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By Robert Eisner | March 22, 1994
LIKE a villain in a bad horror movie, the balanced budget amendment pops back to life every time it is killed.The proposal was defeated by only 12 votes in the House on Thursday -- just weeks after it was rejected by the Senate -- encouraging its supporters to gear up for another try next year.The amendment is bad economics, but it will keep coming back until we debunk the economic myths perpetuated by the debate.Foremost, we need to understand what the national debt is and is not. It is not something we owe to other countries; it is a debt of the government to its own people.
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NEWS
By Peter Morici | November 18, 2013
Even Wal-Mart is too expensive for recession battered America. Everyday low prices are no longer enough - middle-class consumers are fleeing to dollar stores to stretch shrinking paychecks. Yet, Democratic politicians and economists who fashioned their failed policies tell us the economy is on the mend. President Barack Obama's nominee to head the Federal Reserve, Janet Yellen, bragged at her confirmation hearing that the economy has created 7.8 million new jobs, and she assured senators it's just a matter of time before the Fed stops printing money to purchase $85 billion in government debt.
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NEWS
January 12, 1996
WITH IDEOLOGUES in both parties eager to sidestep a budget agreement even if it means government-by-stopgap until the November elections, the specter of a federal default grows greater by the day. Despite Congress' refusal to raise the $4.9 trillion debt limit, Treasury Secretary Robert E. Rubin has made do by borrowing from retirement trust funds to pay government bills. But his options may soon run out.Last week three former Republican Treasury secretaries -- Nicholas Brady, James A. Baker III and Donald Regan -- warned Mr. Rubin that by early February he might be required to take "broader actions" (undefined)
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Editorial from The Aegis | February 28, 2013
Drawing parallels between government spending policy and household finances has its perils. There's an extraordinary difference in scale, for one thing. And there's the matter that people will often argue against government debt on the grounds that debt amounting to three or four times household income is financially crippling, even though just about everyone who owns a house and a car is carrying at least that much debt. A few realities of debt and finance, however, apply to every situation involving money.
NEWS
July 21, 1998
PROJECTIONS of federal budget surpluses continue to grow and so does the inexorable urge among politicians to cut taxes.Even though the surpluses have yet to materialize, Republicans are calling for as much as $1 trillion in tax cuts over the next decade, an imprudent strategy.Recently, the normally cautious Congressional Budget Office knuckled under to GOP pressure and raised its projected federal surplus in the coming decade to $1.55 trillion from $671 billion. After decades of staggering deficits, this reversal is most welcome.
NEWS
September 18, 2012
Here we go again. Under the third round of the Federal Reserve's "quantitative easing" program, the bank will spend $40 billion more a month for 12 months ("Markets rally on new Fed stimulus," Sept. 14). Together with the $45 billion already committed to the end of this year that totals $85 billion through December. The stated reason is to stimulate housing. But housing prices need to find their equilibrium through supply and demand, not through Fed funny money. That is how we got into trouble in the first place.
NEWS
By Erik Jones | December 19, 2008
BOLOGNA, Italy - Greek students continue to protest the police slaying of 15-year-old Alexandros Grigoropoulos and may soon topple the government through their actions. Prime Minister Costas Karamanlis has had little success appealing to the students for calm and almost nothing to offer to pacify their unrest. The students complain that their universities are overcrowded, their teachers overworked, and their employment prospects close to nil. They feel trapped in a system that cares not at all about their lives or prospects.
NEWS
By Peter Morici | November 18, 2013
Even Wal-Mart is too expensive for recession battered America. Everyday low prices are no longer enough - middle-class consumers are fleeing to dollar stores to stretch shrinking paychecks. Yet, Democratic politicians and economists who fashioned their failed policies tell us the economy is on the mend. President Barack Obama's nominee to head the Federal Reserve, Janet Yellen, bragged at her confirmation hearing that the economy has created 7.8 million new jobs, and she assured senators it's just a matter of time before the Fed stops printing money to purchase $85 billion in government debt.
BUSINESS
By Thomas Easton and Thomas Easton,New York Bureau of The Sun | September 15, 1991
New York--The gathering place is merely a corner in the lobby of a lower Manhattan building, though the building is hardly ordinary by the glass-and-steel standards of a modern financial hub. The low, block-long stone edifice, inspired by palazzos of great Italian banking families of the Renaissance, was built in the early 1920s as New York was emerging as a global financial power.Furnishings in the corner are stark: a few dozen cubicles, phone jacks (without phones), a cabinet, and two common pressed-wood boxes, one dead center and another near a gate separating the corner from the rest of the lobby.
BUSINESS
By Gus G. Sentementes, The Baltimore Sun | December 31, 2011
Investors had plenty to keep them jittery in 2011. There were the earthquake and tsunami in Japan, economic woes in Europe, and, here at home, politically tinged fiscal showdowns in Washington over deep government spending cuts. Still, the stock market will enter 2012 in a spot that wasn't too different from late 2010. Looking ahead, economic and stock market observers see uninspiring U.S. economic growth, financial problems in Europe, and the health of Far East markets looming large in investors' minds.
NEWS
September 18, 2012
Here we go again. Under the third round of the Federal Reserve's "quantitative easing" program, the bank will spend $40 billion more a month for 12 months ("Markets rally on new Fed stimulus," Sept. 14). Together with the $45 billion already committed to the end of this year that totals $85 billion through December. The stated reason is to stimulate housing. But housing prices need to find their equilibrium through supply and demand, not through Fed funny money. That is how we got into trouble in the first place.
BUSINESS
By Gus G. Sentementes, The Baltimore Sun | December 31, 2011
Investors had plenty to keep them jittery in 2011. There were the earthquake and tsunami in Japan, economic woes in Europe, and, here at home, politically tinged fiscal showdowns in Washington over deep government spending cuts. Still, the stock market will enter 2012 in a spot that wasn't too different from late 2010. Looking ahead, economic and stock market observers see uninspiring U.S. economic growth, financial problems in Europe, and the health of Far East markets looming large in investors' minds.
NEWS
November 21, 2011
The Maryland General Assembly's chief budget analyst, Warren Deschenaux, made headlines last week by advocating that the state not seek to increase its debt limit for fear that such a move could prompt one or more of the major credit ratings agencies to strip the state of its long-held AAA rating. Such a downgrade would force Maryland to pay higher interest rates on its debt and exacerbate its existing budget problems. Mr. Deschenaux is absolutely right about that, but his comments should not be misconstrued.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | September 26, 2011
That unfamiliar incoming call to your cellphone soon might be from a debt collector. Cellphones are largely off-limits to collection agencies, but proposals by the White House and Congress could change that. Supporters say regulations have not kept up with technology and the fact that many consumers have replaced traditional landlines with cellphones. But consumer advocates warn that cellphone users could be bombarded with "nuisance" calls if debt collectors gain another avenue to reach — or hound — consumers.
BUSINESS
By Eileen Ambrose, Liz F. Kay and Andrea K. Walker, The Baltimore Sun | August 9, 2011
Bettie Dunkin was surprisingly unfazed by the financial turmoil of the last few days. The 53-year-old accountant, who had been out of work for months and only recently landed a temporary job, spoke for many Americans when she said: "We're getting numb. " Consumers and businesses have been buffeted by a spate of bad economic news in the past three years. For every positive sign that a recovery has taken hold, there were other signals that raised doubts. Then came Monday's stock market plunge on the heels of the unprecedented downgrade of the country's credit rating.
NEWS
By Charlie Cooper | December 27, 2010
Debt is at the heart of our economic crisis, but the current furor over federal government debt is disproportionate, given the need to get people working. The hypnotic trance of the media on this topic betrays and breeds a woeful ignorance of how money changers exploited nearly everyone and created the economic crisis. Let's look at how debt exploded from 1980 — when President Ronald Reagan won election on a platform of deregulation and (wink, wink!) balanced budgets — to 2007, the eve of the Great Recession.
NEWS
By DIANE LIM ROGERS AND ANDREW L. YARROW | April 2, 2006
WASHINGTON -- Anyone who has visited Disney World's Haunted Mansion remembers the ride's signature beginning: Visitors enter a room, the doors close and the ceiling appears to keep rising and rising as a spooky voice intones that there is "no way out." There are frightening similarities to America's national debt. Congress recently raised the national debt ceiling by $781 billion to $9 trillion. It marked the fourth increase in the last five years, making for an aggregate increase of more than $3 trillion since George W. Bush became president.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | September 26, 2011
That unfamiliar incoming call to your cellphone soon might be from a debt collector. Cellphones are largely off-limits to collection agencies, but proposals by the White House and Congress could change that. Supporters say regulations have not kept up with technology and the fact that many consumers have replaced traditional landlines with cellphones. But consumer advocates warn that cellphone users could be bombarded with "nuisance" calls if debt collectors gain another avenue to reach — or hound — consumers.
NEWS
By Erik Jones | December 19, 2008
BOLOGNA, Italy - Greek students continue to protest the police slaying of 15-year-old Alexandros Grigoropoulos and may soon topple the government through their actions. Prime Minister Costas Karamanlis has had little success appealing to the students for calm and almost nothing to offer to pacify their unrest. The students complain that their universities are overcrowded, their teachers overworked, and their employment prospects close to nil. They feel trapped in a system that cares not at all about their lives or prospects.
BUSINESS
By JAY HANCOCK | April 30, 2008
The biggest U.S. financial crisis isn't the housing crunch. It's the government debt bomb being planted by baby boomers to explode in the faces of their children and grandchildren But presidential candidates and their media interlocutors (both groups largely populated by boomers) have said almost nothing about it. The country is headed toward terrible inflation, huge taxes and economic decline? Pfft. Let's talk about flag pins. So it's up to you, young people. The only hope is that you realize how badly you're getting ripped off and decide to do something about it. Two new dispatches - a book and a movie, both with Baltimore connections - are your manifestoes.
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