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#2 During Obama's first term, the federal government accumulated more debt than it did under the first 42 U.S presidents combined. #4 If you started paying off just the new debt that the U.S. has accumulated during the Obama administration at the rate of one dollar per second, it would take more than 184,000 years to pay it off. #27 Back in 1965, only one out of every 50 Americans was on Medicaid. Today, one out of every 6 Americans is on Medicaid, and things are about to get a whole lot worse. It is being projected that Obamacare will...

House Speaker John A. Boehner on Thursday flatly ruled out chances of the House passing the Senate’s immigration bill, saying his chamber will debate its own bill instead. Mr. Boehner and his top GOP lieutenants issued a joint statement that seemed designed to tamp down some of the momentum behind the Senaate bill, which emerged from a Senate committee on a bipartisan 13-5 vote earlier this week, and to stake out a House GOP position

Obama has done it. He has brought America down. It only took him just over four years. The Republicans could have stopped him. They didn’t. How did the nihilistic left succeed in destroying America? Simple. They learned just a little of the capitalism they hate, and they drove your nation into outright bankruptcy. And here is what the GOP has to say about it: just about nothing. The once-mighty United States is now the most indebted nation on Earth. In round numbers, here are just some of the vital statistics as the patient dies: National debt: $17 trillion, or $50,000...

Granting amnesty to illegal immigrants would cost $6.3 trillion, according to a new report by the Heritage Foundation. … Not only would the federal deficit increase, but the cost of benefits and services to millions of newly minted citizens would reach nearly $10 trillion. …

Note: The following text is a quote: http://www.whitehouse.gov/blog_post/beyond_the_echo_chamber/ Friday, February 6th, 2009 at 12:55 pm Advice from "beyond the echo chamber" We just learned the economy lost another 600,000 jobs last month. It's a staggering number, and it underscores just how deep this crisis is – and, as the President pointed out this morning, it’s accelerating. That's why he created the Economic Recovery Advisory Board -- to solicit ideas from "beyond the echo chamber of Washington, DC." "I’m not interested in groupthink, which is why the Board reflects a broad cross-section of experience, expertise, and ideology," he said. "We’ve recruited...

Washington (AP) — The Federal Reserve on Wednesday stood by its extraordinary efforts to stimulate the economy. And it signaled that it could increase or decrease the pace of bond purchases depending on how the job market and inflation perform. After concluding a two-day policy meeting, the Fed said in a statement that the job market has shown some improvement in recent months, on balance. But it also notes that unemployment remains high and government budget policies have begun to restrain economic growth. The Fed maintained its plan to keep short-term interest rates at record lows at least until unemployment...

Yesterday, my colleague, Marty Biancuzzo, explained why America is on a path to inevitable economic and government collapse. After reading Marty’s piece, another colleague asked me: What will America look like after a government collapse? It’s an important question, and I want to give a satisfactory answer. But I can’t do that in one short column, so I plan to return to this topic several times over the next few weeks. I hope that when I’m done, you will have a better understanding of where the country is headed. Now, consider our current situation… It’s clear that Barack Obama and...

The Economic Depression Is Deepening Economics / Great Depression IIApril 23, 2013 - 05:47 PM GMT By: Bill Bonner Gold seemed to be stabilizing at the end of last week. Commodities remained weak. Steel has fallen 31% this year. Brent crude is off 17% since early February. And copper is down 15%. Copper is the metal you need to make almost anything – houses, cars, electronics. When it goes down, it generally means the world economy is getting soft.At the start of last week, the conventional analysis of the gold sell-off was that the central banks' efforts to revive global...

OMB: Obama Will Become First President to Spend $4T in One Year April 10, 2013 In the historical tables it released along with President Barack Obama's fiscal 2014 budget proposal this morning, the White House Office of Management and Budget revealed that in fiscal 2016 it expects Obama to become the first president in the nation's history to preside over a federal government that spends more than $4 trillion in one year. The OMB's historical tables also reveal that the White House does not expect this administration to ever run an annual deficit as low as $458.5 billion, which was...

As the Senate prepares to produce its first budget since the FY2010 cycle four years ago, Barack Obama will finally submit his own budget proposal — two months late, of course. The last actual normal-order budget passed by Congress spent, according to the White House’s own figures, $3.456 trillion dollars on revenues of only $2.163 trillion. With even the President talking about fiscal discipline and deficit control, we must be seeing some cuts in this budget cycle, no?No: President Obama plans Wednesday to unveil a $3.77 trillion spending plan that proposes modest new investments in infrastructure and education, major new...

The U.S. Treasury Department has revised its estimates of the foreign ownership through the end of Fiscal Year 2012, which means that we can now finalize our picture of just who the major holders of the 16.027 trillion dollars of the outstanding U.S. government debt issued through 30 September 2012 are: Overall, U.S. entities own 66% of all debt issued by the U.S. federal government. Ranking the major U.S. entities from high to low, we find that: U.S. individuals and institutions, which includes regular Americans, banks, insurance companies and other government entities, own 30.5% of the nation's debt. The...

The Obama Administration has posted their last budget offer to House Speaker John Boehner (R-OH). The Republicans on the Senate Budget Committee have a different take on the President’s budget: Obama’s budget turns off the sequester, adds stimulus extension, $50 billion in transportation spending and universal pre-K (better known as government baby sitting centers). And by getting rid of the sequester ($1 trillion), they propose cuts in discretionary spending of $100 billion only. In addition, Obama’s budget plan, to be unveiled April 10th (the same day that North Korea is threatening to nuke us), would prohibit taxpayers from accumulating more...

Preparing For Inflationa​ry Times Economics / InflationMar 29, 2013 - 11:06 AM GMT By: Jeff Clark "All this money printing, massive debt, and reckless deficit spending – and we have 2% inflation? I'm beginning to believe that either the deflationists are right, or the Fed's interventions are working." – Anonymous Casey Research reader The CPI, in our view, does not accurately measure inflation, which accounts for some of the discrepancy our reader is pointing out. However, the proper definition of inflation is "an increase in the quantity of money," which we've had in spades. We've not experienced the concomitant increase...

Rep. John Conyers (D-Mich.), the ranking member of the House Judiciary Committee, said on Thursday that the nation’s current debt of $16.7 trillion is “not endangering” the country, adding that “some debt is not a bad idea” and that he and other congressional Democrats “don’t think there’s a problem.” … Conyers and other liberal Democrats spoke at a Capitol Hill press conference about their initiative to compel Congress to cancel the across-the-board budget cuts (sequester) of $1.2 trillion over 10 years, which actually are reductions in the rate of increase in federal spending and amount to $44 billion for this...

If you are a regular reader of American Thinker, you already know that our nation's debt and deficit problems are unsustainable. We need to look no further than the European Union to understand the problems associated with welfare states run wild. The violence in Greece is a harbinger of things to come in the United States if we fail to take action to get our nation's fiscal house in order. It's as simple as 1, 2, 3. No nation can spend its way out of a debt and deficit problem. It is true, however, that a growing economy produces increases...

In his recent book, Fixing the Moral Deficit, Ron Sider argues that deficit spending by the federal government is one of the most important moral challenges that Americans have ever faced. I disagree with some of Sider’s proposed solutions, but he’s right. Every year, the federal government spends well over a trillion dollars more than it takes in. As a result, it has racked up seventeen trillion dollars in debt, most of it in the last decade. In seven years at current rates, the U.S. will need almost a fifth of the GDP from the rest of the world just...

WASHINGTON, March 18 (UPI) -- Washington has given Petrobras America Inc. permission to start oil and gas production in the Gulf of Mexico, a regulator said. The Bureau of Ocean Energy Management, Regulation and Enforcement gave Petrobras approval to use a floating production storage offloading facility at its Cascade-Chinook project in the Gulf of Mexico. The approval marks the first time FPSO technology will be used in U.S. waters of the Gulf of Mexico. The oil and gas project is about 165 miles off the coast of Louisiana in 8,200 feet of water. The FPSO has a production capacity of...

Some members of Congress apparently don’t like to be reminded about how much debt the country continues to rack up. During a House Financial Services Committee hearing Tuesday on the budget, two Democrats complained after House Financial Services Committee chairman Jeb Hensarling instructed that two monitors in the hearing room display a real-time running national debt clock. California Rep. Maxine Waters and Minnesota Rep. Keith Ellison both issued complaints about the displays, according to video of the hearing. “Clearly it is a political prop designed to message ideologically,” Ellison said. Waters asked that the debt clock not be on display...

How big is the national debt? You’d think this would be an easy question. Surely we know how much the government owes. Unfortunately, it’s not that simple. The true national debt could be triple the conventional estimate, anywhere from $11 trillion to $31 trillion by my reckoning. The differences mostly reflect explicit and implicit “off-budget” federal loan guarantees. In another economic downturn, these could result in large losses that would be brought “on budget” and worsen already huge deficits. That’s the danger. My purpose is not to scare or sensationalize. It’s simply to illuminate the problem. Broadly conceived, the national...

Noted investor, free market advocate, and author Jim Rogers during an interview with Glenn Beck on Wednesday said that Tuesday’s State of the Union address makes you wonder whether President Barack Obama is “delusional” or just a good liar. Our “debt is physically impossible to pay off,” Rogers said after Beck asked whether the country has passed the point of no return. “We are the largest debtor nation in the history of the world.” “If everybody paid 100 percent of their earnings as taxes, we still couldn’t pay it off,” he added. The famed investor then turned his attention to...

Today is Obama’s second swearing in, and despite what the Obama-adoring, Kool-Aid- drinking liberal mainstream media tells you, this is a day for sadness, not celebration. It's time to mourn for what Obama is doing to America....and even worse, for what he has planned for the next four years. The economy is in free-fall. Economists are suddenly all agreeing that Obama’s “solution” to the fiscal cliff—gigantic tax increases that are already taking big bites out of paychecks—will crater our projected economic growth for 2013. It’s bad out there, and getting worse every day. The fact is: We are in an...

Today, we're taking a preliminary look at just who owns all the debt issued by the U.S. federal government through 30 September 2012 - the end of the U.S. government's fiscal year. Our chart below visualizes what we found.The information presented in our chart above is preliminary, as the U.S. Treasury typically revises its foreign entity debt ownership data in March of each year. Overall, U.S. entities own just 65.8% of all debt issued by the U.S. federal government. Ranking the major U.S. entities from low to high, we find that: The U.S. government's military retirement fund owns 2.4%...

The Republican-led House Rules Committee late Monday approved a rule for a massive Hurricane Sandy relief package that shuts out most GOP proposals to pare back the size of the bill. The main bill provides $17 billion in relief, and an amendment made in order would add another $33.7 billion, for a total of $50.7 billion. Late last week, Republicans offered amendments that would trim the bill significantly, but few of those were made "in order" by the Rules Committee on Monday. For example, Rep. Tom McClintock (R-Calif.) proposed amendments that would have slashed $22 billion from the total package,...

President Obama's latest news conference was further confirmation that his voracious appetite for spending was not satisfied but whetted by the fiscal cliff deal, which he views as an appetizer. We were told that the GOP achieved a coup in the fiscal cliff negotiations because they lured Obama into an agreement to lock in the Bush tax rates except for the highest-income earners. Never mind that Obama agreed to no spending cuts or entitlement reform after demanding a "balanced approach" to deficit reduction; they told us he'd be forced to address those matters in a couple of months in the...

This is a list of the gross National debt that countries have. National debt refers to the amount of total government debt a country has. This is also referred to as ‘public sector debt’.It is compiled using data from the IMF, Eurostat and CIA agencies.Note: National debt is different to ‘External debt‘ – External debt includes all the debts a country (both private and public sector) owe to foreigners.Note: You may see slightly different figures for government debt levels, depending how it is measured. For example, Gross US debt is 102.9% in 2011. Net US debt was 67.8%UK national...

The rout was complete, the retreat disorderly. President Obama got his tax hikes — naked of spending cuts — passed by the ostensibly Republican House of Representatives. After which, you might expect him to pivot to his self-proclaimed “principle” of fiscal “balance” by taking the lead on reducing spending. “Why,” asked The Post on the eve of the final fiscal-cliff agreement, “is the nation’s leader not embracing and then explaining the balanced reforms the nation needs?” Because he has no interest in them. He’s a visionary, not an accountant. Sure, he’ll pretend to care about deficits, especially while running for...

Congress continues to show that they view us as serfs and view your hard earned money as automatically belonging to them first…..you should just be happy that they allow you to keep some...

FINAL VOTE RESULTS FOR ROLL CALL 659 (Republicans in roman; Democrats in italic; Independents underlined) H R 8 RECORDED VOTE 1-Jan-2013 10:57 PM QUESTION: On Motion to Concur in the Senate Amendments BILL TITLE: To extend certain tax relief provisions enacted in 2001 and 2003, and to provide for expedited consideration of a bill providing for comprehensive tax reform, and for other purposes

The fiscal cliff isn't as scary as the looming deficit and debt crisis about to swamp the country All eyes have been on the clear and present danger of the fiscal cliff—understandably—but there's a sound in the mountain range that's even scarier than the cliff. It's the sound made by an avalanche, the trillions of dollars of debt that's heading our way, gathering speed and mass. For most people, it's out of earshot now, and that's the way our government prefers to play it in its financial statements. Liabilities are not set out there in accordance with the well-established norms...

Everywhere from FoxNews.com to CNBC.com, I suddenly see commentators warning of pending doom, economic collapse, and a new Great Depression. Welcome to my club. Perhaps America's politicians and economists should have paid attention to an entrepreneur and small businessman that has been warning of economic collapse and a new Great Depression publicly for over two years. More importantly, none of the current commentaries mention the "why's" of this slow motion economic collapse...beyond the obvious -- mountains of deficit and debt. None of them mention the dysfunctional structure of the current U.S. economy and the massive changes in the work ethic...

“Fiscal Cliff” in plain English Lesson # 1: * U.S. Tax revenue: $2,170,000,000,000 * Fed budget: $3,820,000,000,000 * New debt: $1,650,000,000,000 * National debt: $14,271,000,000,000 * Recent budget cuts: $38,500,000,000 Now, let's remove 8 zeros and pretend it's a household budget: * Annual family income: $21,700.00 * Money the family spent: $38,200.00 * New debt on the credit card: $16,500.00 * Balance on the credit card: $142,710.00 * Total budget cuts so far: $38.50 Got It ? ..... OK now,,,,,,,,,,,, ------------------------------------------------------------------ Lesson # 2: Here's another way to look at the "Debt Ceiling": Let's say, you come home from work...

Congress has done such a beautiful job handling the fiscal cliff and debt ceiling that president Obama felt it mandatory to issue an Executive Order Giving Biden, Congress Pay RaisesPresident Barack Obama issued an executive order to end the pay freeze on federal employees, in effect giving some federal workers a raise. One federal worker now to receive a pay increase is Vice President Joe Biden. According to disclosure forms, Biden made a cool $225,521 last year. After the pay increase, he'll now make $231,900 per year. Members of Congress, from the House and Senate, also will receive a little...

Video at this LINK

WASHINGTON – Getting Republicans to agree to a tax increase on “the rich” is not the ultimate aim of the Obama administration and Democrats in Congress, says noted tax activist Grover Norquist. “This is just the first act of a two- or three-act play,” Norquist said in an exclusive interview with WND. Norquist, president and founder of Americans for Tax Reform, said the first act “is to get congressional Republicans to put their fingerprints on what amounts to a minor tax increase.” “After raising taxes on the rich a little bit, the Democrats will come back for serious tax revenue,”...

On November 19, Pravda’s Xavier Lerma wrote an article asserting that President (I use the term loosely) Barack Obama had been re-elected “by an illiterate society.” Some conservatives have been wont to dismiss and ridicule some of the dead-on assessments of the former Soviet newspaper since it was once in fact a Soviet newspaper. Some of this dismissal and ridicule did occur relative to Lerma’s piece; I think however, that such observations made by those who have been there and done that ought to be considered, if not heeded. Lerma writes “He [Obama] is a Communist without question promoting the...

The best thing the Republicans could do right now is to give Obama everything that he wants. Those of us who think, rather than feel, understand that Obama’s course will end up with the United States going bankrupt, because there isn’t enough money on the planet, much less the US, to pay for all the goodies the Democrats want to bestow on their favored constituents. Just to give you an example of how hopeless the situation is, the combined net worth of the Forbes list of America’s 400 wealthiest people is just over $1.7 trillion. So if you confiscate 100%...

Do you want to understand the magnitude and imminence of America’s financial calamity? I’ve written hundreds of thousands of words about it over the years, but an accountant, Hal Mason, has prepared a five-and-a-half-minute YouTube video that does a pretty good job of bringing it all home simply and starkly. I advise every American to take a few minutes to view it if you want to understand why Washington is plunging off the fiscal cliff, even while the Democratic and Republican establishment talk about averting it. All one really needs to do is view the 2013 budget from a high...

In the duh department we have this: * * * * * * * * * * * The actual liabilities of the federal government—including Social Security, Medicare, and federal employees' future retirement benefits—already exceed $86.8 trillion, or 550% of GDP. For the year ending Dec. 31, 2011, the annual accrued expense of Medicare and Social Security was $7 trillion. Nothing like that figure is used in calculating the deficit. In reality, the reported budget deficit is less than one-fifth of the more accurate figure. * * * * * * * * * * * Did you get that?...

With Barack Obama re-elected to the White House for four more years, half the country is wondering what we can do to limit the damage. I actually have an answer. In January 2011, after Republicans took over the House, I launched a campaign that now appears to be our only hope of killing off Obamacare, making Obama’s lame-duck second term a nightmare (for him, that is) and actually moving Washington toward a return to limited, constitutional government. And all it takes to do it is the cooperation of the House Republican majority. After Republicans took control of the House in...

Alan Greenspan Just Called Out Republicans For Exploding Entitlement Spending Linette LopezNovember 7, 2012, 10:48 AM Alan Greenspan is on Bloomberg talking to Betty Liu about the economy and the fiscal cliff in Obama's second term. The former Fed Chairman is just as worried about the issue as everyone else on the Street, and he doesn't really think the election changes much (from Bloomberg): I think it's a very dangerous situation largely because presumption we can resolve this issue without physical pain, spiritual pain or any sort of economic pain whatsoever.... no matter how we resolve it there are negative...

WASHINGTON - The latest sign President Obama fears he's headed for defeat came this week when he said he'd seek a "grand bargain" with Republicans to reduce a $16 trillion debt. Over the course of his campaign, Obama has ignored the monstrous debt he's piled up over the past four years in an orgy of unprecedented annual spending increases and budget deficits. Now, with little more than a week left before Election Day, and the presidential race in a dead heat, he suddenly wants a compromise with Republican leaders in Congress to curb spending and borrowing. Well, he's four years...

In less than two weeks, Americans will either elect a new President, or give Barack Obama four more years to continue carrying out his "transformation" of America. Given their utter failure to get our economy moving again, it's not surprising the Left is trying so hard to keep the public's attention off their performance and on extraneous matters like the supposed "war on women" or the "war on Big Bird." And of course, their populist class warfare language has become their Alamo -- the last line of defense. Our focus must relentlessly remain on the economy and how the big...

Detail & The Donkey: Obama skates on specifics by Daniel Clark Since Mitt Romney announced his tax plan, the media have demanded that he provide more detail. In particular, they want to know exactly which deductions he wants to eliminate while cutting the rates. That’s a perfectly reasonable question, but why is only Romney expected to provide specifics, while President Obama continues to speak in puffy generalities? Nancy Pelosi, then Speaker of the House, famously said that Congress needed to pass Obamacare in order to find out what was in it. Even if the legislators had given themselves time to...

WASHINGTON (AP) — The U.S. budget deficit has topped $1 trillion for a fourth straight year, but a modest improvement in economic growth helped narrow the gap by $207 billion compared with last year. The Treasury Department said Friday the deficit for the 2012 budget year totaled $1.1 trillion. Tax revenue rose 6.4 percent from last year to more than $2.4 trillion, helping contain the deficit. The government's revenue rose as more people got jobs and received income. Corporations also contributed more tax revenue than in 2011. Government spending fell 1.7 percent to $3.5 trillion. The decline reflected, in part,...

Exclusive: John Rocker says sunset of America is upon us based on electoral results Snip: From the implementation of the first broad-ranging social entitlement programs, which were introduced through Johnson’s Great Society back in the ’60s, little by little the American populace has become more and more comfortable suckling at the government teat over the passing decades. No one can argue that the concept of expansive socialism and far-reaching entitlement were ever a component of the founding doctrine of these United States. Yet as with many things which at first are taboo, slowly they become tolerated, then accepted, then expected....

Exclusive: Joseph Farah compares billions given away to what's spent on border security It may be an apocryphal quote attributed to the late Sen. Everett Dirksen: “A billion here, a billion there, and pretty soon you’re talking real money.” There’s really no credible citation one can find that suggests he actually ever said those famous words – though I swear I can still hear him saying them when I was a child. Those words were reverberating in my mind again this week as it was revealed that Barack Obama has increased spending on foreign aid by 80 percent through last...

Since 2009, and since Senate Democrats last passed a budget, the Congressional Budget Office has calculated $1 trillion deficits each year with 2012 being no exception. But now, a new USA Today study shows that last year's budget deficit wasn't $1 trillion....it was actually $5 trillion. The deficit was $5 trillion last year under those rules. The official number was $1.3 trillion. Liabilities for Social Security, Medicare and other retirement programs rose by $3.7 trillion in 2011, according to government actuaries, but the amount was not registered on the government's books. It is well known by now that even if...

The teenagers who speak in this video belong to http://www.im2moro.org. These young people realize that if they don't stand up and speak out for life, liberty and the pursuit of happiness today, they will be living in a very different America tomorrow.

VIDEO: Barack Obama tells David Letterman he doesn't remember how much the national debt is (either he's lying or he doesn't want to remind everyone how gargantuan it is), blames Bush, and plays the class warfare card.

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...