Posts tagged with: debt

molechWe are now witnessing how some make the tie between human tragedy and federal spending. Just yesterday, Senate Majority Leader Harry Reid shamelessly implied that the accident that killed seven Marines in Nevada is tied to spending cuts from sequester. Hollywood actor Harrison Ford lamented that “accidents are going to happen” in aviation because of sequester. It’s almost if more government spending is needed to appease the wrath of the Divine State. If not appeased, wrath will reign down on humanity and nature if not given due alms. We know from Exodus that the Lord our God is a jealous God, but is the federal government a jealous god too? Slowing the rate of growth of this god stirs up anger.

Read more on Is The Divinization of Federal Government Complete?…

In this week’s Acton Commentary, “A Passion for Government Leads to Neglect of Our Neighbor,” I examine how the disconnect between desires and deeds with reference to helping the needy among us perpetuates unbalanced budgets and spending on debt to the detriment of future generations. I highlight how St. John the Baptist came to “turn the hearts of fathers to their children” (Luke 1:17) by exhorting people to look to their neighbors and the small but practical ways they can serve them in love:

During his ministry, John’s message to everyday people, according to Luke, was remarkably simple: “He who has two tunics, let him give to him who has none; and he who has food, let him do likewise.” To the tax collector, he warns not to take more than is due, and to the soldier his counsel is “be content with your wages” (cf. Luke 3:10-14). This was “the way of the Lord”?

I conclude by recommending the same for us today. The problem is not that people do not care, it is that we have forgotten with whom responsibility for the work of caring for the needy among us lies first of all. Read more on How Bearing Each Other’s Burdens Can Lighten Our Burden of Debt…

Ray Nothstine
posted by on Wednesday, February 13, 2013

800px-Livingood_Obama_State_of_the_Union_2011It was William F. Buckley who said “conservatism takes into account reality.” Reality has become the giant political obstacle for conservatives when it comes to governing, campaigning, and political messaging. It seems too many Americans still love their freedoms but eschew many of the responsibilities that come with it. That’s the crisis we face, the lack of responsibility and our collective grasp on reality.

Read more on State of the Union and the Reality Conundrum…

Samuel Gregg, Acton’s Director of Research and author of the book “Becoming Europe“, says one of America’s real debt dangers is our increasing sense of entitlement from the government. In today’s Investor’s Business Daily editorial, Gregg states our “insatiable appetites” are getting us into the very deep economic trouble that no one, least of all politicians, seems to want to face:

Read more on Samuel Gregg: Americans’ ‘Absurd Expectations’ and the Economic Crisis…

In today’s culture, there is always an abundance of news stories about the “War on Christmas.” In my commentary this week, I address that concern and the lack of understanding of the deeper meaning of Christmas. Here’s a highlight:

Read more on Commentary: Christmas and Secularism’s Futility…

Pin not actual size.

I commented last week on the “textbook bubble” (here) and have commented in the past on the “higher-ed bubble” and the character of American education more generally (see here, here, and here). To briefly summarize, over the last few decades the quality of higher education has diminished while the cost and the number of people receiving college degrees has increased. The cost is being paid for, in large part, through government subsidized loans. But with the drop in quality and increase in quantity, a college degree is not as impressive as it used to be; in many cases it no longer signals to employers what it used to. When a critical mass of those loans goes into default, we will have another housing-bubble-esque crisis on our hands. At the same time, government loans, which are largely indiscriminate with regard to the risk of the applicant and guaranteed on the backs of taxpayers, have incentivized colleges and universities to raise the costs to students for the sake of increased expenditures, inflating the bubble even more. Now, Alex Williams of The New Times reports last Friday,

The idea that a college diploma is an all-but-mandatory ticket to a successful career is showing fissures. Feeling squeezed by a sagging job market and mounting student debt, a groundswell of university-age heretics are pledging allegiance to new groups like UnCollege, dedicated to “hacking” higher education. Inspired by billionaire role models, and empowered by online college courses, they consider themselves a D.I.Y. vanguard, committed to changing the perception of dropping out from a personal failure to a sensible option, at least for a certain breed of risk-embracing maverick.

An increasing number of students are realizing that they, to quote Good Will Hunting, do not want to be $150,000 in debt for an education that they could have gotten “for a $1.50 in late charges at the public library.” Read more on The Pin that Might Pop the Higher-Ed Bubble…

Over at Think Christian I take a look at the looming fiscal “cliff,” which we are being told from every conceivable quarter represents a significant danger to America’s fragile economic recovery:

Read more on Is the Fiscal ‘Cliff’ Just a Bump in the Road?…

Ray Nothstine
posted by on Monday, November 5, 2012

The first presidential election I remember was the Ronald Reagan – Walter Mondale race in 1984. My kindergarten class in the Philadelphia suburbs held a mock vote that Reagan overwhelmingly won. It of course reflected the way our parents were voting. I can remember at the age of five, John Glenn was one of the Democrat candidates seeking the nomination and I knew he was a famous astronaut. The truth is, I’ve always been fascinated by presidential elections and Bare Knuckles and Back Rooms by Ed Rollins and Bad Boy: The Life and Politics of Lee Atwater by John Brady are two political books that deeply influenced my thought. Both books remain relevant and offer valuable lessons today.

Read more on RFK, Reagan, and Presidential Elections…

Ray Nothstine
posted by on Friday, October 12, 2012

From a purely political standpoint last night’s Vice Presidential Debate was probably a victory for both candidates. Vice President Joe Biden fired up his base with his aggressive and somewhat dismissive behavior towards Congressman Paul Ryan. Ryan of course did nothing to hurt Romney and showed he is prepared to be president in an emergency.

Read more on Scoring the Vice Presidential Debate…

Jonathan Witt
posted by on Monday, August 20, 2012

Some proponents of limited government understandably yearn to see Mitt Romney’s recently announced running mate, Paul Ryan, as something like the pure intellectual descendent of Friedrich Hayek and Milton Friedman. Some on the left, meanwhile, will be tempted to portray him as a heartless monster who only wants to enrich the 1 percent. Paul Ryan the politician is more complex than either portrait. Far from throwing granny under the bus, his efforts at budget reform are an essential step in saving Social Security and Medicare, along with improving the long-term fiscal health of the nation. On the other hand, and although his American Conservative Union score is a solid 91.69, he did vote for TARP, the bank bailout, and the auto bailout–government intrusions he has said he now partially regrets.

Read more on The Complexities of Paul Ryan…

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