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Keyword: deficit

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  • Bill Gross: The US Is A Debt Meth Addict -"The Damage Will Be Beyond Repair"

    10/02/2012 8:58:50 AM PDT · by SeekAndFind · 10 replies
    Zero Hedge ^ | 10/02/2012 | Tyler Durden
    The highlights from Bill Gross' latest monthly piece: Armageddon is not around the corner. I don’t believe in the imminent demise of the U.S. economy and its financial markets. But I’m afraid for them.The U.S. is no “clean dirty shirt.” The U.S., in fact, is a serial offender, an addict whose habit extends beyond weed or cocaine and who frequently pleasures itself with budgetary crystal meth. Uncle Sam’s habit, say these respected agencies, will be a hard (and dangerous) one to break.What the updated IMF, CBO and BIS “Ring” concludes is that the U.S. balance sheet, its deficit (y-axis)...
  • Obama’s War on the Middle Class: Gas Prices Double – Incomes Drop – Jobs Killed

    10/01/2012 10:02:50 PM PDT · by george76 · 13 replies
    gateway ^ | October 1, 2012 | Jim Hoft
    Barack Obama hates the poor and middle class. Thanks to Barack Obama gas prices doubled, incomes dropped, unemployment soared and the deficit nearly tripled in less than four years. The poor and middle class suffered the most.
  • Krugman’s Anti-Austerity Madness

    09/30/2012 2:30:51 PM PDT · by NaturalBornConservative · 10 replies
    Natural Born Conservative ^ | September 30, 2012 | Larry Walker Jr
    Kicking Common Sense Down the Road- By: Larry Walker, Jr. -When one of today’s most brilliant liberal economists recently mentioned the European fiscal crisis, he said, “Spain is suffering the hangover from a huge housing bubble, which caused both an economic boom and a period of inflation that left Spanish industry uncompetitive with the rest of Europe. When the bubble burst, Spain was left with the difficult problem of regaining competitiveness, a painful process that will take years.”Yet, when far less knowledgeable left-wingers, including the President, speak of America’s economic woes, they routinely regurgitate the meaningless thread, “We are suffering...
  • President Obama Brags About Spending Cuts He Wants to Reverse

    09/29/2012 4:09:17 PM PDT · by Behind Liberal Lines · 5 replies
    Reason ^ | Sep. 28, 2012 5:41 pm | Peter Suderman
    President Obama has made it very clear that he does not want to go through with... future spending reduction at all. As UPI notes, the White House budget office recently released a report which "repeated the administration's insistence that President Barack Obama 'stands ready to work with Congress' to find ways to avoid sequestration." **** The plan plays games with the budget baseline, counts $800 billion in debt payments as a "spending cut," and cleverly spreads is deficit reduction out over 12 years rather than the industry-standard 10 year window in order to meet the $4 trillion threshhold but make...
  • Biden Blames Bush Administration for Deficit

    09/29/2012 1:39:48 PM PDT · by Steelfish · 22 replies
    ABC News ^ | September 29, 2012
    By Arlette Saenz Sep 29 Biden Blames Bush Administration for Deficit Joe Biden placed the blame for the ballooning deficit on the Bush administration today, arguing that the previous administration saddled the country with the burden of trillions of dollars in debt. “Let’s get serious here! How did we get this debt? Ladies and gentlemen, they put two wars on a credit card. Not paying a penny, not paying a penny, even though I introduced legislation to pay for that war. They voted against it,” Biden said at the Wa-Ke Hatchee Park Recreation Center. “Two, they voted for a new...
  • NYT's Jackie Calmes Defends Obama, Again Claims ObamaCare Will Cut Deficit

    09/29/2012 1:23:37 PM PDT · by Kaslin · 6 replies
    NewBusters.org ^ | September 29, 2012 | Clay Waters
    New York Times White House correspondent Jackie Calmes off lead in Wednesday's edition on Obama's struggle with the federal deficit, "Test for Obama As Deficit Stays Over $1 Trillion." Credit Calmes for the premise and the Times for the prominent placement, but as usual, Calmes waved the blame away from Obama and again clung to the dubious idea that ObamaCare would actually reduce the deficit. "Four years ago, Barack Obama campaigned for president on a promise to cut annual federal budget deficits in half by the end of his term. Then came financial calamity, $1.4 trillion in stimulus measures and...
  • Biden Blames Bush Administration for Deficit (4 years later, same song)

    09/29/2012 1:12:24 PM PDT · by nhwingut · 26 replies
    ABC News/Yahoo ^ | 09/29/2012 | Arlette Saenz
    FORT MYERS, Fla. - Vice President Joe Biden placed the blame for the ballooning deficit on the Bush administration today, arguing that the previous administration saddled the country with the burden of trillions of dollars in debt. "Let's get serious here! How did we get this debt? Ladies and gentlemen, they put two wars on a credit card. Not paying a penny, not paying a penny, even though I introduced legislation to pay for that war. They voted against it," Biden said at the Wa-Ke Hatchee Park Recreation Center. "Two, they voted for a new entitlement program without paying one...
  • The Brokest Nation (America is history's brokest nation and we have one last chance to fix it)

    09/29/2012 5:38:52 AM PDT · by SeekAndFind · 12 replies
    American Thinker ^ | 09/29/2012 | Jon N. Hall
    Remember how alarmed we were toward the end of 2008, when we realized that Congress for the first time in history was going to run a deficit of a trillion dollars? Congress had never run a deficit even half that size, and some speculated that the deficit for fiscal 2009 could even approach $2T. Luckily, our first trillion-dollar deficit came in at only $1.4T. But now that the feds have run four back-to-back deficits of more than $1T, Americans seem to have become inured -- a trillion bucks? no big deal; we'll just "print" it. During the Democratic National Convention,...
  • Are you better off now...

    09/28/2012 7:02:59 PM PDT · by SouthernmostFreeper · 3 replies
    Infographicaday ^ | September 28, 2012 | johnkremer
    Election Infographic: Are You Better Off Now?
  • Romney tax plan: Is it 'mathematically impossible' or not?

    09/28/2012 10:20:49 AM PDT · by Cincinatus' Wife · 10 replies
    Christian Science Monitor ^ | September 28, 2012 | Mark Trumbull
    One study said Mitt Romney's tax-reform numbers don't add up. Another says they do..... .....The Tax Policy Center calculated that even if all tax breaks they assumed to be available under Romney's criteria were wiped out for high-income earners, it wouldn't be enough to keep Romney's plan revenue neutral. Middle- or lower-income households would need to kick an extra $86 billion a year to meet the target. How? Deductions and other tax breaks would have to be reduced by an amount outweighing their 20-percent tax-rate cut. .....Separately this week, Romney-camp economist Kevin Hassett called the Tax Policy Center report "the...
  • How Bad Is America’s Pension Funding Problem?

    09/26/2012 5:17:34 PM PDT · by SeekAndFind · 12 replies
    TIME ^ | 09/26/2012 | Michael Sivy
    Unfunded liabilities in pension funds are just as onerous as other kinds of debt. Such liabilities now total more than $2.5 trillion and are growing at a rapid pace. No sooner had the Chicago teachers’ strike been settled than a new crisis emerged last week in the Windy City. The Chicago Teachers’ Pension Fund was reported to be on the brink of collapse. That fund is not alone. Although the troubles that plague the Social Security system get the most attention, similar dangers now threaten many other kinds of retirement funds. Some plans are being inadequately funded, some have earned...
  • From AAA to AA- in Four Years

    09/24/2012 4:27:41 PM PDT · by NaturalBornConservative · 6 replies
    Natural Born Conservative ^ | September 24, 2012 | Larry Walker Jr
    The New National Curse- By: Larry Walker, Jr. -In the year 2009 double-dealing returned to Washington, DC. Shortly after his inauguration, President Barack Obama pledged to cut the nation's annual budget deficit in half by the end of his first term. At the time, he identified exploding health-care costs as the chief culprit behind rising federal deficits. He warned that the country could not continue its current rate of deficit spending without facing dire economic consequences. He said, "I refuse to leave our children with a debt they cannot repay. ... We cannot and will not sustain deficits like these...
  • Greece Caught Underreporting Its Budget Deficit By Nearly 50%

    09/24/2012 9:51:59 AM PDT · by SeekAndFind · 7 replies
    Zero Hedge ^ | 09/24/2012 | Tyler Durden
    There was a time about a year ago, before the second Greek bailout was formalized and the haircut on its domestic-law private sector bonds (first 50%, ultimately 80%, soon to be 100%) was yet to be documented, when it was in Greece's interest to misrepresent its economy as being worse than it was in reality. Things got so bad that the former head of the Greek Statistics Bureau Elstat, also a former IMF employee, faced life in prison if convicted of doing precisely this. A year later, the tables have turned, now that Germany is virtually convinced that Europe...
  • The Secret (Weapon) Romney Tapes - what the Republican's campaign needed to get back on message

    09/19/2012 3:24:45 AM PDT · by Cincinatus' Wife · 8 replies
    The American Spectator ^ | September 19, 2012 | Ross Kaminsky
    ......"The real issue, which Romney can and must frame to the American electorate,is that President Obama is intentionally driving us off a fiscal cliff while chasing the liberal utopia of a government-centered entitlement society and income redistribution (from the turnabout-is-fair-play files,a newly found recording of Obama from 1998, same as he's always been...)Compare the two men yourself:Two video clipsWhen I hear Romney's words at this event, my reaction is "Say more of this stuff in public,Mitt. It's a strong and correct message (other than the use of a number as high as 47 percent) and it will resonate with many...
  • Labor Force Stagnation Concealed by Obama

    09/18/2012 8:33:27 AM PDT · by NaturalBornConservative · 2 replies
    Natural Born Conservative ^ | September 17, 2012 | Larry Walker Jr
    25 More Terms- By: Larry Walker, Jr. -Forget about four more years. Based on the USA’s current trajectory, it would take another 25 terms, or 98 years, for Barack Obama’s bizarre economic policies to restore the U.S. Labor Force to where it should be in the next four years, when compared to the growth rates achieved under the policies of George W. Bush. And then once that’s been achieved, based on the trajectory of the USA’s 11,832,000 Jobs Deficit, it will take something on the order of infinity to reach full-employment. So what’s the point of another Obama term, to...
  • $10.5 Billion Per Day

    09/17/2012 3:27:50 AM PDT · by Kaslin · 4 replies
    Townhall.com ^ | September 17, 2012 | Tim Phillips
    A young mother with four beautiful children in tow came up to me in Colorado Springs this week. She motioned to her young children – all smiles and laughs – and told me that each one of them is now nearly $52,000 in debt because irresponsible government spending which as greatly accelerated during the Obama Administration. Children who aren’t old enough to pick out their clothes for school and still need help tying their shoes are in debt through absolutely no fault of their own. She told me we had to do something about all the spending, to make sure...
  • How to pay off the national debt while making money

    09/15/2012 5:00:44 PM PDT · by darth · 18 replies
    self | 9/15/12 | self
    I have posted before on the impending bankruptcy of America and how we can proactively deal with it. I will not repeat the entire text here, but the main idea is that Congress should pass and Prez Romney should sign a bill declaring national Chapter 11 Bankruptcy. Then have a Bankruptcy Judge cut all the sacred cow programs, lay off federal employees, etc. to get the federal budget back into surplus. This morning I had an idea on how we can pay down the staggering $16 Trillion debt. The Federal government owns half the land West of the Mississippi as...
  • White House Lists 'Doomsday' Budget Cuts

    09/15/2012 7:22:00 AM PDT · by SeekAndFind · 28 replies
    Yahoo News ^ | 09/15/2012 | Devin Dwyer
    The Obama administration today laid out on paper - 400 pages of it - the details of $1.2 trillion in automatic spending cuts that would take effect at the end of the year unless Congress strikes a deal. The picture is not pretty. Billions of dollars would be slashed from defense operations and maintenance programs, says the administration. Medicare would take a two-percent hit, trimming millions in payouts to health care providers. Scientific research programs would be gutted. Aid for the poor and needy would be sharply curtailed. More than a billion dollars would even be wiped from the State...
  • Saving Seniors from ObamaCare

    09/15/2012 4:46:02 AM PDT · by Kaslin · 4 replies
    Townhall.com ^ | September 15, 2012 | John C. Goodman
    Two things about the Affordable Care Act (ObamaCare) are increasingly clear: (1) seniors have been singled out and forced to bear a disproportionate share of the cost of a new entitlement for young people and (2) the states are administratively just not ready to implement the new program in time for its January 1, 2014, start date. So here's a simple proposal that will not affect the federal deficit: Delay the scheduled cuts in Medicare spending by five years and pay for that expense by delaying the 2014 start date of ObamaCare by two years.That would give everyone time to...
  • China And Russia Are Ruthlessly Cutting The Legs Out From Under The U.S. Dollar

    09/12/2012 9:19:48 PM PDT · by Tolerance Sucks Rocks · 33 replies
    The Economic Collapse ^ | September 11, 2012 | The Economic Collapse
    The mainstream media in the United States is almost totally ignoring one of the most important trends in global economics. This trend is going to cause the value of the U.S. dollar to fall dramatically and it is going to cause the cost of living in the United States to go way up. Right now, the U.S. dollar is the primary reserve currency of the world. Even though that status has been chipped away at in recent years, U.S. dollars still make up more than 60 percent of all foreign currency reserves in the world. Most international trade (including the...
  • The FY2012 Budget Deficit in Perspective (Larger than 32 months of Bush's tax cuts for the rich)

    09/12/2012 5:14:35 AM PDT · by SeekAndFind · 2 replies
    American Thinker ^ | 09/12/2012 | Yossi Gestetner
    As you sure know by now, the CBO reported Monday that the Federal Government ran up $192 billion in new deficits during August to a total of $1.17 trillion in deficits for the first 11 months of FY2012. Let's put these numbers into perspective*: The deficit of just one month (August 2012) of $192 billion is larger than thirty two months of Bush Tax Cuts for the Rich. The Deficit of just one month (August 2012) is larger than a year-long cost of Bush tax cuts for the rich, poor and middle class combined. The deficit for 2012 is larger...
  • Tea Party Rally at Joe Biden Event in S.W. Ohio

    09/09/2012 7:28:01 PM PDT · by timestax · 86 replies
    September 9, 2012 | timestax
    Vice President Biden rolled into Milford, Ohio, Sunday,September 9, to speak at public Milford High School to a crowd of about 200 Democrats in the school cafeteria. The TEA PARTY was there to meet him, and his followers.
  • Yep: Federal deficit officially tops $1 trillion for the fourth time

    09/11/2012 4:47:47 PM PDT · by SeekAndFind
    Hotair ^ | 09/11/2012 | ERIKA JOHNSEN
    Just in case there was any doubt in anyone's mind --- the Congressional Budget Office has released their monthly report, and with the government's fiscal year set to end on September 30th, they've officially announced that we'll come in with an above-trillion dollar deficit for the fourth year running. Looks like $1.17 trillion will be the final tally, reports the WashTimes: The $192 billion deficit was the worst August on record, though the total deficit so far this year is actually lower than it was in 2011, when it stood at $1.23 trillion after 11 months.CBO said rising wages have...
  • Bob Woodward Inadvertently Confirms Our Coming Economic Apocalypse

    09/10/2012 7:41:09 AM PDT · by SeekAndFind · 17 replies
    American Thinker ^ | 09/10/2012 | Monty Pelerin
    Bob Woodward has yet another book coming out, and the consummate Washington insider provides us with a glimpse of what's in it. In doing so, he inadvertently confirms what so many internet pundits have been warning about -- an economic catastrophe of unimaginable proportions. In the article in the Washington Post, Woodward describes the debt-ceiling confrontation between Congress and the President. It is likely that Mr. Woodward or most other political types do not recognize the admissions contained within the article. For these people, politics is a game of winners and losers. That is where the drama and excitement is....
  • U.S. Jobs Deficit Increases by 72,000 in August

    09/09/2012 10:16:34 AM PDT · by NaturalBornConservative · 1 replies
    Natural Born Conservative ^ | September 9, 2012 | Larry Walker Jr
    Obama’s Cure – More Jokes- By: Larry Walker, Jr. - The U.S. Jobs Deficit increased by 72,000 in August, rising from a deficit of 11,760,000 in July to 11,832,000, based on Friday’s Employment Situation Report. The economy added a mere 96,000 jobs in August, while June and July’s numbers were revised downward by 41,000. Thus, the U.S. realized a net gain of 55,000 Nonfarm jobs in the month of August. But since the economy needs to create 127,000 jobs a month in order to keep up with population growth, this resulted in an overall increase to the jobs deficit...
  • Subprime Auto Nation

    09/08/2012 6:27:11 AM PDT · by gotribe · 13 replies
    The Burning Platform ^ | 09/07/2012 | The Burning Platform
    ...During the first quarter of this year, total U.S. car loans totaled $52.5 billion. That’s 49% higher than the same period in 2009. Also during the first quarter, the average amount financed on new vehicles rose by $589, to $25,995, and for used cars by $411, to $17,050. Furthermore, buyers are stretching out payments for longer terms: The average length of new- and used-vehicle loans jumped a full month during the first three months of this year, to 64 and 59 months, respectively. The surge in auto sales is being completely driven by doling out more loans for a longer...
  • Debt to Hit $16 Trillion as DNC Kicks Off

    09/04/2012 5:47:10 PM PDT · by lbryce · 10 replies
    Politico ^ | September 4, 2012 | Mike Zapler
    Bad timing for Democrats: The gross national debt is set to hit $16 trillion Tuesday as the party’s convention gets under way, and Republicans are pouncing. “This is a grim landmark for the United States,” Alabama Sen. Jeff Sessions, the top Republican on the Senate Budget Committee, said in a statement. “That’s more government debt per person than Portugal, Italy, Spain or Greece. Yet the president seems strangely unconcerned.” In an interview on Fox News Sunday, Obama senior campaign adviser David Axelrod said the president’s economic plan would lower deficits by $4 trillion over a decade. But moving too aggressively,...
  • $16,015,769,788,215.80 ! $5.4 trillion added under Obama.

    09/04/2012 5:32:17 PM PDT · by SeekAndFind · 18 replies
    Weekly Standard ^ | 09/04/2012 | Daniel Halper
    The United States Treasury reports that the total public outstanding debt is: $16,015,769,788,215.80. This is the first time in American history debt has eclipsed the $16 trillion mark.The debt has increased approximately $5.4 trillion since President Obama took office on January 20, 2009.Here's a chart, from the Republican side of the Senate Budget Committee detailing the increase in national debt over the last dozen years:"Federal debt at the end of the current fiscal year will stand at $16.2 trillion—$6.2 trillion above where it was 4 years earlier," the Republican side of the Senate Budget Committee notes. "In the last 4 years, the...
  • Debt clock hits $16 Trillion as DNC celebrates Hope and Chair 2012

    09/04/2012 12:58:27 PM PDT · by stocksthatgoup · 8 replies
    HOT AIR ^ | MARY KATHARINE
    Well, the scene is already set for an uplifting week of healing rhetoric and outreach to independents. Democrats are having plenty of high-profile problems dealing with the simple question: “Are you better off than you were four years ago?” Expectations are being managed. What they thought was a rambling speech by a fading old-timer turned out to be the perfect metaphor for the president’s lack of leadership, perfectly suited to the age of memes. There’s a blow-out end-of-summer sale at the Obama store. The Raleigh News & Observer delivered less-than-welcome news to incoming DNC attendees today:
  • Every Arizonan Owes More than $7,500 in State Debt

    08/30/2012 9:56:59 AM PDT · by inkling · 3 replies
    Goldwater Institute ^ | August 30, 2012 | Stephen Slivinski
    Every Arizona household's debt is getting bigger — but most people don't even know they owe. In Arizona, every man, woman and child owes state and local governments more than $7,500 for bills ranging from sports stadiums to parking garages. State and local per-person long-term debt grew from $4,568 per Arizonan in 2000 to $7,587 in 2009, an increase of 66 percent in less than a decade. Arizona's per-person debt load is almost $1,000 more than the national median of around $6,800 in per-person debt. The $7,587 owed by every Arizonan to pay off state and local debts is in...
  • 7 unspeakable acts guaranteed to revive economy

    08/30/2012 7:17:23 AM PDT · by Perseverando · 6 replies
    WND ^ | August 29, 2012 | Robert Ringer
    Exclusive: Robert Ringer envisions Romney only tinkering around edges of government The cover story in the September issue of Newsmax is titled “Saving America: Mitt and Ann Share Their Personal Journey.” It reminded me once again that so long as people look to politicians to solve their problems – or the nation’s problems – the problems will only get worse. Politicians are in the business of passing laws, and laws almost always involve taking money from individuals or restricting their freedom. There are hundreds of ways to “get the economy moving,” but off the top of my head I can...
  • Can a VP Ryan Boost the Odds of a Deficit Compromise?

    08/28/2012 7:08:16 AM PDT · by SeekAndFind
    RCM ^ | 08/28/2012 | Ron Haskins
    A major reason that many conservative analysts endorsed Mitt Romney's selection of Paul Ryan as the vice presidential candidate is that they believe that Ryan is the only man with a plan for attacking the federal deficit. They argue that Ryan is one of the few members of congress who truly understands the federal budget and that he has made innovative if controversial proposals to stem the tide of red ink. Further, they claim that Ryan has shown his skills in explaining and defending his budget both in sessions with other Republicans and in confrontations with Democrats, especially those who...
  • Will debt hit $16 trillion as Romney delivers his acceptance speech?

    08/27/2012 5:12:53 PM PDT · by SeekAndFind · 9 replies
    Hotair ^ | 08/27/2012 | Ed Morrissey
    Later today, the Republican National Convention will unveil a potent visual reference for voters across the country. They will erect a national debt clock that constantly updates as the federal government spends money it doesn't have, a reminder of four straight trillion-dollar-plus deficits under Barack Obama: Republican National Committee (RNC) Chairman Reince Priebus will introduce a “national debt clock” when he opens the GOP convention in Tampa Fla. on Monday.The clock, which will be mounted inside the hall at the Tampa Bay Times forum will be activated at 2 p.m. EDT when the GOP meet convenes and count the growth...
  • Porter Stansberry: "You'll probably disagree with this"

    08/25/2012 9:20:39 AM PDT · by RicocheT · 5 replies
    Growth Stock Wire ^ | August 25, 2012 | Porter Stansberry
    "We've averaged $1.5 trillion a year in federal deficit spending since OBAMA! was elected. That's about 41 cents out of every dollar the government spends. These new debts will total more than $6 trillion by the end of OBAMA!'s first term. It's hard for most people to understand what this means because the numbers are so big, they simply don't compute. Think about it this way... That $6 trillion OBAMA! has borrowed is not only more money than any other president has ever borrowed before... But it's more money than every president has borrowed combined. When OBAMA! took office in...
  • Poll: Americans want fiscal problems solved before school funding goes up

    08/23/2012 6:49:34 AM PDT · by Cincinatus' Wife · 8 replies
    Washington Times ^ | August 22, 2012 | Ben Wolfgang
    What’s more important than ensuring that children get a better education? For most Americans this election cycle, it’s the federal budget. As President Obama continues to assail the Republican presidential ticket for pushing a budget blueprint that could cut education spending, polling data that emerged Wednesday shows that the vast majority of Americans think getting the U.S. back on solid fiscal footing trumps increasing school funding. A survey by Gallup and the Phi Delta Kappa International education association finds that 60 percent of Americans think it’s more important to balance the federal budget than to “improve the quality of education.”...
  • Obama's Epic Deficit Failure

    08/23/2012 5:29:25 AM PDT · by IBD editorial writer · 7 replies
    Investor's Business Daily ^ | 08/22/2012 | IBD Staff
    Spending: Remember when President Obama promised he'd cut the deficit in half in his first term? Well, the results are in, and red ink will once again top $1 trillion. Calling this an epic failure isn't enough. In his first budget message to the country, Obama promised to make the "tough choices necessary to restore fiscal discipline, cut the deficit in half by the end of my first term in office, and put our nation on sound fiscal footing." His plan projected a deficit of $557 billion this year, and $512 billion next year. On Wednesday, the Congressional Budget Office...
  • Analysts project $1.1 trillion federal deficit

    08/22/2012 9:42:05 AM PDT · by John W · 6 replies
    WASHINGTON – Congress’ nonpartisan budget analysts are projecting a $1.1 trillion federal deficit for 2012, the fourth straight year the government’s shortfall will exceed $1 trillion. The Congressional Budget Office also says it expects the economy to continue recovering at only a modest rate the rest of this year, growing at a modest annual rate of 2.25 percent.
  • California’s tax revenue drops 33.5 percent exposing Sacramento’s delusion

    08/21/2012 8:13:32 PM PDT · by Free ThinkerNY · 20 replies
    examiner.com ^ | August. 20, 2012 | Kimberly Dvorak
    Revenue from Consumer sales fell a whopping 33.5 percent or $475 million, further demonstrating a severe reality check for the Golden State’s recovery plan. Decades of poor leadership from the state capital have contributed to an unsustainable yearly budget which means California voters must either substantially raise taxes or cut, cut, cut. All the accounting gimmicks have failed, Obama’s stimulus dollars only postponed the inevitable, Facebook’s shares have crashed, taxpayers haven’t approved a tax hike in the past few elections as their wallets are empty, the high-speed train to nowhere will only add to the state’s budget crisis and now...
  • Video: Bowles explains what the obstacle was for Simpson-Bowles plan (Bottom Line: Obama ignored it)

    08/15/2012 11:42:55 AM PDT · by SeekAndFind · 8 replies
    Hotair ^ | 08/15/2012 | ED MORRISSEY
    Hint: It wasn't extremism from Paul Ryan. Our friend Morgen Richmond goes back to the videotape of the September 2011 talk by Erskine Bowles at the University of North Carolina and finds a direct question from the floor about why the Simpson-Bowles plan went nowhere. After joking that he'd prefer not to answer, Bowles says, "I'll just tell you the truth." And the truth is that, despite delivering and even exceeding what Barack Obama and his economic team said they wanted from the President's own bipartisan advisory commission on deficit reduction and budget reform, Obama refused to champion it:CLICK ABOVE...
  • House Dems: It’s unfair to debate the issue of the deficit commission Obama created and then ignored

    08/15/2012 7:45:35 AM PDT · by SeekAndFind · 15 replies
    Hotair ^ | 08/15/2012 | Ed Morrissey
    Man, I love the smell of panic in the morning ... at least when it comes from the other side: Some Democratic lawmakers want to make sure that one question does not get asked at the upcoming first presidential debate --- about Simpson-Bowles.Three Democratic House members objected Tuesday to a request by four senators that President Barack Obama and Mitt Romney be asked which of the commission’s proposals to address the debt they support. The Democrats said such a question would force “candidates to choose solutions from one menu of options.” ...But that caused Reps. Mike Honda (D-Calif.), Jerry Nadler...
  • FLASHBACK: Obama: Healthcare reform deficit neutral

    08/14/2012 5:29:10 PM PDT · by Libloather · 3 replies
    UPI ^ | 6/15/09
    Obama: Healthcare reform deficit neutralPublished: June 15, 2009 at 5:06 PM CHICAGO, June 15 (UPI) -- The $1 trillion, 10-year price tag for reforming the U.S. healthcare system is steep, but inaction will cost more, President Obama told physicians Monday. Obama touted his vision of healthcare reform before the American Medical Association's annual meeting in Chicago, saying providing affordable healthcare for all Americans "will come at a cost" but only in the short-run. "(Failing) to reform our healthcare system in a way that genuinely reduces cost growth will cost us trillions of dollars more in lost economic growth and lower...
  • FACT CHECK: Social Security adds to budget deficit

    08/12/2012 10:27:08 AM PDT · by TurboZamboni · 21 replies
    Pioneer Press ^ | 8-12-12 | AP
    WASHINGTON—Now that Social Security is paying more in benefits than it collects in taxes, there is a fierce debate among politicians, academics and advocates about whether those shortfalls are adding to the federal budget deficit. The issue is important because the federal government's annual deficit already exceeds $1 trillion, making any more borrowing tough to swallow. If Social Security is adding to the government's financial problems, it becomes even more urgent to fix it. "Over 77 years and now through 13 recessions, Social Security has not added one penny to our deficit or our debt," Rep. Xavier Becerra, D-Calif., said...
  • How big is Social Security's funding shortfall?

    08/12/2012 10:08:28 AM PDT · by TurboZamboni · 28 replies
    Pioneer Press/AP ^ | 8-12-12 | Little Stevie Ohlemacher
    WASHINGTON—Social Security's long-term funding shortfall is big by any measure. How big? That depends on how you look at it. Over the next 75 years, after Social Security drains its trust funds, the massive program is scheduled to pay out $134 trillion more in benefits than it will collect in tax revenue, according to agency data. That's an immense number that could use further explanation. Three ways to look at $134 trillion spread out over 75 years: — $30.5 trillion in 2012 dollars. We all know that $134 trillion won't buy nearly as much in 2086 as it would today....
  • Social Security cheap compared with Europe's (AP barf alert)

    08/12/2012 9:27:53 AM PDT · by TurboZamboni · 11 replies
    pioneer press ^ | 8-12-12 | STEPHEN OHLEMACHER
    WASHINGTON—Compared with most public pension systems in Europe, Social Security is downright frugal. On average, European pensions are more much generous than Social Security, providing retirees with benefits that come closer to matching the wages they earned when they were working. Americans are expected to rely more heavily on private pensions and savings when they retire. European workers also have been able to retire earlier than American workers, though many European countries are retreating from those policies, a subject that has caused more than a little unrest. Taxes also are higher in most European countries and some of their retirement...
  • Obama’s ‘Worst Mistake’ Was Rejecting Simpson-Bowles Deficit-Reduction Plan

    08/11/2012 8:36:01 AM PDT · by tobyhill · 12 replies
    Money News ^ | 5/2/2012 | Julie Crawshaw
    Former Federal Reserve chairman Alan Greenspan says President Barack Obama blew it when he effectively rejected the Simpson-Bowles 2010 deficit-reduction proposal. "The worst mistake the president made was not embracing that vehicle right away," Greenspan said at the Bloomberg Washington Summit, The Wall Street Journal reports. The proposal, written by former Republican Senator Alan Simpson of Wyoming and former Clinton White House Chief of Staff Erskine Bowles, would use a combination of spending cuts and tax increases to reduce the growth of the deficit by roughly $4 trillion over 10 years.
  • What does one TRILLION Dollars Look Like ?

    08/11/2012 8:09:43 AM PDT · by chiller · 23 replies
    All this talk about "stimulus packages" and "bailouts"... A billion dollars... A hundred billion dollars... Eight hundred billion dollars... One TRILLION dollars... What does that look like?
  • Economist Richard Duncan: Civilization May Not Survive 'Death Spiral'

    08/10/2012 3:04:47 AM PDT · by Cincinatus' Wife · 98 replies
    Atlanta Journal Constitution ^ | August 10, 2012 | Terry Weiss, Money Morning
    Richard Duncan, formerly of the World Bank and chief economist at Blackhorse Asset Mgmt., says America's $16 trillion federal debt has escalated into a "death spiral, "as he told CNBC. And it could result in a depression so severe that he doesn't "think our civilization could survive it." And Duncan is not alone in warning that the U.S. economy may go into a "death spiral." Since the recession, noted economists including Laurence Kotlikoff, a former member of President Reagan's Council of Economic Advisers, have come to similar conclusions. Kotlikoff estimates the true fiscal gap is $211 trillion when unfunded entitlements...
  • Great news: The US fiscal gap just jumped $11 trillion . . . to $222 trillion

    08/09/2012 8:01:47 AM PDT · by SeekAndFind · 25 replies
    Hotair ^ | 08/09/2012 | Ed Morrissey
    <p>Republicans and Democrats spent last summer battling how best to save $2.1 trillion over the next decade. They are spending this summer battling how best to not save $2.1 trillion over the next decade.</p> <p>In the course of that year, the U.S. government’s fiscal gap --- the true measure of the nation’s indebtedness " rose by $11 trillion.</p>
  • Obama Economic Plan Would Explode Debt to $25.4 Trillion

    08/04/2012 3:51:09 PM PDT · by Zakeet · 32 replies
    Big Government ^ | August 4, 2012 | Wynton Hall
    In presidential campaign ads, President Barack Obama claims that his economic plan includes “$4 trillion in deficit reduction.” For a president who has increased the national debt more than all U.S. presidents from George Washington to George H.W. Bush combined, the claim seems incredible. Indeed, it is. A new analysis of Mr. Obama’s budget reveals the president’s plan would add $10.6 trillion in debt accumulation over the next decade, bringing the U.S. federal debt to a jaw-dropping $25.4 trillion. Still, the president and his surrogates continue to claim the Obama plan would cut spending. “The President’s proposals… include a balanced...
  • Remember When Pelosi + Obammunist Drones in The Senate Said Obamacare Would 'Save Us Billion$?'

    07/31/2012 7:22:54 AM PDT · by Reaganite Republican · 6 replies
    Reaganite Republican ^ | July 31 , 2012 | Reaganite Republican
    How's that workin-out... The Congressional Budget Office never did quite buy-into the Obamacare 'savings' spiel; their far-more sober assessment after 'finding out what's in it' produced a federal cost estimate of $944B for the decade (2010-2019).   Yet last week Forbes took a fresh look at the CBO's lastest and found forecasts in a clear uptrend over the last two years, so much so that Obamacare's total decade cost now stands at an eye-watering $1.856 TRILLION, with over $1.3B of that deficit spending, not-at-all paid-for yet. Although the costs have already doubled, the article made it abundantly clear that most of...