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Keyword: deficit

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  • 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...
  • 2016 U.S. Merchandise Trade Deficit: $734,316,300,000

    02/07/2017 8:14:36 AM PST · by xzins · 91 replies
    CNS NEWS ^ | February 7, 2017 | Terence P. Jeffrey
    The United States ran a merchandise trade deficit of $734,316,300,000 in 2016, according to data released today by the Census Bureau. During 2016, the U.S. imported $2,188,940,500,000 in goods but exported only $1,454,624,200,000. The Peoples Republic of China was the greatest contributor to the U.S. merchandise trade deficit for the year. The U.S bilateral merchandise trade deficit with China was $347,037,900,000. This deficit resulted from the U.S. importing $462,813,000,000 in goods from China while exporting only $115,775,100,00 in goods to China.
  • Trump Targets 3 Agencies With Ambitious Budget Cuts

    01/23/2017 8:33:45 AM PST · by Perseverando · 79 replies
    The Daily Signal ^ | January 23, 2017 | Thomas Pippen
    President Donald Trumps reported plan to gut federal spending by $10.5 trillion over the next decade includes eliminating three of iconic agencies defended as cultural mainstays by many Democrats. The next administration is working on plans to eliminate the National Endowment for the Arts, the National Endowment for the Humanities, and privatize the Corporation for Public Broadcasting, The Hill reported Thursday. Combined, the three departments cost around $741 million in 2016, and is a small part of a host of budget reforms needed to cut more than a trillion a year from the federal budget. Eliminating funding to the Corporation...
  • 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, its 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...
  • 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. Its bad enough that their messiah is about to leave D.C., but theyre also facing a new government thats openly hostile toward most of their goals. On top of that, were 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.
  • 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...
  • Obama in final presser: Growth has been great and we cut the deficit

    12/19/2016 11:30:03 AM PST · by Sean_Anthony · 26 replies
    Canada Free Press ^ | 12/19/16 | Dan Calabrese
    Fake News: When the media report these claims by Obama without challenging them, it's the definition of fake news Most of the coverage of this, especially on conservative sites, has focused on Obamas claim that the media were unfair to Hillary during the election. Yeah. I dont even know what to say about that one other than to shake my head and give the man back-handed props for his willingness to say absolutely anything, no matter how self-evidently absurd. But I think there are two far more substantive points to deal with here. Actually there are surely more than two....
  • The Pentagon vs. The Welfare State

    12/13/2016 2:45:03 AM PST · by expat_panama · 10 replies
    Investors Business Daily ^ | 12/12/2016 | ROBERT J. SAMUELSON
    Any reporter who's written about the federal budget knows that there's a surefire solution to every problem. It's called "fraud, waste and abuse." You want to end budget deficits? Just eliminate all the "fraud, waste and abuse" in the $4 trillion budget. The same is true for cutting taxes or raising spending. Attacking fraud and waste is virtuous and dispenses with the hard political work of making unpopular choices. It's a fantasy... ...it turns out that the estimated savings of $125 billon are spread over five years, from fiscal 2016 to 2020. This changes the numbers dramatically. Instead of annual...
  • 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...
  • We Do Not Have a Trade Deficit, We have a capital surplus

    12/07/2016 8:34:45 AM PST · by SeekAndFind · 69 replies
    National Review ^ | 12/06/2016 | Kevin Williamson
    Thank goodness for Kevin McCarthy! isnt something one says every day, but in the matter of President-elect Donald J. Trumps backward and destructive plan to resurrect 19th-century tariffs, the gentleman from California is invaluable. Trump wants to impose 35 percent tariffs on . . . somebody. He does not seem quite sure. One of the reasons for that is that Trump has the question of trade deficits mixed up in his head with the question of offshoring and, like most Americans, he does not understand either of them very well. The president-elect, writing on Facebook (because thats what presidents-elect...
  • Obama Attempts to Distort His Legacy

    11/25/2016 10:46:35 AM PST · by Sean_Anthony · 17 replies
    Canada Free Press ^ | 11/25/16 | Roger Aronoff
    Obamas worst legacy, one that remains grotesquely underreported by the watchdog mainstream media is by far the worst deficit record in U.S. history. The election of Republican presidential nominee Donald Trump on November 8 was not only a rejection of Hillary Clinton, based on her trustworthiness and her legal and ethical problems, it was also clearly a repudiation of Democratic policymaking, with Trump promising to eliminate or revise a number of Barack Obamas signature achievements. But, speaking to the press in his first press conference after the election, President Obama maintained that he is leaving the White House and America...
  • The Trillion-Dollar Question

    10/20/2016 7:14:59 AM PDT · by Kaslin · 10 replies
    Townhall.com ^ | October 20, 2016 | Veronique de Rugy
    Have you noticed that for a few months, President Barack Obama has stopped bragging about how the federal budget deficit is shrinking? That's because it's not. For the first time since 2009, the deficit has gone up rather than down. The Congressional Budget Office recently released its budget review for September 2016. It shows that in fiscal 2016, which ended Sept. 30, the deficit grew by $149 billion, from $439 billion to $588 billion. It now stands at 3.2 percent of gross domestic product, up from 2.5 percent last year. It's also the first increase in the deficit as a...
  • Obama administration: Budget deficit increases to $587B

    10/14/2016 3:03:18 PM PDT · by bushwon · 18 replies
    McClatchy ^ | October 14, 2016 | Andrew Taylor
    WASHINGTON The government ran a $587 billion budget deficit for the just-completed fiscal year, a 34 percent spike over last year after significant improvement from the record deficits of President Barack Obama's first years in office. Friday's deficit news, while sobering, does not appear bad enough to jolt a gridlocked Washington into action to stem the flow of red ink. It came in an annual report by the Treasury Department and the White House budget office. In the presidential campaign, intractable budget deficits and growing debt have been mostly neglected by Democrat Hillary Clinton and Republican Donald Trump. The latest...
  • Norway runs deficit for first time in over 20 years

    09/06/2016 11:28:08 AM PDT · by Olog-hai · 22 replies
    TheLocal.no ^ | 06 Sep 2016 13:40 GMT+02:00
    For the first time since the mid 1990s, Norways expenditures have exceeded state revenues. Figures released by Statistics Norway (SSB) on Tuesday show that the states total revenues in the second quarter of this year totaled 328 billion kroner, which is 2.3 percent less than in the same quarter of last year. [] Reduced income from petroleum taxes and reduced surplus from the States Direct Financial Interest in petroleum activities (SDFI) account largely for the continued decrease in total revenue in Q2 2016, SSB wrote.
  • Fantastic: Obamas final budget explodes deficit to $590 billion

    08/29/2016 5:56:18 PM PDT · by Sean_Anthony · 21 replies
    Canada Free Press ^ | 08/29/16 | Dan Calabrese
    That's a 35 percent increase, and it brings debt held by the public to the highest share of GDP since 1952 If I told you the deficit was soaring, economic growth was terrible and ObamaCare was collapsing, youd assume that Obamas approval ratings would be in the tank and the Democrats would have no hope of electing someone who basically promises to continue his policies. Well, Im telling you. All this is happening. But these are not the major issues in the presidential campaign because one candidate is hopelessly corrupt and dishonest and the other one just really bothers people...
  • CBO: Deficit larger than expected

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

    04/28/2016 4:09:53 PM PDT · by mrsmith · 65 replies
    cnbc ^ | 4/28/2016 | Everett Rosenfeld
    "...Icahn, who Trump had previously suggested could serve as his Treasury secretary, warned that markets will have a "day of reckoning" without fiscal stimulus, and argued that the U.S. government "certainly could do more spending." "The Republican Party that I used to be more sympathetic with I'm right in the middle now, although as you know I'm for Trump but what I would say is Congress is in this massive gridlock," he said, explaining that the Republican-controlled body is "obsessed with this deficit to a point that I think it's almost pathological..." "
  • Lyin Ryan Four Months After Promising Regular Order Speaker Paul Ryan Announces No Prospect

    04/14/2016 6:00:47 AM PDT · by detective · 15 replies
    Conservative Treehouse ^ | April 13, 2016 | Sundance
    Truncated title. Full title: Lyin Ryan Four Months After Promising Regular Order Speaker Paul Ryan Announces No Prospect for Fiscal Year 2017 Budget Please allow me to be perfectly clear. I hold a traditional conservative outlook. Fiscally conservative. I dont care if what you do in your bedroom, nor does it bother me if you choose to marry a squirrel, wear a snickers bar costume to the grocery store, or make it your lifes mission to spend all day filling canoes with pancakes. So long as your personal life choices in the pursuit of your happiness do not impact,...
  • Obamas Tax-And-Spend Budget Would Add $7.5 Trillion To Debt, CBO Report Shows

    03/31/2016 4:31:38 AM PDT · by IBD editorial writer
    Investor's Business Daily ^ | 3/31/2016 | John Merline
    President Obamas first budget as president declared that he was ushering in a new era of responsibility. His last budget as president shows that hes presided over an era of unprecedented fiscal irresponsibility. That at least, is what the Congressional Budget Offices independent analysis of Obamas budget makes plain.
  • The Trump Plan: Big Tax Hikes or Big Deficits

    03/25/2016 6:23:49 AM PDT · by reaganaut1 · 29 replies
    National Review ^ | March 25, 2016 | James C. Capretta
    ... What Trump implicitly promises is a closing of the gap between federal revenue and spending without any pain for ordinary voters. He claims that better management, led by him, is all it will take. It is the worst kind of wishful thinking and deception. On entitlements, Trump is essentially in agreement with most Democrats. He says he wont make any changes to Social Security or Medicare benefits. In previous years, he also said Medicaid shouldnt be cut. He says he now favors converting Medicaid into a block grant to the states, although he has not promised that this switch...
  • U.S. trade deficit widens as exports hit 5-1/2-year low

    03/22/2016 6:09:06 PM PDT · by george76 · 12 replies
    Reuters ^ | 4 March 2016 | Lucia Mutikani
    The U.S. trade deficit widened more than expected in January as a strong dollar and weak global demand helped to push exports to a more than 5-1/2-year low, suggesting trade will continue to weigh on economic growth in the first quarter. The Commerce Department said on Friday the trade gap increased 2.2 percent to $45.7 billion. December's trade deficit was revised up to $44.7 billion from the previously reported $43.4 billion. Exports have declined for four straight months. Economists polled by Reuters had forecast the trade deficit widening to $44.0 billion in January. When adjusted for inflation, the deficit increased...
  • Loving Our Stuff, but Hating the People Who Sell It to Us

    03/20/2016 10:38:54 AM PDT · by SeekAndFind · 90 replies
    National Review ^ | 03/20/2016 | Kevin Williamson
    There is a popular website called Uncrate, which is the 21st-century version of the old Sears, Roebuck catalogue, i.e., consumer-goods porn, a resource for stylish young men with excess liquid assets who require suggestions for ways of being relieved of that burden. On Friday, the featured product was the Vollebak Baker Miller relaxation hoodie, a garment in Baker Miller Pink, a color believed to have psychoactive qualities that, according to Uncrate, activate your parasympathetic nervous system and calm you down. The hoodie also features a mesh visor, vents that encourage breathing through your nose, and asymmetrical pockets designed like slings...
  • The public has no idea the deficit is shrinking (MSNBC, do I need to say more)

    02/23/2016 7:50:39 PM PST · by Beave Meister · 32 replies
    MSNBC.com ^ | 2/23/2016 | Steve Benen
    A couple of years ago, a Bloomberg Politics Poll asked the public a good question about the deficit: “Is it your sense that this year the deficit is getting bigger or getting smaller, or is it staying about the same as last year?” It wasn’t even close – despite the fact that the deficit, in reality, was shrinking quickly, only 6% of the public knew that. A 62% majority said they believed it was getting bigger, which was the opposite of the truth. Two years later, Al Hunt flags the results of the new Bloomberg Politics Poll, which offers some...
  • The Ignored Campaign Issue: the Deficit

    02/12/2016 1:13:01 PM PST · by MarvinStinson · 17 replies
    americanthinker. ^ | February 11, 2016 | Jon N. Hall
    The largest financial operation in the known universe is the United States federal government. For fiscal 2009, that operation ran a budget deficit of -$1.412T, the all-time record. That’s more than -$3.868B a day, more than -$161M an hour, some -$2.686M a minute. That’s debt at -$44,774 … a second. Amazing, no? Surely others have also done that math. The only figure I got from the government is the -$1.412T deficit for 2009, which I got from Table 1.1 at the White House website. The other numbers I derived by already possessing knowledge of how many days there were in...
  • Obama budget busts the $4 trillion mark

    02/12/2016 7:32:31 AM PST · by SeekAndFind · 20 replies
    Hotair ^ | 02/12/2016 | Ed Morrissey
    While the rest of the world focused on the New Hampshire primary, the White House dropped a budget bomb. Congress will get a $4.1 trillion spending plan for FY2017 from Barack Obama, complete with a massive $2.8 trillion tax hike and a set of assumptions that boggles the imagination nearly as much as the topline spending number:CLICK ABOVE LINK FOR THE VIDEO “The budget that we're releasing today reflects my priorities and the priorities that I believe will help advance security and prosperity in America for many years to come,” Obama told reporters at the White House. “It adheres...
  • The $1 Trillion Elephant in the Room

    02/05/2016 11:32:27 AM PST · by Kaslin · 11 replies
    Townhall.com ^ | February 5, 2016 | Gretchen Hamel
    In the midst of the election circus and pageantry, it seems once again fiscal policy issues have taken a backseat. This might not matter if the issue were not of dire importance to Americans and their futures. But on the heels of the new Budget and Economic Outlook released by the Congressional Budget Office (CBO) last week, it has become all too clear that the fiscal issues our country faces are very real and must be dealt with. Every year, this non partisan analysis of our projected debt and deficit published doesn't mince words- the deficit only continues to get...
  • How Will Negative Interest Rates Change the Rules of the Game?

    02/02/2016 10:24:49 PM PST · by Zhang Fei · 15 replies
    CFA Institute ^ | 7 September 2015 | John Rubino
    In early 2015, Switzerland's interest rates turned negative. Not for one year. Not for five years. But all the way out to 10 years, meaning that virtually everyone desiring to park their cash in safe-haven Swiss francs had to pay for the privilege. And Swiss bonds weren't unique. Yields on French and German sovereign debt went negative out to five and seven years, respectively, while the overnight Euro Interbank Offered Rate (Euribor), which had averaged about 2% for the previous couple of years, fell below zero and stayed there. By the end of 2015's first quarter, paper accounting for 31%...
  • Bill that would gut Obamacare would save half a trillion over next decade

    01/05/2016 8:20:38 AM PST · by SeekAndFind · 8 replies
    American Thinker ^ | 01/05/2016 | Rick Moran
    A bill that would repeal nearly all Obamacare taxes and mandates will save the taxpayer more than $500 billion over the next decade, according to the Congressional Budget Office. This is more than originally thought because Republicans successfully delayed the medical devices tax and the "Cadillac Tax" for several years. The Hill: Legislation to gut most of ObamaCare's mandates and taxes, known as Restoring Americans’ Healthcare Freedom Reconciliation Act, would reduce the deficit by $516 billion over 10 years, according to the Congressional Budget Office (CBO). The bill is expected to get a vote in the House this week,...
  • Donald Trump's big tax cuts come at a big cost

    12/24/2015 4:29:53 PM PST · by RC one · 37 replies
    money.cnn ^ | 12/22/15 | Jeanne Sahadi
    When Donald Trump put out his four-page tax plan in September, he said it wouldn't increase deficits. The economic growth it would spur, along with his spending cuts, would compensate for any potential loss in revenue from tax cuts, he said. Under his tax plan, Trump said he'd have to pay more than he does today. But an analysis by the Tax Policy Center released Tuesday suggests neither of those assertions are particularly grounded in reality, given what he's proposed so far. Key provisions in Trump's tax planFewer and lower rates: Trump would reduce the current seven income tax rates...
  • How Bobby Jindal Wrecked Louisiana [A retrospective]

    12/22/2015 2:49:54 PM PST · by SeekAndFind · 15 replies
    The American Conservative ^ | 02/15/2015 | Rod Dreher
    I keep telling my friends in the national media that if you think Bobby Jindal has a chance in hell of becoming president, send a reporter down to spend a few days in Louisiana, seeing what condition he’s leaving his state in. In today’s NYT, Campbell Robertson tells the country about the current mess. Excerpts: "Since I've been in Louisiana I've never seen a budget cycle as desperate as this one," said Robert Travis Scott, the president of the Public Affairs Research Council, a nonpartisan group based in Baton Rouge.Louisiana's budget shortfall is projected to reach $1.6 billion next...
  • "US Debt Is 3 Times More Than You Think" Warns Former Chief US Accountant

    11/08/2015 11:14:13 AM PST · by SeekAndFind · 57 replies
    Zero Hedge ^ | 11/08/2015 | Tyler Durden
    In a shocking admission for most of mainstream America, the former U.S. comptroller general says the real U.S. debt is closer to about $65 trillion than the oft-cited figure of $18 trillion, thanks to unfunded liabilities which simply cannot be ignored. As The Hill reports, unless economic growth accelerates, he warns, "you’re not going to be able to provide the kind of social safety net that we need in this country," adding unequivocially that Americans have "lost touch with reality" when it comes to spending.As The Hill reports, Dave Walker, who headed the Government Accountability Office (GAO) under Presidents...
  • CBO: ObamaCare Increases Deficit by $1.35 Trillion

    10/28/2015 7:44:29 AM PDT · by xzins · 28 replies
    CFIF ^ | JANUARY 28 2015 | ASHTON ELLIS
    After barely more than a year in operation, ObamaCare is now projected to require more than a trillion dollars in deficit spending over the next decade, according to the new CBO report. Buried in a new report by the Congressional Budget Office is the latest admission that ObamaCare was sold on a foundation of lies. Back in 2009, President Barack Obama told a joint session of Congress that our health care system is placing an unsustainable burden on taxpayers. Put simply, our health care problem is our deficit problem. Nothing comes close. Nothing else. The presidents speech was designed to...
  • In a dozen years there will be no money to fund the military, roads or education

    10/29/2015 5:53:48 AM PDT · by SleeperCatcher · 16 replies
    Freedom.news ^ | Oct. 28, 2015 | Jon E Dougherty
    (Freedom.news) Americans who believe that they will still be alive 12 years from today had better brace themselves for the coming economic catastrophe that is the end result of a bipartisan effort to evade fiscal responsibility. As reported by The Washington Free Beacon, in a recent interview with C-SPAN, Rep. Dave Brat, R-Va., dropped a bombshell that should have been top-of-the-hour news stories on every major news broadcast (but, of course, wasn’t). By 2027, said Brat, the federal government will only take in enough money to cover entitlement programs and interest on the already unimaginably massive (and still growing) U.S....
  • U.S. Annual Budget Deficit Smallest in Nearly Seven Years

    10/09/2015 8:46:22 AM PDT · by SeekAndFind · 24 replies
    Wall Street Journal ^ | 10/09/2015 | NICK TIMIRAOS
    WASHINGTONThe U.S. budget deficit narrowed further in May as revenue continued to rise faster than expenses have in the past year, the Treasury Department said Wednesday. The budget picture has improved this year amid higher tax revenue and stronger economic growth, even though government spending has also increased. Revenue for the fiscal year, which began in October, is running 9% ahead of the year-earlier levels, while government spending is up 6%. In the past 12 months, the budget deficit has fallen to $412 billion, down from $460 billion in April and $491 billion a year earlier. That marks the lowest...
  • The National Debt

    10/06/2015 3:30:44 PM PDT · by originalbuckeye · 18 replies
    10/6/15 | Originalbuckeye
    On July 7, 2015, at 9:07AM(PDT) I recorded the National Debt (from the US National Debt Clock) at $18,321,893,100,000.00 (Approx., as it goes up so fast it is difficult to get a completely accurate number). Right now, as I write this, the Clock says (approx.)$18,398,400,100,000.00.
  • Trustees: Social Security Will Run $84 Billion Deficit in 2015

    09/05/2015 11:24:08 AM PDT · by Olog-hai · 55 replies
    Cybercast News Service ^ | September 1, 2015 | 5:17 PM EDT | Barbara Hollingsworth
    The Old-Age, Survivors, and Disability Insurance (OASDI) program commonly known as Social Security, which celebrated its 80th birthday on August 14, is projected to run an $84 billion deficit this year, according to the 2015 Annual Report of the Board of Trustees. [] During 2014, $646.2 billion in payroll taxes was collected from 166 million working Americans. But that was not enough to cover the $859 billion in Social Security benefits that were collected by 59 million people, including 42 million retired workers and their dependents, six million survivors of deceased workers, and 11 million disabled workers and their dependents....
  • The Nation's Budget Outlook Is Worse Than You Think

    08/27/2015 5:24:55 AM PDT · by IBD editorial writer · 16 replies
    Investor's Business Daily ^ | 08/26/2015 | Staff
    Budgets: The bad news is that the country is headed toward $1 trillion deficits in 10 years, according to the Congressional Budget Office. The worse news is that, if history is any guide, this forecast is probably way too optimistic.
  • $2,672,414,000,000: Federal Taxes Set Record Through July [] Feds Still Run $465.5B Deficit

    08/13/2015 9:22:50 AM PDT · by Olog-hai · 12 replies
    Cybercast News Service ^ | August 12, 2015 | 2:30 PM EDT | Terence P. Jeffrey
    The federal government raked in a record of approximately $2,672,414,000,000 in tax revenues through the first ten months of fiscal 2015 (Oct. 1, 2014 through the end of July), according to the Monthly Treasury Statement released today. That equaled approximately $17,955 for every person in the country who had either a full-time or part-time job in July. [] Despite the record tax revenues of $2,672,414,000,000 in the first ten months of this fiscal year, the government spent $3,137,953,000,000 in those ten months, and, thus, ran up a deficit of $465,539,000,000 during the period.
  • The Story Of America's Debt In 6 Easy Graphics

    08/09/2015 10:34:59 AM PDT · by SeekAndFind · 5 replies
    Zero Hedge ^ | 08/08/2015 | Tyler Durden
    Despite incessant pundit parroting of the "deleveraging households" meme, America is and probably always will be, addicted to debt. If you need proof, have a look at the latest statistics on non-mortgage debt, which, thanks to Americas twin trillion-dollar bubbles, recently soared to its highest level in a decade. To wit, from HousingWire, citing Black Knight Financial: What weve found is that mortgage holders today are carrying more non-mortgage debt than at any point in the past 10 years, with an average of $25,000 per borrower. Thats $1,400 more on average than one year ago, and nearly $2,600 more...
  • The F-35: Is the world's most expensive weapons program worth it? (DoD Obamacare)

    07/16/2015 8:12:53 AM PDT · by MadIsh32 · 21 replies
    CNN ^ | 07/15/2015 | Zachary Cohen
    Three years behind schedule and some $200 billion over its original budget, the F-35 Joint Strike Fighter program is finally set to become operational this month. The fighter jet has been in development for nearly 15 years, weathered half a dozen years of testing and experienced myriad hardware malfunctions and software glitches along the way. Once it's declared ready for combat, it will be the most expensive weapons system in world history. It will also be the most advanced in the sky. The F-35, also referred to as the Joint Strike Fighter, is touted as the most lethal and versatile...
  • Greece: At Least Its Not Detroit

    06/29/2015 5:45:26 AM PDT · by NOBO2012 · 7 replies
    Michelle Obama's Mirror ^ | 6-29-2015 | MOTUS
    Were going to have to cut those spanakopita pieces smaller!Okay, Ive decided to back The Donald for president. Oh sure, hes a pompous, arrogant, rich, white guy. Butt what difference, at this point, does it make? At least he speaks the truth: je suis Greece. In announcing his candidacy for U.S. president, Trump called Greece unsalvageable as he warned that America, with its own mounting debt, could end up just like it. Politico Greece ran out of its own money a long time ago and now, as Madam Thatcher warned, its finally running out of other peoples as well,...
  • Senate Democrats Demand More Money for Amtrak Repair Backlog

    05/21/2015 11:15:54 AM PDT · by Oldeconomybuyer · 20 replies
    ABC News ^ | May 21, 2015 | By JOAN LOWY
    Senate Democrats on Thursday demanded that Republicans provide more money for Amtrak so the railroad can tackle a $21 billion maintenance and repair backlog, including replacing tunnels more than a century old. Democrats at a news conference cited last week's deadly crash in Philadelphia and said the backlog is compromising safety and service. Democrats want to Congress to give Amtrak the entire $2 billion in subsidies the railroad requested for the budget year that starts Oct. 1. They say GOP lawmakers have starved the railroad financially for years. A Republican-controlled House panel approved a spending bill the day after the...
  • What the Medicare Doc Fix Means for States

    04/15/2015 11:45:30 AM PDT · by ThethoughtsofGreg · 1 replies
    American Legislator ^ | 4-15-15 | Sean Riley
    The U.S. Senate late Tuesday evening passed legislation containing a permanent doc fix for calculating physician reimbursements under Medicare. By doing away with a decades old formula, the bill staves off an automatic 21 percent cut in payments that would have gone into effect at midnight. While much of the focus has been on Congress and the impact of the legislation on the federal Medicare program, the measure raises three important issues for the states. First, the measure also includes a two year extension of the State Childrens Health Insurance Program (CHIP), the federal-state program extending coverage to low-income children...
  • Obama criticizes GOPs budget in Ohio speech

    03/18/2015 2:42:36 PM PDT · by Jim Robinson · 7 replies
    Washington Post ^ | March 18, 2015 | By David Nakamura and Juliet Eilperin
    CLEVELAND President Obama used this manufacturing hub and important swing state as the backdrop to draw a sharp distinction Wednesday with his Republican rivals over the economy, as both sides aim to frame the debate for the coming presidential race. The day after House Republicans unveiled their budget proposal which would cut more than $5 trillion out of the federal budget over the next decade and balance the budget by cutting domestic programs the president touted some of the very programs that would come under the GOP axe. Obama dismissed a House plan that doubles...
  • Robert Rector Estimates Lifetime Retirement Costs Of Illegals.. Executive Amnesty At $1.3 Trillion

    03/17/2015 5:53:31 PM PDT · by bushwon · 19 replies
    Breibart.com ^ | March 17, 2015 | Carolyn May
    The lifetime costs of Social Security and Medicare benefits of illegal immigrant beneficiaries of President Obamas executive amnesty would be well over a trillion dollars, according to Heritage Foundation expert Robert Rectors prepared testimony for a House panel obtained in advance by Breitbart News. Rector, a senior research fellow at Heritage, is slated to speak on the costs of Obamas executive amnesty Tuesday before the House Oversight and Government Reform Committee. He will testify to the high entitlement costs of granting legal status to millions of illegal immigrants. Based on Rectors calculations, which assume that at least 3.97 illegal immigrants...
  • House Republicans seek ObamaCare repeal, more defense $$ in new budget plan

    03/17/2015 10:06:41 AM PDT · by Jim Robinson · 8 replies
    FOX News ^ | March 17, 2015
    House Republicans, unveiling their first budget blueprint since the party took control of Congress, issued a sweeping spending plan Tuesday that calls for complete repeal of ObamaCare, major changes to Medicare and controversial moves to boost defense spending despite tight budget limits. GOP leaders say their budget would balance in less than 10 years, and in that time cut spending by $5.5 trillion compared with current projections. The spending plan stands little chance of ever being signed by President Obama, but makes clear that the party is not dialing back its ambitions despite a rocky start to the latest congressional...
  • Can America Afford a War With Iran?

    03/13/2015 9:29:02 AM PDT · by pinochet · 79 replies
    Vanity Fair estimated the cost of the Iraq War to be $3 trillion. Iran has a population that is more than double the population of Iraq, and is much richer than Iraq was in 2003. A War with Iran will cost over 6 trillion dollars, without even factoring inflation since 2003. When inflation is factored in, that would add about $10 trillion dollars to the deficit. Can America afford the $10 trillion it will take to wage war and occupy Iran?
  • GOP is warned: $5.5 trillion to get us to balance in 10 years

    03/12/2015 10:04:24 AM PDT · by DoodleDawg · 36 replies
    Politico ^ | 3/12/15 | David Ridgers
    Senate Budget Committee Republicans got a taste of things to come Wednesday as witnesses warned it will take $5.5 trillion in deficit reduction to bring the government into balance in a decade and the GOP cant afford to take its eye off economic growth. It will be about $5.5 trillion to get us to balance in 10 years, Maya MacGuineas, president of the Committee for a Responsible Federal Budget told the panel. Just to put that in perspective thats eight times the size of the [2012] fiscal cliff deal and its 65 times the size of the [2013] Ryan Murray...
  • There's a new mortgage crisis brewing [Richard Bove]

    02/24/2015 4:49:11 PM PST · by CutePuppy · 24 replies
    CNBC ^ | 2015 February 23 | Richard X. Bove
    In 2008, the nation entered into a financial crisis widely believed to have been caused by excesses in the residential mortgage industry. By 2010, the nation thought it had put in place a series of measures that not only would resolve the crisis but would insure that it never happened again. Yet, here we are in 2015 looking at another potential mortgage crisis. Only this time it is different. In 2008, funds flowed in waves into the mortgage industry. In 2015, it appears the funds are drying up. The solutions to the problem in 2010 and thereafter included: Suing and...
  • Egypts president raises cigarette tax

    02/22/2015 7:04:38 PM PST · by Olog-hai · 4 replies
    Associated Press ^ | Feb 22, 2015 2:50 PM EST | Merrit Kennedy
    Egypt said Sunday it will raise the sales tax on both local and imported cigarettes as it confronts a major budget deficit. The decision announced by the presidency increases a flat tax by at least 7 cents for a pack of less expensive cigarettes. More expensive brands will see an increase of at least 20 cents. A similar move last July raised prices 25 to 40 cents per pack. One in four Egyptian adults smoke, according to a 2013 World Health Organization report.