Thanks to the office of Senator Jeff Sessions (R-Ala), ranking member on the Senate Budget Committee, sends along this shocking chart, showing that ‘America’s Per Capita Government Debt is Worse off Than Greece,’ as well as Ireland, Italy, France, Portugal, and Spain: Under Obama’s new budget plan, the gross Federal debt alone would reach $75,000 […]
Iceland is in a true recovery, the their bond rating was raised in a world where everyone’s is being down graded. They let their banks fail and let losses be recognized by those who made the bad bets. They didn’t saddle their citizens with billions (trillions being the U.S. equivalent) of losses. They let capitalism […]
We need to follow Greece because their default and withdrawal from the eurozone would set off major consequences to the European Monetary Union, and thus the EU, that are unforeseeable. A default would impact Greek banks who are major lenders to the government, as well as major German, French, and Belgian banks. These defaults would […]
At this point in the Eurozone crisis, the only responsible thing for European leaders to do is to develop contingency plans that will minimize the economic fallout in Europe when—not if—Greece defaults. Economic figures released today for the fourth quarter of 2011 paint a bleak picture for the already embattled Eurozone. Italy and the Netherlands, […]
At the close of business, the federal government’s debt limit will increase by another $1.2 trillion, the final installment in a series of hikes that started last summer. This last increase, from $15.194 trillion to $16.394 trillion, was essentially granted in the Budget Control Act (BCA) of 2011, passed August 2 at the culmination of […]
The Treasury Department has begun maneuvers to avoid hitting the debt ceiling, as the Obama administration waits for Congress to return from the holiday break before it can raise the federal borrowing limit. The U.S. government was just a hair below the $15.194 trillion debt ceiling on Tuesday, $25 million shy of the limit Congress […]
At The Heritage Foundation, our experts work tirelessly to produce relevant research on the big policy questions facing Congress. This year was no different, and Members of Congress, their staff, journalists, researchers, and Heritage members and readers turned to our experts for their analysis. Listed below are the top 10 papers of 2011, covering everything […]
Just how high is America’s tax burden? How bad is the entitlement crisis? Sure, the national debt is big, but just how big is it really? Numbers help tell the story, but as the saying goes, a picture is worth a thousand words. This year, people turned to Heritage to get the answers in the […]
If little Greece (11 m. people) and tiny Ireland (6 m. people) rattled Europe’s windows, because of their debts, Italy is about to blow up Europe’s shaky house. Here is why. Italy is huge (60 m. people, $2 trillion economy, $34,000 per capita GDP), and nearly bankrupt. Italy has the world’s third largest bond […]
Few things are as galling as being right too soon. Back in 1970, dissident Soviet historian Andrei Amalrik wrote a book boldly called “Will the Soviet Union Survive Until 1984?” He predicted that it would not, which greatly annoyed the Communist regime. He was sent to Siberia for his temerity, and later forced to leave […]
