Keyword: debt

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  • $10 Trillion Missing From Pentagon and No One — Not Even the DOD — Knows Where It Is

    03/27/2017 12:18:33 PM PDT · by blueyon · 71 replies
    Restoring Liberty by Joe Miller ^ | 3/26/17 | by Claire Bernish
    Over a mere two decades, the Pentagon lost track of a mind-numbing $10 trillion — that’s trillion, with a fat, taxpayer-funded “T” — and no one, not even the Department of Defense, knows where it went or on what it was spent. Even though audits of all federal agencies became mandatory in 1996, the Pentagon has apparently made itself an exception, and — fully 20 years later — stands obstinately orotund in never having complied. Because, as defense officials insist — summoning their best impudent adolescent — an audit would take too long and, unironically, cost too much.
  • Debt limit looks like a real struggle after AHCA debacle

    03/24/2017 6:48:01 PM PDT · by Drago · 20 replies
    Marketwatch.com ^ | 03/24/2017 | Steve Goldstein
    The annual wrangling around the debt limit was set to disappear, pundits thought, since Republican control of both the executive and legislative branch would effectively make any showdown over such a silly exercise an own goal. That’s the current view in the Trump White House at least. “We’ve spent the money. The concept of the debt limit is somewhat of a ridiculous concept,” said Treasury Secretary Steven Mnuchin on Friday. “I am hopeful that this something Congress addresses before the [summer] break. I think everybody understands we need to raise the debt limit, and that’s something we’re going to do.”...
  • Trump the Chumps

    03/23/2017 4:51:26 PM PDT · by Sean_Anthony · 2 replies
    Canada Free Press ^ | 03/23/17 | Dr. Robert Owens
    President Trump's first budget is a down payment on a debt too big to be paid. This is it. This is the last chance we have of returning our nation to an agenda of America First. If the globalists among the perpetually re-elected twin headed bird of prey that is the best Congress money can buy along with their Deep State/Permanent Government allies can successfully thwart this attempt to make America Great Again, there will be no reprieve. The stenographers of the Democrat Party, the ABCCBSNBCCNNMSNBCPBS Cartel media megaphone trumpets their fake news every day. Within hours this becomes the...
  • Cambodia rejects paying 'dirty debt' to the US(major hurl alert)

    03/22/2017 8:39:31 AM PDT · by Ennis85 · 8 replies
    Al Jazeera ^ | 21th March 2017 | Vannarith Chheang
    The United States has renewed its demand for Cambodia to repay a war debt of $500m amid President Donald Trump's push to improve the state budget. Such a demand has met with an outcry from Cambodian political leaders and their people, who have consistently called the debt "dirty" and "blood-stained". Clearly, the memory of the United States' war in Indochina continues to shape Cambodian perceptions of and foreign policy towards the US. Cambodia is reluctant to pay the debt. However, should the US keep forcing Cambodia to service the debt, its moral high ground may be adversely affected. "I have...
  • In First 2 Months in Office: Trump Reduced Debt by $100 Billion – Obama Increased Debt $400 Billion

    03/19/2017 4:15:35 PM PDT · by Enlightened1 · 28 replies
    GP ^ | 03/19/17 | Jim Hoft
    In First 2 Months in Office – Trump Reduces Debt by $100 Billion – Obama Increased Debt by $400 Billion – Half a Trillion Dollar Difference!   On January 20th, the day of President Trump’s Inauguration, the US Debt stood at $19,947 billion. As of March 16th, the most recent date for US debt reporting, the US Debt stands at $19,846 billion. President Trump has cut the US Debt burden by over $100 billion and 0.5% in the first two months since his inauguration!  
  • .. 2 Months in Office: Trump Reduced Debt by $100 Billion – Obama Increased ..$400 Billion

    03/19/2017 11:35:14 AM PDT · by ForYourChildren · 13 replies
    The Gateway Pundit ^ | 03/19/2017 | Jim Hoft
    In First 2 Months in Office – Trump Reduces Debt by $100 Billion – Obama Increased Debt by $400 Billion – Half a Trillion Dollar Difference! On January 20th, the day of President Trump’s Inauguration, the US Debt stood at $19,947 billion. As of March 16th, the most recent date for US debt reporting, the US Debt stands at $19,846 billion. President Trump has cut the US Debt burden by over $100 billion and 0.5% in the first two months since his inauguration! {..snip..}
  • Trump Administration Rolls Back Obama Protections On Student Loans

    03/19/2017 5:41:12 AM PDT · by bobsunshine · 103 replies
    ZeroHedge ^ | March 18, 2017 | Tyler Durden
    Just days after reports emerged that student loan defaults are soaring, which is undoubtedly due to some combination of, among other things, poor job prospects for the millions of snowflakes who graduate each year with their $200,000 educations in anthropology and the moral hazard created by liberal politicians constantly calling for student debts to be 'forgiven' (a.k.a. forcefully jammed down the throats of taxpayers), the Trump administration has revoked rules put in place by Obama that barred student debt collectors from charging penalty fees on past-due loans. Originating from the Department of Justice, the "Dear Colleague" letter (full letter included...
  • EXPOSED: Hillary Clinton’s Puerto Rico “Debt Relief” SCAM

    10/17/2016 7:36:43 PM PDT · by blueyon · 16 replies
    TheFederalistPapers.org ^ | 10/17/16 | Derrick Wilburn
    With each passing day, more compromising of national security, self-serving and self-enriching behaviors, frauds, scams and general malfeasance on the part of Hillary Clinton come to light via new Wikileaks data dumps. But the news media’s obsession with things Donald Trump has said consistently overshadows things Hillary Clinton has actually done. Revelations have now surfaced that Clinton backed the Puerto Rico Debt Relief Bill, a plan to help the financially struggling U.S. commonwealth deal with a $70 billion debt it managed to rack up, after a top Clinton fundraiser –who just happens to be a lobbyist for the Puerto Rican...
  • Vanity: What to do when your nation is drowning in debt and about to go under for good

    03/11/2017 1:06:10 PM PST · by Jim Robinson · 68 replies
    March 11, 2017 | Jim Robinson
    Our big spending national government—whether Republican, Democrat or whatever—ran up a national debt approaching ten trillion dollars during the 220 and some odd years prior to Obama taking office. During Obama’s 8 year term, our big spending government nearly doubled that debt. No one’s fault (cough, cough), but we and our posterity are now staring at an unbelievable, unmanageable, unsustainable, unpayable mountain of twenty trillion dollars in accumulated debt with no let up in sight! In fact they want to continue the wholesale printing and spending of money we don’t have and they’re planning on raising the debt ceiling to...
  • The Dark Cloud over the Trump Presidency: Uncontrolled Spending

    03/10/2017 10:30:07 AM PST · by SeekAndFind · 38 replies
    American Thinker ^ | 03/10/2017 | Steve McCann
    There is an old French adage that applies to the Republicans in Congress and perhaps the Trump Administration: “Plus ca change, plus c’est la meme chose” (“The more things change, the more they stay the same”).   The appetite for ever greater government spending appears to be no different than in previous years.  This uncontrolled addiction, unless reined, in will cast a dark cloud over entire term of the Trump presidency. Rather than an outright repeal, the hierarchy of the Congressional leadership has just given birth to an amended version of Obamacare that does not eliminate subsidies but recasts them...
  • Amazing: US Debt Decreased by More Than $60 Billion Since Trump Inauguration

    03/10/2017 7:06:31 AM PST · by Leaning Right · 25 replies
    Gateway Pundit ^ | Mar 10th, 2017 | Jim Hoft
    On January 20th, the day of the Trump Inauguration, the US Debt stood at $19,947 billion. On March 8th, more than a month later, the US Debt load stood at $19,879 billion. Trump has cut the US Debt burden by $68 billion and 0.3% in since his inauguration! *snip* By comparison, under President Obama, the US Debt burden increased by more than $320 billion after his inauguration through March 8th 2009. Obama increased the US Debt by 3.1% during this time period...
  • Mnuchin calls on Congress to raise debt limit as deadline approaches

    03/09/2017 8:08:40 PM PST · by Angels27 · 32 replies
    CNBC ^ | 3-9-17 | Jacob Pramuk and John W. Schoen
    Treasury Secretary Steven Mnuchin has called on Congress to raise the United States debt limit "at the first opportunity." In a letter to congressional leaders dated Wednesday, Mnuchin said the Treasury will stop issuing certain state and local securities on March 15, when the most recent suspension of the debt limit expires. Mnuchin said the Treasury will likely start taking "extraordinary measures" the next day, when the U.S. will be at its statutory limit, to prevent default. "As I said in my confirmation hearing, honoring the full faith and credit of our outstanding debt is a critical commitment. I encourage...
  • Should the United States Abandon the Federal Reserve System?

    03/09/2017 8:07:43 PM PST · by Tolerance Sucks Rocks · 54 replies
    Economics Wire ^ | March 9, 2017 | Viliyana Filipova / Mr. Conrad
    The Federal Reserve gives us the freedom to buy things now that we would otherwise have to wait for.In looking at the Federal Reserve, it is important to note that this is a money system, not just a group of people sitting in a conference room controlling everything having to do with the US dollar. The Fed is a system just like the government of the US is a system. What that means is that no one controls it, and that it is much bigger than any one person or group of people could ever control. They can guide it,...
  • Illinois Is Prepared—for Zombies The state readies for an undead apocalypse -financial

    03/07/2017 3:07:13 PM PST · by KeyLargo · 17 replies
    WSJ ^ | March 6, 2017 | Gerald Skoning
    Illinois Is Prepared—for Zombies The state readies for an undead apocalypse while its financial situation grows worse. Gerald Skoning Illinois’s state lawmakers are busy these days, but not with trying to reform the pension system or improve Springfield’s dismal bond rating. Instead, they’re moving to designate October 2017 as Zombie Preparedness Month. This may sound like a joke, but it’s (un)deadly serious: A resolution adopted by the state House last month contends that “while a Zombie Apocalypse may never happen, the preparation for such an event is the same as for any natural disaster.” Residents are urged to “create a...
  • Obama's Legacy: Half Of College Students Now Expect Taxpayers To Bail Them Out

    03/03/2017 9:39:20 PM PST · by 198ml · 35 replies
    When President Obama came into the White House eight years ago, he promised a "New Era of Responsibility." It didn't work out that way, particularly for student loans, leaving President Trump with a huge mess to clean up. In fact, when it comes to borrowing for college, students are being utterly irresponsible. A recent survey by LendEDU of 500 current college students found that 49.8% of them think that the federal government will forgive their loans after they graduate.
  • Politifact Says Trump Is Right, But Then Rates His Remark ‘Mostly False’

    02/27/2017 10:44:38 AM PST · by SeekAndFind · 8 replies
    Daily Caller ^ | 02/27/2017 | ALEX PFEIFFER
    Politifact decided to fact-check one of President Donald Trump’s tweets Sunday and found that “the numbers check out.” The fact-checking site then rated the tweet “mostly false.”“The media has not reported that the National Debt in my first month went down by $12 billion vs a $200 billion increase in Obama first mo,” Trump tweeted.The tweet from Trump came after Gateway Pundit reported on the change in the national debt under the two respective presidents and after former Godfather Pizza CEO Herman Cain brought up the figures on Fox News.Politifact wrote: “The numbers check out. And in fact, the...
  • Poll: Half of College Students Believe Their Student Loans Will Be Forgiven

    02/27/2017 5:02:01 AM PST · by davikkm · 42 replies
    breitbart ^ | KATHERINE RODRIGUEZ
    Half of college students believe their student loans will be forgiven after graduation, according to a recent poll. LendEDU, “a private firm that connects students and their families with student loans and loan refinancing,” conducted a survey that found 49.8 percent of students believe the government would forgive their student loans after graduation, the New York Post reported. Despite what these students believe, there are actually a limited number of instances where the government can forgive student loans.
  • Connecticut Ranked As State With Worst Fiscal Status – Second Only To Puerto Rico

    02/26/2017 10:12:15 PM PST · by RC one · 46 replies
    Breitbart ^ | 3 Jun 2016 | Dr. Susan Berry 3 Jun 2016
    Connecticut – led by a Democrat legislature and governor and represented by an entirely Democrat congressional delegation – ranks as dead last among the states, owing largely to its massive debt obligations and unfunded liabilities. According to Mercatus, Connecticut’s fiscal state is “poor across all categories,” which cover cash, budget, long-term, citizen service-level, and trust fund solvency. The study finds: On the basis of its fiscal solvency in five separate categories, Connecticut ranks 50th among the US states and Puerto Rico for its fiscal health. Connecticut’s fiscal position is poor across all categories. With between only 0.46 and 1.19 times...
  • Stockman: "After March 15 Everything Will Grind To A Halt"

    02/26/2017 2:39:01 PM PST · by blam · 97 replies
    Zero Hedge ^ | 2-26-2017 | Tyler Durden
    Two weeks after David Stockman warned that "the market is apparently pricing in a huge Trump stimulus. But if you just look at the real world out there, the only thing that's going to happen is a fiscal bloodbath and a White House train wreck like never before in U.S. history" and exclaimed that, when looking at markets, "what's going on today is complete insanity" he is back with another interview, this time with Greg Hunter of USAWatchdog in which he, once again warns, that a giant fiscal bloodbatch is coming soon, and urges listeners to pay especially close attention...
  • Am I directly or indirectly responsible for the national debt?

    02/26/2017 2:20:28 PM PST · by Laframboise Covenant · 24 replies
    Laframboise Security Covenant ^ | N/A | Laframboise Security Covenant
    Am I directly or indirectly responsible for the national debt? This information is sent so that an exchange through dialogue be made possible. Almost every day, many people keep saying that the system is corrupt, the system needs change, the system, the system and so on. Recently it was discovered that this system is an accounting matrix called double-entry bookkeeping. The sole purpose of this accounting system is for PROFIT through a variety of methods such as interest, taxes, etc. Here is how it begins. All my life I've heard that we receive value for the income taxes we pay...
  • Media Freaks After Trump Decreases National Debt by $12 Billion (Includes Data From U.S. Treasury)

    02/25/2017 4:16:53 PM PST · by Rufus Shinra · 21 replies
    Trump Conservative ^ | 2/25/2017 | Rufus Shinra
    President Trump has done what has seemed like an impossible task for recent administrations, and that is to actually curb government spending and reduce the national debt by $12 Billion during his first month in office. Trump announced his achievement of reducing the national debt by sending out a tweet, which quickly caused the media to scramble for stories that could diminish this financial victory. The day before Trump was sworn into office, January 20, 2017, the national debt was $19,947 billion. A month later on February 21, 2017, the US debt was reduced to $19,935 billion, a decrease of...
  • National debt down $12 billion in President Trump's first month

    02/25/2017 9:38:02 AM PST · by Trump20162020 · 37 replies
    Twitter ^ | February 25, 2017 | Donald Trump
    The media has not reported that the National Debt in my first month went down by $12 billion vs a $200 billion increase in Obama first mo.
  • Is EU Getting Worried About High Debt?

    02/23/2017 2:00:22 PM PST · by davikkm · 1 replies
    IWB ^ | Victor Mozambigue
    Debt is not just an American or Chinese problem. The EU is equally mortified with debt and the problem is not just in Greece. As per the Maastricht Treaty, the countries EU states cannot have debt more than 60% of their GDPs. Currently, the situation is nowhere close to this ideal as 21 countries have passed this limit and 5 have more debt than their GDP. The situation is serious with Greece, where the debt is 177 percent of the GDP. While the world is focusing on Greece’s extreme debt crisis, Italy and Portugal easily miss the spotlight despite having...
  • Amazing! Trump Cuts US Debt by $12 Billion In His First Month

    02/23/2017 7:24:50 AM PST · by davikkm · 57 replies
    On January 20th, the day of the Trump Inauguration, the US Debt stood at $19,947 billion. On February 21st, a month later, the US Debt load stood at $19,935 billion. Trump cut the US Debt burden by $12 billion and 0.1% in his first month in office! On January 20, 2017, the US debt was $19.947 billion. On February 21, 2017, the US debt was $19,935 billion.
  • 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...