Understanding the McConnell debt limit proposal
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Keith Hennessey explains what the McConnell debt limit proposal is, how it works, and what its political motivations are.
I still support “Cut, Cap, and Balance” as the best long-term plan. While I’d love to see it enacted, I don’t see it happening with this Senate and this President. I’d initially been disposed to strongly dislike …
Understanding the “Cut, Cap, Balance” Plan
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Keith Hennessey explains the “Cut, Cap, & Balance Act”.
The key to understanding this bill is that it focuses on government spending, rather than on taxes or deficits. The bill would achieve significant deficit reduction through cutting and limiting spending, and all of its mechanisms use spending rather than deficit targets.
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District swings from deficit to surplus
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As changes to collective bargaining powers for public workers take effect today, the Kaukauna Area School District is poised to swing from a projected $400,000 budget shortfall next year to a $1.5 million surplus due to health care and retirement savings.
“These impacts will allow the district to hire additional …
Silly Unions, Act 10 Doesn’t Violate Civil Rights
After Governor Walker’s budget repair bill (AB-10) was re-instated by the Wisconsin Supreme Court, our unions immediately ran off to Federal court to claim civil rights violations.
At the time, I thought that their case was exceedingly weak and more in the vein of a stupid Hail Mary attempt than a serious effort at practicing law. …
Those Racist Tea Partiers
I was thinking today of just how racist and reactionary the Tea Party really is. Why, when you think about it, this is an amazingly “whites only club”. Just look at this off the top of my head list of people they’ve supported recently.
Senator Marco Rubio Governor Bobby Jindal Governor Nikki Haley Congressman Allen West Presidential Candidate Herman Cain Senate …
addicted to what now?
The Munchkin Wrangler had a great rant recently.
You know what I can’t stand to hear about anymore? That we Americans are addicted to oil. It’s a smarmy term that tries to couch an economic and environmental argument in pathological terms.
I’m not addicted to oil. I’m addicted to being …
The Role that Bush-Era Tax and Spending Policies Play in the Deficit
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The Tax Foundation crunches the numbers to see if it’s true that “the economic downturn, President Bush’s tax cuts and the wars in Afghanistan and Iraq explain virtually the entire deficit over the next ten years.”
1) Tax revenues have fluctuated largely with the economy, dropping precipitously in the aftermath of the 2008 recession, …
Iceland’s Banks Come In From the Cold
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Everyone thinks that we needed to bail out the failing U.S. banks lest they collapse and, in their collapse, take down both the U.S. economy and the international economy, plunging the world into a new Great Depression and (potentially) a new Dark Age.
As it turns out, maybe not. Ásgeir Jónsson explains that Iceland allowed their …
Why 70% Tax Rates Won’t Work
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Alan Reynolds is great in explaining the income tax facts of life. Higher tax rates on the rich do not bring in nearly as much revenue as lower tax rates. It’s important to emphasize that tax rates are not the same as tax revenues. Higher rates do not automatically bring higher revenues. In fact, historically, …
Silvio Berlusconi: La Dolce Viagra
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America, we had it good. We may have had to suffer through Bill Clinton’s problems with women but at least we didn’t have to suffer through Silvio Berlusconi, the man the hapless Italians have as Prime Minister.