If you understand the relative superiority of the free market, none of our government's recent business bailouts will find favor with you. Yet, while Uncle Sam's involvement in the auto and banking sectors is bad enough, nothing is more bone-chilling than proposals to bail out media.
Sen. Judd Gregg, R-NH, knocked the spending plans of the Obama administration Tuesday, one day after the Treasury Department announced the deficit reached the $1 trillion mark at the end of June, just three-quarters of the way through the current fiscal year.
The economy isn’t out of the woods yet, not by a long shot. That, at least, is the conclusion drawn by none other than U.S. News & World Report’s eminence grise Mortimer Zuckerman, in a July 14 article in the Wall Street Journal.
President Obama’s Auto Task Force Chairman Steven Rattner resigned suddenly earlier this week after reports that the New York Attorney General’s office was investigating Rattner’s role in a New York State pension bribery scandal.
“Consumer prices shot up in June by the largest amount in 11 months,” the Washington Post reported June 15, “reflecting the biggest jump in gasoline prices in nearly five years.” The 0.7 percent June increase in the Consumer Price Index represents an annual rate of more than eight percent as well as the first consumer symptom of the hyper-inflation the Federal Reserve created over the past year.