It is becoming increasingly obvious that the Republican leaders in the House of Representatives never really had their hearts in all their pre-election talk about shrinking government. Having vowed to cut $100 billion from the Obama administration’s proposed budget for fiscal year 2011, they were prepared instead to trim a paltry $35 billion, arguing that on a prorated basis it works out to about $74 billion for the year, still 26 percent less than their modest stated goal.
The Federal Reserve cherishes its privacy and has fought tooth and nail to keep it. Nevertheless, its ability to shower greenbacks on favored corporations and foreign banks may soon be drawing to a close thank s to the 2010 elections.
“We’ve had some incidents where TSA authorities think that congresspeople should be treated like everybody else,” Rep. James Clyburn (left, D-S.C.) told Fox News Sunday.
According to the federal government’s 2010 financial statements, released in late December, the 2010 deficit was $1.29 trillion, a slight decrease from the 2009 deficit of $1.42 trillion. Despite this minor improvement, the long-term debt when all obligations are taken into account, including such major unfunded liabilities as Social Security and Medicare, is an astounding $64 trillion — and that may be understating things by about $12.3 trillion, says John Williams of ShadowStats.com (as reported by Douglas French on the Ludwig von Mises Institute blog).
Leave it to Democrats to make the spendthrift Republicans of the George W. Bush era look like tightwads. “The federal government,” reports CNSNews.com, “has accumulated more new debt — $3.22 trillion ($3,220,103,625,307.29) — during the tenure of the 111th Congress than it did during the first 100 Congresses combined, according to official debt figures published by the U.S. Treasury.” That comes to “$10,429.64 in new debt for each and every one of the … people counted in the United States by the 2010 Census,” writer Terence P. Jeffrey explains, adding that the total national debt as of the close of business on December 22 “now equals $44,886.57 for every man, woman and child in the United States.
Conservatives may have lost some battles for committee chairmen in the incoming Republican-dominated House of Representatives, but they are making up for it when it comes to subcommittees. For economic conservatives there is the appointment of Rep. Ron Paul of Texas to head the Financial Services Subcommittee on Domestic Monetary Policy and Technology. Social conservatives, meanwhile, scored a victory with the selection of the staunchly pro-life Rep. Joseph Pitts of Pennsylvania as chairman of the Energy and Commerce Subcommittee on Health.
The media response to the appointment of Rep. Ron Paul (R-Texas) to the chairmanship of the House Domestic Monetary Policy Subcommittee has been swift and — somewhat surprisingly — mostly positive. Perhaps it is due to the fact that public opinion has been turning against the Federal Reserve, Paul’s longtime target that is overseen by his subcommittee.
It’s official: Texas Congressman Ron Paul will be the Chairman of the House Subcommittee for Domestic Monetary Policy and Technology when the 112th Congress convenes in January. Rep. Spencer Bachus of Alabama, who is slated to be the Chairman of the House Financial Services Committee, of which the Monetary Policy Subcommittee is a part, announced Paul’s appointment as chairman of that subcommittee on December 9.
Will Tuesday be Ron Paul’s big day? Robert Wenzel of EconomicPolicyJournal.com thinks so, as does Paul confidant Lew Rockwell. On December 7 the Republican leadership in the House of Representatives is scheduled to announce the chairmen of various committees and subcommittees, including the Subcommittee for Domestic Monetary Policy and Technology, of which the Texas congressman is currently the ranking Republican member.