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Keyword: fiscalcrisis

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  • CBO Director: ‘Large and Growing Federal Debt’ Could Produce ‘Fiscal Crisis’

    02/11/2014 8:08:24 PM PST · by Olog-hai · 31 replies
    Cybercast News Service ^ | February 11, 2014 - 12:26 PM | Susan Jones
    On the same day House Speaker John Boehner said he would bring a “clean” debt ceiling bill to the House floor—and join Democrats in voting for a 13-month extension of the debt limit—the head of the Congressional Budget Office declared that the “large and growing federal debt” could eventually increase the risk of a “fiscal crisis.” […] CBO estimates that federal debt held by the public will equal 74 percent of GDP at the end of this year and 79 percent in 2024 (the end of the current 10-year projection period). Such large and growing federal debt could have serious...
  • 90,473,000: Record Number Not in Labor Force—Up Almost 10M Under Obama

    09/07/2013 7:22:51 PM PDT · by Olog-hai · 11 replies
    Cybercast News Service ^ | September 6, 2013 - 9:42 AM | Terence P. Jeffrey
    The number of Americans who are 16 years or older and who have decided not to participate in the nation’s labor force has pushed past 90,000,000 for the first time, according to data released today by the Bureau of Labor Statistics. The BLS counts a person as participating in the labor force if they are 16 years or older and either have a job or have actively sought a job in the last four weeks. A person is not participating in the labor force if they are 16 or older and have not sought a job in the last four...
  • Personal income drops in January by largest monthly amount in 20 years

    03/01/2013 8:47:12 AM PST · by Ernest_at_the_Beach · 23 replies
    Hot Air ^ | 11:21 am on March 1, 2013 | Ed Morrissey
    Today’s economic report has good and bad news, and both are tempered by the effects of government intervention.  The Commerce Department reports that personal income dropped 3.6% in January, the worst such monthly decline in exactly 20 years, but that consumer spending seems unaffected: Personal income decreased $505.5 billion, or 3.6 percent, and disposable personal income (DPI) decreased $491.4 billion, or 4.0 percent, in January, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $18.2 billion, or 0.2 percent. In December, personal income increased $353.4 billion, or 2.6 percent, DPI increased $325.7 billion, or 2.7 percent, and...
  • Gallup: 61% of Small Business “Worried” Over Healthcare Costs—30% Not Hiring, Fear Going OOB

    02/02/2013 9:54:34 AM PST · by Olog-hai · 20 replies
    Cybercast News Service ^ | January 31, 2013 | Patrick Burke
    Sixty-one percent of U.S. small business owners said they were “worried about the potential cost of healthcare” and 56 percent said they were “worried about new government regulations,” according to the Wells Fargo/Gallup small business index released on Jan. 31, which also showed that 30 percent of small business owners are not hiring and fear going out of business within a year. “At the bottom of the list, but still at a surprisingly high level, 30% of owners say they are not hiring because they are worried they may no longer be in business in 12 months,” according to Gallup’s...
  • Fitch warns on U.S. rating as debt ceiling fight looms

    01/15/2013 11:58:42 PM PST · by Olog-hai · 1 replies
    Reuters ^ | Tue Jan 15, 2013 1:36pm EST | Marc Jones, William James and Daniel Bases
    The United States faces a “material risk” of losing its AAA status if there is a repeat of the wrangling seen in 2011 over raising the country’s self-imposed debt ceiling, credit ratings firm Fitch said on Tuesday. The United States scraped up against its $16.4 trillion debt ceiling on Dec. 31 and is now employing special measures to meet its financial obligations. The Treasury Department said those steps could be exhausted by mid-February. Despite December’s deal by U.S. politicians to avoid the “fiscal cliff” of spending cuts and tax hikes, Fitch’s head of sovereign ratings, David Riley, said pressure on...
  • Latest serious idea for fiscal-crisis solution: IOUs

    01/10/2013 10:56:18 AM PST · by SeekAndFind · 5 replies
    Hotair ^ | 01/10/2013 | Ed Morrissey
    Well, thank goodness we're taking the issue seriously. It's difficult to conceive of a sillier proposal than the trillion-dollar platinum coin, but it's not as if some people aren't working hard at it. National Journal reports that a new suggestion involves government scrip --- IOUs, in other words: The $1 trillion platinum coin seems too wacky; the 14th amendment too risky. But could IOU's be the solution to an impasse on raising the nation's borrowing limit?Yes, and President Obama should publicly adopt the idea, Edward Kleinbard, a University of Southern California law professor and former chief of staff to CongressÂ’s...
  • Pelosi on Raising Debt Ceiling Unilaterally: “I Would Do It in a Second, But I’m Not the President”

    01/05/2013 5:30:57 AM PST · by Olog-hai · 28 replies
    Cybercast News Service ^ | January 4, 2013 | Elizabeth Harrington
    House Minority Leader Nancy Pelosi (D-Calif.) said Friday that she would raise the debt limit unilaterally “in a second” if she were president of the United States. Pelosi and other Democrats have suggested that the president could bypass Congress and unilaterally raise the debt ceiling by invoking the 14th Amendment of the Constitution, which states, “The validity of the public debt of the United States…shall not be questioned.” … The next battle in Congress will be raising the debt ceiling, after the deal to avert the fiscal cliff failed to address the borrowing limit. President Obama said he “will not...
  • Minister: Markets trust eurozone again

    01/22/2012 11:08:21 PM PST · by Olog-hai · 2 replies
    The Local ^ | 23 Jan 12 07:48 CET
    Financial markets are gradually regaining confidence in the eurozone, German Finance Minister Wolfgang Schäuble said Sunday. "This can be seen in the market reaction," Schäuble said in an interview with German public television ARD. "We're not yet in the clear, but we have seen in recent weeks and during recent bond sales that the markets are slowly regaining confidence." … Asked about an article in German news magazine Der Spiegel, which said Italy's Prime Minister Mario Monti had argued for a doubling in size of the eurozone's European Stability Mechanism (ESM), Schäuble said leaders would look closely at the mechanism...
  • Analysts: Europe is biggest threat to U.S. recovery

    12/27/2011 9:35:22 PM PST · by Olog-hai · 16 replies
    AP via Pocono Record ^ | December 27, 2011 | Derek Kravitz
    The U.S. economy will grow faster in 2012—if it isn't knocked off track by upheavals in Europe, according to an Associated Press survey of leading economists. Unemployment will barely fall from the current 8.6 percent rate, though, by the time President Barack Obama runs for re-election in November, the economists say. The three dozen private, corporate and academic economists expect the economy to grow 2.4 percent next year. In 2011, it likely grew less than 2 percent. … Dean Maki, chief U.S. economist at Barclays Capital, says the U.S. economy remains vulnerable to an outside shock. A big threat is...
  • The Republican Party's Time Is Up

    03/10/2011 4:44:58 PM PST · by David DeGerolamo · 14 replies
    I remember the celebration among real taxpayers after the November 2010 elections. Happy days are here again and the Republican led House of Representatives will save the country. Really? One of the first consequences was a “deal” with the devil where the Bush tax cuts would be continued in exchange for extending unemployment benefits for 99 weeks through December 2011. The news from March 9th told us that 35% of the total wages and salaries comes from government payouts. From CNBC.com: Government payouts—including Social Security, Medicare and unemployment insurance—make up more than a third of total wages and salaries of...
  • Our Cities Face a Deepening Fiscal Crisis (NYC, San Francisco, Chicago, L.A, all vulnerable)

    11/17/2010 6:53:20 AM PST · by WebFocus · 20 replies
    RealClearMarkets ^ | 11/16/2010 | Steve Malanga
    The steep fiscal crisis that many states face includes staggering retirement costs for their workers, estimated at some $3 trillion in unfunded future promises. The size of those liabilities has already shaken up some municipal bond investors, and the inadequate, sometimes misleading way that states account for these steep costs has attracted the attention of the Securities and Exchange Commission. But lurking beneath those obligations is another huge set of liabilities from municipal governments, that is, from cities and counties whose politicians have also made astonishing promises to workers that they will have trouble keeping. Unlike states, which can't declare...
  • The GOP's First Target Should Be Government Worker Salary and Benefits

    11/11/2010 3:42:33 AM PST · by Scanian · 47 replies
    The American Thinker ^ | November 11, 2010 | Ed Lasky
    America has woken up to the fact that much of our fiscal crisis at the state and federal levels has been caused by the rich salary, benefit, and pension packages of government workers. Chris Christie, Republican Governor of New Jersey, has become a YouTube sensation by clearly articulating the problem. So does this USA Today article: "The number of federal workers earning $150,000 or more a year has soared tenfold in the past five years and doubled since President Obama took office, a USA TODAY analysis finds. The fast-growing pay of federal employees has captured the attention of fiscally conservative...
  • Pew report: nine states join California in facing fiscal crisis (10 states now in the red !)

    11/15/2009 8:04:20 PM PST · by SeekAndFind · 19 replies · 1,383+ views
    Christian Science Monitor ^ | 11/14/2009 | Mark Trumbull
    The “great recession” may be over, but its impact on state governments is still unfurling – and could threaten America’s fragile economic recovery. That message emerged in two assessments of the economy Wednesday. The Pew Center on the States released a report concluding that nine states have joined California in a condition of “fiscal peril.” Their budget troubles could cause a round of job cuts and tax hikes in states from Florida to Illinois and Oregon. In a separate news briefing Wednesday, Iris Lav, a fiscal policy expert at the Center on Budget and Policy Priorities, warned that state budget...
  • California’s fiscal charade

    07/25/2009 8:31:25 AM PDT · by SeekAndFind · 18 replies · 849+ views
    Financial Times ^ | 7/24/2009 | Christopher Caldwell
    Monday’s agreement between Arnold Schwarzenegger, the governor of California, and state legislators seemed to promise a temporary resolution to an ongoing budget crisis. But before legislators had even had a chance to vote on it, Californians were indulging in that peculiar mix of sanctimony and surrealism which marks almost all political discourse in the state. “What about the children?” ran the headline over the letters section of the San Francisco Chronicle, as if the important divide in the state’s politics were between those who “care” and those who do not. Caring has nothing to do with it. California’s problems are...
  • California, Here We Come! (The fiscal/social wreck in that state is where America is heading)

    06/27/2009 7:18:01 AM PDT · by SeekAndFind · 29 replies · 1,274+ views
    Human Events ^ | 6/26/2009 | Pat Buchanan
    PALM SPRINGS, Calif. -- In just a few weeks time, California hits the wall. And Americans should take a good, long look at the fiscal and social wreck of the Golden Land, because California is at a place to which all of America is heading. In May, when five fund-raising proposals were put on the ballot, Gov. Schwarzenegger pleaded with the overtaxed Californians not to make their state "the poster child for dysfunction." As The Economist writes, "On May 18th, they did exactly that." Arnold went to the White House for U.S. loan guarantees for new state bonds. But with...
  • California lawmakers look past the fiscal crisis

    04/03/2009 11:00:30 AM PDT · by NormsRevenge · 9 replies · 403+ views
    LA Times ^ | 4/3/09 | Michael Rothfeld
    In a Capitol where groundbreaking achievements have been trumped by money woes in recent years, state officials are now hoping to broaden their ambitions to more than paying the state's bills, without breaking the bank. At their disposal is an unusual new resource: time. That may be the only upside of the fiscal crisis. After lawmakers and Gov. Arnold Schwarzenegger came together on a spending plan in February -- instead of at the end of a hot Sacramento summer -- they now see in the eight months ahead the potential to solidify the state's fragile water supply, to improve foster...
  • CA Nightmare: Worsening state's fiscal crisis through bad climate policy

    03/05/2009 9:02:21 PM PST · by NormsRevenge · 11 replies · 731+ views
    FlashReport ^ | 3/5/09 | Thomas Tanton, PRI
    I have spent my entire 35 year professional life developing and implementing energy policies vital to our state. So it pains me to now see California taking an unfortunate misstep: embracing participation in the Western Climate Initiative. WCI, developed by seven U.S. states (California is joined by Oregon, Washington, Utah, Montana, New Mexico and Arizona) and several Canadian provinces along the western rim of North America, proposes to combat global warming – independently from their national governments. Herein lays the first reason I oppose the WCI: with the likelihood of federal pre-emption with President Obama and the 111th Congress set...
  • States, Localities Face Deeper Crisis

    10/09/2008 4:22:56 PM PDT · by TigerLikesRooster · 95 replies · 1,191+ views
    Financial Planning ^ | 10/08/08 | Lynne Funk
    States, Localities Face Deeper Crisis The Bond Buyer By Lynne Funk October 8, 2008 State and local governments are facing a fiscal crisis that will be far worse than the 2001 recession because sharp declines in income and sales tax collections will lead to more widespread budget cuts in the months ahead, a new Rockefeller Institute of Government report warns. But governments may have to issue more debt as a result of their financial difficulties, according to Don Boyd, the author of the report, titled The Damage is Just Beginning, and other market participants. Boyd said he expects a major...
  • Schwarzenegger orders cuts amid fiscal crisis

    07/31/2008 12:41:10 PM PDT · by NormsRevenge · 47 replies · 113+ views
    AP on Yahoo ^ | 7/31/08 | Don Thompson - ap
    SACRAMENTO, Calif. - With California's cash dwindling and legislators still debating a new budget, Gov. Arnold Schwarzenegger eliminated 22,000 part-time and temporary state positions Thursday and ordered that 200,000 state workers receive the federal minimum wage. His signing of the executive order had been expected since last week but stood as a stark illustration of the cash problem facing the nation's most populous state. Schwarzenegger apologized to state workers but said he had no choice. "Today I am exercising my executive authority to avoid a full-blown crisis and keep our state moving forward," Schwarzenegger said. "This is not an action...
  • California's fiscal crisis hits schools

    03/21/2008 10:53:00 PM PDT · by NormsRevenge · 32 replies · 770+ views
    CSM on yahoo ^ | 3/21/08 | Daniel B. Wood
    Los Angeles - California, home to 1 in 9 American schoolchildren, is on the brink of what may be the biggest public education crisis in state history. Facing a $16 billion state budget shortfall, Gov. Arnold Schwarzenegger has proposed $4.8 billion in school-funding cuts, or 10 percent of education spending. In the past week, over 20,000 preliminary pink slips were sent by school districts to teachers and administrators state wide, according to the California Teachers Association. The association estimates another 87,000 (of a total 350,000 public school teachers) could come if Governor Schwarzenegger holds to his budget cut request. Some...
  • This Is Just The Beginning... (What The MSM Isn't Saying About California's Fiscal Crisis Alert)

    11/16/2007 10:16:35 AM PST · by goldstategop · 19 replies · 52+ views
    California Republic.com ^ | 11/15/2007 | Tom McClintock
    The newspapers are reporting that the fiscal gap is $10 billion. It is actually far more serious than that. The actual figure – according to the LAO – is that the state will spend $14 billion more than it takes in between now and the end of the next fiscal year. The difference is that we will first blow through the $4 billion reserve that the state began the year with. (That reserve, by the way, is already gone.) But the LAO is still predicting that the state’s general fund revenues will grow about 3.5 percent this year. I doubt...
  • We Can't Keep Spending Like This (On the Out-of-Control Federal Budget)

    07/16/2006 4:27:36 PM PDT · by curiosity · 25 replies · 575+ views
    National Review ^ | July 12, 2006 | Grover Norquist
    On Tuesday, President Bush announced that the federal budget deficit will be $100 billion lower than initially expected due to higher levels of economic growth. This is the third consecutive year substantial downward revisions were made to the deficit as part of the administration’s mid-year budget review. The president further claimed that the nation is ahead of schedule by one year in its goal to cut the budget deficit in half. On the surface this appears to be good news. Yet the biggest mistake the conservative movement could make is to focus on the budget deficit. The deficit is an...
  • Fiscal Overstretch that will Undermine an Empire

    07/15/2003 4:48:41 PM PDT · by Choose Ye This Day · 11 replies · 214+ views
    Financial Times ft.com ^ | July 14, 2003 | Niall Ferguson
    The fiscal overstretch that will undermine an empire By Niall Ferguson and Laurence Kotlikoff Published: July 14 2003 20:05 | Last Updated: July 14 2003 20:05 Toppling three tyrannies within four years is no mean achievement. Since 1999, despotic rulers in Serbia, Afghanistan and Iraq have been ousted as a result of US military intervention. What makes this so remarkable is that it comes little more than a decade after a wave of anxiety about American "overstretch". Many former Cassandras now hail the country as the world's hyperpower - if not a new empire. The irony is that the overstretch...