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Obama Adminstration "incorrect" about likely budget deficits
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Obama Adminstration "incorrect" about likely budget deficits

I used the word “incorrect” in the title because I’m feeling momentarily generous. A more precise word would probably have been “lied". Today’s news about deficits is, not surprisingly, much worse than the already-bad picture painted for us by the Obama administration and their ridiculously rosy economic forecasts. An AP article entitled “$1 trillion deficits seen for next 10 years” explains that:

03/20/2009
St. Patrick's Day: Some Hope from Ireland
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St. Patrick's Day: Some Hope from Ireland

Happy Saint Patrick's Day!  Each year since I became interested in development economics, St. Patty's day has reminded me of the free market revolution that took place in Ireland in the nineties.  Ireland was the poorest economy in Europe then, but by 2006, it had the highest per capita GPD on the continent and economic growth rates of 9 percent or higher.  How did they achieve it?  They massively reduced the size and role of government in their society.  They cut taxes, abolished agencies, cut spending, and stopped inflation.  They moved from one of the least free states in Europe to the freest.

03/17/2009
National Debt Roars Past $9 Trillion
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National Debt Roars Past $9 Trillion

BY

The news should have made banner headlines, but few paid attention as the U.S. national debt passed the $9 trillion mark this week. I suppose the lack of interest is understandable, since the citizens who will be stuck paying this bill are mostly in grade school. The sad thing: the national debt was "only" $5.735 trillion when George W. Bush took office in January 2001. We're on pace for the national debt to increase by more than 50% during his 8 year tenure as chief executive.

11/08/2007

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