In 2009, according to a new Congressional Budget Office study, almost all (94.1%) federal income taxes collected were paid by just one-fifth of Americans (top quintile) and the top 1% paid almost 39% of all taxes collected.  In contrast, the lowest and second quintiles were net "tax collectors" because that 40% of Americans received more in refundable tax credits than they paid in income taxes.

 The middle class, having long been a net contributor to the funding of government, is now a net recipient of government largess.

Over the past 35 years, the number of fires in the United States has fallen by more than 40% while the number of career firefighters has increased by more than 40%.

This chart neatly explains why governments should pre-fund retiree health care benefits and also why they don't.

The U.K. responded to the financial crisis by running large fiscal deficits, cutting interest rates to zero, and “printing money” through several rounds of quantitative easing. Over this period, the result has been worse macroeconomic performance in the U.K. than in Spain, a country “trapped” in the euro straightjacket. This outcome is fundamentally inconsistent with the Keynesian view that the key... More

The United States, Canada, and Mexico are awash in hydrocarbon resources: oil, natural gas, and coal. The total North American hydrocarbon resource base is more than four times greater than all the resources extant in the Middle East. And the United States alone is now the fastest-growing producer of oil and natural gas in the world.

The ratio of workers to retirees collecting benefits in government pension funds has declined in just a decade by half a worker.That might not be a problem if our pensions were well-funded. But they are not.

President Obama  calls for letting the Bush tax cuts expire on families more than $250,000 a year (and individuals making over $200,000).  This tax increase will affect many businesses that file under the personal income tax code rather than as C corporations – what are known as “pass-through” businesses because the profits pass through to the owners.  This is ... More

A new study by the U.S. Census describes who receives public assistance programs. A major finding is that married couple families constitute only between 10% and 12% of those receiving any type of welfare assistance.

Fewer worker relatively speaking, support more and more recipients with exponentially growing payments. This is supposed to work?