Back in May, I said that Congress would avoid the ‘fiscal cliff’ by agreeing to some sort of deal that would effectively kick the can down the road (yet again). According to Politico, a group of Senators are considering a can-kicking idea that immediately brought to my mind the movie Groundhog Day:
Republicans are jumping on the news that participation in the food stamps program hit a new record of 46.7 million individuals in June (about one in seven Americans). In a sluggish economy, an increase in food stamps participation is to be expected. Thus, it’s fair to hold up the increase in food stamps usage as being emblematic of the Obama administration’s failed economic policies. In addition, the president’s 2009 “stimulus” bill increased benefits and eligibility.
A new piece at the Library of Economics and Liberty written by Robert J. Bradley is a timely reminder that it’s often government policies that fosters bad corporate behavior—not the “free market” as the left likes to claim.
The latest conflagration over the media’s attempt to “fact-check” campaigning politicians centers on comments Paul Ryan made in his speech last night about a shuttered GM plant in his hometown of Janesville, Wisconsin:
According to a recent article in the New York Times, that’s what a lobbyist for Exelon Corp. “proudly” called the Illinois-based energy company. It appears to be an appropriate label.
Speaking outside a helicopter museum in eastern Pennsylvania yesterday, Republican VP candidate Paul Ryan bemoaned the “irresponsible defense cuts” and subsequent job losses that would occur under the Budget Control Act’s sequestration spending cuts. That would be the same Budget Control Act that Paul Ryan voted for, and, at least initially, defended.
It’s always nice to hear from readers in the “real world” who deal with government programs first hand. I recently received an email from a credit analyst with a commercial bank who read my essay with Veronique de Rugy on terminating the Small Business Administration. I think it’s worth sharing (name withheld):
Economist Antony Davies and Catholic theologian Kristina Antolin argue in the Wall Street Journal that the U.S. Conference of Catholic Bishops’ criticism of Paul Ryan’s budget policies is wrongheaded:
Mitt Romney’s selection of Wisconsin Rep. Paul Ryan as his running mate has been well received by the Republican faithful. Movement conservatives in particular have been energized with the pick given that, unlike Romney, Ryan is actually one of them.
With the federal government closing in on its fourth consecutive budget deficit in excess of $1 trillion, the national debt is hurtling toward dangerous levels. If the nation is to avert a debt crisis, federal policymakers need to aggressively balance revenues. Business subsidies, or “corporate welfare,” are a good place to start.