Keyword: nationaldebt
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From an Extreme Radical Independent Centrist- By: Larry Walker II -In his 1943 study entitled, The New Philosophy of Public Debt, U.S. economist, founder and 1st president of Brookings Institution (1927-1952), Harold G. Moulton expounded on the two conflicting debt philosophies of that era. First was the traditional view, that “a continuously unbalanced budget and rapidly rising public debt imperil the financial stability of the nation.” And, second, the new conception of the day, that “a huge public debt is a national asset rather than a liability and continuous deficit spending is essential to economic prosperity of the nation.”At...
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Since John Boehner became speaker of the U.S. House of Representatives on Jan. 5, 2011, the debt of the federal government has increased by $3,064,063,380,067.72. That is more than the total federal debt accumulated in the first 200 years of the U.S. Congress—during the terms of the first 48 speakers of the House. It also equals about $26,722 for each of the 114,663,000 households the Census Bureau estimates are now in the United States. The $26,722 in new debt per household accumulated under Speaker Boehner would have been more than enough to buy every household in the United States a...
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Although politicians and the press have generally referred to what has been happening in the federal government since Tuesday, Oct. 1 as in a “shutdown” or “partial shutdown,” that did not prevent the U.S. Treasury from being open for business on Thursday—the third day of the “shutdown” and issuing $106.291 billion in new debt, according to the Daily Treasury Statement released at 4:00 p.m. on Friday. … Even though the net debt held by the public declined by $5.039 billion in Thursday, and the cash reserved declined by $33.080 billion, according to the Daily Treasury Statement, the same statement said...
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A restaurant manager from Tyler, Texas, briefly became the world’s first trillionaire earlier this week—until his $4 trillion bank balance was found to be an online glitch. In an interview with KLTV, Reggie Theus said he would have used $3 trillion of his windfall to pay down the national debt.
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Give Up 300,000 Federal Workers… and then we’ll talk.- By: Larry Walker II -“Treasury Secy. Jack Lew warns the country will run out of money later this month. Actually, that's another lie. The country ran out of money $17 trillion ago. It's all borrowed since then, much of it by this administration.” ~ Andrew Malcolm *The United States federal government shutdown of 1995 and 1996 was the result of conflicts between Democratic President Bill Clinton and the Republican Congress over funding for Medicare, education, the environment, and public health in the 1996 federal budget. The government shut down after Clinton...
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Former President Bill Clinton, who sat in the Oval Office during the last government shutdown, supports President Barack Obama's refusal to negotiate with congressional Republicans and argues he should call their "bluff" as the government nears a possible shutdown and default. "He could stop it, but the price of - the current price of stopping it is higher than the price of letting the Republicans do it and taking their medicine," he said in an interview that aired Sunday on ABC's "This Week." Clinton went on to say that House Republicans, having realized they have little chance of pushing through...
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more than 60 percent of Americans want spending cuts. ... According to a Rasmussen Reports poll published earlier this week, 64 percent of Americans surveyed believe that spending cuts are the best option for the economy. ... Washington has raised the debt limit seven times during Obama’s presidency, adding $43,000 of debt for every American household in just the past four years," the Heritage Foundation's Michael Sargent wrote. "And the last time Congress and the President raised the debt ceiling, not only did they fail to accomplish any spending cuts; they also racked up an additional $300 billion in national...
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... When Standard & Poor's reduced the U.S.’s credit rating from AAA to AA-plus, it was the first time the U.S. ever suffered a downgrade to its credit rating. The S&P took this action despite the plan Congress passed last week to raise the debt limit. The downgrade, S&P said, "reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics." It's those medium- and long-term debt problems that also worry economics professor Laurence J. Kotlikoff, who served...
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Here's my response to Commander Zer0's verbal assault on reason that took place last night. I realize that our Dear Leader's plans to provide al-Qaeda air cover may not materialize, but keep this in mind: We have a failing dictator who's willing to start world War III to distract the country from his varied scandals and Zimbabwe-like economy. Anything is still possible with this pile of human debris in the White House. Without further ado: *** For the last couple of days, we've been exposed to an endless stream of war propaganda in support of Chairman Obama's Syrian adventure. Without...
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The Treasury Department’s latest official daily accounting of the U.S. government’s receipts, expenditures and borrowings—released this afternoon at 4:00 p.m.—indicates that the legally limited debt of the federal government has now been exactly $16,699,396,000,000 for 100 straight days. The Daily Treasury Statement released today showed the status of the government’s accounts as of the close of business on Friday, Aug. 23. Because the Treasury does no business over the weekend, the federal government’s debt did not change on Saturday or Sunday. The statement for Aug. 23 said the federal debt subject to the legal limit set by Congress was $16,699,396,000,000—or...
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Today's US National Debt Clock status.
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The U.S. national debt would reach 1.1 million miles into space if stacked in one dollar bills. According to the latest available data from the U.S. Treasury, the total public debt outstanding is $16,738,105,803,858.21. A dollar bill is .0043 inches in thickness. … Thus, the national debt would stretch 1,135,951 miles into the air. …
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Rep. Michele Bachmann wants to know: How in the world has the federal government not reported any increase in the national debt in 56 days? As Federal Reserve Chairman Ben Bernanke testified before the House Financial Services Committee Wednesday, Bachmann asked how there could be no increase reported in the total debt when the government is racking up about $4 billion a day in new debt. “After nearly 10 years as the head of the Federal Reserve, Chairman Bernanke could not answer my question today in Financial Services Committee,” Bachmann told WND. She wondered if there’s a political motive involved....
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#2 During Obama's first term, the federal government accumulated more debt than it did under the first 42 U.S presidents combined. #4 If you started paying off just the new debt that the U.S. has accumulated during the Obama administration at the rate of one dollar per second, it would take more than 184,000 years to pay it off. #27 Back in 1965, only one out of every 50 Americans was on Medicaid. Today, one out of every 6 Americans is on Medicaid, and things are about to get a whole lot worse. It is being projected that Obamacare will...
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House Speaker John A. Boehner on Thursday flatly ruled out chances of the House passing the Senate’s immigration bill, saying his chamber will debate its own bill instead. Mr. Boehner and his top GOP lieutenants issued a joint statement that seemed designed to tamp down some of the momentum behind the Senaate bill, which emerged from a Senate committee on a bipartisan 13-5 vote earlier this week, and to stake out a House GOP position
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Obama has done it. He has brought America down. It only took him just over four years. The Republicans could have stopped him. They didn’t. How did the nihilistic left succeed in destroying America? Simple. They learned just a little of the capitalism they hate, and they drove your nation into outright bankruptcy. And here is what the GOP has to say about it: just about nothing. The once-mighty United States is now the most indebted nation on Earth. In round numbers, here are just some of the vital statistics as the patient dies: National debt: $17 trillion, or $50,000...
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Granting amnesty to illegal immigrants would cost $6.3 trillion, according to a new report by the Heritage Foundation. … Not only would the federal deficit increase, but the cost of benefits and services to millions of newly minted citizens would reach nearly $10 trillion. …
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Note: The following text is a quote: http://www.whitehouse.gov/blog_post/beyond_the_echo_chamber/ Friday, February 6th, 2009 at 12:55 pm Advice from "beyond the echo chamber" We just learned the economy lost another 600,000 jobs last month. It's a staggering number, and it underscores just how deep this crisis is – and, as the President pointed out this morning, it’s accelerating. That's why he created the Economic Recovery Advisory Board -- to solicit ideas from "beyond the echo chamber of Washington, DC." "I’m not interested in groupthink, which is why the Board reflects a broad cross-section of experience, expertise, and ideology," he said. "We’ve recruited...
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Washington (AP) — The Federal Reserve on Wednesday stood by its extraordinary efforts to stimulate the economy. And it signaled that it could increase or decrease the pace of bond purchases depending on how the job market and inflation perform. After concluding a two-day policy meeting, the Fed said in a statement that the job market has shown some improvement in recent months, on balance. But it also notes that unemployment remains high and government budget policies have begun to restrain economic growth. The Fed maintained its plan to keep short-term interest rates at record lows at least until unemployment...
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Yesterday, my colleague, Marty Biancuzzo, explained why America is on a path to inevitable economic and government collapse. After reading Marty’s piece, another colleague asked me: What will America look like after a government collapse? It’s an important question, and I want to give a satisfactory answer. But I can’t do that in one short column, so I plan to return to this topic several times over the next few weeks. I hope that when I’m done, you will have a better understanding of where the country is headed. Now, consider our current situation… It’s clear that Barack Obama and...
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