9:19 AM, Oct 17, 2014 • By JEFFREY H. ANDERSON
A headline in the Wall Street Journal reads, “U.S. Deficit Shrinks to Level Last Seen in ’07.” The problem with this headline isn’t its accuracy (although it should say ’08 unless it’s speaking as a percentage of GDP). The problem is that readers are likely to come away with the false perception that the federal government, which ran a deficit of $483 billion for the 2014 fiscal year, has its finances, and the deficit, and the debt, under control. Here are a few other potential headlines the Journal could have used that might have painted a more accurate picture: “U.S. Runs 6th-Largest Deficit in History,” “U.S. Runs 12th-Largest Inflation-Adjusted Deficit in History,” “U.S. Borrows Nearly Another Half-Trillion Dollars,” or “U.S. Debt Doubles Since ’07.”
Let’s compare the federal government to a relatively average Joe. Percentage-wise, if the government were a citizen (Joe) whose after-tax earnings were $60,000 a year, this is how much it would have spent each year over the past decade (according to tallies from White House tables and this press release from the Treasury Department):
So, over the decade, Joe would have spent $190,638 (or 32 percent) more than he had available to spend — and so did Uncle Sam. How much would we really be applauding Joe for his frugality because he “only” spent $9,593 (or 16 percent) more this year that he had available, thereby adding to his massive debt at a little slower pace than he did during his earlier spending spree?
1:47 PM, Jul 30, 2014 • By MARK HEMINGWAY
As I've made pretty clear, I am not a fan of the "explanatory journalism" trend that purports to take an empirical approach to explaining complex issues. Its chief practitioners are a bunch of young, terribly biased journalists who tend to treat politics and policy as some sort of game, even as they broadcast their ignorance. Anyway, if you want a concise example of why explanatory journalism is bad—so pure and crystalline it could have been produced by Walter White—let me direct you to this Vox.com piece on Medicare.
8:41 AM, May 19, 2014 • By GEOFFREY NORMAN
More signs that the dynamism that once characterized the American economy is waning:
7:35 AM, May 12, 2014 • By DANIEL HALPER
Timothy Geithner, the former secretary of the Treasury Department, says the White House wanted him to lie in scheduled appearances on the Sunday TV talk shows. As Geithner writes in his new memoir:
9:02 AM, May 5, 2014 • By GEOFFREY NORMAN
This is not a good time to be young in America, and soon it will be less so. The generation that elected President Obama will see the price of that college education which was supposed to open so many doors go up.
11:01 AM, Mar 26, 2014 • By DANIEL HALPER
The Republican side of the Senate Budget Committee has put together this chart showing that payments on the interest of federal debt will "dwarf virtually every federal expense" in 2024:
11:30 AM, Mar 4, 2014 • By DANIEL HALPER
President Obama unveils his budget today. And the numbers aren't likely to satisfy fiscal conservatives and budget hawks, who might have been hoping for a budget that decreases spending and lowers the debt.
According to analysis by the Senate Budget Committee Republican staff, working for Ranking Member Jeff Sessions of Alabama, over the next decade President Obama's proposed budget increases spending by 63 percent and increases debt by $8.3 trillion.
Here are a couple charts from the minority side of the Senate Budget Committee showing the numbers:
10:01 AM, Feb 11, 2014 • By WILLIAM KRISTOL
I understand House Speaker John Boehner has just announced to his conference that he intends to bring the floor of the House a clean debt limit increase. Conservative members of the conference had argued for this course. Conservatives will vote against "Obama's debt increase," but expect it to pass with mostly Democratic votes, and some Republicans. This should take the prospect of government default or shutdown off the table, and with it one of the few Democratic talking points that might help save them this year.
8:05 AM, Jan 21, 2014 • By DANIEL HALPER
Beginning at 8:30 a.m., a live video stream of an event co-hosted by the Concerned Veterans for America (CVA) and The Weekly Standard: America's Biggest Threat: The Consequences of Debt, featuring Admiral Mike Mullen
, 17th chairman, Joint Chief of Staff, Bill Kristol, and Pete Hegseth.
Here's more on the event:
6:14 AM, Oct 17, 2013 • By DANIEL HALPER
President Obama signed the "deal" to re-open Congress and increase the debt limit, according to the White House. The press secretary sent this out late last night:
8:29 AM, Oct 9, 2013 • By DANIEL HALPER
The Republican side of the Senate Budget Committee has put together this chart to show that U.S. has added two times more debt than economic output in the last two years:
12:00 AM, Oct 5, 2013 • By IRWIN M. STELZER
Two stories were prominently featured on the front page of the Wall Street Journal a few days ago. America either is, or in a few months will be, the world’s largest producer of energy, “a new era of opportunities,” says Adam Sieminski, head of the U.S. Energy Information Administration. And feuding politicians have temporarily shut down a part of the government that accounts for about 10-12 percent of federal spending. Guess which is more important to the U.S. economy in the long run.
8:28 AM, Oct 4, 2013 • By DANIEL HALPER
Although the government shutdown continues, it appears President Barack Obama and the White House are not getting any closer to negotiating with Republicans. A quotation from an unnamed senior administration official in today's Wall Street Journal explains why.
Hosted by Michael Graham.2:15 PM, Sep 27, 2013 • By TWS PODCAST
THE WEEKLY STANDARD podcast with executive editor Fred Barnes on the unwillingness by President Obama to lead on the budget, debt, and the continuing resolution.