News
DailyFinance | Debt-Ceiling Fallout: States to Take Another Hit
The debt-ceiling drama may be over, but -- for state governments -- the ramifications are just beginning to reverberate.
NY Times | Disapproval Rate for Congress at Record 82% After Debt Talks
The debate over raising the debt ceiling, which brought the nation to the brink of default, has sent disapproval of Congress to its highest level on record and left most Americans saying that creating jobs should now take priority over cutting spending, according to the latest New York Times/CBS News Poll.
Econ Comments
Washington Times | AGOSTINELLI: Astounding debt nightmare
The shining city on the hill is disappearing around us.
WSJ | Do We Really Need to Spend More on Schools?
If people aren't told that nearly $13,000 is currently being spent per pupil, or if they aren't reminded that there is no such thing as a free lunch, they can be persuaded to think schools should be spending still more.
Cato Institute | The Next Greece
America is on a path to becoming a Greek-style welfare state. Thanks to the Bush-Obama spending binge, the burden of federal spending has climbed to about 25% of national economic output, up from only 18.2% of GDP when Bill Clinton left office.
Blogs
Daily Capitalist | The Eurozone Debacle: They Ate The Golden Goose
The European Central Bank is taking emergency steps to prop up eurozone banks by opening the money machine to member banks and by resuming the monetization of sovereign debt of weak economies. Bond vigilantes are targeting Spain and Italy, rightly so, as the condition of their banks and sovereign fiscal problems are dragging down their economies.
Political Calculations | Summer 2011 Update: To Whom Does the U.S. Government Really Owe Money?
Since we keep getting asked about an update of our chart showing the relative shares of U.S. debt owned by foreign powers, here's the picture as of 31 May 2011, the most recent period of time for which the U.S. Treasury has made the foreign ownership data available at this writing...
