Even before the pandemic spending increase, the budget deficit was approaching $1 trillion. The GOP has the chance to embrace fiscal sanity this time if they can find the political will.
Even the poorest citizens of free countries fare better than the middle classes in economically repressive nations.
If the former president wins the 2024 race, the circumstances he would inherit are far more challenging, and several of his policy ideas are destructive.
A few reasons to remain calm about the economy
The U.S. has successfully navigated past debt challenges, notably in the 1990s. Policymakers can fix this if they find the will to do so.
The candidate who grasps the gravity of this situation and proposes concrete steps to address it will demonstrate the leadership our nation now desperately needs. The stakes couldn't be higher.
Reasonable options include gradually raising the minimum retirement age, adjusting benefits to reflect longer life expectancies, and implementing fair means-testing to ensure benefits flow where they're actually needed.
Why aren't politicians on both sides more worried than they seem to be?
Despite both presidential candidates touting protectionist trade policy, tariffs do little to address the underlying factors that make it difficult for U.S. manufacturers to compete in the global marketplace.
Weather and climate disaster losses as a percentage of U.S. GDP have not increased between 1990 and 2019, a new study finds.
Despite their informal nature, those norms have historically constrained U.S. fiscal policy. But they're eroding.
The government needs to cut back on spending—and on the promises to special interests that fuel the spending.
The president criticized companies for selling "smaller-than-usual products" whose "price stays the same." But it was his and his predecessor's spending policies that caused the underlying issue.
The reality raises questions about the kind of future we want to leave for the next generation.
His speech in Davos challenged the growing worldwide trend of increased government involvement in economic affairs.
They will either reduce the ability to spend money or to cut taxes.
That's bad news for Americans.
As we step into 2024, it's crucial to adopt a more informed perspective on these dubious claims.
We're often told European countries are better off thanks to big-government policies. So why is the U.S. beating France in many important ways?
Years ago, when interest rates were low, calls for the federal government to exercise fiscal restraint were dismissed. That was unwise.
Higher rates lead to more debt, and more debt begets higher rates, and on and on. Get the picture?
The big spending has fueled higher inflation, resulted in larger-than-projected deficits, and contributed to a record level of debt.
The lack of oversight and the general absence of a long-term vision is creating inefficiency, waste, and red ink as far as the eye can see.
It's a familiar program. And it will result in higher prices, slower growth, and fewer jobs.
At a minimum, the national debt should be smaller than the size of the economy. A committed president just might be able to deliver.
Plus: Was Gerald Ford right to pardon Richard Nixon?
Projections of huge savings are making the rounds. Nothing could be further from the truth.
The U.S. tax system is extremely progressive, even compared to European countries—whose governments rely on taxing the middle class.
The longer we wait to address our debt, the more painful it will be.
The main driver behind the reduction is inflation—inflation that politicians created with their irresponsible spending.
"When we look at solar and wind around the world, it always correlates to rising prices and declining reliability."
The higher taxes on small businesses and entrepreneurs could slow growth. Less opportunity means more tribalism and division.
Legislators will increasingly argue over how to spend a diminishing discretionary budget while overall spending simultaneously explodes.
In 1950, there were more than 16 workers for every beneficiary. In 2035, that ratio will be only 2.3 workers per retiree.
While some Republicans may have had misguided motivations, a few disrupted McCarthy's campaign in order to enact fiscal restraint. Their colleagues were fine with business as usual.
The Congressional Budget Office projects that future deficits will explode. But there's a way out.
If the midterms favor Republicans, their top priority needs to be the fight against inflation—whether or not they feel like they created the problem.
The U.S. Bureau of Economic Analysis reports that GDP grew 0.6 percent in the third quarter of 2022.
Most Americans believe so.
Interest rates and servicing costs could push us into worrisome territory sooner than we think.
French President Emmanuel Macron is authoritarian-light. Candidate Marine Le Pen is worse.
Some want to solve the problem with subsidies for gas, housing, child care, and more. That only risks greater stagnation.
Congress continues to allocate funds to produce weapons that the Pentagon itself says it doesn't need.
We must face the reality that the debt does matter.
Epidemics anywhere threaten immunization efforts everywhere, including here at home.
The spending plan demonstrates an unwillingness to govern and a preference for pandering to special interests.
Never let a good manufactured crisis go to waste
Get ready for more pain caused by COVID-19 as well as by the policies intended to hold it in check.
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