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By Judy Shelton - Entitlement programs have accounted for all the growth in federal spending relative to gross domestic product in the past 60 years, causing the persistent budget deficits during that period. Entitlement expenditures are determined differently from so-called discretionary programs. Spending on the latter programs is set by…
By John Steele Gordon - One justification for the Federal Reserve is to keep the power to print money out of the hands of politicians. A Federal Accounting Board would keep the power to cook the books out of their hands as well. Like the Fed, it would be run…
By Phil Gramm and John Early - The Census Bureau fails to count two-thirds of all government transfer payments to households in the income numbers it uses to calculate not only poverty levels but also income inequality and income growth. In addition to not counting refundable tax credits, which are…
By Fred Siegel - But there was another "rights" movement, largely overlooked, that has also had a profound effect on American life. The looming public-pension crisis that threatens to bankrupt city, county and state governments had its origins in those same years when public employees, already protected by civil-service rules,…
By Judy Shelton - Welcome to the era of good-cop, bad-cop tactics from major government institutions. Fiscal and monetary policy are now working at odds to fight inflation. The Fed could crush demand by raising interest rates to stratospheric levels only to have a spendthrift White House and complicit Congress…
By John F. Cogan - The seven-decade-long growth of entitlements and the pandemic response are the product of expansionary forces that operate on Congress regardless of who is in charge. Throughout history, the most potent force has been the equally worthy claim. The claim originates from a well-meaning impulse to…
By Judy Shelton - Now that the U.S. economy seems to be turning the corner on the worst inflation in 40 years, it’s important to remember that sound money and sound finances go hand in hand. While the Federal Reserve will continue to focus on reducing demand through restrictive interest…
By The Editorial Board - The Wall Street Journal - Sen. Joe Manchin’s public support Sunday for at least $2 trillion in new spending in a partisan budget bill is a huge win for the political left. This means a giant tax-and-spend bill this year is likely, and the biggest…
By Allysia Finley - Researchers gave cash to low-income people. It led them to spend more and work less. Did pandemic stimulus payments harm lower-income Americans? That’s the implication of a new study by social scientists at Harvard and the University of Exeter. Liberals argue that no-strings-attached handouts encourage better…