Posts Tagged ‘ government spending ’

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    

"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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Debbie Does Democracy

September 7, 2015
posted by

Common Sense
by Paul Jacob  

"Say the Republicans in Congress want to defund Planned Parenthood. Democrats want to keep funding it, but ... the whole federal government spends over revenue -- by nearly half a trillion this past year. So if Republicans fight the spending and Democrats defend it and the government shuts down because of lack of agreement, it's obvious: both parties shut down the government. Both refuse to compromise. But for some reason, it's only those who want to cut spending who get tarred with responsibility for the lack of a budget." (09/07/15)

http://thisiscommonsense.com/2015/09/07/debbie-does-democracy/  

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The plot against Planned Parenthood and John Boehner

September 3, 2015
posted by

The Atlantic The Atlantic
by Russell Berman  

"In 2013, John Boehner gave in to Senator Ted Cruz and his conservative allies in the House, and the government shut down for two weeks in a failed fight over Obamacare. A year ago, Boehner and Mitch McConnell succeeded in twice putting off a losing battle over immigration until after they could wrest control of the Senate from the Democrats. With federal funding set to expire on September 30, conservatives are once again demanding a standoff that Boehner and McConnell are hell-bent on avoiding. This time around, the issue that might prevent an orderly -- if temporary -- extension of funding is Planned Parenthood." (09/02/15)

http://tinyurl.com/p4q4pzb  

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The spenders’ eternal excuse

August 24, 2015
posted by

Paul Jacob Common Sense
by Paul Jacob  

"Most modern welfare states have a huge problem: their politicians promise more than government revenue covers. So they borrow and borrow until they can borrow no more. And then they go down. Like Greece has gone down. Banks are closed there, and the people suffer. The problem is over-spending and over-promising (the latter being merely committing to future over-spending, so let's just call it all over-spending). But when you confront a partisan of such extravagance -- whether that person be a politician or a constituency beneficiary or an ideological socialist or social democrat -- the most common defense is: THEY WOULDN'T LET US TAX ENOUGH." (08/21/15)

http://thisiscommonsense.com/2015/08/21/the-spenders-eternal-excuse/  

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Germany: Lawmakers overwhelmingly back Greek bailout, clearing path for loans

August 20, 2015
posted by

Los Angeles Times Los Angeles Times    

"German lawmakers overwhelmingly approved another bailout for debt-ridden Greece on Wednesday, removing the last major obstacle for Athens to receive an emergency infusion of funds to avoid an imminent default. The Greek government is now expected to receive an installment of loans just in time to repay a debt owed to the European Central Bank on Thursday. Missing that deadline would almost certainly result in Greece stumbling into a default and then a disastrous exit from the Eurozone, the group of 19 nations that share the euro currency." (08/19/15)

http://tinyurl.com/qf8fjl9  

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Trumping the federal debt without playing the default card

August 19, 2015
posted by

CounterPunch CounterPunch
by Ellen Brown  

"The vast majority of the money supply today is created by banks when they make loans, as the Bank of England recently acknowledged. Banks create money by 'monetizing' debt, turning loans into the digital deposits that make up most of the circulating money supply. The government could push the reset button by monetizing its own debt, turning it into what it should have been all along -- debt-free, interest-free dollars." (08/19/15)

http://tinyurl.com/py6gz96  

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Four economic myths that perpetuate the euro crisis

August 10, 2015
posted by

Ludwig von Mises Institute Ludwig von Mises Institue
by Patrick Barron  

"Too much of the commentary about the Greek crisis has focused on whether or not Greece should drop the euro and not enough on the structural problems arising out of decades of socialism. Meanwhile, the Greek government has borrowed more money than the Greek people can possibly repay, and debased money will not make this fact disappear. On the contrary, more easy money will cause even more harm." (08/10/15)

https://mises.org/library/four-economic-myths-perpetuate-euro-crisis  

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In Greece, reliance on public funds is the central problem

August 5, 2015
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Justin Murray  

"Greece is a hot topic at the moment, mostly with the continued negotiations over bailouts from the European Union and, through institutions like the IMF, the world at large. Much of the discussion paints the image that Greece is only a debt-restructuring away from a stable economic situation. However, without understanding how Greece got into this problem in the first place and identifying the root cause of an over-indebted society, any plan or solution has a high probability of failure. To crack into this root cause, I had to develop an entirely new metric called 'implied public reliance.'" (08/05/15)

https://mises.org/library/greece-reliance-public-funds-central-problem  

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Welfare-state parasitism

August 5, 2015
posted by

Jacob G Hornberger Future of Freedom Foundation
by Jacob G Hornberger  

"Imagine a hypothetical horse that is healthy. One day, a tick attaches itself to the horse. The tick begins sucking blood out of the horse but the horse, while discomforted, finds it manageable. Then another tick. Then 100 ticks. Gradually, the horse loses its vitality and becomes weak. At some points, the numbers of ticks become so voluminous and are sucking so much of the lifeblood out of the horse that the horse dies, thereby, ironically, denying the ticks any more sustenance. That's precisely what has happened in both Greece and Puerto Rico and what is happening in the United States." (08/04/15)

http://fff.org/2015/08/04/welfare-state-parasitism/  

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GOP candidates and spending cuts

August 3, 2015
posted by

Cato Institute Cato Institute
by Chris Edwards and Emily Ekins  

"You may remember Texas Governor Rick Perry's brutal stumble in the November 2011 Republican presidential debate. He launched into a bold statement about his budget-cutting strategy, but then he couldn't remember the third federal department that he wanted to abolish: 'Commerce, Education and the um, what's the third one there ...' It was a damaging mistake, and we bet Perry will be better prepared this time around. But are the other 2016 presidential candidates ready for budget questions, and do they know what federal spending they want to cut?" (08/01/15)

http://tinyurl.com/n9fthx4  

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Open letter to Alexis Tsipras

August 2, 2015
posted by

The Cobden Centre
by Keith Weiner  

"The troika wants you to accept another bailout deal, to service Greek debts a while longer. Since bailouts mean borrowing more, you cannot avoid default in the end. Going deeper into debt is no good for anyone. Should you choose to default instead, you will not be able to continue using the euro. Even if the troika doesn't immediately act, the threat is real. No one would lend to the Greek government, or even businesses, with that Sword of Damocles hanging over you. However, you need outside capital to restart production and trade. Otherwise, your industries will be shuttered, even including exports." (07/31/15)

http://www.cobdencentre.org/2015/07/open-letter-to-alexis-tsipras/  

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The IMF experts flunk, again

July 30, 2015
posted by

Steve H. Hanke Cato Institute
by Steve H Hanke  

"My Globe Asia column in May was titled 'Greece: Down and Probably Out.' Well, it's out. Yes, Greece descended from drama to farce rapidly." (07/30/15)

http://www.cato.org/publications/commentary/imf-experts-flunk-again  

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Cut the government workforce or wither Puerto Rico

July 30, 2015
posted by

Frank Worley-Lopez The Canal
by Frank Worley-Lopez  

"[T]he governor continues to avoid the real problem: the size of the local government. How big is it? For starters, of the 900,000 people who have jobs in Puerto Rico, roughly 300,000 work for government." (07/29/15)

http://tinyurl.com/qbsoage  

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Greece: Regime advances in loan talks, under fire for euro exit plan

July 29, 2015
posted by

Killeen Daily Herald    

"Greece pushed ahead with talks on a new rescue loan Tuesday, but its government came under increasing pressure over claims it had a top-secret plan to prepare for a euro exit that involved accessing citizens' personal tax data. Emissaries from Greece's international creditors held a second day of preparatory talks with Greek officials, ahead of higher-level negotiations later this week on the country's new multi-billion euro lifeline." (07/28/15)

http://tinyurl.com/pasexe6  

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“Defense” spending: Time for more than cosmetic cuts

July 27, 2015
posted by

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

"A 75% reduction would still leave the US in the position of, by far, top military spender in the world (the cut would have to be more like 90% to match China, the second place spender). Given the American weapons technology edge, an existing arsenal that can be mothballed and re-activated at need, a reserve and National Guard system which can deliver well-trained troops on relatively short notice, and a buffer zone of two oceans between the US and its most likely future enemies, 25% of current spending levels would remain an embarrassment of riches." (07/26/15)

http://thegarrisoncenter.org/archives/2320  

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Planned Parenthood and unfettered congressional spending

July 23, 2015
posted by

Acton Institute for the Study of Religion and Liberty
by Zack Pruitt  

"Planned Parenthood receives over $500 million each year from American taxpayers, which comprises over 40 percent of its budget. It was recently shown on video ostensibly seeking to profit from the sale of aborted baby parts (as opposed to being reimbursed for tissue donation), perhaps in violation of federal law. Make no mistake, the big picture story here is not congressional overspending; it is the Senior Director of Medical Services at Planned Parenthood graphically describing her efforts to 'not crush' vital organs when performing abortions in an effort to preserve them and recoup 'between $30 and $100 per specimen.'" (07/22/15)

http://tinyurl.com/nvcadog  

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Hey Puerto Rico: You need money for a sovereign wealth fund

July 23, 2015
posted by

The Canal The Canal
by Nick Zaic  

"Sovereign wealth funds are a well-explored and understood tool in public finance. Put simply, they act like an endowment fund for the nation, to prevent politicians from spending revenues from natural resources on current citizens, preserving the value of the nation’s assets for future generations. ... The entire point is to lock the money away, and only spend the interest on the endowment. You create them when you have too much money. This is the opposite of the problem present in Puerto Rico. The island’s government faces a debt crisis, which is why Baco’s comments are so confusing. One cannot create a new fund full of money to hand to businesses without, you know, having money to hand to businesses." (07/22/15)

http://tinyurl.com/qbn8lkk  

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Greece: Bailout vote to test Syriza party rebellion

July 22, 2015
posted by

Reuters    

"Greece's leftist government urged disgruntled lawmakers on Wednesday to back reforms required for talks on a rescue deal to start, as Prime Minister Alexis Tsipras faced his second major test in parliament in a week. A first set of reforms that focused largely on tax hikes and budget discipline triggered a rebellion in his party last week and passed only thanks to votes from pro-EU opposition parties. The bill lawmakers will vote on late on Wednesday covers rules for dealing with failed banks and speeding up the justice system -- two more conditions set by the euro zone and IMF to open negotiations on a 86 billion euro rescue loan." (07/22/15)

http://tinyurl.com/qfsh8bo  

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