News
CNN Money | National debt: Will the U.S. be like Japan?
Political gridlock. High national debt. Rock-bottom bond rates. An aging population. Warnings about more downgrades.
Econ Comments & Analysis
WSJ | Obama's Permanent Emergency
"Obama Spending Binge Never Happened," announces the headline of a column by MarketWatch.com's Rex Nutting, which the president's supporters have received gratefully and eagerly. The Hill reports Jay Carney, the White House press secretary, has favorably cited the column, which claims: "Almost everyone believes that Obama has presided over a massive increase in federal spending, an 'inferno' of spending that threatens our jobs, our businesses and our children's future. . . . But it didn't happen."
WSJ | Greece's False Austerity
Currency traders are cheering for Greece to exit the euro. That would create currency volatility and, if other countries exit, mega-profits for traders. The cost would be much lower living standards and even bigger government—including the power to print money—for those exiting the euro.
Blogs
The American | Actually, the Obama spending binge really did happen
Until Barack Obama took office in 2009, the United States had never spent more than 23.5% of GDP, with the exception of the World War II years of 1942-1946
Heritage Foundation | The Difference Between a Courageous Budget and a Dangerous One
Despite all the talk of “austerity,” little has been done to stem the tide of the United States’ ever growing debt. The little that has been cut is in area that needs it most: defense.
Tax Foundation | Like the Vikings of Old: Pillaging Minnesota’s Budget
This week in Minnesota politics has been instructive in what kinds of projects warrant state money and attention. Governor Dayton signed a bill approving the construction of a new stadium for the Minnesota Vikings which he boasted would create thousands of jobs and would not use "a single dollar of General Fund tax revenues".
The American | Upon further review … yup, Obama is a big spender
As I point out in my original post, if Obama wins another term, spending—according to his own budget—would never drop below 22.3% of GDP. If that forecast is right, spending during Obama’s eight years in office would average 23.6% of GDP. That average is higher than any single previous non-war year in American history.
