Keyword: deficit

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  • School cafeterias losing money on Michelle Obama's meals, jeopardizing programs

    12/13/2014 12:52:00 PM PST · by Tolerance Sucks Rocks · 45 replies
    The Washington Examiner ^ | December 12, 2014 | Paul Bedard
    More than half of the nation’s school cafeteria workers expect to lose money selling low-salt, low-fat meals pushed by first lady Michelle Obama, a “serious” problem that threatens the programs, according to a survey of food providers.The School Nutrition Association, which is planning to demand changes to the meal requirements to make the food more attractive to students, found that 50.35 percent of cafeteria officials surveyed expect that serving the food will “exceed revenue” next year.“Of the 92 percent of respondents reporting that rising costs pose a ‘serious’ or ‘moderate’ challenge to their programs, 70 percent indicated ‘serious,’” said the...
  • 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...
  • 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...
  • 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....
  • CBO forecasts $506 billion budget deficit for 2014 (1.5% GDP)

    08/27/2014 7:41:15 AM PDT · by Oldeconomybuyer · 10 replies
    Market Watch ^ | August 27, 2014 | By Robert Schroeder
    The Congressional Budget Office on Wednesday raised its estimate of the federal government’s budget deficit for the current fiscal year as it slashed its growth forecast, and warned red ink was due to rise in coming years if Washington doesn’t change current laws. In an update of budget and economic projections for 2014 to 2024, the nonpartisan CBO said the U.S. government’s deficit for fiscal 2014 will be $506 billion, or 2.9% of gross domestic product. The new estimate is $14 billion more than the agency’s prior estimate for the year, issued in April. The agency lowered its projection of...
  • U.S. budget deficit falls to $95 billion in July

    08/12/2014 1:23:52 PM PDT · by SeekAndFind · 15 replies
    Reuters ^ | 08/12/2014 | ELVINA NAWAGUNA
    The U.S. budget deficit was $95 billion at the end of July, down 3 percent from the same period last year, according to data released by the Treasury Department on Tuesday. Analysts polled by Reuters had expected a $96 billion deficit for last month. The deficit was $98 billion in July of 2013. The fiscal year-to-date deficit at the end of July was $460 billion, the lowest level since the same period in fiscal year 2008, compared with a deficit of $607 billion for the same period in fiscal year 2013, according to Treasury's monthly budget statement.
  • Drunk Driving & The 7 Trillion Dollar Man

    08/06/2014 11:03:37 AM PDT · by xuberalles · 2 replies
    Self | 8/6/14 | Me
    Barack Obama has raised the deficit by more than 7 trillion in six years. Let me repeat: Barack Obama has accrued a 7 trillion dollar deficit in only six years of office! And the man still has two years remaining! It’s nearly beyond comprehension and more than the first 42 Presidents combined; nearly twice as much George W. Bush who presided over the economic fallout from 9/11, a war on two fronts, the credit collapse and subsequently was besieged by Democrats as “unpatriotic” and “incompetent” for wasting taxpayer money. So why isn’t anyone being held accountable for such reckless incompetence?...
  • The Era of Spiraling Debt: How Long Will the Scheme Last?

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

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

    08/01/2014 7:57:46 AM PDT · by wagglebee · 66 replies
    Live Action News ^ | 8/1/14 | Gina L Diorio
    The pro-life movement often talks of the science behind life in the womb, the fact that abortion leaves emotional, psychological and physical scars on women and the inherent beauty of every life. What we don’t often talk about, though, is money.After all, doesn’t it seem somewhat crass to couch pro-life arguments in terms of economic benefit? The reality, though, is that abortion hasn’t impacted our society only in emotional, social, and cultural ways. It’s also impacted our society economically. And one political scientist is now claiming this very thing.Mark A. Olson, a former liberal community organizer turned pro-life consultant, has...
  • More Bad News for Obama and Obamacare: Deficit Set to Explode Sooner Than You Think

    07/17/2014 7:26:51 AM PDT · by Kaslin · 8 replies
    Townhall.com ^ | July 17, 2014 | John Ransom
    Buy now, pay later. That will be the epitaph on the tombstone of the Obama administration. The Congressional Budget Office, a research outfit that justifies government spending, is warning that while deficit may appear tame now-- comparatively speaking-- the budget path we are on is unsustainable. “The extended baseline projections show a substantial imbalance in the federal budget over the long term,” says the new CBO report, “with revenues falling well short of spending. As a result, budget deficits are projected to rise steadily and, by 2039, to push federal debt held by the public up to a percentage of...
  • CBO projects massive deficits in coming years

    07/16/2014 7:22:52 AM PDT · by SeekAndFind · 14 replies
    American Thinker ^ | 07/16/2014 | Rick Moran
    The Congressional Budget Office has looked into its crystal ball and sees the deficit getting much worse in a few years, rising to 106% of GDP by 2039.The Obama administration has been celebrating a reduction in the budget deficit to $583 billion dollars for this fiscal year. I suppose that's better than trillion dollar deficits but I see no cause for triumphalism, especially when you consider the government is taking in a record amount of revenue. But CBO says that deficit reduction won't last and that we can expect rising deficits to begin again in a few years. Politico: In...
  • Social Security To Go Bust By 2030: CBO

    07/15/2014 3:53:18 PM PDT · by Oldeconomybuyer · 43 replies
    Investors Business Daily ^ | July 15, 2014 | By JED GRAHAM
    The $2.8 trillion Social Security Trust Fund is on track to be totally spent by 2030, the Congressional Budget Office said Tuesday. That's one year earlier than projected in 2013 and a decade earlier than the CBO estimated as recently as 2011. The CBO delivered the warning in a gloomy long-term budget outlook that shows federal debt reaching 106% of GDP in 25 years, up from 74% now.
  • CBO says US deficit levels are unsustainable

    07/15/2014 3:31:18 PM PDT · by Oldeconomybuyer · 14 replies
    The Hill ^ | July 15, 2014 | By Bernie Becker
    Congress’s nonpartisan budget watchdog warned Tuesday that U.S. entitlement programs would drive the country’s debt to unsustainable levels in the coming years. The federal debt is now 74 percent of the nation's gross domestic product (GDP), the Congressional Budget Office (CBO) said in its latest long-term budget outlook, a product of the outsized budget deficits the U.S. recorded following the 2008 fiscal crash. That figure is already twice the debt level held in 2008, and matched in U.S. history only by a brief span after World War II. But CBO also projects that the public's share of debt will increase...
  • On Every Big Issue, Obama's Presidency is Found Wanting

    07/04/2014 9:39:52 AM PDT · by Kaslin · 18 replies
    Townhall.com ^ | July 4, 2014 | Donald Lambro
    WASHINGTON - Republicans have a wealth of political issues that will dominate the 2014 midterm election races and determine their outcome. The national news media has done its best to try to bury these issues, play them down or sugar coat them, but the American people know better. They have persistently put these issues at or near the top of every voter poll in the last six years of Barack Obama's scandal-ridden, trouble-plagued administration. It's hard to break through and overcome the power of the Washington news media that has worked hard to cover up the Obama White House's blunders....
  • CBO Quietly Drops Forecast That Obamacare Will Cut the Deficit

    06/05/2014 12:20:32 PM PDT · by NormsRevenge · 16 replies
    Yahoo Finance ^ | 6/5/14 | Eric Pianin - The Fiscal Times
    One of the Obama administration's major selling points in passing the Affordable Care Act in 2010 was a Congressional Budget Office forecast that the controversial legislation would reduce the deficit by more than $120 billion over the coming decade. The CBO has consistently projected that President Obama's overhaul will reduce the deficit, and the agency estimated that the Republicans’ 2011 effort to repeal the legislation would increase deficits by $210 billion from 2010 to 2021. In April, the agency quietly signaled that it can no longer make that projection; that the law had been changed and delayed so much that...
  • Mikulski Addresses $4B Budget Gap With Gimmicks

    05/22/2014 12:00:04 PM PDT · by Oldeconomybuyer · 3 replies
    ABC News ^ | May 22, 2014 | By ANDREW TAYLOR, AP
    The Democratic chairwoman of the powerful Senate Appropriations Committee moved aggressively Thursday to use gimmicks to fill in an unexpected $4 billion gap in the budget. Mikulski's maneuver came after congressional scorekeepers surprised lawmakers by predicting that the Federal Housing Administration will produce $4 billion less in revenues from the mortgages it insures than the administration believes. Sen. Richard Shelby said Mikulski's maneuvering amounted to an end run around a December budget pact between Senate Budget Committee Chairman Patty Murray, D-Wash., and House Budget Chair Paul Ryan, R-Wis. that replaced some automatic cuts to agency operating budgets with new fees...
  • Deficit Is Down, So Thank The Tea Party

    05/16/2014 4:49:38 PM PDT · by jazusamo · 14 replies
    Investors.com ^ | May 16, 2014 | Stephen Moore
    American history has been profoundly shaped by citizen-driven grass-roots movements that spontaneously combust into seismic political change. This is the story of the Founding Fathers, the abolitionists, the progressives, the civil-rights movement, the 1970s tax revolt and ... it's time to add to that list the oft-maligned tea party movement. We don't fully recognize the earthquake change brought about by these millions of military veterans, housewives, nurses, schoolteachers, construction workers, senior citizens, investment bankers and clergy who saw the recklessness and immorality of debt, redistribution, Washington waste, federal bailouts and ObamaCare. Nancy Pelosi couldn't have gotten it more wrong when...
  • The Myth of the “Shrinking Deficit”

    05/06/2014 4:45:04 PM PDT · by Kaslin · 4 replies
    Townhall.com ^ | May 6, 2014 | Christine Harbin Hanson
    Federal budget season is well underway in Washington, and the White House’s latest talking point is that the deficit is shrinking. “[The] deficit has been cut in half at a record pace, or been cut at a record pace,“ Press Secretary Jay Carney commented at a recent press briefing. Looking past the politically-charged posturing coming from the White House, we see that “shrinking deficits” is smoke and mirrors. Not to be confused with the national debt, the deficit is the difference between the amount that the government taxes in as revenue and the amount that it spends in a...
  • Highway Trust Fund: Not Just For Highways, Out Of Money So Not A Fund, And Can't Be Trusted

    05/01/2014 3:00:19 PM PDT · by TurboZamboni · 12 replies
    Forbes ^ | 4-30-14 | Jerry Bowyer
    It has become a congressional slush fund, in which almost half the money is ladled out through the corrupt system of congressional earmarks. The next time you drive on a highway which is named after a politician, think corruption. Time to shut it down. The proceeds of the tax should be automatically remitted to state governments, or better yet, regional planning agencies. And regulatory barriers to privatization strategies should be repealed. We’re broke. We can no longer afford to be stupid.
  • Pelosi Helps Wash Immigrants' Feet: Says Passing Amnesty Will Reduce Deficit By $1Trillion

    04/19/2014 1:13:24 PM PDT · by lbryce · 53 replies
    SFGAte.com ^ | April 18, 2014 | Staff
    Original Title:Pelosi Assists in Holy Week Foot-Washing Ritual To "honor the dignity and work of immigrants," Democratic House Minority Leader Nancy Pelosi helps Bishop Marc Andrus wash the feet of two children Thursday at Saint John the Evangelist Episcopal Church in San Francisco. Pelosi also used the occasion to talk about passing HR15 - bipartisan immigration legislation that her office says would "reduce the deficit by nearly $1 trillion, secure our borders, unite our families, protect our workers and provide an earned pathway to citizenship." The Democratic leader's ceremony coincides with Pope Francis' similar ceremony in Rome to mark Holy...
  • "Ownership Increasingly More Important Than The Job", says Reagan's economist

    04/17/2014 9:18:21 AM PDT · by se99tp · 7 replies
    ChristianConceptsDaily ^ | April 17th, 2014 | Dr. Norman Kurland
    The rich are not the problem, the greedy are not the problem, the crooked are not the problem - the problem is the system that brings them about. If the system is ours, the system means by the people, of the people, for the people, then now it is time to take it back. Now it is time to demand that it would be changed.
  • This Chart Shows Us How Bad The Economy Really Is: “Flashing Red Warning”

    04/14/2014 8:08:29 PM PDT · by Tolerance Sucks Rocks · 19 replies
    Freedom Outpost ^ | April 14, 2014 | Mac Slavo
    Recent weeks have led to a fairly significant drop in stock valuations, with many expert analysts struggling to figure out exactly why it’s happening. You’ll hear them cite the weather, or market overreaction, or any number of reasons for why stocks have seen their share prices reduced and why they’ll be rebounding in the near-term. What they won’t show you on mainstream financial channels is what’s really happening behind the scenes. Forget about all the minute-by-minute noise for a moment and take a look at the following chart. It gives a very simple overview of earnings growth trends for stocks...
  • Fun Number; Apple Has Twice As Much Cash As The US Government

    04/13/2014 8:19:56 AM PDT · by RightGeek · 18 replies
    Forbes ^ | 4/13/2014 | Tim Worstall
    And, for good measure, Microsoft has more cash at hand that Uncle Sam does. [snip] It’s a very fun number, to be sure, but it’s not quite right for a number of economic reasons. It’s true that when you look at the balance sheets then Apple, say, has $160 billion in cash available, that Microsoft MSFT has a little under $85 billion and the Treasury only has $49 billion to hand to keep the government working. But it’s not really true for a couple of reasons that we’ll get to. [snip] The first and most obvious being that the government...
  • A Powerful Video Being Shared On Facebook

    03/20/2014 10:26:45 PM PDT · by shibumi · 23 replies
    Facebook ^ | 3/20/2014 | Senior Airman Brian Kolfage
    This video is a must see and share with everyone you know. It is powerful and extremely well done. https://www.facebook.com/photo.php?v=626431014085686
  • Good News! ...Sort Of: Has the Tea Party gotten its wish on government spending?

    03/17/2014 8:13:12 AM PDT · by SeekAndFind · 11 replies
    American Thinker ^ | 03/17/2014 | Randall Hoven
    When it comes to federal government spending, we are almost back to normal.  According to the Office of Management and Budget, the federal government spent 20.8% of GDP in fiscal 2013.  That is not a rosy-scenario, computer-generated prediction, but an actual count of dollars already spent.That is the lowest level since President Obama was inaugurated, and down from the peak of 24.4% in 2009 – a drop of over $600 billion in today’s dollars.  It is almost back to the pre-Obama level of 20.2% of GDP in 2008.  And it matches the 24-year average from 1975 through 1998. It is...
  • The National Debt Now: Arguing that it will menace “the children” down the road masks its urgency.

    03/14/2014 6:31:51 AM PDT · by SeekAndFind · 3 replies
    National Review ^ | 03/14/2014 | Deroy Murdock
    Budget hawks and free-marketeers very badly need to retool their rhetoric on the dangers of government borrowing and America’s ever-deepening national debt — last clocked at $17.4 trillion. “How dare we pass along our bills to our children and grandchildren . . . yadda, yadda, yadda . . . ZZZZZZZZZZZZZZZZzzzzzzzzzzzzzzzzzz . . . ” Such ubiquitous references to indebted youngsters have grown hackneyed. These proverbial little boys and girls have zero practical impact on and limited emotional appeal to Americans who do not have and perhaps do not want offspring. Despite the widespread assumption that “everyone has kids,” tens...
  • Journalists hide real numbers when reporting budget spin

    03/07/2014 3:45:30 AM PST · by afraidfortherepublic · 4 replies
    The Washington Examiner ^ | 3-6-14 | Scott Rasmussen
    The standard media coverage of President Obama's new budget claimed the proposals will cut $600 billion in spending over the next decade. It was just about impossible, though, to find any media story mentioning some basic numbers that belong in any story about a new federal budget. How much money is the federal government spending this year? How does that compare to what it spent last year, or expects to spend next year? Perhaps the reason for this failure is because the real numbers don't match up with the storyline. For example, in the current year, the federal government is...
  • Budget proposal won’t tame debt, interest would soon exceed military spending

    03/04/2014 7:12:08 PM PST · by Kaslin · 8 replies
    Fox News.com ^ | March 4, 2014
    President Obama's latest budget proposal paints a troubling picture of America's fiscal future. Here's a startling snapshot: -- By 2024, the total national debt would rise from $17.4 trillion to nearly $25 trillion. -- By 2020, U.S. taxpayers would be paying more in interest on the debt than they would on the entire Defense budget. -- By 2017, those interest payments would be bigger than the budget for Medicaid. Despite Democratic claims that President Obama has tackled the deficit, the numbers give a sense of what fiscal hawks -- who have not given up their fight despite an election-year aversion...
  • Shocker: Federal government’s fiscal deterioration almost 5 times official deficit

    03/06/2014 7:29:14 AM PST · by SeekAndFind · 11 replies
    Hotair ^ | 03/06/2014 | Dustin Siggins
    In Fiscal Year 2013, the official federal deficit was $680 billion. Liberals have cheered this drop while subsequently ignoring how this deficit is both larger than all of Bush’s pre-recession deficits and is expected to grow dramatically over the next several decades.However, the Treasury Department’s annual report on the finances of the U.S. federal government shows that not only is $680 billion an incomplete measure of the federal government’s finances, it’s off by nearly a factor of five.From Just Facts Daily: The U.S. Treasury has just released its annual “Financial Report of the United States Government,” which provides an account...
  • It’s the President, Stupid

    03/06/2014 4:48:54 AM PST · by Kaslin · 7 replies
    Townhall.com ^ | March 6, 2014 | John Ransom
    Our Demander-in-Chief has once again put together a budget so mind boggling stupid, so bereft of credibility that it will spontaneously abort somewhere between the White House and the desk of Senator Harry Reid (D-Who Me?). You can think of Obama’s newest budget as the “legitimate rape” of America. All you really need to know about the budget is this headline from the Washington Post’s Wonk Blog: “Obama budget seeks new spending, new taxes to boost economy, tame debt”. Ha, ha, ha. Stop me if you heard that one before. If we gave the government a buck for every time...
  • 2014 Federal Budget in Pictures

    02/13/2014 9:34:00 AM PST · by 1rudeboy · 20 replies
    Federal spending and debt are out of control If America does not change course, the future will be dramatically worse. Now more than ever, it is crucial that Americans understand what our nation's spending, taxes, and debt mean for them and their families. The Heritage Foundation's Federal Budget in Pictures offers a unique tool to learn about the federal budget in a clear and compelling way.
  • Repeal the Debt Ceiling

    02/11/2014 5:22:17 PM PST · by Oldeconomybuyer · 13 replies
    Wall Street Journal ^ | February 11, 2014 | Op Ed
    A mere eight weeks from the December budget deal, House Republicans on Tuesday bowed to the inevitable and allowed a vote on a "clean" debt-ceiling increase that Democrats promptly passed—no reform strings attached. Perhaps as a follow-up the GOP could repeal the debt ceiling altogether and finally end this periodic self-torture. Before it created the debt ceiling in 1917, Congress had to vote to approve each new government bond issue, specifying the amount to be borrowed and the terms. This is in stark contrast to today's practice, when Treasury is generally free to borrow at will until it hits the...
  • A Trust Deficit

    02/11/2014 8:56:34 AM PST · by Kaslin · 6 replies
    Townhall.com ^ | February 11, 2014 | Cal Thomas
    Most people accept the notion that politicians don't always tell the truth. Some lies are harmless enough; others more consequential. Lyndon Johnson skirted the truth when he promised during the 1964 presidential campaign not to send any more American troops to fight a land war in Southeast Asia. He knew then that American intervention would eventually be necessary, but the lie helped him win the election. After the election, Johnson sent additional troops, more American lives were lost and the war escalated. Richard Nixon claimed he knew nothing about Watergate. "I am not a crook," he said. Lies. In 1976,...
  • The 10 Most Outrageous Government Boondoggles I Ever Saw

    02/09/2014 9:37:31 AM PST · by TurboZamboni · 5 replies
    politico ^ | 2-5-14 | TOM COBURN
    The Pentagon’s “Did Jesus die for Klingons too?” symposium In 2012, we issued a report titled “Department of Everything” that showed how the Department of Defense could make cuts in “non-defense” spending – spending in DOD that has nothing to do with our national defense, which we’ve estimated totals almost $68 billion. In the report, we highlighted surprising spending on beef jerky and a smartphone add to gauge caffeine intake. Our eyebrows were also raised by a strategy planning workshop for which nearly $100,000 was allocated. One of the sessions at the symposium explored the relationship between Jesus and Klingons,...
  • US deficit to drop to $514B, lowest of Obama years

    02/04/2014 9:42:18 AM PST · by ColdOne · 22 replies
    cnsnews.com ^ | 2/4/14 | ANDREW TAYLOR,Ap
    WASHINGTON (AP) — The U.S. budget deficit is set to fall to $514 billion this year, down substantially from last year and the lowest level by far since President Barack Obama took office five years ago, a congressional report said Tuesday. The Congressional Budget Office credits higher tax revenues from the rebounding economy and sharp curbs on agency spending as the chief reason for the deficit's short-term decline. But the budget experts see the long-term deficit picture worsening by about $100 billion a year through the end of the decade because of slower growth in the economy than they had...
  • Obama Adds Over $500 Billion In New Debt in Just Three Months Under McConnell’s Blank Check

    01/22/2014 3:59:41 PM PST · by kristinn · 17 replies
    The Gateway Pundit ^ | Wednesday, Janaury 22, 2014 | Kristinn Taylor
    Obama Adds Over $500 Billion In New Debt in Just Three Months Under McConnell’s Blank Check Debt Ceiling Deal Half a Trillion in Just Three Months President Barack Obama has blown through more than $500 billion in deficit spending in the three months since passage of the deal proposed by Senate Minority Leader Mitch McConnell (R-KY) on easing the debt ceiling battles that gave Obama virtually unlimited borrowing authority from October 17, 2013 through this February 7th. Treasury Secretary Jack Lew sent a letter to Congress today imploring the debt ceiling be raised by February 7th, or the end of...
  • The Hows and Whys of Gold Price Manipulation

    01/18/2014 5:34:02 PM PST · by logi_cal869 · 56 replies
    Institute for Political Economy ^ | 1/17/2014 | Paul Craig Roberts and Dave Kranzler
    The deregulation of the financial system during the Clinton and George W. Bush regimes had the predictable result: financial concentration and reckless behavior. A handful of banks grew so large that financial authorities declared them “too big to fail.” Removed from market discipline, the banks became wards of the government requiring massive creation of new money by the Federal Reserve in order to support through the policy of Quantitative Easing the prices of financial instruments on the banks’ balance sheets and in order to finance at low interest rates trillion dollar federal budget deficits associated with the long recession caused...
  • Chris Christie's New Jersey Is Least Solvent State

    01/16/2014 5:25:28 AM PST · by IBD editorial writer · 16 replies
    Investor's Business Daily ^ | 01/16/2014 | John Merline
    More bad news for Gov. Chris Christie: New Jersey is dead last in the nation in terms of its fiscal solvency, according to a new report. The study, released this week by the free-market Mercatus Center at George Mason University, ranked each state's financial health based on a variety of measures, such as cash on hand to pay its current bills, budget surpluses or deficits, unfunded liabilities and ability to provide adequate public services. The Mercatus study used 2012 data. New Jersey came in last on two of those measures — budget and long-term solvency — and finished in the...
  • Why the Sequester Had to Die : It was Too Successful

    01/15/2014 7:34:49 AM PST · by SeekAndFind · 7 replies
    National Review ^ | 01/15/2014 | Kevin D. Williamson
    Sequester, we hardly knew ye. The omnibus budget deal slithering its way toward President Barack Obama’s desk for signing abandons the automatic spending cuts that resulted from an earlier fiscal compromise. Why was the sequester abandoned? Like the Gramm-Rudman Act a generation earlier, the sequester had to be stopped for one fundamental, undeniable, bipartisan reason. It worked. It did not work perfectly, and it did not balance the budget or put us on course for a balanced budget. But it did play a critical role in nudging the deficit away from “catastrophic existential threat” territory and toward “terrifying money-suck.” It...
  • “Shrugging It Off”– It’s a Game of the Throne

    01/04/2014 8:20:49 AM PST · by NOBO2012 · 2 replies
    Michelle Obama's Mirror ^ | 1-4-2014 | MOTUS
    I thought you’d like to know: with the release of the greatly anticipated White House feature, “2013 – YEAR IN REVIEW”Yes: the White House really did title this image “Hero”the WhiteHouse.Gov site has officially been recognized as the most thorough, reliable and verifiable propaganda machine in the nation! It readily beat out all of its close competitors at ABC, NBC, CBS, CNN, Ms.NBC and the New York Times for the title Propagandist of the Year.You can see why, with “highlights” from each and every month of the year that includes a vast array of fun facts:@ 1:34: “Here’s where it...
  • No Accounting for Government Cost

    01/04/2014 7:30:42 AM PST · by Innovative · 16 replies
    Barron's ^ | Jan 4, 2014 | Joseph H. Marrent
    The financial position of the U.S. is not just troubled; it is artificially created to fool the people. The nation's budget deficit and debt are exponentially higher than what our politicians say they are. None of the headline figures used as the basis of public discourse have any relevance to the true state of U.S. finances. The government's financial reporting is misleading because our political leaders have subverted the democratic process to advance their personal interests. Adding all of the costs associated with the nation's social-insurance programs to the amounts reflected in the Financial Report shows that over the past...
  • Pelosi: Tack cost of more unemployment benefits onto deficit

    12/23/2013 1:31:41 PM PST · by Libloather · 27 replies
    Washington Times ^ | 12/23/13 | Stephen Dinan
    House Minority Leader Nancy Pelosi said Monday she’ll push for a vote for more unemployment benefits and said the additional $25 billion cost should be tacked onto the deficit rather than paid for by cuts elsewhere. On a conference call with fellow House Democratic women, the California lawmaker said Republicans acted “cruelly” when they went home for a three-week vacation earlier this month without approving more weeks of unemployment payments for the long-term jobless. As many as 1.3 million people will lose benefits on Saturday, when enhanced benefits expire. Republicans have said they would consider taking up a bill, but...
  • Steinitz: Lapid is Like Mandela's Sign Language Interpreter

    12/21/2013 10:18:07 PM PST · by Eleutheria5 · 8 replies
    Arutz Sheva ^ | 22/12/13 | Elad Benari
    Strategic Affairs Minister Yuval Steinitz (Likud Beytenu) had harsh words for Finance Minister Yair Lapid (Yesh Atid) on Saturday night. Speaking on Channel 2’s “Meet the Press”, Steinitz, who served as Finance Minister before Lapid, said that his successor misled the public and created unnecessary panic about the state of the Israeli economy. Steinitz claimed that the deficit, which is expected to be released in January, will stand at about 3%, in contrast to Lapid’s earlier predictions. "By doing this, he caused severe damage,” he charged. “No top official in the Treasury or in the Bank of Israel ever told...
  • The Hidden Motives Behind The Federal Reserve Taper

    12/21/2013 10:06:33 AM PST · by Errant · 46 replies
    Zero Hedge ^ | 12/21/2013 | Tyler Durden
    "The powers of financial capitalism had (a) far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland; a private bank owned and controlled by the world's central banks which were...
  • White House: No debt-ceiling negotiations

    12/16/2013 10:54:21 AM PST · by Cincinatus' Wife · 22 replies
    The Hill ^ | December 16, 2013 | Justin Sink
    The White House reiterated Monday that administration officials would not negotiate over the debt ceiling, after House Budget Committee Chairman Paul Ryan (R-Wis.) said over the weekend that Republicans would seek concessions in exchange for extending the limit on borrowing. "The president's position has not changed," said White House press secretary Jay Carney. Carney said officials were skeptical that Republicans would actually pursue the strategy after the polling hit the party took during the government shutdown earlier this year. "We do not expect Republicans to walk that path again, precisely because it proved so disastrous," Carney said. But Ryan on...
  • Senate poised to pass budget

    12/13/2013 11:52:27 AM PST · by Cincinatus' Wife · 15 replies
    Politico ^ | December 13, 2013 | MANU RAJU and BURGESS EVERETT
    Senate Democrats are on the cusp of securing enough GOP votes to break a filibuster next week on the bipartisan budget, temporarily ending the fiscal crises that have dominated Washington for the past several years. With 53 Democrats and two independents expected to back the measure, four Republicans — John McCain of Arizona, Susan Collins of Maine, Jeff Flake of Arizona and Richard Burr of North Carolina — said that they would vote to cut off debate on the budget, putting proponents just one vote shy of advancing the measure to final passage. Several additional GOP senators signaled Friday that...
  • BENADOR: AMERICA'S ASSISTED SUICIDE

    12/12/2013 4:09:36 PM PST · by RightSideNews · 2 replies
    Right Side News ^ | 12/12/2013 | Eliana Benador
    While American babies are born with 54,320 debt on each citizen, PLUS a $149,947.00 per taxpayer on their shoulders, Australia’s national debt is a half-a-trillion only. The amounts are simply staggering. And, as the National Debt Clock keeps turning, numbers are at 17,224,121,XXX,XXX trillion. The clock’s mechanism is so accurate and runs at such speed that a naked eye can barely catch changes at the infinitesimal seconds at which it turns. As American citizens at large need to understand the methodology of a debt and the way to recovery, we repeat here the economic formula, courtesy of Investopedia: GDP =...
  • Budget text released as House moves swiftly toward vote

    12/11/2013 4:45:53 AM PST · by Cincinatus' Wife · 11 replies
    The Hill ^ | December 11, 2013 | Erik Wasson
    The House Budget Committee filed the text of the new Ryan-Murray budget deal before midnight on Tuesday and the Rules Committee announced an emergency meeting at 2 p.m. on Wednesday to prepare a House floor vote on the package. The text of the $85 billion deal is here. [77 page PDF] The deal sets spending levels for 2014 and 2015, allowing appropriators to create a fully detailed omnibus spending package before the government shutdown deadline of Jan. 15. The spending panel will also now have the chance to do all 12 individual appropriations bills for 2015 before the Oct. 1...
  • Cato's Tanner: 9-in-10 Obamacare Sign-Ups Are for Medicaid

    12/09/2013 10:32:19 PM PST · by 2ndDivisionVet · 12 replies
    NewsMax ^ | December 9, 2013 | Sandy Fitzgerald
    Some 1.6 million Americans have registered for Obamacare, but more than nine-out-of-10 of them actually signed up for Medicaid, a trend that could end up slamming federal and state government budgets. Medicaid, Medicare, and Social Security already account for 48 percent of federal spending, writes economist Michael Tanner, a senior fellow for the Cato Institute, in an article for The New York Post. But with Obamacare adding to the Medicaid costs, "we are picking up speed on the road to insolvency," Tanner writes. The Medicaid program is already the third-largest government program in the United States, coming in only behind...