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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...