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2. The Subprime Lending Debacle: Competitive Private Markets Are the Solution, Not the Problem
- Author:
- Patric H. Hendershott and Kevin Villani
- Publication Date:
- 06-2011
- Content Type:
- Working Paper
- Institution:
- The Cato Institute
- Abstract:
- The United States' market-government hybrid mortgage system is unique in the world. No other nation has such heavy government intervention in housing finance. This hybrid system nurtured the excessively risky loans, financed with too much leverage, that fueled the U.S. housing bubble of the last decade and resulted in the systemic collapse of the global financial system.
- Topic:
- Debt, Economics, and Financial Crisis
- Political Geography:
- United States
3. Bankrupt: Entitlements and the Federal Budget
- Author:
- Michael Tanner
- Publication Date:
- 03-2011
- Content Type:
- Working Paper
- Institution:
- The Cato Institute
- Abstract:
- The U.S. government is about to exceed its statutory debt limit of $14.3 trillion. But that actually underestimates the size of the fiscal time bomb that this country is facing. If one considers the unfunded liabilities of programs such as Medicare and Social Security, the true national debt could run as high as $119.5 trillion.
- Topic:
- Debt, Economics, Human Welfare, Financial Crisis, Governance, and Health Care Policy
- Political Geography:
- United States
4. The New "Supercommittee": An "Optimistic" View
- Author:
- Jared Lobdell
- Publication Date:
- 11-2011
- Content Type:
- Working Paper
- Institution:
- The Cato Institute
- Abstract:
- An October New York Times story remarked that “with just five weeks until its deadline, a secretive Congressional committee seeking ways to cut the federal deficit is far from a consensus, and party leaders may need to step in if they want to ensure agreement, say people involved in the panel's work.” We have this “supercommittee” of twelve members of Congress, ostensibly for the purpose of cutting a minimum $1.2 trillion from our deficit, chosen by four appointers, none agreeing with any other on exactly what ought to be done, representing mostly diametrically opposing wings of two parties with irreconcilable differences.
- Topic:
- Debt, Economics, Global Recession, Monetary Policy, and Financial Crisis
- Political Geography:
- United States
5. Budgetary Savings from Military Restraint
- Author:
- Benjamin H. Friedman and Christopher Preble
- Publication Date:
- 09-2010
- Content Type:
- Working Paper
- Institution:
- The Cato Institute
- Abstract:
- The United States needs a defense budget worthy of its name, one that protects Americans rather than wasting vast sums embroiling us in controversies remote from our interests. This paper outlines such a defense strategy and the substantial cuts in military spending that it allows. That strategy discourages the occupation of failing states and indefinite commitments to defend healthy ones. With fewer missions, the military can shrink its force structure—reducing personnel, the weapons and vehicles procured for them, and operational costs. The resulting force would be more elite, less strained, and far less expensive. By avoiding needless military conflict and protecting our prosperity, these changes would make Americans more secure.
- Topic:
- Defense Policy, Arms Control and Proliferation, and Debt
- Political Geography:
- United States and America
6. CATO Institute: Deficits, Interest Rates, and Taxes: Myths and Realities
- Author:
- Alan Reynolds
- Publication Date:
- 06-2004
- Content Type:
- Working Paper
- Institution:
- The Cato Institute
- Abstract:
- The federal government's swing from budget surpluses to budget deficits has raised concerns about possible negative economic effects. Some economists have argued that deficits will raise interest rates, reduce economic growth, increase trade deficits, and possibly create a financial crisis.
- Topic:
- Debt, Economics, and Government
- Political Geography:
- United States