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February 13, 2012
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Julie Deardorff : Researchers say antioxidants may not be that effective and could do more harm than good
Mark Clayton: How did Anonymous hackers eavesdrop on FBI and Scotland Yard?
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Victoria Kim: Immigrant-smuggling ring used black drivers to avoid racial profiling
February 2, 2012
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Reza Kahlili : Ex-CIA spy in Iran's Revolutionary Guard: What Obama doesn't grasp about striking deals with Tehran
Tina Susman: For woodchuck rescuer, every day is Groundhog Day
February 1, 2012
Brian Bennett: US officials see increasing threat of domestic attack from Iran
Emily Brandon: How to Take Advantage of New 401(k) Fee Disclosures
January 31, 2012
January 30, 2012
Paul Richter and Ramin Mostaghim: Misreading Teheran's limits -- deadly and economically devastating as they may be -- is a risk administration, Europe seem willing to take
Suzanne Bohan: Warning: Nap-deprived tots missing more than sleep, study finds
Meg Handley: Banks Revamping Rewards Programs to Woo Customers
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Yochonon Donn: In liberal New York City, fervently-Orthodox Jews may soon be getting a district to call their own
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Katy Hopkins: New budget rules may affect how much money you get for college
January 26, 2012
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Jeannine Stein: Mental illness struck one in five U.S. adults in 2010: Report
January 25, 2012
Richard Simon: House passes two bills endorsing the use of religious symbols at military memorials
Fred Weir: Putin: Multiethnic Russia cannot survive as a US-style 'melting pot'; must find its own way
Susan Johnston: 5 Sneaky Coupon Strategies Consumers Should Watch Out For
January 24, 2012
Carol Clark: The price of your soul: How your brain decides whether to 'sell out'
Caroline B. Glick: America lost most in 'Arab Spring'. Sadly, many voters still don't grasp the extent
Warren Richey: Drug criminal scores win in GPS ruling from conservative-leaning high court
Erika Bolstad: Black conservatives gather to talk about gaining strength
January 23, 2012
Melissa Dribben: Jewish voters to play a key role in Florida's Republican primary
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Ali Safi: U.S. envoy gives Taliban terms for peace talks
January 19, 2012
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January 17, 2012
Frank J. Gaffney Jr.: No-kidding red lines: U.S. response to an Iranian nuke may be bluster, but Israel's won't be
David G. Savage: They sued their principals after slandering them online --- now the cases are headed to the Supreme Court
David Francis: Where to Invest in 2012: With stocks expected to rebound, opportunity abounds for investors
January 13, 2012
Ben Lynfield: Israeli lawmakers move to annex Jewish Judea, one museum at a time
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January 12, 2012
Warren Richey: Landmark Supreme Court ruling a 'resounding win' for religious groups
Warren Richey: Supreme Court says no to new rule on eyewitness testimony
John Fauber : Statins found to raise diabetes risk in postmenopausal women
Katy Hopkins : Consider This Before You Pay for an Online Degree
The Kosher Gourmet by Joseph Erdos: This mushroom and barley soup has an intense -- almost nutty -- flavor that mixes robust with Middle East. It has creaminess without cream
January 11, 2012
Shari Roan: Millions of atrial fibrillation sufferers at risk for devastating, but preventable, stroke
Tom Hussain: Pakistan -- recipient of more than $21 billion in civilian and military aid -- speeds pursuit of Iranian pipeline, defying US
David G. Savage: High court signals it won't be loosening TV's 'indecency' rules
Stephen Ceasar: Oklahoma's Islamic law amendment can't go into effect, court rules
January 10, 2012
Reza Kahlili: From an ex-CIA spy: US must exploit new split in Iran's Revolutionary Guard
Karen Kaplan: Study: Nicotine replacement products ineffective when used in real-life situations
January 9, 2012
Michael Doyle: Put through legal hell over dream home, couple fought back hard --- all the way to Supreme Court
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Jewish World Review
Oct. 27, 2008
/ 28 Tishrei 5769
Go-cart, No Brakes
By
Debra J. Saunders
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http://www.JewishWorldReview.com |
D.C. Democrats are now pushing for a new $300 billion stimulus package. Earlier this month, House Speaker Nancy Pelosi had been talking up a $150 billion stimulus package. Apparently the cost of stimulation is rising, and fast.
Do I hear $450 billion?
Democratic presidential candidate Barack Obama's rescue plan also grew from $60 billion to $175 billion. Republican presidential candidate John McCain's stimulus package is holding steady at $52 billion which makes it seem, well, almost quaint.
If passed, the new Son of Stimulus package will follow on the heels of the $700 billion bank bailout, $110 billion of sweeteners added onto the first bailout, and February's $168 billion stimulus package, which did not deliver much hoped-for stimulus.
Is there an end in sight, or will Washington continue this spending spree well into the next administration? If you are looking for an inkling that fiscal restraint is out there somewhere, the signs are not good, friend.
You may recall, two short years ago, Democrats promised that if they were in charge of Congress, they would restore pay-as-you-go (also known as PAYGO) budget rules, which require Congress to pay for new spending either by cutting other spending or increasing taxes. In January, newly installed Speaker Pelosi proudly trumpeted new PAYGO rules in the House.
PAYGO is still on the books, but the rule has become more of a fictional device than accounting tool.
The Senate vote to add $110 billion in tax cuts to the Bush-proposed $700 billion bailout plan bypassed PAYGO. The more profligate Senate has arm-twisted until fiscally conservative House Blue Dog Democrats caved and supported PAYGO-lite bills before. As Taxpayers for Common Sense spokesman Steve Ellis noted, the House Blue Dogs are "getting rolled on a regular basis."
Together both Houses have gimmicks and trickery to bypass PAYGO to pass a measure to prevent the Alternative Minimum Tax from dinging middle-class taxpayers, to approve a pork-fest of a farm bill, to push through the energy bill, and more.
According to Ellis, Democrats don't like the fact that PAYGO makes it harder for them to propose new spending, while Republicans like the idea of PAYGO until they're asked to forgo tax cuts. So both parties have a stake in ditching PAYGO.
Brian M. Riedl, an economist with the right-leaning Heritage Foundation, agrees. As he sees it, PAYGO makes Congress offset tax cuts, if they are extended, but not spending programs that are extended. "The idea that PAYGO means fiscal responsibility is ridiculous."
In that Washington's spending spree has continued unabated under PAYGO, Riedl has a point.
Democrats can argue rightly that the binge started before Democrats took over Congress. As Riedl noted in a Heritage backgrounder last October, "non-defense discretionary spending has expanded nearly twice as fast under President Bush as under President Clinton." But by last October, Democratic leaders had "used their majority to increase discretionary spending even faster."
And that was before the bailout.
Maybe PAYGO isn't such a great deal for conservatives, who see it as a trigger for raising taxes, but not cutting spending. On the other hand, if Congress cannot find ways to offset new spending in a $3 trillion budget, then there is no ceiling on what Washington will spend.
Ellis noted, "Every time you ignore PAYGO, or you do an end run around it, you reduce its credibility and effectiveness in the future. Eventually, it will become a laughing stock. It's getting close."
Surely it must be better to have the semblance of restraint than no pretense whatsoever.
In that sense, PAYGO may be similar to earmarks. At the last presidential debate, Obama pointed out that, "Earmarks account for 0.5 percent of the total federal budget" or $18.3 billion in 2008, according to Taxpayers for Common Sense. Ergo, Obama argued, eliminating earmarks is "not going to solve the problem."
But if Washington can't cut fat targets like earmarks, then Washington will never get a hold on runaway spending. And if Congress can't legislate within the PAYGO rules, then it's a go-cart with no brakes.
Do I hear $450 billion?
Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.
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© 2008, Creators Syndicate
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