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Keyword: debt

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  • Falling inflation a worry for Europe but also the world

    11/23/2014 6:55:14 PM PST · by Tolerance Sucks Rocks · 60 replies
    Reuters ^ | November 23, 2014 | Ross Finley
    (Reuters) - European Central Bank President Mario Draghi has moved closer to launching sovereign debt purchases and data this week will show just how dangerously low inflation has fallen in the $13 trillion euro zone economy. A sickly Europe has held back global economic growth for years, and now it is contributing significantly to powerful forces already dragging down inflation across the globe. A spectacular drop in crude oil prices over the past month will be the center of discussion when ministers from the world's top oil exporters meets in Vienna on Friday.
  • Archdiocese reports roughly $9 million deficit; considering bankruptcy

    11/21/2014 5:18:34 AM PST · by TurboZamboni · 36 replies
    Pioneer Press ^ | 11-20-14 | Staff
    The Archdiocese of St. Paul and Minneapolis reported a $9.1 million operating deficit for fiscal year 2014 and reiterated Thursday that it's considering filing for bankruptcy because of the potential for more lawsuits by victims of clergy sexual abuse. The archdiocese released its financial information in its newspaper, the Catholic Spirit, more than a week after it said it was cutting its central office budget by 20 percent, including 11 jobs. Archbishop John Nienstedt called the situation "disheartening" but wrote that the chancery's finances won't directly affect parishes, schools or other Catholic institutions. "I am determined to see that the...
  • Unfunded Government Pension Liabilities Reach $4.7 Trillion

    11/14/2014 1:39:42 PM PST · by ThethoughtsofGreg · 12 replies
    American Legislator ^ | 11-14-14 | Ben Wilterdink
    As newly elected state legislators across the country consider what issues to address, they are likely to encounter the growing storm cloud of unfunded pension liabilities. According to Promises Made, Promises Broken 2014, a new report from the non-partisan government watchdog group State Budget Solutions, unfunded public pension liabilities in the states now total $4.7 trillion. For years many state governments have been over-promising pension benefits and using accounting gimmicks to hide the true cost of a state pension funds’ actual unfunded liability. Many state governments still utilize a defined-benefit pension system, where retired state employees are paid out a...
  • US asks IMF to write-off Ebola-hit countries debt

    11/11/2014 6:55:08 PM PST · by wtd · 8 replies
    Time ^ | 11/11/2014 | Jack Linshi
    US asks IMF to write-off Ebola-hit countries debtA debt cancellation twice as large was approved by the IMF for Haiti in 2010 The Feds proposed Tuesday that the International Monetary Fund (IMF) cancel roughly $100 million in debt owed by Liberia, Sierra Leone and Guinea, which have been hit hardest in the current Ebola outbreak. Collectively, the three countries owe $372 million to the IMF.
  • How much money do we really owe? More than the government is saying and amnesty will kill us

    11/11/2014 8:55:06 AM PST · by Oldpuppymax · 21 replies
    Coach is Right ^ | 11/11/14 | Kevin "Coach" Collins
    Amnesty will kill us. It will cripple our ability to get out of debt. Since Barack Obama took office we have watched helplessly while he ran up our debt using our future earnings as collateral. As ordinary Americans we are limited in our ability to visualize and actually get a true understanding of the magnitude of our debt. We hear numbers that start in the hundreds of billions and run to the trillions. These numbers lose their meaning and their impact because of their enormity. The current best guess is that we owe nearly 18 trillion dollars. That much money...
  • Fighting for U.S. Exceptionalism in This Election

    11/03/2014 3:05:43 PM PST · by TigerTown · 5 replies
    Radix News ^ | November 3, 2014 | Radix News
    Conservatives need to get their act together and not blow another opportunity to push back liberalism. In both of the last two elections in 2012 and 2010, a Senate majority was in reach but Republican candidates ran self-defeating campaigns, and the red-state base didn’t show up on Election Day. The no-show mistake cannot be repeated again because the future of the country is on the line, and the dangerous Obama agenda must be repudiated. For those who need reminded why they should go vote, consider: Debt: U.S. National Debt is at $17.9 trillion. Put another way, that is more than...
  • Congress Reaches Debt-To-Tax Ratio Unseen Since WWII

    11/03/2014 7:13:54 AM PST · by SeekAndFind · 12 replies
    RCM ^ | 11/03/2014 | J.T. Young
    For Ben Franklin, death and taxes were certain; for Washington, debt and taxes are. Succinctly, Washington has reached a debt-to-tax ratio unseen since WWII. The fundamental difference in composition and trajectory make this a far greater concern today than it was 60 years ago. Often a different perspective is needed to truly understand what directly confronts us. This is true with the federal budget. Too often reduced to a dry fiscal discussion, or elevated to a hyper-partisan one, its true essence - and enormity - is lost. To understand its real importance, we must reduce it to its essentials. A...
  • National Debt to be $27 Trillion in 10 Years, Says the CBO

    10/30/2014 4:20:06 AM PDT · by combat_boots · 27 replies
    New American ^ | 10/16/2014 | Bob Adelmann
    There was something for everyone in the release last week by the Congressional Budget Office of its August update and outlook. The federal government’s revenues are expected to top $3 trillion this year for the first time in history, thanks to individual income taxes rising by six percent, payroll taxes by eight percent, and corporate income taxes by 15 percent. Those infatuated with big government are celebrating the event as a reflection of an improving economy resuscitated by government spending and stimulus programs. Small government advocates, on the other hand, are decrying the event by reminding those who will listen...
  • USA + 8 Years of Hillary = We're a GIANT ITALY

    10/25/2014 5:18:12 AM PDT · by Reaganite Republican · 13 replies
    Reaganite Republican ^ | 25 October 2014 | Reaganite Republican
    While fiscal-houses-of-cards like Greece, Spain, and Portugal have frightened Euro-watchers in recent years with their shaky finances/debt, some observers even wonder-aloud whether relatively-wealthy France is next. But Italy is truly still the 'sick man of Europe' -already past the point of no return- and of course debt/socialism/big government is what's done it (same garbage 'progressives' have been ramming down our throats for 5+ years now): Italian national debt exceeds 130% of GDP (US currently = 62%, but some experts say this number is not truly representative of the dire situation we're already in) Italy's high tax rates and Kafka-esque bureaucracy have...
  • 'Truthy' project is unworthy of tax dollars

    10/22/2014 12:14:09 PM PDT · by TurboZamboni · 6 replies
    Pioneer Press ^ | 10-22-14 | Ajit Pai
    If you take to Twitter to express your views on a hot-button issue, does the government have an interest in deciding whether you are spreading "misinformation"? If you tweet your support for a candidate in the November elections, should taxpayer money be used to monitor your speech and evaluate your "partisanship"? My guess is that most Americans would answer those questions with a resounding no. But the federal government seems to disagree. The National Science Foundation, a federal agency whose mission is to "promote the progress of science; to advance the national health, prosperity and welfare; and to secure the...
  • Massive U.S. aid overwhelms Afghans

    09/14/2014 3:36:26 AM PDT · by huldah1776 · 21 replies
    The Washington Examiner ^ | September 13, 2014 | Mark Tapscott
    American officials have spent billions of tax dollars "setting up projects or programs that the Afghans cannot or will not sustain once international forces" leave Afghanistan, according to a government watchdog. "Afghanistan is a case study in projects and programs set up without considering" whether they can be continued, said John Sopko, Special Inspector-General for Afghanistan Reconstruction. Sopko's comments came in a speech Friday to a meeting of the Center for Security Studies at Georgetown University. The problem is the sheer magnitude of the reconstruction effort, which is bigger than any ever before undertaken by the U.S. "Last year, the...
  • Obama's credit card declined at fancy restaurant

    10/17/2014 5:39:07 PM PDT · by plain talk · 66 replies
    cnn.com ^ | October 17, 2014 | Kevin Liptak
    Ever had your credit card turned down at a fancy restaurant? President Obama can commiserate. Speaking to workers at the Consumer Financial Protection Bureau in Washington on Friday, he recalled a moment last month when, at the end of a dinner out in New York City, his plastic was declined. "I guess I don't use it enough, so they thought there was some fraud going on," he said. "Luckily, Michelle had hers. I was trying to explain to the waitress that I've really been paying my bills."
  • EU's triple whammy: Recession, deflation, and debt

    10/16/2014 7:34:02 AM PDT · by SeekAndFind · 5 replies
    American Thinker ^ | 10/16/2014 | Rick Moran
    Here we go again. Another sovereign debt crisis on the periphery of the EU is underway and many of the same factors that led to previous debt meltdowns are present. Germany is headed for a triple dip recession. Continent-wide deflation is nearly a reality. And many EU nations are smashing the debt limits demanded by treaty, thus threatening the Euro itself. All of this is impacting the percentage of debt in relation to GDP in several countries, making government bonds more expensive and debt servicing a nightmare. The Hill: Among Europe's most recent economic tremors has been the growing evidence...
  • Hillary Clinton Says Student Debt Too High, Collects $225K for College Speech

    10/15/2014 9:03:56 AM PDT · by SeekAndFind · 14 replies
    FrontPage Mag ^ | 10/15/2014 | Daniel Greenfield
    Hillary, don’t ever change. Former U.S. Secretary of State Hillary Rodham Clinton told a Las Vegas crowd Monday night that more needs to be done to assure young people can achieve their dreams and free students from onerous college debt “that can feel like an anchor tied to their feet dragging them down.”“I think our young people deserve a fair shot,” she told about 900 people gathered in a Bellagio resort ballroom for the annual UNLV Foundation dinner benefiting the University of Nevada, Las Vegas. Maybe Hillary should listen to some of those students. Hillary Clinton is appearing at the...
  • Federal Debt Now $200,000 Per Full-Time Private-Sector Worker

    10/15/2014 6:54:59 AM PDT · by Kaslin · 16 replies
    Townhall.com ^ | October 15, 2014 | Terry Jeffrey
    Which will be greater: the burden of student debt on Americans who went off this fall to their first year of college, or the amount of federal debt per full-time private-sector worker when these students earn their degrees and start looking for jobs? There is no doubt: It will be the amount of federal debt per full-time private-sector worker. As of last Friday, the total debt of the federal government was $17,858,480,029,490.28, according to the U.S. Treasury. That equaled $200,258.81 for each of the 89,177,000 full-time private-sector workers that, according to the Census Bureau, were in the United States in...
  • Dam breaks in Europe as deflation fears wash over ECB rhetoric

    10/11/2014 4:43:05 PM PDT · by Chgogal · 39 replies
    The Telegraph (UK) ^ | October 10, 2014 | Ambrose Evans-Pritchard
    'We are reaching the end game in Europe. If they don’t launch real QE soon, the consequences are too awful to contemplate,' warns RBS. A key gauge of deflation risk in Europe is flashing red, dropping to record lows on fears of fresh recession and lack of decisive action by the European Central Bank. The sudden lurch downwards came as Bank of America warned that France’s debt ratio could rocket to 120pc of GDP within five years, unless the EU authorities take radical steps to reflate the region’s economy. Italy’s debt could threaten 150pc even earlier. The 5-year/5-year forward swap...
  • How a Minnesota lawyer ended up on public assistance with $300,000 in debt

    10/06/2014 8:20:46 AM PDT · by TurboZamboni · 61 replies
    biz journals ^ | 10-2-14 | Mark Reilly
    The question, "Is that degree worth it?" is coming up a lot more often these days. There's little question how "Lisa S." would answer. Forbes.com tells the story of Lisa (her full name's not given), who's a 39-year-old Minnesota lawyer making about $20,000 a year and on public assistance. She is $350,000 in debt and realizes she'll probably die before paying it back. Lisa started out studying at the Minneapolis College of Art & Design, graduating with under $25,000 in student loans that she paid off in two years. The problems began when she moved to California for a master's...
  • Student Loan Bubble Blowback: Morgan Stanley Warns Average Debtor Can't Get A Mortgage

    10/04/2014 10:48:45 AM PDT · by SeekAndFind · 10 replies
    Zero Hedge ^ | 10/03/2014 | TYLER O'NEIL
    Via Morgan Stanley,Amid rising tuition costs, an increasing share of students rely on debt to fund their education. Student loan delinquent balances have been on the rise since the early 2000s and those with student loans are likely to be less credit worthy than those without (Exhibit 50 & Exhibit 51). As a result, consumption for the student debt-laden population may be depressed. To be sure, the share of consumption driven by college age consumers has been in decline since 2003.These challenges are further compounded under the Qualified Mortgage (QM) regulatory regime that became effective in January 2014. The...
  • Don't Believe That Man Behind The Curtain Who Says the Economy is Better than it Looks

    10/03/2014 11:49:37 AM PDT · by Kaslin · 18 replies
    Townhall.com ^ | October 3, 2014 | Donald Lambro
    WASHINGTON - The painful, underperforming Obama economy remains Topic A here in the nation's capital and across the country. Pre-midterm election polls show that the voters are just as unhappy as ever over President Obama's mismanaged handling of the economic life of our nation, and Democrats are wringing their hands over expectations that it will cost them their congressional jobs on Nov. 4. It's gotten so bad that even some members of the liberal news media have become a great deal more critical of an economy that one analyst said "simply isn't as healthy as the headline numbers suggest." Even...
  • Rubio, Paul back Enzi's 'Penny Plan'

    10/01/2014 5:46:03 PM PDT · by SoFloFreeper · 14 replies
    The Hill ^ | 9/28/14 | Molly K Hooper
    ...GOP Sens. Rand Paul (Ky.) and Marco Rubio (Fla.) are co-sponsors of Sen. Mike Enzi’s “Penny Plan,” formally titled “One Percent Spending Reduction Act of 2014.” “If we just stopped spending one cent out of every dollar that we spend currently, and according to [the Congressional Budget Office], they say that would balance the budget in three years,” the Wyoming Republican Senator told The Hill.
  • Student Loan Debt: The Only Debt You Can’t Discharge in Bankruptcy

    09/30/2014 1:59:54 PM PDT · by SeekAndFind · 57 replies
    San Diego Free Press ^ | 09/30/2014 | John Lawrence
    Today’s students are being crushed with John Bunyan’s proverbial burden on their backs – student loan debt. Until relatively recently this debt could have been discharged in bankruptcy. Then all that changed when Sallie Mae, the Student Loan Marketing Association, was privatized in 2004. Albert Lord, the new CEO, and his lobbyists went to work to change the laws so that student loans could not be discharged in bankruptcy. Today the cumulative student loan debt is more than $1 trillion. While a generation ago a high school diploma was considered sufficient for a decent middle class entry level job, today...
  • Student debt at all-time high of $1.2 trillion

    09/24/2014 2:48:03 PM PDT · by SeekAndFind · 23 replies
    CNBC ^ | 09/24/2014
    U.S. student debt has climbed to an all-time high, despite a decrease in consumer debt for all other major lending categories such as automotive debt, credit card and home equity loans. Behind mortgages, student loans are the second largest debt class. Now at $1.2 trillion, student debt has increased 84 percent since the 2008 Great Recession, based on a study by information services firm Experian. The national average balance of loans stand at $29,400 and 40 million consumers now have at least one student loan, originally reported by NewsOK. Mississippi, Oklahoma and Louisiana had the highest amount of late payments....
  • Time To Stop The Sob Stories About Student Loan Debt

    09/19/2014 7:29:29 AM PDT · by SeekAndFind · 55 replies
    Forbes ^ | 09/19/2014 | Jeffrey Dorfman
    The media and advocates for income redistribution are creating a continual stream of stories about the student loan crisis. We are inundated with sob stories about people suffering under a crushing debt burden. The New York Times alone has had stories on how student loan debt is now a problem for senior citizens, how young people’s lives have been ruined, and how a whole generation will be unable to buy homes because of their student loan debt. Luckily, these stories are based simply on a few scattered cases. In reality, there is no student loan debt crisis and it is...
  • Occupy Movement abolishes $4 million in other people's student loan debt

    09/18/2014 6:35:38 AM PDT · by SeekAndFind · 15 replies
    Money ^ | 09/18/2014 | Blake Ellis
    After forgiving millions of dollars in medical debt, Occupy Wall Street is tackling a new beast: student loans. Marking the third anniversary of the Occupy Wall Street movement, the group's Strike Debt initiative announced Wednesday it has abolished $3.8 million worth of private student loan debt since January. It said it has been buying the debts for pennies on the dollar from debt collectors, and then simply forgiving that money rather than trying to collect it. In total, the group spent a little more than $100,000 to purchase the $3.8 million in debt. While the group is unable to purchase...
  • The U.S. National Debt Has Grown By More Than A Trillion Dollars In The Last 12 Months

    09/17/2014 6:50:52 PM PDT · by Lorianne · 23 replies
    Economic Collapse ^ | 14 September 2014 | Michael Snyder
    The idea that the Obama administration has the budget deficit under control is a complete and total lie. According to the U.S. Treasury, the federal government has officially run a deficit of 589 billion dollars for the first 11 months of fiscal year 2014. But this number is just for public consumption and it relies on accounting tricks which massively understate how much debt is actually being accumulated. If you want to know what the real budget deficit is, all you have to do is go to a U.S. Treasury website which calculates the U.S. national debt to the penny....
  • For Wonks Only

    09/07/2014 3:22:37 PM PDT · by hripka · 48 replies
    Pimco ^ | September 2014 | William H. Gross
    A credit-based financial economy (as opposed to pure cash) depends on an ever-expanding outstanding level of credit for its survival. Without additional credit, interest on previously issued liabilities cannot be paid absent the sale of existing assets, which in turn would lead to a vicious cycle of debt deflation, recession and ultimately depression. It is this expansion of private and public market credit which the Fed and the BOE have successfully engineered over the past five years, while their contemporaries (the ECB and BOJ) have until now failed, at least in terms of stimulating economic growth.
  • Michigan Debt Per Taxpayer: $19,300

    09/02/2014 7:27:46 AM PDT · by MichCapCon · 2 replies
    Michigan Capitol Confidential ^ | 8/30/2014 | Jarrett Skorup
    Michigan has among the most debt per taxpayers in the nation, ranking ninth overall, according to the annual “Financial State of the States.” That’s actually a significant improvement from last year. The report is released by the Chicago-based group Truth in Accounting and measures the total assets and liabilities of the 50 states. The methodology of the report is unique because it includes analyzing unreported pension and retirement health care liabilities. Michigan has a taxpayer burden of $19,300 per person, which is down from an all-time high of $25,300 per person last year which ranked the state fifth. There are...
  • Ignoring the U.S. debt problem won't wash it away

    08/29/2014 2:05:17 PM PDT · by SeekAndFind · 8 replies
    Washington Examiner ^ | 08/29/2014 | Philip Klein
    There are few characteristics of human nature that are more immutable than the tendency to be focused on the short term. And just like a heart patient straying from his diet as time passes after his heart attack, the political class has collectively decided to tune out the federal debt as an issue. Between 2009 and 2012, the federal government ran deficits exceeding $1 trillion per year, for a total of $5.1 trillion over four years. During this time, the issue of deficits and debt became a prominent part of the national political conversation. In contrast, a Congressional Budget Office...
  • National debt has doubled since financial crisis: Congressional Budget Office

    08/27/2014 9:24:30 AM PDT · by SeekAndFind · 11 replies
    Washington Examiner ^ | 08/27/2014 | BY JOSEPH LAWLER
    The federal debt this year will be double what it was before the financial crisis, Congress’ official budget scorekeeper projected Wednesday morning. The debt is on pace to reach 74 percent of the country’s economic output by the end of the year, double what it was in 2007 and the highest percentage since 1950, according to the Congressional Budget Office. In its update to its projections for the budget and economy, the agency slightly upped its estimate for the 2014 deficit, which it now expects to total $506 billion, a $170 billion decline from 2013. The federal debt this year...
  • More Than Half Of All Americans Can’t Come Up With $400 In Emergency Cash… Unless They Borrow

    08/26/2014 3:51:12 PM PDT · by SeekAndFind · 88 replies
    Personal Liberty Digest ^ | August 11, 2014 | Ben Bullard
    Count yourself fortunate, or something, if you’re among the 48 percent of Americans who can cough up a spare $400 in emergency cash without having to beg, borrow or steal. According to a Federal Reserve report on American households’ “economic well-being” in 2013, fewer than half of all Americans said they’d be able to come up with four Benjamins on short notice to deal with an unexpected expense. The report, released last week by the Board of Governors of the Federal Reserve, indicates a disparity between how Americans view their financial situation and the reality of where their finances actually...
  • NYT: $3B gov’t retraining program as effective as you’d guess; Years older and deeper in debt.

    08/18/2014 2:53:36 PM PDT · by SeekAndFind · 4 replies
    Hotair ^ | 08/18/2014 | Ed Morrissey
    To paraphrase the old Tennessee Ernie Ford song — you take a ton of government cash to get job retraining, and what do you get? Several years older and deeper in debt, according to the New York Times, which casts a critical eye on the Workforce Investment Act. The program first came into existence in 1998 and was expanded in the 2009 stimulus bill passed by Democrats, but does it actually help people find work and restore their economic independence? Not really, and the costs more often make situations worse instead of better: Instead, an extensive analysis of the...
  • Oil and gas company debt soars to danger levels to cover shortfall in cash

    08/11/2014 4:08:43 PM PDT · by Lorianne · 19 replies
    Telegraph (UK) ^ | 11 August 2012 | Ambrose Evans-Pritchard
    The world’s leading oil and gas companies are taking on debt and selling assets on an unprecedented scale to cover a shortfall in cash, calling into question the long-term viability of large parts of the industry. The US Energy Information Administration (EIA) said a review of 127 companies across the globe found that they had increased net debt by $106bn in the year to March, in order to cover the surging costs of machinery and exploration, while still paying generous dividends at the same time. They also sold off a net $73bn of assets. This is a major departure from...
  • GAO: Government failed to report $619 billion in spending to its transparency site

    08/06/2014 4:49:57 AM PDT · by TurboZamboni · 5 replies
    WaPo ^ | 8-5-14 | Josh Hicks
    The White House budget office launched USASpending.gov in 2007 to track federal spending after scores of lawmakers, including then-Sen. Barack Obama, successfully pushed through a bipartisan bill to ensure greater transparency with the funding. At last check, less than 8 percent of the site’s spending information was accurate, and federal agencies had failed to report nearly $620 billion in grants, loans and other forms of assistance awards, according to a recent report from Congress’s nonpartisan Government Accountability Office.
  • Neither Party Cares About Our $17 Trillion Debt

    08/06/2014 4:24:41 AM PDT · by LeoMcNeil · 22 replies
    In five and half years in office President Obama has presided over an increase in the national debt of $7 trillion. His predecessor presided over a $4.9 trillion increase in eight years. Obama called the increase in the debt under Bush “unamerican.” What do you want to bet Obama doesn’t think the same of his debt increase? No doubt he’ll blame others. Our nation has a national debt of $17.6 trillion, it’s increased $12 trillion since 2001. This sort of debt is unsustainable and yet no one is talking about it. It’s no surprise that Obama doesn’t want to talk...
  • The Era of Spiraling Debt: How Long Will the Scheme Last?

    08/05/2014 7:38:49 AM PDT · by SeekAndFind · 10 replies
    FrontPage Mag ^ | 08/05/2014 | Arnold Ahlert
    To the surprise of absolutely no one, the nationÂ’s debt has skyrocketed during President Barack ObamaÂ’s tenure. In a little over five and a half years, the Obama administration has added more than $7 trillion to the total, a number that represents more debt accumulation than the administrations of George Washington through Bill Clinton combined. At the close of business on July 31, the nationÂ’s debt was $17.6 trillion, with $7.06 trillion of it accumulated since Obama was inaugurated in 2009. CNS News offers some gut-wrenching perspective regarding the numbers: As of June, there were 115,097,000 households in the United...
  • Americans Got $2 Trillion in Benefits from Federal Government in 2013

    08/04/2014 8:07:02 PM PDT · by Olog-hai · 38 replies
    Cybercast News Service ^ | August 4, 2014 - 4:53 PM | Ali Meyer
    The federal government paid $2,007,358,200,000 in benefits and entitlements in fiscal year 2013 from government programs, according to data from the Bureau of the Fiscal Service’s Monthly Treasury Statement. The treasury statement summarizes the financial activities of the federal government, including data on government receipts, outlays, and surplus and deficit totals. The September 2013 monthly treasury statement calculates these metrics for the entire fiscal year of 2013, which began on October 1, 2012 and ended on September 30, 2013. According to the statement, the federal government’s total outlays, otherwise known as spending, for means-tested and non-means tested government programs—not including...
  • $7,060,259,674,497.51--Federal Debt Up $7 Trillion Under Obama

    08/04/2014 9:35:21 AM PDT · by F15Eagle · 34 replies
    CNSNews.com ^ | August 4, 2014 - 4:04 AM | By Terry Jeffrey
    (CNSNews.com) - The total federal debt of the U.S. government has now increased more than $7 trillion during the slightly more than five and a half years Barack Obama has been president. That is more than the debt increased under all U.S. presidents from George Washington through Bill Clinton combined, and it is more debt than was accumulated in the first 227 years of this nation's existence--from 1776 through 2003. The total federal debt first passed the $7-trillion mark on Jan. 15, 2004, after President George W. Bush had been in office almost three years. When President Obama took office...
  • US is Bankrupt: $89.5 Tril. in US Liabilities vs. $82 Tril. in Household Net Worth & Gap is Growing.

    08/04/2014 7:19:38 PM PDT · by SeekAndFind · 29 replies
    Biderman's Money Blog ^ | 08/04/2014 | Chris Hamilton
    There are many ways to look at the United States government debt, obligations, and assets. Liabilities include Treasury debt held by the public or more broadly total Treasury debt outstanding. ThereÂ’s unfunded liabilities like Medicare and Social Security. And then the assets of all the real estate, all the equities, all the bonds, all the depositsÂ…all at todayÂ’s valuations. But letÂ’s cut straight to the bottom line and add it all upÂ…$89.5 trillion in liabilities and $82 trillion in assets. There. ItÂ’s not a secret anymoreÂ…and although these are all government numbers, for some strange reason the government never adds...
  • Grim Milestone: Current Administration Adds $7 Trillion to National Debt

    08/04/2014 2:53:36 PM PDT · by Kaslin · 7 replies
    Townhall.com ^ | August 4, 2014 | Daniel Doherty
    On July 3, 2008, then-presidential candidate Barack Obama infamously called President George W. Bush “unpatriotic,” and his polices “irresponsible” for adding $4 Trillion to the country's "credit card." This was almost more than all other US presidents combined, he argued, and therefore was putting America on a dangerous path to fiscal insolvency. Less than six years into his own administration, however, the president has failed to reverse the untenable course set by his predecessor; and, indeed, is making America's heavy debt burden even worse. CNS News reports: The total federal debt of the U.S. government has now increased more than...
  • A Lesson in Economics for Argentina

    08/01/2014 7:51:42 AM PDT · by SeekAndFind · 5 replies
    Pajamas Media ^ | 08/01/2014 | Roger Kimball
    Ok, you economists, this is a quick exercise in free association: When I say “South America” what do you think? If you said “default,” go to the head of the class. Really, it’s the whole bloody continent (think “Mexico,” amigo), but let’s just look at Argentina, an economic basket case if there ever was one. The only question I have is why, given its recent history of fiscal incontinence [1] (not to mention political barbarousness [1]), anyone would lend them a nickel. The latest episode, which has been much in the news lately, involves more than $1 billion that Argentina...
  • Argentina Slides Into Default as Debt Talks Fail

    07/31/2014 6:42:40 AM PDT · by Enlightened1 · 13 replies
    AP via ABC NEWS ^ | 07/31/14 | CLAUDIA TORRENS
    he collapse of talks with U.S. creditors sent Argentina into its second debt default in 13 years and raised questions about what comes next for financial markets and the South American nation's staggering economy.
  • Shock: 80% of U.S. population growth is from immigrants, resources being sucked dry

    07/30/2014 2:32:34 PM PDT · by Nachum · 44 replies
    Washington Examiner ^ | 7/30/14 | Paul Bedard
    A group dedicated to saving the planet by cutting runaway population increases is raising a new and shocking issue in Washington’s bitter fight over immigration reform: Most of the nation’s population growth is from immigrants, and they are consuming resources dangerously fast. According to Negative Population Growth Inc., 80 percent of the growth in U.S. population comes from immigration, legal, illegal and among American-born children of immigrants. “With increased population, we see a direct increase in the problems our nation faces on a daily basis: pollution, over-consumption, traffic gridlock, crowded schools and hospitals, overburdened social services, unemployment, crumbling infrastructure, urban
  • Purchasing Power Sits Idle in the Basement

    07/30/2014 2:30:38 PM PDT · by SovereignSociety · 6 replies
    Economy and Markets ^ | July 29th, 2014 | Rodney Johnson
    Studying and understanding demographic trends is critical when predicting generational spending patterns and long-term economic trends in our economy and markets. The Pew Research Center estimates that in 2012, 57 million Americans lived in multi-generational households, which is defined as two or more adult generations under the same roof. This is more than twice the number of people in such arrangements in 1980. To be clear, no one thinks there’s a rush to bring the aging parents of boomers back into the family home. This is all about the kids who, at this point, have finished their education but...
  • Teacher pay averages $84,489; LAUSD data missing

    07/29/2014 7:10:04 PM PDT · by TurboZamboni · 23 replies
    contra costa times ^ | 7-25-14 | Thomas Himes
    A newly released survey of 653 of California’s 1,058 school systems reports teachers were paid on average $84,489, while 33 administrators earned more than $250,000 in pay alone last year. The pay and compensation information was complied by The California Policy Center, a nonpartisan conservative public policy think tank that runs Transparent California, which posted the survey for the public to review at transparentcalifornia.com “We’re doing this because the public employs the public sector; and members of the public, as voters are being continually asked to approve tax increase and bond measures,” Policy Center Director Ed Ring said. “You can’t...
  • Debt servants: how sustainable are states’ legacy costs?

    07/29/2014 6:58:16 PM PDT · by TurboZamboni · 7 replies
    public sector inc ^ | 7-27-14 | Iliya Atanasov
    A recent report by JP Morgan’s Michael Cembalest provides a fresh look at the problem of state indebtedness. Cembalest, global head of investment strategy, is best known for his writings on housing and for flagging Bernard Madoff’s fund and refusing to invest in it, even while other divisions at JPMorgan gleefully did so. Cembalest looks at state governments’ annual payments towards bonded debt interest and retirement liabilities (defined-benefit and defined-contribution pensions as well as retiree healthcare benefits) expressed as percentage of total annual revenue. In addition to assessing states’ default risk, this approach quantifies exactly how much debt expenditures are...
  • Study: More than 35 percent of Americans are facing debt collectors

    07/29/2014 9:25:40 AM PDT · by SeekAndFind · 24 replies
    The Week ^ | 07/29/2014 | Meghan DeMaria
    A study released by the Urban Institute on Tuesday found that more than 35 percent of Americans have unpaid bills and debt that has been reported to collection agencies.The debts surveyed include everything from gym memberships to auto loans. The study, which looked at records from September 2013, found that 35.1 percent of people with credit records had been reported to collection agencies. The average debt was $5,178.The Associated Press notes that while America has decreased its credit card debt, the percentage of Americans in collections has remained roughly the same. In 2004, a Federal Reserve study found that 36.5...
  • 1 in 3 U.S. adults have 'debt in collections'

    07/29/2014 8:00:25 AM PDT · by TigerClaws · 41 replies
    An estimated 1 in 3 adults with a credit history -- or 77 million people -- are so far behind on some of their debt payments that their account has been put "in collections."
  • GM Debt Climbs to Over $40 Billion, Earnings Disappoint

    07/24/2014 8:17:25 AM PDT · by jazusamo · 34 replies
    NLPC ^ | July 24, 2014 | Mark Modica
    General Motors reported earnings today for the 2nd quarter of 2014. The early prognosis is not good with share price falling after the report. While it is difficult for the Mom and Pop investor to sort through GM's myriad of one-time charges, special items and various smoke and mirrors, there are some key take-aways that give a glimpse of GM's financial health. Primarily, debt continues to grow at the company, now exceeding $40 billion while earnings are propped up by special items. Analyzing the levels of cash compared to debt at GM is probably the easiest way to get to...
  • Clash over campus cards

    07/23/2014 3:52:07 AM PDT · by Cincinatus' Wife · 7 replies
    The Hill ^ | July 23, 2014 | Benjamin Goad and Megan R. Wilson
    The issue plays into the president’s agenda of protecting students and providing an affordable college education — issues the administration also hopes will drive Democrats to the polls in November. The financial industry is clashing with the Obama administration over forthcoming regulations that are intended to protect college students from excessive bank fees. Still in its early stages, the proposal would extend the Education Department’s regulatory authority to deposit accounts opened under arrangements between universities and financial firms that adopt “campus cards,” critics say. The agency reasons that its jurisdiction includes those accounts, since they often serve as receptacles for...
  • CEO of the US, politicians need NOT apply

    07/21/2014 1:31:21 PM PDT · by simka · 111 replies
    self
    We do not need Hillary or Warren or any career politician. We do not need another leader in debt to big business, financial backers or his party agenda. We do need someone truly independent of all political pressures, capable of resolving all the damage done to this country. The names that come to mind are Ben Carson, Mitt Romney and maybe Ted Cruz. What say you all?