Posts in "Domestic Policy"

Stephen Parvin's picture
By Stephen Parvin at 1:28AM

U.S. Hyperinflation Possible by 2015

Check out this recent report from the National Inflation Association:

The U.S. government this week reported a record monthly budget deficit for February 2010 of $220.9 billion. Total tax receipts for the month were only $107.5 billion compared to outlays of $328.4 billion. The total U.S. deficit for the first five months of fiscal year 2010 was $651.6 billion, with tax receipts of $800.5 billion and outlays of $1.45 trillion. The deficit was up 10.5% for the first five months of fiscal year 2010 over the same period in fiscal year 2009.

We are now at a point where if the U.S. government taxed Americans 100% of their income, the tax receipts generated would not be enough to balance the budget. Likewise, if the U.S. government cut 100% of its spending including defense, but kept paying Social Security, Medicare and Medicaid, we would still have a budget deficit. NIA believes it will be impossible for the U.S. to have a balanced budget ever again.


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Aaron Ricks's picture
By Aaron Ricks at 1:24PM

Obama to Appoint New Fed Vice Chairman

It has been reported that President Obama plans to appoint Janet Yellen, President and CEO of the Federal Reserve Bank of San Francisco, as the new Fed Vice Chairman.

She is considered one of the most 'dovish' members of the central bank's policymakers, meaning she is seen to lean toward policies that will boost growth and promote employment rather than those aimed at keeping inflation at bay.

Yep. You heard it correctly. She is willing to risk further inflation in a vain attempt to promote economic growth with a printing press.

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Bonnie Kristian's picture
By Bonnie Kristian at 8:34AM

False Compassion: Not Compassionate at All

Much has been said about the difference in death tolls in the Haitian and Chilean earthquakes:  Though the quake in Chile has considerably stronger, tens or possibly hundreds of thousands fewer people died.  While some of this is due to physical factors such as the distance of the quakes from the surface and from large cities, many have also drawn connections between the types of economies in each country and their ability to deal with these tragedies (Chile has a much stronger free market).

But regardless of whether that connection is causation or simply correlation, any time is a good time to pause and consider the effectiveness of our charity.  A new article at Civil Society Trust argues from a Christian -- though in this case probably universally applicable -- perspective that a necessary component of true compassion is effectiveness:

At the end of the day, most of the programs and policies of government initiated in the name of helping people amount to rounding up resources from the private sector and redistributing them to others.   And there are plenty of people who argue we need to do more of that.  But if these programs and policies are in fact not working, or perhaps even making things worse, and yet we continue to do them, I would suggest that we are ignoring the original goal of helping others and instead focusing on how these programs make us feel instead....


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Bonnie Kristian's picture
By Bonnie Kristian at 11:15AM
Bonnie Kristian's picture
By Bonnie Kristian at 10:58PM

New Op-Ed from Ron Paul: "Restore America by getting government under control"

Ron Paul has a new article out, this time published at the DesMoines Register.  Contrary to what some have claimed about the liberty movement being on the fringe even among young people, Dr. Paul notes the enthusiastic reactions he recieves from college students when advocating limited government:

Rising generations know that America's current course cannot be sustained, and they are ready to change direction. When I speak on college campuses across the country, the topic that consistently gets the loudest applause is stopping our system of endlessly printing money out of thin air by ending the Federal Reserve and returning to sound money.

Agreeing with the president that the "time for change is now," Dr. Paul details what true change would look like -- change which makes a lasting difference, not the farcical variety we've been getting from both parties for years:

True change will object to any unbalanced budget, instead of merely trimming around the edges.


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Matt Ciepielowski's picture
By Matt Ciepielowski at 6:19PM

Rep. Ryan on the Problems with the Health Care Bill

Congressman Paul Ryan of Wisconsin (a graduate of the Washington Semester program at American University, represent!) addressed the cost of the Senate health care bill, in one of the few worthwhile exchanges at the health care summit.

Elliot Engstrom's picture
By Elliot Engstrom at 7:53AM

The Politics of Environmentalism

My latest column at the Old Gold & Black talks about the political motives behind much of the climate change movement, applying Murray Rothbard's view on the relationship between the ruling and intellectual classes, which he laid out in The Anatomy of the State, to the current environmental debate.

Any human that cares about the survival of himself and his descendents must, to at least some level, care about the environment in which he lives. However, those who truly care for their environment also must be certain to deal with the true causes of environmental destruction rather than simply jump upon whatever environmental trend happens to catch the fancy of pop and political culture.
In fact, those who have an earnest desire to see the improvement of their environment should be the first to attack any who are attempting to hijack the environmental movement for political gain. This is exactly why true environmentalists should currently be livid with the political establishment’s attempts to use environmental concerns to enforce new international laws and centralize power to all new levels.

Read the rest here.

Matt Ciepielowski's picture
By Matt Ciepielowski at 7:14PM

The Problems with Net Neutrality

Here's a good video by Reason.tv about "net neutrality." How giving the government the power to regulate something makes it neutral is beyond me...

Ryan Gilroy's picture
By Ryan Gilroy at 7:58AM

CPAC 2010 Recap

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I found this in the Washington Examiner on my way home.  While it's certainly accurate to a large extent, Ron Paul definitely noted his own party's lackluster crediblity on the fiscal front.  Glenn Beck also hit upon a lot of that as well.

Bonnie Kristian's picture
By Bonnie Kristian at 7:37AM

Another Genius TSA Idea: Hand-swabbing

Hardly known for its wisdom and restraint, the TSA's new scheme for catching terrorists is random hand-swabbing.  The new plan is supposedly in response to the underwear bomber, and the idea is to randomly swab "travelers' hands or their carry-on luggage to check for traces of explosives." 

Perhaps the it didn't occur to TSA planners that announcing this tactic will simply inform would-be terrorists that they should wash their hands and baggage?  No, definitely not.  That's why we're going to be subjected to ever more incompentant airport "security" and absolutely obscenely long wait times.