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As Matthew Clemente pointed out in his last entry, the national debt will surpass GDP as soon as 2012. Unfortunately, it gets more frightening—according to the 2008 Financial Report of the U.S. Government, the government has already promised $65 trillion in Medicare and Social Security—more than the GDP of the entire world. Even this figure is already outdated: consider the additional promised payouts with the passing of the healthcare bill.
Senate Votes to Abdicate Its Responsibility, Giving the EPA the Green Light to Impose Costly Climate Change Regulations
Since 1977, when Jimmy Carter signed the Community Reinvestment Act, the government has tried to make housing more affordable for low-income families by subsidizing homeownership. Bill Clinton and George W.
FreedomWorks Activist Punched at Peaceful Protest to Oppose BP Bailout
On Tuesday, about 25 Freedomworks activists gathered outside Congressman Watt's Greensboro, NC office to protest another big bailout, aka, the Durbin Amendment.
Here's the long and short of the amendment:
Senators Can Protect American Consumers with a Vote for the Murkowski Resolution
Washington, DC- This Thursday, members of the Senate will have the opportunity to protect American consumers from a back door cap-and-trade scheme allowing unelected bureaucrats to regulate carbon emissions.
Key Vote "Yes" S.J. Res. 26: The Murkowski Resolution
Late yesterday Sen. Rockefeller announced that he will vote in favor of the Murkowski Resolution. Until then, we were uncertain in which way he would vote. However in a prepared statement Rockefeller said:I have long maintained that the Congress – not the unelected EPA – must decide major economic and energy policy. EPA regulation will have an enormous impact on the economic security of West Virginia and our energy future.
Washington's elite: Wasting billions and borrowing trillions
Yesterday, Garfield Reynolds and Wes Goodman of Bloomberg.com reported that by the year 2012 America will owe more money to foreign nations than it produces in annual economic output. As their "Chart of the Day" illustrates, within the next 2 years America's national debt will surpass its gross domestic product (GDP):
After months of hard work, the Murkowski Resolution of Disapproval, will be up for a vote on June 10th. This is an important resolution that could stop a massive EPA power grab. FreedomWorks friend and ally Tom Borelli has a great update on this battle over at Townhall.com.
May jobs report leaves Americans asking: "Where are the private sector jobs?"