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Keyword: debt

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  • United States: The Plan For The Future Of American Infrastructure

    02/17/2017 4:55:24 AM PST · by Tolerance Sucks Rocks · 2 replies
    Mondaq ^ | February 13, 2017 | Richard P. Puttré, Eric W. Sedlak, Kevin J. McIntyre, Isel M. Perez and James F. Channing
    A Look Into the Opaque Crystal Ball for Infrastructure Initiatives in the First 100 Days of the Trump Administration President Donald J. Trump's "America's Infrastructure First" plan is one of the Trump Administration's priorities during his first 100 days in office. Throughout the campaign, President Trump heralded his plan to build and restore highways, tunnels, airports, bridges, and water systems across America and promised a $1 trillion investment in the infrastructure sector over a 10-year period. Leaders from both parties acknowledge the nation's deteriorating infrastructure, and there have been expressions of support from both sides of the aisle for some...
  • More Unbelievable Facts From The US Government's Own Financial Reports: Fails Its Own Audit Again

    02/08/2017 1:42:42 PM PST · by SeekAndFind · 9 replies
    Zero Hedge ^ | 02/08/2017 | Simon Black via SovereignMan.com
    Yesterday I told you that the US government had recently released its annual financial report to the public.And the numbers are pretty gruesome.For example, the government’s “net loss” in fiscal year 2016 more than doubled, from MINUS $467 billion to MINUS $1 trillion.It’s astonishing that anyone could manage to lose so much money, let alone in a year where devoid of major wars, recessions, financial crises, or infrastructure projects.But what else can we expect from an institution that spent billions of dollars to build a website?Today I wanted to highlight a few other items from the government’s report that are...
  • Will Obama’s Legacy Of Debt Cost Prove As A Hindrance?

    02/03/2017 11:02:16 AM PST · by davikkm · 16 replies
    IWB ^ | Viraj Shah
    The world is patiently waiting for the impact of President Trump’s policies. While the world is occupied in a patient frenzied state to see what Trump has up his sleeves, a monumental American problem is slowly creating troubles for the economy. The American debt problem is not ending and with $20 trillion of national debt, the condition doesn’t seem to improve. Celebrating the Obama Legacy- the humility and grace of the former first family, is not enough. We need to look at the darker side of the coin and the possible ruin it may bring to the American dream. Pandora’s...
  • These are the Countries with the Biggest Debt Slaves, and Americans Are Only in 10th place

    01/23/2017 10:27:38 AM PST · by Lorianne · 4 replies
    Wolf Street ^ | 22 January 2017 | Wolf Richter
    Full title:These are the Countries with the Biggest Debt Slaves, and Americans Are Only in 10th place Americans have been on a borrowing binge. To buy their favorite cars and trucks, they’ve loaded up on $1.14 trillion in auto loans. Young and not so young Americans are mortgaging their future with student loans that now amount to $1.28 trillion. Credit card and other debts are at $1.12 trillion. And mortgage debt stands at $8.82 trillion. So, total household debt was $12.35 trillion, according to the New York Fed’s Household Debt and Credit Report for the third quarter 2016. That’s a...
  • Why Venezuela's socialist meltdown COULD actually happen in the US

    01/25/2017 7:35:16 PM PST · by Tolerance Sucks Rocks · 17 replies
    Conservative Review ^ | January 25, 2017 | Logan Albright
    There’s a predictable checklist for meltdowns in socialist countries, and it’s playing out with tragic regularity in Venezuela. Nationalize agriculture? Check. Start government-enforced rationing when the food supply dries up? Check. Seal the border when people try to flee to buy food elsewhere? Check. The next step, and usually one of the last before total collapse, is runaway inflation. That’s what we’re starting to see in Venezuela. Rapid inflation, called hyperinflation by economists when it gets really bad, is one of the deadliest poisons for any economy. The spiral is usually triggered when a government prints too much money to...
  • The final Obama Debt Tracker: $9.3 trillion of debt in 8 years

    01/25/2017 6:43:07 AM PST · by jpl · 19 replies
    United States Department of the Treasury ^ | January 21, 2017 | United States Department of the Treasury
    On January 20, 2017, the final day of the Obama presidency, America's national debt sat at a total combined amount of nearly $19.95 trillion.Since President Barack Hussein Obama was inaugurated into office eight years earlier, he, the democrats, and a few spineless republican "leaders" in congress have increased the total combined national debt by over $9.3 trillion: Date                 Debt Held by the Public         Intragovernmental Holdings   Total Public Debt Outstanding 1/20/2009        6,307,310,739,681.66            4,319,566,309,231.42               10,626,877,048,913.08 1/20/2017        14,403,704,176,388.94     ...
  • Obama's Parting Gift: Trillion-Dollar Deficits As Far As The Eye Can See

    01/25/2017 4:35:56 AM PST · by IBD editorial writer · 11 replies
    Investor's Business Daily ^ | 1/24/2017 | Staff
    Legacy: Barack Obama came into the White House in 2009 promising a "new era of responsibility." What he's left President Trump is a government careening toward fiscal ruin.That's what the latest report from the Congressional Budget Office shows. The CBO report looks at what federal spending and revenues will look like over the next decade if the government is left on autopilot. The picture is grim. Deficits this year are expected to be $559 billion. By 2023, the government will once again be running trillion-dollar annual deficits that will quickly climb in the following years. Left unchanged, the national debt...
  • Unsustainable model: Economist says 'balanced budget' adage doesn't work

    01/22/2017 7:13:32 PM PST · by Tolerance Sucks Rocks · 39 replies
    The Montana Standard ^ | January 22, 2017 | Tom Lutey
    BILLINGS -- As bipartisan crowd-pleasers go, few get Montanans nodding more approvingly than calls for a balanced federal budget, which is why U.S. Sen. Steve Daines recently offered a bill forcing his peers to go unpaid unless they reign in spending. “As I travel around Montana, as I did in December wrapping up a 56-county tour, when I talk about this bill, it’s a bill that will literally bring applause from across the state,” Daines told The Gazette. The state of Montana balances its budget. The federal government should do the same, or so goes the narrative that literally every...
  • Obama Leaves U.S.A $9,335,000,000,000 Deeper in Debt

    01/19/2017 4:59:53 PM PST · by Cheerio · 23 replies
    CNS Newa ^ | January 19, 2017 | Terence P. Jeffrey
    President Barack Obama will leave the federal government approximately $9,335,000,000,000 deeper in debt than it was when he took office eight years ago, according to data released today by the U.S. Treasury. The increased debt incurred under Obama equals approximately $75,129 for every person in the United States who had a full-time job in December. The $9,334,590,089,060.56 that the debt had increased under Obama as of the close of business on Wednesday is far more debt than was accumulated by any previous president. It equals nearly twice as much as the $4,889,100,310,609.44 in additional debt that piled up during the...
  • Report: Trump preparing ‘dramatic’ blueprint of intense budget cuts

    01/19/2017 8:57:41 AM PST · by Sean_Anthony · 30 replies
    Canada Free Press ^ | 01/19/17 | Robert Laurie
    Think bigger Today, Democrats are quaking in their jackboots. It’s bad enough that their messiah is about to leave D.C., but they’re also facing a new government that’s openly hostile toward most of their goals. On top of that, we’re getting word that the nascent Trump administration has “dramatic” plans to trim the federal fat. This news will, as will most news concerning Trump, have lefties curled up in a ball in the corner, shaking their fists as the sky.
  • Student debt now affects a staggering number of elderly Americans

    01/17/2017 8:37:01 PM PST · by SeekAndFind · 61 replies
    Washington Post ^ | 01/17/2017 | By Abha Bhattarai
    The number of older Americans taking on student debt on behalf of their children and grandchildren has quadrupled in the past decade, with consumers over 60 now holding $66.7 billion in student loan debt, according to a new report by the Consumer Financial Protection Bureau. The skyrocketing cost of college has placed a particular burden on older Americans, many of whom are struggling to pay back growing debts in their retirement years, according to the report. Nearly 40 percent of federal student loan borrowers over age 65 are in default, the highest rate for any age group, the data show....
  • Obama Slashes Mortgage Insurance Premiums For Subprime Borrowers With Just 10 Days Left In Office

    01/11/2017 3:17:33 PM PST · by Lorianne · 25 replies
    Zero Hedge ^ | 10 January 2017 | Tyler Durden
    What do you do when a quick rise in mortgage rates suddenly threatens to tame home buying demand from subprime borrowers who, despite the lessons from the past, are still purchasing homes, en masse, with only 3.5% down payments and just enough monthly cash flow to cover mortgage payments? Well, if you're the Obama administration then you simply socialize the problem and force those higher mortgage costs on taxpayers. Anything less would just be a hateful attempt to deny minority and low-income citizens their "right" to home ownership. And while the Obama administration isn't directly passing out tax dollars to...
  • Federal Debt Climbs $1,054,647,941,626.91 in 2016

    01/04/2017 6:39:34 AM PST · by SeekAndFind · 10 replies
    CNS News ^ | 01/04/2017 | Terence Jeffrey
    (CNSNews.com) - The federal debt climbed by more than a trillion dollars during 2016, according to data released today by the U.S. Treasury.On Dec. 31, 2015, the last business day of 2015, the federal debt was $18,922,179,009,420.89. On Dec. 30, 2016, the last business day of 2016, it was $19,976,826,951,047.80.The one-year increase in the federal debt during calendar year 2016 was therefore $1,054,647,941,626.91.That increase in the debt equaled $8,860.65 for each of the 119,026,000 households the Census Bureau estimated there were in the United States as of September.During President Barack Obama’s time in office the federal debt has increased by...
  • Dallas Pension System Not Only "Ticking Time Bomb Ready To Explode," Public Policy Director Warns

    01/03/2017 8:41:51 AM PST · by SeekAndFind · 24 replies
    Zero Hedge ^ | 01/03/2016
    For months, if not years, we've warned that conflicted politicians and union bosses pursue a perverse set of goals in their management of pension funds, most of which have nothing to do with the application of sound financial principles. Here's how we summarized the situation back in the summer (see "An Unsolvable Math Problem: Public Pensions Are Underfunded By As Much As $8 Trillion"): Defined Benefit Pension Plans are, in many cases, a ponzi scheme.  Current assets are used to pay current claims in full in spite of insufficient funding to pay future liabilities... classic Ponzi.  But unlike wall...
  • Illinois ends 2016 with an $11 billion in unpaid bills

    01/01/2017 11:14:06 AM PST · by george76 · 50 replies
    Illinois Policy ^ | December 26, 2016 | Brendan Bakala
    Illinois state government has left the people of the Prairie State quite the stocking stuffer this holiday season: an $11 billion bill backlog that is expected to hit $14 billion by summer 2017. However, with money from a June stopgap funding agreement set to run out by the new year, nonprofit service providers and students receiving state grants may view it more as a lump of coal. Funding for service providers hasn’t been a priority for the General Assembly for quite some time. Service providers wait, on average, nearly a year to be paid. Illinois politicians have been delaying payment...
  • China’s ‘Godfather of Real Estate’ Pitches Reverse Mortgages to Skeptical Elders

    12/29/2016 10:05:50 AM PST · by Lorianne · 4 replies
    CNBC ^ | 28 December 2016 | Sui-Lee Wee
    He is known in China as the "godfather of real estate," helping lay the groundwork for private homeownership in China, a move that enriched millions and laid the foundations for a vibrant and thriving Chinese middle class. Now, Meng Xiaosu wants a lot of Chinese — the older ones, specifically — to cash out. Older people need to mortgage their homes to address China's looming demographic bust, Mr. Meng argues. Because of China's now-defunct one-child policy and other social trends, the country has a rapidly graying population that someday soon may become too expensive for the Chinese government to support....
  • The Obama Years In 9 Charts

    12/17/2016 9:43:47 AM PST · by Boomer · 60 replies
    The FR ^ | 12/17/2016 | Self
    The Obama Legacy explained in just 9 charts. A dead rat could do better.
  • Cuba offers rum to pay off $276m Czech debt

    12/17/2016 5:09:55 AM PST · by jmcenanly · 28 replies
    BBC News ^ | 15 December 2016
    The Czech finance ministry said Havana had raised this possibility during recent negotiations on the issue. Cuba owes the Czech authorities $276m (Ł222m), and if the offer is accepted the Czechs would have enough Cuban rum for more than a century.
  • US Budget Deficit Doubles As November Spending Hits All Time Monthly High

    12/12/2016 3:08:18 PM PST · by SeekAndFind · 7 replies
    Zero Hedge ^ | 12/12/2016
    While it is unclear if the recent increase in government spending and the resulting increase in the budget deficit, has been a factor in the recent string of better than expected US economic data, at 2pm on Monday the US Treasury announced that in November, the government's budget deficit rose to $136.7 billion, nearly double the $64.5 bilion deficit reported in the same month of 2015, which however was largely a function of a calendar quirk.Not only was November total more than double the amount reported a year ago, but the $136.7 billion deficit, was also the highest going...
  • Junk-rated Chicago schools plan new kind of bond issue

    12/09/2016 12:55:29 PM PST · by C19fan · 8 replies
    Reuters ^ | December 6, 2016 | Karen Pierog
    Chicago's public school (CPS) system plans to sell a new type of bond issue in an attempt to separate the debt from the district's severe financial woes and protect it in a potential bankruptcy filing, according to a document released by the district on Tuesday. The preliminary prospectus for the debt indicates the Chicago Board of Education will issue $500 million of bonds secured solely by a capital improvement property tax and not by the district's general obligation pledge.
  • Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals

    12/08/2016 5:58:44 PM PST · by mcenedo · 22 replies
    Dallas Morning News ^ | 12/08/16 | Tristan Hallman
    The Dallas Police and Fire Pension System's Board of Trustees suspended lump-sum withdrawals from the pension fund Thursday, staving off a possible restraining order and stopping $154 million in withdrawal requests
  • Trump's pledge to boost infrastructure could aid mid-Hudson

    12/08/2016 12:56:52 PM PST · by Tolerance Sucks Rocks · 17 replies
    The Middletown Times Herald-Record ^ | November 21, 2016 | James Nani
    County leaders are hopeful that the $1 trillion infrastructure investment promised by Republican president-elect Donald Trump will have a big impact on the region. Trump has promised to prioritize infrastructure spending in his first 100 days in office. The move is one that Democrats, now in minority positions in both houses of Congress, have said they're willing to support. The plan, which is not yet fully fleshed out, looks to rely heavily on billions of dollars of infrastructure tax credits to private entities. And while Federal Reserve Board Chair Janet Yellen warned recently that weighing down the national debt with...
  • U.S. to forgive some $108B in student loan debt, report says

    12/02/2016 12:18:12 PM PST · by SeekAndFind · 57 replies
    UPI ^ | 12/01/2016 | Amy Connolly
    WASHINGTON, Dec. 1 (UPI) -- An estimated $108 billion in student loans will be forgiven in the next two decades as a growing number of borrowers seek income-driven payment assistance programs, the Government Accountability Office said Wednesday. The GAO, in a report to Congress that analyzed the cost of income-driven repayment plans, found some $29 billion more in student loans will be discharged due to borrower death or disability. Overall, the sum is double the amount estimated by the U.S. Department of Education, the report found. The GAO criticized the department for underestimating the cost of the repayment plans and...
  • 6 million Americans have stopped paying their car loans, and it's becoming a 'significant concern'

    11/30/2016 10:18:58 AM PST · by SeekAndFind · 86 replies
    Business Insider ^ | 11/30/2016 | Matt Turner
    There is a lot of talk out there about the auto-loan market right now. Hedge fund manager Jim Chanos has said the auto-lending market should "scare the heck out of everybody," while the auto-lending practices of some used-car dealerships has been given the John Oliver treatment on TV. It's a topic we've been paying attention to as well. In a presentation in September at the Barclays Financial Services Conference, Gordon Smith, the chief executive for consumer and community banking at JPMorgan, set out some eye-opening statistics on the market. Now the New York Federal Reserve is taking a closer look...
  • Larson’s tunnels: Big plan, even bigger challenge

    11/27/2016 8:28:10 PM PST · by Tolerance Sucks Rocks · 51 replies
    The Connecticut Mirror ^ | November 15, 2016 | Tom Condon
    Not everyone is thrilled with U.S. Rep. John Larson’s proposal to build massive highway tunnels under Hartford, but Daniel Burnham might be, were he still with us. It was Burnham, the great Chicago architect and planner, who said, “Make no little plans. They have no magic to stir men’s blood and probably will not themselves be realized.”Larson’s is anything but a little plan; it is breathtaking in scope. It has stirred the blood of some public officials and business leaders. But the concept is so vast, complex and potentially expensive – it would be longer than Boston’s “Big Dig” tunnels...
  • Can You Spot a Trend in New Jersey’s 10 Credit Rating Downgrades Under Christie?

    11/22/2016 7:45:36 AM PST · by ChessExpert · 6 replies
    Reason ^ | November 22nd, 2016 | Eric Boehm
    Christie says he doesn't pay attention to credit ratings, but maybe he should have. They've been trying to tell him (and other states) something. Since Gov. Chris Christie took office in 2010, New Jersey has seen its credit downgraded 10 times by the "big three" credit rating agencies. Seriously, though, the state's pension systems are a total mess. When Christie came into office in 2010, New Jersey was facing a $54 billion funding shortfall to pay for current and future retirees. He immediately set about tackling the problem—to his credit—and in 2011 the state passed a pension fund rescue plan...
  • Donald Trump's infrastructure plan wouldn't actually fix America's infrastructure problems

    11/21/2016 9:00:54 PM PST · by Tolerance Sucks Rocks · 25 replies
    Vox ^ | November 18, 2016 | Brad Plumer
    Donald Trump loves the idea of infrastructure. He brings it up all the time. He wants to make an infrastructure bill a priority in his first 100 days as president. And Democrats like Nancy Pelosi and Chuck Schumer have said they’d love to work with him on this."We are going to fix our inner cities and rebuild our highways, bridges, tunnels, airports, schools, hospitals," Trump promised cheering supporters on election night. "We're going to rebuild our infrastructure, which will become, by the way, second to none. And we will put millions of our people to work as we rebuild it."The...
  • What China’s ‘Highway Robbery’-Style Toll Roads Say About its Economy

    11/20/2016 11:02:14 PM PST · by Tolerance Sucks Rocks · 19 replies
    Epoch Times ^ | October 30, 2016 | Cai Shenkun
    Why is China’s huge toll road system running massive losses despite billions of income from toll fees? It’s another strategy devised by the communist regime to siphon wealth from the public, says Cai Shenkun, a well-known Chinese economist and blogger.The Chinese state operates the largest toll road system in the world. Toll roads across the country collect more than 400 billion yuan (US$60 billion) each year. But strangely, this profitable monopoly industry reports huge losses year after year. According to recently released data by China’s Ministry of Transportation, revenue from toll roads was 409.78 billion yuan in 2015 while operating...
  • Will the election outcome really matter? [To Zot or not to Zot?]

    11/15/2016 11:08:32 AM PST · by The Revolutionary Act · 12 replies
    The Revolutionary Act ^ | 11/15/2016 | David G. Johnson
    Public reaction to last week’s election results has been startling, from rioting on the left to Washington power-brokers on the right cozying up to the incoming President. But will the outcome of this election really matter in the long term? I’m certainly aware of the long-lasting import of SCOTUS appointments and similar decisions made by the chief executive. But it remains to be seen whether we have, in fact, dodged a bullet or signed our own death warrant as a nation. What concerns me more than ever is this simple, undeniable fact: In our Republic, power still rests firmly in...
  • David Stockman: National Debt is Ticking Time Bomb (Video -$20 Trillion Debt Ceiling)

    11/12/2016 7:14:14 AM PST · by Son House · 33 replies
    Wall Street Week ^ | Nov. 11, 2016 | Gary Kaminski and Anthony Scaramucci
    Former Reagan Budget Director David Stockman on the need to rein in America's mounting debt. "We'll hit the next recession with nothing to break the fall." On the GDP, "The growth in the baseline is totally unrealistic." Stockman also discusses a new Federal Reserve Chief, "Get the Keynesian money-printers out".
  • Kuwait still looking to issue $9.9 bln international bonds, official says

    10/25/2016 10:09:43 AM PDT · by TigerLikesRooster · 11 replies
    Reuters ^ | Oct 24, 2016
    Mon Oct 24, 2016 | 11:25am EDT Kuwait still looking to issue $9.9 bln international bonds, official says Oct 24 Kuwait is still considering the issuance of international bonds worth around 3 billion dinars ($9.90 billion), a finance ministry official told Al Arabiya TV on Monday. Like other Gulf Arab states, Kuwait is turning to debt capital markets to raise money as oil prices remain at less than half their levels two years ago. Qatar in May sold $9 billion of Eurobonds, while Saudi Arabia completed a record-breaking $17.5 billion debut offering last week. However, sources told Reuters earlier this...
  • China likely to repeat Japan’s lost decades with debt, unbalanced economy, Senate hearing finds

    10/23/2016 2:22:05 AM PDT · by TigerLikesRooster · 18 replies
    Market Watch ^ | July 14, 2016 | Harvard Zhang
    China likely to repeat Japan’s lost decades with debt, unbalanced economy, Senate hearing finds By Harvard Zhang Published: July 14, 2016 3:16 p.m. ET WASHINGTON ? China is likely to fall into the same economic trap as Japan did to muddle along with sluggish growth as it hesitates to deal with the overcapacity and excess debt issues, economists told a Senate hearing Thursday. A further slowdown in the Chinese economy would affect the U.S. by denting the exports of China’s Asian and European trading partners and encouraging a flurry of global currency depreciation, witnesses told the Senate Banking Committee. “China’s...
  • Obama administration: Budget deficit increases to $587B

    10/14/2016 3:03:18 PM PDT · by bushwon · 18 replies
    McClatchy ^ | October 14, 2016 | Andrew Taylor
    WASHINGTON The government ran a $587 billion budget deficit for the just-completed fiscal year, a 34 percent spike over last year after significant improvement from the record deficits of President Barack Obama's first years in office. Friday's deficit news, while sobering, does not appear bad enough to jolt a gridlocked Washington into action to stem the flow of red ink. It came in an annual report by the Treasury Department and the White House budget office. In the presidential campaign, intractable budget deficits and growing debt have been mostly neglected by Democrat Hillary Clinton and Republican Donald Trump. The latest...
  • Hey, Millennials, Do Deficits Matter?

    10/14/2016 3:09:14 AM PDT · by expat_panama · 25 replies
    American Thinker ^ | October 14, 2016 | Jon N. Hall
    Progressives have said that “deficits don’t matter.” Even a few conservatives have said as much. Some, however, like Speaker Paul Ryan, worry that the sharp recent rise in the national debt could lead to a “debt crisis,” a situation in which there are no painless choices, a situation where we must act... ...real debt, has grown by $7.884T, or 125 percent, over the Obama presidency... ...most of the money for those overall budget surpluses came from off-budget surpluses run by Social Security... ...Democrats were in charge of Congress in fiscal 1992 and Republicans were in charge in 2000. So Democrats...
  • Will next governor pave the way for more public-private partnerships?

    10/11/2016 7:05:15 PM PDT · by Tolerance Sucks Rocks · 5 replies
    The Indiana Lawyer ^ | October 11, 2016 | Hayleigh Colombo, IBJ Staff
    The controversial 2006 lease of the Indiana Toll Road paved the way for highway projects funded by public-private partnerships in Indiana — including the relatively smooth and nearly finished building of a bridge over the Ohio River at Louisville and the beleaguered construction of a 21-mile stretch of Interstate 69 from Bloomington to Martinsville. Indiana’s next governor — whose road-funding agenda will likely shape discussions at next year’s budget session of the Indiana General Assembly — will have a major role in crafting future deals to fund projects and maintain the state’s infrastructure. The question is whether the state will...
  • I-69 construction woes lead to another bond downgrade

    10/11/2016 1:03:45 AM PDT · by Tolerance Sucks Rocks · 15 replies
    Indiana Business Journal ^ | September 20, 2016 | Susan Orr
    Continuing delays on the construction of Interstate 69 between Bloomington and Martinsville have led to another ratings downgrade on the bonds issued to help finance the project. Standard & Poor’s has lowered its rating from BB+ to BB- on $244 million in bonds issued by the Indiana Finance Authority in 2014 for the interstate project. “The rating action reflects our view of increased construction risk at the project, which is eight months behind schedule and about 56 percent complete,” S&P Global Ratings credit analyst Tony Bettinelli said in the ratings agency’s statement on the downgrade last week. The 21-mile project,...
  • The Obama Debt Tracker: nine trillion bucks of national debt under Obama in less than eight years

    10/05/2016 5:07:30 AM PDT · by jpl · 26 replies
    United States Department of the Treasury ^ | Wednesday October 5, 2016 | United States Department of the Treasury
    On Monday October 3, 2016 America's national debt hit the staggering total combined amount of $19.64 trillion. Since President Barack Hussein Obama was inaugurated into office a little less than eight years ago, the democrats, and a few spineless republican "leaders" in congress have increased the total combined national debt by more than $9 trillion: Date                 Debt Held by the Public         Intragovernmental Holdings   Total Public Debt Outstanding 01/20/2009       6,307,310,739,681.66           4,319,566,309,231.42              10,626,877,048,913.08 10/03/2016       14,169,562,468,883.59         5,473,387,273,677.92 ...
  • Federal Debt in FY 2016 Jumped $1,422,827,047,452.46--That's $12,036 Per Household

    10/04/2016 9:27:55 PM PDT · by Mr. Mojo · 9 replies
    CNS News ^ | October 3, 2016 | Terence P. Jeffrey
    (CNSNews.com) - In fiscal 2016, which ended on Friday, the federal debt increased $1,422,827,047,452.46, according to data released today by the U.S. Treasury. At the close of business on Sept. 30, 2015, the last day of fiscal 2015, the federal debt was $18,150,617,666,484.33, according to the Treasury. By the close of business on Sept. 30, 2016, the last day of fiscal 2016, it had climbed to $19,573,444,713,936.79. According to the Census Bureau’s latest estimate, there were 118,215,000 households in the United States as of June. That means that the one-year increase in the federal debt of $1,422,827,047,452.46 in fiscal 2016...
  • In Round Numbers (to keep it simple)

    09/28/2016 2:43:56 PM PDT · by Sean_Anthony · 3 replies
    Canada Free Press ^ | 09/28/16 | Bob Christie
    Listen up now. You paying attention here? During Obama’s tenure in the White House the federal government collected $20 trillion in taxes. Oughta be enough to pay for all our stuff, you say! Unh Unh! Not so fast pilgrim! Over the same period the government spent $29 trillion. Where did it find the extra $9 trillion? We weren’t taxed to fund that additional expenditure because the proletariat would have stormed the barricades surrounding the White House if taxes went up that much, roughly 44%. How would you behave if every regular purchase . . . milk, bread, etc. . ....
  • UN fears third leg of the global financial crisis - with prospect of epic debt defaults

    09/22/2016 3:57:08 AM PDT · by expat_panama · 2 replies
    U.K. Telegraph ^ | 22 SEPTEMBER 2016 • 7:22AM | AMBROSE EVANS-PRITCHARD
    The third leg of the world's intractable depression is yet to come. If trade economists at the United Nations are right, the next traumatic episode may entail the greatest debt jubilee in history. It may also prove to be the definitive crisis of globalized capitalism, the demise of the liberal free-market orthodoxies promoted for almost forty years by the Bretton Woods institutions, the OECD, and the Davos fraternity. "Alarm bells have been ringing... ...money was wasted, skewed towards "highly cyclical and rent-based sectors of limited strategic importance for catching up," it said. Worse yet, these countries have imported the deformities...
  • The Fall of Rome-Are there Lessons to be Learned?

    09/04/2016 4:18:00 PM PDT · by Jim Robinson · 43 replies
    THE FALL OF ROME was a culmination of external and internal factors. GREAT WALL OF CHINA By 220AD, the Later Eastern Han Dynasty had extended sections of the Great Wall of China along its Mongolian border. This resulted in the Northern Huns attacking west instead of east. This caused a domino effect of tribes migrating west across Central Asia, and overrunning the Western Roman Empire. OPEN BORDERS Illegal immigrants poured across the Roman borders: Visigoths, Ostrogoths, Franks, Anglos, Saxons, Alemanni, Thuringians, Rugians, Jutes, Picts, Burgundians, Lombards, Alans, Vandals, as well as African Berbers and Arab raiders. Will and Ariel Durant...
  • I Only Date Guys With High Credit Scores

    08/25/2016 9:50:22 AM PDT · by nickcarraway · 152 replies
    New York Post ^ | August 25, 2016 | Christian Gollayan
    When it comes to love, Martina Paillant won’t settle for someone who has a credit score below 700. “I need a man who has his life together and can pay his bills,” the 22-year-old Canarsie, Brooklyn, resident tells The Post. Paillant, who attends graduate school in Miami, asks potential suitors their credit scores by the fourth date. While some may call her snooty for checking someone’s FICO number before becoming Facebook official, she’s been focused on her finances since she was 16 years old and has a credit score above 800.
  • Federal Deficits Explode — Is Anyone Paying Attention?

    08/25/2016 4:08:47 AM PDT · by expat_panama · 45 replies
    Investors Business Daily ^ | August 24, 2016 | Editorial
    Red Ink: The Congressional Budget Office says the federal deficit will be 33% higher than last year's. Over the long term, the deficit picture is just as bleak. But on campaign trail, this looming threat gets zero attention from either Hillary Clinton or Donald Trump. The CBO's updated budget projections show that federal government's fiscal outlook has worsened considerably over the past year. Red ink in fiscal year 2016, which ends on Sept. 30, will hit $590 billion. That's much worse than the CBO had expected just a few months ago... ...the CBO projects that in 10 years the annual...
  • Pa. Turnpike wedded to toll hikes, mired in debt

    08/20/2016 8:06:18 PM PDT · by Tolerance Sucks Rocks · 35 replies
    The Lehigh Valley Express-Times ^ | July 31, 2016 | Express-Times Letter to the Editor
    Is it possible that a toll road could price itself right out of its market? That's essentially what the Pennsylvania Turnpike is prescribing for itself. Last week the Turnpike Commission informed us that tolls will go up a ninth consecutive year in 2017 — and stay on a steadily upward trajectory until 2044. And of course, there's no guarantee after that. By then, we can only hope, the turnpike will have morphed into a giant solar-powered car-train — for self-driving cars, of course. "Unsustainable" is an overused word these days, but it applies to the toll road's future. The turnpike...
  • Proposed legislation would crack down on Pennsylvania Turnpike toll cheats

    08/20/2016 4:10:22 PM PDT · by Tolerance Sucks Rocks · 15 replies
    The Pittsburgh Tribune-Review ^ | August 1, 2016 | Brad Bumsted
    HARRISBURG — Motorists blow past Pennsylvania Turnpike toll booths every year, resulting in millions of dollars of losses. The agency that manages more than 500 miles of highway is supporting legislation to punish those scofflaws. A bill pending in the state Senate would “give us the hammer we need to go after habitual toll cheats,” Turnpike Commission Chairman Sean Logan said. “This measure would ensure that everyone pays their fair share. There are no free rides.” The bill by Senate Transportation Chairman John Rafferty, R-Montgomery County, and Senate Minority Leader Jay Costa, D-Forest Hills, would allow PennDOT to suspend the...
  • Ludicrous legislation takes toll on Pennsylvania Turnpike

    08/20/2016 7:49:57 PM PDT · by Tolerance Sucks Rocks · 25 replies
    The Pittsburgh Tribune-Review ^ | August 7, 2016 | Eric Heyl
    Slam on the brakes. That's what state lawmakers want to do to increasingly frequent instances of motorists skirting payment of Pennsylvania Turnpike tolls. The problem wouldn't be nearly as prevalent had many of those same legislators years ago taken a detour around the lame-brain idea that directly resulted in turnpike travel becoming significantly more costly. How costly? Pretty soon only Saudi Arabian sheiks will be able to afford the outrageous tolls, though those guys probably prefer to fly their personal planes from Pittsburgh to Breezewood. Those lacking private jet transportation sidestep the tolls in renegade fashion. They fly through toll...
  • U.S. ‘Debt Held by Public’ Tops $14,000,000,000,000; Up 122% Under Obama

    08/17/2016 12:19:15 AM PDT · by Mr. Mojo · 12 replies
    CNS News ^ | August 16, 2016 | Terence P. Jeffrey
    (CNSNews.com) - The federal government’s “debt held by the public”—as opposed to its “intragovernmental debt”—has topped $14,000,000,000,000 for the first time in history, according to the latest numbers released by the U.S. Treasury. As of the close business on Aug. 10, the “debt held by the public” was $13,987,862,462,404.79, according to the Treasury. By the close of business on Aug. 11, it had risen to $14,012,831,105,933.15. By close of business on Aug. 12, it had increased again, hitting $14,012,909,909,536.53. When President Barack Obama was inaugurated on Jan. 20, 2009, the federal government’s debt held by the public was $6,307,310,739,681.66. Since...
  • Why the Next President Should Forgive All Student Loans (grab your Barf Bag)

    08/15/2016 4:14:31 PM PDT · by Lorianne · 54 replies
    TIME ^ | 12 August 2016 | Leon Botstein
    <p>If Hillary Clinton is to win this November, she needs to motivate the electorate to come out to vote for something more than a justified aversion to Donald Trump.</p> <p>Particularly for younger voters and voters with families, she has to capture their imaginations with a bold, simple, and common sense proposal to address one of the most critical financial and social problems currently facing a generation: the student loan crisis. And she needs to do so in a way that can do the most immediate good for the nation at large.</p>
  • The Unsexy Truth About Millennials: They’re Poor

    08/15/2016 11:06:57 AM PDT · by Lorianne · 269 replies
    Daily Beast ^ | 05 August 2016 | Samantha Allen
    Millennials are not some vast unsolvable mystery. According to a report from the U.S. Census Bureau (PDF), they earn $2,000 less than their parents did at a comparable age, they are more likely to live in poverty, and they are more likely to live at home. But Baby Boomers and Gen Xers still seem to find it hard to believe that basic economic math can explain much of the younger generation’s behavior. After several news outlets, including The Daily Beast, reported that rates of millennial sexual inactivity in early adulthood are surprisingly high, armchair social theorists came out in force...
  • Insanity Once More: The Hillary Clinton Economic Plan

    08/13/2016 2:24:05 PM PDT · by Kaslin · 10 replies
    Townhall.com ^ | August 13, 2016 | Larry Kudlow
    Doing the same thing over and over again and expecting different results, when in fact the results never change, is one definition of insanity. That definition works for economic insanity, too. Over the past seven-and-a-half years, President Obama has maintained a steady course of burdensome new regulations, significant tax increases, and massive federal spending on so-called infrastructure. He has unconstitutionally ordered executive actions, favored labor over business, attacked banks, insulted successful corporate leaders, and backed federal-government mandates on business. And with all this, strong economic recovery from a deep recession -- which has been an American tradition -- never came...