Keyword: usdebt

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  • Obama: "A Trillion Here, a Trillion There, and it is Still Not Nearly Enough Money"

    03/12/2014 1:43:09 PM PDT · by Kaslin · 18 replies
    Townhall.com ^ | March 12, 2014 | Donald Lambro
    WASHINGTON - The federal government has grown obscenely fat over the years, and under President Obama it's gotten much fatter, eating into our economy and the very foundations that made America great. It has outgrown our incomes and now threatens us with suffocating debt, costly regulations, punishing mandates, and a punitive tax code that's invaded every nook and cranny of our society and our daily lives. You don't hear much about this growing crisis, certainly not in the national news media which never saw a federal domestic program it didn't like. Even a lot less in Congress which enacts our...
  • The Fallacy of Being Economically but Not Morally Conservative

    03/02/2014 2:06:40 PM PST · by Kaslin · 29 replies
    Townhall.com ^ | March 2, 2014 | Michael Youssef
    Regular readers of my column know that I usually don’t use the words “conservative” and “liberal.” Why is that? Because those words in today’s lingo—like the words “love” and “democracy”—can mean almost anything you want. Unlike past times when precision in meanings was important, we have now produced a generation that no longer understands the historic or political meaning of those words. Within the population of the confused, however, my greatest disappointment is held for those who describe themselves as economically conservative, but socially liberal. But do they even know what that means? On the economics side, this is what...
  • $205 Trillion in Unfunded Liabilities

    02/13/2014 8:13:12 AM PST · by Rusty0604 · 30 replies
    Daily Reckoning ^ | 02/12/2014 | Gary North
    The nonpartisan Congressional Budget Office is acting in a bipartisan way to cover up the biggest single threat to the bipartisan political alliance that is stripping America of its wealth: the United States Congress. There is no question that the following policy is bipartisan. Democrats and Republicans in Congress are completely agreed that the following information should not get out to the American people, namely, that the present value of the United States government’s off-budget liabilities is over $200 trillion. The CBO has two sets of books. This is what any Ponzi scheme requires. It releases one set of books...
  • Interest on our country's debt to nearly quadruple over decade - CBO

    02/12/2014 10:10:08 AM PST · by SeekAndFind · 16 replies
    CNN Money ^ | 02/05/2014 | By Jeanne Sahadi
    <p>For the next few years, deficits are looking pretty good. But the interest owed on the country's cumulative debt is set to nearly quadruple over the next decade.</p> <p>The Congressional Budget Office projects that interest will be $233 billion this year, or 1.3% as a share of the economy.</p>
  • Obama Adds Over $500 Billion In New Debt in Just Three Months Under McConnell’s Blank Check

    01/22/2014 3:59:41 PM PST · by kristinn · 17 replies
    The Gateway Pundit ^ | Wednesday, Janaury 22, 2014 | Kristinn Taylor
    Obama Adds Over $500 Billion In New Debt in Just Three Months Under McConnell’s Blank Check Debt Ceiling Deal Half a Trillion in Just Three Months President Barack Obama has blown through more than $500 billion in deficit spending in the three months since passage of the deal proposed by Senate Minority Leader Mitch McConnell (R-KY) on easing the debt ceiling battles that gave Obama virtually unlimited borrowing authority from October 17, 2013 through this February 7th. Treasury Secretary Jack Lew sent a letter to Congress today imploring the debt ceiling be raised by February 7th, or the end of...
  • No Accounting for Government Cost

    01/04/2014 7:30:42 AM PST · by Innovative · 16 replies
    Barron's ^ | Jan 4, 2014 | Joseph H. Marrent
    The financial position of the U.S. is not just troubled; it is artificially created to fool the people. The nation's budget deficit and debt are exponentially higher than what our politicians say they are. None of the headline figures used as the basis of public discourse have any relevance to the true state of U.S. finances. The government's financial reporting is misleading because our political leaders have subverted the democratic process to advance their personal interests. Adding all of the costs associated with the nation's social-insurance programs to the amounts reflected in the Financial Report shows that over the past...
  • Your share of the national debt is now $1.1 million

    10/30/2013 1:19:35 AM PDT · by Errant · 8 replies
    Rare ^ | 29 October, 2013 | Merrill Matthews
    Each U.S. taxpayer now has a federal-debt liability of $1.1 million, and rising. Remember that when President Obama boasts that the federal deficit—the shortfall between annual revenues and spending—is declining. Of course, the primary reason for the decline is the sequester, which was his idea but now adamantly opposes. The public tends to focus on the total national debt, which just passed the $17 trillion mark—up from $10.6 trillion when President Obama took office. But that figure pales in comparison to the federal government’s long term unfunded liabilities—money the government is obligated to pay over and above the revenues it...
  • CARSON: Your government is morbidly obese

    10/30/2013 9:35:33 AM PDT · by jazusamo · 15 replies
    The Washington Times ^ | October 29, 2013 | Ben S. Carson
    We have all heard the news stories about people so morbidly obese that they could not exit their house or apartment. I remember one story of a person who had to be lifted out with a crane after a wall was removed. These people are addicted to eating, and in some cases, ate incessantly even though they knew that they were jeopardizing their health and eventually, their lives. They grew so large that they were barely able to move and rendered themselves largely useless except as a food-disposal unit. This reminds me of our federal government, which was once agile...
  • Everyone The U.S. Government Owes Money To, In One Graph

    10/10/2013 1:33:21 PM PDT · by Responsibility2nd · 42 replies
    NPR ^ | 10/10/2013 | Quoctrung Bui
    If Congress doesn't raise the debt ceiling soon, the U.S. government won't be able to pay its debts. Here's who the government owes money to — all the holders of U.S. Treasury debt, broken down by category and by how much government debt they hold. Notes The graph includes debt owed to the Social Security trust fund and other federal funds. These are sometimes excluded when calculating the debt for other purposes. For details, see this GAO report. Source: Federal Reserve; FMS; GAO; Social Security Administration Credit: Quoctrung Bui For more, see our story: What A U.S. Default Would Mean...
  • US Debt Already Exceeds Debt Limit by $48 Billion Minimum; Gold vs. Debt Ceiling

    10/09/2013 10:12:17 AM PDT · by Rusty0604 · 4 replies
    Mish's Global Economic Trend Analysis ^ | 10/08/2013 | Mish Shedlock
    Please note that the current debt limit is $16.699 trillion. Debt to the Penny Interestingly, the US Treasury website Debt to the Penny and Who Hold It shows the current public debt as 16,747,429,285,635.12 (the same as Nick shows in the above chart). Treasury Stops Updating National Debt You do not have to be a math genius to figure out that "debt to the penny" already exceeds the debt limit. I asked Nick about that and he replied ... Since mid-May, "debt to the penny" hasn't been rising. When they postponed raising the debt limit they stopped showing any increase...
  • Chart: 'America’s Per Capita Government Debt Worse Than Greece'

    10/09/2013 5:10:43 AM PDT · by Red in Blue PA · 6 replies
    Weekly Standard ^ | FEB 23, 2012
  • Who Is Going To Buy The US Debt If This War Causes China, Russia To Turn On Us?

    09/07/2013 1:48:47 PM PDT · by RKBA Democrat · 49 replies
    Zero Hedge ^ | 9-7-13 | Tyler Durden/Michael Snyder
    <p>Full title: Who Is Going To Buy The US Debt If This War Causes China, Russia And The Rest Of The World To Turn On Us?</p> <p>Yesterday we implied a difficult question when we illustrated the huge size of US Treasury bond holdings that China and Russia have between them - accounting for 25% of all foreign held debt - implicitly funding US standards of living (along with the Federal Reserve). The difficult question is "Can the U.S. really afford to greatly anger the rest of the world when they are the ones that are paying our bills?" What is going to happen if China, Russia and many other large nations stop buying our debt and start rapidly dumping U.S. debt that they already own? If the United States is not very careful, it is going to pay a tremendous economic price for taking military action in Syria.</p>
  • The Debt Ceiling Could Hit Sooner Than Anyone Thinks

    08/27/2013 9:10:29 AM PDT · by SeekAndFind · 15 replies
    National Journal ^ | 08/27/2013 | Patrick Reis and Matt Berman
    The debt ceiling is a time bomb with a faulty timer: All of Washington sees it ticking toward default, but nobody knows exactly when it will explode. In a letter to House Speaker John Boehner, Treasury Secretary Jacob Lew projected that the department's "extraordinary measures" currently being taken to avoid default will be "exhausted in the middle of October." From there, Lew writes, the United States would have only whatever cash Treasury has on hand, estimated to be about $50 billion. Lew calls that potential situation "unacceptable." But Lew, like everyone else, is just working off his department's best guess....
  • Federal Reserve holds $2 trillion in U.S. debt

    08/20/2013 7:56:29 AM PDT · by Prospero · 32 replies
    cnsnews.com ^ | August 19, 2013 | Terence P. Jeffrey
    The Federal Reserve’s holdings of publicly traded U.S. Treasury securities—federal government debt—pushed above $2 trillion for the first time last week, hitting approximately $2,001,093,000,000 as of Aug. 14, according to the Fed’s latest weekly accounting. The Fed’s accounting for the previous week showed that it had owned approximately $1,993,375,000,000 in U.S. Treasury securities as of Aug. 7. Back on Dec. 31, 2008, before the Fed began its strategy of “Quantitative Easing," the Fed owned only $475.9 billion in U.S. Treasury securities. Since then, the Fed’s holdings of U.S. government debt have more than quadrupled
  • 70 Straight Days: Treasury Says Debt Stuck at Exactly $16,699,396,000,000.00

    07/30/2013 11:11:12 AM PDT · by topher · 46 replies
    cnsnews.com ^ | July 29, 2013 - 5:21 PM | By Terence P. Jeffrey
    (CNSNews.com) - According to the Daily Treasury Statement for July 26, which the Treasury released this afternoon, the federal debt has been stuck at exactly $16,699,396,000,000.00 for 70 straight days. That is approximately $25 million below the legal limit of $16,699,421,095,673.60 that Congress has imposed on the debt. The portion of the federal debt subject to the legal limit set by Congress first hit $16,699,396,000,000.00 at the close of business on May 17. At the close of every business day since then, it has also been $16,699,396,000,000.00, according to the official accounting published by the Treasury Department.
  • Oh, Yeah, the Economy

    06/20/2013 5:19:07 AM PDT · by Kaslin · 5 replies
    Townhall.com ^ | June 20, 2013 | Larry Elder
    The recent Obama administration scandals shift the spotlight from the economy. Yet the recovery remains depressingly sluggish, with the labor force participation rate at a 34-year low as millions of able-bodied, able-minded Americans simply stopped looking for work. With President Obama in the fifth year of his presidency, let us examine the effect of the stimulus program, tax hikes, Obamacare and additional regulation on the economy. It isn't pretty. For the richest Americans, their net worth has fully recovered. For the non-rich, the recovery tells a very different story. At the start of "recovery" in 2009, the mean net worth...
  • Who Really Owns the U.S. National Debt? (Final Edition for FY2012!)

    04/10/2013 6:39:42 AM PDT · by SeekAndFind · 2 replies
    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 Decline of America [VDH]

    02/14/2013 6:01:19 AM PST · by Servant of the Cross · 23 replies
    National Review ^ | 2/14/2013 | Victor Davis Hanson
    History shows that the destruction of affluent societies is often self-induced. Why do once-successful societies ossify and decline? Hundreds of reasons have been adduced for the fall of Rome and the end of the Old Regime in 18th-century France. Reasons run from inflation and excessive spending to resource depletion and enemy invasion, when historians attempt to understand the sudden collapse of the Mycenaeans, the Aztecs, and, apparently, the modern Greeks. In literature from Catullus to Edward Gibbon, wealth and leisure — and who gets the most of both — more often than poverty and exhaustion, cause civilization to implode. One...
  • Santelli Rips the Keynesians: “The Answer Is Always More Money” (Video)

    01/15/2013 3:26:13 PM PST · by Hojczyk · 6 replies
    Gateway Pundit ^ | January 15, 2013 | Jim Hoft
    “The answer is always more money… in ten years when we look back, is the weight of all this debt going to take care of all of these impulsive upticks?” http://www.thegatewaypundit.com/2013/01/santelli-rips-the-keynesians-the-answer-is-always-more-money-video/
  • Fitch Warns It May Downgrade U.S. Over Debt Standoff

    01/15/2013 12:42:34 PM PST · by drewh · 11 replies
    The Wall Street Journal ^ | Updated January 15, 2013, 2:32 p.m.
    A major credit-rating firm warned it could downgrade the U.S. if lawmakers prioritize debt payments over other government obligations such as Social Security, or fail to tackle the nation's growing debt burden in the ongoing budget negotiations. Fitch Ratings, one of the ratings firms that are closely watching the U.S. inch closer to its borrowing limit, unveiled two potential routes to a downgrade Tuesday, laying out their analysis more specifically than in prior reports. Analysts predict the U.S. will hit its so-called debt ceiling between Feb. 15 and March 1. Fitch's warning comes as President Barack Obama and Republican leaders...
  • A US Default Would Be The Financial Equivalent Of This Painting Of Hell

    01/14/2013 2:03:02 PM PST · by blam · 36 replies
    TBI ^ | 1-14-2013 | Brett LoGiurato
    A US Default Would Be The Financial Equivalent Of This Painting Of Hell Brett LoGiuratoJanuary 14, 2013 Earlier today, President Barack Obama almost dared Republicans to not increase the nation's borrowing limit in a White House press conference. "If Congressional Republicans refuse to pay America’s bills on time, Social Security checks, veterans benefits will be delayed," Obama said. "... Investors around the world will ask if the United States of America is in fact a safe bet. Markets could go haywire. Interest rates would spike for anyone who borrowed money." One analyst — Michael Feroli, the chief economist at JP...
  • The Myth of Government Default [If you think gun control is a problem, read this]

    01/11/2013 10:05:56 AM PST · by IndePundit · 20 replies
    Wall Street Journal ^ | 1/11/13 | David Rivkin & Lee Casey
    Three false arguments, pushed hard by the Obama administration and accepted on faith by the media and much of the political establishment, must be laid to rest if the American people are to understand the issues at stake in the federal "debt ceiling" debate. The first is that Congress's failure to raise the debt ceiling—the amount of money the federal government is authorized to borrow at any given time—will cause a default on the national debt. The second is that federal entitlement programs are constitutionally protected from spending cuts. The third is that the president can raise the debt ceiling...
  • Economic Collapse! A Leading Indicator Of Better Times To Come

    01/10/2013 7:48:18 AM PST · by blam · 6 replies
    TMO ^ | 1-10-2013 | Darryl R Schoon
    Economic Collapse! A Leading Indicator Of Better Times To Come Economics / Global EconomyJan 10, 2013 - 04:00 AM By: Darryl R Schoon It’s going to get better; but, first, it’s going to get worse Time of the Vulture, 3rd ed. 2012 When I presented Time of The Vulture: How to Survive the Crisis and Prosper in the Process to the Positive Deviant Network in March 2007, the economic collapse hadn’t yet happened. The next year, it did. At the time, I suggested those in attendance shed debt, sell their homes and buy gold. Then, the US real estate market...
  • Report: Debt Ceiling ‘X Date’ Feb. 15 (government unable to pay its bills by mid-February)

    01/08/2013 11:09:37 AM PST · by drewh · 7 replies
    Politico.com ^ | 1/8/13 6:28 EST | By KATIE GLUECK
    The next debt ceiling battle could come as soon as mid-February, when the federal government looks to hit its borrowing limit, a new report says. “Based on financial data from Treasury, we estimate that the government will be unable to pay all of its bills as early as February 15, also known as the X Date” said Steve Bell, senior director of the Economic Policy Project at the Bipartisan Policy Center, in a statement. The Bipartisan Policy Center announced the findings of the organization’s study on Monday. According to a release from the Center, their analysis indicates that “the federal...
  • Obama Fears 'Catastrophic' Debt Fight

    01/05/2013 12:57:40 PM PST · by AtlasStalled · 29 replies
    Yahoo ^ | 01/05/12 | Mary Bruce
    In his first weekly address of the New Year, President Obama touts the "fiscal cliff" compromise as "one more step in the broader effort to grow our economy and shrink our deficits" but warns that another "manufactured crisis" over the debt ceiling could wreak havoc on the economy.
  • Canadian Summarizes Our Collapse: "Everyone Takes, Nobody Makes, Money Is Free, Money Is Worthless"

    12/26/2012 8:04:35 PM PST · by SeekAndFind · 22 replies
    Zero Hedge ^ | 12/26/2012 | Tyler Durden
    On this lackluster Boxing Day dominated by illiquid moves in every asset class, we thought a few succinct minutes spent comprehending the US and European government policies of social welfare and their outcomes was time well spent. Canadian MP Pierre Poilievre delivers a rather epic speech destroying the myths of US and European 'wealth' noting that "Once the US citizen is in debt, the US government encourages them to stay in debt," noting that "the US government encouraged millions of Americans to spend money they did not have on homes they could not afford using loans they could never...
  • Syria Fires Scud Missiles at Insurgents, U.S. Says

    12/12/2012 9:45:46 AM PST · by Zakeet · 33 replies
    New York Times ^ | December 12, 2012 | Mark Landler, Aida Alami, Alan Cowell and Anne Bernard
    Syrian forces loyal to President Bashar al-Assad have fired Scud missiles at rebel fighters in recent days, Obama administration officials said on Wednesday. The move represents a significant escalation in the fighting, which has already killed more than 40,000 civilians in a nearly two-year-old conflict that has threatened to destabilize the Middle East. One American official, who asked not to be identified because he was discussing classified information, said that missiles had been fired from the Damascus area at targets in northern Syria. “The total is number is probably north of six now,” said another American official, and that the...
  • "The Shape Of The Next Crisis" - A Preview By Elliott's Paul Singer

    12/09/2012 7:08:44 PM PST · by Perdogg · 5 replies
    Transcribed from a speech given by Paul Singer of Elliott Management Investing is an art, more so than a science. And for me, what I get paid for is managing the “dark art,” if you will, of risk management and trying to be a visionary and having a dark vision at all times about what can go wrong. It’s a particularly fruitful and impactful time to be thinking about risk management and the thing I want talk about today is what I’ve described as “The Shape of the Next Crisis.” That doesn’t mean we’re going to be talking about the...
  • CBO: Feds Borrowing $4.8 billion Per Day in FY 2013, So Far

    12/08/2012 1:18:57 PM PST · by yoe · 5 replies
    CNSNEWS ^ | December 7, 2012 | Matt Cover
    The federal government ran a deficit of $292 billion for the first two months of fiscal year 2013 – October and November 2012 – amounting to $4.8 billion of borrowed money each day. “The federal budget deficit was $292 billion for the first two months of fiscal year 2013, $57 billion more than the shortfall recorded in October and November of last year,” CBO said in its Monthly Budget Review Friday. This means that the government borrowed $4.8 billion for each calendar day so far in 2013. If the Treasury Department restricted its borrowing to only weekdays, its per day...
  • Strange Days: Print Two-One Trillion Dollar Coins to Solve Debt Ceiling Crisis?

    12/09/2012 10:31:28 AM PST · by whitedog57 · 23 replies
    Confounded Interest ^ | 12/09/2012 | Anthony B. Sanders
    The Washington Post had interesting article about solving the debt ceiling “crisis.” The author recommended that Treasury produce two-one trillion dollar platinum coins and deposit them at The Fed. “I like it,” says Joseph Gagnon of the Peterson Institute for International Economics. “There’s nothing that’s obviously economically problematic about it.” Actually, Mr. Gagnon, there are a few problems with it. 1. Moral hazard. The President orders trillion dollar coins to be produced, then gives one each to campaign donors and other party favorites (note that I did not mention our current President by name since this would be a temptation...
  • Strange Days: Print Two-One Trillion Dollar Coins to Solve Debt Ceiling Crisis?

    12/09/2012 10:31:28 AM PST · by whitedog57 · 6 replies
    Confounded Interest ^ | 12/09/2012 | Anthony B. Sanders
    The Washington Post had interesting article about solving the debt ceiling “crisis.” The author recommended that Treasury produce two-one trillion dollar platinum coins and deposit them at The Fed. “I like it,” says Joseph Gagnon of the Peterson Institute for International Economics. “There’s nothing that’s obviously economically problematic about it.” Actually, Mr. Gagnon, there are a few problems with it. 1. Moral hazard. The President orders trillion dollar coins to be produced, then gives one each to campaign donors and other party favorites (note that I did not mention our current President by name since this would be a temptation...
  • Mr. Obama, do we bailout Detroit today, USA tomorrow?

    12/07/2012 1:35:09 PM PST · by Marketfly1 · 6 replies
    Bayoubuzz.com ^ | December 7, 2012 | Jeff Crouere
    In fact, Ms. Watson said it was the President’s obligation to help Detroit because “our people in an overwhelming way” voted for him, so “there ought to be a quid pro quo.” Because 75% of Wayne County voters supported Obama, Watson says that Detroit leaders should bring home “some bacon” as they did during the Jimmy Carter administration. Maybe Ms. Watson does not realize that vote buying is illegal. Her attitude is typical of many Obama supporters who want something such as a check, a phone, a job or in this case “some bacon” from the federal government.
  • CBO: Current Law Brings 55% Increase in Annual Spending, $4.25T in New Debt--And Record Taxation

    12/05/2012 3:44:24 PM PST · by Hotlanta Mike · 17 replies
    CNSNews.com ^ | December 5, 2012 | Terence P. Jeffrey
    If Congress allows current laws signed by President Barack Obama to stand and follows the fiscal path they have set for the next decade, federal tax revenues will rise to a record level as a percentage GDP, according to the Congressional Budget Office, but annual federal spending will also increase by 55 percent and continuous deficits will require Congress to lift the federal debt limit by another $4.25 trillion even as the government rakes in unprecedented tax revenue. Under the so-called "fiscal cliff" scenario, in which all of the Bush tax cuts are allowed to expire and “sequestration” of some...
  • Fiscal Cliff: Liability for unfunded liabilities equals $1,058,193 per taxpayer!

    11/05/2012 9:42:10 AM PST · by whitedog57 · 15 replies
    Confounded Interest ^ | 11/05/2012 | Anthony B. Sanders
    From the U.S. to Germany and even Japan, where the bond market is twice the size of the economy, investors can’t get enough government securities even though rising debt loads are blamed for curbing global growth. This comes as hourly wage income in the US slowed dramatically after January 31, 2009. To counter the economic malaise, benchmark interest rates are close to zero in the U.S. and Japan and are a record low 0.75 percent in Europe. Investors remain jittery about economic prospects in the US, Europe and Japan. And the mode of US Treasury debt comes due in 2013....
  • Lindsey: Fed Virtually Funding the Entire Deficit ($85 Billion a Day) - Video

    09/26/2012 11:07:25 AM PDT · by mojito · 26 replies
    CNBC via RealClearMarkets ^ | 9/26/2012 | Lawrence Lindsey - Squawk Box
    The latest round of extraordinary Federal Reserve stimulus is risky and leaves little room to maneuver....
  • Richard Duncan on Riding out this Depression on a Deflationary Debt Raft!

    09/10/2012 3:50:02 PM PDT · by Lorianne · 6 replies
    video 28:06
  • Clinton “Miracle” Was Really Spending Slowdown (Gingrich Revolution) and Tax Cuts of 1997

    09/09/2012 11:42:49 AM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 09/09/2012 | Anthony B. Sanders
    President Clinton loves to mention how he raised taxes in 1993 and generated a positive budget balance (in 1998, 1999 and 2000). But let’s take a closer look at the link between Clinton’s tax increase and the later budget surpluses. In 1993, President Clinton signed a massive tax increase that included: – An increase in the individual income tax rate to 36 percent and a 10 percent surcharge for the highest earners, thereby effectively creating a top rate of 39.6 percent. What is not mentioned by President Clinton is the 1997 Tax Cut. The Republican-led Congress passed a tax-relief and...
  • Germany says U.S. debt levels "much too high"

    09/11/2012 5:47:51 AM PDT · by Perdogg · 54 replies
    Reuters ^ | 09.11.12
    German Finance Minister Wolfgang Schaeuble questioned on Tuesday how the United States could deal with its high levels of government debt after November's presidential election.
  • The Government Is Bankrupt and Will Destroy the Economy

    08/20/2012 7:02:42 AM PDT · by SeekAndFind · 26 replies
    American Thinker ^ | 08/20/2012 | Monty Pelerin
    Most people don't understand the unsolvable problem the U.S. government has created for itself and its citizens. Sovereign default is beyond a likelihood; it is inevitable. When and which (possibly all) obligations are defaulted on will be determined by panicked politicians under duress. A complete financial and economic collapse appears unavoidable. I hope that is the worst that will occur. Official Government Debt The official federal debt is $16 trillion. This debt represents 100% of current GDP. Ken Rogoff and Carmen Reinhart studied countries with high levels of government debt. This Time Is Different: Eight Centuries of Financial Folly contains...
  • What does one TRILLION Dollars Look Like ?

    08/11/2012 8:09:43 AM PDT · by chiller · 23 replies
    All this talk about "stimulus packages" and "bailouts"... A billion dollars... A hundred billion dollars... Eight hundred billion dollars... One TRILLION dollars... What does that look like?
  • Great news: The US fiscal gap just jumped $11 trillion . . . to $222 trillion

    08/09/2012 8:01:47 AM PDT · by SeekAndFind · 25 replies
    Hotair ^ | 08/09/2012 | Ed Morrissey
    <p>Republicans and Democrats spent last summer battling how best to save $2.1 trillion over the next decade. They are spending this summer battling how best to not save $2.1 trillion over the next decade.</p> <p>In the course of that year, the U.S. government’s fiscal gap --- the true measure of the nation’s indebtedness " rose by $11 trillion.</p>
  • 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
    cnsnews.com ^ | 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...
  • Amid latest European bailout, warning signs in US debt figures (higher per capita debt than Greece)

    07/15/2012 4:36:22 AM PDT · by Red in Blue PA · 11 replies
    Based on official 2010 International Monetary Fund data released earlier this year, the U.S. debt per capita is $46,208. Here's the same figure for the four European countries that have accepted bailouts. Ireland: $41,906 Greece: $38,159 Portugal: $19,686 Spain: $18,162 -snip- If "intra-governmental holdings" are excluded, the U.S. debt per capita falls to $34,285 -- and slips below Greece and Ireland, but above that of Portugal and Spain.
  • This Map Shows Which States Are The 'Greeces' Of America

    06/26/2012 3:42:36 PM PDT · by SeekAndFind · 17 replies
    Business Insider ^ | 06/26/2012 | Robe Wile
    Earlier today, Angela Merkel issued a dramatic ultimatum about sharing debt loads with other Eurozone countries. We've often discussed how this would actually be something of a silver bullet to solving Europe's PIGS problem. Now, we have a map that helps illustrate the point — thanks to our friends at the Economist, by way of Taegan Goddard and Matt Yglesias. Below you'll see the geography of net federal transfer payments in the U.S. by state. The more pink the state, the more it takes out of the federal pot than it puts in...(or, if you prefer, the more freeloading off...
  • Top Customer: Under Obama, Fed’s Holdings of U.S. Debt Have Jumped 452%

    06/10/2012 8:41:41 PM PDT · by Beave Meister · 33 replies
    CNSNews.com ^ | 6/7/2012 | Terence P. Jeffrey
    (CNSNews.com) - Since President Barack Obama was inaugurated in January 2009, the Federal Reserve’s holdings of U.S. government debt have quintupled, according to the Fed’s official monthly balance sheet. On Jan. 28, 2009, a week after Obama’s nomination, the Fed owned $302 billion in U.S. Treasury securities. On April 25, 2012, the latest date reported, the Fed owned five and a half time that much in U.S. Treasury securities--$1.668 trillion. That is an increase from January 2009 of $1.366 trillion—or 452 percent. Under Obama, the Federal Reserve has become the single largest owner of U.S. government debt. When Obama entered...
  • Admiral Kuznetsov Defends George Soros

    06/10/2012 4:28:18 AM PDT · by Kaslin · 2 replies
    Townhall.com ^ | June 10, 2012 | John Ransom
    Jasch wrote: There's a difference between saving jobs and creating them. The GM/Chrysler bailouts simply put....just saved the companies from bankruptcy and lay-offs. - Obama is Latest Surrogate to Break with ObamaDear Jasch,Actually the bailout did neither.Chrysler and GM still filed for bankruptcy and workers got laid off. Of course the only workers who got rehired were workers who were part of the UAW. All the non-UAW people were left out in the cold.As to the bankruptcy, the government insisted on the bankruptcy because it was the easiest way to screw the secured creditors and turn over the companies to...
  • Foreign holdings of US debt hit record high; China ups holds for third time

    05/16/2012 10:07:04 AM PDT · by SeekAndFind · 7 replies
    Washington Post ^ | 05/16/2012
    WASHINGTON — Foreign demand for U.S. Treasury securities rose to a record high in March. China, the largest buyer of Treasury debt, increased its holdings for a third straight month. Total foreign holdings rose 0.3 percent to a $5.12 trillion, marking the eighth consecutive monthly increase, the Treasury Department reported Tuesday. U.S. government debt is considered one of the safest investments. Demand has increased as investors worry about the uncertainty surrounding Europe’s debt crisis. China boosted its holdings 1.3 percent to $1.17 trillion, its third straight increase. China had trimmed its holdings for five straight months before the January increase....
  • US debt..in simple terms...

    05/08/2012 5:35:50 AM PDT · by Mich1193 · 8 replies
    Liberty.com ^ | 05/07/2012 | Liberty.com
    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 Let's now remove 8 zeros and pretend it's a household budget: * Annual family income: $21,700 * Money the family spent: $38,200 * New debt on the credit card: $16,500 * Outstanding balance on the credit card: $142,710 * Total budget cuts: $385 Got It ?? OK. Now, Lesson # 2: Another way to look at the Debt Ceiling: Let's say you come home from work and find there’s been a sewer backup in your...
  • Friday night news dump: Obama bypasses Congress, funds Palestinian Authority

    04/28/2012 6:33:56 PM PDT · by opentalk · 56 replies
    Hot Air ^ | April 28, 2012 | Ed Morrissey
    Isn’t it funny what you can find out on Friday evening about what our executive branch does? For instance, Agence France-Presse reported last night that Barack Obama bypassed Congress to send $192 million to the Palestinian Authority, claiming that national security required the US to put money into Mahmoud Abbas’ pocket: President Barack Obama has signed a waiver to remove curbs on funding to the Palestinian Authority, declaring the aid to be “important to the security interests of the United States.” A $192 million aid package was frozen by the US Congress after the Palestinians moved to gain statehood at...
  • THE UNITED STATES OF CHINA?: ObamaCare Contraception Taking Us One Step Closer

    03/14/2012 6:04:28 PM PDT · by geraldmcg · 1 replies
    www.webToday.tv ^ | 03/14/2012 | webtoday.tv
    The frightening notion that our irresponsibility in Washington is leading us down the path to becoming nothing more than a colony of China is not lost on most Americans. Although, to this point, it has had everything to do with China funding our government’s obscene spending addiction...