Saturday, January 14, 2012

Barack Obama - #3567 - Debtor than a Doornail - Family Research Council (2) So You Think You're Free? Heritage Foundation

You don't have to be superstitious to realize that Friday the 13th is shaping up to be particularly horrific for the U.S. economy. Yesterday, President Obama asked for another $1.2 trillion in borrowing power, cashing in his third and largest increase under the debt deal struck last August. Nothing about the request should come as a surprise. The Treasury Department had predicted the government would be bumping up against the $15.2 trillion limit when they raised it last summer. And since neither party seems willing to draw a line in the sand over real spending cuts, a bigger credit line is the only way to keep Washington's excess afloat.  Under the Budget Control Act, Congress has 15 days to object to the hike. In reality, there's not much leaders can do to stop it from taking effect. Even if the House and Senate passed a bill to oppose the bump, President Obama would simply veto it. Only a two-thirds majority could override him. When the House passes a resolution of disapproval next week, it will be a symbolic rejection of a problem they helped create! Most of them voted for the bill that gave Obama the power to raise the ceiling. If Republicans are outraged by that, they have only themselves to blame.  Read more..........

So You Think You're Free - Heritage Foundation - So you think you’re free? Thanks to big government spending and exploding debt, the United States — and indeed the world — is less economically free today than it was a year ago, according to the 18th annual Index of Economic Freedom, released yesterday by The Heritage Foundation and The Wall Street Journal.  Economic freedom — the ability of individuals to control the fruits of their labor and pursue their dreams — is central to prosperity around the world. Heritage and The Wall Street Journal measure economic freedom by studying its pillars: the rule of law, limited government, regulatory efficiency, and open markets. Things like property rights, freedom from corruption, government spending, free trade, labor policies, and one’s ability to invest in and create businesses all factor in to a country’s economic freedom.  Sadly, economic freedom declined worldwide in 2011 as many countries attempted — without success — to spend their way out of recession. The editors of the Index explain what has led to this troubling decline:  Rapid expansion of government, more than any market factor, appears to be responsible for flagging economic dynamism. Government spending has not only failed to arrest the economic crisis, but also–in many countries–seems to be prolonging it. The big-government approach has led to bloated public debt, turning an economic slowdown into a fiscal crisis with economic stagnation fueling long-term unemployment.  Read more......

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