A report today reminds us Newt Gingrich was responsible for securing passage of the huge unpaid for Medicare Drug Act of 2003 that added hundreds of billions to federal debt. Now he’s proposing a massive tax cut that would reward the rich and create over a trillion dollars in annual deficits.

Bruce Bartlett is the latest to point out that all the conservative demagoguery about America’s crushing, business-destroying tax burden is completely devoid of any context in time or space. Our actual tax revenues are very low both chronologically and geographically.

In a world supposedly governed by 11 dimensional chess, we find unusually straight forward advice directed at the Obama Administration on how to react to the dismal unemployment numbers.

Rep. Grayson will be offering a presentation on how the mal-distribution of income and wealth have caused the chronic federal deficit, which has led to a series of bubbles, crashes, and other structural economic problems. He will also address how progressive action is necessary in order to fix the problem.

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When fully in control of Washington, the Republican Party has traditionally shown no concern for budget deficits. They had no problem passing both unpaid-for tax cuts or huge entitlement expansion on nearly party line votes. As Republican Vice President Dick Cheney famously said, “Deficits don’t matter” –at least as long as Republicans are in the White House.

The bond vigilantes have spoken at last!

The deficit hawks have held up the threat of borrowing from China as an excuse to cut Social Security and Medicare. In reality, the budget deficit has almost nothing to do with borrowing from China.

The Washington Post really really wants to cut Social Security and can’t resist getting its view in almost every news story that touches on the issue.

Republican Representative Paul Ryan ranks high on the Washington Post’s list of serious budget analysts. Unfortunately, like the Post, he has difficulty with the truth.

Public pension funds would not be facing a crisis if economists’ projections of stock returns had been accurate.