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Keyword: trillion

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  • Quasar Found 420 Trillion Times Brighter Than Our Sun

    07/29/2016 3:23:48 PM PDT · by blam · 49 replies
    Astronomy Trek ^ | 2016 | Astro Trek
    Quasar Found 420 Trillion Times Brighter Than Our SunAn international team of astronomers have discovered a huge quasar 420 trillion times brighter than our sun around 12.8 billion light years away from Earth, placing its formation around 875 million years after the big bang. The ancient object is powered by a massive black hole and contains a staggering 12 billion solar masses, surprising scientists who had not expected such a huge bright quasar so close to the dawn of time. The quasar was found using telescopes located in China, Hawaii, Arizona, and Chile, and as Xue-Bing Wu, of Peking...
  • Analysis: Trump tax plan would cost $9.5 trillion ('unsustainable deficits')

    12/22/2015 4:29:36 PM PST · by Libloather · 64 replies
    The Hill ^ | 12/22/15 | Naomi Jagoda
    Donald Trump's tax plan would lower federal revenue by $9.5 trillion in its first decade and benefit the wealthy the most, an analysis released Tuesday found. The Republican presidential candidate's plan, released in September, calls for lowering the top individual tax rate to 25 percent from 39.6 percent and the corporate tax rate to 15 percent from 35 percent. The plan would cut the amount of money coming into the federal government. Most of the revenue loss would come from the tax cuts for individuals, but $3.5 trillion of the loss would come from business income tax cuts, the Urban-Brookings...
  • China's Record Dumping Of US Treasuries Leaves Goldman Speechless(90 days $520 billion U.S. T-Bonds)

    07/23/2015 5:20:22 AM PDT · by Enlightened1 · 39 replies
    Zero Hedge ^ | 07/22/15 | Tyler Durden
    On Friday, alongside China's announcement that it had bought over 600 tons of gold in "one month", the PBOC released another very important data point: its total foreign exchange reserves, which declined by $17.3 billion to $3,694 billion. We explained all of his on Friday in "China Dumps Record $143 Billion In US Treasurys In Three Months Via Belgium", and frankly we have been surprised that this extremely important topic has not gotten broader attention. Then, to our relief, first JPM noticed. This is what Nikolaos Panigirtzoglou, author of Flows and Liquidity had to say on the topic of China's...
  • The Multi-Trillion Dollar Oil Market Swindle

    07/13/2015 12:55:54 PM PDT · by bananaman22 · 2 replies ^ | 13-07-2015 | Len
    In the past, I documented the overstatements by both the IEA and EIA in 2014 & 2015 in terms of supply, inventory and understatements of demand. Others also noticed these distortions and, whether intentional or not, they exist and they are very large in dollar terms. These distortions, which are affecting price through media hype and/or direct/indirect price manipulation, are quite possibly the largest in financial history. Putting numbers behind it, with worldwide production running some 95 million barrels per day, and assuming $55 per barrel for oil, the market for crude oil is about $5.2 billion per day. Each...
  • The trillion-frame-per-second camera

    05/01/2015 9:40:59 AM PDT · by LibWhacker · 28 replies ^ | 4/29/15
    When a crystal lattice is excited by a laser pulse, waves of jostling atoms can travel through the material at close to one sixth the speed of light, or approximately 28,000 miles/second. Scientists now have a new tool to take movies of such superfast movement in a single shot. Researchers from Japan have developed a new high-speed camera that can record events at a rate of more than 1-trillion-frames-per-second. That speed is more than one thousand times faster than conventional high-speed cameras. Called STAMP, for Sequentially Timed All-optical Mapping Photography, the new camera technology "holds great promise for studying a...
  • Sen. Flake Cosponsors Legislation to Eliminate Corn Ethanol Mandate

    03/18/2015 3:39:38 PM PDT · by ObamahatesPACoal · 42 replies
    Senator Flake ^ | Dec 12 2013
    United States Sen. Jeff Flake (R-AZ), today joined Sens. Tom Coburn (R-OK), Dianne Feinstein (D-CA) and seven other cosponsors to introduce The Corn Ethanol Mandate Elimination Act of 2013. The bill eliminates the corn ethanol mandate within the Renewable Fuel Standard (RFS), which requires a yearly increase in the amount of renewable fuel that must be blended into the total volume of gasoline refined and consumed in the United States. The RFS, which was first enacted in 2005 and then expanded in 2007, requires refiners and blenders to use 16.55 billion gallons of renewable fuel in 2013. "In 2005, Congress...
  • The War on Poverty After 50 Years (has cost tax payers to date $22 Trillion)

    09/16/2014 5:25:39 PM PDT · by Chgogal · 46 replies
    The Heritage Foundation ^ | September 15 ,2014 | Robert Rector and Rachel Sheffield
    This week, the U.S. Census Bureau is scheduled to release its annual poverty report. The report will be notable because this year marks the 50th anniversary of the launch of President Lyndon Johnson’s War on Poverty. In his January 1964 State of the Union address, Johnson proclaimed, “This administration today, here and now, declares unconditional war on poverty in America.”[1] Since that time, U.S. taxpayers have spent over $22 trillion on anti-poverty programs (in constant 2012 dollars). Adjusted for inflation, this spending (which does not include Social Security or Medicare) is three times the cost of all military wars in...
  • HHS set to blow $1 TRILLION in 2015 as health-care costs grow by leaps and bounds

    03/19/2014 2:47:55 PM PDT · by PapaNew · 17 replies
    The Daily Caller ^ | 3/12/2014 | Katie McHugh
    The Department of Health and Human Services is expected to spend over one trillion dollars in 2015 — but HHS Secretary Kathleen Sebelius has never once testified before the Senate’s Budget Committee on either Obamacare’s costs or the president’s budget at large. “The Department of Health and Human Services is projected to spend over $1 trillion in FY2015 under the president’s budget, and health care costs — which today comprise nearly 30 percent of all federal spending — are growing more rapidly than other areas of the budget, especially over the long-term. It would be good for members of the...
  • U.S. debt jumps a record $328 billion — tops $17 trillion for first time

    10/18/2013 3:31:58 PM PDT · by servo1969 · 7 replies
    The Washington Times ^ | 10-18-2013 | Stephen Dinan
    <p>U.S. debt jumped a record $328 billion on Thursday, the first day the federal government was able to borrow money under the deal President Obama and Congress sealed this week.</p> <p>The debt now equals $17.075 trillion, according to figures the Treasury Department posted online on Friday.</p>
  • Iraq war cost: $6 trillion. What else could have been done?

    03/19/2013 6:39:57 AM PDT · by algernon_garnock · 41 replies
    The Los Angeles Times ^ | March 18, 2013 | David Lazarus
    In case you were wondering, the price tag for the war in Iraq could eventually top $6 trillion. Tuesday marks the 10th anniversary of the U.S. invasion, occupation and slugfest of Iraq, which, lest we forget, was begun in the name of protecting us from weapons of mass destruction that never existed. A study by Brown University's Watson Institute for International Studies finds that the war has cost $1.7 trillion so far, with an additional $490 billion in benefits owed to war veterans. Those costs could grow to more than $6 trillion over the next 40 years, the report concluded.
  • Gates & Buffett Are Considered The Richest Because People Don't Recognize World's Only Trillionaire

    03/18/2013 10:42:29 AM PDT · by The Looking Spoon · 4 replies
    The Looking Spoon ^ | 3-18-13 | The Looking Spoon
  • Pelosi says deficit takes time to reduce (blames Hussein)

    02/10/2013 2:18:21 PM PST · by Libloather · 13 replies
    UPI ^ | 2/10/13
    WASHINGTON, Feb. 10 (UPI) -- The Democratic leader in the U.S. House said the nation's budget deficit stems from past emergencies and will take time to whittle down. Rep. Nancy Pelosi, D-Calif., said on "Fox News Sunday" the freewheeling spending by Washington in recent years addressed the economic stimulus of the Obama administration coupled with big-ticket items from the Bush years, including the Medicare drug benefit, tax cuts and the wars in Iraq and Afghanistan. "It isn't as much you had a spending problem as it was priorities, and that is what the budget is, setting priorities," said Pelosi.
  • Trillion-Dollar-Coin Fever [Steyn]

    01/19/2013 11:32:02 AM PST · by Servant of the Cross · 18 replies
    National Review ^ | 1/18/2013 | Mark Steyn
    Has America’s choo-choo jumped the tracks? I was out of the country for a few days and news from this great republic reached me only fitfully. I have learned to be wary of foreign reporting of U.S. events, since America can come off sounding faintly deranged. Much of what reached me didn’t sound entirely plausible: Did the entire U.S. media really fall for the imaginary dead girlfriend of a star football player? Did the president of the United States really announce 23 executive orders by reading out the policy views of carefully pre-screened grade-schoolers (“I want everybody to be happy...
  • Debt Star: Federal Debt Increased By 113% Since Q2 2008, But Real GDP Increased By Only 2.6%!

    01/12/2013 11:26:29 AM PST · by whitedog57 · 5 replies
    Confounded Interest ^ | 01/12/2013 | Anthony B. Sanders
    How bad is the USA’s debt problem (as we approach the dreaded debt ceiling debate)? Federal government debt held by the public surged starting in Q2 2008. But since Q2 2008, government debt held by the public surged 113%. But real GDP growth over 4+ years was a measly 2.6%. That’s not annual real GDP growth, but real GDP growth over 4+ years! Most people don’t talk about government debt held by the public. Instead, they focus on Total Public Debt, the one that stands at $16,432,692,129,510.84 While not as dramatic as Federal debt held by the public, it is...
  • Theater of the Absurd: Administration won't rule out minting $1 trillion platinum coin

    01/10/2013 7:23:38 AM PST · by SeekAndFind · 38 replies
    American Thinker ^ | 01/10/2013 | Rick Moran
    Much of the last 4 years has been a nightmare for conservatives. But there is a crazy, stupid, absurd idea being seriously discussed in Washington that makes previous nightmares from the White House pale in comparison. The idea is for the Treasury Department to mint a platinum coin and declare it to be worth $1 trillion. If Congress won't raise the debt ceiling, the coin would be deposited at the Federal Reserve and Obama could continue to spend money. Congress passed a bill allowing for the minting of platinum coins several years ago. But it was a bill designed to...
  • Democrats look for up to $1 trillion in new tax revenues this year

    01/07/2013 2:38:34 AM PST · by Libloather · 31 replies
    The Hill ^ | 1/07/13 | Alexander Bolton
    Democrats say they want to raise as much as $1 trillion in new revenues through tax reform later this year to balance Republican demands to slash mandatory spending. Democratic leaders have had little time to craft a new position for their party since passing a tax deal Tuesday that will raise $620 billion in revenue over the next ten years. The emerging consensus, however, is that the next installment of deficit reduction should reach $2 trillion and about half of it should come from higher taxes. This sets up tax reform as one of the biggest fights of the 113th...
  • Is Our Debt Burden Really $100 Trillion? (probably more - 'unfunded liabilities' are a KILLER)

    01/06/2013 1:26:02 PM PST · by Libloather · 26 replies
    The Atlantic ^ | 11/28/12 | Derek Thompson
    Wanna scare somebody about America's debt on the eve of the Fiscal Cliff? I mean, really scare somebody? Here's a trick. Don't talk about the debt. Talk about "unfunded liabilities." The U.S. national debt comes out to about $16 trillion today. That's something. But it's nothing compared to the extra $87 trillion in unfunded liabilities to Social Security, Medicare, and federal pensions. Here's how that works. If you add up all of the U.S. government's promises to pay retirement and health care benefits for the next 75 years and subtract the projected tax revenue dedicated to those programs over the...
  • Obama's debt problem (Hussein wants “balanced” approach?)

    01/03/2013 2:14:42 AM PST · by Libloather · 12 replies
    Politico ^ | 1/03/13 | REID J. EPSTEIN, GLENN THRUSH |
    President Barack Obama won’t be able to enjoy much of a victory lap from his win over congressional Republicans on the fiscal cliff fight. There are about 16.4 trillion reasons why. **SNIP** Former Clinton administration official Alice Rivlin, a member of Obama’s defunct deficit commission, says Obama “understands the [deficit-reduction] issue” but “he’s got to deal with his own left wing, which is not enthusiastic about doing it. The real problem … is that Social Security has become kind of [a] no-no” to liberals. In a video message to his 2012 campaign supporters released Wednesday, Obama offered few specifics on...
  • Teachers’ Pensions Are a Half-Trillion Short

    12/15/2012 4:14:14 PM PST · by Libloather · 39 replies
    National Review ^ | 12/14/12 | Kevin D. Williamson
    Teachers’ Pensions Are a Half-Trillion ShortBy Kevin D. Williamson December 14, 2012 11:15 A.M. The habitual overpromising and underfunding of government-employee pensions is a fiscal powder keg in an economy full of sparks — and a new report estimates that teachers’ pensions alone are underfunded by nearly a half-trillion dollars. **SNIP** Note that the savings per teacher derived from the reform of eligibility rules runs $450,000, or more than two and a half times the average net worth of a retirement-age U.S. household. The real value of the average teacher’s retirement benefits in low-cost Wyoming is pushing the $1 million...
  • Behind an Estimated $30 Trillion Drain on Banks, a Lot of Hypotheticals

    11/08/2012 11:32:14 AM PST · by ExxonPatrolUs · 8 replies
    NY Times ^ | 10-29-2012 | PETER EAVIS
    Imagine a situation in which the world’s banks have to find as much as $30 trillion to comply with just one new regulation. That might be something of a stretch, given that the gross domestic product of the United States is only $15.8 trillion, and the world’s 10 largest banks hold only $25 trillion of assets. Yet a banking industry group recently looked into a new rule and sketched out a possibility in which banks were forced to come up with as much as $30 trillion in cash. The potential cash call is outlined in a letter the International Swaps...
  • 16 Trillion dollars Visuazlied - video link

    Ever wonder what 16 Trillion dollars looks like? I created this video to demonstrate the scale of our Debt
  • US deficit tops $1 trillion for fourth year

    10/12/2012 8:49:53 PM PDT · by NormsRevenge · 3 replies
    Yahoo! News ^ | 10/12/12 | Martin Crutsinger - ap
    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,...
  • $5 Trillion - Romney's new ad about Obama's distortions and fiction

    10/07/2012 2:15:32 AM PDT · by Cincinatus' Wife · 31 replies
    YouTube ^ | October 7, 2012 | Romney campaign
    VIDEO Mitt Romney, Apopka, Fla - Oct 6, 2012 Source
  • (Shortage of) $1.4 Trillion in Pension Fights Foreshadowed in RI

    10/07/2012 5:36:41 AM PDT · by Libloather · 17 replies
    ABC News ^ | 10/07/12 | DAVID KLEPPER
    $1.4 Trillion in Pension Fights Foreshadowed in RIBy DAVID KLEPPER Associated Press PROVIDENCE, R.I. October 7, 2012 (AP) Retired social worker Jim Gillis was told his $36,000 Rhode Island state pension would increase by $1,100 next year to keep up with inflation. But lawmakers suspended annual increases, leaving Gillis wondering how he'll pay medical bills and whether he'd been betrayed by his former employer. **SNIP** Nowhere have the changes been as sweeping as in Rhode Island, where public sector unions are suing to block an overhaul passed last year. The law raised retirement ages, suspended pension increases for years and...
  • CBO reports deficit was $1.1 trillion in 2012

    10/06/2012 7:31:50 PM PDT · by Libloather · 5 replies
    The Hill ^ | 10/05/12 | Erik Wasson
    CBO reports deficit was $1.1 trillion in 2012By Erik Wasson - 10/05/12 01:07 PM ET The government's fiscal 2012 has now come to a close and the score is in. The budget deficit for 2012 was $1.1 trillion, the fourth year of trillion-dollar deficits under President Obama. The nonpartisan Congressional Budget Office said Friday that the $1.1 trillion shortfall, based on Treasury statements, was about $200 billion less than in fiscal 2011. But part of this difference is due to a timing shift that put some final payments in 2011 because Oct. 1, 2011 fell on a weekend. Without the...
  • Federal Government's Debt Jumps More Than $1T for 5th Straight Fiscal Year

    07/23/2012 8:31:02 PM PDT · by Justaham · 10 replies ^ | 7/23/12 | Terence P. Jeffrey
    By the end of the third quarter of fiscal 2012, the new debt accumulated in this fiscal year by the federal government had already exceeded $1 trillion, making this fiscal year the fifth straight in which the federal government has increased its debt by more than a trillion dollars, according to official debt numbers published by the U.S. Treasury. Prior to fiscal 2008, the federal government had never increased its debt by as much as $1 trillion in a single fiscal year. From fiscal 2008 onward, however, the federal government has increased its debt by at least $1 trillion each...
  • 80% Of Trillion Dollar 'Farm Bill' Spent On Food Stamps, Not Farmers, Senator Say

    07/20/2012 12:49:51 PM PDT · by Nachum · 20 replies
    CNS News ^ | 7/20/12 | David James
    About Us Resources Send Tips Donate RSS CNSNews.TV On the Spot On the Scene The Schein OTJ Golden Hookah 80% Of Trillion Dollar 'Farm Bill' Spent On Food Stamps, Not Farmers, Senator Says By David James July 20, 2012 Subscribe to David James's posts Last night, radio host Mark Levin interviewed Sen. Jeff Sessions (R-AL) about the recent U.S. Department of Agriculture agreement with the government of Mexico to “help educate eligible Mexican nationals living in the United States about available nutrition assistance,” which includes the US food stamp program. Sen. Sessions explained that the funding for this program came...
  • Obamacare Now Estimated to Cost $2.6 Trillion in First Decade

    07/11/2012 9:54:57 AM PDT · by Nachum · 21 replies
    Weekly Standard ^ | 7/11/12 | Weekly Standard
    The Republican side of the Senate Budget Committee will later today release the following chart, detailing the rising projected cost of President Obama's signature legislation, Obamacare: The latest estimate, as the chart details, is that Obamacare will cost $2.6 trillion dollars in its first real decade. The bill does not fully go into effect until 2014, therefore the estimate begins with that year. "President Obama promised a joint session of Congress in 2009 to spend $900 billion over ten years on his health care law: 'Now, add it all up, and the plan that I’m proposing will
  • Andrew Tisch: Let's Ban the Word 'Trillion'

    06/27/2012 6:22:54 AM PDT · by SeekAndFind · 14 replies
    Wall Street Journal ^ | 06/27/2012 | By ANDREW H. TISCH
    <p>Of course, rounding off, they're about the same. But don't we all think that the first number seems so much smaller and more manageable than the second?</p> <p>The first number incorporates a tidy unit of measurement called a "trillion." We can get our heads around the word "trillion," and so we think we understand what we're looking at. In this case, it is the size of our national debt.</p>
  • Study: More Than Half a Trillion Dollars Spent on Welfare But Poverty Levels Unaffected

    06/25/2012 12:01:45 PM PDT · by Hunton Peck · 26 replies
    CNS ^ | June 25, 2012 | Matt Cover
    “The vast majority of current programs are focused on making poverty more comfortable … rather than giving people the tools that will help them escape poverty.” ( – The federal government is not making much headway reducing poverty despite spending hundreds of billions of dollars, according to a study by the libertarian Cato Institute. Despite an unprecedented increase in federal anti-poverty spending, the national poverty rate has not declined, the study finds. “[S]ince President Obama took office [in January 2009], federal welfare spending has increased by 41 percent, more than $193 billion per year,” the study says. Federal welfare spending...
  • Another $17 trillion surprise found in Obamacare

    03/30/2012 10:00:53 AM PDT · by Nachum · 149 replies
    The Daily Caller ^ | 3/30/12 | Neil Munro
    Senate Republican staffers continue to look though the 2010 health care reform law to see what’s in it, and their latest discovery is a massive $17 trillion funding gap. “The more we learn about the bill, the more we learn it is even more unaffordable than was suspected,” said Alabama Sen. Jeff Sessions, the Republican’s budget chief in the Senate. “The bill has to be removed from the books because we don’t have the money,” he said. The hidden shortfall between new spending and new taxes was revealed just after Supreme Court justices grilled the law’s supporters about its compliance...
  • Nation might reach $16.4 trillion debt limit close to Election Day (bitter fight brewing)

    02/23/2012 5:28:42 PM PST · by Libloather · 8 replies
    The Hill ^ | 2/23/12 | Peter Schroeder
    Nation might reach $16.4 trillion debt limit close to Election DayBy Peter Schroeder - 02/23/12 02:46 PM ET The $16.4 trillion debt ceiling could be reached just weeks after Election Day, according to a new report. The analysis raises the possibility that lawmakers might have to raise the nation's borrowing limit before the election, a scenario they took pains to avoid in the debt deal passed in August. Now, partially due to lower than expected tax receipts, the nation could reach the $16.4 trillion debt limit as early as late November, according to an analysis from the Bipartisan Policy Center...
  • Obama budget sees increased deficit (only another $1.33 TRILLION)

    02/11/2012 2:50:33 AM PST · by Libloather · 5 replies
    The Hill ^ | 2/10/12 | Erik Wasson
    Obama budget sees increased deficitBy Erik Wasson - 02/10/12 06:07 PM ET President Obama’s 2013 budget due out Monday will estimate the deficit for 2012 to be $1.33 trillion, higher than the $1.29 trillion deficit in 2011, according to senior administration officials. The increase happens largely because the budget assumes enactment of a $350 billion stimulus package, including extension of the payroll tax cut. That package is a scaled-down version of the $447 billion American Jobs Act that Obama proposed in the fall. The budget estimates that the deficit in 2013 will be $901 billion. This means that Obama will...
  • The real price tag for stimulus: Between $1 trillion and $1.7 trillion

    02/09/2012 1:26:45 PM PST · by Oldeconomybuyer · 4 replies
    Washington Post ^ | February 9, 2012 | by Ezra Klein
    There’s been a lot of discussion over whether we should have had a smaller or larger stimulus package. But a lot of these arguments leave a key question unanswered: How much stimulus did we actually pass? There was the American Recovery and Reinvestment Act, of course. That was the big gun. But after that, there were dozens of smaller measures passed. For instance: The White House only put a single year of expanded unemployment insurance into the original stimulus. They did that, in part, because they expected they would be able to get unemployment insurance extended on its own. That...
  • Fed chief Bernanke issues debt warning (the rookie Hussein piles on another TRILLION dollar$)

    02/02/2012 5:13:46 PM PST · by Libloather · 6 replies
    Yahoo ^ | 2/03/12 | Jill Colgan
    Fed chief Bernanke issues debt warningBy North America correspondent Jill Colgan, ABC February 3, 2012, 11:08 am United States Federal Reserve Chairman Ben Bernanke has warned that the US economy could face the same fate as troubled European countries if it fails to curb its growing debt. Mr Bernanke delivered a sobering assessment of the economy that defies recent attempts by the Obama administration to talk up the economic turnaround. Testifying before a House Budget Committee, he said the pace of recovery had been "frustratingly slow". He urged lawmakers to be more aggressive in reducing the nation's $15 trillion debt...
  • Senate Dems plan to move $1 trillion omnibus in December (still no Dingy Harry budget)

    11/29/2011 4:26:25 AM PST · by Libloather · 2 replies
    The Hill ^ | 11/28/11 | Alexander Bolton
    Senate Dems plan to move $1 trillion omnibus in DecemberBy Alexander Bolton - 11/28/11 08:32 PM ET Senate Majority Leader Harry Reid (D-Nev.) plans to move a $1 trillion spending bill in December, a strategy that will spark a backlash from Tea Party conservatives. If conservatives torpedo the omnibus measure, Reid and other Democratic leaders would likely be forced to accept another long stopgap spending measure or risk a government shutdown when funding runs out at midnight Dec. 17. The federal government has been operating on stopgap spending measures since the fall of last year, and many lawmakers are tired...
  • US States Are Facing Total Debt of Over $4 Trillion (Give or take a few Trillion.)

    10/25/2011 12:35:26 PM PDT · by NormsRevenge · 13 replies
    CNBC ^ | 10/24/11 | Reuters
    The total of U.S. state debt, including pension liabilities, could surpass $4 trillion, with California owing the most and Vermont owing the least, a new analysis says. The nonprofit State Budget Solutions combined states' major debt and future liabilities, primarily for pensions and employee healthcare, unemployment insurance loans, outstanding bonds and projected fiscal 2011 budget gaps. It found that in total, states are in debt for $4.2 trillion. The group, which follows state fiscal conditions and advocates for limited spending and taxes, said the deficit calculations that states make "do not offer a full picture of the states' liabilities and...
  • Rep. Maxine Waters Calls For A Trillion-Dollar Jobs Program

    09/05/2011 7:51:55 AM PDT · by R0CK3T · 68 replies
    Real Clear Politics ^ | Sep 5 2011 | Meet the Press
    "I’m talking about a jobs program of a trillion dollars or more. We’ve got to put Americans to work. That’s the only way to revitalize this economy. When people work they earn money, they spend that money, and that’s what gets the economy up and going," Rep. Maxine Waters (D-CA) told NBC's "Meet the Press."
  • Report: Federal Reserve's Wall Street bailout topped $1T

    08/22/2011 7:57:23 AM PDT · by Palter · 11 replies
    The Hill ^ | 22 Aug 2011 | Peter Schroeder
    The Federal Reserve extended over $1 trillion to the globe's largest financial firms during 2008's financial crisis, according to new analysis from Bloomberg News. The $1.2 trillion that Federal Reserve Chairman Ben Bernanke pumped into companies to keep financial markets functioning is roughly equivalent to the amount American homeowners owe on delinquent or foreclosed mortgages, according to Bloomberg. The new analysis is based on data released by the Fed following Freedom of Information requests and a lawsuit filed by Bloomberg, The central bank had been reluctant to release the data, arguing that making its lending public would damage the reputation...
  • Stop the Fiscal War Against Our Children Now

    08/07/2011 6:15:32 PM PDT · by rabscuttle385 · 9 replies
    Bloomberg | 2011-06-29 | Laurence Kotlikoff
    Link only, per FR posting rules
  • Rep. Paul Introduces Bill to Cancel $1.6 T in Debt Held By Federal Reserve

    08/03/2011 1:18:07 PM PDT · by ex-Texan · 80 replies
    The Hill's Fllor Action Blog ^ | 08/02/2011 | Pete Kasperowicz
    Rep. Ron Paul on Monday introduced legislation that would lower the federal government's debt by canceling the roughly $1.6 trillion in debt held by the Federal Reserve. Paul has argued for the last few weeks that the idea represents a quick way to make the growing fiscal crisis more manageable. Under his bill, H.R. 2768, the $1.6 trillion that the Treasury owes to the Federal Reserve would disappear. The Federal Reserve began buying Treasury bonds in earnest late last year as part of its effort to keep long-term interest rates down. But Paul has argued that Fed purchases of Treasury...
  • What does One Trillion Dollars Look Like?

    07/31/2011 1:04:40 PM PDT · by Jerrybob · 27 replies
    Thought this might be interesting and helpful:
  • A Trillion-Dollar Gimmick

    07/25/2011 5:58:59 PM PDT · by Nachum · 13 replies ^ | 7/25/11 | Paul Ryan
    “Why, one wonders, not ‘save’ $5 trillion by proposing to spend that amount to cover the moon with yogurt and then cancelling the proposal?” -George Will, Washington Post, March 12, 2009 Claim 1: “Winding down the wars in Iraq and Afghanistan will save $1 trillion.” Reality: The Reid plan relies on the inaccurate assumption that surge-level spending in Iraq and Afghanistan is scheduled to continue over the next decade. An honest budget cannot claim to save taxpayers’ dollars by cutting spending that was not requested and will not be spent. Senate Democrats are employing a budget gimmick that will not...
  • What does one TRILLION dollars look like?

    01/06/2011 6:42:52 AM PST · by 1rudeboy · 43 replies · 5+ views
    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? I mean, these various numbers are tossed around like so many doggie treats, so I thought I'd take Google Sketchup out for a test drive and try to get a sense of what exactly a trillion dollars looks like. We'll start with a $100 dollar bill. Currently the largest U.S. denomination in general circulation. Most everyone has seen them, slighty fewer have owned them. Guaranteed to make friends wherever they go. A packet...
  • Obama to Speak to the Nation on Debt Talks at 9 p.m. ET

    07/25/2011 1:52:25 PM PDT · by Steelfish · 38 replies
    July 25, 2011
    FoxNews headline ticker
  • Suckered Time and Again [The T Word]

    07/21/2011 5:47:01 AM PDT · by Servant of the Cross · 24 replies
    National Review ^ | 7/20/2011 | Mark Steyn
    One of the depressing features of the Republican Party is the way they get suckered time and again into playing on Democrats’ terms. The pathetic spectacle of grown men and women sitting around in meetings trying to agree “grand bargains” to save $43.7 bazillion in federal spending by 2023 before an allegedly looming deadline of August 2nd is almost too perfect a snapshot of Washington stupidity. The rest of the world isn’t looking for a grand bargain by August 2nd. And it knows enough about the decadent state of US law-making to know that any such bargain would be voted...
  • BREAKING: Republicans to Vote on $2.4 Trillion in Cuts With Debt Ceiling Increase

    07/15/2011 10:07:48 AM PDT · by Nachum · 175 replies
    Townhall ^ | 7/15/11 | Katie Pavlich
    The Wall Street Journal is reporting House Republicans will vote next week to cut $2.4 trillion over the next ten years while increasing the debt ceiling by a $2.4 trillion. House Republicans said Friday that they planned to vote next week on a proposal to raise the debt ceiling by $2.4 trillion, with matching cuts and guidelines to control future government spending. House Majority Leader Eric Cantor (R., Va.) said at a news conference Friday that the House next week would vote on a "cut, cap and balance" approach. The House plans to separately vote on a measure that would...
  • Dems fault Obama for not using bully pulpit (no mention of $25 TRILLION debt by 2020 catastrophe)

    06/29/2011 4:10:42 AM PDT · by Libloather · 13 replies
    The Hill ^ | 6/29/11 | Alexander Bolton
    Dems fault Obama for not using bully pulpitBy Alexander Bolton - 06/29/11 05:45 AM ET Senate Democrats are accusing President Obama of failing to use his bully pulpit effectively in the debt-ceiling fight. They say most people are confused about the issue and don’t understand they’d face an economic catastrophe if the $14.3 trillion ceiling isn’t raised by Aug. 2. While Democratic lawmakers share some of the blame, they say Obama has not used his media power aggressively enough to educate voters about the complex issue, and that this has given leverage to Republicans in negotiations on a deficit-reduction package...
  • Senate Democrats: So, Who's Up For A $2 Trillion Tax Hike?

    05/11/2011 5:01:50 PM PDT · by Nachum · 36 replies
    Townhall ^ | 5/11/11 | Guy Benson
    Remember that 2012 budget alternative Senate Democrats have been so fidgety about releasing to the public? We now know why they aren't especially eager to share their grand blueprint with taxpayers: Sen. Kent Conrad (D-N.D.) on Tuesday presented a budget proposal to Senate Democrats that calls for an even balance — 50 percent to 50 percent — of spending cuts and tax increases to reduce the deficit. The emerging consensus on Capitol Hill is there should be at least $4 trillion in deficit reduction over the next 10 years. To meet that goal, Congress would have to increase tax
  • How to Turn 100 Trillion Dollars Into Five and Feel Good About It

    05/11/2011 12:46:20 PM PDT · by Berlin_Freeper · 9 replies
    Wall Street Journal ^ | May 11 2011 | MCGROARTY And MUTSAKA
    A 100-trillion-dollar bill, it turns out, is worth about $5. That's the going rate for Zimbabwe's highest denomination note, the biggest ever produced for legal tender—and a national symbol of monetary policy run amok. At one point in 2009, a hundred-trillion-dollar bill couldn't buy a bus ticket in the capital of Harare. But since then the value of the Zimbabwe dollar has soared. Not in Zimbabwe, where the currency has been abandoned, but on eBay. The notes are a hot commodity among currency collectors and novelty buyers, fetching 15 times what they were officially worth in circulation. In the past...