As more details emerge about the IRS targeting organizations that focus on government spending and debt, it's worth noting that the IRS is a repeat offender when it comes to wasteful spending. The service has spent billions of taxpayer dollars on everything from Blackberrys and Aircards to video production. Maybe they should spend more time cutting out their wasteful spending instead of going after the watchdogs.
The Senate passed the misleadingly named Marketplace Fairness Act last week by a vote of 69-27. But House Speaker John Boehner (R-OH) said that he is unlikely to support it—and other House Members said they want to take a thorough look at it through the normal committee process.
Reinvigorating the economy should be priority No. 1 for federal and state leaders. After enjoying an average growth rate above 3.5% per year between 1960 and 1999, Americans have had to make do with less than one-half that pace since 2000. The consequences are already dramatic and will become even more so over time. Overall we are 20% poorer today than we would be had the pre-2000 growth rate persisted.
In light of the new American energy boom, I wanted to bring your attention to a great editorial by the Wall Street Journal today highlighting the end of the ethanol era. As the article points out, the original push to make us dependent on ethanol was driven by the idea of “peak oil” which thanks to the new energy renaissance, has proven to be untrue.
Former president of the Federal Reserve Bank of St. Louis and senior fellow at the Cato Institute William Poole editorializes in The Wall Street Journal, “President Obama will release his overdue budget on Wednesday. It will doubtless project a reduction in the federal budget deficit—a projection that journalists, commentators and policy makers should ignore.
After 1400 days, Senate Democrats are finally putting the finishing touches on their budget. Maybe now they'll have a clearer idea that they've wasted too much money, leaving too little behind for our nation's top priorities. The Republican solution? Spend more wisely and modernizing the way we tax and fund the government by employing more people, creating more taxpayers, generating more revenue, and growing the economy.