Illinois is running a massive budget deficit. Instead of making the painful, but necessary spending cuts to get its budget under control, the new Governor is going to raise income taxes, corporate taxes, cigarette taxes, and automobile licensing fees.

Illinois isn’t the only state adopting major tax hikes. California, already in a record breaking budget deficit, just passed $13 billion of new taxes into law. The Governors of Arizona and North Carolina are advocating significant tax increases as well.

Will your state be next?

Read the article here.

The Federal Reserve Transparency Act (HR 1207) now has the support of over forty Democrats and Republicans in the House.

The Federal Reserve, responsible for our monetary policy and the health of the entire financial system, has presided over at least six, major “Boom-Bust” cycles since its inception in 1913.

However, it is virtually unaccountable to Congress or the American people. With its inability to predict or to halt the latest financial meltdown, the Federal Reserve is finally coming under increased scrutiny.

Momentum to audit the Fed is rapidly growing in Congress. If it’s going to print, borrow, and lend trillions of our dollars, don’t we have a right to know how they’re spending our money?

While the American people are suffering from the worst economic downturn since the Great Depression, Congress is meeting to decide how best to decide the college football national championship.

So, don’t worry about the nearly $2 trillion budget deficit, $11 trillion national debt, or 650,000 job losses per month. Congress has all that under control. For now, they have more pressing matters, like deciding how a national championship playoff system should work.

Makes you want to cry.

Read the article here.

The Obama administration has predicted that 3.5 million jobs will be created and/or saved by its nearly $1 trillion stimulus package. However, a slew of economists have this to say regarding this seemingly bold claim:

“Very uncertain”
“Difficult to distinguish among alternative estimates”
“Subject to substantial margins of error”

As the ABC News article states, “Assumptions are piled atop assumptions, rules of thumb, historical experience, theory, and more than a little hope.”

As a result, such a claim cannot even be properly measured. It’s akin to a scientific model that can’t be put to the test. Such a model is effectively worthless.

Therefore, the claim that the stimulus package will save and/or create 3.5 million jobs is about as absurd as the Bush administration’s stubborn refusal to acknowledge the economic recession which commenced in late 2007.

Who are they kidding?

Read the article here.