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Keyword: debt

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  • Swamped by an underwater home

    01/31/2015 6:50:08 AM PST · by dynachrome · 113 replies
    Washington Post ^ | 1-26-15 | Kimbriell Kelly
    When they moved into the house in November 2005, Kofi was earning $82,740 as an IT consultant for a government contractor, and Comfort, then 43, was making $30,000 as an administrative assistant. But in the overheated mortgage market of the time, they said everyone told them that they could buy a $600,000 house. They made a $60,000 down payment and all their mortgage payments for more than 2˝ years — through September 2008. But the house was financed with subprime loans, which reset to higher rates after short time periods, creating what are known as “shock payments.” The Boatengs said...
  • Senate Democrats are $15M in debt

    01/31/2015 4:18:21 AM PST · by Libloather · 23 replies
    The Hill ^ | 1/30/15 | Cameron Joseph
    The Democratic Senatorial Campaign Committee begins their quest to retake the Senate in 2016 with $15 million in operational debt and $1 million in the bank, according to new numbers through the end of December. That's down from the $16.3 million in debt the DSCC carried shortly after the 2014 elections, and is slightly lower than the $15.8 million it started out with after the 2012 elections, though it's still one of the largest burdens the party has carried in decades. That operational debt doesn't include a $5 million loan the organization took out to buy a house adjacent to...
  • Reagan’s OMB head: Wealth inequality is a problem

    01/29/2015 5:20:04 PM PST · by logi_cal869 · 44 replies
    CNBC.com ^ | 01/29/2015 | Alex Rosenberg
    It might be hard to imagine President Ronald Reagan agreeing with President Barack Obama's take on wealth inequality. But Reagan's first director of the Office of Management and Budget, David Stockman, says that the disparity in household wealth is a major problem that ought to be addressed. He just has very different ideas about how to deal with it. (snip) But Stockman says blame lays not with the tax code (indeed, he pioneered a trickle-down approach to taxes under Reagan) but with the Fed. Obama "is talking about a symptom, but he's clueless as to the cause. The cause is...
  • Global debt expansion was led by developed economies until 2008...

    01/29/2015 1:53:05 PM PST · by alexmark1917 · 1 replies
    Global PUBLIC debt ~$58 TRILLION. Not included: unfunded liabilities. Anyone Qs how this ends? http://t.co/KMWvO8nVVx pic.twitter.com/7XQBYXfI2d — Peter Spina (@goldseek) January 29, 2015 -- The Global Slowdown Is Making Asia's Debt Mountain Even Worse - slides from Morgan Stanley http://t.co/U5LNGZcjcX pic.twitter.com/5OBLMb7XnD — Mike Bird (@Birdyword) January 27, 2015 The Global Slowdown Is Making Asia's Debt Mountain Even Worse Morgan Stanley just came out with a fresh chartbook looking through Asia's debt situation again. It's safe to say that it's still looking grim. While all eyes are on Europe, falling inflation (and the threat of full-blown deflation) are major hazards in...
  • Lack Of Reform, Not Austerity, Doomed Greek Economy

    01/29/2015 6:41:29 AM PST · by SeekAndFind · 4 replies
    IBD ^ | 01/28/2015 | Alvaro Vargas Llosa
    The real Greek tragedy is not that Alexis Tsipras from the radical left-wing Syriza party won that country's recent election, becoming prime minister in the cradle of democracy. Voters can reverse that mistake when they realize that his policies are doing more harm than good. The real tragedy is that Greek voters, like other Europeans who are embracing far-right or far-left parties, cast their ballots in response to draconian austerity measures, imposed by the European Union (EU) and International Monetary Fund (IMF), that they equate with free-market capitalism and globalization. The consequences of this ideological travesty will last much longer...
  • Teacher Pensions Going To Kill Us All

    01/28/2015 5:49:29 PM PST · by Tolerance Sucks Rocks · 27 replies
    The Daily Caller ^ | January 27, 2015 | Blake Neff
    Teacher pensions are a huge and growing crisis waiting to explode without major reforms, warns a new report released Tuesday by an educational think tank.“Do the math on teacher pensions and it just doesn’t add up,” argues the National Council on Teacher Quality in its report, Doing the Math on Teacher Pensions. Total unfunded teacher pension liabilities in 2014 were a whopping $499 billion dollars, the group found. That amount is surging rapidly; in 2012, the total was just $394 billion, meaning that pension debt is growing by over $50 billion a year.Some states are in a particularly huge hole....
  • Democrat and Republican politicians are working together to support the NSA, War, Spending...

    01/28/2015 4:54:30 PM PST · by alexmark1917 · 2 replies
    When Paul Martin was paying down our debt & creating surpluses in Canada, Bush was giving the US a war debt. #CdnPolipic.twitter.com/BvA5JrrDus — Meanwhile in Canada (@MeanwhileinCana) January 19, 2015 Mo Brooks: Republicans Back NSA Spying, Only Voted Against It To Avoid Campaign Attacks Rep. Mo Brooks (R-Ala.) told constituents on Tuesday that many Republicans in fact supported the National Security Agency's domestic spying programs, and had only recently opposed a measure to scale back the agency's broad data surveillance in order to avoid attracting primary challengers and attacks. Speaking at a town hall in Morgan County, Brooks -- who...
  • Global downsides: 1 high debt; 2 Lack of growth and deflation; 3 Fragile EM...

    01/28/2015 3:11:59 PM PST · by alexmark1917 · 1 replies
    Rajan: "Today, debt is making it difficult for developed countries to resume pre-2008 growth rates" http://t.co/hi4QoAqSA8 — Project Syndicate (@ProSyn) January 18, 2015 Today, debt is making it difficult for developed countries to resume pre-2008 growth rates, let alone restore the levels of GDP that would have been attained if the subsequent Great Recession had not happened. Meanwhile, industrial countries’ overall debt/GDP ratios are continuing to grow. In emerging markets, slow growth in the advanced economies has shut down a traditional development path: export-led growth. As a result, emerging markets have had to rely once again on domestic demand. This...
  • Euro crisis, banking crisis, debt crisis - 5 yrs rearranging deck chairs on the Titanic

    01/26/2015 5:24:20 AM PST · by alexmark1917 · 1 replies
    5 years into the euro zone crisis the ECB announces a €1.1 trillion quantitative easing programme to boost economy. Bolder than expected. Draghi Commits ECB to Trillion-Euro Asset-Purchase Plan to Fight Deflation Mario Draghi led the European Central Bank into a new era, committing to a quantitative easing program worth at least 1.1 trillion euros ($1.3 trillion) to counter the threat of a deflationary spiral. The ECB president shrugged off determined opposition led by German officials with a pledge to buy 60 billion euros every month through September next year in a once-and-for-all push to put more cash into circulation...
  • War Is At Our Footsteps, Countries Splurge To Do Whatever It Takes to Win.

    01/25/2015 4:37:06 AM PST · by alexmark1917 · 1 replies
    pic.twitter.com/uiT7ArqfWb — trutherbot (@trutherbot) January 20, 2015 Japan approves record defence budget, record $42b budget is to boost defences of disputed islands amid China's assertiveness in the region Japan's cabinet has approved the country's largest defence budget, with plans to buy surveillance aircraft and F-35 fighter jets to improve defences of disputed islands amid China's increasing assertiveness in the region. Prime Minister Shinzo Abe's Cabinet endorsed on Wednesday a nearly $42b defence budget for the year beginning in April, a two percent rise. The budget must still be approved by parliament, but Abe's coalition holds majorities in both houses. The...
  • What Democrats Want For Children (Quick Vanity)

    01/24/2015 9:41:11 AM PST · by Loud Mime · 13 replies
    FreeRepublic ^ | 1/24/2015 | Loud Mime
    Democrats want one of two things from all children, either to abort them or place them into horrible debt. I don't hate children enough to vote Democrat. Two lines I use when "debating" liberals.
  • Obama to the Nation: Debt, Debt and more Debt

    01/24/2015 4:51:51 AM PST · by Kaslin · 17 replies
    Townhall.com ^ | January 24, 2015 | John C. Goodman
    "The shadow of crisis has passed," President Obama told us on Tuesday night. “The State of the Union is strong," he added. But is it really? If you had accumulated a debt that is more than 20 times the size of your household income, would you say your household finances were in good shape? Well, that’s where we are as a country. Under about a dozen federal entitlement spending programs, we have made promises that we haven’t been willing to pay for. In the process, we are leaving an enormous financial burden for our children and grandchildren. So what did...
  • American Express Is Slashing 4,000 Jobs

    01/21/2015 2:40:22 PM PST · by SeekAndFind · 6 replies
    Business Insider ^ | 01/21/2015 | AKIN OYEDELE
    American Express will slash 4,000 jobs, even as the company reported that fourth quarter earnings were dented by foreign currency movements. Bloomberg reported that the job cuts are part of a restructuring, and a spokesperson said they will cut across the company. In its earnings release, the company said it is taking a pretax restructuring charge of $313 million to "improve operating efficiencies." After the bell Wednesday, American Express reported that fourth quarter profits rose 11% to $1.45 billion, or $1.39 a share, versus an expected $1.38 per share. Revenues rose to $9.1 billion from $8.5 billion, a 7% increase,...
  • SOTU Fact Check: Obama's Health Care Debt Bomb

    01/21/2015 4:07:24 AM PST · by Kaslin · 5 replies
    Townhall.com ^ | January 20, 2015 | Conn Carroll
    In his State of the Union Tuesday, President Obama claimed that Obamacare has helped cut the deficit by two thirds by slowing the rate of health care spending growth. Not only is this claim false, but Obamacare has created a deficit time bomb that will explode just as he is leaving office.Now it is true that the growth of health care spending has fallen during Obama's presidency. But that slowdown began not only before Obama passed Obamacare, but even before Obama took office. The reality is that larger economic factors, including the growth of cost-sharing health care plans, began slowing health care spending...
  • Obama Wants Huge Spending Hike As Debt Tops $18 Trillion

    01/19/2015 6:18:17 AM PST · by SeekAndFind · 12 replies
    IBD ^ | 01/19/2015
    President Obama's budget for next year will call for a $68 billion boost in spending. It's just another in a line of fiscally irresponsible plans that have been the hallmark of this administration. Obama's official budget plan won't come out until Feb. 2, but he's already leaked the fact that he wants a 7% boost in discretionary programs above the spending caps he agreed to in exchange for getting his tax hikes. He'd split the money evenly between national security and domestic programs. In Obama's mind, more spending only makes sense, since deficits have been tumbling in recent years —...
  • Obama to Lay the Wood S&P with $1B Fine After US Debt Downgrade

    01/17/2015 9:37:05 AM PST · by Kaslin · 36 replies
    Townhall.com ^ | January 17, 2014 | Neil McCabe
    The Justice Department is about to put the squeeze on the Standard & Poor's credit rating service for the tune of $1billion, roughly its 2014 profit, and a fine meant to send a message, according to a Jan. 12 report in The New York Times. The message: Do not tangle with the Obama administration. The charge: Standards & Poor's analysts misrepresented their sincere opinion of securities, and instead downplayed the amount of risk associated with the securities, specifically Residential Mortgage-Back Securities and Collateral Debt Obligations, in order to ingratiate themselves to the companies issuing the securities. This charge, which Attorney...
  • Tom Hanks Reminisces on Community College: 'Getting A's' and 'Looking at Girls'

    01/14/2015 10:53:36 AM PST · by Oldeconomybuyer · 56 replies
    ABC News ^ | January 14, 2015 | By MICHAEL ROTHMAN
    Tom Hanks is a big fan of the community college system. The Oscar winner graduated from high school in Oakland, California, in 1974 and with "lousy SAT scores" and no money for tuition, he enrolled at Chabot College nearby his home. In an op-ed in the New York Times published today, Hanks, 58, remembers those days where he went to a school that was basically "all free but for the effort and the cost of used textbooks." Then Hanks brings up President Obama's hope to "make two years of free community college accessible for up to nine million Americans." "I...
  • The Unsustainability of Federal Spending

    01/10/2015 12:14:48 PM PST · by Kaslin · 17 replies
    Townhall.com ^ | January 10, 2015 | Ed Feulner
    With so many high-profile, headline-grabbing issues facing the incoming Congress, lawmakers might be tempted to ignore one of the most persistent problems in Washington: overspending.How bad is it? In 2014, federal spending reached $3.5 trillion, and the one-year deficit was $486 billion. And these huge numbers represent “a small and temporary improvement in the nation’s fiscal situation,” a recent report by The Heritage Foundation notes.But as the authors point out, that doesn’t mean we’re on the right track. Far from it. A serious effort to cut spending -- not just trim a bit here and there -- is needed.“Without further...
  • What Happens When Progressives Tax (and Spend)

    01/08/2015 3:42:06 PM PST · by Sean_Anthony · 2 replies
    Canada Free Press ^ | 01/08/15 | Dr. Robert Owens
    To solve the problem of greedy people making more than others, envious people created a system to take what the greedy had earned. As Rush Limbaugh so rightly pointed out, “No nation has ever taxed itself into prosperity.” So many people have accepted the argument that progressive taxation is just, necessary, and fair, so I know this article will offend many. Hopefully it will also make a few people reconsider their acceptance of policy. Many who are vehemently opposed to socialism, collectivism, and all the other trappings of the centralized corporate state believe that any injustice that might result from...
  • When the national debt was zero: An overflowing Treasury bedeviled earlier presidents

    01/08/2015 7:07:53 AM PST · by SeekAndFind · 11 replies
    Washington Times ^ | 01/08/2015 | Thomas V. DiBacco
    On Jan. 8, 1835, the U.S. national debt stood at zero, the first and only time in its history. It was a remarkable turnabout from Jan. 1, 1791, when the federal government was in debt to the tune of $75,463,476.52. But that wasn’t the peak amount of indebtedness for the new nation ($120 million), which occurred at the end of the three-year War of 1812. To be sure, President Andrew Jackson, under whose watch the no-debt day was achieved, was jubilant, and a big Washington party overflowed with superlatives, as illustrated by Missouri Sen. Thomas Hart Benton’s remarks: “The apparition,...
  • Obama's State of the Union Sales Tour

    01/05/2015 9:06:19 AM PST · by Kaslin · 7 replies
    Townhall.com ^ | January 5, 2015 | Conn Carroll
    resident Obama will travel to three cities this week where he will offer a preview of his January 20th State of the Union address.In Detroit on Wednesday, Obama will celebrate the end of the "auto rescue" which he claims saved one million auto industry jobs and is responsible for the resurgence of manufacturing in the United States. Obama will make no mention that his bailout of General Motors and Chrysler cost taxpayers $16 billion according to the latest Troubled Asset Relief Program Inspector General's report. On Thursday, Obama will travel to Phoenix where he will claim his administration's Home Affordable Modification Program is responsible...
  • The 2015 Greek euro drama

    01/05/2015 7:02:09 AM PST · by Tolerance Sucks Rocks · 4 replies
    BBC News ^ | January 5, 2015 | Gavin Hewitt
    It did not take long. The game is very much in play. Greek voters are being bombarded with warnings about what is at stake when they go to the polls on 25 January. There is little that is coded in these messages. When a country has been bailed out to the tune of €240bn (Ł187bn; $286bn) there is no such thing as non-interference in Greece's internal politics. Most of the European political establishment does not want Greece to elect the radical left party Syriza led by Alexis Tsipras. The party is currently narrowly ahead in the polls. Mr Tsipras is...
  • If We Only Spent All the Money, Then Everyone Would Be Prosperous!

    01/02/2015 3:40:24 PM PST · by 2ndDivisionVet · 34 replies
    Reason Magazine ^ | January 2, 2015 | Matt Welch, editor-in-chief
    On the front of today's New York Times business section is a remarkable—or should I say remarkably unremarkable—news article whose entire premise, unchallenged in the course of 1,341 words and input from 10 sources, is that more government spending is a very good thing because it leads to more government jobs and therefore helps the economy. Hooray! If you think I am being unfair in this characterization, consider the headline: "Government Spending, Edging Up, Is a Stimulus." Or the headline on the jump page inside: "Rebound in Government Spending Starts to Aid Economy After Years of Cuts." Or the headline...
  • US Debt Soars By $100 Billion On Last Day Of 2014, Hits Record $18.14 Trillion

    01/02/2015 2:41:00 PM PST · by blam · 42 replies
    Zero Hedge ^ | 1-2-1015 | Tyler Durden
    Tyler Durden 01/02/2015 It seems like it was only yesterday when we reported that, in yet another slight of hand for the US Treasury and Social Security Administration, US debt rose by $32 billion on the last day of November sending total US debt above $18 trillion for the first time ever. As we further noted, it also meant "that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently." Fast forward to today when we are happy to report that according to the US Treasury, America's debt-funded spending...
  • Obamas welcome 2015 with $295-a-head dinner at Hawaii’s most acclaimed restaurant where caviar...

    01/02/2015 11:07:20 AM PST · by PROCON · 51 replies
    dailymail.co.uk ^ | Jan. 2, 2015 | Francesca Chambers
    President Barack Obama and First Lady Michelle Obama broke off from teenage daughters Sasha and Malia for a night out At the Honolulu, Hawaii, restaurant a 13-15 course, prix fixe meal costs a cool $295 a person and wine pairings add another $130 a head The total tab often nears $1,000 after taxes and tip Paintings that decorate the extravagant 32-seat restaurant are valued at more than $10 million a piece The president and first lady treated themselves to a five star dinner on New Year's Day at renowned Honolulu, Hawaii, restaurant Vintage Cave, where a 15 course, prix fixe...
  • IRS Goes After Nonprofit Hospitals On Asking Customers To Pay Bills

    12/30/2014 12:27:39 PM PST · by Tolerance Sucks Rocks · 45 replies
    The Daily Caller ^ | December 29, 2014 | Sarah Hurtubise
    The Obama administration announced new rules under Obamacare on Monday that target nonprofit hospitals’ efforts to get paid by their patients.Nonprofit hospitals, which serve a charitable purpose and are often religiously affiliated, will now be subject to strict rules on when and how they can collect payments from customers, thanks to regulations included in the health-care law. As a condition of their tax-exempt status, these hospitals must “take an active role in improving the health of the communities they serve,” Treasury Department deputy assistant secretary for tax policy Emily McMahon wrote in a blog post Monday. Under the new IRS...
  • Cheer up: The pessimists are wrong and America's future is bright

    12/30/2014 1:30:46 AM PST · by 2ndDivisionVet · 20 replies
    The Washington Examiner ^ | December 29, 2014 | Dan Hannan, MEP
    How do you think 2015 will be for you? If you’re typical, you’ll be pessimistic; and, if you’re typical, you’ll be wrong. Only 21 percent of Americans agree with the proposition that “life for our children’s generation will be better than it has been for us” — 76 percent disagree. Well, barring some unforeseeable calamity — what Nassim Taleb would call a “black swan,” or Donald Rumsfeld an “unknown unknown” — the 76 percent are mistaken. The next generation of Americans will lead healthier, happier, more fulfilled lives than the present one. That sentence could have been written at any...
  • That Debt From 1720? Britain’s Payment Is Coming

    12/29/2014 7:39:58 AM PST · by C19fan · 16 replies
    NY Times ^ | December 27, 2014 | Stephen Castle
    Share prices went through the roof, speculation ran wild and money poured into ill-fated ventures before the boom turned, inevitably and catastrophically, to bust. After that financial crash in 1720, called the South Sea Bubble, the British government was forced to undertake a bailout that eventually left several million pounds of debt on its books. Almost three centuries later, Britons are still paying interest on a small part of that obligation. Now, prompted by record low interest rates, the British government is planning to pay off some of the debts it racked up over hundreds of years, dating as far...
  • An 'Awesome Economy'? Not Even Close

    12/29/2014 7:27:45 AM PST · by SeekAndFind · 11 replies
    American Thinker ^ | 12/29/2014 | Joseph Gestetner
    "Everything is awesome", stated the headline of a recent Politico piece by Michael Grunwald which goes on to list many economic statistics showing how well things are going in the U.S. Indeed, some economic indicators are now better now than when compared to the height of the crisis, but those conditions were bound to change just as most of the water in New Orleans following Hurricane Katrina receded without anyone doing much to encourage it. All the same, current claims of doing “better” than during the depth of a major recession hide how bad things still are compared to before the crisis....
  • 'Argentina is capable of paying all of its creditors'

    12/29/2014 12:27:13 AM PST · by WhiskeyX · 2 replies
    Buenos Aries Herald ^ | Sunday, December 28, 2014 | Buenos Aries Herald
    Senior portfolio manager at NML Capital Jay Newman said that “Argentina is capable of paying all of its creditors” given its “vast natural ressources.” He blamed the government for not reaching a deal with the holdouts.
  • They are preparing for you

    12/27/2014 9:45:42 AM PST · by kindred · 41 replies
    conservativenewsandviews.com ^ | December 19, 2014 | Dwight Kehoe
    A wheelbarrow of money to buy a loaf of bread. This is what Obama, with his fiscal cliff plan, threatens us with. For many years now we have heard chilling tales about that elusive, powerful and manipulative entity conspiracy theorists have called “The New World Order”. Not only have the members of this group managed for the most part to remain anonymous, but their agenda has remained mysterious and obscure. So much so that many good people have been perfectly fine with ignoring its existence or viability. Whether or not this New World Order is in lockstep with World Communism...
  • How Japan Bankrupted Itself: The story of Japan’s decline — and the lessons for Europe.

    12/22/2014 4:18:21 PM PST · by SeekAndFind · 33 replies
    The Globalist ^ | 12/22/2014 | By Daniel Stelter
    Following the start of Abenomics in 2012, Japan moved back to the center of attention of global financial markets. After two and a half decades of economic stagnation, hopes were high that Japan would escape its long stagnation and deflation. Plenty of economists around the globe hoped that, in so doing, Japan would show the western world, mainly the Eurozone, the way to do the same and avoid a similar long period of low growth and stagnating incomes. Conversely, the failure of AbeÂ’s plan for JapanÂ’s recovery would not only be a disaster for the country of the rising sun....
  • We’re Number Two

    12/14/2014 10:51:14 AM PST · by Sean_Anthony · 6 replies
    Canada Free Press ^ | 12/14/14 | Alan Caruba
    The fact remains that Main Street is in trouble. The nation requires an economy in which new businesses are created and existing ones can afford to expand. That is not happening The U.S. was the world’s number one economy prior to World War II, but it took off bigtime after the war and there has not been a day of my long life in which we were not number one—until now. The International Monetary Fund recently released its calculations regarding the world’s economy and concluded that China is the number one economy, producing $17.6 trillion in terms of goods and...
  • Despite promises, Social Security still trying to collect old debts from kin

    12/14/2014 3:13:34 AM PST · by Libloather · 25 replies
    MSN ^ | 12/14/14
    The Social Security Administration, which announced in April that it would stop trying to collect debts from the children of people who were allegedly overpaid benefits decades ago, has continued to demand such payments and now defends that practice in court documents. After The Washington Post reported in April that the Treasury Department had confiscated $75 million in tax refunds due to about 400,000 Americans whose ancestors owed money to Social Security, the agency’s acting commissioner, Carolyn Colvin, said efforts to collect on those old debts would cease immediately. But although some people whose refunds were seized were reimbursed in...
  • CALIFORNIA FACES DEATH BY PENSION

    12/11/2014 7:15:28 AM PST · by SeekAndFind · 32 replies
    American Spectator ^ | 12/11/2014 | By Steven Greenhut
    When the November election was still a long way off, Sacramento-area streets were already plastered with campaign signs for a little-noticed political race: candidates are running to serve on the board of the California Public Employees’ Retirement System, better known as CalPERS. While not as high-profile as the statewide and congressional races, these seats are arguably of equal importance to Golden State taxpayers. CalPERS, the largest state pension fund in the country, not only manages more than $257 billion in assets, but also loves to use its political muscle to prod corporate America into “socially responsible” (read: leftist-friendly) investing. Sacramento,...
  • The United States of Debt: Our debt is $18 Trillion and we're still borrowing, no matter the party

    12/10/2014 7:09:22 AM PST · by SeekAndFind · 18 replies
    National Review ^ | 12/01/2014 | Stephen Moore
    Sorry, but this one you can’t blame on either party. Yes, President Obama has made the problem much, much worse, but the scary truth is that the national debt keeps rising inexorably no matter who or which party is in office. That’s the new law of American politics. When I first arrived in Washington in the early 1980s, the debt was roughly $2 trillion. This week, 30 years and five presidents later, the debt for the first time exceeded $18 trillion. We have been in the red in all but four of the last 40 years. That’s $18,000,000,000,000. We all...
  • Millennials

    12/10/2014 5:35:43 AM PST · by Kaslin · 27 replies
    Townhall.com ^ | December 10, 2014 | Michael Barone
    Time is money. And the Millennial generation, which is now making headlines for its low savings rate, seems to have missed that lesson completely. Astoundingly, a new study by Moody's Analytics says most adults under age 35 have a savings rate of negative 2 percent! In fact, Millennials are taking on so much debt, and saving so little, that their net worth is actually declining as a group. It's become a lifestyle habit to spend all you earn -- and more. Just look around the fancy restaurants, the chic hotel bars, the designer clothing stores -- and you will see...
  • 'Ready for Hillary' Website Already Blew Through $11 Million and is in Debt

    12/08/2014 9:20:18 AM PST · by SeekAndFind · 34 replies
    FrontPage Mag ^ | 12/08/2014 | Daniel Greenfield
    Considering that there isn’t even an actual campaign yet, how did Ready for Hillary manage to blow through $11 million? Hillary’s trips are subsidized by whoever is covering her speaking tour or campaign stop. Or by her non-profit Clinton Foundation.Ready for Hillary consists of a website, some shoddy merchandise and a really bad country song. How does that cost $11 million? The group has raised more than $11 million since its 2013 founding, picking up hundreds of big-name Democratic donors, the New York Times reported.By Thanksgiving, the group was in debt. According to the group’s FEC disclosures, the group had...
  • Only Yesterday—-How The Federal Debt Went From $1 Trillion To $18 Trillion in 33 Years

    12/08/2014 5:25:01 AM PST · by Robert DeLong · 13 replies
    David Stockman's Contra Corner ^ | December 5, 2014 | David Stockma
    In the great fiscal scheme of things, October 22, 1981 seems like only yesterday. That’s the day the US public debt crossed the $1 trillion mark for the first time. It had taken the nation 74,984 days to get there (205 years). What prompts this reflection is that just a few days ago the national debt breached the $18 trillion mark; and the last trillion was added in hardly 365 days.
  • College Tuition: The Next Debt Bomb

    12/07/2014 8:13:00 PM PST · by SeekAndFind · 11 replies
    Kiplinger ^ | 12/07/2014 | By Janet Bodnar
    Whhether you call it a bubble or a bomb, the rapid increase in student debt has become a hot topic in the news, with media stories inevitably focusing on those who have accumulated $100,000 or more in college loans. Straight off the bat, it should be said that six-figure debt isn’t typical. “Most undergraduate students graduate with an affordable amount of debt, with less than 10% of college graduates having total student-loan debt exceeding their annual income,” concludes Mark Kantrowitz, publisher of FinAid.org, which provides resources on paying for college. Average debt at graduation in 2011 was about $27,000, says...
  • Labor Force Participation Remains at 36-Year Low

    12/05/2014 3:37:12 PM PST · by george76 · 7 replies
    CNS News ^ | December 5, 2014 | Ali Meyer
    The labor force participation rate remained at a 36-year low of 62.8 percent in November, according to the Bureau of Labor Statistics. The participation rate, which is the percentage of the civilian noninstitutional population who participated in the labor force by either having a job during the month or actively seeking one, was 62.8 percent in November which matches the percentage since March 1978. In November, according to BLS, the nation’s civilian noninstitutional population, consisting of all people 16 or older who were not in the military or an institution, reached 248,844,000. Of those, 156,397,000 participated in the labor force...
  • Oversight Needed on New VA Law

    12/05/2014 10:29:54 AM PST · by April29 · 1 replies
    The Hill ^ | 12/5/2014 | David Vitter and Charles Boustany
    http://thehill.com/opinion/op-ed/226014-oversight-needed-on-new-va-law “The average person would expect better customer service and professionalism from the local Department of Motor Vehicles. Whether it’s incompetence or indifference, why should we tolerate such behavior in VISN 16 when we’re dealing with veterans’ life-saving medical care?” “By tolerating inappropriate denials, his organization needlessly forces thousands of Louisiana veterans into a lengthy appeals process that can last more than two years.”
  • How the 17th Amendment is destroying America

    12/04/2014 6:37:59 PM PST · by Tolerance Sucks Rocks · 35 replies
    Megyn Kelly ^ | December 4, 2014 | Justin Haskins
    Few Americans who entered polling booths for the Nov. 4 election and pulled the lever for their favorite candidate for Senate realize that for most of American history, senators were chosen by the state legislatures. It wasn’t until 1913 that the 17thAmendment was passed, granting American voters the constitutional right of directly electing their senators.While this important amendment may seem innocuous, the reality is that few other changes to our Constitution have had the same detrimental effect on our nation than this single, nearly forgotten alteration.The passage of the 17th Amendment was driven largely by the populist movement of the...
  • United States Government Debt to GDP 1940-2014 [dramatic increase under Obama]

    The United States recorded a Government Debt to GDP has risen dramatically and remains at peak levels since Obama took office. See chart in linked article. We have been running at roughly just over DOUBLE the GDP in debt.
  • UK government to pay off Ł1.9bn First World War debt

    12/03/2014 6:11:52 AM PST · by C19fan · 15 replies
    International Business Times ^ | December 3, 2014 | Ian Silvera
    The UK government will repay all of the nation's debt from the First World War, George Osborne is expected to announce. The Chancellor is also expected to say that the government will adopt a strategy to remove the other remaining undated gilts in the portfolio, where it is deemed value for money to do so. The Treasury will redeem the outstanding Ł1.9bn ($2.9bn, €2.4bn) of debt from 3˝% War Loan on 9 March 2015.
  • Five complete lies about America’s new $18 trillion debt level

    12/02/2014 2:16:56 PM PST · by SeekAndFind · 16 replies
    Sovereign Man ^ | 12/02/2014 | Simon Black
    December 2, 2014Santiago, ChileOn October 22, 1981, the government of the United States of America accumulated an astounding $1 TRILLION in debt.At that point, it had taken the country 74,984 days (more than 205 years) to accumulate its first trillion in debt.It would take less than five years to accumulate its second trillion.And as the US government just hit $18 trillion in debt on Friday afternoon, it has taken a measly 403 days to accumulate its most recent trillion.There’s so much misinformation and propaganda about this; let’s examine some of the biggest lies out there about the US debt:1)...
  • The national debt is now $18 trillion. How would you pay it off?

    12/02/2014 9:51:47 AM PST · by SeekAndFind · 79 replies
    Penn Live ^ | 12/02/2014 | By John L. Micek
    So here's a positively eye-watering number: America's national debt (not its deficit, which is something different entirely, so stop confusing them, please) is now a gobsmacking $18 trillion or $7 trillion higher than when President Barack Obama took office in 2008, The Washington Post reports.According to the right-leaning Powerline blog, "41 percent of the national debt of the United States, from George Washington to the present, has accrued during the Obama administration."(In case you were wondering, the 2014 budget deficit came in at a comparably smaller $483 billion, which "[represented] the smallest deficit as a percentage of GDP since the George...
  • Total US Debt Rises Over $18 Trillion; Up 70% Under Barack Obama

    Tyler Durden 12/01/2014 Last week, total US debt was a meager $17,963,753,617,957.26. Two days later, as updated today, on Black Friday, total outstanding US public debt just hit a new historic level which probably would be better associated with a red color: as of the last work day of November, total US public debt just surpassed $18 trillion for the first time, or $18,005,549,328,561.45 to be precise, of which debt held by the public rose to $12,922,681,725,432.94, an increase of $32 billion in one day.(snip)
  • The Obama Debt Tracker: total combined national debt hits $18 trillion for the first time

    12/01/2014 1:49:17 PM PST · by jpl · 19 replies
    United States Department of the Treasury ^ | Monday December 1, 2014 | United States Department of the Treasury
    Today, America's national debt hit the staggering total combined amount of $18 trillion. Since President Barack Hussein Obama was inaugurated into office a little less than six years ago, he, the democrats, and a few spineless republican "leaders" in congress have increased the total combined national debt by nearly $7.4 trillion: Date                 Debt Held by the Public         Intragovernmental Holdings   Total Public Debt Outstanding 01/20/2009       6,307,310,739,681.66           4,319,566,309,231.42              10,626,877,048,913.08 11/28/2014       12,922,681,725,432.94         5,082,867,603,128.51         ...
  • The Federal Reserve Is At The Heart Of The Debt Enslavement System That Dominates Our Lives

    12/01/2014 12:03:43 PM PST · by SeekAndFind · 16 replies
    TEC ^ | 12/01/2014 | Michael Snyder
    From the dawn of history, elites have always attempted to enslave humanity.  Yes, there have certainly been times when those in power have slaughtered vast numbers of people, but normally those in power find it much more beneficial to profit from the labor of those that they are able to subjugate.  If you are forced to build a pyramid, or pay a third of your crops in tribute, or hand over nearly half of your paycheck in taxes, that enriches those in power at your expense.  You become a “human resource” that is being exploited to serve the interests of...