“President Obama urged Congress to adopt a ‘pay-as-you-go’ approach to federal spending in order to restore fiscal discipline, but critics say the president’s call lacks credibility. Faced with a record $1.8 trillion deficit, Obama on Tuesday pushed Congress to take up the spending rules, known as PAYGO. The approach would require lawmakers to pay for new programs, dollar-for-dollar, with budget cuts elsewhere.” (CNN ^[1], Thursday)

Here’s a better idea: No new programs and scrap the old ones.

FEE Timely Classic
“The Costs of Tax and Spend” ^[2] by John D. McGinnis