Will America be transformed by a “Fourth Turning” crisis?

Since President Joe Biden was inaugurated, the federal debt has increased by more than $7 trillion.

By: Arthur Laffer and Stephen Moore – wsj.com – June 23, 2024 The crazy economic theory that spending has no consequences. Under MMT, the crisis never ends. Proponents posit that because the dollar is the world reserve currency and the Treasury can sell bonds at low interest rates, Uncle Sam can spend and borrow limitlessly with no economic risk. As Stephanie Kelton,...

By: William A. Galston – wsj.com – June 25, 2024 Politicians need to recognize the urgency of cutting benefits or raising revenue. During the Obama administration, many economists and political commentators became worried that the U.S. faced endless budget deficits that could cause higher interest rates, depress investment, and slow economic growth. Some elected officials pressed for a so-called grand...

By: David Malpass – wsj.com – June 26, 2024 Biden’s costly rules and spending made inflation worse. The challenger would foster growth. The May consumer-price index showed a stubborn 3.3% increase in prices during the past 12 months. That is too high for affordability—and for rate cuts, given the Federal Reserve’s rigid 2% inflation target. With oil and gasoline prices...

By: The Editorial Board – wsj.com – June 19, 2024 CBO projects that this year’s budget deficit will clock in at roughly $2 trillion, some $400 billion more than it forecast in February and $300 billion larger than last year’s deficit. This is unprecedented when the economy is growing and defense spending is nearly flat. The deficit this fiscal year...

America is now almost $35 trillion in debt. That means every American owes $100,000.

Nearly three in five Americans wrongly believe the US is in an economic recession, and the majority blame the Biden administration, according to a Harris poll conducted exclusively for the Guardian.

Whatever happened to the American Dream? Only a generation ago, millions of Americans still held to this vision of meritocracy. The US prided itself on being the land of opportunity, where the rigid class system of the old world could be overcome.

Could a second Biden term be more injurious to the economy than his first term?