Economic Policy News

When discussing budgets, President Joe Biden often uses a quote that he attributes to his father: “Don’t tell me what you value. Show me your budget—and I’ll tell you what you value.” If the administration’s latest budget is any indication, Biden doesn’t value America’s future. 1) More Spending and Debt A president’s budget is a…

OXON HILL, Md.—The clock is ticking on America’s debt. “You cannot spend yourself into oblivion like this country’s been doing,” Rep. Ralph Norman, R-S.C., says, adding that Republicans are “going to tackle it head-on.” America has reached its current debt ceiling of $31.4 trillion, and Treasury’s extraordinary measures will likely be able to extend current…

A character in Ernest Hemingway’s first novel, “The Sun Also Rises,” explains how he went bankrupt: “Gradually and then suddenly.” Americans who have fallen deep into credit card debt or had to rely on high-interest, payday loans probably can relate. As a borrower’s debt mounts and his credit score is downgraded, creditors demand higher and…

The Heritage Foundation’s 2023 Index of Economic Freedom, released Monday, offers sobering insights into setbacks to economic freedom across the globe, including, regrettably, here at home. Since its inception in 1995, the index—an annual global study that compares countries’ entrepreneurial policy environments—has measured a nation’s commitment to limited government and free enterprise by evaluating four…

At the annual World Economic Forum last week, former Vice President Al Gore melted down faster than any glacier he and his fellow eco-alarmists have ever pointed to as supposed evidence of global warming. In a panel discussion on Jan. 18 at the five-day gathering of his fellow globalist elites in Davos, Switzerland, the former vice president…

During his remarks Tuesday at the World Economic Forum meeting in Davos, Switzerland, John Kerry, President Joe Biden’s climate envoy, rather absurdly declared that “it’s so almost extraterrestrial to think about saving the planet.” Indeed, Kerry’s assertion sounds so alien, particularly considering the reality of how China, the world’s top polluter, has avoided paying for…

With Congress continuing its nearly three-year-long inflation-driving spending spree and adding several new federal taxes—not to mention 87,000 new IRS agents—it’s easy to miss a fascinating subplot that will help soften the blow in many states. In the face of all the dysfunction in Washington, dozens of states have been busy cutting taxes for individuals…

Among the glut of pork and woke spending loaded into the lame-duck omnibus spending bill, you’ll find $1.5 billion in taxpayer funding for something called the Advanced Research Projects Agency – Health (ARPA-H). You’ve probably never heard of ARPA-H because it didn’t exist before March of this year. But this obscure agency cannot be ignored because…

Congressional leaders have dropped 6,825 pages of text for their “omnibus” spending bill, plus explanatory materials that include a list of at least 4,000 earmarks, on the doorstep of every American family. When announcing the gargantuan spending bill, its authors put “the federal government” before “American families,” and that is exactly what this bill is…

The nonpartisan Congressional Budget Office on Nov. 29 released an analysis describing its “current view of the economy in 2023 and 2024 and the budgetary implications.” In short, everything looks bleaker than it did a little more than six months ago, when the CBO published its Budget and Economic Outlook report in May. In the…

The U.S. economy grew by 2.6% in the third quarter of 2022, according to the U.S. Bureau of Economic Analysis report released Thursday. Compared with the gross domestic product figure from the second quarter, which showed the economy shrunk 0.6%, that appears to be solid economic growth. Not quite—according to EJ Antoni, a research fellow in…