The government is no different than many regarding the transferring of debt from one source to another source with a higher credit limit to avoid a default, and ultimately spending more money because credit is available. Mick Mulvaney, (former Congressman, Director of the Consumer Financial Protection Bureau, and former acting White House chief of staff…
Daily we hear “the clock is ticking” and the government will run out of cash to pay its bills — mainly, we are told that it will not be able to pay Social Security and Medicare, etc. Seniors should be planning their finances to avoid shortfalls resulting from a default. What are we to…
There was a recent political cartoon depicting an elephant and a donkey kicking the proverbial can down the road. It seems that every debt ceiling debate results in more national debt, not less. Isn’t it time to take a stand and do something about the debt to save the country and the future of the…
As the debt ceiling debate continues to dominate the news cycle, do you ever wonder who actually owns the national debt? Many believe that foreign governments own a large portion of the U.S. National Debt. It is true that the national debt is owned by a number of foreign countries including Japan (largest foreign debt…
There’s been talk on “the Hill” about using the 14th Amendment to raise the debt ceiling. In an essay recently published in “The Epoch Times, recognized Constitutional expert, Rob Natelson, explains the 14th Amendment, noting that it does not grant the President the power to spend money. Mr. Natelson believes, “Eventually, Americans will get fed…
Every day news outlets are discussing the pros and cons of raising the debt ceiling. What seems to be missing from many reports is how Fed Chairman Powell’s interest rate increases are impacting the interest payments on the federal debt. It’s the opinion of the Peter G. Peterson Foundation that “Congresses and Presidents of both…
Kevin McCarthy unveiled his plan to begin the negotiation process with President Biden. As the negotiations begin, it is important to note that the U.S. Debt Clock shows the U.S. GDP ratio to be 120.35%. Why should we be concerned about GDP? In his 2020 essay published in The Catalyst and titled A Historical Look…
Noted professors of economics Steve H. Hanke and Barry W. Poulson assert, “It’s time for Americans to get the bit between their teeth and, via a constitutional convention, rein in Washington’s addiction to fiscal deficits.” in an Op-ed recently published in the National Review. Read More
In his recent article in Human Events, Dr. Barry Poulson observed that “The federal government has incurred deficits and accumulated debt at an unsustainable rate. The statutory fiscal rules enacted to constrain federal spending and debt have been abandoned and the budget process is broken.” Proposal of a state-led Fiscal Responsibility Amendment ratified by a…
“Beginning in 1979, when Congress appears to have failed in its constitutional duty to count applications and call a ‘convention for proposing amendments’, the nation’s debt has increased to more than $30 trillion from $830 billion while the value of the dollar has declined by over 70%.” Read the complete coverage from Fox News on…