Rick Perry's ties to Merck were closer than he let on in the debate.
Peter Wallison explains how even a grand bargain to raise taxes in crafting a budget wouldn't be able to make much of a dent in our debt. Our debt is much larger than people realize.
According to the Congressional Budget Office, the debt held by the public today is $14.3 trillion. CBO estimates that if current policies are continued the debt will be $8.5 trillion higher in 2021, totaling about $23 trillion. As my AEI colleague Alex Pollock points out, no one is counting the off-budget debt of various government agencies (principally Fannie Mae and Freddie Mac)—another $7.5 trillion. So the real total in 2021 will be over $30 trillion. This is merely the contracted U.S. debt. Without serious reform, CBO estimates that the main entitlements—Social Security, Medicare and Medicaid—will add a cumulative increase in spending of $78 trillion in the 20 years after 2021.Even if we repealed all of the Bush tax cuts for all Americans, we wouldn't be able to make much of a dent in that debt.
If we repeal the Bush tax cuts for those families with incomes over $250,000, we get $700 billion over the next 10 years—not much of a dent in either the deficit or the debt. If we repeal the Bush tax cuts for all Americans—something that Mr. Obama says he opposes—we get an additional $3.5 trillion over the same period. Again, pretty puny in relation to nearly $100 trillion in debt and long-term entitlement obligations. Confiscating all earnings over $250,000 in any year will only yield enough to meet one year's deficit.Elizabeth Scalia is absolutely on fire with her own version of what should have been the NY Post's headlines for a major Democratic loss in a district with a high proportion of Jews. Very funny for a gentile!
Republicans, who now control Pennsylvania, are considering splitting their Electoral College votes by district as Maine and Nebraska now do. That could be a big help for Republicans since the state, despite the GOP's fond hopes, keeps going Democratic. With the EC vote split, the Republicans could garner quite a few votes there.
If at first you fail, keep on doing the same thing. That seems to be the motto of the Obama administration. Now they're planning to loan over a billion dollars to another solar energy firm. We'll see if they're more successful than Solyndra.
How clever of the President's advance men to pick a North Carolina company that is presently sending jobs to Costa Rica. I thought that campaigning is what they're supposed to be good at.
Union workers for the Wisconsin Education union are calling out their bosses for being bad employers. Heh.