Search

Means-tested social-welfare spending, such as Medicaid, food stamps, and refundable tax credits, is the main driver of the current fiscal crisis in the United States, not Social Security and Medicare as commonly believed. While Social Security and Medicare do contribute to the deficit, they are largely funded by dedicated payroll taxes. In contrast, means-tested welfare spending totaled $1.6 trillion in 2023 and absorbs 72.6% of unobligated general revenue. The growth in welfare benefits has outpaced defense spending, resulting in the U.S. redistributing a larger share of its GDP through transfers and taxes than most developed countries. The article argues for mandatory work requirements for welfare recipients and counting all transfer payments as income to accurately measure poverty rates. [Extracted from the article]

The article discusses the negative consequences of protectionism and industrial policy on the economy. It argues that while protectionist policies may benefit a few special interests, they ultimately harm society as a whole. The article highlights the high costs associated with recent tariffs on washing machines and steel, which have resulted in decreased manufacturing output, reduced employment in the manufacturing sector, and higher trade deficits. The authors emphasize the importance of consumer sovereignty and the free market in determining what is produced and how resources are allocated. They caution against allowing politicians and bureaucrats to dictate economic decisions, as they often prioritize their own interests over those of consumers and workers. The article concludes by advocating for a focus on consumer benefit and economic growth rather than job creation as an end in itself. [Extracted from the article]

Byline: Phil Gramm Because I was born at Fort Benning, grew up in Columbus and graduated from the University of Georgia, I always had an affinity for Georgia during my [...]

The article discusses the negative impact of protectionist trade policies, specifically focusing on the tariffs implemented by former President Trump and continued by President Biden. The authors argue that protectionism hinders production and competitiveness by raising costs for American producers and consumers. They provide evidence that the tariffs did not lead to increased manufacturing employment and actually resulted in job losses. Additionally, the article highlights the high cost of protectionism to consumers and the concentrated benefits it provides to a few politically connected industries. The authors conclude that protectionism primarily benefits the powerful at the expense of the rest of the population. [Extracted from the article]

The article discusses the flaws in the Census Bureau's official measure of poverty and the push for the experimental Supplemental Poverty Measure. The official measure fails to count most government subsidies as income, resulting in an inflated poverty rate. The Supplemental Poverty Measure counts more government benefits as income but defines poverty in relative terms, ensuring that the poverty threshold rises as median income rises. The article argues for the need for an accurate measure of poverty and criticizes the political bias and potential fraud in the current system. [Extracted from the article]

The article discusses how the Biden administration is using international agreements and coordination with European countries to implement its agenda, bypassing Congress and the courts. Examples include the administration's support for the Organization for Economic Cooperation and Development's global minimum tax, collaboration between the Federal Trade Commission and the U.K. antitrust watchdog, and the Securities and Exchange Commission's proposed climate-change standard. The authors argue that these actions are threatening American exceptionalism and economic prosperity, as they impose European-style regulations on the U.S. economy. They suggest that these policies do not align with the desires and needs of American families. [Extracted from the article]

Byline: Fredreka Schouten WASHINGTON -- Republican John McCain had the strongest fundraising month of his presidential campaign in June, collecting $22 million and starting July with nearly $27 million in [...]

NEW YORK -- Phil Gramm, the conservative Texas senator who helped rewrite the rules of US financial services, is to join UBS Warburg as a vice chairman after his term [...]

To the Editor: Gene Sperling says tax cuts will doom Social Security because 'every Social Security surplus dollar is already committed to paying benefits for existing or soon-to-be retirees' (Op-Ed, […]

PHIL GRAMM The headline on an editorial last Tuesday was, 'One man holds up bank reform.' I want to know who he is. Congress is about to knock down the [...]

QUOTE: 'The genius of the American system is that we have created extraordinary results from plain old ordinary people.' --Gramm, Phil SUBJECT: [...]

TAXES carry economic costs wholly apart from their expense to taxpayers. A tax on theater tickets would hurt attendance, for instance, and an income-tax rise would dampen citizens' incentive to […]

Two Federal judges recently announced that they would refuse to take drug cases because they oppose mandatory minimum sentences. One judge, Jack Weinstein of Brooklyn, confessed to a 'sense of […]

U.S. Senator, R-Texas Sen. Gramm, ranking member of the Committee on Banking, Housing and Urban Affairs, spoke at a hearing on housing and community development needs in America recently. Excerpts [...]

LEAD: As Eastern Europe emerges from an economic dark age, America has a unique chance to create jobs, hope and opportunity there -not through aid but through free-trade agreements, like […]