Tag: Debt

Rep. Ken Buck (R-Colo.) joined host Ben Domenech to discuss the danger of big tech censorship for the American public. Rep. Buck’s new book, “Capitol Freedom: Restoring American Greatness,” is out now.

Many Republicans argue all private companies ought to remain unfettered by government intervention, but Buck argues that big tech companies such as Google don’t use the extreme level of power they wield over free speech fairly. He debunked the idea that there’s no relationship between privacy and size, saying that if these companies didn’t have a monopoly on free speech, they couldn’t get away with their actions.

Contributor Post Created with Sketch. Recommended by Ricochet Members Created with Sketch. Governors, Mayors, Congressional Republicans, and All That Jazz

 

Daniel Henninger in the WSJ, by way of the Dan Proft show, points to the lasting harm of our supposedly national experts’ response to the Chinese virus. The show and Henninger’s column point to a New York City jazz club owner of some renown in the jazz community. Michael “Spike” Wilner writes a weekly e-mail letter posted online from the SmallsLIVE Foundation. Reading this letter surfaces a key issue that governors and local leaders across the country are failing to address, inflicting far more harm than necessary. The massive financial fissure created by government leaders’ edicts and failure to own the consequences of their edicts is unpaid debt: rent, lease, mortgage, and property tax.

Martha McSally, the rest of the Republican Senators up for reelection, and Mitch McConnell own this as well. They have the power to drive legislation that Democrats could not oppose. They can include immediate refundable tax credits for all rent, lease, mortgage, and property tax forgiveness. Instead, they are printing money to paper around the edges of this financial fissure.

Contributor Post Created with Sketch. Congress Can’t Afford to Bail Out High-Spending States

 

Gov. Andrew Cuomo (NY-D) speaks to union group. (Lev Radin / Shutterstock.com)
Congressional Democrats are doubling down on their demand that, in response to the coronavirus pandemic, the federal government must bail out free-spending states. There are several terrible ideas out there just now (destroying minority-owned businesses in the service of racial equality comes to mind), but this is one of the worst.

The crisis in problem states is fueled mainly by unfunded pension liabilities. Public employee unions and the politicians they elect have for decades promised lavish pensions to union members, far exceeding those paid to wealth-creating private-sector employees. But adequate funding was never provided and the over-optimistic financial market returns didn’t materialize. The result is a growing total of $4.9 trillion in contractually enforceable liabilities to state retirees. There is no way the states can make these payments.

Chad Benson grabs a stool for today’s Three Martini Lunch while Jim is away. Today, Chad and Greg briefly discuss the significance of President Trump becoming the first sitting president to address the March for Life. Then they get a kick out of learning that the House impeachment managers are successfully alienating the group of senators they can least afford to lose – GOP moderates. They also richly enjoy watching a dad who scrimped and saved to pay for his daughter’s college education dissect the progressive lunacy of Elizabeth Warren’s college debt forgiveness plan right to her face. And as Democrats and their media allies dig for dirt on a strengthening Bernie Sanders, they brace for a riveting fight over whether Joe Biden or Bernie Sanders was more racially insensitive in the 1970’s.

Who knew you could have so much fun talking about Elizabeth Warren? Join Jim and Greg as they wade into Warren’s accusation that Bernie Sanders told her two years ago that a woman couldn’t get elected president. They also shake their heads as Warren promises to cancel a lot of student loan debt on her first day in office without ever involving Congress. And they preview tonight’s final Democratic debate before the voting in Iowa and address the liberal concerns that there isn’t enough diversity on stage.

To say it’s been an eventful year in politics would be a massive understatement. So it’s time to start deciding the best and worst of 2019 and today, Jim and Greg begin handing out the their Three Martini Lunch Awards. In this first installment, they offer their individual selections for Most Overrated Political Figure, Most Underrated Political Figure, and Most Honest Political Figure.

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Listening to local talk radio the other day on my way home from work, the host was talking about how spending under President Trump was 13% higher than it was under President Obama at the same point. Setting aside whether this is correct or not – trust no one and verify everything – the host […]

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It’s all crazy martinis today! Jim Geraghty of National Review and Greg Corombos of Radio America start with Canadian Prime Minister Justin Trudeau found to have used blackface on at least three occasions but the maddening part is how the left is urging everyone to calm down with respect to Trudeau when they would have cast a non-leftist to the wolves and even Trudeau himself says these sorts of stories ought to be judges on a case by case basis. They also wait for more information after reports say an intelligence whistleblower is accusing Trump of making a shocking promise to a world leader. Is this a major scandal in the making or just more media hyperventilation? And let’s just say they’re severely underwhelmed as House Republicans make repealing Obamacare and reducing the national debt their priorities if voters return to the majority – particularly when they did neither when they had the chance in the first two years of the Trump administration.

Jim Geraghty of National Review and Greg Corombos of Radio America have no good martinis today. They wince as the national deficit creeps closer to $1 trillion again and lament that neither party has any intention of seriously addressing the problem before disaster strikes next decade. They also cringe as President Trump rightly slams Rashida Tlaib, Ilhan Omar, and other far left lawmakers for pushing the anti-Semitic BDS movement but then says says any Jews who vote for Democrats are being disloyal. And they get a kick out of Jill Biden telling Democrats that her husband might not be the best candidate but voters should get on board because he has the best chance to beat Trump.

Recommended by Ricochet Members Created with Sketch. College Debt: Don’t Even Think of Asking Me to Pay

 

Since everyone, including Presidential candidates, seem to be discussing canceling college debt, I was moved to offer some thoughts on the subject, none of which include canceling college debt, but some of which have been bandied about by grander conservative voices.

Now, my philosophy regarding this issue is simple: You made the deal, not the hardworking taxpayers who would be strapped with your “canceled” debt. Learn that lesson now; pay your own way.

Jim Geraghty of National Review and Greg Corombos of Radio America are glad to see former New York City mayor Michael Bloomberg decide not to run for president in 2020 but groan as he vows to spend huge sums of money to move the world “beyond carbon” in the next decade. They also fume as Hillary Clinton finds yet another pathetic excuse for losing to Donald Trump in 2016. And they react with disgust as the federal budget deficit jumps 77 percent in the first four months of Fiscal 2019 compared to last year – and because neither party and most Americans have no interest in addressing our debt and deficit crisis.

Jim Geraghty of National Review and Rich McFadden of Radio America break down Senate Minority Leader Chuck Schumer’s request that red-state Democrats remain neutral on Brett Kavanaugh’s nomination to the Supreme Court. They also cannot believe that some Democrats are seriously considering the idea of almost doubling the federal budget to pay for Sen. Bernie Sander’s Medicare-for-all program. And they cannot find any examples of malfeasance in the Boston Globe story about the TSA’s passenger-monitoring program that tracks people who sweat too much and urinate too often.

Jim Geraghty of National Review and Greg Corombos of Radio America are amazed that more than 90 percent of House Democrats either opposed a resolution supporting Immigration and Customs Enforcement or refused to vote on it at all. They also grumble as deficit projections once again head north of a trillion dollars and the number of food stamp recipients remains stubbornly high in a strong economy. And they denounce Vladimir Putin’s proposal to allow U.S. investigators to interview the 12 Russians indicted for meddling in the 2016 elections in exchange for allowing the Russians to interview a former U.S. ambassador.

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In part one of this series, I explained the Cheney Doctrine which governed the GOP’s fiscal and trade policies in the 2000s. The Cheney Doctrine can be summed up as “give the voters low taxes and cheap foreign goods, and everyone will be happy.” This led to utter economic and political disaster in 2008 and […]

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[This is a two-part series. In part two I’ll explore whether Trump has invented a new fiscal strategy for the GOP] The Cheney doctrine, first articulated by Dick Cheney in the early 2000s, is that fiscal deficits do not matter. As the 2000s wore on, the doctrine was expanded to include trade deficits. This expanded […]

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Jim Geraghty of National Review and Greg Corombos of Radio America are pleased to see pathetic levels of voter enthusiasm among Democrats in Texas and Georgia and they dissect the substantial personal debt afflicting the party’s nominee for governor in Georgia. They also fire back as California Rep. Eric Swalwell argues for a ban on military-style semiautomatic rifles, a buyback program aimed at those who own such weapons, and criminal prosecution for anyone subsequently caught with one. And they shake their heads over the 30-year-old man who took his parents to court for insisting he move out of their house.

Contributor Post Created with Sketch. Five Minutes to Midnight: Announcing the “Federal Government Debt Default Clock”

 

Beyond the troubling debt-ceiling standoffs we witness every few years looms a far more dire threat: a true US government default, which economists warn could lead to a collapse of confidence in the American economy, a run on the dollar, and perhaps even a global economic meltdown. How close are we to such a catastrophic federal default?

To answer this question, a group of private-sector economists and fiscal policy experts has formed a citizens’ committee, called the Default Clock Committee, to maintain an objective, fact-based Federal Government Default Clock. The Clock is designed to help the public to see and track the nearness of the danger.

Contributor Post Created with Sketch. Recommended by Ricochet Members Created with Sketch. “Personal Responsibility” Means Nothing Anymore

 

Today Walter Williams in his syndicated column reminded me (like I needed to be reminded) that people simply don’t care about personal responsibility anymore. He gives a number examples of how the culture has changed, and writes about companies that advertise the ways people can get out of their debt. They promote steps people can take to “quickly be debt free.” Essentially, because someone carelessly and thoughtlessly used a credit card to satisfy their materialistic needs, the companies are paying for it. Even Dave Ramsey, a financial expert and person of high moral values whom I greatly admire, encourages people to negotiate with companies to lower their debt, and for a fraction of what they owe.

Then we have the Federal Student Aid program, which provides a means for students to have their loans forgiven, canceled, or discharged. At first, when looking at the requirements, I thought that the criteria made sense; then I realized how any creative person could play with those guidelines:

Teddy Kupfer of National Review and Greg Corombos of Radio America cheer President Trump’s selection of John Bolton as National Security Adviser and look forward to his tough stance on North Korean nukes and the Iran nuclear deal while liberals fear that Bolton will start bombing everyone. They also unload on the bloated $1.3 trillion omnibus that the majority of Republican representatives and senators approved, much to the delight of Democrats and the fury of fiscal conservatives. Teddy and Greg understand the desire of Republicans to rebuild the military but find the reckless spending in other areas unacceptable. They scratch their heads trying to figure out why more than half of millennials actually enjoy doing their taxes. And they offer a champagne toast to the late Democratic Georgia Gov. and Sen. Zell Miller and reflect upon his memorable keynote address at the Republican convention in 2004.

Contributor Post Created with Sketch. A Less Cynical View on Why the GOP Now Seems Fine with Big Deficits

 

Since late December, Republicans in Washington have signed onto tax cuts and spending increases that could, over a decade, add several trillion dollars to the national debt and some 20 percentage points to the federal debt-GDP ratio. As such, this Bloomberg Businessweek headline seems warranted: “Doesn’t Anyone Care About Deficits Anymore?”