A recently released documentary, Phantom Parrot, sheds light on the United Kingdom’s extensive state surveillance apparatus. The movie’s namesake comes from the UK government’s “disquieting” data collection program, “Phantom Parrot,” which targets particular individuals of interest to the government.
Last January, the Department of Energy (DOE) proposed a rule that would change the efficiency standards for the steel used in the cores of distribution transformers. The rule is now final pending review at the Office of Management and Budget, with lawmakers looking to push back on the standards it would impose.
The CBO issued its latest ten-year budget and economic outlook earlier this year. It projects the public portion of the U.S. national debt will reach 116% of GDP by 2034.
California’s insurance crisis keeps getting worse. State Farm, the largest insurer in the state, just revealed that it will not be renewing 72,000 home insurance policies in California. State Farm had already announced in January that it would no longer be issuing new policies in the state, joining other major insurance companies such as Allstate, AIG and Chubb. In addition, The Hartford also stopped writing policies in California and Farmers Insurance, the second-largest insurer in the state, imposed a limit on the number of new policies written, starting July 2023. In all, seven of the 12 biggest insurers in the state have halted or restricted new business in California since 2022.
“California High-Speed Rail Authority (CHSRA) officials said that another $100 billion would be needed to complete the high-speed rail network between San Francisco and Los Angeles,” the California Globe reports. That claim, from a March 12 Senate Transportation Committee hearing, would raise the total estimated cost to complete the rail service to “at least $135 billion.”
The director of the Congressional Budget Office is sounding the alarm on the U.S. government’s unsustainable fiscal path. Philip Swagel issued his warning in an interview with Claire Jones of the Financial Times.
A recent study from the American Enterprise Institute (AEI) found that many states misused federal aid related to the pandemic. Instead of using funds for projects related to healthcare, education, and infrastructure, state politicians used the lion’s share of federal funding for the general fund and public pensions.
Despite much hand-wringing by California politicians and bills in the state legislature with lofty goals and rhetoric, home prices in California continue to set new records. Apartment rental prices also continue to soar in Southern California, the Central Valley, and Northern California.
It is an election year and the incumbent president currently has an approval rating that rivals certain types of flesh-eating bacteria, so naturally that means it is time to fire up the printing presses at the Federal Reserve. After last week’s State of the Union address, President Biden unveiled his budget for fiscal year 2025, a bloated monstrosity that would undoubtedly worsen the nation’s debt and deficit crisis. Read the full budget proposal here.
How did the national debt become such a huge problem? Two things primarily drive the size of the national debt. The amount of revenue the federal government takes in through its tax collections and how much it spends. Of those two things, which do you think is most responsible for running up the size of the national debt? Is it a shortfall of tax revenue?
