Congress should be looking hard at dramatic discretionary spending cuts. It’s really gotten out of control (via the Congressional Budget Office):
That’s the question CNBC’s Larry Kudlow asked House Budget Chairman Paul Ryan yesterday, which resulted in a fascinating exchange:
IBD’s Jed Graham shows what’s supporting consumer spending these days:
Three props to personal income — higher social insurance benefits, lower tax payments and higher government wages and benefits — are adding just shy of $1 trillion to personal income on an annualized basis relative to pre-recession levels.