Archive for July 13th, 2009

By Howard Richman, Raymond Richman, and Jesse Richman

There are two types of news: the news that fits and the news that would cause fits if it were printed. A responsible press would cover both. Unfortunately, economic reporting in the United States doesn’t always do this. If news of an economic bombshell gets suppressed… did it really explode?

The graph below shows the United States net foreign debt. It hit an unprecedented $3.5 trillion, 24.3% of our GDP, at the end of 2008, according to a report issued on June 26 by the Bureau of Economic Analysis. When foreign debt rises as a percentage of GDP, a country becomes less and less able to pay off debt from its income stream. Read the rest of this entry »

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By Robert Samuelson

WASHINGTON — The question that President Obama ought to be asking — that we all should be asking — is this: How big a government do we want? Without anyone much noticing, our national government is on the verge of a permanent expansion that would endure long after the present economic crisis has (presumably) passed and that would exceed anything ever experienced in peacetime. This expansion may not be good for us, but we are not contemplating the adverse consequences or how we might minimize them.

We face an unprecedented collision between Americans’ desire for more government services and their almost-equal unwillingness to be taxed. The conflict is obscured and deferred by today’s depressed economy, which has given license to all manner of emergency programs, but its dimensions cannot be doubted. A new report from the Congressional Budget Office (“The Long-Term Budget Outlook”) makes that crystal clear. The easiest way to measure the size of government is to compare the federal budget to the overall economy, or gross domestic product (GDP). The CBO’s estimates are daunting. Read the rest of this entry »

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By Tom Blumer July 11, 2009 – 11:10 ET
Government Motors 06/09

If you listened to any top-of-the-hour radio newscast yesterday, you probably heard that General Motors has exited from bankruptcy, with the company promising to really, really do better this time around.

You more than likely didn’t hear anything about how much government money it has taken to enable GM to survive and reemerge. That’s because original story sources like the Associated Press put off such troublesome disclosures until later in their reports. Read the rest of this entry »

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By Warner Todd Huston July 13, 2009 – 04:03 ET

Hey, grandma, hurry up and die so that Obamacare can pay for healthcare for more worthy, younger folks. That seems to be the message that The New York Times is selling in order to smooth the waters for the nationalized healthcare system that president Obama is trying to peddle to us all.

The Times is running a series titled “Months to Live” in order to help spread the sort of end of life issues that are helpful to Obama’s healthcare agenda, one of which seems to be the idea that elderly should forgo any sort of heroic measures to keep them alive so as not to waste those resources that might be able to go to younger, more vital patients. Read the rest of this entry »

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