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Federal spending is so out of control that it only took three months for the federal debt to increase by one trillion dollars to over 33 trillion dollars. In contrast, it took almost 200 years for the federal debt to reach one trillion dollars. So the federal government racked up more debt in the last... Read More
Last week the House passed legislation increasing the debt ceiling. The bill was supported by all but four Republicans. For some Republicans, this was the first time they had ever voted for a debt ceiling increase. Perhaps the reason they did so this time was because the legislation also promised to reduce federal spending by... Read More
This week the US government reached its 31.4 trillion dollars borrowing limit, better known as the “debt ceiling.†This led to a showdown among House Republicans, President Biden, and congressional Democrats. House Republicans are demanding that President Biden and Senate Democrats agree to include spending cuts with the debt ceiling increase. However, President Biden and... Read More
If Joe Biden's American Jobs Program, outlined in Pittsburgh, is enacted, then the federal government will take a great leap forward toward irreversible control of the destiny of the Republic. To finance this leap, to subsidize this giant stride toward socialism, U.S. corporations are to be forced to turn over to the government a far... Read More
Should the government borrow against the future? Should it guarantee higher taxes for your children and grandchildren in return for lower taxes for you? If government's moral legitimacy depends on the consent of the governed, as Thomas Jefferson argued in the Declaration of Independence, can the federal government morally compel those who haven't consented to... Read More
If Gov. Bruce Rauner and his legislature in Springfield do not put a budget together by Friday, the Land of Lincoln will be the first state in the Union to see its debt plunge into junk-bond status. Illinois has $14.5 billion in overdue bills, $130 billion in unfunded pension obligations, and no budget. "We can't... Read More