Free Republic

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...

The federal government ran a deficit of $292 billion for the first two months of fiscal year 2013 – October and November 2012 – amounting to $4.8 billion of borrowed money each day. “The federal budget deficit was $292 billion for the first two months of fiscal year 2013, $57 billion more than the shortfall recorded in October and November of last year,” CBO said in its Monthly Budget Review Friday. This means that the government borrowed $4.8 billion for each calendar day so far in 2013. If the Treasury Department restricted its borrowing to only weekdays, its per day...

Chinese stock have been on a 2-day tear as Premier Wen Jiabao has come flat out in support of the stock market. Moreover, money supply in China is up the most since last April and new Chinese loans exceeded the estimates of all 18 Bloomberg economists. M2 rose 13.6 percent, the fastest pace since July. Bloomberg reports China Stocks Rise Most in 3 Months on Loan, Money Data

"The simple fact that America's previously unparalleled financial status among nations has been teetering on a precipice of insolvency should have been enough to spark Obama and the Democrats into extreme action long ago. Even cutting $100 billion, under these current conditions, is not nearly enough in the face of $ 1.6 trillion annual shortfall and a $ 14 trillion overall deficit; however, our fearless leaders settled on a paltry $ 38.5 billion in cuts. Yet, the numbers, which these Politico's keep agreeing upon, is nowhere near what will actually be required to achieve some form of deficit equilibrium. "So,...

BEIJING (Reuters) - Sovereign debt troubles in Europe underscore how important it is for the United States to control its own borrowing as its indebtedness reaches concerning levels, a senior Chinese official said on Thursday. With China facing criticism for holding its currency in a de facto dollar peg, assistant finance minister Zhu Guangyao shifted attention to Beijing's own worries about U.S. policies, especially its soaring deficit, ahead of high-level bilateral meetings next week. There will be "quiet discussions" about the yuan at the Strategic and Economic Dialogue, but external pressure will only delay the exchange rate reform that China...

Congress talks about their budget-busting health care plan just like that old joke about the person who bounces a check for the first time and says, "I Can't be Over Drawn, I still have checks left." They have already mortgaged away our children's future in the first 150 days of this democratic party-led fascist economy revolution (government control of mostly private enterprise). Now they are proposing a health care plan that continues their reckless abandon method of spending. When told that the Congressional Budget Office projected that the costs of Obama care could run as high as $1.6 billion and...

One of the few memorable lines in Barack Obama’s inaugural address, was a promise to “those who cling to power through corruption or deceit and the silencing of dissent … we will extend a hand if you are willing to unclench your fist.” Well, that was before the $787 billion “stimulus” package, which is projected to push the FY 2009 deficit to a record $1.75 trillion - 12.3 percent of the economy, the highest share of the GDP ever since 1945. Now, America’s hand is indeed extended, but it’s not to offer help but to beg for it.