Keyword: debt

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  • We’re Number Two

    12/14/2014 10:51:14 AM PST · by Sean_Anthony · 6 replies
    Canada Free Press ^ | 12/14/14 | Alan Caruba
    The fact remains that Main Street is in trouble. The nation requires an economy in which new businesses are created and existing ones can afford to expand. That is not happening The U.S. was the world’s number one economy prior to World War II, but it took off bigtime after the war and there has not been a day of my long life in which we were not number one—until now. The International Monetary Fund recently released its calculations regarding the world’s economy and concluded that China is the number one economy, producing $17.6 trillion in terms of goods and...
  • Despite promises, Social Security still trying to collect old debts from kin

    12/14/2014 3:13:34 AM PST · by Libloather · 25 replies
    MSN ^ | 12/14/14
    The Social Security Administration, which announced in April that it would stop trying to collect debts from the children of people who were allegedly overpaid benefits decades ago, has continued to demand such payments and now defends that practice in court documents. After The Washington Post reported in April that the Treasury Department had confiscated $75 million in tax refunds due to about 400,000 Americans whose ancestors owed money to Social Security, the agency’s acting commissioner, Carolyn Colvin, said efforts to collect on those old debts would cease immediately. But although some people whose refunds were seized were reimbursed in...
  • CALIFORNIA FACES DEATH BY PENSION

    12/11/2014 7:15:28 AM PST · by SeekAndFind · 31 replies
    American Spectator ^ | 12/11/2014 | By Steven Greenhut
    When the November election was still a long way off, Sacramento-area streets were already plastered with campaign signs for a little-noticed political race: candidates are running to serve on the board of the California Public Employees’ Retirement System, better known as CalPERS. While not as high-profile as the statewide and congressional races, these seats are arguably of equal importance to Golden State taxpayers. CalPERS, the largest state pension fund in the country, not only manages more than $257 billion in assets, but also loves to use its political muscle to prod corporate America into “socially responsible” (read: leftist-friendly) investing. Sacramento,...
  • The United States of Debt: Our debt is $18 Trillion and we're still borrowing, no matter the party

    12/10/2014 7:09:22 AM PST · by SeekAndFind · 18 replies
    National Review ^ | 12/01/2014 | Stephen Moore
    Sorry, but this one you can’t blame on either party. Yes, President Obama has made the problem much, much worse, but the scary truth is that the national debt keeps rising inexorably no matter who or which party is in office. That’s the new law of American politics. When I first arrived in Washington in the early 1980s, the debt was roughly $2 trillion. This week, 30 years and five presidents later, the debt for the first time exceeded $18 trillion. We have been in the red in all but four of the last 40 years. That’s $18,000,000,000,000. We all...
  • Millennials

    12/10/2014 5:35:43 AM PST · by Kaslin · 25 replies
    Townhall.com ^ | December 10, 2014 | Michael Barone
    Time is money. And the Millennial generation, which is now making headlines for its low savings rate, seems to have missed that lesson completely. Astoundingly, a new study by Moody's Analytics says most adults under age 35 have a savings rate of negative 2 percent! In fact, Millennials are taking on so much debt, and saving so little, that their net worth is actually declining as a group. It's become a lifestyle habit to spend all you earn -- and more. Just look around the fancy restaurants, the chic hotel bars, the designer clothing stores -- and you will see...
  • 'Ready for Hillary' Website Already Blew Through $11 Million and is in Debt

    12/08/2014 9:20:18 AM PST · by SeekAndFind · 34 replies
    FrontPage Mag ^ | 12/08/2014 | Daniel Greenfield
    Considering that there isn’t even an actual campaign yet, how did Ready for Hillary manage to blow through $11 million? Hillary’s trips are subsidized by whoever is covering her speaking tour or campaign stop. Or by her non-profit Clinton Foundation.Ready for Hillary consists of a website, some shoddy merchandise and a really bad country song. How does that cost $11 million? The group has raised more than $11 million since its 2013 founding, picking up hundreds of big-name Democratic donors, the New York Times reported.By Thanksgiving, the group was in debt. According to the group’s FEC disclosures, the group had...
  • Only Yesterday—-How The Federal Debt Went From $1 Trillion To $18 Trillion in 33 Years

    12/08/2014 5:25:01 AM PST · by Robert DeLong · 13 replies
    David Stockman's Contra Corner ^ | December 5, 2014 | David Stockma
    In the great fiscal scheme of things, October 22, 1981 seems like only yesterday. That’s the day the US public debt crossed the $1 trillion mark for the first time. It had taken the nation 74,984 days to get there (205 years). What prompts this reflection is that just a few days ago the national debt breached the $18 trillion mark; and the last trillion was added in hardly 365 days.
  • College Tuition: The Next Debt Bomb

    12/07/2014 8:13:00 PM PST · by SeekAndFind · 11 replies
    Kiplinger ^ | 12/07/2014 | By Janet Bodnar
    Whhether you call it a bubble or a bomb, the rapid increase in student debt has become a hot topic in the news, with media stories inevitably focusing on those who have accumulated $100,000 or more in college loans. Straight off the bat, it should be said that six-figure debt isn’t typical. “Most undergraduate students graduate with an affordable amount of debt, with less than 10% of college graduates having total student-loan debt exceeding their annual income,” concludes Mark Kantrowitz, publisher of FinAid.org, which provides resources on paying for college. Average debt at graduation in 2011 was about $27,000, says...
  • Labor Force Participation Remains at 36-Year Low

    12/05/2014 3:37:12 PM PST · by george76 · 7 replies
    CNS News ^ | December 5, 2014 | Ali Meyer
    The labor force participation rate remained at a 36-year low of 62.8 percent in November, according to the Bureau of Labor Statistics. The participation rate, which is the percentage of the civilian noninstitutional population who participated in the labor force by either having a job during the month or actively seeking one, was 62.8 percent in November which matches the percentage since March 1978. In November, according to BLS, the nation’s civilian noninstitutional population, consisting of all people 16 or older who were not in the military or an institution, reached 248,844,000. Of those, 156,397,000 participated in the labor force...
  • Oversight Needed on New VA Law

    12/05/2014 10:29:54 AM PST · by April29 · 1 replies
    The Hill ^ | 12/5/2014 | David Vitter and Charles Boustany
    http://thehill.com/opinion/op-ed/226014-oversight-needed-on-new-va-law “The average person would expect better customer service and professionalism from the local Department of Motor Vehicles. Whether it’s incompetence or indifference, why should we tolerate such behavior in VISN 16 when we’re dealing with veterans’ life-saving medical care?” “By tolerating inappropriate denials, his organization needlessly forces thousands of Louisiana veterans into a lengthy appeals process that can last more than two years.”
  • How the 17th Amendment is destroying America

    12/04/2014 6:37:59 PM PST · by Tolerance Sucks Rocks · 35 replies
    Megyn Kelly ^ | December 4, 2014 | Justin Haskins
    Few Americans who entered polling booths for the Nov. 4 election and pulled the lever for their favorite candidate for Senate realize that for most of American history, senators were chosen by the state legislatures. It wasn’t until 1913 that the 17thAmendment was passed, granting American voters the constitutional right of directly electing their senators.While this important amendment may seem innocuous, the reality is that few other changes to our Constitution have had the same detrimental effect on our nation than this single, nearly forgotten alteration.The passage of the 17th Amendment was driven largely by the populist movement of the...
  • United States Government Debt to GDP 1940-2014 [dramatic increase under Obama]

    The United States recorded a Government Debt to GDP has risen dramatically and remains at peak levels since Obama took office. See chart in linked article. We have been running at roughly just over DOUBLE the GDP in debt.
  • UK government to pay off Ł1.9bn First World War debt

    12/03/2014 6:11:52 AM PST · by C19fan · 15 replies
    International Business Times ^ | December 3, 2014 | Ian Silvera
    The UK government will repay all of the nation's debt from the First World War, George Osborne is expected to announce. The Chancellor is also expected to say that the government will adopt a strategy to remove the other remaining undated gilts in the portfolio, where it is deemed value for money to do so. The Treasury will redeem the outstanding Ł1.9bn ($2.9bn, €2.4bn) of debt from 3˝% War Loan on 9 March 2015.
  • Five complete lies about America’s new $18 trillion debt level

    12/02/2014 2:16:56 PM PST · by SeekAndFind · 16 replies
    Sovereign Man ^ | 12/02/2014 | Simon Black
    December 2, 2014Santiago, ChileOn October 22, 1981, the government of the United States of America accumulated an astounding $1 TRILLION in debt.At that point, it had taken the country 74,984 days (more than 205 years) to accumulate its first trillion in debt.It would take less than five years to accumulate its second trillion.And as the US government just hit $18 trillion in debt on Friday afternoon, it has taken a measly 403 days to accumulate its most recent trillion.There’s so much misinformation and propaganda about this; let’s examine some of the biggest lies out there about the US debt:1)...
  • The national debt is now $18 trillion. How would you pay it off?

    12/02/2014 9:51:47 AM PST · by SeekAndFind · 79 replies
    Penn Live ^ | 12/02/2014 | By John L. Micek
    So here's a positively eye-watering number: America's national debt (not its deficit, which is something different entirely, so stop confusing them, please) is now a gobsmacking $18 trillion or $7 trillion higher than when President Barack Obama took office in 2008, The Washington Post reports.According to the right-leaning Powerline blog, "41 percent of the national debt of the United States, from George Washington to the present, has accrued during the Obama administration."(In case you were wondering, the 2014 budget deficit came in at a comparably smaller $483 billion, which "[represented] the smallest deficit as a percentage of GDP since the George...
  • Total US Debt Rises Over $18 Trillion; Up 70% Under Barack Obama

    Tyler Durden 12/01/2014 Last week, total US debt was a meager $17,963,753,617,957.26. Two days later, as updated today, on Black Friday, total outstanding US public debt just hit a new historic level which probably would be better associated with a red color: as of the last work day of November, total US public debt just surpassed $18 trillion for the first time, or $18,005,549,328,561.45 to be precise, of which debt held by the public rose to $12,922,681,725,432.94, an increase of $32 billion in one day.(snip)
  • The Obama Debt Tracker: total combined national debt hits $18 trillion for the first time

    12/01/2014 1:49:17 PM PST · by jpl · 19 replies
    United States Department of the Treasury ^ | Monday December 1, 2014 | United States Department of the Treasury
    Today, America's national debt hit the staggering total combined amount of $18 trillion. Since President Barack Hussein Obama was inaugurated into office a little less than six years ago, he, the democrats, and a few spineless republican "leaders" in congress have increased the total combined national debt by nearly $7.4 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 11/28/2014       12,922,681,725,432.94         5,082,867,603,128.51         ...
  • The Federal Reserve Is At The Heart Of The Debt Enslavement System That Dominates Our Lives

    12/01/2014 12:03:43 PM PST · by SeekAndFind · 16 replies
    TEC ^ | 12/01/2014 | Michael Snyder
    From the dawn of history, elites have always attempted to enslave humanity.  Yes, there have certainly been times when those in power have slaughtered vast numbers of people, but normally those in power find it much more beneficial to profit from the labor of those that they are able to subjugate.  If you are forced to build a pyramid, or pay a third of your crops in tribute, or hand over nearly half of your paycheck in taxes, that enriches those in power at your expense.  You become a “human resource” that is being exploited to serve the interests of...
  • Ponzi: Treasury Issues $1T in New Debt in 8 Weeks—To Pay Old Debt

    11/28/2014 5:30:08 PM PST · by xzins · 45 replies
    CNS ^ | November 28, 2014 | Terence P. Jeffrey
    The Daily Treasury Statement that was released Wednesday afternoon as Americans were preparing to celebrate Thanksgiving revealed that the U.S. Treasury has been forced to issue $1,040,965,000,000 in new debt since fiscal 2015 started just eight weeks ago in order to raise the money to pay off Treasury securities that were maturing and to cover new deficit spending by the government. During those eight weeks, Treasury took in $341,591,000,000 in revenues. That was a record for the period between Oct. 1 and Nov. 25. But that record $341,591,000,000 in revenues was not enough to finance ongoing government spending let alone...
  • Falling inflation a worry for Europe but also the world

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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