California’s State Controller, Betty Yee, is responsible for paying each of the state’s bills. Unfortunately for Californians, she may have just bought the state a costly lawsuit because she has refused to account for any of the 49 million checks her office writes each year, covering $320 billion in payments.
Since mid-September 2019, the U.S. Federal Reserve has been fighting to contain a liquidity crisis in the nation’s money markets that was caused in large part by excessive spending by the U.S. government. That surge in spending was prompted by “the worst budget deal in history” in late-July 2019, which forced the U.S. Treasury...
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One week ago, noted Stanford University economist John Taylor testified at a hearing before the U.S. House of Representatives’ budget committee, whose members are reexamining the economic costs of the national debt. After the hearing, Taylor summarized his remarks and reflected on previous testimony he provided on a related topic back in 2015:
Senator Rand Paul last week released a Fall 2019 edition of his Waste Report, describing some of the more unusual ways in which bureaucrats have wasted U.S. taxpayer dollars in recent years. Because many of us were either traveling for Thanksgiving or were otherwise distracted with holiday plans, it pretty much flew under the...
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Meet Sammy Soil. Sammy is one of the many official mascots of a federal government agency who, along with friends at other government departments like Franklin the Fair Housing Fox, Rex the Ready Kids’ Mountain Lion or Pedro the Penguin, serve as mascots intended to create a favorable public impression of the agencies.
The new financial crisis could have been avoided, if only a bipartisan majority of politicians in Washington, D.C., could have restrained the growth of their spending to sustainable levels.
In truth, the surprise trillion-dollar deficit for the first 11 months of fiscal 2019 really isn’t much of a surprise.
What would it take to balance the U.S. government’s budget over the next 10 years?
The government’s budget deficit through the first 10 months of its 2019 fiscal year now exceeds the full year deficit of $777 billion recorded in 2018.
For Americans troubled by the ongoing lack of fiscal discipline on Capitol Hill, nine other words are perhaps very scary: “We have actually now agreed on the spending numbers”.