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We know the system is going to run out of money. The question is whether or not state leaders will do anything about it.November 12, 2013
The most recent accounting of California's state debt, including unfunded pension liabilities, pegs the total at nearly $620 billion. Like our national debt, the state's bills will only keep growing as long as Sacramento clings to its "spend now, fund it later" philosophy.
Reason-Rupe Poll: Just 32 Percent Say President Obama Is Handling Foreign Policy Better Than President George W. Bush Did
74 percent of Americans say strikes on Syria would be "unwise" and half of Americans believe the "D.C. establishment" wants war more than the public doesSeptember 10, 2013
As the country debates launching airstrikes on Syria, President Barack Obama's standing on foreign policy has taken such a hit that the latest Reason-Rupe poll finds 64 percent of Americans, including 68 percent of independents and 41 percent of Democrats, believe President Obama's handling of foreign policy is worse than, or the same as, former President George W. Bush's handling of foreign policy. Just 32 percent of Americans say President Obama is handling foreign policy better than Bush did.
On Estonia, it looks like the Krugmanloons were wrong and President Ilves was rightApril 25, 2013
The operatic scale of the financial crisis that has engulfed the world since 2007 has finally been recognised. April 7 sees the premiere, in Talinn, of Nostra Culpa, a 16 minute opera inspired by a “Twitter feud” in which Estonian President Toomas Hendrik Ilves denounced New York Times pontificator Paul Krugman for asserting that Estonia’s response to the crisis had not been a success.
There won't be a recovery until credit card and household debt levels come downAugust 10, 2012
America’s economic pundits are not very creative. For the past several years, their gripes about economic growth have fallen into several staid categories: Monetary policy (“the Fed should do less” vs. “the Fed should do more”); the struggling housing market (“let housing bottom out” vs. “we must save housing”); income inequality (“it doesn’t matter” vs. “it does matter”); and the federal deficit (“lower taxes, pretend to lower spending a lot” vs. “raise taxes, pretend to lower spending a little”). While most of these are legitimate causes of economic stagnation, there is another category that is having an outsized negative impact on growth: privately held debt.
When will lawmakers start rethinking how municipalities should operate?July 26, 2012
If several more bankruptcies pile up, it will look like California's decades-long boom was a modern gilded age.
The Wall Street Journal recently carried an essay by David Wessel, author of the forthcoming book, "Red Ink: Inside the High-Stakes Politics of the Federal Budget". It provides an excellent breakdown of the budget crisis looming over the federal government. Perhaps the most striking fact contained in the essay is that 63 percent of the budget is on auto-pilot...
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