It appears that there is at least one thing the Obama administration and the GOP can agree on, and that is that Fannie Mae and Freddie Mac have got to go.
The number of activities contemplated by the Founding Fathers in the Constitution for the federal government is very small. However, astute Americans are aware that much of what the government does these days involves a considerable stretching the Constitution — e.g., the "necessary and proper clause," the "general welfare" clause, and the "interstate commerce" clause — to "justify" the federal government's involvement in everything from education and entitlement programs to energy production and ecology.
The Utah House of Representatives voted on March 4 to make gold and silver coins issued by the federal government into legal tender within state borders, prompting praise from sound-money advocates across the nation. The legislation will now be taken up by the state Senate.
After years of media hype and presidential accolades, Chevrolet has rolled out its new electric car, the Volt, to one of the coolest receptions since Ford began production of the Edsel; in fact, the only way that sales figures for Chevy’s new electric car can appear positive is by comparing them to the even more abysmal sales experienced by the Nissan Leaf.
The catastrophic news on the U.S. Government's debt keeps coming. Since Jan. 5, when The New American reported that the debt had surpassed $14 trillion, the government has added more than $150 billion in unpaid bills.
With the national average price of gasoline hitting the highest level in history for this time of the year, the impact of that increase reaches far beyond the pocketbook of the average worker driving off to work in the morning. For every 25-cent increase in the price of gas (which has increased almost 70 cents per gallon in the last year, and by nearly 30 cents in just the last month), consumers are forced to spend an extra $3 billion that they weren’t expecting.
In its extensive study of how the Boomer generation is faring, the Wall Street Journal focused mostly on their difficulties, challenges, disappointments and missed opportunities. It had little to say about the outside event no one saw coming, the Great Recession, and nothing at all about the resilience of the individuals moving into what used to be called the “golden” years.
Item: In his State of the Union Address, reported the Washington Post for January 26, President Obama “for the first time” did not “hail a newly passed ‘recovery act’ or call for a ‘new jobs bill.’ Instead, he called for a five-year freeze in domestic spending, except for ‘investments’ in education, infrastructure and research.”
On the heels of last week’s report that interest on the $14.13 trillion national debt will quadruple in the next decade, we now learn how much means for the average American household.