Debt-Ceiling Fight Looms as Next Big Test for Congress
If you thought the recent fight over health-care reform was fun, get ready for the next big Washington circus: raising the debt ceiling.
In October of 2015, Congress chose to avoid the usual fight over setting a symbolic debt target by …
In the Wall Street Journal, Stephen Moore says that if reforms to the tax code and other economic policies boost economic growth, we would have much less reason to worry about the federal debt. Assuming annual average growth of 3 rather …
Trump’s Budget Chief Tackles a Rubik’s Cube of a Federal Budget
The dyspeptic Henry Adams was not nice but not wrong when he described what now is named the Eisenhower Executive Office Building (EEOB), adjacent to the White House, as an “architectural infant asylum.” The granite pile, which once housed the …
The Election Excitement May Be Over, but the Federal-Debt Crisis Isn’t
One thing did not change on Tuesday, November 8 — our unsustainable and exploding national debt of nearly $20 trillion. While America was focused on an unconventional presidential-election season, the federal debt increased $587 billion in fiscal year 2016 alone. Last year, our federal government …
What John Oliver’s ‘Debt Forgiveness’ Actually Meant
The Internet loves John Oliver. This is no secret: Visit the front page of reddit the day after one of his “takedowns” to see the denizens of that web page gush over him. And it was no different on Monday, …
Bankruptcy Is Our Only Hope
It’s an ill financial wind that blows no one some good. A very nice and very rich old lady once explained to me that, in her view, the golden age of the American economy happened in the first years …
The U.S. and Greece: Far Too Much in Common
Last week, Keith Hall, director of the Congressional Budget Office, told Congress that the United States could be facing a Greek-style debt crisis down the road.
“Unfortunately,” Hall testified, “there is no way to predict confidently whether or when such …
Scalise: No Government Shutdown
The federal government will not run out of money until October 1, but new House majority whip Steve Scalise (R., La.) has already announced Republicans’ intention to surrender to President Obama and the Democrats on the issue of rising debt and …
Washington’s More Worried About De Fault Instead of Default
From the midweek edition of the Morning Jolt:
Obama Cares About Default! He Insists Everything Is Default of De GOP.
So here’s the problem#…#
(Okay, here’s one of the problems. We have a lot of problems.)
Quite a …
Senator Announces Opposition to Raising Debt Ceiling
Can you believe there are U.S. senators who are openly touting that they’ll oppose raising the debt limit? Can you believe that they would play politics with this, and so recklessly disregard the consequences of hitting the debt ceiling? …
If Millennials Won’t Stand Up for Themselves, Who Will?
In 2001, David Brooks penned an Atlantic cover story titled “The Organization Kid.” He observed that, unlike previous generations, those in college between the end of the Cold War and 9/11 “felt no compelling need to rebel.” Not only did they submit …
The Budget-Proposal Unveiling Is a Game Disconnected from Reality
Every society has its rituals. Indeed, while the details vary from place to place and time to time, ritual itself is a human universal, according to anthropologist Donald Brown.
I’m a big believer in the importance of rituals. They …
America’s Predictable Pension Crisis
Some American disasters come as bolts from the blue — the stock-market crash of October 1929, Pearl Harbor, the designated hitter, 9/11. Others are predictable because they arise from arithmetic that is neither hidden nor arcane. Now comes the tsunami of pension …
Small Spending Restraints Would Go a Long Way Toward Solving Our Debt Problem
Yesterday, the Congressional Budget Office released its new ten-year forecast of how much debt Uncle Sam will accumulate based on its projected spending and revenue estimates. Not surprisingly, CBO reports that under the current system budget deficits will grow rapidly …
How Trump Would Deal with the National Debt
The budget deficit is going up. The Congressional Budget Office recently warned that revenues this year are lower than had been expected. This means that the deficit will almost certainly be higher than the $544 billion previously projected. With our national …
The next president and Congress will inherit what President Obama left behind. Whether Democrat or Republican, the president will have no choice other than to try to undo much of what Obama has wrought. But can he or she?
Student-Loan Deadbeats: Fashionable Theft
He was the greatest poet and critic of his time, but poetry and criticism do not in general pay all that well, and T. S. Eliot, unfortunately for him, lived in an age in which celebrity academics did not bank …
Why the Debt Won’t — and Shouldn’t! — Go Away as a Campaign Issue
A few posts below, you’ll see that Republican representative Steve Daines of Montana, running for Senate, pledges he’s “fighting for more jobs and less government,” and he touts his bill that says if members of Congress can’t …
Desperately Seeking Republican Unity
From the last Morning Jolt of the week:
Desperately Seeking Republican Unity
Radio talk-show host Hugh Hewitt and Representative Charlie Dent (R., Pa.) really got into it earlier this week on Hugh’s program. Charlie Dent is shopping a deal …
Fluff Stories Conveniently Distract from the Government Failures Around Us
From today’s Morning Jolt…
Forget the Rest of the World; President Personally Calls Some Athlete You Never Heard Of Before
Hey, remember North Korea? They’re detaining a U.S. citizen.
Unless the Syrian rebels figured out some way to …