Blogs

The President is on the road again today warning of Armageddon on Friday morning when the "savage sequester" takes effect.  So, how bad is it going to be, really? 

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By Rob Douglas, Contributing Editor
 

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By Christopher Jaarda, Contributing Editor 

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As the following chart from Investor's Business Daily demonstrates, The Bush Tax Cuts didn't starve the federal treasury – revenue flooded in as the economy expanded from the pro-growth policies implemented in 2003 and continued until the sub-prime mortgage market collapse.  Even with the anemic Obama economic recovery, revenues are again nearly equal to the level required to fund the government had spending over the last fifteen years increased at the rate of population plus inflation growth.  But, that has not been the case. 

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Just two months into FY 2013, the government has racked up nearly $300 billion of red ink – nearly $5 billion per day of deficit spending – a virtual guarantee of the fifth consecutive year of deficit spending in excess of a trillion dollars.  With the economy barely expanding, the federal government is spending 4 percent more than the FY 2012 level.  Spending on the big three entitlement programs is up by more than 8 percent over just last year.  Interest on the debt is up 5%. 
 

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You may think there isn't much common-sense anywhere close to Capitol Hill, but less than a ten minute drive away there is a veritable wellspring to be found in the person of Dan Mitchell, Senior Fellow at CATO.  Mitchell is an expert on tax policy and supply-side economics. 

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Supposedly there are grand negotiations ongoing in Washington in search of a grand bargain to avoid a grand calamity - pushing the nation over the fiscal cliff.   It appears, however, that whatever discussion is really happening is focused on how much additional "revenue" to extract from taxpayers' pockets instead of how strict of a diet to impose on the federal government.
 

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Based on the results contained in a number of polls that have been released in recent days, it is clear that the 70 million Americans who watched the first debate between Mitt Romney and Barack Obama believe that Romney provided more substantive answers than Obama. Given that fact, it is beyond baffling that the Obama campaign's response to the growing national realization that Obama is devoid of a plan for America's future has been to champion, wait for it, Big Bird!  

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By Sanjai Bhagat, Contributing Editor, Provost Professor of Finance, University of Colorado

Current headlines in the popular and business media keep reminding us about the ongoing economic crisis in many European countries. The annual government deficits leading to the current and large government debt in these European countries is an important reason for their current bleak economic outlook. 

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Predictably, the Obama campaign has decided that the only way to divert attention from Barack Obama's disastrous performance in his first debate with Mitt Romney is to attack Romney.  

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