Tag Archives: debt

Jerry Bowyer: Biden’s Dangerous Spending Plan

The Obama administration was once defined by low growth and high spending. When Obama took office, our debt-to-GDP ratio was around 90 percent. Today, it has passed 105 percent.

While high debt is always a risk, you can to some extent outrun it with high growth. Under President Trump, while spending increased, it was partially offset by relatively high growth. The Obama years were bad for our economy, but our debt was low enough that we were able to avoid economic collapse.

Neither of these would be the case under a Biden administration. Our total national debt is higher than ever in peace-time, and Biden’s plan will only raise it dramatically further. He’s proposing over $5 trillion in new spending and the largest tax increase in 70 years.

Low growth, high debt and a growing tax burden: that’s a very dangerous combination, and that’s exactly what we should expect from a Biden presidency.

Read More »

Jerry Bowyer: A Vacancy on the Court and a Spending Pattern We Cannot Afford

Democrats and the media are attacking Republicans for pushing ahead with a new Supreme Court nominee while, allegedly, dragging their feet on a coronavirus relief bill.

There’s just one problem: the coronavirus bill put forward by Democrats is a dangerous expansion of the federal government that puts our economy at even more risk of fiscal collapse.

Though we don’t hear about it much anymore, the United States’ debt-to-GDP ratio has increased dramatically in the 21st century. When George W. Bush took office, we had a debt ratio of under 60 percent. Today, we have a debt ratio of over 100 percent—107 percent to be precise.

In simple English, that means our government owes more than our entire economy produces in a year. America simply cannot afford more of these immense spending bills.

Republicans are right to reject the Democrat’s short-sighted, ridiculous proposal. Imagine the spending binge if Democrats gain the presidency too.

Read More »

Mohler: Our Government Spending-and What It Reveals


Our government spending is way up—and everyone is seemingly fine with it.

A recent headline at the New York Times captured it well: “A Giant Deficit, Once Dreaded, Is Now Desired.” Historically, of course, we’ve had a long-standing argument in American politics about debt, the deficit, and government spending.

But now, all those old rules seem to be completely out the door.

On both sides of the political aisle, we have politicians making arguments they wouldn’t have believed they could have gotten away with just eight weeks ago. Republicans don’t sound like Republicans, and some of the Democrats sound like the kind of Democrat that other Democrats would have run from just weeks ago.

We need to be alerted to the danger of debt—a debt that future generations will have to repay.

Our economic decisions reveal our morality, our culture, our priorities … these decisions eventually reveal who we are.

Read More »

Hugh Hewitt: A Rare Bi-Partisan Opportunity for Congress

Older Americans face a housing crisis—and Congress has an opportunity to do something about it.

No: Retirement savings reform is not a hot topic for journalists, but it’s one of the few areas where Democrats and Republicans in Congress and President Trump could pull off some bipartisan reform when legislators reassemble in September.

Older Americans on fixed incomes face a housing crisis, and one part of that solution is retirement reform.

When Congress gets to gets back to business in the fall, they ought to consider how to help seniors stay in their homes as incomes decline or stop but mortgage payments stretch out into the future.

Retirement reform could allow seniors to pay off all or part of their home mortgage debt with money saved in their own retirement accounts without triggering taxes on the money used to do so.

Congress has an opportunity to take a big step toward solving one part of this problem.

Read More »

Jerry Bowyer: High Stakes in the 2020 Election

The stakes in the 2020 election may be higher than many Americans recognize:

A detailed look by Townhall Finance into the causes of national financial collapse—measuring hundreds of factors against scores of nations—reveals that the most reliable path to a financial collapse occurs when a nation’s leadership class turns sharply against wealth creation.

When there’s an erosion of business freedom and property rights and when government corruption, taxes and debt increase, the probability of a financial collapse goes up 3 to 5-fold.

Why should we care about how other nations have collapsed? Because large sections of today’s Democratic party are openly embracing exactly those kinds of policies.

The 2020 election is not just about the difference between a 2 percent growth rate and 4 percent growth rate.

It might be about continued growth vs. something which would make the great recession pale in comparison.

Read More »

Jerry Bowyer: The Lessons of History and the Green New Deal

By now you have all heard about the Green New Deal. It doesn’t take a very long memory to know that this sort of massive spending plan will collapse the economy.

You see, the European debt crisis was triggered in part by plans very much like those recommended in the Green New Deal: Heavy subsidies for so-called green tech, utopian timelines for alternative energy usage, and punitive treatment on the kinds of energy which our economy actually depends on. The result? Greece and Spain and Italy triggered a crisis that jeopardized the future of the entire European Union.

If eight years ago is ancient history for AOC and her zealots, how about three months? France instituted a tiny version of the same thing—and even France abandoned it. Experience is a great tutor, but her tuition can be very expensive for those who refuse to learn from the failures of others.

Read More »

David Davenport: The Green New Deal Looks Red to Me

Perhaps you’ve heard about the Green New Deal?  It’s freshman Congresswoman Alexandria Ocasio-Cortez’s revolutionary scheme to reinvent the entire American economy.  She calls it “the Great Society, the moonshot, the civil rights movement of our generation.”

But look a little deeper and you’ll see different colors:  the blue of progressivism and mostly the red of government spending and debt.  The proposal calls for a breathtaking $90 billion in green initiatives.

Even mainstream Democrats are hesitant about this sweeping effort to reinvent the economy and eliminate income inequality.  But media darling Ocasio-Cortez will make it front and center.

The first New Deal turns out not to have solved the Great Depression as we once thought.  We hardly need a new one. Is it green? Yes. Is it utopian?  Yes.

But mostly it’s the same old liberal blue of government spending and the red of more debt.

Read More »