News
CNN Money | Debt leaves no wiggle room for disasters
Left unchecked, by 2020, 92 cents of every federal tax dollar will be needed just to pay for Medicare, Medicaid, Social Security and interest on the debt.
WSJ | Illinois Pension Crisis Eludes Easy Solutions
Critics say these proposals will go only part way in erasing the $82 billion unfunded pensions liability that is projected to grow to $139.8 billion in 2030
CNN Money | Ohio governor slashes $8B from budget
Fulfilling his promise not to raise taxes, Ohio Gov. John Kasich Tuesday unveiled a budget that slashes spending for many agencies and seeks to privatize certain government functions to eliminate an $8 billion budget deficit.
Econ Comments
Fortune | Don't bank on a Japanese debt crisis yet
As Japan reels in the aftermath of the most powerful earthquake in its history and worries grow about a nuclear reactor meltdown, some economists wonder whether the disaster will push the country closer to a sovereign debt crisis, too.
NRO | Ryan: No More Empty Promises
According to the Government Accountability Office, the United States currently has $88.6 trillion in unfunded liabilities. Talk about a generous empty promise.
Blogs
Reason: Out of Control Policy Blog | Why We Need a Serious Budget Change
The message from the report is simple: if we do not change from our current path, we will run straight off of cliff into serious fiscal instability.
Cato@Liberty | Federal Spending Cap: Corker vs. 3%
The major difference is that the 3 percent cap has the advantage of being easier to explain to the public. Public support is important for spending limitation legislation to gain traction.
Marginal Revolution | Earthquakes and spending and deficits
“When the Titanic was sinking everyone eventually rushed to the stern of the ship. That didn’t mean that that part of the ship was actually safe.”
Political Calculations | Rising and Fading World Powers
Looking forward, given the magnitude of the earthquake and tsunami-related destruction in Japan, we should expect that the Japanese will act to cash in a good portion of their U.S. debt holdings to help raise the money that they'll need for recovery, which will further reduce that nation's share of U.S. government-issued debt.
