debt
Former Vice President Mike Pence is leading a new effort to convince federal lawmakers to address the spiraling national debt. The debt surpassed the $35 trillion threshold in late July, less than eight months after hitting the $34 trillion mark. The upward trend won't stop anytime soon: the Congressional Budget Office expects the debt to hit $56 trillion by 2034, at which point the debt will be 122 percent the size of the U.S. economy. With the country veering into uncharted and dangerous territory, Pence's newly launched nonprofit, Advancing American Freedom (AAF), is asking lawmakers to ste...
Reason
Social Security is facing enormous shortfalls. It is insolvent. Within the next 10 years, no one will be able to avoid this reality—despite decades of politically expedient denial. Yet as of today, both presidential candidates, Vice President Kamala Harris and former President Donald Trump, have announced they won't touch the program. In fact, Trump wants to make it even more insolvent by lifting taxes seniors pay on benefits. Don't get me wrong, I love lower tax rates. I also believe the current tax structure on benefits creates a large incentive for seniors who may want to reenter the workfo...
Reason
The Nikkei just had its worst day since 1987, and the U.S. stock market, which already took a dramatic dive Friday, is tumbling further this week. While it was America's poor jobs report that spurred the global sell-off, there is much we can learn from other countries' experiences—particularly Japan's. There was a time when leading economists predicted Japan would overtake the United States as the world's leading economy. Instead, the Japanese central bank's loose monetary policy produced a real estate bubble, which eventually burst. The government responded with "stimulus" and easy credit, wh...
Reason
The U.S. is headed for "the most predictable economic crisis in history," as Bill Clinton's former White House chief of staff once put it. Why? Because of the mountain of federal debt that we keep making bigger and bigger. For the first time since the wartime economy of the late 1940s, U.S. debt is roughly equal to the value of all the goods and services our economy produces in a year. When World War II ended, all that spending on tanks and aircraft came to a quick end. But the major drivers of today's debt crisis are Medicare and Social Security, and their price tags are set to keep rising. S...
Reason
Lana Del Rey, the critically acclaimed singer-songwriter known for her melancholic hits like "Summertime Sadness," recently revealed a pivotal moment in her early career: using her first paycheck to eliminate $17,200 in credit card debt. Despite her current success, Del Rey's journey to financial stability was fraught with challenges and humble beginnings. Growing up in Lake Placid, New York, Del Rey, born Elizabeth Woolridge Grant, worked various jobs to make ends meet. Before her rise to fame, she moved to New York City at 18 to study metaphysics at Fordham University. In an interview with C...
IBTimes
After the first night of the Republican National Convention, when Teamsters President Sean O'Brien illustrated that the Republican Party may be morphing into the party of unionized working-class Americans, Reason asked convention attendees whether they believed that the Republican party had given up on free markets. Watch now to hear what they had to say! Photo credits: Rod Lamkey—CNP/Newscom; Tom Williams/CQ Roll Call/Newscom; Ron Sachs/CNP/AdMedia/SIPA/Newscom; Yichuan Cao/Sipa USA/Newscom; Michael Brochstein/Sipa USA/Newscom; Li Rui/Xinhua News Agency/Newscom; Wu Xiaoling/Xinhua News Agency...
Reason
America's national debt is out of control. More than $8.1 trillion was added to the gross federal debt under the Trump administration, according to U.S. Treasury Department estimates. (The Congressional Budget Office, which uses debt held by the public and excludes debt owed to government agencies, estimates that Trump signed legislation adding $7.8 trillion in publicly held debt over the next ten years.) Reason's Zach Weissmueller asked delegates and attendees at the 2024 Republican National Convention whether Donald Trump is going to do anything about the debt should he be elected for a seco...
Reason
While the GOP may not speak as loudly about our fiscal situation as it once did, this week's Republican convention offers a good chance to do so—and to offer something positive. The situation is indeed dire. The national debt has reached staggering levels, and the next president will inherit a ticking time bomb of fiscal deadlines that could significantly worsen the burden. The potential expiration of the previous (and popular) Trump tax cuts is one such fiscal cliff. However, it also represents an opportunity: Pay to extend former President Donald Trump's cuts by cleaning out the tax code of ...
Reason
This week's featured article is "Why Did Americans Stop Caring About the National Debt?" by Brian Riedl. This audio was generated using AI trained on the voice of Katherine Mangu-Ward. Music credits: "Deep in Thought" by CTRL and "Sunsettling" by Man with Roses The post <I>The Best of Reason</I>: Why Did Americans Stop Caring About the National Debt? appeared first on Reason.com.
Reason
The Republican National Convention (RNC) kicked off on Monday with a song as old as time: "It's the economy, stupid." That quote, which traces back to the early 1990s, came from Democratic strategist James Carville, an adviser on Bill Clinton's first presidential campaign. But in a testament to the staying power of that message, and its resonance across political parties, it reappeared tonight in MAGA form: "Make America Wealthy Again." A noble goal. Can the Republican Party deliver? It would be hard to answer that based on Monday's program alone, which—as is typical for national political con...
Reason
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