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Keyword: debt

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  • Trump shrugs off future debt crisis: ‘I won’t be here’

    12/05/2018 8:09:09 PM PST · by E. Pluribus Unum · 129 replies
    Washington Examiner ^ | December 05, 2018 02:28 PM | Caitlin Yilek
    President Trump is dismissing the importance of paying down the national debt, saying he won’t be in office to take blame for the nation's fiscal crisis when it becomes even more unsustainable, according to a report Wednesday. The national debt sits at $21 trillion and counting. As a candidate, when the national debt was $19 trillion, Trump promised to erase the entire debt “over a period of eight years.” Senior administration officials showed Trump charts and graphics in early 2017 that illustrated a “hockey stick” spike in the debt in the coming years. Trump said the data showed the national...
  • Student delinquencies up as U.S. household debt hits another record

    11/16/2018 9:47:48 AM PST · by Oldeconomybuyer · 38 replies
    Reuters ^ | November 16, 2018 | by Jonathan Spicer
    The total debt shouldered by Americans has hit another record high, rising to $13.5 trillion in the last quarter, while an unusual jump in student-loan delinquencies could provide another signal that the U.S. economic expansion is growing old. Flows of student debt into serious delinquency - of 90 or more days - rose to 9.1 percent in the third quarter from 8.6 percent in the previous quarter, the Federal Reserve Bank of New York reported on Friday. That propelled the biggest jump in the overall U.S. delinquency rate in seven years. Total household debt, driven by a $9.1 trillion in...
  • Debt ceiling will be set to record high of $22 trillion, fund government to just summer

    11/09/2018 10:32:36 AM PST · by Leaning Right · 19 replies
    .Washington Examiner ^ | November 08, 2018 | Paul Bedard
    The federal government is set to reinstate its borrowing limit, and a new analysis indicates that it will be a record-high $22 trillion — and then, it won’t provide enough money to fund the government past summer. The shocking number, however, is only slightly higher than the current actual debt of some $21 trillion.
  • China Debt Bomb Ready to Explode

    10/30/2018 7:11:04 PM PDT · by SeekAndFind · 41 replies
    The Daily Reckoning ^ | 10/30/2018 | James Rickards
    The great Chinese growth slowdown has been proceeding in stages for the past two years. The reason is simple. Much of China’s “growth” (about 25% of the total) has consisted of wasted infrastructure investment in ghost cities and white elephant transportation infrastructure. That investment was financed with debt that now cannot be repaid. This was fine for creating short-term jobs and providing business to cement, glass and steel vendors, but it was not a sustainable model since the infrastructure either was not used at all or did not generate sufficient revenue. China’s future success depends on high-value-added technology and increased...
  • These Americans fled the country to escape their giant student debt

    10/27/2018 4:44:26 PM PDT · by Simon Green · 128 replies
    CNBC ^ | 10/27/18 | Annie Nova
    Chad Haag considered living in a cave to escape his student debt. He had a friend doing it. But after some plotting, he settled on what he considered a less risky plan. This year, he relocated to a jungle in India. "I've put America behind me," Haag, 29, said. He now lives in a concrete house in the village of Uchakkada for $50 a month. His backyard is filled with coconut trees and chickens. "I saw four elephants just yesterday," he said, adding that he hopes to never set foot in a Walmart again. His debt is currently on its...
  • When The U.S. Goes Bankrupt, Here’s Who Gets Out With The Least Pain

    10/25/2018 12:08:14 PM PDT · by SeekAndFind · 74 replies
    The Federalist ^ | 10/25/2018 | Lewis M. Andrews
    According to a recent estimate, the combined pension hole of all U.S. states and cities is now equal to the world’s fourth-largest economy, Germany. Also, Medicare has no money in eight years. By Lewis M. Andrews The problem of a government overcommitted to entitlement spending is one of the most predictable crises in American history. Neither of the two largest federal entitlement programs are on sound footing, according to their own trustees. The most recent report on Social Security predicts insolvency in just 16 years. For Medicare, researchers are predicting just eight more years of runway––three years earlier than previously...
  • How the candidates for governor would fix the traffic mess (Connecticut)

    10/17/2018 10:51:47 AM PDT · by Tolerance Sucks Rocks · 17 replies
    The Connecticut Post ^ | October 13, 2018 | Bill Cummings
    More than 300 bridges in Connecticut — carrying 4.3 million vehicles daily — are considered structurally deficient. Highways in the Bridgeport-Stamford area are so congested motorists waste 49 hours a year in bumper-to-bumper traffic. And 62 percent of Connecticut’s major roads are in such poor condition they cost motorists $681 annually in vehicle repairs, according to TRIP, a national transportation think tank. Given those challenges, the three men seeking to replace Gov. Dannel P. Malloy could be making transportation the centerpiece of their campaigns. But instead, these candidates for governor are offering mostly modest plans to fix the state’s infrastructure...
  • VIEW FROM AROUND THE STATE: Time to get real about roads and revenue

    10/17/2018 6:52:53 AM PDT · by Tolerance Sucks Rocks · 12 replies
    The Daily Reporter ^ | October 16, 2018 | The Associated Press
    f you want good roads, you have to pay for them. It’s not just the politicians in Madison and Washington, D.C., who have failed to learn that lesson. It’s the people of Wisconsin, too.
  • Controlling the Debt Is Gonna Be Painful: Do Americans REALLY want government to control the debt?

    10/16/2018 6:56:29 AM PDT · by SeekAndFind · 19 replies
    National Review ^ | 10/16/2018 | Robert VerBruggen
    Entitlement cuts, tax increases, howling seniors: This is our future, whenever we choose to face it. The Manhattan Institute’s Brian Riedl isn’t trying to trigger the libs. His new plan to stabilize the debt doesn’t gut welfare, doesn’t repeal the New Deal — hell, it doesn’t even keep tax increases off the table, which practically makes him a lefty pariah in modern GOP circles.But it’s still going to alienate just about every elected official across the political spectrum, because it illustrates what it would actually take to get our mushrooming deficits under control. We’re talking weaker Social Security benefits, a...
  • Anti-toll movement may upend North Carolina’s first transportation P3

    10/12/2018 1:07:10 AM PDT · by Tolerance Sucks Rocks · 13 replies
    The Bond Buyer ^ | September 12, 2018 | Shelly Sigo
    North Carolina officials are trying to figure out how to unwind parts or all of a 2014 public-private partnership that is building managed toll lanes on a Charlotte-area highway.Ever since the ink dried on North Carolina’s first transportation P3 contract, the plan to relieve severe congestion in the Charlotte region has generated controversy.Public opposition remains just as fierce today to the project that will add express lanes on Interstate 77, even though more than one report says the deal with I-77 Mobility Partners LLC, a consortium led by Cintra Infraestructuras S.A., was properly authorized and permitted.The 26-mile-long project is designed...
  • Think Your State Is Fiscally Sound? Think Again

    10/11/2018 8:06:19 AM PDT · by SeekAndFind · 22 replies
    Townhall ^ | 10/11/2018 | Veronique de Rugy
    It's that time of the year again when we find out how deep in the red our country is thanks to the 2018 edition of the Mercatus Center State Fiscal Rankings. The study authors, Eileen Norcross and Olivia Gonzalez, find that when you rank states by their fiscal health, you can identify the best and worst state. But the scariest finding is that no state is really fiscally healthy. Norcross and Gonzalez are very transparent about each decision behind the study methodology. They use states' own audited financial data to create five different indices (cash solvency, budget solvency, long-term solvency,...
  • The Student Loan Forgiveness Mess: The Program Is The Problem

    10/11/2018 7:27:42 AM PDT · by SeekAndFind · 9 replies
    IBD ^ | 10/11/2018 | Howard Husock
    It's dispiriting, for anyone who cares about the sheer capacity of government to implement policy, to learn that the Department of Education has failed to process 99% of requests for student loan forgiveness submitted by some 1.2 million borrowers who believe they qualify for a discount program aimed at helping those engaged in public service jobs. The report from the Government Accountability Office, based on its review of the Obama-era program, does not do much to instill more trust in government. But that's not the most important problem with the Public Service Loan Forgiveness Program. The core idea — that...
  • Gilcrease Expressway extension cost, toll rate to be higher than initially expected

    10/10/2018 11:15:28 PM PDT · by Tolerance Sucks Rocks · 6 replies
    The Tulsa World ^ | June 29, 2018 | Kevin Canfield
    The cost to construct the five-mile extension of the Gilcrease Expressway and the toll charged to motorists using it will be higher than initially reported, the executive director of the Oklahoma Turnpike Authority said Thursday.Tim Gatz told a group of local officials gathered in Tulsa for an update on the project that the roadway is now estimated to cost approximately $330 million to $340 million, or about 10 percent more than originally thought.Late last year, Gatz told the same working group that motorists driving private vehicles could expect to pay a toll of $1 to $1.50. The toll is now...
  • Inflation Target Regrets

    10/10/2018 12:28:58 PM PDT · by george76 · 4 replies
    Townhall ^ | Oct 09, 2018 | Michael Pento
    For years central banks had been keeping rates near 0%, or below, and at the same time printing over a hundred billion dollars’ worth of fiat currencies each and every month to purchase bonds and stocks. That is all changing now. ... fourteen major global central banks are either in the process right now, or have indicated that they be will next year, in the process of raising interest rates. At the same time, QE on a global net basis will plunge from $180 billion per month at its peak during 2017, to $0 by December…and will then go negative...
  • As Storms Keep Coming, FEMA Spends Billions in ‘Cycle’ of Damage and Repair

    10/08/2018 4:16:45 PM PDT · by Theoria · 12 replies
    The New York Times ^ | 08 Oct 2018 | Kevin Sack and John Schwartz
    In the exact spot where Hurricane Katrina demolished the Plaquemines Parish Detention Center, a new $105 million jail now hovers 19 feet above the marsh, perched atop towering concrete pillars. Described by a state official as the “Taj Mahal” of Louisiana corrections, it has so much space that one of every 27 parish residents could bunk there. But on an average day in the first half of this year, more than 40 percent of its 872 beds went unoccupied, making it one of the emptiest jails in the state, records show. And because of its isolated, flood-prone location, the jail...
  • National debt crisis: what does $136 trillion look like?

    10/03/2018 12:49:31 PM PDT · by fugazi · 25 replies
    Unto the Breach ^ | Oct. 3, 2018 | Chris Carter
    Congress admits to having already spent $21.5 trillion (that’s $21,500,000,000,000.00) they don’t have. If you are a taxpayer, your share is a little over $58,000. What your senators and representatives would rather you didn’t know is that our reported debt is like an iceberg: what you see is only the tip. 90 percent of the iceberg lies under the surface. The dirty little secret is that we are obligated to pay around $115 trillion – on top of the national debt – to programs like Social Security, Medicaid, and Medicare. [...] Altogether, the U.S. federal government has run up a...
  • The Real Debt Bubble That Will Destroy America

    10/03/2018 9:56:47 AM PDT · by davikkm · 13 replies
    IWB ^ | Bob Shanahan
    The full scale and scope of the student loan debt bubble is far from fully understood. Millions of young Americans continue to be encouraged to go to massively expensive universities for useless undergraduate degrees. The result has been a generation of young people with thousands of dollars in debt and no preparation for today’s job market. Parents and their high school aged children need to take a serious look at whether college is a sound investment anymore. Statistics are regularly thrown around about how college graduates make much more money than those with a high school education. But what about...
  • Budget Malfeasance: Will America's Refusal To Curb Spending And Debt Cause Next Meltdown?

    09/27/2018 8:18:53 AM PDT · by SeekAndFind · 6 replies
    IBD ^ | 09/27/2018
    Two recent stories caught our eye. One noted that, even after President Trump's tax cuts, Americans spent more on taxes than they did on food and clothing. The other noted that, as interest rates and the debt rise, the U.S. will soon spend more on interest than on defense. What gives? The fact is, the cost of government is soaring, largely because of uncontrolled spending. This shouldn't be a surprise. At the federal level, despite the moral posturing about debt by both parties, the U.S.' debt has soared from less than $10 trillion a decade ago to more than $20...
  • Think our $20 trillion debt is bad? Get a load of the real number

    09/21/2018 7:49:09 AM PDT · by SeekAndFind · 24 replies
    The Hill ^ | 09/21/2018 | BY SHIVA RAJGOPAL
    In recently released numbers, the Treasury Department announced the government, after accounting for some scheduling quirks, ran a $152 billion deficit in August. The budget deficit was $107.7 billion in August 2017, 41-percent less than the newest data. These numbers are startling, but the reality is that the nation’s debt load is actually much, much worse. Washington uses an outdated, inaccurate accounting system that contributes greatly to America’s fiscal irresponsibility. The quality of financial reporting practiced by the U.S. would make Enron blush. The U.S. government is using accounting practices that I would not allow in a first-year business school...
  • California will launch 'its own damn satellite' as a swipe at Trump, 'Governor Moonbeam' says

    09/15/2018 4:36:14 PM PDT · by familyop · 59 replies
    Fox News ^ | 15SEP18 | Lukas Mikelionis
    "We're going to launch our own satellite — our own damn satellite to figure out where the pollution is and how we’re going to end it," Brown told the audience at the Global Climate Action Summit in San Francisco..."In California, with science under attack, in fact we’re under attack by a lot of people, including Donald Trump, but the climate threat still keeps growing," Brown added. "So, we want to know, what the hell is going on all over the world, all the time?"..."If Trump turns off the satellites, California will launch its own damn satellite," Brown said back in...