Biden’s ‘American Jobs’ Plan Could Cost Taxpayers about $666,000 per Job Created

President Joe Biden and VP Kamala Harris

President Joe Biden’s proposed $2 trillion American Jobs Plan could end up costing taxpayers more than $666,666 per job created.

The Washington Post gave Biden “two Pinocchios” for saying the American Jobs Plan, his infrastructure and jobs proposal, will create 19 million jobs. Both Biden and his Transportation Secretary Pete Buttigieg have made the 19 million jobs claim. The source of the statement is a Moody’s analysis, which CNN pointed out had estimated the U.S. economy would add about “16.3 million jobs over the same period if the infrastructure proposal does not get passed.”

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Commentary: Debt Is the Most Predictable Crisis in U.S. History

Former Treasury Secretary Henry Paulson issued a stern warning in last week’s Wall Street Journal: “A world-class financial system can’t exist in a country that fails to maintain the quality of its credit.”

America’s debt problem was already wildly out of control for the past 20 years, but we now face truly unprecedented additional levels of debt issued by Congress in response to the pandemic. From 2000 to 2019, the federal debt rose from $5.6 trillion to $22.7 trillion, and it is expected to top $27 trillion by year’s end, a whopping 19 percent increase this year. Another trillion in virus relief spending now seems to be at the low end of spending estimates going into 2021.

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Report: Consumers on Track for Record Year of Debt Repayment Before Coronavirus Hit

U.S. consumers were on track for a record year of debt repayment before the coronavirus shutdown, according to a new 2020 Credit Card Debt Study published by the personal-finance website WalletHub.

Consumers entered 2020 owing more than $1 trillion in credit card debt after a $76.7 billion net increase during 2019. By the end of March, however, they posted the largest first-quarter credit card debt paydown – $60 billion – since at least 1986.

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Pew Report: Expect Increase in Debt Collection Lawsuits, Debt Collectors Seizing Stimulus Checks

A new report published by Pew Charitable Trusts suggests that with the increase of debt collection lawsuits, “debt collectors may seize $1,200 coronavirus checks intended for household expenses.”

Before the coronavirus restrictions began, American household debt had already increased by $1.5 trillion between 2008 and 2019. As debt increased, so also did an aggressive approach made by creditors and third-party firms to use state civil courts to pursue collections through debt claims, Pew says.

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Commentary: Deficits Are Secondary to What You’re Paying For

US Capitol

“I am not worried about the deficit,” Ronald Reagan famously said. “It is big enough to take care of itself.”

If you pay attention to the libertarian purists, President Reagan earns mixed reviews on his economic policies. After all, in 1983, the federal budget deficit exceeded 6 percent of GDP. But Reagan was untroubled by federal budget deficits for at least two reasons, and in both cases he has been vindicated by history.

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Federal Report Says Millennials Are Poorer Than Other Generations

by Ryan McMaken   One of the challenges in looking at income and wealth data is getting a sense of how different demographic groups are affected. It’s relatively easy to find median income and wealth data over time for the entire population, for example. But then problems of interpretation immediately…

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Commentary: Trump, Reagan, and Big Government

Ronald Reagan, Donald Trump

by Jeffery Rendall   As I strolled through the excellent and memory-provoking exhibits at the Ronald Reagan Presidential Library (in Simi Valley, CA) the other day I was struck by how similar President Donald Trump’s approach to today’s politics is to the way Ronald Reagan handled the subject a half…

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Commentary: The Ticking Fiscal Time Bomb Set in 1937 Could Tip America Into Despotism by 2030

US Flag

by Robert Osburn   Celebrated this past July 4, America’s founding story of freedom is truly remarkable: unity, courage, integrity, and national integration (incorporating people from around the world). In most other places, the freedom story is bloody, exclusive, and, ultimately, tyrannical. Take Nicaragua, for one example: In 1979, the Sandinistas…

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Metro Nashville Faces Reality of Heavy Borrowing in $34 Million Revenue Shortfall

John Cooper

Surprise! Nashville is growing skyscrapers and other developments at an ever-increasing rate yet faces a $34 million revenue shortfall. Councilman-at-large John Cooper, who is on Metro’s Budget and Finance Committee says Nashville’s revenue continues to grow faster than most cities, to the tune of a couple billion dollars, NewsChannel 5…

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