Congress Must Act to Lift Restrictions on Consumer Choice and Access to Credit in the Market
by Horace Cooper
Much has been written about the over-reach of Dodd-Frank and the drag that law and its progeny will have on the financial services sector, the economic recovery, and job creation. Evidence continues to mount that the specter of over-regulation is crowding out free market solutions and restricting credit in the markets. Worse, the negative effects of government interference in the financial services industry extend well beyond large commercial banks deemed “too big to fail.” A case in point is credit unions.
Credit unions serve an important source of credit for consumers and small businesses. Historically this has been especially true during economic downturns, when the banking industry either tightened or in other ways limited credit. Read more
“Five Myths: 1) Liberals love science, 2) Liberals care about education, 3) Liberals are tolerant, 4) Liberals don’t moralize, 5) Liberals love the poor.”
by John Hawkins
Liberalism is like a restaurant with ugly decor, terrible food, overflowing toilets and roaches scurrying across the floor — that stays packed every night. Sure, liberals may be sanctimonious, mean spirited and advocate policies that don’t work, but you can’t help but admire the excellence of their public relations network. They can laud themselves for courage because they take a stand everyone they know agrees with, pat themselves on the back for their compassion as they maliciously insult someone that disagrees with them and congratulate themselves for their charitable behavior as they give other people’s money away. Liberal mythology is one thing, but what it actually looks like is a different beast entirely. Read more
“Higher wages or lower unemployment? It is a wrenching choice. . . . Think of the moral calculus. Lower wages cause an incremental decline in one’s well-being. No doubt. But for the unemployed, the decline is categorical, sometimes catastrophic — a loss not just of income but of independence and dignity.”
by Charles Krauthammer
For all the fury and fistfights outside the Lansing Capitol, what happened in Michigan this week was a simple accommodation to reality. The most famously unionized state, birthplace of the United Auto Workers, royalty of the American working class, became right-to-work. Read more
“After President Bush in late May 2003 signed the largest tax cut since President Reagan . . . government receipts from individual income taxes rose from $793.7 billion to a peak of $1.16 trillion in 2007, when the mortgage crisis began, a 47% jump.”
by Paul Sperry
While President Obama insists the Bush tax cuts caused the recession and record deficits, his own economists say otherwise.
He might want to consult their data for the truth. Read more
by George Landrith
With a long history of federal overspending and the recent explosion of more federal debt, it is obvious that the federal budget must be cut back to a reasonable size. We need an intervention. But the Budget Control Act — which would force an “automatic sequester” of $500 billion in across-the-board defense spending cuts over the next decade, in addition to the $487 billion in defense cuts already scheduled — is not a good solution to our spending crisis. Read more
“After the phony cliff, we face the terrifying one.”
by Conrad Black
Last week, Fareed Zakaria and Charles Krauthammer appeared in Toronto (where I live much of the time), and while I did not go to their main debate, I went to a tasting of it at a luncheon. There was, I regret to write, as a longstanding friend of both of them, a surreal aspect to the exchange. After the usual compliments one exchanges (as I know from my time on that circuit), they embarked on a dialogue of the deaf, and a mutual flight, joined at the wingtip like Jurassic pterodactyls, soaring above the mighty chasm of American fiscal problems below. The otherworldly discussion of whether the Republican leaders in Congress will reach an agreement with the president about the automatic expiration of the Bush tax cuts of a decade ago vastly overshadowed the issue of reinserting spontaneous growth into the U.S. economy and grappling with the deficit at last. Read more
by George Landrith
With the budget and fiscal crisis facing the United States and difficult economic times surely ahead for the foreseeable future, President Barack Obama has vociferously argued that Republicans must agree to tax increases. He argues for what he terms are modest tax increases on the wealthiest Americans that are equal to the tax rates during President Bill Clinton’s time in office. Why is Obama only interested in Clinton era tax rates, but not Clinton era federal spending rates?
There is one correction that must be made from the outset — despite Obama arguing that he wants to return to Clinton era tax rates, Obama’s tax proposal is actually substantially higher than the Clinton era tax rates. Read more
by George Landrith
President Barack Obama repeatedly chided Mitt Romney’s budget plan during the presidential campaign on at least two grounds: (1) it lacked detail, and (2) the math didn’t add up. Perhaps, we should use these two standards to see how Barack Obama’s plan stacks up. There is more than a little irony in Barack Obama criticizing others for not providing details or for their math not adding up. Obama has always been short on details and his math has almost never passed even the straight face test, much less actually adding up. Read more