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Keyword: deficit

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  • Trustees: Social Security Will Run $84 Billion Deficit in 2015

    09/05/2015 11:24:08 AM PDT · by Olog-hai · 55 replies
    Cybercast News Service ^ | September 1, 2015 | 5:17 PM EDT | Barbara Hollingsworth
    The Old-Age, Survivors, and Disability Insurance (OASDI) program commonly known as Social Security, which celebrated its 80th birthday on August 14, is projected to run an $84 billion deficit this year, according to the 2015 Annual Report of the Board of Trustees. […] During 2014, $646.2 billion in payroll taxes was collected from 166 million working Americans. But that was not enough to cover the $859 billion in Social Security benefits that were collected by 59 million people, including 42 million retired workers and their dependents, six million survivors of deceased workers, and 11 million disabled workers and their dependents....
  • The Nation's Budget Outlook Is Worse Than You Think

    08/27/2015 5:24:55 AM PDT · by IBD editorial writer · 16 replies
    Investor's Business Daily ^ | 08/26/2015 | Staff
    Budgets: The bad news is that the country is headed toward $1 trillion deficits in 10 years, according to the Congressional Budget Office. The worse news is that, if history is any guide, this forecast is probably way too optimistic.
  • $2,672,414,000,000: Federal Taxes Set Record Through July […] Feds Still Run $465.5B Deficit

    08/13/2015 9:22:50 AM PDT · by Olog-hai · 12 replies
    Cybercast News Service ^ | August 12, 2015 | 2:30 PM EDT | Terence P. Jeffrey
    The federal government raked in a record of approximately $2,672,414,000,000 in tax revenues through the first ten months of fiscal 2015 (Oct. 1, 2014 through the end of July), according to the Monthly Treasury Statement released today. That equaled approximately $17,955 for every person in the country who had either a full-time or part-time job in July. […] Despite the record tax revenues of $2,672,414,000,000 in the first ten months of this fiscal year, the government spent $3,137,953,000,000 in those ten months, and, thus, ran up a deficit of $465,539,000,000 during the period. …
  • The Story Of America's Debt In 6 Easy Graphics

    08/09/2015 10:34:59 AM PDT · by SeekAndFind · 5 replies
    Zero Hedge ^ | 08/08/2015 | Tyler Durden
    Despite incessant pundit parroting of the "deleveraging households" meme, America is and probably always will be, addicted to debt. If you need proof, have a look at the latest statistics on non-mortgage debt, which, thanks to America’s twin trillion-dollar bubbles, recently soared to its highest level in a decade. To wit, from HousingWire, citing Black Knight Financial:  What we’ve found is that mortgage holders today are carrying more non-mortgage debt than at any point in the past 10 years, with an average of $25,000 per borrower. That’s $1,400 more on average than one year ago, and nearly $2,600 more...
  • The F-35: Is the world's most expensive weapons program worth it? (DoD Obamacare)

    07/16/2015 8:12:53 AM PDT · by MadIsh32 · 21 replies
    CNN ^ | 07/15/2015 | Zachary Cohen
    Three years behind schedule and some $200 billion over its original budget, the F-35 Joint Strike Fighter program is finally set to become operational this month. The fighter jet has been in development for nearly 15 years, weathered half a dozen years of testing and experienced myriad hardware malfunctions and software glitches along the way. Once it's declared ready for combat, it will be the most expensive weapons system in world history. It will also be the most advanced in the sky. The F-35, also referred to as the Joint Strike Fighter, is touted as the most lethal and versatile...
  • Greece: At Least It’s Not Detroit

    06/29/2015 5:45:26 AM PDT · by NOBO2012 · 7 replies
    Michelle Obama's Mirror ^ | 6-29-2015 | MOTUS
    We’re going to have to cut those spanakopita pieces smaller!Okay, I’ve decided to back The Donald for president. Oh sure, he’s a pompous, arrogant, rich, white guy. Butt what difference, at this point, does it make? At least he speaks the truth: je suis Greece. In announcing his candidacy for U.S. president, Trump called Greece “unsalvageable” as he warned that America, with its own mounting debt, could end up just like it. – Politico Greece ran out of its own money a long time ago and now, as Madam Thatcher warned, it’s finally running out of other people’s as well,...
  • Senate Democrats Demand More Money for Amtrak Repair Backlog

    05/21/2015 11:15:54 AM PDT · by Oldeconomybuyer · 20 replies
    ABC News ^ | May 21, 2015 | By JOAN LOWY
    Senate Democrats on Thursday demanded that Republicans provide more money for Amtrak so the railroad can tackle a $21 billion maintenance and repair backlog, including replacing tunnels more than a century old. Democrats at a news conference cited last week's deadly crash in Philadelphia and said the backlog is compromising safety and service. Democrats want to Congress to give Amtrak the entire $2 billion in subsidies the railroad requested for the budget year that starts Oct. 1. They say GOP lawmakers have starved the railroad financially for years. A Republican-controlled House panel approved a spending bill the day after the...
  • What the Medicare ‘Doc Fix’ Means for States

    04/15/2015 11:45:30 AM PDT · by ThethoughtsofGreg · 1 replies
    American Legislator ^ | 4-15-15 | Sean Riley
    The U.S. Senate late Tuesday evening passed legislation containing a permanent ‘doc fix’ for calculating physician reimbursements under Medicare. By doing away with a decades old formula, the bill staves off an automatic 21 percent cut in payments that would have gone into effect at midnight. While much of the focus has been on Congress and the impact of the legislation on the federal Medicare program, the measure raises three important issues for the states. First, the measure also includes a two year extension of the State Children’s Health Insurance Program (CHIP), the federal-state program extending coverage to low-income children...
  • Obama criticizes GOP’s budget in Ohio speech

    03/18/2015 2:42:36 PM PDT · by Jim Robinson · 7 replies
    Washington Post ^ | March 18, 2015 | By David Nakamura and Juliet Eilperin
    CLEVELAND — President Obama used this manufacturing hub — and important swing state — as the backdrop to draw a sharp distinction Wednesday with his Republican rivals over the economy, as both sides aim to frame the debate for the coming presidential race. The day after House Republicans unveiled their budget proposal — which would cut more than $5 trillion out of the federal budget over the next decade and balance the budget by cutting domestic programs — the president touted some of the very programs that would come under the GOP axe. Obama dismissed a House plan that “doubles...
  • Robert Rector Estimates Lifetime Retirement Costs Of Illegals.. Executive Amnesty At $1.3 Trillion

    03/17/2015 5:53:31 PM PDT · by bushwon · 19 replies ^ | March 17, 2015 | Carolyn May
    The lifetime costs of Social Security and Medicare benefits of illegal immigrant beneficiaries of President Obama’s executive amnesty would be well over a trillion dollars, according to Heritage Foundation expert Robert Rector’s prepared testimony for a House panel obtained in advance by Breitbart News. Rector, a senior research fellow at Heritage, is slated to speak on the costs of Obama’s executive amnesty Tuesday before the House Oversight and Government Reform Committee. He will testify to the high entitlement costs of granting legal status to millions of illegal immigrants. Based on Rector’s calculations, which assume that at least 3.97 illegal immigrants...
  • House Republicans seek ObamaCare repeal, more defense $$ in new budget plan

    03/17/2015 10:06:41 AM PDT · by Jim Robinson · 8 replies
    FOX News ^ | March 17, 2015
    House Republicans, unveiling their first budget blueprint since the party took control of Congress, issued a sweeping spending plan Tuesday that calls for complete repeal of ObamaCare, major changes to Medicare and controversial moves to boost defense spending despite tight budget limits. GOP leaders say their budget would balance in less than 10 years, and in that time cut spending by $5.5 trillion compared with current projections. The spending plan stands little chance of ever being signed by President Obama, but makes clear that the party is not dialing back its ambitions despite a rocky start to the latest congressional...
  • Can America Afford a War With Iran?

    03/13/2015 9:29:02 AM PDT · by pinochet · 79 replies
    Vanity Fair estimated the cost of the Iraq War to be $3 trillion. Iran has a population that is more than double the population of Iraq, and is much richer than Iraq was in 2003. A War with Iran will cost over 6 trillion dollars, without even factoring inflation since 2003. When inflation is factored in, that would add about $10 trillion dollars to the deficit. Can America afford the $10 trillion it will take to wage war and occupy Iran?
  • GOP is warned: ‘$5.5 trillion to get us to balance in 10 years’

    03/12/2015 10:04:24 AM PDT · by DoodleDawg · 36 replies
    Politico ^ | 3/12/15 | David Ridgers
    Senate Budget Committee Republicans got a taste of things to come Wednesday as witnesses warned it will take $5.5 trillion in deficit reduction to bring the government into balance in a decade and the GOP can’t afford to take its eye off economic growth. “It will be about $5.5 trillion to get us to balance in 10 years,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget told the panel. “Just to put that in perspective that’s eight times the size of the [2012] fiscal cliff deal and it’s 65 times the size of the [2013] Ryan Murray...
  • There's a new mortgage crisis brewing [Richard Bove]

    02/24/2015 4:49:11 PM PST · by CutePuppy · 24 replies
    CNBC ^ | 2015 February 23 | Richard X. Bove
    In 2008, the nation entered into a financial crisis widely believed to have been caused by excesses in the residential mortgage industry. By 2010, the nation thought it had put in place a series of measures that not only would resolve the crisis but would insure that it never happened again. Yet, here we are in 2015 looking at another potential mortgage crisis. Only this time it is different. In 2008, funds flowed in waves into the mortgage industry. In 2015, it appears the funds are drying up. The solutions to the problem in 2010 and thereafter included: Suing and...
  • Egypt’s president raises cigarette tax

    02/22/2015 7:04:38 PM PST · by Olog-hai · 4 replies
    Associated Press ^ | Feb 22, 2015 2:50 PM EST | Merrit Kennedy
    Egypt said Sunday it will raise the sales tax on both local and imported cigarettes as it confronts a major budget deficit. The decision announced by the presidency increases a flat tax by at least 7 cents for a pack of less expensive cigarettes. More expensive brands will see an increase of at least 20 cents. A similar move last July raised prices 25 to 40 cents per pack. One in four Egyptian adults smoke, according to a 2013 World Health Organization report. …
  • 20 Reasons It Will Be Great To Replace Obama With a Republican in 2016

    02/17/2015 4:08:23 AM PST · by Kaslin · 23 replies ^ | February 17. 2015 | John Hawkins
    1) It’ll finally give Obama a chance to pursue his real passion, golf. 2) And it will also give Joe Biden a chance to pursue his lifelong passion: chasing squirrels. 3) Al Sharpton will have to start paying his taxes again. 4) We’ll finally have someone in office who doesn’t think it’s a good thing when more Americans end up out of jobs and on the dole. 5) Forcing public school kids to eat kale and tofu dogs will suddenly drop way down the priority scale for the President of the United States. 6) The day after a Republican...
  • Cost of servicing the debt will hit $800 billion by 2025: Four Times What it Costs Today

    02/04/2015 8:49:55 AM PST · by SeekAndFind · 18 replies
    American Thinker ^ | 02/04/2015 | Rick Moran
    The U.S. has gotten something of a free ride over the last 7 years as interest rates have hovered near zero. This has meant that the cost of servicing the debt – paying off some bonds and rolling others over – has been relatively low. This coming fiscal year, it's expected that the government will spend around $200 billion to keep the U.S. afloat. But the free ride is about to end. The Federal Reserve announced an end to their bond-buying program known as quantitative easing, and the resulting rise in interest rates will mean rising costs to service the...
  • 5 Things To Know About Obama's $4 Trillion Budget

    02/03/2015 8:01:39 AM PST · by Kaslin · 3 replies ^ | February 2, 2015 | Conn Carroll
    resident Obama unveiled his fiscal year 2016 budget Monday, a proposal that would spend $3.99 trillion while running a $474 billion deficit. The document will serve as a blueprint for White House policy for upcoming fights with Republicans on immigration, health care, infrastructure, and tax reform. Highlights every conservative should know include:1. Higher SpendingObama's budget would increase spending by $74 billion in 2016 compared to current law, and by $322 billion over the next five years. Federal government spending as a percentage of GDP would rise from 20.3 percent in 2014 to 22.2 percent in 2025.The biggest spending increase items in Obama's budget...
  • Obama Budget Embraces Permanent US Decline- Growth of Reagan Era a Quaint Relic, Never to Return

    02/03/2015 3:23:33 AM PST · by Reaganite Republican · 8 replies
    Reaganite Republican ^ | 03 February 2015 | Reaganite Republican
    'a gloomy view of an economy... growing slower...  creating fewer rewards for its workers  than it did in much of the last century' (Reuters) - Beneath President Barack Obama's plan to fight income inequality lies a gloomy view of an economy that is growing slower and creating fewer rewards for its workers than it did in much of the last century. In a budget proposal unveiled on Monday, the White House cut forecasts for an array of economic variables, depicting less growth, weaker inflation and lower interest rates than officials expected only a year ago. This comes despite an unemployment rate...
  • 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....
  • CBO: Deficits To Explode As Obama Leaves Office

    01/26/2015 2:40:13 PM PST · by jazusamo · 42 replies ^ | January 26, 2015 | Conn Carroll
    Federal deficits may have been falling since the end of the recent recession, but thanks to spending increases in major health care programs, including Obamacare, deficits are set to explode in 2017, according to a new report by the Congressional Budget Office. Thanks to the recent recession and President Obama's trillion dollar stimulus, the federal budget deficit reached an all time $1.4 trillion high in 2009. Then, as the economy slowly improved and Obama's stimulus trickled to end, the deficit began to fall. According to the CBO, the deficit will continue to fall to $467 billion in 2016. Immediately...
  • SOTU Fact Check: Obama's Health Care Debt Bomb

    01/21/2015 4:07:24 AM PST · by Kaslin · 5 replies ^ | 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...
  • Conservatives start new push for 'balance[d]' [budget amendment] in the Constitution

    01/18/2015 4:42:25 AM PST · by Cincinatus' Wife · 22 replies
    The Hill ^ | January 18, 2015 | Rebecca Shabad
    Conservatives in Congress are reviving the push for a balanced-budget amendment to the Constitution now that Republicans control both houses of Congress. GOP lawmakers in both chambers have filed several amendment proposals in the early days of the congressional session, breathing new life into an issue that had faded somewhat from the agenda. “I came here with a clear mission: work to get a balanced budget and do my best to reduce the size and scope of government, so that our small businesses and farm families can grow and create jobs,” said Freshman Rep. David Rouzer (R-N.C.) in a recent...
  • 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,...
  • 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...
  • It’s ending purposeless, perpetual, global warfare, stupid

    12/27/2014 8:29:24 PM PST · by Tolerance Sucks Rocks · 36 replies
    The Washington Times ^ | December 26, 2014 | Bruce Fein
    “It’s ending purposeless, perpetual, global warfare, stupid.” Republican presidential contenders for 2016 should embrace that campaign theme to demolish the ultra-hawkish Hillary Clinton and her Napoleonic complex. Bill Clinton’s 1992 campaign theme, “It’s the economy, stupid,” is obsolete. Presidential strategists sermonize that voters are instinctively concerned more about jobs, mortgages, and health care than about national security policy. True enough. But that is because presidential aspirants have failed to discern and to explain the direct connection between, on the one hand, purposeless, perpetual, global warfare and the projection of military force everywhere that has created an exorbitant, inefficient, and corrupt...
  • School cafeterias losing money on Michelle Obama's meals, jeopardizing programs

    12/13/2014 12:52:00 PM PST · by Tolerance Sucks Rocks · 45 replies
    The Washington Examiner ^ | December 12, 2014 | Paul Bedard
    More than half of the nation’s school cafeteria workers expect to lose money selling low-salt, low-fat meals pushed by first lady Michelle Obama, a “serious” problem that threatens the programs, according to a survey of food providers.The School Nutrition Association, which is planning to demand changes to the meal requirements to make the food more attractive to students, found that 50.35 percent of cafeteria officials surveyed expect that serving the food will “exceed revenue” next year.“Of the 92 percent of respondents reporting that rising costs pose a ‘serious’ or ‘moderate’ challenge to their programs, 70 percent indicated ‘serious,’” said the...
  • 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...
  • 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...
  • The U.S. National Debt Has Grown By More Than A Trillion Dollars In The Last 12 Months

    09/17/2014 6:50:52 PM PDT · by Lorianne · 23 replies
    Economic Collapse ^ | 14 September 2014 | Michael Snyder
    The idea that the Obama administration has the budget deficit under control is a complete and total lie. According to the U.S. Treasury, the federal government has officially run a deficit of 589 billion dollars for the first 11 months of fiscal year 2014. But this number is just for public consumption and it relies on accounting tricks which massively understate how much debt is actually being accumulated. If you want to know what the real budget deficit is, all you have to do is go to a U.S. Treasury website which calculates the U.S. national debt to the penny....
  • CBO forecasts $506 billion budget deficit for 2014 (1.5% GDP)

    08/27/2014 7:41:15 AM PDT · by Oldeconomybuyer · 10 replies
    Market Watch ^ | August 27, 2014 | By Robert Schroeder
    The Congressional Budget Office on Wednesday raised its estimate of the federal government’s budget deficit for the current fiscal year as it slashed its growth forecast, and warned red ink was due to rise in coming years if Washington doesn’t change current laws. In an update of budget and economic projections for 2014 to 2024, the nonpartisan CBO said the U.S. government’s deficit for fiscal 2014 will be $506 billion, or 2.9% of gross domestic product. The new estimate is $14 billion more than the agency’s prior estimate for the year, issued in April. The agency lowered its projection of...
  • U.S. budget deficit falls to $95 billion in July

    08/12/2014 1:23:52 PM PDT · by SeekAndFind · 15 replies
    Reuters ^ | 08/12/2014 | ELVINA NAWAGUNA
    The U.S. budget deficit was $95 billion at the end of July, down 3 percent from the same period last year, according to data released by the Treasury Department on Tuesday. Analysts polled by Reuters had expected a $96 billion deficit for last month. The deficit was $98 billion in July of 2013. The fiscal year-to-date deficit at the end of July was $460 billion, the lowest level since the same period in fiscal year 2008, compared with a deficit of $607 billion for the same period in fiscal year 2013, according to Treasury's monthly budget statement.
  • Drunk Driving & The 7 Trillion Dollar Man

    08/06/2014 11:03:37 AM PDT · by xuberalles · 2 replies
    Self | 8/6/14 | Me
    Barack Obama has raised the deficit by more than 7 trillion in six years. Let me repeat: Barack Obama has accrued a 7 trillion dollar deficit in only six years of office! And the man still has two years remaining! It’s nearly beyond comprehension and more than the first 42 Presidents combined; nearly twice as much George W. Bush who presided over the economic fallout from 9/11, a war on two fronts, the credit collapse and subsequently was besieged by Democrats as “unpatriotic” and “incompetent” for wasting taxpayer money. So why isn’t anyone being held accountable for such reckless incompetence?...
  • The Era of Spiraling Debt: How Long Will the Scheme Last?

    08/05/2014 7:38:49 AM PDT · by SeekAndFind · 10 replies
    FrontPage Mag ^ | 08/05/2014 | Arnold Ahlert
    To the surprise of absolutely no one, the nationÂ’s debt has skyrocketed during President Barack ObamaÂ’s tenure. In a little over five and a half years, the Obama administration has added more than $7 trillion to the total, a number that represents more debt accumulation than the administrations of George Washington through Bill Clinton combined. At the close of business on July 31, the nationÂ’s debt was $17.6 trillion, with $7.06 trillion of it accumulated since Obama was inaugurated in 2009. CNS News offers some gut-wrenching perspective regarding the numbers: As of June, there were 115,097,000 households in the United...
  • Grim Milestone: Current Administration Adds $7 Trillion to National Debt

    08/04/2014 2:53:36 PM PDT · by Kaslin · 7 replies ^ | August 4, 2014 | Daniel Doherty
    On July 3, 2008, then-presidential candidate Barack Obama infamously called President George W. Bush “unpatriotic,” and his polices “irresponsible” for adding $4 Trillion to the country's "credit card." This was almost more than all other US presidents combined, he argued, and therefore was putting America on a dangerous path to fiscal insolvency. Less than six years into his own administration, however, the president has failed to reverse the untenable course set by his predecessor; and, indeed, is making America's heavy debt burden even worse. CNS News reports: The total federal debt of the U.S. government has now increased more than...
  • Is the ecomomy the untold casualty of abortion?

    08/01/2014 7:57:46 AM PDT · by wagglebee · 66 replies
    Live Action News ^ | 8/1/14 | Gina L Diorio
    The pro-life movement often talks of the science behind life in the womb, the fact that abortion leaves emotional, psychological and physical scars on women and the inherent beauty of every life. What we don’t often talk about, though, is money.After all, doesn’t it seem somewhat crass to couch pro-life arguments in terms of economic benefit? The reality, though, is that abortion hasn’t impacted our society only in emotional, social, and cultural ways. It’s also impacted our society economically. And one political scientist is now claiming this very thing.Mark A. Olson, a former liberal community organizer turned pro-life consultant, has...
  • More Bad News for Obama and Obamacare: Deficit Set to Explode Sooner Than You Think

    07/17/2014 7:26:51 AM PDT · by Kaslin · 8 replies ^ | July 17, 2014 | John Ransom
    Buy now, pay later. That will be the epitaph on the tombstone of the Obama administration. The Congressional Budget Office, a research outfit that justifies government spending, is warning that while deficit may appear tame now-- comparatively speaking-- the budget path we are on is unsustainable. “The extended baseline projections show a substantial imbalance in the federal budget over the long term,” says the new CBO report, “with revenues falling well short of spending. As a result, budget deficits are projected to rise steadily and, by 2039, to push federal debt held by the public up to a percentage of...
  • CBO projects massive deficits in coming years

    07/16/2014 7:22:52 AM PDT · by SeekAndFind · 14 replies
    American Thinker ^ | 07/16/2014 | Rick Moran
    The Congressional Budget Office has looked into its crystal ball and sees the deficit getting much worse in a few years, rising to 106% of GDP by 2039.The Obama administration has been celebrating a reduction in the budget deficit to $583 billion dollars for this fiscal year. I suppose that's better than trillion dollar deficits but I see no cause for triumphalism, especially when you consider the government is taking in a record amount of revenue. But CBO says that deficit reduction won't last and that we can expect rising deficits to begin again in a few years. Politico: In...
  • Social Security To Go Bust By 2030: CBO

    07/15/2014 3:53:18 PM PDT · by Oldeconomybuyer · 43 replies
    Investors Business Daily ^ | July 15, 2014 | By JED GRAHAM
    The $2.8 trillion Social Security Trust Fund is on track to be totally spent by 2030, the Congressional Budget Office said Tuesday. That's one year earlier than projected in 2013 and a decade earlier than the CBO estimated as recently as 2011. The CBO delivered the warning in a gloomy long-term budget outlook that shows federal debt reaching 106% of GDP in 25 years, up from 74% now.
  • CBO says US deficit levels are unsustainable

    07/15/2014 3:31:18 PM PDT · by Oldeconomybuyer · 14 replies
    The Hill ^ | July 15, 2014 | By Bernie Becker
    Congress’s nonpartisan budget watchdog warned Tuesday that U.S. entitlement programs would drive the country’s debt to unsustainable levels in the coming years. The federal debt is now 74 percent of the nation's gross domestic product (GDP), the Congressional Budget Office (CBO) said in its latest long-term budget outlook, a product of the outsized budget deficits the U.S. recorded following the 2008 fiscal crash. That figure is already twice the debt level held in 2008, and matched in U.S. history only by a brief span after World War II. But CBO also projects that the public's share of debt will increase...
  • On Every Big Issue, Obama's Presidency is Found Wanting

    07/04/2014 9:39:52 AM PDT · by Kaslin · 18 replies ^ | July 4, 2014 | Donald Lambro
    WASHINGTON - Republicans have a wealth of political issues that will dominate the 2014 midterm election races and determine their outcome. The national news media has done its best to try to bury these issues, play them down or sugar coat them, but the American people know better. They have persistently put these issues at or near the top of every voter poll in the last six years of Barack Obama's scandal-ridden, trouble-plagued administration. It's hard to break through and overcome the power of the Washington news media that has worked hard to cover up the Obama White House's blunders....
  • CBO Quietly Drops Forecast That Obamacare Will Cut the Deficit

    06/05/2014 12:20:32 PM PDT · by NormsRevenge · 16 replies
    Yahoo Finance ^ | 6/5/14 | Eric Pianin - The Fiscal Times
    One of the Obama administration's major selling points in passing the Affordable Care Act in 2010 was a Congressional Budget Office forecast that the controversial legislation would reduce the deficit by more than $120 billion over the coming decade. The CBO has consistently projected that President Obama's overhaul will reduce the deficit, and the agency estimated that the Republicans’ 2011 effort to repeal the legislation would increase deficits by $210 billion from 2010 to 2021. In April, the agency quietly signaled that it can no longer make that projection; that the law had been changed and delayed so much that...
  • Mikulski Addresses $4B Budget Gap With Gimmicks

    05/22/2014 12:00:04 PM PDT · by Oldeconomybuyer · 3 replies
    ABC News ^ | May 22, 2014 | By ANDREW TAYLOR, AP
    The Democratic chairwoman of the powerful Senate Appropriations Committee moved aggressively Thursday to use gimmicks to fill in an unexpected $4 billion gap in the budget. Mikulski's maneuver came after congressional scorekeepers surprised lawmakers by predicting that the Federal Housing Administration will produce $4 billion less in revenues from the mortgages it insures than the administration believes. Sen. Richard Shelby said Mikulski's maneuvering amounted to an end run around a December budget pact between Senate Budget Committee Chairman Patty Murray, D-Wash., and House Budget Chair Paul Ryan, R-Wis. that replaced some automatic cuts to agency operating budgets with new fees...
  • Deficit Is Down, So Thank The Tea Party

    05/16/2014 4:49:38 PM PDT · by jazusamo · 14 replies ^ | May 16, 2014 | Stephen Moore
    American history has been profoundly shaped by citizen-driven grass-roots movements that spontaneously combust into seismic political change. This is the story of the Founding Fathers, the abolitionists, the progressives, the civil-rights movement, the 1970s tax revolt and ... it's time to add to that list the oft-maligned tea party movement. We don't fully recognize the earthquake change brought about by these millions of military veterans, housewives, nurses, schoolteachers, construction workers, senior citizens, investment bankers and clergy who saw the recklessness and immorality of debt, redistribution, Washington waste, federal bailouts and ObamaCare. Nancy Pelosi couldn't have gotten it more wrong when...
  • The Myth of the “Shrinking Deficit”

    05/06/2014 4:45:04 PM PDT · by Kaslin · 4 replies ^ | May 6, 2014 | Christine Harbin Hanson
    Federal budget season is well underway in Washington, and the White House’s latest talking point is that the deficit is shrinking. “[The] deficit has been cut in half at a record pace, or been cut at a record pace,“ Press Secretary Jay Carney commented at a recent press briefing. Looking past the politically-charged posturing coming from the White House, we see that “shrinking deficits” is smoke and mirrors. Not to be confused with the national debt, the deficit is the difference between the amount that the government taxes in as revenue and the amount that it spends in a...
  • Highway Trust Fund: Not Just For Highways, Out Of Money So Not A Fund, And Can't Be Trusted

    05/01/2014 3:00:19 PM PDT · by TurboZamboni · 12 replies
    Forbes ^ | 4-30-14 | Jerry Bowyer
    It has become a congressional slush fund, in which almost half the money is ladled out through the corrupt system of congressional earmarks. The next time you drive on a highway which is named after a politician, think corruption. Time to shut it down. The proceeds of the tax should be automatically remitted to state governments, or better yet, regional planning agencies. And regulatory barriers to privatization strategies should be repealed. We’re broke. We can no longer afford to be stupid.
  • Pelosi Helps Wash Immigrants' Feet: Says Passing Amnesty Will Reduce Deficit By $1Trillion

    04/19/2014 1:13:24 PM PDT · by lbryce · 53 replies ^ | April 18, 2014 | Staff
    Original Title:Pelosi Assists in Holy Week Foot-Washing Ritual To "honor the dignity and work of immigrants," Democratic House Minority Leader Nancy Pelosi helps Bishop Marc Andrus wash the feet of two children Thursday at Saint John the Evangelist Episcopal Church in San Francisco. Pelosi also used the occasion to talk about passing HR15 - bipartisan immigration legislation that her office says would "reduce the deficit by nearly $1 trillion, secure our borders, unite our families, protect our workers and provide an earned pathway to citizenship." The Democratic leader's ceremony coincides with Pope Francis' similar ceremony in Rome to mark Holy...
  • "Ownership Increasingly More Important Than The Job", says Reagan's economist

    04/17/2014 9:18:21 AM PDT · by se99tp · 7 replies
    ChristianConceptsDaily ^ | April 17th, 2014 | Dr. Norman Kurland
    The rich are not the problem, the greedy are not the problem, the crooked are not the problem - the problem is the system that brings them about. If the system is ours, the system means by the people, of the people, for the people, then now it is time to take it back. Now it is time to demand that it would be changed.
  • This Chart Shows Us How Bad The Economy Really Is: “Flashing Red Warning”

    04/14/2014 8:08:29 PM PDT · by Tolerance Sucks Rocks · 19 replies
    Freedom Outpost ^ | April 14, 2014 | Mac Slavo
    Recent weeks have led to a fairly significant drop in stock valuations, with many expert analysts struggling to figure out exactly why it’s happening. You’ll hear them cite the weather, or market overreaction, or any number of reasons for why stocks have seen their share prices reduced and why they’ll be rebounding in the near-term. What they won’t show you on mainstream financial channels is what’s really happening behind the scenes. Forget about all the minute-by-minute noise for a moment and take a look at the following chart. It gives a very simple overview of earnings growth trends for stocks...
  • Fun Number; Apple Has Twice As Much Cash As The US Government

    04/13/2014 8:19:56 AM PDT · by RightGeek · 18 replies
    Forbes ^ | 4/13/2014 | Tim Worstall
    And, for good measure, Microsoft has more cash at hand that Uncle Sam does. [snip] It’s a very fun number, to be sure, but it’s not quite right for a number of economic reasons. It’s true that when you look at the balance sheets then Apple, say, has $160 billion in cash available, that Microsoft MSFT has a little under $85 billion and the Treasury only has $49 billion to hand to keep the government working. But it’s not really true for a couple of reasons that we’ll get to. [snip] The first and most obvious being that the government...