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8/4/2011 | Economy
U.S. eats up most of debt limit in one day
The Washington Times
U.S. debt shot up $239 billion on Tuesday — the largest one-day bump in history — as the government flexed the new borrowing room it earned in this week’s debt-limit increase deal.
The debt subject to the statutory limit shot way past the old cap of $14.294 trillion to hit $14.532 trillion on Tuesday, according to the latest the Treasury Department figures, which are released on the next business day.
That increase puts the government already remarkably close to the new debt limit of $14.694, which means one day’s new borrowing ate up 60 percent of the $400 billion in space Congress granted the president this week.
Debt numbers go up and down regularly, depending on what the Treasury Department is redeeming or issuing on any day, but have been on a steep upward trend for the past decade as spending has ballooned and revenues have fluctuated.
Recommended Guests:
Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Ward Connerly, Author/Founder and Chairman, American Civil Rights InstituteWilliam Devlin, National President, Redeem The VoteJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCJoseph Farah, CEO, Founder, WorldNetDailyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Chuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res8/3/2011 | Economy
China Joins Russia in Blasting U.S. Borrowing
Bloomberg
China, the largest foreign investor in U.S. government securities, joined Russia in criticizing American policy makers for failing to ensure borrowing is reined in after a stopgap deal to raise the nation’s debt limit.
People’s Bank of China Governor Zhou Xiaochuan said China’s central bank will monitor U.S. efforts to tackle its debt, and state-run Xinhua News Agency blasted what it called the “madcap” brinksmanship of American lawmakers. Russian Prime Minister Vladimir Putin said two days ago that the U.S. is in a way “leeching on the world economy.”
The comments reflect concern that the U.S. may lose its AAA sovereign rating after President Barack Obama and Congress put off decisions on spending cuts and tax increases to assure enactment of a boost in borrowing authority. China and Russia, holding a total $1.28 trillion of Treasuries, have lost nothing so far in the wake of a rally in the securities this year.
Recommended Guests:
Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Ward Connerly, Author/Founder and Chairman, American Civil Rights InstituteWilliam Devlin, National President, Redeem The VoteJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCJoseph Farah, CEO, Founder, WorldNetDailyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Chuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res8/3/2011 | Economy
New Yorkers Fleeing State
MyFoxNY.com
Taxed-out New Yorkers are voting with their feet, with a staggering 1.6 million residents fleeing the state over the last decade.
For the second consecutive decade, New York led the nation in the percentage of residents leaving for other states, according to the report by the Empire Center for State Policy.
The population loss is "the ultimate barometer of New York's attractiveness as a place to work, live and do business," the report's co-author, E.J. McMahon, said. "It's the ultimate indication that we've been doing things wrong."
Most analysts blamed New York's high taxes and skyrocketing cost of living for the mass exodus.
The Tax Foundation ranked New York highest in the nation in the combined state and local tax burden in 2008. And as small-business lobbyist Mike Durant noted, New York has also "consistently ranked worst or in the top three worst in business climate. You can't suck every penny out of people and expect them to remain in New York."
Recommended Guests:
Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Ward Connerly, Author/Founder and Chairman, American Civil Rights InstituteWilliam Devlin, National President, Redeem The VoteJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCJoseph Farah, CEO, Founder, WorldNetDailyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Chuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res8/1/2011 | Economy
$2.4 Trillion Would Be Largest Debt-Limit Increase in U.S. History
CNS News
The bill to increase the federal debt limit that has been put before Congress today would increase that limit by up to $2.4 trillion, which would be the largest increase in the debt limit in U.S. history by a margin of half a trillion dollars, according to records published by the Government Accountability Office and the Congressional Research Service.
In fact, according to records published by the Congressional Research Service, if the current bill is passed and the debt limit is increased by $2.4 trillion, the two largest debt-limit increases in U.S. history would come in back-to-back years, both during the presidency of Barack Obama.
Up until now, the largest increase in the debt limit was the $1.9 trillion increase passed by Congress and signed by President Obama on Feb. 12, 2010. That law increased the debt limit from $12.394 trillion to $14.294 trillion.
Up until now, the second largest historical increase in the debt limit was enacted on March 27, 2003, when President George W. Bush signed a law that lifted the limit by $984 billion—from $6.400 trillion to $7.384 trillion.
Recommended Guests:
Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Ward Connerly, Author/Founder and Chairman, American Civil Rights InstituteWilliam Devlin, National President, Redeem The VoteJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCJoseph Farah, CEO, Founder, WorldNetDailyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Chuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res7/28/2011 | Economy, Taxes
GOP Bill Would Prioritize Payments to Debt Interest, Social Security and Military Pay
CNS News
A group of congressional Republicans unveiled the “Ensuring the Full Faith and Credit of the United States and Protecting America’s Soldiers and Seniors Act” on Tuesday. The legislation would require the Treasury secretary to prioritize payments on interest on the national debt, Social Security and military pay.
“What our bill would do is it would instruct the Treasury secretary in the event that the debt ceiling is not raised prior to August 2 to make certain obligations priorities so that they will be paid in full, on time, and without delay,” Sen. Patrick Toomey (R-Pa) said during a Capitol Hill news conference announcing the legislation.
“The three priorities are simple,” he said. “First, it’s interest on our debt, so that we will not default on our debt and not plunge our economy into chaos. Second, Social Security payments because millions of senior citizens, including my parents, depend on Social Security payments that they’ve earned by virtue of their own prior contributions to the system. And, finally, the payroll for active duty military personnel, because the men and women who are risking their lives for us should not have to worry about whether their families will receive their income in a timely fashion.”
Recommended Guests:
Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Ward Connerly, Author/Founder and Chairman, American Civil Rights InstituteWilliam Devlin, National President, Redeem The VoteJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCJoseph Farah, CEO, Founder, WorldNetDailyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Chuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res7/28/2011 | China, Economy
Why is biggest U.S. creditor getting U.S. grants?
OneNewsNow
A grassroots pro-family group is outraged that the National Institutes of Health (NIH) has awarded more $90 million in grants to Communist China.
The Traditional Values Coalition (TVC) has completed a six-month investigation into the NIH's budget, discovering that in the past two and half years alone, it has awarded more than $30 million to scientists at Chinese universities and institutions to research Chinese medical issues. But the U.S. has given the Chinese government more than $90 million over the last decade.
TVC executive director Andrea Lafferty does not understand why America's biggest creditor needs grant money from the United States.
Andrea Lafferty (Traditional Values Coalition)"China holds over $1.1 trillion in American debt, yet we are sending our hard-earned taxpayer dollars to a communist country so it can fund the education of [its] citizens," she summarizes. "There are so many people in America that can't afford studies at colleges and universities."
Recommended Guests:
Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Ward Connerly, Author/Founder and Chairman, American Civil Rights InstituteWilliam Devlin, National President, Redeem The VoteJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCJoseph Farah, CEO, Founder, WorldNetDailyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Chuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res7/27/2011 | Economy
House Democrats Give Up Tax Hikes for Long-Term Debt Deal
CNS News
House Democratic leaders say they will support a debt-ceiling deal that does not include new tax revenue – a longstanding demand – as long as the debt ceiling is raised in one step, and by enough to see the nation through the 2012 elections.
Speaking to reporters at the Capitol Wednesday, House Democratic Caucus chairman John Larson (D-Conn.) said Democrats would not accept a short-term increase in the debt ceiling, even if their demand for higher taxes is met.
“I think that the dark cloud of uncertainty with the debt ceiling still hanging over everyone’s head, what our caucus is adamantly clear on – and you heard Jim Clyburn say this, and what we’re recommending to the President – if by chance the Republicans come up with the votes on their own, and there is a short-term deal that goes to the President’s desk, he has said he’ll veto that.”
Recommended Guests:
Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Ward Connerly, Author/Founder and Chairman, American Civil Rights InstituteWilliam Devlin, National President, Redeem The VoteJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCJoseph Farah, CEO, Founder, WorldNetDailyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Chuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res7/26/2011 | Economy
Uncertainty has Mass. firms wary of hiring, expanding
The Boston Globe
Bill Weissman said sales at his Fitchburg furniture-making company have been so strong this year that he considered buying new equipment and hiring new workers. But Weissman said he is “worried sick’’ that events in Washington will harm the stock market and an already fragile economy, so he is putting off expansion plans.
“It’s just got me to the point where I’m not looking to take any further risk,’’ Weissman said of the debt-ceiling debate. “At least not until I can see some stability on the horizon.’’
The political crisis in Washington has begun to affect business decisions across a wide array of Massachusetts employers, from manufacturers to real estate firms to high-tech companies. Still cautious from the last recession, many business owners worry that government leaders will be unable to reach an agreement, while others are concerned about exactly the opposite: that any agreement will invariably include spending cuts and weaken an already lackluster recovery.
The result could be even more caution among businesses, and even slower growth for the state and national economies.
Recommended Guests:
Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Ward Connerly, Author/Founder and Chairman, American Civil Rights InstituteWilliam Devlin, National President, Redeem The VoteJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCJoseph Farah, CEO, Founder, WorldNetDailyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Chuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res7/25/2011 | Economy, Governmental Control
Obama Blames ‘Splintered’ News Media for Lack of Compromise in Washington
CNS News
In the midst of a showdown over how the government will increase the debt ceiling by Aug. 2, President Barack Obama blamed a splintered news media for lack of compromise between the parties and stressed that President Abraham Lincoln believed in compromise.
Obama spoke to a packed Ritchie Coliseum at the University of Maryland Friday as part of a town hall meeting promoting what he called a “balanced approach” to reducing the federal deficit – which he believes includes increasing taxes on high earners along with cuts.
In response to a question, the president talked about the merits of compromise before saying the media shoulders much of the blame.
“You’ve got a media that has become much more splintered,” Obama said. “So those of you who are of a Democratic persuasion are only reading The New York Times and watching MSNBC and if you are on the right, then you’re only reading the Wall Street Journal editorial page and watching FoxNews.”
Recommended Guests:
Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Chuck Colson, Prison FellowshipWard Connerly, Author/Founder and Chairman, American Civil Rights InstituteTom DeLay, Former House Majority Leader, United States House of RepresentativesWilliam Devlin, National President, Redeem The VoteChuck Donovan, Senior Research Fellow-DeVos Center for Religion a, The Heritage FoundationJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCSteve Elliott, President, Grassfire.orgJoseph Farah, CEO, Founder, WorldNetDailyFrank Gaffney, Founder and President , Center for Security PolicyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationRick Green, President, Torch of Freedom FoundationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessCliff Kincaid, President, America's Survival, Inc.Jennifer Marshall, Director of Domestic Policy Studies, The Heritage FoundationGary Marx, Executive Director, Judicial Confirmation NetworkRyan Messmore, William E. Simon fellow in Religion and a Free Soc, The Heritage FoundationJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Phyllis Schlafly, President and Founder, Eagle ForumChuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateLorianne Updike, President & Executive Director, The Constitutional Sources ProjectJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res7/22/2011 | Economy, Governmental Control
MSNBC Distorts Reagan Position on Debt Ceiling, Says Media Watchdog Group
CNS News
Cable network MSNBC has been distorting the late President Ronald Reagan’s position on raising the debt ceiling, in the midst of a current-day political debate over raising that ceiling between President Barack Obama and Republicans on Capitol Hill, says an analysis by the Media Research Center (MRC).
“At least five MSNBC anchors since Tuesday have promoted a cherry-picked House Democratic Caucus video that distorts President Ronald Reagan’s position on the debt ceiling, inaccurately asserting that President Barack Obama is more in line with Reagan than the Republicans,” MRC News Analyst Alex Fitzsimmons reported in a BiasAlert on Wednesday.
The five MSNBC anchors are Chris Matthews, Al Sharpton, Rachel Maddow, Lawrence O’Donnell and Thomas Roberts. They each played or cited an excerpt from a Reagan speech given on Sept. 26, 1987. In the excerpt, Reagan expressed the need to raise the debt ceiling.
However, the cable network did not acknowledge that later in that same speech Reagan insisted on a balanced budget amendment to the Constitution.
Recommended Guests:
Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Chuck Colson, Prison FellowshipWard Connerly, Author/Founder and Chairman, American Civil Rights InstituteTom DeLay, Former House Majority Leader, United States House of RepresentativesWilliam Devlin, National President, Redeem The VoteChuck Donovan, Senior Research Fellow-DeVos Center for Religion a, The Heritage FoundationJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCSteve Elliott, President, Grassfire.orgJoseph Farah, CEO, Founder, WorldNetDailyFrank Gaffney, Founder and President , Center for Security PolicyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationRick Green, President, Torch of Freedom FoundationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessCliff Kincaid, President, America's Survival, Inc.Jennifer Marshall, Director of Domestic Policy Studies, The Heritage FoundationGary Marx, Executive Director, Judicial Confirmation NetworkRyan Messmore, William E. Simon fellow in Religion and a Free Soc, The Heritage FoundationJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Phyllis Schlafly, President and Founder, Eagle ForumChuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateLorianne Updike, President & Executive Director, The Constitutional Sources ProjectJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res7/22/2011 | Economy
U.S. Government Ends Chrysler Investment With $1.3 Billion Loss
Fox News
The U.S government has sold its shares in Chrysler LLC at a likely loss of $1.3 billion in taxpayer money, the Treasury Department said Thursday, announcing the end of a controversial investment that resurrected the troubled auto company.
Italian automaker Fiat SpA, which has run the company since it emerged from bankruptcy protection in June 2009, purchased the U.S. government's remaining 98,000 shares in the auto company for $560 million.
The financial loss irritated Republican lawmakers.
"I am deeply disturbed to learn that the Obama administration left $1.3 billion taxpayer dollars on the table in resolving its bailout of Chrysler," said Rep. Darrell Issa, R-Calif., chairman of the House Oversight and Government Reform Committee.
"The administration has sold out an American icon to a foreign company using TARP funds underwritten by taxpayers. Now they are essentially give that same company $1.3 billion of taxpayer money," he said.
Recommended Guests:
Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Ward Connerly, Author/Founder and Chairman, American Civil Rights InstituteWilliam Devlin, National President, Redeem The VoteJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCJoseph Farah, CEO, Founder, WorldNetDailyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Chuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res7/21/2011 | Economy
Gang of Six Senators: Who Are They, Can Their Debt Plan Pass?
ABC News
A bipartisan posse of senators is attempting a bold end-run around conventional wisdom in Washington.
The so-called Gang of Six -– three conservative Republicans, three liberal Democrats -– hopes to prove that members of both parties can defy intransigence, reaching common ground on tax hikes and spending cuts to knock trillions off the national debt.
So who are these unlikely "gangsters," and do they think their plan has legs?
Recommended Guests:
Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Ward Connerly, Author/Founder and Chairman, American Civil Rights InstituteWilliam Devlin, National President, Redeem The VoteJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCJoseph Farah, CEO, Founder, WorldNetDailyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Chuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res7/21/2011 | Economy
A jobs pinch for the ages:As older workers stay in place, younger aspirants struggle to break in
The Boston Globe
Roxane Larouche, 64, an operating room nurse at Beth Israel Deaconess Medical Center, is just a year away from official retirement age, but has no plans to leave her job anytime soon.
Since her younger husband changed careers during the recession and returned to school to become a pharmacist, the couple has relied on their savings and Larouche’s income.
“There are many people who continue to work into their 80s,’’ Larouche said. “I’m not saying that’s what I would do, but I want to work as long as I’m physically able.’’
Larouche is among a growing number of older Americans who are working past their traditional retirement age, and in doing so, reducing opportunities for younger workers in a difficult job market, according to a study by Commonwealth Corp., the state’s quasi-public workforce development agency. Since the recession began at the end of 2007, workers age 55 and older were the only group to increase participation in the US workforce; meanwhile, participation rates among workers under 25 declined sharply.
Recommended Guests:
Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Ward Connerly, Author/Founder and Chairman, American Civil Rights InstituteWilliam Devlin, National President, Redeem The VoteJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCJoseph Farah, CEO, Founder, WorldNetDailyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Chuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res7/20/2011 | Economy, Healthcare
Two 2012 Hopefuls Among 9 Republicans Voting No on Cut, Cap, and Balance
CNS News
Some of the 9 Republicans joining 181 Democrats in voting against the 'Cut, Cap and Balance" bill Tuesday said the legislation didn't go far enough.
Those nine include 2012 Republican presidential hopefuls Michele Bachmann (Minn.) and Ron Paul (Texas). (Despite the nine Republican "nay" votes, the bill ultimately passed 234-190.)
"While I embrace the principles of Cut, Cap and Balance, the motion does not go far enough in fundamentally restructuring the way Washington spends taxpayer dollars," Rep. Michele Bachmann said in a message posted on her Web site. Bachmann did call the bill "a step in the right direction."
But in addition to cutting spending and imposing enforceable spending caps, Congress must also repeal and defund Obamacare, Bachmann insisted.
Recommended Guests:
Barry Asmus, Senior Economist, National Center for Policy AnalysisMichael Barry, Director of Pastoral Care, Cancer Treatment Centers of America in Phila.David Bossie, President, Citizens UnitedTwila Brase, President and Co-founder, Citizens' Council on Healthcare FreedomDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Ward Connerly, Author/Founder and Chairman, American Civil Rights InstituteMarjorie Dannenfelser, President and Chairman of the Board, Susan B. Anthony ListWilliam Devlin, National President, Redeem The VoteJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCJoseph Farah, CEO, Founder, WorldNetDailyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Chuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res7/19/2011 | Economy
Obama Will Veto Cut, Cap and Balance Act, OMB Says
CNS News
While President Barack Obama has not presented a specific alternative to Republican plans for reducing spending in the lead up to a vote on raising the debt ceiling, the White House has issued a formal veto threat to the “Cut, Cap and Balance,” plan that is expected to pass the House of Representatives on Tuesday.
“If the president were presented this bill for signature, he would veto it,” said a statement from the White House Office of Management and Budget (OMB).
The Republican proposal would cut spending, cap the growth in future spending, and allow a vote on a constitutional amendment – to be sent to the states for ratification -- requiring a balanced federal budget. The constitutional amendment – though widely supported by 72 percent of the public – requires a two-thirds vote in both chambers of Congress to pass, then ratification by three-fourths of the states.
Recommended Guests:
Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Ward Connerly, Author/Founder and Chairman, American Civil Rights InstituteWilliam Devlin, National President, Redeem The VoteJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCJoseph Farah, CEO, Founder, WorldNetDailyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Chuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res7/18/2011 | Economy, Governmental Control
Obama: ‘We Don’t Need a Balanced Budget Amendment’
CNS News
President Barack Obama says America does not need a balanced budget amendment to the Constitution, and he once again blamed much of the fiscal problem on Bush-era tax cuts.
“We don’t need a constitutional amendment to do our jobs,” Obama told reporters at his Friday news conference. “The Constitution already tells us to do our jobs -- and to make sure that the government is living within its means and making responsible choices.”
The House will consider a balanced budget amendment next week. It is an idea supported by both conservatives (including Sen. Jim DeMint of S.C.) and liberal Republicans (including Sen Olympia Snowe of Maine). In fact, every Republican in the U.S. Senate now supports a balanced budget amendment as a way of offseting a $2 trillion increase in the debt ceiling.
Recommended Guests:
Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Chuck Colson, Prison FellowshipWard Connerly, Author/Founder and Chairman, American Civil Rights InstituteTom DeLay, Former House Majority Leader, United States House of RepresentativesWilliam Devlin, National President, Redeem The VoteChuck Donovan, Senior Research Fellow-DeVos Center for Religion a, The Heritage FoundationJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCSteve Elliott, President, Grassfire.orgJoseph Farah, CEO, Founder, WorldNetDailyFrank Gaffney, Founder and President , Center for Security PolicyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationRick Green, President, Torch of Freedom FoundationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessCliff Kincaid, President, America's Survival, Inc.Jennifer Marshall, Director of Domestic Policy Studies, The Heritage FoundationGary Marx, Executive Director, Judicial Confirmation NetworkRyan Messmore, William E. Simon fellow in Religion and a Free Soc, The Heritage FoundationJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Phyllis Schlafly, President and Founder, Eagle ForumChuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateLorianne Updike, President & Executive Director, The Constitutional Sources ProjectJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res7/15/2011 | Economy
Reid: No Social Security Checks Without Debt Deal
Associated Press
Echoing President Barack Obama's warning, Senate Majority Leader Harry Reid says Social Security payments would stop if there is no deal to raise the government's borrowing limit by Aug. 2.
Speaking on the Senate floor, the Nevada Democrat said flatly that payments for veterans benefits and the military, as well as Social Security, would cease if the government defaults on its obligations. His statement goes beyond Obama, who said earlier this week that he could not guarantee Social Security checks will be issued on Aug. 3.
Later, a Reid spokesman said the senator meant to say the payments "could" stop, which would be consistent with the president's comments.
Republicans have called such statements scare tactics.
About 55 million Americans receive Social Security payments each month, totaling about $60 billion.
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Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Ward Connerly, Author/Founder and Chairman, American Civil Rights InstituteWilliam Devlin, National President, Redeem The VoteJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCJoseph Farah, CEO, Founder, WorldNetDailyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Chuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res7/14/2011 | Economy
White House: “Americans Don’t Have a Lot of Time to Focus on ‘What is a Debt Ceiling?’”
White House spokesman Jay Carney said the reason the White House has not explained in detail to the American people what might happen if the federal debt ceiling is not raised is because the administration expects the increase to occur, adding that the public does not have a lot of time to focus on and understand the issue.
At the White House press briefing on Wednesday, a reporter asked, “The fact is that the Gallup poll has come out today saying that most of the American people do not want their representatives to raise the debt ceiling. In spite of the fact that the president was on TV last night and talked about certain things that would be at stake, do you feel at all that this administration has not really laid out, in very strong terms, what exactly is at stake for the American people if this debt limit is not raised?”
In answering, Carney said, “I think it’s easy to understand why most Americans don’t have a lot of time to focus on ‘What is a debt ceiling?’ I mean, honestly, did anybody in this room – before they had to cover issues like this – have any idea what a debt ceiling was? Any understanding of the fact that a vote by Congress to increase our ability to borrow was simply a vote to allow the United States of America to pay the bills it incurred in the past?”
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Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Ward Connerly, Author/Founder and Chairman, American Civil Rights InstituteWilliam Devlin, National President, Redeem The VoteJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCJoseph Farah, CEO, Founder, WorldNetDailyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Chuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res7/13/2011 | Economy
Obama says he cannot guarantee Social Security checks will go out on August 3
CBS News
President Obama on Tuesday said he cannot guarantee that retirees will receive their Social Security checks August 3 if Democrats and Republicans in Washington do not reach an agreement on reducing the deficit in the coming weeks.
"I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it," Mr. Obama said in an interview with CBS Evening News anchor Scott Pelley, according to excerpts released by CBS News.
The Obama administration and many economists have warned of economic catastrophe if the United States does not raise the amount it is legally allowed to borrow by August 2.
Lawmakers from both parties want to use the threat of that deadline to work out a broader package on long-term deficit reduction, with Republicans looking to cut trillions of dollars in federal spending, while Democrats are pushing for a more "balanced approach," which would include both spending cuts and increased revenue through taxes.
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Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Ward Connerly, Author/Founder and Chairman, American Civil Rights InstituteWilliam Devlin, National President, Redeem The VoteJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCJoseph Farah, CEO, Founder, WorldNetDailyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Chuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res7/12/2011 | Economy
Obama: Job Losses Prove Stimulus Worked
CNS News
Three days after the U.S. Department of Labor reported that the national unemployment rate had ticked up from 9.1 percent in May to 9.2 percent in June, President Barack Obama said that the loss of jobs in the public sector is “evidence” that his $830-billion economic stimulus legislation worked.
“Now, without relitigating the past, I’m absolutely convinced, and the vast majority of economists are convinced, that the steps we took in the Recovery Act saved millions of people their jobs or created a whole bunch of jobs,” Obama said at his Monday press conference.
“And part of the evidence of that is as you see what happens with the Recovery Act phasing out,” he said. “When I came into office and budgets were hemorrhaging at the state level, part of the Recovery Act was giving states help so they wouldn’t have to lay off teachers, police officers, firefighters. As we’ve seen that federal support for states diminish, you’ve seen the biggest job losses in the public sector--teachers, police officers, firefighters losing their jobs.”
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Barry Asmus, Senior Economist, National Center for Policy AnalysisDavid Bossie, President, Citizens UnitedDan Celia, Host, "Financial Issues Live" Radio ProgramPhil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.Ward Connerly, Author/Founder and Chairman, American Civil Rights InstituteWilliam Devlin, National President, Redeem The VoteJames Edwards, Cofounder, Olive, Edwards, & Cooper, LLCJoseph Farah, CEO, Founder, WorldNetDailyJames Gelfand, Senior Manager of Health Policy, U.S. Chamber of CommerceLou Giuliano, Chairman, President and Chief Executive Officer (r, ITT CorporationColin Hanna, Colin Hanna, President, Let Freedom Ring USALowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.Larry Hunter, President, The Social Security InstitutePhillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of BusinessJoe Murray, Columnist, The BulletinGrover Norquist, President, Americans for Tax Reform (ATR)Chuck Stetson, Co-founder and Managing Director, PEI FundsTony Strickland, Taxpayer AdvocateJohn Weiser, Board Member, Westminster Theological Seminary , In Medias Res