Rand Paul Blasts Republicans for Repealing Obamacare with Budget – YouTube

Great tutorial that can get you up-to-speed on the budget and how it won’t balance under current trajectory.  Senator Paul explains a simple way to balance and control the debt.

 

Debt, Bubbles, and Reckless Government | International Liberty

danmitchel

Dan Mitchell

I don’t like deficit and debt, to be sure, but government borrowing should be seen as the symptom. The real problem is excessive government spending.

This is one of the reasons I’m not a fan of a balanced budget amendment, Based on the experiences of American states and European countries, I fear politicians in Washington would use any deficit-limiting requirement as an excuse to raise taxes.

I much prefer spending caps, such as those found in Hong Kong, Switzerland, and Colorado. If you cure the disease of excessive government, you automatically ameliorate the symptom of too much borrowing.

That being said, the fiscal chaos plaguing European welfare states is proof that there is a point when a spending problem can also become a debt problem. Simply stated, the people and institutions that buy government bonds at some point will decide that they no longer trust a government’s ability to repay because the public sector is too big and the economy is too weak.

Source: Debt, Bubbles, and Reckless Government | International Liberty

Krugman: Don’t Worry About Debt; We Owe It To Ourselves

John C. Goodman

John C. Goodman

Krugman’s way of thinking could apply equally well to acts of crime. Suppose I steal $10,000 from you. My wealth goes up. Your wealth goes down. But the wealth of society as a whole hasn’t changed at all. Right? Wrong.

Remember the original Jamestown colony? In 1607, it started out as an experiment in socialism. “We” really did own everything collectively and “we” nearly starved to death. But then a new governor substituted “mine” and “thine” for “we” and the colony began to prosper. Who owns what and why and the ability to be secure in what we own is hugely important for growth and prosperity.

via Krugman: Don’t Worry About Debt; We Owe It To Ourselves.

What the Feds and Bernie Madoff Have in Common – Brandon Dutcher – Mises Daily

Through the years, Bernard Madoff, the convicted ponzi schemer who defrauded his investors, “generously” donated millions of dollars to charity — cancer research, hospitals, theaters, schools, and more. At least one of these charitable organizations invested with Mr. Madoff, where the invested funds disappeared.But Madoff is not the only one who gives money to people after first taking it from them. Today’s political leaders win votes and plaudits by giving goodies to little Johnny, but they don’t bother to tell little Johnny that they’re putting it all on his credit card.

via What the Feds and Bernie Madoff Have in Common – Brandon Dutcher – Mises Daily.

ObamaCare: The Perfect New-Keynesian Policy Prescription? | Health Policy Blog | NCPA.org

DEPaul Krugman is apparently so entranced by the magic that he believes that forcing firms to replace capital, even if it makes them poorer, “can stimulate spending and raise employment” and “the broken windows fallacy ceases to be a fallacy.” In this alternate universe, hurricanes Katrina and Sandy could do more for U.S. economic growth than the development of the petroleum industry, the refinement of the internal combustion engine, the development of the electric power industry, or the development and use of the semiconductor transistor.

Professor Cochrane writes that macroeconomists looking at new ways to explain the slow growth disaster are considering the uncertainty introduced by arbitrary policy changes, large distorting taxes, intrusive regulations, and the “unintended disincentives of social programs.”If these new approaches are correct, and one’s goal is to inflict maximum economic damage on Americans, ObamaCare is a smashing success. It affects the whole population, generates huge uncertainty from arbitrary policy changes, imposes large distorting taxes, generates exponentially expanding intrusive regulations, and has already resulted in a veritable mother lode of unintended disincentives to work, employ people, provide medical care, start new businesses, and continue to operate existing ones.

via ObamaCare: The Perfect New-Keynesian Policy Prescription? | Health Policy Blog | NCPA.org.

The Profligate Path to Servitude – Dr. Ben Carson – Page full

Dr. Ben Carson

Dr. Ben Carson

A United Nations committee in 2010 recommended a change in world reserve currency policies, and others such as China have made similar suggestions. They are beginning to doubt the stability of America’s financial infrastructure.

Our continued fiscal irresponsibility not only threatens the financial well-being of the next generation of Americans, but it also increasingly jeopardizes U.S. security. Our international influence is weakened, as our borrower status makes us vulnerable to threats from Putin and others. Perhaps worst of all, if our status as the world’s reserve currency issuer changes, there could be a dramatic decline in our standard of living.

If this occurs, the Occupy Wall Street movement will seem like a walk in the park compared with the civil unrest that will result. It does not require a great imagination to envision some of the freedom-limiting responses that might then occur. Many say this is simply paranoia and fear-mongering, which is what the so-called elites traditionally say before a catastrophic collapse.

The good news is we can do better.

via The Profligate Path to Servitude – Dr. Ben Carson – Page full.