For the past year or so, there has been no statutory limit on how much the federal government borrows. The debt ceiling was abandoned in the last budget deal. But in the coming weeks, it is scheduled to return—along with the predictable illusion of a debate over whether to lift the ceiling or not.
This is part 8 of the 8 part series establishing that the laser-focus of the Compact for America approach to organizing an Article V convention with the specific job advancing and ratifying a pre-drafted, specific federal Balanced Budget Amendment is clearly, unequivocally, and overwhelmingly what the Founders expected from the state-originated amendment process.
At some point between Thanksgiving and December 1, the federal government made history, as the value of outstanding U.S. Treasury securities exceeded $18 trillion—that’s an 18 with 12 trailing zeroes. At some point, such numbers begin to lose their meaning because the amounts exceed most people’s ability to comprehend.
The total federal government spending in 2013 totaled $3,454,253,000,000—over $3.4 trillion—encompassing defense, highway and transportation costs, public education, immigration services, and government worker salaries, to name a few.
Americans recently celebrated Independence Day—the day the Continental Congress formally adopted the Declaration of Independence and announced the 13 American colonies regarded themselves as sovereign states no longer part of the British Empire and subject to its rules and taxes.
Ongoing effective economic experiments among the 50 states are sharpening, and definitive results will pour out in the real world, editorial and opinion fallacies to the contrary notwithstanding. That sharpening[…]
The biggest political problem faced by so-called “liberals” and so-called “progressives” in President Obama’s second term is how to prevent voters from holding them politically responsible as the public comes[…]
[First posted at Forbes.] The central theme of President Obama’s tax policy has been that “the rich” (whatever that is supposed to mean) do not pay their fair share of[…]
One of the most dreaded days of the year is approaching … tax day. This year Tuesday, April 17 will be the last day people can file their taxes. It[…]