“The gold standard is to economics what the flat earth theory is to astronomy: something that may have seemed to make sense back when people didn’t know any better but is ridiculous to suggest today.” - Dr. Russ Anderson
“Ron Paul is saying: ‘Let’s make everything simple again. . . If we had a gold standard, we wouldn’t need complex monetary policy. But how do we get from here to there? There might not be a way. It is just nostalgia for a time that never really existed.” - Dr. Vincent Reinhart, American Enterprise Institute Continue reading
Rep. Paul Ryan (R-WI), Chairman of the House Budget Committee, holds a copy of his “Path to Prosperity” budget proposal. The $6.2 trillion reduction was defeated in the Senate earlier today.
The Senate today defeated the Ryan budget on a 57 to 40 vote. The “Path to Prosperity” deficit reduction plan had earlier passed the House and it would have reduced the deficit by $6.2 trillion over a decade. The most controversial part of the Ryan plan involved Medicare. Continue reading
The Republican Party faces a major decision in the coming weeks. Should they shutdown the government in an attempt to achieve budget reductions from the Obama administration, or should they attempt to strike a deal with renegade Democrats? Even if a bipartisan budget is vetoed by the President, it would outline the GOP’s deficit reduction vision for the 2012 campaign. Continue reading
Gov. Scott Walker (R-WI) is shown this afternoon in the dining room of the Executive Mansion in Madison. He is holding one of the six pens he used to sign the first bill to take back power from greedy public employee unions. Continue reading
This note was written in 1996. Ted Kennedy's brother John F. Kennedy devoted a chapter to Webster in "Profiles in Courage." JFK also chaired the committee which selected Webster as one of the five greatest Senators of all time. The other Senators were Henry Clay (KY), John C. Calhoun (SC), Robert LaFollette (WI) and Robert Taft (OH). Their portraits are on display in the Senate Reception Room.
The major issue on Capitol Hill this week is Friday’s expiration of the $14.3 trillion debt ceiling. If the debt is not cut or the ceiling raised, the government would have to be shut down on March 4th. The situation is similar to the 1995 confrontation between President Clinton and Speaker Gingrich when the government was shut down twice. Continue reading
Liberals are now complaining because they claim it cost $1.1 million to read the Constitution on the House floor yesterday. The $1.1 million figure comes from Peter Keating, the co-author of “The Cost of No” and Vanity Fair’s resident expert on Congressional wastefulness. Basically he computed the fixed cost of the House being in session on a minute by minute basis. What he also doesn’t mention is that in the 1,461 days Nancy Pelosi served as 52nd Speaker of the House, the national debt increased by a total of $5.343 trillion, or $3.66 billion per day, according to official debt numbers published by the U.S. Treasury. She amassed more debt than the first 49 Speakers combined. Continue reading
It has taken decades, but the United States has finally beaten Toyota Camry and the Honda Accord in the all important reliability category. The data comes from Consumer Reports which gives its highest possible distinction, the Excellent Rating, to the Ford Fusion.
They describe Fusion as a car that performs 60% better than its peers, and will last for 200,000 miles. It is the Motor Trend Car of the Year and its hybrid version won the 2010 North American Car of the Year Award. Continue reading
QUESTION: Do you know me? I am the subject of several books and in my day everyone knew my name. My father served in Congress, my portrait is on display at the Treasury Department, and several schools, parks and towns have been named in my honor.
A future President of the United States frequently visited my home, but I ended up supporting his opponent. When my large statue was unveiled, the dedication speaker said the war would not have been won without me. At the request of the White House, I raised today’s equivalent of $73 billion for the war effort.
I was a tremendous success as well as a spectacular failure. I was also a “comeback kid,” and I hope my experiences will benefit you. In September of 2008, the investment banking firm Lehman Brothers failed which instigated a global recession. Continue reading
Republicans must win the Congress and the White House because America have to avoid the type of deflation and stagnation which has taken over Japan for a generation. Japan is one of my favorite places and I seriously thought of moving to Tokyo at one point. The Japanese stock market has collapsed 75% from 1989, and now the debt is 200% of GDP. The lesson is that deficit spending and stimulus programs do not work. Continue reading
President Obama is making many unsubstantiated claims in this campaign but we remember his promises from two years ago. On January 9, 2009 he said what became the $865 billion stimulus would create $4.1 million new jobs. The economy has actually lost 3.3 million jobs since the stimulus was enacted. Continue reading