Free Republic

The U.S. debt surpassed 100 percent of gross domestic product after the government's debt ceiling was lifted, Treasury figures showed Wednesday, according to AFP. The debt, which had been in somewhat of a holding pattern over the past several weeks, rose $238 billion after President Obama signed the debt-ceiling deal into law Tuesday to avoid the country's first-ever default. The package is designed to carve $2.4 trillion from the deficit over the next decade. But in the near term, it granted Washington an increase in its borrowing authority worth the same amount. With that authority, the public debt has climbed...

Will the economic stimulus plan lead to the end of prosperity, individual initiative, personal dreams, and a complete transformation of America, as we have known it? | Cal Thomas In Charles Dickens’ novel David Copperfield, Wilkins Micawber delivers an economics lesson to young David that has been lost on most congressional Democrats, the president, and many of us. “Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.” The so-called “stimulus plan” cooked up mostly by House Democrats is, in reality, a plan to stimulate government...