Anyone who’s been to a gas station recently knows the feeling. You see the price of regular unleaded, about $3.52 per gallon — up 77 cents since 2010. Your pulse quickens, because this is not a dream! The days of $4-a-gallon fuel are about to return. Read More
House Republicans and President Barack Obama agreed to $4 billion in cuts for fiscal year 2011. The spending reductions were part of a stopgap continuing resolution that will fund the government through March 18. True, $4 billion may seem small when compared with a $1.5 trillion deficit, but don’t forget that these are the first real-time cuts in government spending in modern memory. Read More
As if Congress did not have enough to worry about, the states are on the verge of a fiscal meltdown.
From Albany to Springfield to Sacramento, the bill for decades of profligacy has suddenly come due. A gimpy economy brings in lower revenue for state comptrollers. The bond vigilantes have caught the scent of states’ massive unfunded liabilities. The federal stimulus money that some states used to cover expenses is about to run out. Read More
If Republicans were James Bond villains, this would be the moment in the movie when they chuckle and say deviously, “Everything is going according to plan.” Read More
In April 2009, President Obama laid out his domestic agenda in a speech at Georgetown University. This was no ordinary chat; Obama envisioned nothing less than a reorientation of the American system. He sought to shift the economy from the rough and tumble cowboy capitalism of the past to a less risky, pricier, and perhaps slightly more comfortable European future. “We must lay a new foundation for growth and prosperity,” Obama said. Read More