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Keyword: deficit

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  • The United Nations Is On Track To Run Out Of Money By The End Of The Month

    10/09/2019 6:31:06 AM PDT · by Enlightened1 · 66 replies
    GP ^ | 10/09/19 | Aleister
    Here’s some news that will make a lot of conservatives very happy.The United Nations has a massive budget problem and may run out of cash by the end of this month.What a shame.  CBS News reports: United Nations could run out of money in a few weeks, Secretary General warnsThe United Nations is running a deficit of $230 million, Secretary General Antonio Guterres said on Monday, and may run out of money by the end of October. In a letter intended for the 37,000 employees at the UN secretariat and obtained by CBS News’ Pamela Falk, Guterres said unspecified “additional stop-gap...
  • Drexel University professor spends hundreds of thousands of dollars [trunc]

    10/08/2019 7:37:27 PM PDT · by grey_whiskers · 15 replies
    The College Fix ^ | Oct 8, 2019 | clubs CHRISTIAN SCHNEIDER
    Drexel University must pay the federal government nearly $190,000 to cover the strip club spending habits of a former professor, according to a settlement announced Monday. Over a 10-year period, Chikaodinaka Nwankpa, the former head of Drexel Universitys electrical engineering department, burned hundreds of thousands of dollars in federal funds meant for energy, science and naval research. The $190,000 settlement, which must be paid by the university, will help the school stave off a lawsuit by the federal government.
  • CAGW Names Illinois Gov. J. B. Pritzker September 2019 Porker of the Month

    09/28/2019 8:14:46 PM PDT · by Tolerance Sucks Rocks · 21 replies
    Citizens Against Government Waste ^ | September 2019 | Citizens Against Government Waste
    Citizens Against Government Waste (CAGW) named Illinois Governor J. B. Pritzker (D) September 2019 Porker of the Month for signing a $40.1 billion budget without any spending restraints and $1.4 billion in pork-barrel projects. Illinois currently has a $223.9 billion shortfall, which breaks down to a debt burden of $52,600 per taxpayer. The state has $6 billion in unpaid bills and the lowest credit rating of any state in the country. Its unfunded pension liability tops $130 billion. Illinois taxpayers are so saddled with debt, taxes, corrupt local government, and dwindling middle-class jobs that 157,000 residents have left over the...
  • Fed Admits Failure of Plan A to Control Money Market Rates, Shifts Back to Repos ...

    09/20/2019 11:35:56 PM PDT · by Yosemitest · 119 replies ^ | 20 September 2019 | Wolf Richter
    Fed Admits Failure of Plan A to Control Money Market Rates, Shifts Back to Repos (which was Plan A till 2008) The hullabaloo in the repo market torpedoed the function of Interest on Excess Reserves and forced the Fed to go back to the future. With its announcement this morning, the New York Fed confirmed that the Feds Plan A of manipulating the federal funds rate into its target range now between 1.75% and 2.0% has miserably failed, and that it will switch to Plan B to control short-term interest rates. But this Plan B used to...

    09/05/2019 3:21:38 PM PDT · by spintreebob · 3 replies
    American Forum ^ | 9-4-19 | Gordon Gray
    CHART BOOK INDEX Fiscal Policy Outlook: August, FY2019 Snapshot 2018: $779 Billion Deficit Higher Than Average Spending And (Eventually) Taxation Mandatory Spending Crowds Out The Budget Major Components Of Mandatory Spending Entitlements And Interest Is Squeezing Other Priorities Mandatory Spending Is Bad: Interest Is Even Worse The U.S. Is Borrowing To Pay Interest Costs The U.S. Runs A Structural Primary Deficit Debt Ultimately On An Upward Trajectory Debt Ultimately Approaches 1.5 Times The Size Of The Economy What Drives Our Debt? Congressional Budget Process Timetable SHARE CHART BOOK Read more: Follow us: @AAF on Twitter
  • Under Trump, the deficit has ballooned, exploding a GOP myth

    08/28/2019 12:45:49 PM PDT · by ChicagoConservative27 · 97 replies
    cnn ^ | 08/24/2019 | Julian Zelizer
    (CNN)The Congressional Budget Office has predicted the federal deficit could reach $1 trillion by the 2020 fiscal year. Once again, President Trump has exposed a myth in American politics. That myth? That Republicans are the party of fiscal responsibility. He is just the latest Republican president to demonstrate this. His drive for corporate tax cuts, which received strong Republican support, has blown a huge hole in the federal ledger. Tea Party Republicans once railed against President Barack Obama's spending habits. As the deficit has grown under Trump, however, they've suddenly changed their tune. Acting Chief of Staff and Office of...
  • Our Debt Dwarfs China as Top National Security Threat

    08/24/2019 5:19:31 AM PDT · by SeekAndFind · 46 replies
    American Thinker ^ | 08/24/2019 | Todd Fleming
    This year's National Defense Strategy heralded the return of peer competitors and the re-emergence of long-term great power competition.The debate among national security experts that followed its publication mostly focused on whether China or Russia is the bigger long-term threat to the U.S. China is a rising power with national ambitions whose goal is to supplant U.S. atop the global hierarchy.Russia?It's a vodka-addled demographic basket case that runs a few troll farms, whose closest economic peers are Italy and Brazil. But, an increasingly dangerous China is at best the number two national security threat, dwarfed by the much clearer...
  • CBO Projects Trillion-Dollar Deficits for the Next DecadeAnd No One Seems to Care

    08/22/2019 6:53:23 AM PDT · by SeekAndFind · 9 replies
    PJ Media ^ | 08/22/2019 | Rick Moran
    A trillion here. A trillion there. A trillion-dollar deficit as far as the eye can see.But don't worry. You're not talking about real money. This is Trump money, where reality can be manipulated to reflect anything.So Trump can simply claim the latest CBO report showing deficits beginning in 2020 to hit more than a trillion dollars through 2029, to be fake news. Or a Democratic lie.It's certainly more appetizing to ignore reality than to accept it.CNBC: The U.S. budget deficit is expected to hit $960 billion in 2019, and average a whopping $1.2 trillion per year between 2020 and...
  • The National Debt, does anyone care?

    08/21/2019 12:50:47 PM PDT · by Sean_Anthony · 23 replies
    Canada Free Press ^ | 08/21/19 | Jim Ross Lightfoot
    So, when will we hear someone running for election or re-election start talking about our huge debit and ways to reduce it? Now that we have the Democrat debates underway its time to turn our attention to carefully listen to what the potential candidates have to say. Are they talking about issues that are really important to the nation? Or, are they talking about proposed plans and schemes that will get them elected? Out here in the real world much of what we hear is a bit confusing and is difficult to understand.
  • White House mulls payroll tax cut to ease economic concerns: Reports

    08/19/2019 7:27:48 PM PDT · by SeekAndFind · 26 replies
    Fox Business News ^ | 08/19/2019 | Thomas Barrabi
    Top White HouseOpens a New Window. officials are considering a temporary payroll tax cutOpens a New Window. to boost the U.S. economy amid mounting concerns about a possible economic downturn, according to multiple reports on Monday. Internal talks on a payroll tax cut are in their early stages Monday and are one of several potential measures under consideration, the Washington PostOpens a New Window. reported, citing three sources familiar with the matter. White House aides have yet to determine whether to push Congress for approval. As [National Economic Council Director Larry Kudlow] said yesterday, more tax cuts for the American...
  • Congress Proposes Bill To Increase Section 8 Funding Amid LA Homeless Crisis

    08/20/2019 3:02:01 AM PDT · by Libloather · 41 replies
    CBS Local ^ | 8/14/19
    LOS ANGELES (CBSLA) There is a new effort to help ease the homeless crisis in Southern California. Congresswoman Maxine Waters hosted a hearing in Exposition Park Wednesday to take a closer look at homelessness in Los Angeles and try to find a solution. Democratic members of Congress heard testimony about the homeless crisis and explored the question, What can the federal government do to help? The federal government has been missing in action, said Los Angeles Mayor Eric Garcetti.
  • Beware of Rate-cut Fever

    08/17/2019 7:50:23 AM PDT · by Kaslin · 30 replies
    American ^ | August | William J. Dodwell
    Much has been written about the need for the Federal Reserve to lower interest rates, even beyond the July cut, the first one in eleven years. Indeed, the latest escalation of trade tensions with China and its concomitant currency depreciation might make further cuts more compelling. Or not. The principal purpose of a rate cut is to provide liquidity to foster greater consumption and business investment that stimulate economic growth in the face of sustained opposition forces. But rate cuts without sufficient justification, such as those based on transitory developments, reaction to presidential jawboning, miming other central banks, or inadequate...
  • Dow tumbles 400 points after bond market flashes a recession warning

    08/14/2019 7:11:42 AM PDT · by Berlin_Freeper · 82 replies ^ | August 14, 2019 | David Goldman
    The Dow slid more than 400 points Wednesday after the bond market, for the first time in over a decade, flashed a warning signal that has an eerily accurate track record for predicting recessions.
  • Its the Spending, Stupid: Stop Blaming Trump's Tax Cuts for the Deficit

    08/14/2019 9:53:32 AM PDT · by SeekAndFind · 7 replies
    Issues and Insights ^ | 08/14/2019 | John Merline
    The current federal budget fiscal year still has two months to go, but the deficit is already bigger now than it was for all of last year, and heading to more than $1 trillion. Naturally, the Trump tax cuts are getting the lions share of the blame. But the latest data on spending and revenues from the Treasury Dept. make it abundantly clear that it is out-of-control spending, not tax cuts, that are driving the deficit upward. Unfortunately, no one in Washington seems to care. From October last year through July this year, total revenues climbed 3.4%. Thats faster than...
  • Morgan Stanley Predicts Fed to Cut US Rates to Near Zero

    08/13/2019 10:07:34 AM PDT · by Hostage · 59 replies
    Clarion News ^ | Aug 13, 2019 | Thomson/Reuters
    Morgan Stanley analysts said on Monday that they now expect the U.S. Federal Reserve to cut rates in September and then again in October. snip The bank joins a number of investors betting that the Feds first rate cut since 2008, late last month, will be the first of several moves to lower borrowing costs. Goldman Sachs said earlier this month it sees a strong chance of rate cuts in both September and October.
  • Heres a Promising Plan to Finally Get a Grip on Federal Spending

    07/27/2019 11:06:12 AM PDT · by Tolerance Sucks Rocks · 43 replies
    The Daily Signal ^ | July 25, 2019 | Romina Boccia
    The massive spending deal, negotiated by Treasury Secretary Steve Mnuchin and House Speaker Nancy Pelosi and agreed to by the president, looks poised to kill off the Budget Control Act of 2011the law that was meant to restrain federal spending. With that law on the way out, the question arises: Where can fiscal conservatives turn to exert real and lasting fiscal discipline? Thankfully, two members of Congress have introduced a bill to do just that. The Maximizing Americas Prosperity Actor MAP Actis a bill proposed by Rep. Kevin Brady, R-Texas, and Sen. Mike Braun, R-Ind., that would limit federal spending...
  • Conservative Alarmism About Deficits Resembles Lefty Warming Hysteria

    08/05/2019 10:09:49 AM PDT · by SeekAndFind · 13 replies
    RCM ^ | 08/02/2019 | John Tamny
    “This is a tipping point now. If we don’t address it in this window, in this presidential debate, we’re not going to deal with it.” Those are the words of former South Carolina governor and U.S. Congressman from South Carolina, Mark Sanford. Sanford is talking about federal debt.But if one didn’t know better, and if one weren’t familiar with the issues of importance to Sanford, it would be easy to speculate that the South Carolinian who plans to take on Donald Trump for the Republican presidential nomination was talking about global warming. The way that Sanford references a “tipping point”...
  • Strong Jobs Numbers Wont Last If Tariffs Continue (blecch)

    08/02/2019 2:30:12 PM PDT · by Tolerance Sucks Rocks · 14 replies
    The Daily Signal ^ | August 2, 2019 | Timothy Doescher
    As the summer rolls on, the American economy is staying hot. Thats the main takeaway from the Bureau of Labor Statistics reports on Friday, which shows that the economy added 164,000 jobs in July. That lined up for the most part with expert predictions. The economy is showing signs of resiliency economy due to sound policies like deregulation and tax cuts. Nonetheless, its time to get real about the negative impacts that tariffs and out-of-control spending will have on long-term growth. In July, we saw that the historically low unemployment rate went unchanged, hovering at 3.7%, while the labor force...
  • The Fed cut rates for the first time since 2008

    07/31/2019 12:23:04 PM PDT · by Innovative · 52 replies
    CNN ^ | July 31, 2019 | Donna Borak
    The Federal Reserve on Wednesday lowered interest rates for the first time since the Great Recession in 2008 to help stave off the possibility of an economic downturn. Policymakers led by Fed Chairman Jerome Powell voted 8-2 in favor of a small cut in the federal funds rate, and recommitted to their promise to "act as appropriate" to sustain the country's longest economic expansion in history. Interest rates, which affect the cost of borrowing for credit cards and mortgages, are now set to hover between 2% and 2.25%. The rate cut follows months of pressure from President Donald Trump, who...
  • As usual, Powell (Federal Reserve) let us down [Trump Tweet]

    07/31/2019 1:54:16 PM PDT · by Moonman62 · 47 replies
    Twitter ^ | 07/31/19 | President Trump
    What the Market wanted to hear from Jay Powell and the Federal Reserve was that this was the beginning of a lengthy and aggressive rate-cutting cycle which would keep pace with China, The European Union and other countries around the world ... As usual, Powell let us down, but at least he is ending quantitative tightening, which shouldnt have started in the first place - no inflation. We are winning anyway, but I am certainly not getting much help from the Federal Reserve!