Standard & Poor's government-credit-ratings guru David Beers played his cards close to the vest on the topic of a U.S. downgrade in our CNBC interview this week. However, this head of S&P's global sovereign-ratings business -- with a staff of 80 covering 126 countries -- issued three strong warnings to the debt-ceiling negotiators in Washington.
Here is what I do not understand: President Barack Obama is acutely aware of what will happen if Congress fails to raise the government's $14.3 trillion debt ceiling. As he told the nation Monday, if Washington does not raise the debt ceiling by Aug. 2, rating agencies are expected to downgrade the government's AAA credit rating, and interest rates will rise for everyone. The fallout could spark "a deep economic crisis."
Most presidents affect the standing of their political parties. Ronald Reagan advanced his party's standing among young voters. So did Bill Clinton.
The headlines on the Drudge Report make it sound worse than it is: "Blacks, liberals flee in droves." And underneath: "Sanders (that's Bernie Sanders, the Independent from Vermont): Obama should face primary challenger." And above: "Obama's Base Crumbles."
How have we arrived at this place where the fate of our federal budget -- our economy, indeed our capacity to have a functioning federal government -- seems to depend on what two men (the speaker of the House and the president) may or may not be secretly talking about in an interior room in the White House?
In 2007, Norwegian Justice Minister Knut Storberget proposed extending Norway's absolute maximum criminal sentence of 21 years to 30 years for genocide, crimes against humanity and terrorism. That proposal didn't go anywhere. The maximum criminal sentence in Norway is 21 years.
"What did the Oslo killer want?" asks one of many irritating headlines over the weekend. The Norwegian terrorist, Anders Behring Breivik, called for a number of societal changes as he massacred his countrymen in a meticulous assault, Foreign Policy reported. But let's skip them and cut to the chase: Breivik was insane.
Those who consider themselves constitutional conservatives should take care to consider not only the powers that the Constitution confers on the different branches of government and reserves to the states and the people, but also the schedule that the Constitution sets up for sharp changes and reversals of public policy.
Former Minnesota Gov. Tim Pawlenty's bid to win the GOP presidential nomination hasn't exactly been catching on fire. Earlier this month, The New York Times ran a story about his candidacy under the headline "Will Republican Race's First In Be the First Out?"
As America lurches toward new and unfamiliar status as a nation that defaults on its debts, commentators around the world are wondering how the democratic government that was once the most admired in the world -- for many reasons -- is now so "dysfunctional," to use the polite term. But the truth is that the entire U.S. government is not dysfunctional. Much of the government functions well enough or better, and even the members of the troubled U.S. Senate seem to be trying, a little late, to deal with the problem before us.
Former Louisiana Gov. Buddy Roemer is expected to officially launch his presidential campaign today. His announcement again tests the famous philosophical question: If a tree falls in a forest and no one is around to hear it, does it make a sound?
Although the calendar for gubernatorial elections in the 2011-2012 cycle is relatively light since most of the action in statehouse races occurred last year, several notable contests are developing for this November and next. States such as Indiana, Missouri and North Carolina, which happen to have been the three closest states in the 2008 presidential election, could see competitive races for governor in 2012, and two off-year elections -- in West Virginia and Kentucky -- will test Democrats' strength in deeply Red states.
I've been plagued with migraines for years. So when The Daily Caller reported that GOP presidential hopeful Michele Bachmann has had severe migraines, it took my colleagues but minutes to propose that I write on the controversy.
There are a lot of known unknowns about the new "Gang of Six" budget proposal. But conservatives should hold back from trashing it. Why? There's a large, pro-growth tax-reform piece in the plan that would lower tax rates across the board. This is a stunning reversal of the Obama Democrats' soak-the-rich, class-warfare campaign.
I have a horrible confession to make. I'm an environmentalist who's been hoarding old incandescent light bulbs before they become illegal in January. But it was all unnecessary, so I learn.
When governments want to encourage what they believe is beneficial behavior, they subsidize it. Sounds like good public policy.
In Atlanta, the teachers cheat on exams so the students don't have to. It doesn't raise the knowledge level of our children, but it gets the school system past the next exam -- even as the system continues its death spiral. We will know the spiral has reached its terminal station when there is full unionized teacher employment and complete student illiteracy.
For weeks, the signs were flashing on every freeway in Los Angeles: 405 closed between 10 and 110/July 16-17. EXPECT BIG DELAYS.
If Washington fails to raise the $14.3 trillion debt ceiling and default follows, the results won't mirror that of L.A.'s "Carmageddon" weekend (when Angelenos stayed home in response to a major freeway closure and then blamed the media for over-hyping the story). A default on the federal debt means interest rates will rise, the cost of borrowing will balloon -- and the only sure outcome will be that voters will blame Republicans.
Among the Republicans vying for their party's presidential nomination, only former New Mexico Gov. Gary Johnson had the self-respect to denounce the ludicrous "Marriage Vow" pledge. Such pledges are a means through which small interest groups can make candidates crawl. The intimidation comes from their highly engaged members, who can affect the outcome of unrepresentative political contests -- the upcoming Iowa caucuses being a good example.
