Of all the explanations, statistics, projections, and conjecture about the Obama administration’s new budget, nothing has had the impact of this simple graph in showing the assumptions, misstatements, and downright falsehoods that are required to “make the numbers work.”
Not only does President Barack Obama’s budget, released Monday, fail to make any real progress in spending cuts, but it reveals a frightening truth: the current fiscal year is on its way toward a federal deficit that will surpass the size of the total U.S. economy.
The U.S. economy's agony endures, as “economic stress” in December escalated, with foreclosure rates a major topic of concern. According to the monthly analysis of the Associated Press, foreclosure rates rose in 33 states, four of the worst being Utah, New Jersey, Nevada, and Arizona.
Five years ago Donald Boudreaux, Economics Professor at George Mason University and author of the website Café Hayek, bought a used 1975 Sears catalog on Amazon, and started comparing prices to those current in 2006. His results, at the time, were quite remarkable, and generated much traffic and conversation on the matter.