“Public finance” on The Daily Caller

Mr. Gasparino — I think you owe Meredith Whitney an apology. (more)

Lower property values, foreclosures, and decreased aid from cash-strapped states are adding up to a tough 2011 for many U.S. towns and cities — perhaps the worst since the Great Depression. (more)

It has become clear that this Congress is not going to be one that passes fundamental tax reform. Anything that would pass the Democrat Senate or be acceptable to President Obama would be a net tax increase, and that is unacceptable to the House of Representatives and their 237 Taxpayer Protection Pledge signers. Attempts thus far at tax reform — the Simpson-Bowles commission and “Gang of Six” efforts come to mind — have been tax increases disguised as rate-cutting tax reform. Nevertheless, that does not mean that a significant opportunity isn’t there on an aspect of fundamental tax reform — namely, doing another round of low-tax repatriation of foreign corporate profits. (more)

There’s a term used to describe the situation where a debtor repays a debt through labor. It’s what’s known as debt bondage, and it’s an ugly scenario that involves work for little pay and a devaluation of labor and skill. It’s conceptually similar to indentured servitude, an idea that makes modern Americans cringe. (more)

February marks the two-year anniversary of President Obama’s signing of the failed stimulus package. Even its most ardent supporters have to admit that the stimulus bill failed to create net job growth and instead created more debt, placing a tremendous burden on our children and grandchildren. (more)

WASHINGTON — When he releases his new budget in two weeks, President Obama will propose doing away with roughly $4 billion a year in subsidies and tax breaks for oil companies, in his third effort to eliminate federal support for an industry that remains hugely profitable. (more)

Ever dreamed of frolicking around Sherwood Forest like Robin Hood and his Merry Men? Well, pack your sword and green tights, because you can now own a portion of folklore’s most iconic landscape. The British government is selling areas of the woods to cover their massive national debt, reports The Los Angeles Times.  Locals are furious at the thought of developers or corporations invading their beloved forest, but the offer remains amidst their objection. As several European nations struggle to balance the books, other iconic, government-owned properties are also facing the auction block. (more)

The month of January is almost gone, and with it more than a few Americans’ New Year’s resolutions to live healthier lifestyles through diet and exercise. Regrettable as this may be, newly-elected leaders face a different set of resolutions that they must make and cannot afford to break. Namely, they must resolve to live healthier financial lifestyles by consuming fewer tax dollars and more actively pursuing budget reform to address government’s growing waistline before it’s too late. (more)

Yesterday’s report that Wisconsin Republican Paul Ryan will be delivering the GOP response to next week’s State of the Union address is welcome news, and is but the latest signal that Washington may finally — FINALLY — be prepared to tackle the nation’s fiscal and budgetary woes. (more)

For too long, our government has been fiscally irresponsible and allowed reckless spending that has added three trillion dollars to the national debt in just the two years since Obama took office. In fact, since Democrats took control of Congress in 2007, we’ve seen our debt level increased by 91 percent. These actions have serious consequences. The health of the American economy is at risk, and we must work together to put America back on the path to prosperity. (more)

What a difference a year makes. In January 2010, we worried about the possibility of a double-dip recession. Today, the state of American business and our economy have improved. This is due to both the impressive resilience of our economy and the enactment of the tax relief package late last month. For these reasons, the U.S. Chamber projects that the economy will grow by 3.2% overall next year, picking up steam as the year progresses. (more)

I’ll admit to not being an economist; but as the son of a banker, I have almost an innate appreciation for the importance of meeting obligations. The recent discussion in Washington about raising the debt ceiling has brought about serious concerns from the financial community about the consequences of not doing so. (more)

In August of this year, Admiral Michael Mullen, Chairman of the Joint Chiefs of Staff, advised Congress that “The National debt is the biggest threat to our national security.” In November, voter sentiment against the debt and deficit led to an historic rebuke of Congressional incumbents. In December, the president’s debt commission laid out in stark terms the imminent economic impact of continued deficit spending. Apparently rejecting these clarion calls, the president and Congress acted in the lame-duck session to cut not one dime of federal spending, while increasing the national debt by nearly $1 trillion. They are ignoring a glaring problem that, if not addressed soon, will cause a panoply of other problems. (more)

As pundits and bloggers over the coming months celebrate, deprecate, or otherwise pontificate about the secession of Southern states from the Union 150 years ago, it would be well to remember Alexander Hamilton’s claim that the “national debt, if not excessive, will be to us a national blessing; it will be a powerful cement of our union” because both of those claims have been proven correct time and again. (more)

For the first time, the president listened to the majority of the people and was willing to extend the existing tax rates for everyone. Many people do not like the backdoor welfare that he attached to the so-called deal that Congress is now considering, nor did we like extending unemployment benefits for another 13 months without identifying the off-sets in spending. (more)

The incoming House Budget Committee chairman said Sunday that Republicans are going to get to work cutting spending in order to cut the deficit in the next Congress. (more)

Discussions about deficits and debt reduction inevitably center on whether and how to reduce government spending or increase tax rates. Proponents of increasing taxes argue over what level tax rates should be increased to and for which segments of the population. Proponents of decreased spending debate which federal programs should be trimmed or eliminated altogether. But this choice is a classic false dichotomy. If we grow the economy enough, we won’t have to rely on massive tax hikes or spending cuts. (more)

For all the talk of the tax cut deal’s impact on the deficit, if Republicans can get spending cuts to pay for the $60 billion or so that it would cost to extend unemployment insurance for a year then the agreement will be acceptable to a majority of even the most conservative among them. (more)

For once, top Obama economic advisor Larry Summers got it right. Warning opponents of the big tax-cut deal, Summers told reporters, “Failure to pass this bill in the next couple weeks would materially increase the risk that the economy would stall out and we would have a double-dip recession.” (more)

Brand new Congressmen don’t take office until January, but they’re already consumed with worry about the national debt. They’ll face a vote next year to raise the debt ceiling beyond its current $14.3 trillion (about $47,000 apiece for everyone in America). (more)