Ten years ago this week, Hurricane Katrina made landfall on the Gulf Coast and generated a huge disaster. The storm flooded New Orleans, killed more than 1,800 people, and caused $100 billion in property damage. The storm’s damage was greatly exacerbated by the failures of Congress, the Bush administration, the Federal Emergency Management Agency (FEMA), and the Army Corps of Engineers.
The world economy is getting rattled this week by the consequences of excessive government debt. Greece may be cut off from its international creditors, and Puerto Rico announced that it cannot make full payments on its massive debt. In both cases, years of excessive spending are sadly dealing a crushing blow to the living standards of millions of average citizens.
You may remember Texas Governor Rick Perry’s brutal stumble in the November 2011 Republican presidential debate. He launched into a bold statement about his budget-cutting strategy, but then he couldn’t remember the third federal department that he wanted to abolish: “Commerce, Education and the um, what’s the third one there …”
A new poll by the Peter G. Peterson Foundation finds that 80 percent of Americans think that rising federal debt should be a top priority of policymakers
Interstate 35 between San Antonio and Austin is congested, so obviously (to some people, at least) the solution is to run passenger trains between the two cities. Existing tracks are crowded with freight trains, so the Lone Star Rail District proposes to build a brand-new line for the freight trains and run passenger trains on the existing tracks. The total capital cost would be about $3 billion, up from just $0.6 billion in 2004 (which probably didn’t include the freight re-route).
Our hyperactive, grasping federal government has inserted its wasteful, probing fingers into just about everything these days.
Let’s celebrate some good news. When politicians can be convinced (or pressured) to exercise even a modest bit of spending restraint, it’s remarkably simple to get positive results.
Over the next couple of days, Democratic presidential candidate Hillary Clinton will be playing up her new, $350-billion proposal primarily intended to make paying public college tuition a debt-free experience.
The Republicans took the stage in their first presidential debate Thursday night. Of the 16 major candidates, eight have gubernatorial experience. I have written a number of times recently about the fiscal records of the candidates with gubernatorial experience. Their records are instructive. A governor who promises to cut federal spending is more believable if he held spending in check when he was governor.
The Wall Street Journal today discusses how the growth in federal subsidies for college has contributed to the growth in college costs for students. Cato scholars have been arguing for years that rising grants and loans are not so much helping students, but causing bloat in college administration costs, including wages, benefits, and excess building construction.