Today in Fiscal Foolishness
On the Corner: Delaware considers a bailout for casinos.
Texas plans to spend millions of dollars to replace thousands of new computers (via Pratt on Texas).
Hey, let’s all have a big fight about a highly speculative forecast involving 3 percent …
Today In Government Spending
One of these things is a gigantic waste of money, the other two are just kind of gross.
Democrats Raise Taxes on Poor to Subsidize Millionaires
There are basically two ways of looking at the fiscal-cliff deal. One possible headline reads:
“Congress does basically nothing.”
For all of the operatic angst and wailing surrounding the negotiations, what was produced was essentially a status quo, kick-the-can extension …
Teachers’ Pensions Are a Half-Trillion Short
The habitual overpromising and underfunding of government-employee pensions is a fiscal powder keg in an economy full of sparks — and a new report estimates that teachers’ pensions alone are underfunded by nearly a half-trillion dollars.
Strange, then, that the …
A Presidency of Perpetual Crisis
From the first Morning Jolt of the week:
A Presidency of Perpetual Crisis
So here are the headlines coming out of the Sunday shows . . .
Boehner ‘flabbergasted’ at fiscal cliff proposal
McCaskill: ‘I Feel Almost Sorry For John Boehner’
Sen. Ayotte ‘…
Why I Am Not Too Worried about Obamacare
While I had been hoping for an assist from the Supreme Court, my opinion about Obamacare today is the same as on the day it was passed: Don’t sweat it. We are going to see the law replaced with …
Detroit: The Moral of the Story
The Left’s answer to the deficit: raise taxes to protect spending. The Left’s answer to the weak economy: raise taxes to enable new spending. The Left’s answer to the looming sovereign-debt crisis: raise taxes to pay off …
Extremism Is Not the Problem; Bipartisanship Is
This weekend op-ed from AEI’s Norman Ornstein and Brookings’s Thomas Mann has drawn a great deal of criticism, much of it arguing that, contra the authors’ claims, Democrats are as ideological, as extreme, and as unbending as congressional …
Who Won the Payroll-Tax Fight?
Who has the power in Washington? Who won the payroll-tax battle? Not Republicans, not Democrats — government employees.
The new deal on the payroll-tax extension (which will do little or nothing to benefit the economy) was held up by a …
Governor Cuomo Backslides
New York’s fiscal situation is so dire that Gov. Andrew Cuomo was doing a pretty good Rick Perry impersonation there for a bit: cutting spending and generally behaving like a fiscal adult. Deroy Murdock voiced the pleasant surprise shared …
The One Number You Need to Know in O’s Budget
Here’s the number to keep in mind: $763 billion.
If enacted, Barack Obama’s latest budget would mean that in just ten years, interest payments alone on the national debt would begin pushing the trillion-dollar mark: $763 billion a …
Wait . . . You Have Kids?
A Long Cliff-mas Break Comes to an End
The first Morning Jolt of 2013:
Welcome back! I don’t know about you, but this holiday season seemed to stretch on forever — a school vacation that kept the kids at home for eleven days, an awful cold that kept getting …
Obamacare, Taxes, and Wishful Thinking
When Obamacare was being debated, all the bright young things insisted that it would reduce the deficit, or that it would prove at worst practically deficit-neutral. And they still do. And they are absolutely right: If Obamacare’s spending comes …
A Fiscal-Cliff ‘Hail Mary’ Pass: Embrace Simpson-Bowles?
I hope every Republican on Capitol Hill gives some serious thought to this last-ditch idea from Guy Benson: embrace Simpson-Bowles. Sure, it would include a lot of proposals that conservatives don’t like, but it would be better than almost …
Foreclosures are down year-over-year but spiked sharply in May — up 9 percent. Both home sales and prices have recovered a bit recently, both up about 10 percent year-over-year. What seems to be happening is that a great number of foreclosures that …
Mitt Romney has some big plans for Day 1. But where are the spending cuts? TBD, apparently.
Mr. Romney has promised a 5 percent cut in non-defense discretionary spending, which is to say: approximately squat. Non-defense discretionary spending runs around 15-17 percent …
Pennsylvania’s capital city cannot pay its bills:
(Reuters) – Pennsylvania’s distressed capital city, Harrisburg, will skip $5.3 million of debt payments due next week, the first time the city has defaulted on its general obligation bonds, to ensure there …
Mr. Watts, Mr. Gingrich, and Mr. Deficit
Newt Gingrich has received the endorsement of J. C. Watts, a former member of Oklahoma’s delegation to the House and an influential conservative even after nearly a decade in political retirement. The endorsement speaks well of Gingrich.
Among other …
Bailing Out the Bail-Outers
Next up on the bailout parade? The FHA, probably:
The Federal Housing Administration, which backs about a third of U.S. home loans, could require billions of dollars in taxpayer aid if the housing market continues to deteriorate, a Republican …