Posts Tagged ‘ government spending ’

How the minimum wage helped bankrupt Puerto Rico

November 2, 2015
posted by

The Canal The Canal
by Joseph Hammond  

"Greece isn't the only beach tourism destination that is struggling with a debt crisis. This summer, Puerto Rico announced that it would be unable to repay some US$72 billion in debt. In recent days, the commonwealth successfully restructured some of this debt at the cost of an additional $60 million in fees paid to various financial advisory firms. With two 2016 Presidential hopefuls, former Secretary of State Hilary Clinton and Senator Marco Rubio, appearing at campaign events in Puerto Rico in the past few weeks, it's worth examining one issue which has contributed to Puerto Rico's fiscal crisis: the US federal minimum wage." (11/02/15)

http://blog.panampost.com/editor/2015/11/02/how-the-minimum-wage-helped-bankrupt-puerto-rico/  

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Runaway blimp

October 29, 2015
posted by

The Cagle Post
by Joe Heller  

Cartoon. (10/29/15)

http://www.cagle.com/2015/10/runaway-blimp-2/  

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Politicians say cut, but always mean increase

October 28, 2015
posted by

Downsize DC Downsize DC
by Jim Babka and Perry Willis  

"We predicted this in our Monday message. We told you that President Obama didn't veto the annual National Defense Appropriations Act (NDAA) in order to save money, but as a strategy to make the Republicans spend more on domestic programs too. Well ... It worked. Obama has cut a deal with the Republicans that does a number of bad things ... * The debt ceiling limit will be wiped out (yet again), and extended into the next president's term * Spending will rise $80 billion above the sequestration caps * That money will be split evenly between the increased defense spending the Republicans want, and the increased domestic spending the Democrats want ..." (10/28/15)

https://downsizedc.org/blog/urgent-politicians-say-cut-but-always-mean-increase  

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Congress capitulates on the debt ceiling

October 28, 2015
posted by

Jacob G Hornberger Future of Freedom Foundation
by Jacob G Hornberger  

"Just as I have predicted for the past couple of years, Congress has capitulated again on its debt ceiling. The media is reporting that Congress is striking a deal with President Obama to lift the debt ceiling once again. The deal now permits the federal government to add even more debt to the already existing mountain of federal debt -- that is, until the newest 'ceiling' is reached sometime in early 2017 (soon after a new president has been inaugurated), at which point the charade will start over." (10/27/15)

http://fff.org/2015/10/27/congress-capitulates-again-on-the-debt-ceiling/  

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Congress, White House reach deal: Two more years of borrow-it-and-blow-it binge

October 27, 2015
posted by

The Washington Post Washington Post    

"House Republican leaders introduced legislation just before midnight on Monday, finalizing a two-year budget agreement between Congressional leaders and the White House. The introduction sets up a vote as early as Wednesday on the bipartisan budget deal which would increase military and domestic spending and avert a potentially catastrophic default in exchange for long-term spending cuts. The 144-page bill, which is the result of weeks of negotiations between the White House and Congressional leaders, would increase spending by $80 billion over two years and would increase the federal borrowing limit through March 15, 2017. " (10/27/15)

https://www.washingtonpost.com/politics/house-republicans-introduce-bipartisan-budget-bill/2015/10/27/22f1c67e-7c6b-11e5-b575-d8dcfedb4ea1_story.html  

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The debt ceiling: A primer

October 27, 2015
posted by

Jacob G Hornberger Future of Freedom Foundation
by Jacob G Hornberger  

"Let's assume, for simplicity's sake, that after everyone has paid his taxes, the government's total tax revenue is $1 million. Let's also assume that total government expenditures total are also $1 million. That means that all the entire $1 million in tax revenues will be spent -- to cover such things as salaries for employees, welfare payments, bomb purchases, and the like. That is what we call a 'balanced budget,' one in which the government's tax revenues equal to the government's expenditures. Notice something important here: Even though the government is spending the same amount that it is bringing in with taxes doesn't necessarily mean that what the government is doing is good, moral, or sound." (10/26/15)

http://fff.org/2015/10/26/the-debt-ceiling-a-primer/  

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US politicians’ debt: Lew cranks up waaaaaaaaambulance

October 26, 2015
posted by

CNBC    

"Congress risks 'manufacturing crisis' by prevaricating over raising the debt ceiling, Treasury Secretary Jack Lew said in an opinion piece Monday in USA Today. Unless the cap is raised beyond the current limit of $18.1 trillion, the Treasury is seen running out of money to pay bills in full and on time by Tuesday next week. It would then be left with only incoming taxes and fees to cover expenses, which will be insufficient. ... Since 1960, Congress has acted 78 times to raise the debt cap or revise the definition of the debt limit -- 49 times under Republican presidents and 29 times under Democratic presidents, according to the Treasury's website." [editor's note: Somewhere I hear the world's smallest violin playing a sad tune for those who say it's "insufficient" that the politicians might only be able to spend what they steal from us, instead of borrowing against their promises to steal MORE from us in the future - TLK] (10/26/15)

http://www.cnbc.com/2015/10/26/lew-raise-debt-ceiling-to-avoid-terrible-accident.html  

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GOP House moves on ObamaCare repeals, debt ceiling plans despite White House veto threat

October 26, 2015
posted by

Fox News Fox News    

"House Republicans [last] week appeared committed to passing measures that President Obama almost certainly won't sign, including a bill that would put the government at risk of defaulting on its bills. The GOP-controlled chamber on Friday adopted a measure -- through a process called 'budget reconciliation' -- that repeals large parts of ObamaCare and defunds Planned Parenthood. The process allows the Senate to pass such legislation without a super-majority, which the Republican-controlled upper chamber has failed to get in recent key votes. The move is largely considered another symbolic effort against the president. But another by House Republicans -- including proposed cuts to Medicare and other social service programs in the debt ceiling plan -- could cause problems after Nov. 3, when the government technically runs out of cash." (10/25/15)

http://www.foxnews.com/politics/2015/10/25/gop-house-moves-on-obamacare-repeals-debt-ceiling-plans-despite-white-house/  

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Debt ceiling debate: Don’t mention warfare/welfare state!

October 20, 2015
posted by

Ron Paul Campaign For Liberty
by Ron Paul  

"Cutting up its credit card is the only way to make Congress reduce spending. Anyone who doubts this should listen to the bipartisan whining over how sequestration has so drastically reduced spending that there is literally nothing left to cut. But, according to the Heritage Foundation, sequestration has only reduced spending from $3.6 trillion to $3.5 trillion. Only in DC would a less than one percent spending reduction be considered a draconian cut. Defense hawks have found a way around sequestration by shoving billions of dollars into the Overseas Contingency Operations (OCO) account. OCO spending is classified as 'emergency' spending so it does not count against the spending limits, even when OCO is used for items that do not fit any reasonable definition of emergency." (10/19/15)

http://bit.ly/1NQqWxk  

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Lew furiously waves panic fetish, mutters incantations as ability to kite checks nears expiration

October 19, 2015
posted by

Los Angeles Times Los Angeles Times    

"Treasury Secretary Jacob J. Lew on Monday tried to increase pressure on lawmakers to raise the nation's debt limit before a Nov. 3 deadline, warning that he feared an accidental federal government default if they wait too long. 'I worry every time we hit this that sometime there would be an accident, and that would be terrible,' he told CNBC. Lew wrote to congressional leaders last week that the Treasury Department would run out of borrowing authority on Nov. 3 -- two days earlier than a previous estimate -- unless the $18.1-trillion debt limit is raised." (10/19/15)

http://lat.ms/1Kk1uZh  

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Will the next Speaker enforce sequestration?

October 15, 2015
posted by

Michael D. Tanner Cato Institute
by Michael D Tanner  

"Whoever emerges from the current chaos to become the next House speaker, one of the first issues he or she will have to deal with is funding the federal government for the remainder of the current fiscal year. It won't be easy, but the choices made will tell us a great deal about the new speaker's priorities and whether the revolt against the GOP leadership has actually changed anything in Washington." (10/14/15)

http://bit.ly/1GH7SK3  

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Balancing the government’s budget now

October 12, 2015
posted by

Richard M. Ebeling Future of Freedom Foundation
by Richard M Ebeling  

"[T]here is a simple and straightforward way to bring the fiscal hemorrhaging to an end. Don't raise the debt limit. In one legislative act, in this case, a non-action, the Federal government will have to operate within the confines of a balanced budget. With no increase in the debt limit, the Federal government will be legally restrained to spend only what it takes in, in taxes and other revenue sources. This, in itself, makes the case for not increasing the debt limit very appealing." (10/12/15)

http://bit.ly/1GElNjN  

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Score one for Fiorina: A clarion call to budgeting sanity

October 12, 2015
posted by

Thomas L. Knapp WIlliam Lloyd Garrison Center for Libertarian Advocacy Journalism
by Thomas L Knapp  

"In every presidential election cycle, candidates find themselves called upon to present plans for balancing the federal budget. And, for the most part, their plans call for doing so -- in the sweet bye and bye. Never next year, seldom even next decade. The plan is for the current crop of politicians to kick the can down the road some more, leaving it to future Congresses and administrations to exercise the fiscal restraint that these politicians won't. Not Carly Fiorina." (10/09/15)

http://thegarrisoncenter.org/archives/3258  

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Carly Fiorina’s war on math

October 8, 2015
posted by

Salon
by Gary Legum  

"It started with Mark Halperin, looking disappointed that Fiorina hadn't flown to 30 Rock in a helicopter and offered him a ride, asking her if she would pledge to submit a balanced budget in her first term. Now, this is a deeply silly question for lots of reasons, but it's pretty easy for a Republican presidential candidate to answer. Just say you have a plan to lower the deficit by cutting spending while also cutting taxes to unleash the engine of American capitalism, which will result in so many dollar bills raining down on the Treasury, it will look like a Waka Floka Flame concert. The budget deficit will magically start dropping, and someday, maybe by the end of a second term, voila! A balanced budget. Instead, Fiorina said this: 'Yes, and I think one of the keys to submitting a balanced budget ... is starting by knowing where the money is being spent ... Where I would start is to submit a plan for zero based budgeting ..." [editor's note: The author's argument is that the federal government is just too big to expect the poor beset bureaucrats to justify all their expenditures every year, and that therefore we MUST assume that they'll always spend more next year than they did this year, and anything else is insane. In fact, this is damn near the only thing Fiorina has said so far that makes any sense at all - TLK] (10/08/15)

http://bit.ly/1L9HoCH  

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Raising taxes and truth

October 8, 2015
posted by

Paul Jacob Common Sense
by Paul Jacob  

"Sheila Weinberg wants to raise your taxes. So fervent is her money-lust that she even threatens to run for president, and only half-jokingly, on that single issue. More surprising: I would enthusiastically vote for her. What gives? Well, Weinberg isn't demanding a tax increase or a spending cut, per se -- just one and/or the other until accounts are balanced." (10/08/15)

http://thisiscommonsense.com/2015/10/08/raising-taxes-truth/  

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US Senate sends massive “defense” bill to Obama

October 8, 2015
posted by

Sharon Herald    

"Congress on Wednesday sent President Barack Obama a sweeping $612 billion defense [sic] policy bill that he has threatened to veto over an ongoing battle between Democrats and Republicans about government spending. The Senate voted to approve the measure 70 to 27. If Obama vetoes the defense bill, it would be only the fifth time that has happened in the past half-century. The bipartisan measure has become law every year for more than 50 years. The House passed the bill last week, 269 to 151, with enough Democratic votes to sustain a presidential veto. Obama says he'll veto it because while it contains all the money he requested, he doesn't like the way Congress did it. The bill increases defense spending by padding a separate war-fighting account with an extra $38 billion. Congress didn't increase money for domestic agencies too as the president wants." (10/08/15)

http://bit.ly/1jet2tY  

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Lew to Congress: Raise the debt limit, and don’t you dare put any conditions on it

October 8, 2015
posted by

Reuters Reuters    

"Treasury Secretary Jack Lew urged Congress to act soon to raise the debt limit .... some conservative Republicans have said they cannot support a debt limit increase unless certain issues are addressed, such as a plan to sharply reduce government spending. Lew told NPR: 'We've made it clear that we are not going to let the debt ceiling be used as a way to extract commitments that otherwise would be unacceptable.'" (10/08/15)

http://reut.rs/1FUHelY  

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Greece: Tsipras urges reform as part of strategy to exit crisis

October 6, 2015
posted by

Salt Lake Tribune    

"Greek Prime Minister Alexis Tsipras insisted Monday that the priority of his newly re-elected government is to deliver on its bailout promises so that the country can start tapping international bond markets for money by 2017. His comments to Greek lawmakers came as European creditors urged Tsipras to maintain his zeal for reforms in return for billions more of bailout cash and a promise of talks on relieving the country's debt burden. As a condition of July's three-year 86 billion-euro ($96 billion) bailout agreement -- the country's third since 2010 -- Greece has to overhaul its economy by reforming its labor markets, raising taxes, cutting spending and putting state investments up for sale. If it doesn't, Greece would not be able to tap the bailout funds and would again face the prospect of bankruptcy and an exit from the euro." (10/05/15)

http://www.sltrib.com/home/3029551-155/tsipras-urges-reform-as-part-of  

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Debt ceiling circus looms ahead, again

October 1, 2015
posted by

Jacob G Hornberger Future of Freedom Foundation
by Jacob G Hornberger  

"The recurring debt-ceiling circus is approaching, once again. The maximum amount of debt that the federal government is permitted to incur is about to be reached ... again. That means that the federal government will not be permitted to incur any more debt ... unless Congress raises the debt ceiling again, thereby permitting the federal government to continue its never-ending spending and borrowing spree." (10/01/15)

http://fff.org/2015/10/01/debt-ceiling-circus-looms-ahead-again/  

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Congress moves on spending bill as fake shutdown deadline looms

September 29, 2015
posted by

Reuters Reuters    

"The U.S. Congress moved on Monday to rush legislation to President Barack Obama that avoids a government shutdown [sic] on Thursday as the new fiscal year starts while setting aside a bitter Republican feud over money for Planned Parenthood. The Senate kicked off the effort by advancing a measure to extend all previous agency funding levels until Dec. 11, in a bipartisan 77-19 procedural vote. That clears the way for the Senate to pass the spending bill by early Wednesday, sending it to the House of Representatives for passage just in time to beat a midnight Wednesday deadline." [editor's note: Of course, the "shutdown" is all melodrama and guff; no actual shutdown is contemplated, just some posturing - TLK] (09/28/15)

http://tinyurl.com/od22p8v  

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GOP hypocrisy on Planned Parenthood

September 29, 2015
posted by

Jacob G Hornberger Future of Freedom Foundation
by Jacob G Hornberger  

"In their fight against funding for Planned Parenthood, Republicans aren't questioning the fundamental premise of the welfare state, which is that the federal government should have the power to tax people in order to give the money to people who the federal government selects to receive it. Instead, Republicans are essentially saying: 'We love the welfare state. We love the fact that the IRS taxes people in order to give the money to other people. We just don't want the federal government giving the money to Planned Parenthood. We want the federal government to give it to our cronies and buddies.'" (09/28/15)

http://fff.org/2015/09/28/gop-hypocrisy-on-planned-parenthood/  

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More revenue won’t save Puerto Rico’s corrupt political class

September 17, 2015
posted by

Frank Worley-Lopez The Canal
by Frank Worley-Lopez  

"The information released this week from the governor's office does indeed look grim, but let's not forget that Puerto Rico raises nearly $10 billion per year in taxes, and receives more than $20 billion a year from the federal government, with total expenditures exceeding $28 billion. Puerto Rico does not have a revenue problem. Puerto Rico's problem is not the size of its debt. Puerto Rico’s problem is how much it spends." (09/16/15)

http://tinyurl.com/qy99ocw  

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Funding the US Department of Offense

September 10, 2015
posted by

Veronique de Rugy Reason
by Veronique de Rugy  

"f you want to know how serious Republican presidential candidates are about fiscal responsibility, just look at their positions on the spending caps put into place by the Budget Control Act of 2011. The caps, which largely cover domestic discretionary programs and the defense budget, brought a modicum of restraint to the federal spending train that careened out of control under the Bush and Obama administrations. But for the special interests that live off the largesse -- particularly weapons manufacturers and lobbies for foreign governments that don't mind U.S. taxpayers footing the bill for their defense needs -- restraint on the Pentagon's war chest is unacceptable." (09/10/15)

http://tinyurl.com/p9dku97  

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Why the Greeks should repudiate their government’s debt

September 10, 2015
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Simon Wilson  

"In apportioning blame for the Greek government debt crisis, it would be difficult not to lay the major share on Greece itself. With government jobs paying three times the private sector average, a national rail service with a wage bill four times its annual revenue, a public pension system that would pay out generous benefits at fifty for anyone classified as working in 'arduous' professions like hairdressing, there is no shortage of taxpayer-funded largesse running rampant through Greek society. At this point however, dissecting the Greek's failure to live within their means is not only nugatory -- beyond proving the time-tested observation that people like something for nothing -- but also obfuscates the true moral contours of the crisis. Moreover, it blurs our understanding of a fundamental truth crucial not just to the future of Greeks but all peoples: Government debt is not like private debt. In fact, government debt is fundamentally illegitimate and one might even be justified in claiming that anyone seeking to profit from it is aiding and abetting criminal activity." (09/09/15)

http://tinyurl.com/nwro7r5  

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More sequestration: The best bad thing, for now

September 9, 2015
posted by

Thomas L. Knapp William Lloyd Garrison Center for Libertarian Advocacy Journalism
by Thomas L Knapp  

"If American politicians lived in the real world, US president Barack Obama would propose and Congress would pass a balanced budget for the federal government. But American politicians don't live in the real world. Since World War II they've inhabited a utopian fantasy in which the federal government has continuously spent more money than it has brought in, on the promise that that debt will eventually be paid off. Someday. By someone. So we've once again reached the periodic moment of untruth, with a September 30th deadline for Congress to decide between three alternatives ..." (09/08/15)

http://thegarrisoncenter.org/archives/2865  

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