Keyword: broke

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  • Treasury dips into pension funds to avoid debt

    01/17/2012 6:54:19 PM PST · by John W · 110 replies · 1+ views
    Reuters ^ | January 17, 2012 | Reuters
    The Treasury on Tuesday started dipping into federal pension funds in order to give the Obama administration more credit to pay government bills. "I will be unable to invest fully" the federal employees retirement system fund beginning Tuesday, Treasury Secretary Timothy Geithner said in a letter to Democratic and Republican leaders in Congress. The House of Representatives is expected to vote on Wednesday on the Obama administration's request to raise the country's legal debt limit to $16.394 trillion.
  • Spend, Spend, Spend. It’s the American Way (Americans spend while the world saves)

    01/16/2012 3:45:41 PM PST · by SeekAndFind · 4 replies
    New York Times ^ | 01/16/2012 | Robert J. Schiller
    GRIDLOCK in Congress implies that there won’t be any collective decision to spend more as a nation to get out of our slump. Increases in deficit spending seem unlikely, and so does the balanced-budget stimulus I’ve been advocating in this column. For now, we must pin our hopes for a robust recovery on the willingness of millions of consumers to spend substantially more. But what really drives consumer spending? Economists are reasonably good at divining how consumers tend to react to changes in government policy, but in the absence of such policy, and when the economy is in the doldrums,...
  • How The U.S. National Debt Could Drain Your Savings

    01/11/2012 8:33:20 AM PST · by blam · 28 replies
    Money Morning ^ | 1-11-2011 | David Zeiler
    How the U.S. National Debt Could Drain Your Savings January 9, 2012 By David Zeiler, Associate Editor, Money Morning Now that Congress has allowed the U.S. national debt to grow bigger than the American economy, it won't be long until the American public suffers the consequences by losing most of its savings to inflation.Figures for last year show the national debt officially exceeded 100% of the nation's gross domestic product (GDP). According to government figures, the national debt stood at $15.23 trillion at the close of 2011, compared to a GDP of $15.18 trillion. "The 100% mark means that your...
  • Ten States That Cannot Pay Their Bills

    01/11/2012 8:04:38 AM PST · by blam · 62 replies
    24/7 ^ | 1-11-2012 | Michael B. Sauter, Charles B. Stockdale, Ashley C. Allen
    Ten States That Cannot Pay Their Bills Posted: January 11, 2012 at 6:59 amMichael B. Sauter, Charles B. Stockdale, Ashley C. Allen 10. New Hampshire > 2011 budget shortfall as a % of general fund: 27.2% > 2011 budget shortfall: $365 million > 2012 projected budget shortfall: 18.4% (8th largest) > GDP change (2006 – 2010): +7.5% (11th smallest increase) > Median home value change (2006 – 2010): -4% (12th largest decline) New Hampshire is often considered to have weathered the recession better than most states. It has one of the strongest economies in the country in many respects. Its...
  • Pedophilia Added to Greece’s Recognized Disability List

    01/09/2012 5:48:50 PM PST · by massmike · 41 replies · 1+ views ^ | 01/09/2012 | Associated Press
    Greek disabled groups are angry at a government decision to expand a list of state-recognized disability categories to include pedophiles, exhibitionists and kleptomaniacs. But the Labor Ministry on Monday said categories added to the expanded list — that also includes pyromaniacs, compulsive gamblers, fetishists and sadomasochists — were included for purposes of medical assessment and used as a gauge for allocating financial assistance.
  • You’d Be Broke, Hungry and Living On The Street If You Did This

    01/07/2012 3:50:52 AM PST · by upbeat5 · 4 replies ^ | January 4, 2012 | Mac Slavo
    For the average American the thought of borrowing money for a bailout is simply not an option, either because they understand the dangers of debt being used to cover debt or they don’t qualify for the loans in today’s economic climate. For our federal government, as ridiculous as the concept sounds, it is the only option. If you operated this way, you’d be broke, hungry and living on the street:
  • Doctors going broke

    01/05/2012 9:43:56 PM PST · by Nachum · 122 replies
    CNN Money ^ | 1/5/12 | Parija Kavilanz
    New York - Doctors in America are harboring an embarrassing secret: Many of them are going broke. This quiet reality, which is spreading nationwide, is claiming a wide range of casualties, including family physicians, cardiologists and oncologists. Industry watchers say the trend is worrisome. Half of all doctors in the nation operate a private practice. So if a cash crunch forces the death of an independent practice, it robs a community of a vital health care resource. (Snip) Doctors list shrinking insurance reimbursements, changing regulations, rising business and drug costs among the factors preventing them from keeping their practices afloat.
  • Bloomberg Hides Government Causes of Financial Crisis

    01/05/2012 2:33:19 PM PST · by neverdem · 6 replies
    American Spectator ^ | 1.4.12 | Peter Ferrara
    Media propagandists continue to advance the Democratic Party line. On December 21, Bloomberg News breathlessly reported, "The leading Republican candidates for president have embraced an explanation of the financial crisis that has been rejected by the chairman of the Federal Reserve, many economists and even three of the four Republicans on the government commission that investigated the meltdown." Reporter David J. Lynch further explained, "Both former House Speaker Newt Gingrich and former Massachusetts Governor Mitt Romney lay much of the blame on U.S. government housing policies, saying they led to the real estate crash that almost brought down the banking...
  • Obama delays seeking debt-ceiling increase

    12/30/2011 3:27:04 PM PST · by mdittmar · 18 replies · 1+ views
    UPI ^ | Dec. 30, 2011 | UPI
    The Obama administration delayed asking Congress to raise the U.S. debt ceiling by $1.2 trillion after congressional leaders objected to the time frame. The White House said the delay won't affect the nation's creditworthiness, The Washington Post reported.Under the request the administration originally planned to submit Friday, Congress would have had 15 days to disapprove the request or else the debt ceiling automatically would have been raised from $15.2 trillion to $16.4 trillion.Congressional leaders, however, objected to the timeline, saying it would have been difficult for lawmakers to vote on the measure. The House doesn't return until Jan. 17 and...
  • Debt limit request delayed

    12/30/2011 11:42:54 AM PST · by ColdOne · 7 replies
    Politico44/whiteboard ^ | 12/30/11 | Jennifer Epstein
    HONOLULU -- President Obama will hold off on asking Congress to raise the debt limit on Friday as the Treasury Department had originally intended, White House principal deputy press secretary Josh Earnest said. Listening to requests from House Speaker John Boehner (R-Ohio) and Senate Majority Leader Harry Reid (D-Nev.) to have more time so that both houses can vote on a measure of disapproval. As part of the $1.2 trillion deal reached in August, both houses voted on a similar incremental increase in September. It passed in the House but fell in the Senate, and would need a two-thirds majority...
  • Obama to ask for debt limit hike: Treasury official

    12/27/2011 8:24:48 AM PST · by Hoodat · 143 replies · 10+ views
    Reuters ^ | 12-27-2011 | Margaret Chadbourn
    WASHINGTON (Reuters) - The White House plans to ask Congress for an increase in the debt limit before the end of the week, according to a senior Treasury Department official. The debt limit is projected to fall within $100 billion of the current cap by December 30. President Barack Obama is expected to ask for additional borrowing authority to increase the limit by $1.2 trillion. Under the new budget, Congress can only vote to block the debt-ceiling extension with a disapproval resolution. Lawmakers have 15 days within receiving the request to vote down the debt limit increase. The debt limit...
  • 10 Things Medicare Won't Tell You (payments to the dead, estimated annual fraud - $60 billion)

    12/22/2011 7:28:41 AM PST · by Libloather · 13 replies · 1+ views
    Smart Money ^ | 12/20/11 | CATEY HILL
    10 Things Medicare Won't Tell YouThe government's massive entitlement program is full of costly glitches By CATEY HILL DECEMBER 20, 2011, 6:05 P.M. ET 1. "We fork over millions for unproven procedures." 2. "Think Social Security is broke? Just look at Medicare." 3. "We pay for dead people." 4. "Don't expect a five-star plan." 5. "We're not popular with many doctors." 6. "We get ripped off a lot." 7. "We don't cover a lot of the care seniors need most." 8. "Paws off that cash, grandpa: Your settlement is ours." 9. "Complain all you want ..." 10. "Want Your Way?...
  • Fitch again warns U.S. debt burden threatens AAA rating

    12/21/2011 2:39:31 PM PST · by Idabilly · 4 replies
    IBTimes ^ | December 21, 2011 | Daniel Bases
    Fitch, when it lowered its outlook to negative, had said it was giving the U.S. government until 2013 to come up with a "credible plan" to tackle its ballooning budget deficit or risk a downgrade from the AAA status. "A key task of an incoming Congress and administration in 2013 is to formulate a credible plan to reduce the budget deficit and stabilize the federal debt burden. Without such a strategy, the sovereign rating will likely be lowered by the end of 2013," Fitch reiterated. Rival ratings agency Standard & Poor's cut its credit rating on the United States to...
  • Terminally ill woman to stay in foreclosed home until she dies

    12/18/2011 10:55:59 PM PST · by WilliamIII · 12 replies
    Sacramento Bee ^ | December 18, 2011 | Anita Creamer
    Pale afternoon light filled the small bedroom where Claire Findley lay immobile in a hospital bed, an intravenous line running into her arm. An orchid bloomed on the dresser, a gift from a friend who visited over the weekend. Nearby were her breathing machine and a suctioning device. Next to her bed was the cot where her husband, Luther, sleeps every night. She learned this past week that her last wish, to die in the modest Fair Oaks house where she and Luther have lived since 1996, will be possible. "I'm ready to die," said Claire, her voice strangled and...
  • Detroit City Council Members Liken Financial Takeover to New 'Plantation' (Bing, religious leaders?)

    12/04/2011 1:08:49 PM PST · by Libloather · 20 replies
    Fox News ^ | 12/02/11 | Jennifer Hlad
    Detroit City Council Members Liken Financial Takeover to New 'Plantation'By Jennifer Hlad Published December 02, 2011 | Michigan Gov. Rick Snyder is expected to ask for a preliminary review of Detroit's finances as early as Friday -- a move city council members are suggesting is tantamount to a setback for racial equality. Detroit does not want "someone who feels they have to control the plantation," Councilman Kwame Kenyatta said at a city council meeting on Thursday about the prospects of a state-run financial review that could lead to an emergency manager being appointed by the governor to take over...
  • KYLE BASS: This Is What The End Of The Global Debt Super-Cycle Looks Like

    12/01/2011 8:22:21 AM PST · by blam · 72 replies · 1+ views
    TBI ^ | 12-1-2011 | Joe Weisenthal
    CHART OF THE DAY: KYLE BASS: This Is What The End Of The Global Debt Super-Cycle Looks Like Joe Weisenthal Dec. 1, 2011, 10:39 AM In his latest investor letter (via Gurufocus), Kyle Bass lays out his case that a wave of hard defaults is coming. His basic argument: The world is just saddled with too much debt. Throughout history, he says, total debt-to-GDP only ever breached 200% when nations were spending on war. Today we're at 310%. Says Bass: "There is no savior large enough with a magical pool of capital to stafe off this unfortunate conclusion to the...
  • 5 Ways the 2012 Election Has Changed Since the Super Committee's Failure

    11/30/2011 9:58:53 AM PST · by Kaslin · 8 replies ^ | November 30, 2011 | Matt Mackowiak
    The 2012 political year is right around the corner and the recent failure by the so-called "Super Committee" to reach agreement on $1.2 trillion in deficit reduction will re-cast the environment on Capitol Hill and shape the 2012 campaign. With divided control of Congress, and a 60-vote threshold in the U.S. Senate, major Congressional action before the 2012 election is now extremely unlikely. Congress always seems to need a deadline to make the members focus on the country's business, and December promises to be a busy month. It's likely that members of Congress will do the following: - Pass yet...
  • Obama ready to help EU with debt crisis

    11/28/2011 7:57:03 PM PST · by bruinbirdman · 36 replies · 1+ views
    Straits Times ^ | 11/29/2011
    President Barack Obama said the United States was ready to help Europe solve its fiscal problems on Monday, following a summit with European Union leaders dominated by the euro zone crisis. 'The United States stands ready to do our part to help them resolve this issue,' Mr Obama said after hosting EU representatives at the White House, stressing the potential for a European fiscal disaster to crash upon US shores. 'This is of huge importance to our economy. If Europe is contracting, or if Europe is having difficulties, then it's much more difficult for us to create good jobs here...
  • Five Budgets for a Broke-Down and Busted Amerika (By gold )

    11/22/2011 2:35:12 PM PST · by Hojczyk · 1 replies ^ | November 22,2011 | Nick Gillespie
    President Obama wants to spend $3.7 trillion next year and $5.7 trillion in 2021. Rep. Paul Ryan (R-Wis.) wants to spend $3.6 trillion next year and $4.7 trillion in 2021. The Republican Study Committee (RSC) wants to spend $3.6 trillion next year and $4.2 trillion in 2021. Rand Paul wants to spend $3.7 trillion next year and $3.4 trillion in 2016. The Congressional Progressive Caucus (CPC) has a "People's Budget" outline that, in keeping with representing a math-averse nation, doesn't include anything as straightforward as a series of annual-outlay numbers, though it does promise that outlays and revenues in 2021...
  • House rejects balanced budget proposal

    11/18/2011 11:20:31 AM PST · by illiac · 98 replies
    Associated Press ^ | 11/18/11 | AP
    WASHINGTON (AP) — The House has rejected a proposed constitutional amendment that would have forced Congress to balance its budget every year as a way to reverse years of deficit spending. A majority of House members supported the balanced budget measure, but supporters fell short of achieving the two-thirds majority needed to amend the Constitution. Republicans who backed the amendment said it was the only way to get Congress to put its fiscal house in order. Democratic critics said a balanced budget requirement would result in drastic cuts in Medicare and other social programs when economic downturns put the budget...
  • Exclusive: Tea Party Would Cut $9 Trillion

    11/17/2011 9:32:38 AM PST · by mdittmar · 62 replies
    U.S.News & World Report ^ | November 17, 2011 | Paul Bedard
    Scoffing at Washington's troubled effort to cut just $1.2 trillion in federal debt over 10 years, the Tea Party's own debt commission today unveiled a shocking plan to slash nearly $10 trillion over the next decade, in part by eliminating several federal agencies, balancing the budget by 2015, and killing foreign aid to unfriendly nations. "Go bold or go home," says the report from the Tea Party Debt Commission. "Are you listening, Washington?"The FreedomWorks-led effort started months ago by asking Tea Party members for ideas on what to cut from the federal budget. They ended up going much further than...
  • A Super Tax Hike Spells Disaster: Better to Fall Back on the Trigger

    11/17/2011 8:49:50 AM PST · by Hojczyk · 9 replies
    Rea Clear Politics ^ | November 17,2011 | Larry Kudlow
    Trouble is, Democrats don't buy into it -- at least not yet. Senate supercommittee members Patty Murray and John Kerry have opposed real tax reform. And it has been reported that House supercommittee member Xavier Becerra opposes it (although Chris van Hollen might be looking at it). But the whole trouble with the machinations of the two sides in this deficit-cutting episode is that the closer you get to the Nov. 23 deadline, the more compromises are made. Democrats are pulling hard for higher tax rates, which would damage the economy, while Republicans are making no progress getting any meaningful...
  • Fannie, Freddie Execs Defend Pay Packages

    11/16/2011 10:03:43 AM PST · by tobyhill · 11 replies
    fox business ^ | 11/16/2011 | reuters
    Top executives at Fannie Mae and Freddie Mac on Wednesday defended their companies' pay practices which have drawn opposition after it was disclosed the government-controlled firms were paying out nearly $13 million in executive bonuses. Michael Williams, chief executive of Fannie Mae, and Charles Haldeman, Freddie Mac's chief executive, both argued the compensation structures at the mortgage finance firms were warranted to retain and attract qualified staff. A bill to block the pay packages was approved by the House Financial Services Committee on Tuesday in a 52-4 vote. The full House must still vote on the measure. A similar bill...
  • Under GOP House, Federal Debt Has Increased $6,766 Per Household

    11/16/2011 9:52:52 AM PST · by SeekAndFind · 32 replies
    Townhall ^ | 11/16/2011 | Terry Jeffrey
    Americans who follow the workings of our government -- even if only casually -- presumably know that the Republican Party took control of the U.S. House of Representatives in the November 2010 elections. Fewer likely know that the Republican-controlled House gained a veto over federal spending on March 4, 2011. Fewer still may know that from March 4, when the Republican-controlled House gained that veto over spending, through Nov. 14, the national debt increased by $795,257,695,953.36. That works out to about $6,766 each for what the Census Bureau estimates are 117,538,000 American households. Article 1, Section 9 of the Constitution...
  • Talk of defense cuts has GOP in a tizzy

    11/16/2011 9:32:06 AM PST · by SoonerStorm09 · 11 replies
    Red Dirt Report ^ | November 15, 2011 | Andrew W. Griffin
    OKLAHOMA CITY – Using the argument that Oklahoma’s Tinker Air Force Base could potentially be affected by proposed “$500 billion in automatic, across-the-board cuts” aimed at the Defense Department, U.S. Rep. Tom Cole (R-Moore), said in a statement Tuesday that “drastic cuts to the defense budget would have calamitous and long-lasting consequences.” Cole, serving on the Defense Appropriations Subcommittee, noted that “the nation’s military chiefs” expressed their deep concerns about such drastic cuts and that America’s national security would be in peril – in fact, we would face “dire consequences” and that such cuts “would significantly reduce our capability and...
  • Jerry Brown will request billions for high-speed rail project (Anticipated cost now triple!!)

    11/14/2011 12:22:24 PM PST · by SeekAndFind · 31 replies
    Hotair ^ | 11/14/2011 | Ed Morrissey
    I missed this during my travel to BlogCon 2011 in Denver, which I reached by airline travel — an economical and safe choice on a route served by multiple carriers and requiring little government subsidy to use. The competition for this route falls short of that for the Los Angeles-San Francisco route, though, where more than a half-dozen carriers offer flights between California’s two largest metropolises, complete with choices of departure and arrival airports on either end. Despite the lack of need for fast and reliable transportation between the two cities, Governor Jerry Brown told the LA Times editorial board...
  • Federal Government Agencies You Won't Believe Even Exist...

    11/09/2011 5:54:18 AM PST · by Reaganite Republican · 9 replies
    Reaganite Republican ^ | November 9, 2011 | Reaganite Republican
    Commission on Security Cooperation in Europe (CSCE):  Also known as the Helsinki Commission, their job is to monitor European compliance with the Helsinki Final Act, which served to dilute Cold War tensions. Maybe somebody needs to tell them that the USSR ceased to exist over 20 years ago... and that Obama's already abandoned Eastern Europe to current Russian regime anyway. Federal Citizen Information Center (FCIC):  Visitors to the FCIC website can find useful info on topics ranging from how to purchase a new car to how to save $ for college... and all the same as you can find on zillions...
  • Ohio guards its rights

    11/09/2011 8:11:10 AM PST · by pickrell · 12 replies
    9 November 2011 | Ron Pickrell
    In the elections last night, Ohio voters decisively turned back "Ohio Senate Bill 5", which would have limited the power of the public service unions, and forced union members to pay a significant part of their own health care insurance premiums. Granted it was not as much of a share as the Ohio taxpayer had to fork out for their own coverage, but compared to what the union members had been paying... it was an outrage. The issue was settled by State Issue 2, which was a referendum on the Senate bill. The unions can now celebrate a key win,...
  • 40 House Republicans Ask Super Committee for Higher Taxes (List of Names)

    11/09/2011 9:30:04 AM PST · by Rational Thought · 35 replies
    Late last week, a group of 100 U.S. Representatives sent a letter to the so-called Super Committee urging the handpicked group of twelve legislators to consider “all options for mandatory and discretionary spending and revenues” in order to reach the committee’s goal of $1.2 trillion in deficit reduction over the next ten years. In Washington speak, this is code for raising taxes. Among this list is 40 Republicans whose capitulation encouraging the committee to raise taxes is troubling. We shouldn’t be surprised to see 60 Democrats seizing on the opportunity to drive a wedge between conservatives intent on restoring economic...
  • Most Expensive Bill of the Week

    11/08/2011 6:26:30 PM PST · by WOBBLY BOB · 2 replies
    The Bill: S. 1769, Rebuild America Jobs Act Annualized Cost: $8.1 billion ($40.7 billion over five years) Senator Amy Klobuchar (D-MN) sponsored the Rebuild America Jobs Act to rebuild and improve the nation’s infrastructure. The bill establishes short- and long-term national development priorities through new construction programs.
  • DC leads list of most shopaholic cities in America - and New York doesn't even make it into top ten

    11/08/2011 1:10:11 PM PST · by Hunton Peck · 9 replies
    Daily Mail [UK] ^ | 11/7/2011 | Daisy Dumas
    The biggest fashion spenders in America aren't New Yorkers, Los Angelinos or even Chicagoans. They're Washington, DC locals. A new list by focuses on different spending habits across the U.S. - and has thrown some less than predictable cities into the fashion spotlight. Focusing on average monthly spend on clothes, shoes and other wear, the figures show that DC - not normally associated with fashion - is packed with shopaholics who spend, on average, a massive $263 each month on clothes and shoes. Serious spending: As much as NYC is viewed as a shoppers' city, it is Washington DC...
  • City, Feds Dispute Spiraling Cost of San Francisco Subway Project

    11/07/2011 5:59:02 PM PST · by WOBBLY BOB · 7 replies
    fox ^ | 11-7-11 | Claudia Cowan
    Voters approved the project in 2003, to replace a freeway damaged in the 1989 Loma Prieta earthquake. Back then, the cost was $647 million. Today, the price tag is $1.6 billion, with the lion's share of the funding still to come from the federal government. In July, San Francisco's Civil Grand Jury concluded the project was poorly designed, won't meet projected ridership levels, and, as the scathing title of its report says, costs "too much money for too little benefit." At about $1 billion per mile, the Central Subway has become a driving force in Tuesday's mayoral election.
  • Press Should Occupy History Books Before Protest Coverage

    11/04/2011 8:40:07 AM PDT · by tobyhill · 5 replies
    fox news ^ | 11/4/2011 | Chris Stirewalt
    The California-as-Greece meme picked up steam this week when Oakland turned into the poor man’s Athens – clashes with police, protesters shutting down the city’s port (one of Oakland’s few remaining economic engines) and calls for a general strike. And there is a genuine danger for California, which has come upon some very hard times. The state is utterly broke and likely past its ability to increase revenue through tax increases. Wealthy individuals and businesses are fleeing the state for spots in Texas and across the West. New taxes would only worsen the trend. California Democrats were able to resist...
  • Fannie Mae, Freddie Mac Executives Get Big Housing Bonuses

    11/01/2011 8:13:51 AM PDT · by TexasCajun · 12 replies ^ | 10/31/11 11:32 PM EDT | JOSH BOAK & JOSEPH WILLIAMS
    The Obama administration’s efforts to fix the housing crisis may have fallen well short of helping millions of distressed mortgage holders, but they have led to seven-figure paydays for some top executives at troubled mortgage giants Fannie Mae and Freddie Mac. The Federal Housing Finance Agency, the government regulator for Fannie and Freddie, approved $12.79 million in bonus pay after 10 executives from the two government-sponsored corporations last year met modest performance targets tied to modifying mortgages in jeopardy of foreclosure. The executives got the bonuses about two years after the federally backed mortgage giants received nearly $170 billion in...
  • Festering anger, Nazi war crimes and the £60bn the Greeks believe the Germans owe them

    11/02/2011 2:18:08 AM PDT · by markomalley · 22 replies · 1+ views
    Daily Mail ^ | 2nd November 2011 | David Thomas
    (snip) On March 14, 1942, a team of German and Italian lawyers, in the absence of any Greeks, signed an agreement obliging the Bank of Greece to provide Germany with a ‘war loan’ of 476million Reichsmarks (a currency which preceded the Deutschmark). And 70 years later not one penny of it, let alone any interest, has been repaid. Economists (German ones, as it happens) have calculated that, allowing purely for inflation, Greece’s 1942 loan to Germany would today be worth £9bn. But if one adds even a modest rate of interest of 3 per cent, then that debt increases to...
  • Bullet train Project Nearly Triples In Cost (High Speed Rail To Nowhere)

    11/01/2011 8:39:12 AM PDT · by goldstategop · 42 replies
    Mercury News ^ | 10/31/2011 | Mike Rosenberg
    With the Golden State nearly broke, it now plans to secure funding largely by borrowing more, the Associated Press reported, though specifics were unclear. About 20 percent would come from the private sector. Until now, the state had been relying on more than $15 billion from the federal government, $10 billion from private investors and $5 billion from local governments. But the state hadn't gotten any closer to raising the money in the three years since voters approved the plan. The bullet train project, which would link San Francisco and Los Angeles with the nation's first high-speed rail line, has...
  • The debt fallout: How Social Security went 'cash negative earlier than expected

    10/30/2011 4:41:40 AM PDT · by katiedidit1 · 29 replies
    The Washington Post ^ | 10/29/2011 | Lori Montgomery
    Last year, as a debate over the runaway national debt gathered steam in Washington, Social Security passed a treacherous milestone. It went “cash negative.” For most of its 75-year history, the program had paid its own way through a dedicated stream of payroll taxes, even generating huge surpluses for the past two decades. But in 2010, under the strain of a recession that caused tax revenue to plummet, the cost of benefits outstripped tax collections for the first time since the early 1980s.
  • Groups to picket at Social Security offices

    10/27/2011 9:17:02 AM PDT · by WOBBLY BOB · 6 replies
    fox 19 .com ^ | 10-27-11 | fox 19
    Social Security advocates are planning to protest Thursday at Social Security offices around the county. Thousands of American Federation of Government Employees Social Security employees, along with the Alliance for Retired Americans, the National Committee to Preserve Social Security and Medicare, and the Strengthen Social Security Campaign are protesting recent proposals from Congress that would cut the Social Security Administration's operational budget.
  • Obama unveils student debt-relief plan

    10/26/2011 11:50:48 AM PDT · by jazusamo · 34 replies
    The Washington Times ^ | October 26, 2011 | Ben Wolfgang
    Continuing his recent tack of bypassing Congress and enacting reforms “without them,” President Obama on Wednesday announced a package of student loan reforms designed to lower college graduates’ monthly payments, arguing his plan will redirect some of that borrowed money into the economy to promote job growth. Speaking to a friendly audience of college students in Denver, Mr. Obama said the changes “won’t cost taxpayers a dime but will save you money and will save you time,” and tied the ever-rising cost of education to the nation’s lagging economy. “Living with that kind of debt means making some pretty tough...
  • US States Are Facing Total Debt of Over $4 Trillion (Give or take a few Trillion.)

    10/25/2011 12:35:26 PM PDT · by NormsRevenge · 13 replies
    CNBC ^ | 10/24/11 | Reuters
    The total of U.S. state debt, including pension liabilities, could surpass $4 trillion, with California owing the most and Vermont owing the least, a new analysis says. The nonprofit State Budget Solutions combined states' major debt and future liabilities, primarily for pensions and employee healthcare, unemployment insurance loans, outstanding bonds and projected fiscal 2011 budget gaps. It found that in total, states are in debt for $4.2 trillion. The group, which follows state fiscal conditions and advocates for limited spending and taxes, said the deficit calculations that states make "do not offer a full picture of the states' liabilities and...
  • Here Are The 10 Most Debt-Ridden States In America

    10/24/2011 1:41:09 PM PDT · by SeekAndFind · 16 replies
    Business Insider ^ | 10/24/2011 | Jon Terbush
    While the federal government grapples with its own enormous deficit, individual states are also facing huge deficits that total an astounding combined $4 trillion. That figure comes from the newly-released annual report on state debt from State Budget Solutions, a nonprofit think tank that cuts through state government accounting tricks to find the true extent of their deficit burdens. For their figures, SBS combined states' outstanding debt and their current year budget shortfalls, and then factored in the projected costs of other liabilities, including pension and retirement costs, that have yet to be paid for. On the high end, SBS...
  • Huntsman goes for broke....literally!

    10/18/2011 8:06:27 AM PDT · by LesDowrey · 13 replies
    CBS News ^ | 10/17/2011 | Brian Montopoli
    Former Utah governor Jon Huntsman's presidential campaign is nearly broke - but the campaign is vowing that it will have the resources to continue until the primaries. The campaign said Friday it has just $327,000 on hand and $890,000 in debt. It listed its total receipts - including a $2.25 million donation from Huntsman himself - at $4.51 million, and its total dispersments at $4.18 million. Huntsman campaign manager Tim Miller said Huntsman will have the money he needs to stay in the race until the New Hampshire primary, which will likely take place in early January. "Governor Huntsman has...
  • California, the Example of What the Nation Could Become

    10/11/2011 10:42:15 AM PDT · by Tolerance Sucks Rocks · 31 replies
    California Political Review ^ | October 10, 2011 | Congressman Tom McClintock
    I want to welcome this groundbreaking scientific expedition to the savage lands of the Left Coast. You are here in California to answer an important theoretical question and now you have your answer. Yes, this is what Barack Obama’s second term would look like. Study it. Fear it. And then go home and make sure that it never happens to the rest of the country. Of course, in spite of all of its problems, California is still one of the best places in the country to build a successful small business. All you have to do is start with a...
  • 69% Oppose In-State Tuition To Illegal Immigrants

    10/11/2011 7:08:35 AM PDT · by Slyscribe · 22 replies
    IBD's Capital Hill ^ | 10/11/2011 | Ed Carson
    While the battles over the budget underscore how polarized Americans have become, there is one issue that people across the political spectrum agree on: They oppose giving in-state tuition to illegal immigrants. Fully 69% of Americans in the latest IBD/TIPP poll say they don’t favor states giving in-state college tuition to illegal residents while charging higher fees for legal, out-of-state residents. Just 22% support such a policy.
  • US Closes 2010-2011 Fiscal Year With $14,790,340,328,557.15 In Debt

    10/03/2011 2:02:52 PM PDT · by SeekAndFind · 5 replies
    Zero Hedge ^ | 10/03/2011 | Tyler Durden
    America has now officially closed the books on the 2010-2011 fiscal year. It is only fitting that the last day of the year saw the settlement of all outstanding and recently auctioned off debt. The result: a surge of $95 billion in total government debt overnight, and a fiscal year closing with the absolutely unprecedented $14,790,340,328,557.15 in debt. Net net, in the past fiscal year, the US has issued a total of $1.228 trillion in new debt and has accelerated over time. At a rate of $125 billion per month, total US debt to GDP will pass 100% in...
  • Obama Has Now Increased Debt More than All Presidents from George Washington Through George.....

    10/05/2011 12:11:31 PM PDT · by Sub-Driver · 7 replies
    Obama Has Now Increased Debt More than All Presidents from George Washington Through George H.W. Bush Combined By Terence P. Jeffrey October 5, 2011 Subscribe to Terence P. Jeffrey's posts ( - The Obama administration passed another fiscal milestone this week, according to new data released by the Treasury Department. As of the close of business on Oct. 3, the total national debt was $14,837,099,271,196.71—up about $44.8 billion from Sept. 30. That means that in the less-than-three-years Obama has been in office, the federal debt has increased by $4.212 trillion--more than the total national debt of about $4.1672 trillion accumulated...
  • 17 Facts That Prove That The Average Family Is Getting Absolutely Pulverized By This Economy

    10/04/2011 8:04:13 AM PDT · by bkopto · 42 replies
    The Economic Collapse ^ | Sept 28, 2011 | Staff
    How in the world does the average American family survive in this economy? The median household income is a little bit less than $50,000 a year right now. So let's call that about $4000 a month. But before any of that money gets spent, you have to take out at least $1000 in taxes. That leaves about $3000 a month to pay all the bills with. With that $3000 you have to pay the mortgage (or rent), make the car payments, make the student loan payments, pay for power and water, pay for health insurance, pay for home insurance, pay...
  • Why The Federal Deficit is So Large

    10/03/2011 4:43:35 AM PDT · by Kaslin · 8 replies ^ | October 3, 2011 | Bruce Bialosky
    Federal entitlements, which comprise 60% of the budget, have been correctly identified as the root cause of our growing annual deficit. We certainly need to enact significant reforms of Social Security, Medicare, and Medicaid. However, in order to achieve some level of fiscal integrity, there is an equally important change that we must all accept – just saying no. This became apparent when Congress went home for their August break without an agreement on an FAA funding bill – leaving 4,000 federal employees out of work for 13 days. The center of this dispute – and a pristine illustration of...
  • The U.S. Federal Deficit Reaches A Tipping Point

    09/28/2011 6:45:07 AM PDT · by SeekAndFind · 6 replies
    Forbes ^ | 09/28/2011 | Steven Cunningham and Polina Vlasenko
    As Congress’ debt-reduction “super-committee” meets in Washington it should focus not only on ways to curb spending or increase revenues, but on a question that is central to America’s economic well-being: How high can the debt get before it harms growth? When nations accumulate a certain level of debt, growth suffers. For the United States, that moment is now. Currently, total federal debt stands at $14.7 trillion, or around 98% of gross domestic product, a level not seen since the end of World War II. Debt financed by private investors, as opposed to that held by government, is about $10...
  • UN to buy Manhattan playground for new building, US taxpayers could foot bill

    09/27/2011 4:00:47 PM PDT · by WOBBLY BOB · 12 replies
    daily caller ^ | 9-26-11 | Caroline May
    The United Nations is in the final stages of obtaining approval to build a new high-rise on the Robert Moses Playground, located near the U.N. headquarters in New York City. The building, excluding the price of land and security, is estimated to cost $350–$475 million and would provide a home for U.N. offices that are currently dispersed throughout New York. Heritage Foundation fellow Brett Schaefer points out that with America paying for 22 percent of the U.N.’s budget, taxpayers could be on the hook for a large portion of the new building’s cost.