merely require periodically reviewing Social Security and other major programs to assure that they are functioning as intended. This happens to be virtually identical to a proposal advanced in 1975, and again in 1990, by a senator with the same name as the current president.

America Faces a Doom Cycle but Nobody Seems to Care

 

America’s political class can no longer put off the inevitable. They soon will have to pay for their insanely reckless fiscal practices.

It’s not going to be pretty. America’s debt has reached an appalling $31 trillion. Annual interest payments will exceed $1 trillion this year. Debt service is well on its way to crowding out other priorities, a trend that will only accelerate.

Unfortunately, a steep rise in interest rates occurred near the end of the biggest spending binge ever. Economists are warning we are nearing the dreaded “doom loop” in which interest costs can be covered only by more borrowing, which further drives up interest expense, creating a vicious cycle.

Use Article V to Solve the Debt Crisis

 

Over the last few decades, no force on earth has been able to halt the explosive growth of US federal debt.

At the conclusion of WWII, fiscal conservatives were aghast that our national debt had ballooned to $259 billion. By the end of the Vietnam war it stood at $533 billion and, despite urgent warnings, was over $5,674 billion by the end of the century. Today it stands at $30,000 billion ($30 trillion) after the Biden administration’s horrific spending spree conducted on the pretext of limiting the fallout from Covid.

The reason is pretty simple. Spending other peoples’ money is politically popular. Taxes are not and budget cutting is risky.

Join Jim and Greg as they welcome new polls showing New Hampshire Sen. Maggie Hassan deadlocked with her possible GOP rivals after her sudden interest in border security faces a major backlash. They also shudder at a Pentagon report showing the U.S. military is dangerously dependent upon China for critical components needed to fight effectively. And they shake their heads as Sen. Elizabeth Warren tries to argue that “forgiving” student loan debt by forcing taxpayers to foot the bill will not add to inflation.

 

Join Jim and Greg as they welcome Sen. Manchin’s furious response to Senate Majority Leader Chuck Schumer’s partisan response to extending the debt ceiling. They also wince as the job numbers for September come in way below expectations and the unemployment rate drops for the wrong reason. And they fire back as Dr. Leanna Wen suggests the U.S. adopt vaccine mandates for planes and trains and forcing people to get the shot if they want to see their family members. Plus, they assess Pres. Biden’s shaky vaccination math.

 

Join Jim and Greg as they credit Arizona Sen. Kyrsten Sinema for tapping the brakes on the effort of Senate Dems to ram through $3.5 trillion in lefty spending priorities without any GOP votes. They also shake their heads as American Federation of Teachers President Randi Weingarten says she will try to get schools open in the fall while adding the new CDC mask guidelines still make her concerned about teacher safety in the classroom. And they throw up their hands as a lot of Senate Republicans vote to advance an infrastructure bill that spends less than a tenth of the price tag on roads and bridges.

Jim & Greg cheer on the Cubans taking to the streets to demand their freedom, despite the very real threat of punishment from the government. They also shake their heads at a new Wall Street Journal report showing the massive amount of debt Master’s degree students are piling up and then not getting the lucrative jobs they dreamed about. And they get a kick out of Vice President Kamala Harris being reluctant to support voter ID requirements because she believes Americans in rural areas don’t have access to photocopiers.!

Join Jim and Greg as they welcome polls showing more Americans want their second amendment rights vigorously protected. They also go dizzy as President Biden trots out his third multi-trillion dollar spending binge.  And they react to a Vogue writer agonizing over whether to have a baby because she is convinced the child is damaging to the planet.

[Member Post]

 

Seemingly overnight, a large segment of America has gone insane. We’re not talking about the culture of paranoia and safety that has metastasized in the wake of COVID-19 hysteria. We’re talking about the ideological shift, particularly on cultural issues, that has occurred since the start of the Obama Administration. To pick an easy example, it would […]

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Join Jim and Greg as they marvel at some Democrats conveniently worrying about our massive debt just one day after passing a bloated COVID relief bill totaling $1.9 trillion and eyeing an even more expensive bill in a couple of months. They also discuss the sixth allegation of sexual harassment against New York Gov. Andrew Cuomo and when state Democrats will move from muttering things about resignation to an actual impeachment effort. And they discuss the mess at the southern border thanks to Biden’s deportation moratorium and stated plans of a pathway to citizenship for illegal immigrants.