Keyword: trillions

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  • Obamacare: Taxpayers in the Hole for $1.5 Trillion

    03/27/2014 10:18:04 AM PDT · by Star Traveler · 18 replies
    The Fiscal Times ^ | Thursday, March 27, 2014 | Edward Morrissey
    “What the hell is this, a joke?” Speaker of the House John Boehner said in reaction to news this week that yet another “deadline” in the Affordable Care Act had been unilaterally delayed by the Obama administration. Unfortunately, the answer to that question is yes, and it’s becoming increasingly clear that the joke is on the American taxpayer. Late Tuesday, the Department of Health and Human Services – which has taken to bragging about “enrollment” numbers that fall millions short of their original goals – announced that the March 31st deadline for open enrollment had become more of a guideline....
  • 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,...
  • Debt Up $6.666.... Trillion Under Obama

    02/04/2014 5:56:07 PM PST · by MeshugeMikey · 23 replies
    CNS news ^ | February 4, 2014, | Ali Meyer
    The debt of the U.S. government has increased $6.666 trillion since President Barack Obama took office on Jan. 20, 2009, according to the latest numbers released by the Treasury Department.
  • Who Read 1,582-Page $1.1T Spending Bill? Congressman: ‘Nobody Did’

    01/17/2014 12:34:32 PM PST · by Olog-hai · 8 replies
    Cybercast News Service ^ | January 16, 2014 - 5:20 PM | Barbara Boland
    When asked whether he read the 1,528-page, $1.1 trillion government spending bill before he voted for it yesterday, Rep. Earl Blumenauer (D-Ore.) said, “Nobody did!” […] In an e-mail to CNSNews.com, Blumenauer’s communications director, Patrick Malone, said: “A reminder that the Republicans complained and complained about not having time to read bills when the Dems were in charge and then keep dropping bombs like this on us.” …
  • $17 Trillion U.S. National Debt? Try $211 Trillion!

    09/23/2013 12:17:25 PM PDT · by Zakeet · 29 replies
    Zero Hedge ^ | September 23, 2013
    ... 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...
  • Treasury: Debt Has Been Exactly $16,699,396,000,000.00 for 56 Days

    07/15/2013 5:50:09 PM PDT · by dynachrome · 40 replies
    cnsnews.com ^ | 7-15-13 | CNS News
    According to the Daily Treasury Statement for July 12, which the U.S. Treasury released this afternoon, the federal debt that is currently subject to a legal limit of $16,699,421,095,673.60 has stood at exactly $16,699,396,000,000.00 for 56 straight days. That means that for 56 straight days the federal debt has remained approximately $25 million below the legal limit. Even though the portion of the federal debt that is subject to a legal limit has not changed in almost two months, the Treasury has continued to sell bills, notes and bonds at a value that exceeds the value of the bills, notes...
  • CNBC Exec’s Children Murdered, 1 Day After CNBC Reports $43 Trillion Bankster Lawsuit

    10/27/2012 10:47:23 AM PDT · by opentalk · 73 replies
    Intel Hub ^ | October 26, 2012 | JG Vibes
    This week financial news organization CNBC gave some mainstream attention to the largest money laundering and racketeering lawsuit in United States History, in which “Banksters” and their U.S. racketeering partners are being accused of laundering of 43 trillion dollars worth of ill gotten gains. The lawsuit is said to involve officials located in the highest offices of government and the financial sector. Since this information was surprisingly revealed by the mainstream news organization there has been a very suspicious and deadly fallout at the CNBC headquarters. Within hours the original page for the article was taken down, and CNBC senior...
  • Heritage: Amnestied Illegals Will Get $9.4T in Benefits; Increase Debt $6.3T

    05/06/2013 7:52:45 PM PDT · by Olog-hai · 10 replies
    Cybercast News Service ^ | May 6, 2013 | Elizabeth Harrington
    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. …
  • Democratic Rep: Debt-ceiling blank check is like Emancipation Proclamation

    01/05/2013 5:21:10 PM PST · by TurboZamboni · 51 replies
    daily callr ^ | 1-5-13 | Nicholas Ballasy
    Democratic Illinois Rep. Danny K. Davis told The Daily Caller that President Obama should have the power to raise the nation’s debt ceiling without congressional approval, citing the example of President Abraham Lincoln issuing the Emancipation Proclamation as a good use of presidential authority. “Sometimes when we’ve gotten great answers is when presidents have had enough authority to take some actions,” Davis told TheDC on Capitol Hill Friday. “I mean, remember that we just celebrate the 150th anniversary of the Emancipation Proclamation, and if Abraham Lincoln had not had the power, authority and the will to make that decision, we...
  • The Unstoppable March Toward National Bankruptcy: Who's To Blame?

    10/12/2012 5:33:16 AM PDT · by SeekAndFind · 14 replies
    Forbes ^ | 10/12/2012 | Dr. Mark Hendrickson, Grove City College
    The opening line of the Beatles’ iconic “Sergeant Pepper’s” album is echoing in my thought: “It was 20 years ago today…” Well, not quite to the day, but 20 years ago I published an article titled, “$4 Trillion and Counting.” In it, I despaired at the rapid increase in the national debt from its first-ever crossing of the $1 trillion mark during the Reagan presidency to four times that gargantuan amount in only a decade. Today, a mere two decades later, we have quadrupled the national debt again, to $16 trillion. (That figure represents the official national debt, but if...
  • Obama's Epic Deficit Failure

    08/23/2012 5:29:25 AM PDT · by IBD editorial writer · 7 replies
    Investor's Business Daily ^ | 08/22/2012 | IBD Staff
    Spending: Remember when President Obama promised he'd cut the deficit in half in his first term? Well, the results are in, and red ink will once again top $1 trillion. Calling this an epic failure isn't enough. In his first budget message to the country, Obama promised to make the "tough choices necessary to restore fiscal discipline, cut the deficit in half by the end of my first term in office, and put our nation on sound fiscal footing." His plan projected a deficit of $557 billion this year, and $512 billion next year. On Wednesday, the Congressional Budget Office...
  • Analysts project $1.1 trillion federal deficit

    08/22/2012 9:42:05 AM PDT · by John W · 6 replies
    WASHINGTON – Congress’ nonpartisan budget analysts are projecting a $1.1 trillion federal deficit for 2012, the fourth straight year the government’s shortfall will exceed $1 trillion. The Congressional Budget Office also says it expects the economy to continue recovering at only a modest rate the rest of this year, growing at a modest annual rate of 2.25 percent.
  • Obama by the Numbers: THIS IS NOT SUSTAINABLE

    07/16/2012 10:17:19 AM PDT · by Reaganite Republican · 4 replies
    Reaganite Republican ^ | July 16, 2012 | Reaganite Republican
    This just released by the RNC... Just four years ago nobody even used the word 'trillion'! ______________________________________ RNC
  • US States Are Facing Total Debt of Over $4 Trillion (Give or take a few Trillion.)

    10/25/2011 12:35:26 PM PDT · by NormsRevenge · 13 replies
    CNBC ^ | 10/24/11 | Reuters
    The total of U.S. state debt, including pension liabilities, could surpass $4 trillion, with California owing the most and Vermont owing the least, a new analysis says. The nonprofit State Budget Solutions combined states' major debt and future liabilities, primarily for pensions and employee healthcare, unemployment insurance loans, outstanding bonds and projected fiscal 2011 budget gaps. It found that in total, states are in debt for $4.2 trillion. The group, which follows state fiscal conditions and advocates for limited spending and taxes, said the deficit calculations that states make "do not offer a full picture of the states' liabilities and...
  • US US gov't runs $1.3 trillion budget deficit in 2011 ( 3rd year of $1 trillion plus imbalances)

    10/14/2011 12:09:58 PM PDT · by SeekAndFind · 12 replies
    Associated Press Via Yahoo News ^ | 10/14/2011 | Martin Crutsinger
    WASHINGTON (AP) -- The government ran a $1.3 trillion for the budget year that ended last month, the third straight year it has operated more than $1 trillion in the red. The 2011 budget deficit was the second highest on record. It's slightly ahead of the previous budget year's $1.29 trillion deficit but below the $1.41 trillion imbalance record in 2009. A decade ago, the government was running surpluses and trillion-dollar deficits seemed unimaginable. But those deficits now loom over tense negotiations in Washington. Lawmakers are under pressure to agree by Thanksgiving on where they can cut $1.2 trillion over...
  • US Closes 2010-2011 Fiscal Year With $14,790,340,328,557.15 In Debt

    10/03/2011 2:02:52 PM PDT · by SeekAndFind · 5 replies
    Zero Hedge ^ | 10/03/2011 | Tyler Durden
    America has now officially closed the books on the 2010-2011 fiscal year. It is only fitting that the last day of the year saw the settlement of all outstanding and recently auctioned off debt. The result: a surge of $95 billion in total government debt overnight, and a fiscal year closing with the absolutely unprecedented $14,790,340,328,557.15 in debt. Net net, in the past fiscal year, the US has issued a total of $1.228 trillion in new debt and has accelerated over time. At a rate of $125 billion per month, total US debt to GDP will pass 100% in...
  • Obama to call for broad tax increases Wants three dollars in taxes for each dollar of new cuts

    09/19/2011 8:22:41 AM PDT · by NoLibZone · 26 replies
    Washington Times ^ | Sept 19 2011 | By Stephen Dinan - The Washington Times
    President Obama on Monday will propose a deficit plan that calls for about three dollars in new tax increases for every dollar in additional spending cuts as he seeks to put his imprint on the ongoing talks over reducing the government’s staggering debt burden. In a plan his advisors described as his ideological vision, rather than a compromise offer to the GOP, Mr. Obama will also threaten to veto any plan Congress sends him that tackles entitlements but doesn’t include tax increases, which he will argue is central to a “balanced” approach. “The president will make clear he’s not going...
  • How a $13 Trillion Cover Story was Written

    08/03/2011 2:53:00 PM PDT · by STARWISE · 9 replies
    michaelhudson.com ^ | 6-17-11 | Michael Hudson
    Free money creation to bail out America’s elite financial speculators, but not for Social Security or Medicare Only the “Crazies” Get the Bank Giveaway Right*snip* What has made the post-2008 crash most remarkable is not merely the delusion that the way to get rich is by debt leverage (unless you are a banker, that is). Most unique is the crash’s aftermath. This time around the bad debts have not been wiped off the books. There have indeed been the usual bankruptcies – but the bad lenders and speculators are being saved from loss by the government intervening to issue Treasury...
  • Filibuster w/ Lee, West Needs TEA, Rubio Quote, Expose Default Scare Fraud, End Dems Ponzi Economics

    08/01/2011 11:26:48 AM PDT · by Golden Gate · 18 replies
    Monday August 01, 2011 | FR - Golden Gate
    *** Please Read Before Posting *** - Thread Protocol Rules - (Real Simple) This is a prototype idea for a FR Working Group: US Budget FY-2012 / Nat. Debt If the budget is approved before this is posted, it can be an idea for FR working groups on other subjects and issues. To improve our work and activism on FR, there are times when we need to have a specific type of information or instructions in one dedicated long channel or stream. On threads that have less than 30 posts or so, this is less important, as you can...
  • GOP presser LIVE on FOX

    08/01/2011 1:11:13 PM PDT · by Jim Robinson · 182 replies
    FOX News | Aug 1, 2011 | Jim Robinson
    The GOP "leadership" is united in lying to the public while they stab us in the back. I must correct their lies. There is not a nickle in spending cuts in this bill. It's absolutely idiotic to pile on more debt and continue spending when you're already so deeply in debt that you can never get out. No deal would be better than this MARXIST POS!! It's the spending, stupid!! Tea Party Freshmen: HOLD THE LINE!! Rebellion is brewing!! Reinforcements coming in 2012!!
  • Reid-Boehner Deal - $2.4 Trillion Largest Debt-Limit Increase in U.S. History

    08/01/2011 11:15:05 AM PDT · by GreatJoeMcCarthy · 29 replies
    Cybercast News Service ^ | August 01, 2011 | Terence P. Jeffrey
    The bill to increase the federal debt limit that has been put before Congress today would increase that limit by up to $2.4 trillion, which would be the largest increase in the debt limit in U.S. history by a margin of half a trillion dollars, according to records published by the Government Accountability Office and the Congressional Research Service. In fact, according to records published by the Congressional Research Service, if the current bill is passed and the debt limit is increased by $2.4 trillion, the two largest debt-limit increases in U.S. history would come in back-to-back years, both during...
  • Cost of US wars since 9/11? At least $3.7 trillion, study finds

    06/29/2011 12:03:59 PM PDT · by SeekAndFind · 91 replies
    Reuters via MSNBC ^ | 06/29/2011
    When President Barack Obama cited cost as a reason to bring troops home from Afghanistan, he referred to a $1 trillion price tag for America's wars. Staggering as it is, that figure grossly underestimates the total cost of wars in Iraq, Afghanistan and Pakistan to the U.S. Treasury and ignores more imposing costs yet to come, according to a study released Wednesday. The final bill will reach at least $3.7 trillion and could be as high as $4.4 trillion, according to the research project "Costs of War" by Brown University's Watson Institute for International Studies. In the 10 years since...
  • Trillions

    05/16/2011 10:42:05 PM PDT · by szweig · 17 replies
    Trillion NFG
  • How to Turn 100 Trillion Dollars Into Five and Feel Good About It

    05/11/2011 12:46:20 PM PDT · by Berlin_Freeper · 9 replies
    Wall Street Journal ^ | May 11 2011 | MCGROARTY And MUTSAKA
    A 100-trillion-dollar bill, it turns out, is worth about $5. That's the going rate for Zimbabwe's highest denomination note, the biggest ever produced for legal tender—and a national symbol of monetary policy run amok. At one point in 2009, a hundred-trillion-dollar bill couldn't buy a bus ticket in the capital of Harare. But since then the value of the Zimbabwe dollar has soared. Not in Zimbabwe, where the currency has been abandoned, but on eBay. The notes are a hot commodity among currency collectors and novelty buyers, fetching 15 times what they were officially worth in circulation. In the past...
  • GOP introduces one-week stopgap with $12B in spending cuts

    04/05/2011 5:37:09 AM PDT · by The Big Boo · 18 replies
    The Hill ^ | 4/5/11 | Molly K. Hooper and Russell Berman
    Republicans on Monday night introduced a measure to fund the military through September and government operations for one more week. House Speaker John Boehner (R-Ohio) told his conference about the legislation — which contains $12 billion in spending cuts — during a Monday night meeting, his office said. The move is intended to prevent a government shutdown that would start after Friday unless Congress approves another measure to fund the government.
  • Spend trillions now, and world temperatures might fall in 1,000 years

    03/26/2011 7:22:17 AM PDT · by Libloather · 19 replies
    Washington Examiner ^ | 3/25/11 | Barbara Hollingsworth
    Spend trillions now, and world temperatures might fall in 1,000 yearsBy: Barbara Hollingsworth 03/25/11 4:38 PM Local Opinion Editor Even if every country in the world adopts economy-killing carbon caps, they’ll have to wait about 1,000 years for global temperatures to fall, says Australia’s newly appointed climate commissioner. Tim Flannery, a zoologist and author of an acclaimed 2005 book on climage change, “The Weather Makers,” compares skeptics of global warming to “flat Earth believers.” But he made a point that most global warming alarmists gloss over when he threw down this lightning bolt in an interview with Macquarie Radio’s Andrew...
  • Gingrich Says He Doesn't Regret Supporting Medicare Drug Plan Which Is Now a $7.2 Trillion Unfunded

    03/18/2011 2:11:08 PM PDT · by Nachum · 46 replies
    CNS NEWS ^ | 3/18/11 | Nicholas Ballasy
    (CNSNews.com) -- Former House Speaker New Gingrich (R-Ga.), a likely 2012 presidential candidate, told CNSNews.com today that he does not regret supporting the enactment of the Medicare prescription drug plan which now presents the federal government with a $7.2 trillion unfunded liability. An unfunded liability is a benefit the federal government has promised to pay that is not matched by tax revenue to fund it and thus represents an anticipated increase in the national debt.
  • Government posts biggest monthly deficit ever

    03/07/2011 12:19:57 PM PST · by jda · 19 replies
    The Washington Times ^ | 07 March 2011 | Stephen Dinan
    "The federal government posted its largest monthly deficit in history in February at $223 billion, according to preliminary numbers the Congressional Budget Office released Monday morning. "That figure tops last February’s record of $220.9 billion, and marks the 29th straight month the government has run in the red — a modern record. The last time the federal government posted even a monthly surplus was September 2008, just before the financial collapse. "Last month’s federal deficit is nearly four times as large as the spending cuts House Republicans have passed in their spending bill, and is more than 30 times the...
  • Close to $7 TRILLION!!!! And still not enough???

    02/15/2011 8:35:15 AM PST · by FiddlePig · 4 replies
    www.usgovernmentspending.com ^ | 2-15-2011 | US Government Spending website
    Assuming this Government Spending website is accurate, we learn the Feds spend MORE than ALL state and local government COMBINED! A whopping 53% (that's $3.7T)of the staggering total of damn near $7 Trillion ($7,000,000,000,000 - FY 2011)!!! And yet they demand MORE! (and we wonder why our economy's flat?)... It has become obvious that if government could(they would) confiscate ALL the wealth earned since 1776, (gazllion$) it would STILL NOT be enough for our Federal/State/Local 'masters" (especially the Feds)... they would still deficit spend!!! Such is the greed and lust for power in the halls of government! Will the new...
  • Just How Big is is the U.S. Federal Debt?

    02/15/2011 7:48:27 AM PST · by GlockThe Vote · 8 replies
    Business Insider ^ | February 15, 2011 | William Wei
    A Great Video On Just How Big The US Debt Is Compared To The Rest Of The World William Wei | Feb. 15, 2011, 10:19 AM | 193 | 1 Duquesne professor Antony Davies explains, with the aid of a bar graph, how total US debt and unfunded obligations exceed World GDP: And Click Here To Find Out How The US Will Spend $3.7 Trillion In 2012 >> Tags: Economy, Video, Debt, Deficit, U.S. economy | Get Alerts for these topics »
  • FY 2011 Budget Deficit: $1.6 Trillion

    02/14/2011 8:51:08 AM PST · by FromLori · 2 replies
    The Hourly G ^ | 2/14/2011
    So the Obama administration is submitting its fiscal year 2012 budget today—and along the way, the administration revises its FY 2011 budget deficit. The current projected deficit for FY 2011? $1.6 trillion. This comes after last month’s announcement by the Congressional Budget Office, which put the FY 2011 deficit at $1.48 trillion—which in turn was a revision over last year’s deficit projection of “only” $1.3 trillion. So in other words, in less than six months, the FY 2011 budget—which has still yet to pass, scheduled for a vote this coming March 4—has had a deficit which has risen 23%. The...
  • Keyes attacks House Repubs for capitulation on debt

    02/04/2011 12:55:03 PM PST · by rabscuttle385 · 8 replies
    WND ^ | 2011-02-04
    WASHINGTON – Former GOP presidential candidate and Reagan administration official Alan Keyes has joined the ranks of those calling on House Republicans to reject another hike in the debt limit that will permit the federal government to keep borrowing money to propel its spending programs. He joins Sens. Jim DeMint, R-S.C., and Pat Toomey, R-Pa., and Reps. Michele Bachmann, R-Minn., Ron Paul, R-Texas, and Anthony Weiner, D-N.Y., in rejecting House Speaker John Boehner's concession to raise the debt limit, which is expected to be reached toward the end of next month. "We should demand of our representatives in Congress that...
  • CBO Director: Trillion-Dollar Deficits Risk 'Fiscal Crisis' in U.S.

    01/27/2011 10:24:19 AM PST · by Innovative · 24 replies
    FJoxNews ^ | Jan 27, 2011 | FoxNews
    The top numbers cruncher for Congress warned Thursday that the federal government increasingly risks sending the country into a "fiscal crisis," projecting that unless cuts are made, within a decade the national debt could reach nearly 100 percent of all annual economic activity. That's like having $50,000 in debt on a $50,000-a-year salary. He said cumulative deficits over the next 10 years could run anywhere from $7 trillion to $12 trillion. He warned that making budget cuts too deep, too fast could be "disruptive" to the economic recovery at a fragile time.
  • $2.5 Tr USD in CUTS: Full list of 2011 budget cuts... (GOP)

    01/20/2011 10:04:19 AM PST · by NowApproachingMidnight · 51 replies
    USN | 01/20/11 | Self
    Additional Program Eliminations/Spending Reforms Corporation for Public Broadcasting Subsidy. $445 million annual savings. Save America's Treasures Program. $25 million annual savings. International Fund for Ireland. $17 million annual savings. Legal Services Corporation. $420 million annual savings. National Endowment for the Arts. $167.5 million annual savings. National Endowment for the Humanities. $167.5 million annual savings. Hope VI Program. $250 million annual savings. Amtrak Subsidies. $1.565 billion annual savings. Eliminate duplicative education programs. H.R. 2274 (in last Congress), authored by Rep. McKeon, eliminates 68 at a savings of $1.3 billion annually. U.S. Trade Development Agency. $55 million annual savings. Woodrow Wilson Center...
  • 111th Congress Added More Debt Than First 100 Congresses Combined: $10,429 Per Person in U.S.

    12/27/2010 12:14:28 PM PST · by Sub-Driver · 29 replies · 5+ views
    111th Congress Added More Debt Than First 100 Congresses Combined: $10,429 Per Person in U.S. Monday, December 27, 2010 By Terence P. Jeffrey (CNSNews.com) - The federal government has accumulated more new debt--$3.22 trillion ($3,220,103,625,307.29)—during the tenure of the 111th Congress than it did during the first 100 Congresses combined, according to official debt figures published by the U.S. Treasury. That equals $10,429.64 in new debt for each and every one of the 308,745,538 people counted in the United States by the 2010 Census. The total national debt of $13,858,529,371,601.09 (or $13.859 trillion), as recorded by the U.S. Treasury at...
  • $24.5 Trillion In US National Debt, $144 Trillion In Unfunded Liabilities In... 2015

    12/20/2010 10:40:54 AM PST · by Zakeet · 73 replies · 2+ views
    Zero Hedge ^ | December 20, 2010 | Tyler Durden
    By now everyone has seen and played with the US debt clock via usdebtclock.org whereby anyone who so wishes, can find every little detail about America's current sad fiscal state. The fact that America currently has just under $14 trilllion in national debt should be no surprise to anyone who professes to having an even modest interest in the state of the US economy. Yet a new feature on the "debt clock", namely one which extrapolates future debt at current rates of advancement (instead of one based on the always completely inaccurate CBO estimates), and looks at US debt in...
  • Is Anything Real? Trillions in Secret Fed Payments Revealed

    12/02/2010 4:08:11 PM PST · by Nachum · 45 replies
    RushLimbaugh.com ^ | 12/2/10 | Rush Limbaugh
    BEGIN TRANSCRIPT RUSH: Let's go back, audio sound bite-wise, to me on my program, this program. This is March 12th of this year... RUSH ARCHIVE: The TARP money was not used for its original purpose. There's something else out there, Jordan, you need to know. The Federal Reserve, before the TARP bailout, made loans totaling $2 trillion and they will not tell us to whom. We don't know who got the money. Whether the Fed loans it or the government prints it, it's our money. So you can talk about the $700 billion TARP. You can talk about the $787...
  • Republicans Play into Obama’s Hands on Wall Street

    08/31/2010 4:23:43 PM PDT · by unspun · 49 replies
    Gulag Bound ^ | August 31, 2010 | Cliff Kincaid
    Financial expert Zubi Diamond, author of Wizards of Wall Street, says that Republican proposals to fix the economy are deficient because they fail to protect invested capital in the stock market from the hedge fund short sellers. Republican Representatives Paul Ryan and John Boehner, who voted for the $700 billion big bank bailouts that began under President Bush, have put forward much-publicized proposals to solve the economic crisis. But Diamond says he has had no luck in getting Boehner?or other top Republicans?to pay any attention to his detailed and specific plan to save the economy by reinstating the safeguard regulations...
  • Taxpayers Must Cover Much of $3 Trillion State Pension Bills, Study Says

    08/20/2010 12:26:09 PM PDT · by Poundstone · 39 replies
    Kellogg School of Management ^ | August 20, 2010 | Joshua Rauh
    Taxpayers must cover at least a third of a $3 trillion bill for public employee pensions even if lawmakers eliminate cost-of-living increases and raise the retirement age, according to an academic study. “Even if states uniformly eliminated generous early retirement deals and raised the retirement age to 74, the unfunded liability for promises already made would still be more than $1 trillion,” Joshua D. Rauh, associate professor of finance at Northwestern University’s Kellogg School of Management in Evanston, Illinois, said in a statement.
  • White House predicts record $1.47 trillion deficit

    07/23/2010 12:10:35 PM PDT · by Free ThinkerNY · 92 replies · 1+ views
    Associated Press ^ | July 23, 2010 | ANDREW TAYLOR
    WASHINGTON (AP) -- The White House says the government is now borrowing 41 cents of every dollar it spends. New estimates predict the unemployment rate will average 9 percent next year and the budget deficit will be $1.42 trillion - even bigger than previously expected.
  • A Black Swan in more ways than One. The Gulf Mega Disaster (Generally unknown financial costs)

    07/13/2010 2:38:27 AM PDT · by givemELL · 5 replies · 1+ views
    davidsprime blogspot ^ | July 13, 2010 | david26
    "America cannot afford a Trillion Dollar disaster. That’s what this will cost, count in Trillions not Billions. The cost in lives, displaced people and destruction to the Eco System is on a scale Humanity has never encountered in its recorded history."
  • Crisis Awaits World’s Banks as Trillions Come Due (And You think we've got problems?)

    07/11/2010 7:34:09 PM PDT · by SeekAndFind · 25 replies
    New York Times ^ | 07/11/2010 | Jack Ewing
    FRANKFURT — The sovereign debt crisis would seem to create worry enough for European banks, but there is another gathering threat that has not garnered as much notice: the trillions of dollars in short-term borrowing that institutions around the world must repay or roll over in the next two years. The European Central Bank, the Bank of England and the International Monetary Fund have all recently warned of a looming crunch, especially in Europe, where banks have enough trouble raising money as it is. Their concern is that banks hungry for refinancing will compete with governments — which also must...
  • A Busted 'Bailout and Stimulate' Formula

    06/10/2010 6:59:15 AM PDT · by arthurus · 4 replies · 27+ views
    Seeking Alpha ^ | June 09, 2010 | Eric Sprott
    There's nothing wrong with throwing a little money at a problem to make it go away. There's equally nothing wrong with throwing a little borrowed money at a problem to make it disappear, as long as you have the means to pay that borrowed money back. But what happens if you throw a lot of borrowed money at a problem, and the problem doesn't go away?
  • The Obama Debt Tracker - Total combined national debt officially reaches $13 trillion milestone

    06/02/2010 2:31:59 PM PDT · by jpl · 37 replies · 856+ views
    The United States Department of the Treasury ^ | Wednesday, June 2, 2010 | The United States Department of the Treasury
    Today, the United States Department of the Treasury confirms that the total combined United States national debt has just reached and exceeded a new milestone of $13 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 06/01/2010         8,572,779,158,729.50         4,478,047,302,157.47         13,050,826,460,886.97 Since Barack Hussein Obama entered office on January 20, 2009, the total combined national...
  • The Thinker: Barack Obama explains his job

    05/31/2010 1:18:18 AM PDT · by mojito · 19 replies · 1,109+ views
    Wall Street Journal ^ | 5/28/2010 | James Taranto
    What exactly is the job of the president of the United States? Let's ask the man who currently holds that position, Barack Obama: "My job right now is just to make sure that everybody in the Gulf understands this is what I wake up to in the morning and this is what I go to bed at night thinking about: the spill." Obama's job description is fascinating. He has been depicted as a proponent of "activist government," but this may be a bum rap. Now he tells us he thinks that if he somehow gets people to think about him...
  • Congress Votes to Socialize Health Care in United States

    03/22/2010 1:44:50 AM PDT · by Cindy · 26 replies · 1,397+ views
    CNS NEWS.com ^ | Monday, March 22, 2010 | By Terence P. Jeffrey, Editor-in-Chief
    "Congress Votes to Socialize Health Care in United States" Monday, March 22, 2010 By Terence P. Jeffrey, Editor-in-Chief SNIPPET: "According to the CBO, by 2016, the cheapest family health care plan that Americans will be required to buy under the law will cost $12,000 per year. The average family plan will cost $15,200. A family of four making $88,201 per year—or more than 400 percent of the poverty level—will not receive any federal subsidy to purchase such a plan. They will pay taxes, however, to subsidize the health care purchases of people earning less than 400 percent of poverty. According...
  • Study: States must fill $1 trillion pension gap

    02/18/2010 8:57:12 AM PST · by WOBBLY BOB · 10 replies · 609+ views
    PMSNBC ^ | 2-18-10 | msnbc
    HARRISBURG, Pa. - States may be forced to reduce benefits, raise taxes or slash government services to address a $1 trillion funding shortfall in public sector retirement benefits, according to a new study that warns of even more debilitating costs if immediate action isn't taken.
  • Hatch: There Are ‘A Number’ of Federal Programs ‘We Could Do Without’

    02/02/2010 9:34:14 AM PST · by IbJensen · 36 replies · 1,038+ views
    CNS News ^ | 2/2/2010 | Thomas Ballasy
    (CNSNews.com) - Sen. Orrin Hatch (R-Utah) told CNSNews.com that there are “a number” of federal programs in existence for “no good reason” that the United States could “do without” to help trim the federal budget, which, for 2010, is estimated to have a $1.4 trillion deficit. In an interview about the deficit and federal spending at the U.S. Capitol last week, CNSNews.com asked Hatch, “Is there a federal agency that you think should be closed?” Hatch said, “Give me a chance. I’ll show you a number of them that I think we could do without.” “I’m not saying that there...
  • A 'Bleak' Budget but Slightly Better (CBO Estimates Deficit of $1.35T, better than expected $1.4T)

    01/27/2010 8:39:29 AM PST · by SeekAndFind · 1 replies · 201+ views
    Wall Street Journal ^ | 01/27/2010 | JOhn Mckinnon
    The Congressional Budget Office on Tuesday called the U.S. budget outlook "bleak," in a forecast that hurts the chances for extending Bush-era tax cuts and raises pressure for fiscal belt-tightening. In its annual report, the nonpartisan CBO pegged the 2010 U.S. budget deficit at $1.35 trillion, a slight decrease from the $1.4 trillion 2009 deficit that set a post-World War II record. The report also contained grim projections for Americans looking for a brighter employment picture. The CBO predicts that unemployment, currently 10%, won't return to 5% until the middle of the decade. The report projects slightly lower growth in...
  • OBAMA TO ANNOUNCE $8 BILLION HIGH-SPEED RAIL PLAN AFTER STATE OF THE UNION SPEECH

    01/27/2010 4:18:21 AM PST · by Cindy · 150 replies · 3,011+ views
    (AP) via CNS NEWS ^ | January 27, 2010 | Julie Pace, AP
    "Obama to Announce $8 Billion High-Speed Rail Plan After State of the Union Speech" Wednesday, January 27, 2010 By Julie Pace, Associated Press SNIPPET: "Washington (AP) - A day after delivering a State of the Union address aimed at showing recession-weary Americans he understands their struggles, President Barack Obama intends to award $8 billion in stimulus funds to develop high-speed rail corridors and sell the program as a jobs creator. Obama and Vice President Joe Biden plan to announce grants for 13 major corridors during a town hall meeting in Tampa, Fla., Thursday..."