News
WSJ | Europe, in Slump, Rethinks Austerity
Spain has joined seven other euro-zone nations in recession, according to data released Monday, providing new evidence that austerity policies are failing to spark confidence in the region's economies ahead of a week of expected anti-austerity protests and a string of important national elections.
WSJ | Portugal Commits to Budget Cuts
Portugal's government Monday approved a strategic budget plan for the next four years, which includes spending limits and, as expected, commits to stringent budget deficit targets for next year.
Econ Comments & Analysis
Forbes | Austerity, And The Failure Of The Governing Elite
European austerity has failed — fiscally, economically and politically. Even more, austerity is a failure of the governing elite who continue to flail about, believing in their self-anointed right to “manage the economy” and plunder the private sector to keep their power and their government-centric world alive.
AEI | Europe’s future on the ballot
On May 6, all eyes will be focused on the second round of the French presidential election, which Socialist challenger Francois Hollande is likely to win. Equally important for Europe’s future is the Greek parliamentary election scheduled for the very same day.
NY Post | How US debt risks dollar doomsday
The US dollar is getting perilously close to losing its status as the world’s reserve currency. Should it cross the line, the 2008 financial crisis could look like a summer storm.
Real Clear Markets | The Fiscal Game In Washington Is At Odds With Reality
You are a legislator in a fictional country. You pride yourself on being fiscally responsible. Under current law, the government will run a small budget deficit. As a result, the nation's debt will increase. But debt will grow more slowly than income. So, the ratio of debt to national income will fall.
WSJ | The New Earmarkers
President Obama has been heard of late ballyhooing what he's done to cut federal red tape. Left unsaid is what he is doing to fashion golden handcuffs for local transit agencies. Consider the work of his artisans at the Federal Transit Administration (FTA).
Blogs
National Review | When Will the Social Security Trust Funds be Exhausted?
Sooner than we think. According to the latest trustees’ report for Social Security released last Monday, Social Security’s combined trust funds will be exhausted by 2033 — three years earlier than last year’s projections, and seven years earlier than projections made in 2006. This means that by 2033, Social Security benefits would have to be slashed significantly. Sounds bad, right? Well, it gets worse.
