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Keyword: debt

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  • IMF creates Global Private and Public Debt Database for all countries going back to 1950s

    05/15/2018 7:14:31 AM PDT · by MarchonDC09122009 · 16 replies
    IMF ^ | 05/14/2018 | IMF
    IMF creates Global Private and Public Debt Database for all countries going back to 1950s. https://www.imf.org/en/Publications/WP/Issues/2018/05/14/Global-Debt-Database-Methodology-and-Sources-45838
  • CBO Projects $2.4 Trillion in Debt – And They’re Underselling It

    05/05/2018 9:18:13 AM PDT · by Kaslin · 27 replies
    Townhall.com ^ | May 5, 2018 | Andrew Wilford
    The long-awaited 2018 edition of the Congressional Budget Office’s (CBO) Budget and Economic Outlook was released this month. It does not paint a rosy picture of the nation’s fiscal future, projecting $12.4 trillion in additional debt over the next decade. If past estimates are any indicator, however, that doesn’t reflect reality. Without a substantial change to the culture of overspending in Washington, the country’s fiscal situation is likely even worse. Ten years ago, CBO estimated that Congress would run a $151 billion surplus this past fiscal year. Instead, the country ran a $665 billion deficit. That’s in part because CBO conducts its...
  • An Indentured Generation:Millennials Trapped Under a Mountain of Debt and Dwindling Economic...

    04/28/2018 5:35:06 AM PDT · by davikkm · 31 replies
    IWB ^ | Bob Shanahan
    I am a Millennial. I am smackdab in the middle of this generation that now makes up the largest portion of the U.S. workforce. I write this out of love, a desire to inform, and a deep concern for where we are and where we are going. The over-analyzed, overly entitled, and increasingly struggling generation of Americans born roughly between 1981 and 1997 have been berated by a never ending stream of articles about them in recent years. They are the most ethnically and racially diverse in America’s melting pot so far, behind only the generation to follow it. Millennials...
  • Trump's vitally important anti-poverty initiative

    04/18/2018 2:47:32 PM PDT · by Tolerance Sucks Rocks · 23 replies
    StarParker.com ^ | April 17, 2018 | Star Parker
    It takes a lot of courage for a president to target almost a quarter of the federal budget for reform in an election year. But this is exactly what President Trump is doing with his executive order, "Reducing Poverty in America by Promoting Opportunity and Economic Mobility." We're now spending more than $700 billion per year on low-income assistance, which is more than we are spending on our national defense. And there are plenty of reasons to believe this spending is inefficient, wasteful and counterproductive. Over the last half-century, some $22 trillion has been spent on anti-poverty programs and yet...
  • Rolling Back the Tide of Overspending (How Trump Can Do It)

    04/18/2018 10:33:45 AM PDT · by SeekAndFind · 20 replies
    Townhall ^ | 04/17/2018 | Ed Fuelner
    When President Trump signed the 2,232-page, $1.3 trillion omnibus spending bill last month, he was emphatic that it wouldn’t happen again.Referring to the fact that no one could possibly have had time to read this mammoth piece of legislation, he said, “I will never sign another bill like this again.”The implication, of course, was that nothing could be done about this latest round of massive overspending. Like it or lump it, there it is.But that’s not exactly true. The president can, in fact, do something. He can pursue what’s known as a rescissions package.Don’t let the wonky word cause your...
  • Taxes Don’t Cover America’s Expenses: Entitlement reform the only solution to ballooning debt.

    04/18/2018 9:25:19 AM PDT · by SeekAndFind · 21 replies
    National Review ^ | 04/17/2018 | Michael Tanner
    Yesterday, as most Americans are painfully aware, was “Tax Day,” the last day for filing individual income taxes this year. When the smoke clears, Americans will have paid $1.6 trillion in individual income taxes. And contrary to the populist rhetoric of both the Left and the Right, the vast majority of those taxes will have been paid by the rich. The wealthiest 1 percent of Americans, who earn 16 percent of U.S. income, will pay roughly 43 percent of federal income taxes this year. Of course, income taxes are only one component of federal taxes, and for most Americans, it’s...
  • Woman goes broke attending 20 weddings in 4 years

    04/17/2018 5:20:26 AM PDT · by C19fan · 55 replies
    UK Sun ^ | April 16, 2018 | Jenny Francis
    “We’re engaged!” The phrase can cause excitement … or fear. Once the joy wears off after hearing your pals are getting hitched, you realize your bank ­balance is about to take a massive hit. Georgina Childs, 30, has had enough of forking out as a result of being a wedding guest… The PR account manager from Essex, England, got herself into Ł2,000 (almost $2,900) of debt and had to move back in with her with her parents after attending 20 weddings and 12 hen dos (bachelorette parties) in four years.
  • Ryan: Trillion-dollar deficits were inevitable

    04/15/2018 1:05:07 PM PDT · by yesthatjallen · 73 replies
    The Hill ^ | 04/15/18 | Alexander Bolton
    Speaker Paul Ryan (R-Wis.) says that trillion-dollar deficits could not have been avoided by the GOP-controlled Congress, responding to critics within his party who say that leaders have behaved irresponsibly. “That was going to happen. The baby boomers retiring was going to do that,” Ryan said on NBC’s “Meet the Press” of projections that the country will start running trillion-dollar deficits as soon as 2020. Etc...
  • Texas 130 expansion stalls as Texas toll roads go out of style

    04/10/2018 8:04:47 AM PDT · by Tolerance Sucks Rocks · 20 replies
    The Austin American-Statesman ^ | January 26, 2018 | Ben Wear
    The Texas Department of Transportation has a contractor lined up to add a lane to each side of Texas 130 through Pflugerville, a popular commuter route that often backs up during rush hour.But the $36.7 million contract with OHL Construction is now caught up in the freeze on toll road projects — even though the project would be an expansion of an existing toll road, funded with toll road revenue. It would not use money from the gas, sales and energy taxes that have been the target of grass-roots anti-toll groups.“The planning and (bidding) has been done. The contractor is ready...
  • GOP tax law will add $1.9 trillion to debt: CBO

    04/09/2018 12:02:49 PM PDT · by GIdget2004 · 32 replies
    The Hill ^ | 04/09/2018 | Niv Elis
    The GOP's signature tax law is projected to increase the national debt by $1.9 trillion between 2018 and 2028, according to a new report by the Congressional Budget Office. According to the report, the tax law would cost the government $2.3 trillion in revenues, but economic growth would offset that figure by about $461 billion. At 11 years, the report covers a slightly longer time period than the usual 10-year projections, but even accounting for just the first decade, the figure remains around $1.9 trillion. Some Republicans argued vociferously during the tax debate that tax cuts in the bill would...
  • Still Bleeding: The DNC’s Financial Situation Just Got Worsef

    04/05/2018 4:27:53 AM PDT · by MarvinStinson · 33 replies
    townhall ^ | Apr 04, 2018 | Matt Vespa
    The Democratic National Committee under Tom Perez and Rep. Keith Ellison (D-MN) has been anything but successful. The committee, which has undergone multiple purges in staff, including the firing of their top fundraiser, has failed to catch up with their Republican counterparts. TheyÂ’re a whopping $6 million in debt and they just took out a $2 million loan to keep the lights on. ItÂ’s a total disaster and the bleeding hasnÂ’t stopped (via Daily Caller): The Democratic National Committee (DNC) reported more than $162,000 in additional debt in an amended FEC report filed this week. The DNC originally reported $6.1...
  • Drivers claim Pennsylvania Turnpike toll hikes are 'highway robbery'

    04/02/2018 7:15:39 PM PDT · by Tolerance Sucks Rocks · 44 replies
    The Pittsburgh Tribune-Review ^ | March 30, 2018 | Debra Erdley
    Elizabeth Zemba of Mt. Pleasant, a daily Pennsylvania Turnpike traveler, turned to art and creativity to express frustration with the highway's ever-rising tolls. She created an Internet meme. A photo of a turnpike tollbooth is overlaid with the logo: "Pennsylvania Turnpike re-inventing highway robbery since 2009." For many, annual turnpike toll increases simply have become too much to bear. Two weeks ago, a coalition of truckers and motorists advocates filed a class action suit against the Pennsylvania Turnpike Commission, PennDOT and Gov. Tom Wolf, seeking to recoup "excessive fees" that went to underwrite projects other than the operation of the...
  • Q1 2018 Was A Fiscal Disaster For America

    04/02/2018 10:45:33 AM PDT · by SeekAndFind · 21 replies
    Econimica ^ | 04/01/2018 | Chris Hamilton
    In the first quarter of 2018, the financial and investing industry went into overdrive detailing the upside of the 2018 tax cuts and the positive impacts of a "business friendly" executive and congressional branch on business in America. The stock market hit record highs and the Federal Reserve proclaimed such good times as to raise their economic outlook and increase the likelihood for interest rate hikes. From January 1, 2018 through March 28, 2018 (Q1), real GDP likely grew $110 billion (a 2.5% rise on an annualized basis). However, the fly in the ointment...according to the Treasury, from Jan 1,...
  • Trump, GOP leaders face backlash over $1.3 trillion spending package

    03/24/2018 2:45:13 PM PDT · by Berlin_Freeper · 93 replies
    foxnews.com ^ | March 24, 2018 | Adam Shaw
    President Trump faces losing support from his base in the wake of his decision Friday to sign a controversial and much-derided $1.3 trillion spending bill -- over not only its size but its failure to fund his campaign promise of a wall on the U.S. southern border. Trump briefly threatened to veto the legislation, voted through the House and Senate on Thursday and early Friday in order to avoid a government shutdown. Conservatives balked at the $1.3 trillion price tag, as well as the failure to promote Republican causes such as the defunding of Planned Parenthood and the funding of...
  • Financial State of the Cities 2016

    03/17/2018 9:16:16 AM PDT · by george76 · 3 replies
    Truth in Accounting ^ | January 24, 2018
    Truth in Accounting .. based on fiscal year 2016 comprehensive annual financial reports .. found that 64 cities do not have enough money to pay all of their bills, and in total, the cities have racked up $335.4 billion in unfunded municipal debt. ... Government reports are lengthy, cumbersome, and sometimes misleading documents ... taxpayers and citizens deserve easy-to-understand, truthful, and transparent financial information from their governments. ... to balance the budget, elected officials have not included the true costs of the government in their budget calculations and have pushed costs onto future taxpayers. ... TIA was unable to rank...
  • In Colorado, 11.2 percent of borrowers default on student loans

    03/17/2018 8:16:50 AM PDT · by george76 · 15 replies
    Watchdog News ^ | Mar 15, 2018
    At Everest College in Everett, nearly 30 percent of borrowers who started repaying student loans in 2014 defaulted on those loans by the end of 2016, according to the latest disclosure from the U.S. Department of Education. The data includes students at schools receiving federal student aid who entered repayment on selected federal loans in 2014 and defaulted before the end of the second fiscal year. In Colorado, 82 institutions reported 100,449 students entered repayment on student loans. And 11,204 – or 11.2 percent – defaulted on those loans.
  • Will: Infrastructure spending won’t transform America

    03/16/2018 1:02:00 PM PDT · by Tolerance Sucks Rocks · 52 replies
    The San Jose Mercury News ^ | February 16, 2018 | George F. Will
    “MASON CITY: To get there you follow Highway 58, going northeast out of the city, and it is a good highway and new.” — Robert Penn Warren, “All the King’s Men” (1946) WASHINGTON — Appropriately, Warren began the best book about American populism, his novel based on Huey Long’s Louisiana career, with a rolling sentence about a road. Time was, infrastructure — roads, especially — was a preoccupation of populists, who were mostly rural and needed roads to get products to market, and for travel to neighbors and towns, which assuaged loneliness. Today, there is no comparably sympathetic constituency clamoring...
  • Toys "R" Us shutting U.S. stores, liquidating inventory

    03/15/2018 3:03:47 AM PDT · by C19fan · 47 replies
    CBS News ^ | March 15,2018 | Staff
    Toys "R" Us is going out of business in the U.S. The iconic chain announced early Thursday that it's seeking bankruptcy court approval to start closing its 735 U.S. stores and liquidating their inventory. Some 33,000 employees will lose their jobs as a result. Toys "R" Us Chairman and Chief Executive Officer Dave Brandon said in a statement, "I am very disappointed with the result, but we no longer have the financial support to continue the Company's U.S. operations."
  • US credit card debt tops $1 trillion for the first time

    03/09/2018 8:20:34 AM PST · by NohSpinZone · 52 replies
    Washington Times ^ | 3/9/18 | Joseph Lawler
    Total U.S. credit card debt has topped $1 trillion for the first time, according to a new report from the card comparison site WalletHub. Consumers added $92 billion in credit card debt in 2017, bringing the aggregate over $1 trillion. Other categories over the trillion-dollar threshold are housing, auto loan, and student loan debt. [SNIP] The average household owes a record $8,600, which is more than the peak during the recession.
  • Treasury Dept.: The real deficit is twice as big – and getting worse

    02/23/2018 10:03:09 AM PST · by huldah1776 · 23 replies
    Conservative Review ^ | Feb 23, 2018 | Daniel Horowitz
    The largest financial institution in the world – the U.S. government – issued its financial statement just a few days ago, and nobody in Washington seems to care that the deficit is almost twice as large as they once thought. snip In substance-free Washington, the release of the annual financial statements of the U.S. government isn’t a big deal, but it should be. The statements demonstrate that we have gone backward, not forward, with Republicans in charge of all branches of government. According to the annual financial report of the U.S. government published by the Treasury Department, the real deficit...