As a share of national income, federal spending peaked during the Reagan administration; spending has increased only half as fast under President Obama as under President Bush; and declining revenues, not rising spending, accounts for the swelling federal deficit overseen by the Bush and Obama administrations.
Nobel Prize-winning economist Paul Krugman employed a bit of imagination while discussing the need for fiscal stimulus on Fareed Zakaria’s “GPS” last week, playfully suggesting that the discovery of an impending alien attack would force ... (more)
President Obama’s detractors apparently like to push the idea that he is responsible for jacking up government spending to new heights, but The New York Times’ Paul Krugman took it upon himself to do away with this “myth,” as he put it, in his column Sunday.
Bob Bennett, three-term Republican senator from Utah, has been ousted from running for re-election by the conservative tea party movement after he was deemed unfit (he supported health care reform). Bennett came in third at the state Republican convention in Salt Lake City.