Keyword: debt

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  • 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...
  • Guest Commentary: Who's At Fault For Student Loans?

    08/12/2016 8:22:16 AM PDT · by george76 · 66 replies
    WBUR ^ | August 11, 2016 | Bob Hildreth
    whom to blame for the student loan crisis; it’s big banks, big government and big corporations ... But if we are really honest, it is us, the citizens, who are to blame. We let our government enter into a crazy scheme of financing America’s colleges with debt. As a taxpayer, you had the right to protest. At any time over the past 50 years, you could have elected leaders who would have replaced the federal student loan program. But you looked away. You accepted the indebted fate of your children. ... Colleges responded by gulping up all the money they...
  • Trump reverses on federal debt: 'This is the time to borrow'

    08/12/2016 4:41:01 AM PDT · by Kevin C · 82 replies
    Washington Examiner ^ | 8/11/2016 | Joseph Lawler
    Donald Trump appeared to change his stance on the federal debt Thursday, saying that, with interest rates low, the U.S. should borrow money to spend on infrastructure rather than lowering the $14 trillion federal debt. "This is the time to borrow," the Republican candidate said in an interview on CNBC Thursday morning. "Normally, you would say you want to reduce your debt, and I would like to reduce debt too," Trump said, before explaining that "the problem is you have a military problem, you have an infrastructure problem — a tremendous infrastructure problem, and you have other problems. And also,...
  • Obama is leaving his successor a national debt nightmare

    08/08/2016 2:24:24 PM PDT · by ChicagoConservative27 · 26 replies
    “So simple. So simple.” Those were the key words that Donald Trump used Monday in his most detailed and important speech of the election so far. The economy, he said, “won’t even be that hard to fix.” That’s when Donald Trump finally became a real politician. Congratulations to him! There are two things that voters like to hear. One is that a person running for the highest public office in the nation has a plan. And, two, that he thinks the plan can not only be enacted but that it can be easily enacted. Trump likes to make things look...
  • CBO: Deficit larger than expected

    08/06/2016 6:58:37 PM PDT · by fluorescence · 15 replies
    The Washington Times ^ | Friday, August 5, 2016 | Stephen Dinan
    The federal government has sunk deeper into the red than analysts projected just five months ago, and is now poised to post a $590 billion shortfall this fiscal year, the Congressional Budget Office said Friday. That’s some $56 billion worse than the CBO had projected in March, and it comes as new spending far outpaces revenues. Both individual and corporate income tax revenue is down so far this year — though the reasons are not fully clear yet, analysts said. What is clear, though, is that government spending continues to rise, and when adjusted for the timing of payments is...
  • Should the Mainstream Middle Class Be Rescued or Made to Sink?

    08/02/2016 4:17:06 PM PDT · by CorporateStepsister · 34 replies
    Mind of Corporate Stepsister | August 2 2016 | Corporate Stepsister
    This has been on my mind and chest for a long time and basically I want to get your views on this topic. Everyone says we need to save/rescue the mainstream middle class from oblivion and basically do what we can to bring jobs. To be honest, I'm all for letting the mainstream middle class sink or swim. I don't like how the mainstream whine about people on welfare being dependent on the government, but want the government to create laws and policies to protect their interests. They want student loans forgiven, but keep taking out massive loans for prestigious...
  • Why Americans Should Care the U.S. is Approaching $20 Trillion in Debt

    08/02/2016 1:48:55 PM PDT · by MichCapCon · 38 replies
    Capitol Confidential ^ | 8/1/2016 | Tom Gantert
    The U.S. national debt has increased every year this century and is approaching $20 trillion, nearly four times what it was in 2000. It has also grown relative to the national economy. While it was an amount equal to 55 percent of the nation’s gross domestic product in 2000, it reached 101 percent of GDP in 2015. While most Americans are unaware of the escalating debt, some economists warn that citizens will eventually feel the consequences. According to U.S. Debt Clock, the U.S. national debt stands at $19.4 trillion as of July 26. It was $5.7 trillion in 2000 and...
  • BEWARE! America’s 2nd War for Independence has begun!

    07/31/2016 12:28:14 PM PDT · by HomerBohn · 45 replies
    Tea Party Email | 7/30/2016
    Know this: Sedition has infested our government and a diabolical scheme to commandeer America has been exposed. Our citizen-driven Republic is being turned into a totalitarian state right under our nose! What the Global Elitists can’t have they now seek to destroy. Think I’m kidding? Keep reading! BREXIT was the UK’s Tea Party. The UK figured out the Global Elitist’s secret weapon. They discovered that the use of uncontrolled migration was the kingpin to commandeer any nation… leaving it helpless in the face of the advancing hordes. Watch out! Just like the Global Elitists tightened their grip on the throats...
  • The CBO Looks Ahead to a U.S. Fiscal Disaster

    07/23/2016 5:59:34 AM PDT · by reaganaut1 · 100 replies
    Barron's ^ | July 23, 2016 | THOMAS G. DONLAN
    The American debt problem was almost entirely ignored at the Republican National Convention last week, and we can expect nothing more when the Democrats gather this week. Both parties support the entitlement spending system and the decrepit tax system that fails to support it. They compete on the fiscal side of politics with impossible promises to spend more and tax less. Imagine the U.S. Treasury as an airplane beginning to roll down the runway to take off. For a mile or so, the plane gains no altitude, then the wings start to generate lift. The wheels leave the ground and...
  • Stop Bleeding Red Ink, Make America Sustainable Again

    07/21/2016 5:51:20 AM PDT · by Kaslin · 11 replies
    Townhall.com ^ | July 21, 2016 | Veronique de Rugy
    The Congressional Budget Office recently released its long-term budget outlook. There isn't much new there; we are still in the red, and it will only continue to get worse. Considering the extent of the problem, you would think someone on the campaign trail would pay attention. Yet no presidential candidate really is. First, CBO projects that the federal public debt-to-GDP ratio will go from its current 75 percent (up from 39 percent in 2008) to 86 percent in 2026 and 141 percent in 2046. On the deficit side, CBO projects that by 2020, our deficit level will reach $1 trillion,...
  • Student Debt Helps, Not Harms, the U.S. Economy, White House Says

    07/19/2016 12:02:51 PM PDT · by Brilliant · 34 replies
    WSJ ^ | July 19, 2016 | Josh Mitchell
    The White House just released a big report on student debt that contains all the familiar horrors about for-profit schools, indebted dropouts and students defaulting on their loans. But it has an interesting conclusion: That growing stack of $1.3 trillion in student debt is helping, not hurting, the U.S. economy. That conclusion is sure to rankle the many student advocates and special-interest groups—from real-estate agents to employers seeking new tax breaks for their young workers—that argue student debt is a big “drag” on the economy. (Hillary Clinton and Donald Trump have each decried the rise in student debt.) But the...
  • New report calls for ‘justice for millennials’

    07/18/2016 5:05:36 PM PDT · by BenLurkin · 45 replies
    cnbc.com ^ | 07/18/2016 | Luke Graham
    The report, "Stagnation Generation", calls for the social contract between young and old generations to be renewed, as millennials are at risk of becoming the first generation to earn less over their lifetime than earlier generations. According to the report, in the U.K. today's 27 year olds are earning the same amount as a 27 year old would have 25 years ago. "A typical millennial has actually earned Ł8,000 ($10,587) less during their twenties than those in the preceding generation – generation X," the report claims. ... Meanwhile, young people are failing to get onto the property ladder. The report...
  • Grappling With The Paradox Of Theft [NATIONS W/ MORE DEBT ARE RICHER]

    07/14/2016 5:01:58 AM PDT · by expat_panama · 17 replies
    Investors Business Daily ^ | July 13, 2016 | TODD G. BUCHHOLZ
    ...as a family grows wealthier, it is less likely to fall into deep debt, default and bankruptcy... ...the opposite is often true for the finances of individual countries -- wealthier nations may pile up proportionately more debt than poorer nations! Amid the onslaught of the Great Recession in 2010, developing countries like Mexico and Russia had smaller debt burdens than the United States, Japan and the eurozone. While the United States stacked up debt equal to about 75% of its annual output, Russia owed only 10%. When the U.S. annual budget deficit soared to over 10% of GDP, Russia's deficit...
  • National Debt On Track To Hit 141% Of GDP As Outlook Worsens -- CBO

    07/13/2016 4:43:28 AM PDT · by IBD editorial writer · 42 replies
    Investor's Business Daily ^ | 7/12/2016 | John Merline
    The nation's long-term fiscal picture has grown considerably more dire over the past year, according to the latest forecast from the nonpartisan Congressional Budget Office, driven mainly by out-of-control spending. The CBO now expects federal debt held by the public to reach 141% of the nation's GDP by 2046, assuming that current policies remain in place. That's up sharply from last year's forecast of 111%, and would be the highest level of debt in the nation's history.
  • A staggering percentage of Americans are too poor to shop

    07/08/2016 8:29:44 PM PDT · by dynachrome · 207 replies
    NY Post ^ | 7-6-16 | Lisa Fickenscher
    Retailers have blamed the weather, slow job growth and millennials for their poor results this past year, but a new study claims that more than 20 percent of Americans are simply too poor to shop. These 26 million Americans are juggling two to three jobs, earning just around $27,000 a year and supporting two to four children — and exist largely under the radar, according to America’s Research Group, which has been tracking consumer shopping trends since 1979.
  • Highway project delays rack up $700 million cost overruns

    06/24/2016 9:54:35 AM PDT · by Tolerance Sucks Rocks · 20 replies
    The Milwaukee Journal Sentinel ^ | June 13, 2016 | Catie Edmondson
    Madison— Faced with delays and inflation over the past five years, four major state highway projects — including a Madison artery — have accumulated overruns in excess of $700 million. While some of these increases come from faulty cost estimates or unavoidable inflation, the new figures underline the obvious: Delays can be costly for Wisconsin taxpayers. When projects are paused because of financial challenges in the state's road fund, the price of materials, labor and real estate can rise. The numbers compiled by the Milwaukee Journal Sentinel underline the urgency of a divisive issue for Wisconsin's Republican leaders: finding a...
  • Nigel Farage: Looks Like Remain Will Edge It

    06/23/2016 2:40:16 PM PDT · by Callahan · 43 replies
    Sky ^ | 6/23/16 | Anon.
    Nigel Farage has told Sky News it "looks like Remain will edge it" as votes are counted in the EU referendum. The UKIP leader said it had been an "extraordinary" campaign and it looked like turnout had been "exceptionally high". He also insisted UKIP were "going nowhere" and predicted the party would "continue to grow stronger in the future". Although a long time campaigner for the UK to split from Brussels, Mr Farage is not the official leader of the Leave camp.
  • Spain's public debt surpasses 100% in 20-year high

    06/15/2016 10:34:36 AM PDT · by familyop · 7 replies
    AFP, Yahoo News ^ | June 15, 2016 | AFP
    Madrid (AFP) - Spain's public debt rose above 100 percent in the first quarter to its highest level in 20 years, the central bank said Wednesday as Madrid faces an EU sanctions threat for public overspending. Debt as a proportion of economic output hit 100.5 percent in the first quarter up from 99.2 percent at the end of 2015, the bank said in a statement.
  • These Debt Slaves are the Government’s Largest Asset Class, and it will Haunt the Economy for Years

    06/15/2016 8:36:41 AM PDT · by Lorianne · 14 replies
    Wolf Street ^ | 13 June 2016 | Wolf Richter
    One of the biggest threats to our economic outlook.” Endless discussions of how important inflation is to the US economy, and how there hasn’t been enough of it in recent years, and how more inflation would be a godsend, has become the standard. The threat of lethal deflation is being brandished to rationalize all kinds of absurd monetary policies. And we know why: inflation is good only for debtors, in an over-indebted country. But that’s not true either. Because a lot of debtors, particularly those who funded their education with loans, are being strangled by … inflation. “College Tuition and...
  • Robots will take over most jobs in the world by 2045

    06/06/2016 3:04:31 PM PDT · by plain talk · 87 replies
    The Economic Times ^ | Jun 6, 2016 | Techradar
    As we reach the middle of the 21st century, half the population of the world will lose their job to a machine. The latest comes from Moshe Vardi, professor at Rice University , Houston, who delivered a talk to the American Association for the Advancement of Science , exploring the question: "If machines are capable of doing almost any work humans can do, what will humans do?" Vardi reckons that half of workers across the globe will be replaced by machines within the next 30 years, wiping out middle-class jobs and "exacerbating inequality". He noted that robots would take over...
  • Like Ebay For Oilfields, EnergyNet Booms As Oil Busts

    06/01/2016 6:47:09 PM PDT · by 2ndDivisionVet · 2 replies
    Forbes ^ | June 1, 2016 | Christopher Helman
    How online auctioneer EnergyNet helps bring liquidity, and recovery, to America’s busted oil patch. In the first 18 months of the oil bust, 70 companies have gone bankrupt, defaulting on $40 billion in debt. A trillion dollars of oil company equity has been wiped out. Layoffs top 200,000. With oil holding at around $45 a barrel, more liquidations are on the way. Already the old guys swear this bust is worse than in 1986, when oil dropped below $25 in today’s dollars. At least one thing is better now: Thanks to the magic of the Internet, it’s easier for cash-strapped...
  • For First Time in Modern Era, Living With Parents Edges Out Other Living Arrangements for 18-34y.o.

    05/31/2016 1:19:52 PM PDT · by TigerClaws · 68 replies
    Broad demographic shifts in marital status, educational attainment and employment have transformed the way young adults in the U.S. are living, and a new Pew Research Center analysis of census data highlights the implications of these changes for the most basic element of their lives – where they call home. In 2014, for the first time in more than 130 years, adults ages 18 to 34 were slightly more likely to be living in their parents’ home than they were to be living with a spouse or partner in their own household. 1 This turn of events is fueled primarily...
  • Alan Greenspan Warns That Venezuelan Style Martial Law Will Soon Come To The US

    05/31/2016 10:32:00 AM PDT · by blam · 70 replies
    The Market Oracle ^ | 5-31-2016 | Jeff_Berwick
    May 31, 2016 Jeff_Berwick It seems barely a day passes now without some big name person warning of imminent collapse. The latest is Alan Greenspan. In an interview on Thursday he told Fox News that Venezuela is now under martial law and that “America is next.” He said that what was happening in Venezuela was inevitably going to take place in the US. I agree with this. In fact, we said this exact thing just last week with our article, “Venezuela Descends Into Chaos… Europe and US Next.” Funny enough, a few brainwashed sheeple said we were crazy for saying...
  • Official: Paying Off Texas Toll Roads Debt Would Cost $38B

    05/24/2016 10:02:41 PM PDT · by Tolerance Sucks Rocks · 31 replies
    Construction Equipment Guide ^ | April 29, 2016 | Associated Press
    AUSTIN, Texas (AP) A Texas Department of Transportation official said the state would need $38 billion to pay off debt linked to dozens of toll roads and make the highways free to drivers. Executive director James Bass updated a Texas House panel in Austin. The 2015 Legislature ordered TxDOT to report on the status of Texas toll roads. A final report is due in September.
  • Chinese banks sitting on $1.7 trillion debt time bomb

    05/24/2016 6:07:35 AM PDT · by TigerLikesRooster · 17 replies
    ABC(Australia) ^ | May 24, 2016 | Stephen Letts
    Chinese banks sitting on $1.7 trillion debt time bomb by business reporter Stephen Letts Chinese banks are looking down the barrel of a staggering RMB 8 trillion - or $1.7 trillion - worth of losses according to the French investment bank Societe Generale. Put another way, 60 per cent of capital in China's banks is at risk as authorities start the delicate and dangerous process of reining in the debt-bloated and unprofitable state-owned enterprise (SOE) sector. Disturbingly though, debt is not only not shrinking, it is accelerating, making the eventual reckoning far worse. China's overall non-financial debt grew by 15.2...
  • The coming debt bust [China’s financial system]

    05/21/2016 6:38:20 PM PDT · by TigerLikesRooster · 21 replies
    Economist ^ | May 7th 2016
    China’s financial system The coming debt bust It is a question of when, not if, real trouble will hit in China May 7th 2016 | From the print edition Timekeeper CHINA was right to turn on the credit taps to prop up growth after the global financial crisis. It was wrong not to turn them off again. The country’s debt has increased just as quickly over the past two years as in the two years after the 2008 crunch. Its debt-to-GDP ratio has soared from 150% to nearly 260% over a decade, the kind of surge that is usually followed...
  • Why oil and gas companies are barely scraping by

    05/20/2016 8:29:09 PM PDT · by Lorianne · 12 replies
    Yahoo News ^ | 17 May 2016 | Justine Underhill
    Last quarter, over 86% of energy sector operating profits were used to cover the interest payments on debt. U.S. energy sector (XLE) is facing $370 billion of debt, a number that has more than doubled in the past decade. But even as oil rebounds off 13-year lows, many energy companies are struggling to stay afloat. To simply make the interest payments on the debt, energy companies shelled out $16.7 billion last year—about half of their total operating profit, according to data compiled by FactSet and Yahoo Finance. The figures from the past quarter are increasingly grim: over 86% of energy...
  • Central Bank Dump Of US Debt Deepens

    05/20/2016 6:42:09 PM PDT · by Lorianne · 25 replies
    Contra Corner ^ | 18 May 2016 | Patrick Gillespie
    Central banks are dumping America’s debt at a record pace. China, Russia and Brazil sold off U.S. Treasury bonds as they tried to soften the blow of the global economic slowdown. They each sold off at least $1 billion in U.S. Treasury bonds in March. In all, central banks sold a net $17 billion. Sales had hit a record $57 billion in January. So far this year, the global bank debt dump has reached $123 billion. It’s the fastest pace for a U.S. debt selloff by global central banks since at least 1978, according to Treasury Department data published Monday...
  • Stanford: Public Pension Debt Jumps 84%, to $4.8 trillion

    05/11/2016 6:54:55 AM PDT · by george76 · 8 replies
    Breitbart ^ | 11 May 2016 | Chriss W. Street
    the public pension debt for the 50 states and the District of Columbia jumped 84 percent in recent years, from $2.625 trillion in 2008 to $4.833 trillion in 2014. ... The highest pension debt/household is in Alaska, with an estimated $113,137 figure; Illinois and California are in the second and third highest rankings at more than $77,000 per household.” The lowest state pension debt per household is in Tennessee at $17,761. Illinois has the lowest “market funded ratio” (value of pension assets divided by market liability), at 23.3 percent. The other 49 U.S. states and Washington, D.C. have a market...
  • Treasury Secretary hopes to jump-start help for Puerto Rico (Balls in Ryan's court)

    05/09/2016 3:17:20 PM PDT · by Beautiful_Gracious_Skies · 26 replies
    AP ^ | May 9, 2016 | Mary Clare Jalonick
    Treasury Secretary Jacob Lew got a first-hand look at the humanitarian impact of Puerto Rico's $70 billion debt crisis, touring an elementary school struggling with limited electricity and a hospital unable to provide some basic services to infants....... Garcia said that Puerto Rico is not asking for a bailout and has not been offered one...... "If Congress does not act then we will need a bailout, and it will be very expensive to U.S. taxpayers," he said.
  • Donald Trump won't bail out Puerto Rico

    05/09/2016 1:14:14 PM PDT · by Beautiful_Gracious_Skies · 94 replies
    CNN -Money ^ | May 7, 2016 | Heather Long
    Donald Trump says Puerto Rico has "far far too much debt," and the U.S. government shouldn't bail out the island....... Puerto Rico is in crisis mode. It has run up $70 billion in debt, a staggering amount for an island of under 3.5 million people..... "You have to cut the debt way down and get back to business," he said.
  • 19.188 trillion and counting

    05/08/2016 10:48:53 AM PDT · by Degaston · 12 replies
    Since Boehner and Ryan took over the finances of the federal government we have seen the national debt keep growing. It's now 19.188 trillion. How will we pay this and the exponentially growing interest? The taxpayers are tapped out. The disciples of Bernie are wanting to burn even more dough. But it will be years before the Treasury will bring in enough revenue to cover the already accumulated deficit and interest obligations before it can spend another penny except through more borrowing.
  • Trump: I’ll reduce the national debt by getting creditors to accept less

    05/06/2016 1:00:04 PM PDT · by SeekAndFind · 72 replies
    Hotair ^ | 05/06/2016 | AllahPundit
    <p>Reminds me of something Mike Murphy said about Trump in the aftermath of Jeb’s collapse. The logic in favor of nominating another Bush was always, er, complicated, but the logic against nominating a loose cannon is straightforward.</p> <p>I’ll bet even Murphy didn’t think Trump would advertise the possibility that America’s creditors might not receive payment in full in a Trump administration. Choose your own preferred term for what he’s recommending here — renegotiation, bankruptcy, default.</p>
  • Donald Trump’s Idea to Cut National Debt: Get Creditors to Accept Less

    05/06/2016 5:38:20 AM PDT · by reaganaut1 · 154 replies
    New York Times ^ | May 6, 2016 | BINYAMIN APPELBAUM
    One day after assuring Americans he is not running for president “to make things unstable for the country,” the presumptive Republican nominee, Donald J. Trump, said in a television interview Thursday that he might seek to reduce the national debt by persuading creditors to accept something less than full payment. Asked whether the United States needed to pay its debts in full, or whether he could negotiate a partial repayment, Mr. Trump told the cable network CNBC, “I would borrow, knowing that if the economy crashed, you could make a deal.” He added, “And if the economy was good, it...
  • In 6 Months Since Budget Deal: Debt Up More Than $1 Trillion

    05/02/2016 7:14:18 PM PDT · by xzins · 66 replies
    CNS ^ | May 2, 2016 | Terence P. Jeffrey
    In the six months that have passed since then-retiring House Speaker John Boehner and Senate Majority Leader Mitch McConnell cut a budget deal with President Barack Obama that suspended the legal limit on the federal debt until March 15, 2017, the federal debt has increased by more than $1 trillion. The Senate passed “The Bipartisan Budget Act of 2015” with a vote held in the early morning hours of Friday, Oct. 30. Obama signed it on Monday, Nov. 2. At the close business on Oct. 30, 2015, the total federal debt was $18,152,981,685,747.52. By the close of business on April...
  • Atlantic City, America’s Worst-Rated Town, Stares at Default

    04/29/2016 10:40:44 AM PDT · by C19fan · 30 replies
    Wall Street Journal ^ | April 28, 2016 | Timothy W. Martin and Heather Gillers
    Atlantic City has so little money left that it could miss a $1.8 million bond payment due Sunday, a step that would make it the first New Jersey municipality to default on debt since the Great Depression. The Jersey Shore gambling destination has endured years of strain as a third of its casinos shut down. But now its cash levels are low enough that bankruptcy is a possibility for the 39,000-population city, according to Mayor Don Guardian.
  • Icahn: Republicans don’t understand economics and it’s killing the country

    04/28/2016 4:09:53 PM PDT · by mrsmith · 65 replies
    cnbc ^ | 4/28/2016 | Everett Rosenfeld
    "...Icahn, who Trump had previously suggested could serve as his Treasury secretary, warned that markets will have a "day of reckoning" without fiscal stimulus, and argued that the U.S. government "certainly could do more spending." "The Republican Party that I used to be more sympathetic with — I'm right in the middle now, although as you know I'm for Trump — but what I would say is Congress is in this massive gridlock," he said, explaining that the Republican-controlled body is "obsessed with this deficit to a point that I think it's almost pathological..." "
  • $500 Billion In Lost Oil Revenues Forces Gulf Nations To Turn To Debt Markets

    04/28/2016 2:24:51 PM PDT · by bananaman22 · 9 replies
    The International Monetary Fund (IMF) has projected a whopping $500 billion loss in revenue for the Gulf nations in 2016, which is 30 percent more than the $390 billion lost in 2015. The massive shortfall has crippled the gulf economies, which are facing record budget deficits and seeking external funding to overcome it. Many experts believe that $100 per barrel oil prices are history, and we might not revisit those prices for more than a decade. It implies that the recent crisis will not end as quickly as the downturn in 2007-2009. The oil-dependent nations will have to figure out...
  • Saudi Arabia Approves Economic Reform Program

    04/25/2016 6:40:41 AM PDT · by Tolerance Sucks Rocks · 15 replies
    The Wall Street Journal ^ | April 25, 2016 | Margherita Stancati and Dahlia Kholaif
    RIYADH—Saudi Arabia, crimped by low crude prices, approved Monday a long-term blueprint for the kingdom’s economic transformation aimed at reducing its dependence on oil. The multiyear plan, dubbed “Saudi Vision 2030,” was approved by the cabinet, according to Saudi Arabia’s monarch, King Salman. The Saudi cabinet, in a statement carried by the official Saudi Press Agency, said the government’s economic council would be in charge of overseeing the vision’s implementation. Saudi officials later Monday were to present a broad overview of the country’s most extensive economic shake-up in decades. The steep drop in oil prices has given new urgency to...