Is there really a debt limit? Ten Congressional increases in ten years

Poll: Three in 10 Americans commit financial infidelity?

Arthur B. Laffer: A Price for Raising the Debt Ceiling

Heritage Foundation: No Debt Ceiling Raise Without Spending Cuts

    Heritage Foundation Morning Bell: His Treasury Secretary, Tim Geithner, sent a letter to Congress last week claiming that unless they raised the debt ceiling by “the end of the first quarter of 2011,” the “full faith and credit of the United States” would be “called into question” and there would be “catastrophic damage to the economy.” This is, of course, completely false. The United States government will not default on its debt. Federal taxes will still be collected by the Treasury, and the United States Constitution requires the government to pay interest and principal on the debt first. The creditworthiness of the U.S. is not in danger. Just look at history.


  • Posted: 01/13/2011
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  • Category: Miscellaneous
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  • Source: blog.heritage.org

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NCPA: The U.S. Loses Ground on Economic Freedom

GOP’s own “Great Society” backfired

Paul Jacob: The sky will fall if the ceiling won’t rise?

    Paul Jacob writing at Townhall: “To economist John Lott, the current push for a quick increase in the debt level is yet another example of the Obama administration’s ‘overused tactic of claiming crises to push legislation.’ Lott explains that Congress has voted not to raise the debt ceiling before, numerous times, and that a default is not an immediate outcome of the federal government’s credit card being removed from its wallet.”


  • Posted: 01/10/2011
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  • Category: Miscellaneous
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  • Source: townhall.com

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Why teacher pensions don’t work

    Joel Klein writing in the Wall Street Journal [full text via Google News]: “We live in a funny world. Bernie Madoff pretended he was getting 8% returns on his clients’ investments—and he’s in jail for running a Ponzi scheme. But in the public sector that kind of make-believe is common. As former chancellor of the New York City public schools, I learned that one of the options the city pension plan offered teachers and administrators guaranteed an 8.25% return, regardless of what the investments actually earned in the market . . . Whether the investment returns are there or not, defined-benefit pensions require the government to pay retirees a predetermined amount for life.”


  • Posted: 01/10/2011
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  • Category: Miscellaneous

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European nations begin seizing private pensions

Sifting options on corporate tax rates

Roots of British student unrest unresolved

No bailouts for government unions

    Heritage Foundation: “The problem with government unions is that, unlike the private sector, governments have no competitors. If a union ends up extracting a contract from a private firm that eats up too much profits, that firm will lose out to the competition. But when a union extracts a generous contract from government, there is no check on that spending. Instead of being disciplined by more efficient competitors, the government just pays for higher spending with higher taxes or borrowing.”


  • Posted: 01/03/2011
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  • Category: Miscellaneous
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  • Source: blog.heritage.org

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Indian Muslim traders welcome sharia-compliant share index

Coburn predicts “apocalyptic pain” if spending isn’t reined in

Pew Research Ctr: Women, men and the new economics of marriage

South Korean Parliament fails to act on tax benefits for Sukuk at urging of Christian groups

The looming economics crisis in the states

    New York Times: “Faced with $4.5 billion in overdue payments, Illinois has proposed a precarious plan to sell its delinquent bills to Wall Street investors in exchange for cash . . . It is no way to run the nation’s fifth largest state, and it is not even clear that investors will agree, but these kinds of shaky deals are likely to become increasingly common as the states try to cope with the greatest fiscal drought since the Great Depression.”


  • Posted: 12/28/2010
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  • Category: Miscellaneous
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  • Source: www.nytimes.com

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Video: The coming collapse in the state budgets

The economic impact of a 25% corporate income tax rate

    Heritage: “The Heritage Foundation’s Center for Data Analysis (CDA) conducted a dynamic simulation of a reduction of the corporate income tax rate to 25 percent, comparing it to a baseline forecast of the economy with the current policy of a 35 percent corporate rate.[1] The results of this simulation show the U.S. economy growing faster than the baseline in the 2011–2020 forecast horizon.”


  • Posted: 12/16/2010
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  • Category: Miscellaneous
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  • Source: www.heritage.org

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Daniel Henninger at WSJ: What are taxes for?

Reuters Special Report: Is America the sick man of the globe?

Egypt: The financial burden of marriage and its societal repercussions

Billionaires on the warpath?

Samuel Gregg: “Socialism and solidarity: It is at our own peril that we ignore the nexus between moral convictions, the institutions in which they are realized, and our economic culture.”

    Samuel Gregg writing at The Public Discourse: “[W]hile moral beliefs have an important impact upon economic life, the manner in which they are given institutional expression also matters. This is illustrated by the different ways in which people’s responsibilities to those in need—what might be called the good of solidarity—are given political and economic form . . . [I]t is widely assumed throughout Western Europe that this moral responsibility should be primarily articulated through state action . . . Though Americans tended, Tocqueville noted, to dress up their assistance to others in the language of enlightened self-interest, he observed that Americans usually expressed the value of helping those in need through the habits and institutions of free and voluntary association.”


  • Posted: 12/13/2010
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  • Category: Miscellaneous
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  • Source: www.thepublicdiscourse.com

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Polygamy produces a host of social ills, court told

Americans still strongly favor audit of the Fed

Sarah Palin at WSJ: Why I Support the Ryan Roadmap

    Sarah Palin writes at the Wall Street Journal: “The publication of the findings of the president’s National Commission on Fiscal Responsibility and Reform was indeed, as the report was titled, “A Moment of Truth.” The report shows we’re much closer to the budgetary breaking point than previously assumed. The Medicare Trust Fund will be insolvent by 2017. As early as 2025, federal revenue will barely be enough to pay for Social Security, Medicare, Medicaid and interest on our national debt. With spending structurally outpacing revenue, something clearly needs to be done to avert national bankruptcy.”


  • Posted: 12/10/2010
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  • Category: Miscellaneous
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  • Source: online.wsj.com

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Fed critic Ron Paul wins oversight gavel

The good, the bad, and the ugly of the tax deal

Pelosi pledges to win changes as House Dems reject tax-cut deal

Polygamy’s many wives don’t capture “market value”

Walter E. Williams: Moral or immoral government

19 Facts About The Deindustrialization Of America That Will Blow Your Mind

    This disturbing report is being widely circulated on the Internet and via email. It appears that the Economic Collapse Blog may be the source of the information. If any readers learn otherwise, please let us know.  Here is an excerpt: ”Tens of thousands of factories have left the United States in the past decade alone. Millions upon millions of manufacturing jobs have been lost in the same time period. The United States has become a nation that consumes everything in sight and yet produces increasingly little . . . The following are 19 facts about the deindustrialization of America that will blow your mind….”


  • Posted: 12/06/2010
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  • Category: Miscellaneous

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Why Do We Have a Central Bank?

Fed up with the Fed

Strong showing in anti-earmark vote

Obama proposes pay freeze for federal workers

Obama should cut the corporate tax rate

Gloom, anger spreads as European economies teeter

China, Russia quit dollar

Kerala, India: Islamic bank is set up on secular principles of Shariat

Who created teacher unions?

Nobel Peace Prize case study: China’s growing power threatens liberty

Bernanke takes aim at China

Low-tax states will gain seats, high-tax union states will lose them

Advisory panel urges action on Chinese currency

Ron Paul’s golden opportunity

    Seth Lipsky writing in the Wall Street Journal [full text via Google News]: “One of the most exciting features of the new Congress is the prospect that the chairmanship of a House subcommittee that oversees the Federal Reserve will go to Ron Paul. Final assignments are still being worked out, and the leadership may yet shy away from giving the position to a congressman who doesn’t believe the Fed should exist. But Dr. Paul, an obstetrician, has been the ranking Republican of the Domestic Monetary Policy and Technology subcommittee, and tradition suggests he will be the next chairman.”


  • Posted: 11/17/2010
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  • Category: Miscellaneous

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Senate Dems defend earmarks as GOP votes to ban practice

Soros: China has better functioning government than U.S.

Murdoch warns of China’s economic prowess

China readies price controls to tackle food inflation

Hyperinflation is guaranteed if U.S. stays on current path, says NIA

    Breitbart: “[The National Inflation Association] believes that if the U.S. stays on its current path, we are guaranteed to see hyperinflation this decade. The only way it will be possible to prevent hyperinflation is if the U.S. government dramatically cuts spending across the board immediately and if the Federal Reserve raises interest rates from near zero percent (where they have been for nearly two years) to a level that is higher than the real rate of price inflation. ”


  • Posted: 11/16/2010
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  • Category: Miscellaneous
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  • Source: www.breitbart.com

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Thomas Sowell: Deficit reduction

    Thomas Sowell writing at Townhall: “Another deficit reduction commission has now made its recommendations. My own recommendation for dealing with deficits would include stopping the appointment of deficit reduction commissions. It is not the amount of money that these commissions cost that is the issue. It is the escape hatch that they provide for big-spending politicians . . . ”


  • Posted: 11/16/2010
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  • Category: Miscellaneous
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  • Source: townhall.com

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China’s “state capitalism” sparks a global backlash

Obama: Fed action not designed to weaken dollar

Pat Buchanan: The Fed trashes the dollar

G-20 refuses to back US push on China’s currency

Sen. Jim DeMint: “You can’t be a fiscal conservative and not be a social conservative”

G20: Why the US should worry if Asian currencies strengthen

German tempers fray as U.S. policy gulf widens

China and Germany slam U.S. policy before G20 summit

German Finance Minister: “US has lived on borrowed money for too long”

China to tighten control on inflows of overseas funds

WSJ: Palin’s dollar, Zoellick’s gold

    Wall Street Journal: “It would be hard to find two more unlikely intellectual comrades than Robert Zoellick, the World Bank technocrat, and Sarah Palin, the populist conservative politician. But in separate interventions yesterday, the pair roiled the global monetary debate in complementary and timely fashion . . . Misguided monetary policy can ruin an Administration as thoroughly as higher taxes and destructi’ve regulation, and the new GOP majority in the House and especially the next GOP President need to be alert to the dangers.”


  • Posted: 11/09/2010
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  • Category: Miscellaneous
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  • Source: online.wsj.com

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Irish banks sink as EU eyes nation’s survival plan

Obama returns fire after China slams Fed’s move

Monetary system is self-destructing: CNBC video interview with Ron Paul

    “There’s no way in the world we can deal with our budgetary problems if we aren’t willing to . . . cut the warfare state and welfare state and live within our means.”


  • Posted: 11/08/2010
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  • Category: Featured

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World Bank president seeks gold standard debate, countries align against Federal Reserve tactics

    Financial Times [full text via Google News] “Leading economies should consider readopting a modified global gold standard to guide currency movements, argues the president of the World Bank. Writing in the Financial Times, Robert Zoellick, the bank’s president since 2007, says a successor is needed to what he calls the ‘Bretton Woods II’ system of floating currencies that has held since the Bretton Woods fixed exchange rate regime broke down in 1971.”


  • Posted: 11/08/2010
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  • Category: Featured

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Fed official raises doubts over bond-purchase plan

Evangelical leader warns Christians on U.S. economy, debt

Ron Paul vows renewed Fed audit push next year

Global backlash against Fed’s $600bn easing

Slowdown in exports: World Bank cautions China

Debt solution lies in success of Europe