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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...