It is hard for people to grasp the magnitude of the U.S. debt problem—and what the ultimate “day of reckoning” will be. The national debt reached $1 trillion for the first time in 2009. It is now well over $18 trillion. That’s the official total; the real total is much higher. Lawrence Kotlikoff, a professor of economics at Boston University, has calculated that based on Congressional Budget Office data the real debt is $202 trillion, more than eleven times the official debt. It is also about 3 times what the entire world produces, that is, global gross domestic product (GDP), which is $72 trillion. In 2013 Kotlikoff updated his debt calculation to $222. That’s $700,000 per person, $1.9 million per household.
We are currently marking the hundredth anniversary of the fighting of the First World War. For four years between the summer of 1914 and November 11, 1918, the major world powers were in mortal combat with each other. The conflict radically changed the world. It overthrew the pre-1914 era of relatively limited government and free market economics, and ushered in a new epoch of big government, planned economies, and massive inflations, the full effects from which the world has still not recovered.
Tweet The Cornwall Alliance for the Stewardship of Creation has long been a voice of sanity, sound science, sound economics and humanitarian concern for the poor, amongst myriad supposedly evangelical[…]
What we have learned in the last two months is that Google is much more worried than it says about the risks it faces from a variety of real structural changes it may have to make in its core business overseas in the months and years ahead — where the vast majority of Google’s users are, and from where over 50% of its revenues come.
Socialism is a failed ideology. It was the avant-garde approach to how to do government – in the Twentieth Century. The Soviet Union was the flagship petri dish. That conquered, infiltrated or ingratiated themselves with many other nations – to establish them as additional petri dishes (Hello, Cuba). We certainly now have a large enough, long enough sample set – and the results are in. The system is contaminated – Socialism does not work.
For over a decade, now, the American economy has been on an economic rollercoaster, of an economic boom between 2003 and 2008, followed by a severe economic downturn, and with a historically slow and weak recovery starting in 2009 up to the present.
Part 1 set the stage for The Heartland Institute’s Grand Opening celebration in their new building in Arlington Heights August 21 and 22. Supporters and donors were able to sit in for a day of presentations on that first day explaining what the people at Heartland do, how they do it, why, and how effective they’ve been in the organization’s 31 years.
One of the great voices for personal liberty was that of the British economist and political philosopher, John Stuart Mill. His essay, “On Liberty,” though penned well over 150 years ago, is a classic statement that the individual should be respected in his right of freedom of thought, speech and action.
As I‘ve noted before, picking on The New York Times is so easy that I really should stop doing it, but sometimes it just has to be done. Especially when the author is Paul Krugman, the man whose so-called Nobel Prize in Economics apparently makes him an expert on all things political, in particular the Republican Party. Take Krugman’s Friday, August 7, 2015, column (please!).
Quite remarkably, for the second time in a week, The New York Times has shown some economic sense. Let me repeat that, with some emphasis added: For the second time in a week, The New York Times has shown some economic sense.
In today’s edition of The Heartland Daily Podcast, Jesse Hathaway, managing editor of Budget & Tax News speaks with William Freeland. Freeland is a research analyst with the American Legislative Exchange Council. Freeland joins Hathaway to discuss Puerto Rico’s growing financial crisis.
In today’s edition of The Heartland Daily Podcast, H. Sterling Burnett, managing editor of Environment & Climate News speaks with Mark Mills. Mills, a senior fellow at the Manhattan Institute, has a background in science and actively works in economics and technology. Mills and Burnett discuss his Tenth International Conference on Climate Change (ICCC-10) presentation: Shale 2.0.
In today’s edition of The Heartland Daily Podcast, Jesse Hathaway, managing editor of Budget & Tax News speaks with Andrew Heaton. Heaton is a stand-up comedian based out of New York city and star of the popular Youtube series “EconPop.” Heaton joins Hathaway to explain what the classic film “The Shawshank Redemption” can teach us about the creation of markets, voluntary exchange, and why you can’t make change for a cow or a goat.
American “progressives” portray themselves as “forward-looking,” advocates of a higher and better freedom than the traditional American conception of liberty as freedom from government coercion and control. In fact, they are the intellectual great-grandchildren of the “reactionary” nineteenth century Imperial German “Iron Chancellor,” Otto von Bismarck.
Keynesians never seem to learn. Every time an economy slows down or reverses gears and “goes negative,” in terms of growth and employment, their only answer is a call for “aggregate demand” stimulus and more government spending manipulation.
Almost everyone outside the world of the Austrian School of Economics unquestionably assumes that the regulation of so-called “natural monopoly utilities” is both fair and necessary as well as efficient and effective. This is — to borrow a buzz word from the Left — “unsustainable,” in both theory and practice.
The Congressional Budget Office (CBO) reported in early May that for the month of April 2015 the Federal government ran a budget surplus, taking in more in taxes than it laid out in expenditures. Don’t be fooled by one month, especially when it was a month when people filed and pay their taxes. Government deficits and growing debt are on the horizon for as far as the human eye can predict.
Democratic Party strategist Robert Weiner claims inexpensive domestic oil production via hydraulic fracturing will cause a new Great Depression, yet exactly the opposite is true. Writing in the Lynchburg, Virginia-based News & Advance, Weiner and his colleague Hannah Coombs strangely argue that Americans taking advantage of abundant, affordable energy resources is bad for the economy and will destroy our standard of living. In reality, Weiner and Coombs provide a perfect illustration about how anti-science, anti-fossil fuel hysteria drives leftist crusades against global warming, domestic oil production, and other asserted environmental causes.
On April 29, 2015, Media Matters, a front group and spin machine for the Democratic Party, released another error-filled essay about The Heartland Institute, this one by Andrew Siefter complaining about mainstream media coverage of our presence at a Vatican workshop on global warming held in Rome the previous day. You can read all about that project here.