In last week's Liberty Update, we highlighted the Heritage Foundation's 2022 Index of Economic Freedom…
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Image of the Day: More Economic Freedom = Higher Standard of Living

In last week's Liberty Update, we highlighted the Heritage Foundation's 2022 Index of Economic Freedom, which shows that Joe Biden has dragged the U.S. down to 22nd, our lowest rank ever (we placed 4th in the first Index in 1995, and climbed back up from 18th to 12th under President Trump).  As we noted, among the Index's invaluable metrics is how it demonstrates the objective correlation between more economic freedom and higher citizen standards of living, which this graphic illustrates:

 …[more]

May 19, 2022 • 12:53 PM

Liberty Update

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Obama’s Debt Ceiling Proposal Holds Taxpayers Hostage Print
By Troy Senik
Wednesday, July 13 2011
After months of operating in absentia, the president has now reemerged, talking up the need for “the biggest deal possible” – a grand bargain that would include entitlement reform, spending cuts and – of course – tax hikes. Obama’s proposal is a poison pill that sensible conservatives on Capitol Hill should dismiss out of hand.

To say that Barack Obama has a well-defined leadership style would be perhaps too complimentary. What Obama has instead is a style of crisis management masquerading as leadership. Time and time again, the president waits for issues of public import to reach a moment of absolute peril before publicly weighing in. It was his way in the debate over ObamaCare, over extending the tax cuts enacted by President George W. Bush and now over raising the national debt ceiling.
 
On Monday, Obama took to the podium in the White House Briefing Room to deliver a risible diagnosis of America’s debt crisis. Among his insights: “What we have said is as part of a broader package we should have revenues, and the best place to get those revenues are from folks like me who have been extraordinarily fortunate, and that millionaires and billionaires can afford to pay a little bit more.”
 
What the president fails to grasp is that the roster of “folks like me” is extremely thin. The vast majority of individuals in the upper strata of the income tax code didn’t get there through self-referential bestsellers. Rather, they got there through building businesses from the ground up – and creating employment opportunities for Americans less fortunate then themselves.
 
Obama is holding those Americans hostage in the debt ceiling talks. After months of operating in absentia, the president has now reemerged, talking up the need for “the biggest deal possible” – a grand bargain that would include entitlement reform, spending cuts and – of course – tax hikes.
 
Obama’s proposal is a poison pill that sensible conservatives on Capitol Hill should dismiss out of hand.  The president has had more than two years to execute policies that he contends can generate economic growth, relying primarily on government spending. With those initiatives only compounding the nation’s debt crisis in the end (the final tab for the stimulus bill alone is estimated at nearly a trillion dollars), it’s the height of blame-shifting to ask taxpayers to further suffer for the president’s fundamental misunderstanding of basic economics.
 
Unfortunately, the response from Republicans in Congress has not been uniform. Speaker of the House John Boehner is resolutely (and rightly) drawing a line in the sand, refusing to accept tax increases as a part of the deal.  Senate Minority Leader Mitch McConnell, however, has showed no such steel, proposing a plan that would essentially allow Obama to unilaterally increase the nation’s debt ceiling with no actionable requirements to cut spending.
 
McConnell’s plan represents exactly the kind of politics that organizations like the Tea Party arose in response to: Blame the other side while the nation remains on the road to perdition. Rather than sign on to this fool’s bargain, the GOP should maintain the courage of its convictions while still producing a plan with a chance at political success.
 
This means that they should directly challenge Obama’s contention that he will not sign a short-term fix to the debt crisis. By insisting on a long-term solution – and then insisting that solution include tax hikes – the president thinks he can paint Republicans into a corner. Instead, they should authorize a short-term increase in the debt ceiling with large spending cuts and no tax increases. That would leave Obama with this dilemma: Sign a bill that doesn’t meet his standards or veto it and stand to bear full responsibility when the nation hits its debt limit.  The latter scenario would test those crisis management skills the president is so fond of – after all, that would be a disaster of his own making.

Quiz Question   
How many days does it take the average U.S. household to consume as much electrical power as one single bitcoin transaction?
More Questions
Notable Quote   
 
"The trial of former Clinton campaign attorney Michael Sussmann crossed a critical threshold Friday when a key witness uttered the name 'Hillary Clinton' in conjunction with a plan to spread the false Alfa Bank Russian collusion claim before the 2016 presidential election.For Democrats and many in the media, Hillary Clinton has long held a Voldemort-like status as 'She who must not be named' in scandals…[more]
 
 
—Jonathan Turley, Shapiro Professor of Public Interest Law at George Washington University
— Jonathan Turley, Shapiro Professor of Public Interest Law at George Washington University
 
Liberty Poll   

Should any U.S. government agency have a function called the "Disinformation Governance Board" (See Homeland Security, Department of)?