Posts Tagged ‘ government spending ’

For Krugman, the size of a deficit depends on the point he’s trying to make

April 4, 2013
posted by

Robert P. Murphy Free Advice
by Robert P. Murphy  

"OK, so mark that down: Whatever the budget deficits were in the Reagan era, Krugman is saying they were (a) unprecedented (for peacetime) and (b) 'large.' Now, I am not even going to bother finding quotes to back this up, but I hope no one will challenge me when I say that Krugman has referred to Herbert Hoover’s ill-fated presidency as an example of fiscal austerity, the kind of tight-fisted budgeting that we want to avoid. In that context, it is interesting to look at the budget deficits (as a share of GDP) of Hoover vs. Reagan." (04/03/13)

http://tinyurl.com/bqz3wdg  

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Another bloated Republican budget

April 3, 2013
posted by

Laurence M. Vance LewRockwell.com
by Laurence M. Vance  

"Republicans are upset that although President Obama released his picks for the NCAA men’s basketball final four bracket, he didn’t submit to Congress his budget for the next fiscal year as he was supposed to do by the first Monday in February. I don’t know why Republicans are so upset, since any budget that Obama submitted would be dead on arrival in the Republican-controlled House of Representatives. Just don’t think for a minute that Obama’s budget would be rejected because Republicans are fiscal conservatives who want to follow the Constitution, eliminate the deficit, balance the budget, reign in federal spending, and decrease the national debt. The budget recently passed by the Republicans in the House contains unconstitutional spending, has a built-in deficit, is not balanced, does not reign in federal spending, and increases the national debt." (04/03/13)

http://lewrockwell.com/vance/vance328.html  

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I survived sequestration

April 3, 2013
posted by

Michael D. Tanner National Review
by Michael D. Tanner  

"This week marks the one-month anniversary of one of the most terrifying events in American history: the sequester. So, with great trepidation, I have climbed out of my bunker to survey the devastation and send off this column. I was shocked to discover that somehow mankind had survived." (04/03/13)

http://tinyurl.com/d2y5zoo  

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Sequester theater drawdown: DoD reduces “furlough” days

March 28, 2013
posted by

Washington Post    

"More than 700,000 civilian defense workers will be forced to take 14 days of furloughs instead of 22 between April and the end of the fiscal year, officials said, softening the blow of the automatic spending cuts known as sequestration. ... Defense officials had said for weeks that civilians would be required to take one day a week off with pay for 22 weeks starting in late April. That amounted to a 20 percent pay cut for five months. The continuing resolution did not give the Pentagon more money, but it allowed the agency to shift $10.4 billion into its operations and maintenance accounts, which pay civilian salaries. Active duty personnel are exempt from the cuts." (03/28/13)

http://tinyurl.com/d2knq8r  

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ECB gives Cyprus Monday bailout deadline

March 21, 2013
posted by

Globe and Mail [Canada]    

"Evidently losing patience with the Cypriot government and its stalled bailout plan, the European Central Bank said it will suspend emergency assistance to the country’s banks on Monday unless a rescue is agreed with the European Union and the International Monetary Fund. The threat puts enormous pressure on the Cypriot government to devise a new bailout in the next couple of days or face the eradication of its banking system." (03/21/13)

http://tinyurl.com/cloj8tm  

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Poll: Sequester has not hit home

March 11, 2013
posted by

McClatchy Washington Bureau    

"The budget cuts in Washington have not hit home in America, at least not yet. A plurality of Americans think federal spending cuts will have no effect at all on them or their families, according to a new McClatchy-Marist Poll. At the same time, as many Americans think the cuts will have no effect or a positive effect on the overall economy as think the cuts will hurt the economy, the survey found." (03/10/13)

http://tinyurl.com/axk6zhw  

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Krugman: High deficits are due to either a depression or a recovery, but never to my policies

February 24, 2013
posted by

Robert P. Murphy Free Advice
by Robert P. Murphy  

"his is classic. For the last four years, Krugman has constantly lecture people on the 'myth' that Obama is a big-deficit guy. Why, it was all about the surging social safety net payments, and the reduced tax receipts, caused by the depressed economy. It just looked like we had big deficits, but it was an illusion that fooled idiots who can’t see how a bad economy changes things. Now, when the CBO forecasts rising deficits down the road, Krugman explains that no, this too is an illusion." (02/21/13)

http://tinyurl.com/b86bg8v  

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As sequestration deadline looms, governors join White House whine-fest

February 24, 2013
posted by

Washington Post    

"Governors from both parties are warning of the damaging economic impact if the White House and Congress fail to reach a deal to stave off across-the-board spending cuts set to take effect Friday. ... Some governors were pessimistic about the prospects for a compromise. They said the budget impasse was just the latest crisis in Washington that is keeping business from hiring and undermining the ability of governors to develop state spending plans." (02/24/13)

http://tinyurl.com/awmkohu  

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Spain: Regime unveils new “austerity” under European pressure

July 11, 2012
posted by

Reuters    

"Recession-plagued Spain unveiled new austerity measures on Wednesday designed to slash 65 billion euros from the public deficit by 2014 as Prime Minister Mariano Rajoy yielded to EU pressure to try to avoid a full state bailout. The conservative leader announced a 3-point hike in the main rate of Value Added Tax on goods and services to 21 percent and cuts in unemployment benefits and civil service pay and perks in a speech interrupted by jeers and boos from the opposition." (07/11/12)

http://reut.rs/O5ybwn  

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US pols spend $844.5 billion more than they can steal in eight months

June 12, 2012
posted by

Seattle Times    

"The federal budget deficit is approaching $1 trillion for a fourth straight year even though the government is collecting more tax revenue than last year. The Treasury Department said Tuesday that the deficit grew by $124.6 billion in May." (06/12/12)

http://tinyurl.com/7ulp4f8  

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Baby budget hawks of the GOP

May 28, 2012
posted by

Michael D. Tanner Cato Institute
by Michael D. Tanner  

"The conventional wisdom, pushed for very different reasons by both Republicans and Democrats, is that Republicans in Congress, controlled by radical tea-partiers, have been slashing government spending. Thus it becomes a little hard to understand how, in the few short months since last year’s debt-ceiling deal, the federal debt has increased by more than $1.5 trillion, roughly $13,000 per household. If Republicans are such great budget cutters, how come we continue to spend more, run more deficits, and accumulate more debt?" (05/23/12)

http://www.cato.org/publications/commentary/baby-budget-hawks-gop  

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More on pretending

May 22, 2012
posted by

Erne Lewis ErneLewis.com
by Erne Lewis  

"If we are to survive as a nation we must immediately stop spending money we don’t have and balance the budget now! And we must start where the spending is most egregious and least needed, our military-industrial-spycraft complex, that pretentious monster masquerading as National Defense." (05/21/12)

http://ernelewis.com/blog/2012/05/more-on-pretending/  

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CA: Pols face $16 billion budget shortfall

May 13, 2012
posted by

The Californian    

"California's budget deficit has swelled to a projected $16 billion -- much larger than had been predicted just months ago -- and will force severe cuts to schools and public safety if voters fail to approve tax increases in November, Gov. Jerry Brown said Saturday. The Democratic governor said the shortfall grew from $9.2 billion in January in part because tax collections have not come in as high as expected and the economy isn't growing as fast as hoped for. The deficit has also risen because lawsuits and federal requirements have blocked billions of dollars in state cuts." (05/13/12)

http://bit.ly/IOy1JP  

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Netherlands: Government collapses over austerity budget

April 23, 2012
posted by

RTT News    

"Liberals-led minority government in the Netherlands collapsed on Monday as Prime Minister Mark Rutte resigned after coalition talks on reducing the country's budget deficit to meet European guidelines failed to reach agreement. The government was in crisis at the weekend as the extreme right Freedom Party (PVV) withdrew its support, with its anti-Islamist populist leader Geert Wilders saying he would not accept the government's additional EUR 14 billion austerity program meant to bring the fiscal deficit to 3% by 2013." (04/23/12)

http://bit.ly/I4d0vc  

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Austerity or stimulus? What we need is growth

March 26, 2012
posted by

Cato Institute Cato Institute
by John H. Cochrane  

"Austerity isn’t working in Europe. Greece is collapsing, Italy and Spain’s output is declining, and even Germany and the U.K. are slowing down. In addition to their direct economic costs, these 'austerity' measures aren’t even swiftly closing budget gaps. As incomes decline, tax revenue drops, and it becomes harder to cut spending. A downward spiral looms. These events have important lessons for the U.S." (03/21/12)

http://bit.ly/H50YlP  

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Spending, not taxation, is the problem

February 23, 2012
posted by

Bumper Hornberger Future of Freedom Foundation
by Jacob G. Hornberger  

"With President Obama and various Republican presidential candidates competing to reduce corporate income taxes, it must be election time. Do you ever feel like you’re living in a Latin American country, where the presidential candidates are notorious for offering all sorts of political candy to the voters during the campaign season?" (02/23/12)

http://www.fff.org/blog/jghblog2012-02-23.asp  

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Politicians fiddle while fiscal crisis looms

February 22, 2012
posted by

Creators Syndicate
by John Stossel  

"Imagine this family budget: Last year, you earned $24,700. But you spent $37,900, incurring $13,300 in debt, and you were already $153,500 in debt. So you say, 'I promise I'll spend $300 less this year!' Anyone can see that your cutback is pathetic and that you need to spend much less. Yet if you add eight zeroes, that's America's budget." (02/22/12)

http://bit.ly/xMlGYx  

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The audacity of taxing and spending

February 19, 2012
posted by

Timothy J. Taylor Authority!
by Timothy J Taylor  

"The orgy of profligate government spending during the last two presidential administrations continues unabated under this budget, and to keep it going strong, taxes will be drastically increased for successful individuals while any spending cuts here will be more than offset by more spending there." (02/19/12)

http://bit.ly/y8q63S  

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We are on the road to bankruptcy

February 15, 2012
posted by

Fox News Forum
by John Stossel  

"President Obama said in his State of the Union speech last month, 'We’ve already agreed to more than $2 trillion in cuts and savings.' That was reassuring. The new budget he released this week promises $4 trillion in 'deficit reduction' -- about half in tax increases and half in spending cuts. But like most politicians, Obama misleads. Cato Institute economist Dan Mitchell, a recent guest on my Fox Business show, cut through the fog to get at the truth of the $2 trillion 'cut.'” (02/15/12)

http://tinyurl.com/76pl53p  

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Obama’s busted budget

February 15, 2012
posted by

Michael D. Tanner Cato Institute
by Michael D. Tanner  

"In a town where bipartisan budget chicanery has been raised to an art form, President Obama's latest budget proposal should be hailed as the da Vinci of fiscal obfuscation. The president claims that his budget proposal reduces debt by $4 trillion over the next 10 years, combining $2.4 trillion in spending cuts with $1.6 trillion in tax hikes. Almost none of that is true." (02/15/12)

http://www.cato.org/pub_display.php?pub_id=14110  

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A steaming pile of pension debt

February 12, 2012
posted by

Show-Me Institute Show-Me Institute
by Greg Aubuchon  

"How many of you are making progress climbing out of your personal debt hole? The financial meltdown of 2008 should have taught us the lessons of excessive debt and living beyond our means. Yet even if we are now making progress in balancing our personal finances, have you considered other debts that lurk in the shadows? Such as public pension debt? If not, ask yourself how much pension debt we, the taxpaying citizens of Missouri, actually owe to state government retirees." (02/10/12)

http://bit.ly/zPj1rm  

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Greece: Pols agree to new spending cuts to avert default

February 9, 2012
posted by

Los Angeles Times    

"Greece’s political leaders have agreed with foreign creditors on steep austerity cuts, officials in Athens said Thursday, hours after a dangerous deadlock stalled talks on a new rescue package designed to stave off a chaotic default. ... The accord follows days of negotiations over demands by European Union and International Monetary Fund officials for more spending cuts by Greece to bring down its public debt and deficit levels." (02/09/12)

http://lat.ms/yTxyty  

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Four questions about defense spending

February 9, 2012
posted by

Downsize DC Downsize DC
by James Wilson  

"The federal budget can never, ever be balanced. Why? Because defense spending must be cut, and that's sancrosanct to the Republican criminal gang. If you want the budget balanced, you need to shame the 'Pork Hawks.'" (02/08/12)

http://www.downsizedc.org/blog/4-questions-about-defense-spending  

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Iran: Ahmadinejad seeks to cut budget by 5.6%

February 1, 2012
posted by

Business Week    

"Iran’s President Mahmoud Ahmadinejad proposed cutting the government’s budget by 5.6 percent for the coming Iranian year while more than doubling military spending, state media reported. Ahmadinejad presented a draft budget of 5,100 trillion rials ($450 billion) to parliament today for review, the state-run Mehr news agency reported." (02/01/12)

http://buswk.co/xvjPLj  

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Spending can be cut our way, or Europe’s

January 24, 2012
posted by

Cato Institute Cato Institute
by Jagadeesh Gokhale  

"Recent sharp increases in interest rates on European government debt have forced Greece, Spain, Italy, and other nations to adopt austerity policies involving deep cuts to their social insurance programs. This should serve as much-needed notice to U.S. lawmakers, especially liberal-leaning ones: If they continue to make outlandish demands for more revenue, and the policy deadlock continues until U.S. debt valuations begin to slide, it will be too late to avoid a fate similar to that of the fiscally strapped Europeans facing forced austerity policies." (01/20/12)

http://www.cato.org/pub_display.php?pub_id=14032  

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