“US deficit spending to hit $1.5 trillion” by Colin Campbell at Press TV Washington. “According to top federal government number crunchers, the federal budget deficit is on track to hit nearly a trillion and a half dollars by the end of the current fiscal year.” ATR’s Mattie Corrao “blames the reason for the US record deficits on excessive government spending.” Corrao is not alone, “Republicans who now control the house want severe cuts in spending which they say the government has blown out of control over the past several years. Fiscally conservative lawmakers disagree with the president over how to shrink the deficit but grow the economy.”
Ryan Ellis’ post “Tax Rhetoric and Reality: President Obama's State of the Union” is featured by News Radio 970. “Yes, Mr. President, new tax cuts (and avoiding tax hikes) are good for the economy. The payroll tax rate reduction increased take home pay. ATR called the “full business expensing” part of the bill the “killer app” of the entire deal, and have since called for it to be expanded and made permanent. Reducing the government’s tax hit on small businesses and families is a good thing that you should build upon in the years ahead. Start by making today’s tax rates permanent…We are confused. Does President Obama want to do individual tax reform—where the base is broadened, rates are lowered, and tax revenues are no higher than they are today—or does he want to see taxes go up? …You can be for higher taxes, or you can be for tax reform, but you can’t be for both.”
“The State Bankruptcy Debate” continues at the Pelican Post. “David Skeel, a law professor at the University of Pennsylvania, writes that ‘the issues are so big I really think they can’t be dealt with outside of bankruptcy… What bankruptcy does is force the issues.’ One prominent supporter of this idea is Americans for Tax Reform, who see this as a way to address the issue of union pensions and benefits. Currently, 37% of public sector workers are unionized, compared to a mere 7% of private sector workers. Patrick Gleason of ATR argues that the specter of bankruptcy will entail a renegotiation of these unsustainable contracts.”