Friday, April 29, 2011
By Jacob Hornberger
The doomsday crowd claims that the sky will fall in if the Congress fails to raise the debt ceiling. If the ceiling isn’t raised, they say, the federal government will be forced to default on its debt payments, which apparently will then cause the sky to fall in.
That’s, of course, ridiculous. For one thing, just because the federal government isn’t permitted to add to its ever-soaring mountain of debt doesn’t mean that it will be forced to default on debt payments. With the $2.2 trillion it collects in tax revenues, it can give first priority to debt payments.
But let’s assume there is a default. Will the sky fall in, as the doomsayers claim?
Not likely. After all, thanks to the Federal Reserve the federal government is already defaulting on its debts — and has been for decades.
Wednesday, April 27, 2011
Posted by Stephanie Condon
April 26, 2011 5:45 PM
Rep. Ron Paul, the Texas Republican known for his staunch libertarian views, announced today he’s forming a presidential exploratory committee.
This marks Paul’s third bid for the presidency. He first ran in 1988 and again in 2008, winning a small but enthusiastic group of supporters among the GOP electorate.
Mises Daily: Wednesday, April 27, 2011 by Butler Shaffer
Until relatively recent times, the symbiotic relationship existing between economic and political institutions has only been vaguely comprehended. It has been popular to view these two major sectors of American society as having a generally antagonistic relationship, with political institutions serving as a countervailing force to economic influence.
By Dennis Cauchon, USA TODAY
Americans depended more on government assistance in 2010 than at any other time in the nation’s history, a USA TODAY analysis of federal data
finds. The trend shows few signs of easing, even though the economic recovery is nearly 2 years old.
By ANDY BARR | 4/26/11 4:30 PM EDT Updated: 4/27/11 12:52 AM EDT
Saying his issues are catching fire with the public, Ron Paul unveiled his Iowa leadership team on Tuesday, where he also formally announced the creation of his presidential exploratory committee.
Paul frankly explained Tuesday that he was launching an exploratory committee in order to meet the requirements necessary to compete in the first presidential debate being hosted May 5 by the South Carolina Republican Party.