Posted by admin! / Under Debt Settlement
The president devoted just 189 words to the deficit and our growing national debt, but the fact is that once again this year we will borrow 32 cents out of every dollar we spend. Overall, our national debt now tops $15.2 trillion (with Congress raising the debt ceiling to $16.4 trillion last week). And that doesn’t count the unfunded liabilities of Social Security and Medicare. Throw those in, and our total indebtedness exceeds $120 trillion. That means that if one counts only the official national debt, every man, woman and child in America owes $48,700. Include the unfunded liabilities of...
Published on Sunday 5th of February 2012 02:08:23 AM
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Posted by admin! / Under Debt Settlement
I’m a huge fan of lotteries. It is one of the few taxes that citizens pay willingly. Spending a dollar for the prospect of winning a hundred million is kind of fun. And the fact that the state’s provide the fig leaf of responsibility by suggesting all funds go to support education makes players feel like they are doing their part to support the kids… Imagine, a way of taxing people that is actually voluntary! Unfortunately however, most taxes are anything but voluntary, particularly those levied by the federal government. In 2011 the federal government took in $2.3 trillion in...
Published on Sunday 5th of February 2012 02:08:23 AM
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Posted by admin! / Under Debt Settlement
The Congressional Budget Office (CBO) is out with its annual report. It’s a blockbuster. This 165 page monster is filled with dozens of charts, graphs and detailed projections. It will be talked about for weeks. The report provides a dismal outlook for the economy. Here is the CBO forecast for real GDP for 2012 and 2013:
Published on Sunday 5th of February 2012 02:08:23 AM
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Posted by admin! / Under Debt Settlement
Sound bites from the left. Sound bites to the right; here I am, stuck in the middle with you (STEALERS WHEEL). The House Budget Committee was in full political regalia as posturing for the home folks and November’s election was in full force. Most of the questions are redundant or ridiculous and in some cases, both. An exception was Committee Chairman Paul Ryan, who asked Mr.Bernanke if the FED‘s policies had corrupted the BOND markets that they stopped sending a credible signal. It has been a consistent theme of NOTES that the BOND market is broken as an indicator of...
Published on Sunday 5th of February 2012 02:08:23 AM
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Posted by admin! / Under Debt Settlement
Fed chief Bernanke issues debt warningBy North America correspondent Jill Colgan, ABC February 3, 2012, 11:08 am United States Federal Reserve Chairman Ben Bernanke has warned that the US economy could face the same fate as troubled European countries if it fails to curb its growing debt. Mr Bernanke delivered a sobering assessment of the economy that defies recent attempts by the Obama administration to talk up the economic turnaround. Testifying before a House Budget Committee, he said the pace of recovery had been "frustratingly slow". He urged lawmakers to be more aggressive in reducing the nation's $15 trillion debt...
Published on Sunday 5th of February 2012 02:08:23 AM
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Posted by admin! / Under Debt Settlement
WASHINGTON (AP) -- Figures on government spending and debt The government's fiscal year runs Oct. 1 through Sept. 30. Total public debt subject to limit Jan. 30 15,313,699,000,000 Statutory debt limit 16,394,000,000,000 Total public debt outstanding Jan. 30 15,356,140,000,000
Published on Sunday 5th of February 2012 02:08:23 AM
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Posted by admin! / Under Debt Settlement
BILL GROSS: 'We Are Witnessing The Death Of Abundance' Joe Weisenthal Febuary 1, 2012 In his latest monthly letter, PIMCO's Bill Gross has a long philosophical-sounding discussion about credit, delevering, and the difficult task facing Bernanke. The money line is this paragraph at the end: Where does credit go when it dies? It goes back to where it came from. It delevers, it slows and inhibits economic growth, and it turns economic theory upside down, ultimately challenging the wisdom of policymakers. We’ll all be making this up as we go along for what may seem like an eternity. A 30-50...
Published on Sunday 5th of February 2012 02:08:23 AM
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Posted by admin! / Under Debt Settlement
[T]he real question that we face for all the markets is WHEN will the Sovereign Debt Crisis go into meltdown? We are in the 13th year from the Major Directional Change of 1999 that marked the birth of the Euro, low in gold and crude oil, and the bubble in shares that peaked in many countries in 2000. Just as the United States has been obsessed with the Great Depression as government always is ready to stimulate and many see this as pending hyperinflation with the end of the world, Germany suffers from the opposite delusion. There, the fear is...
Published on Sunday 5th of February 2012 02:08:23 AM
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Posted by admin! / Under Debt Settlement
S&P Sounds Alarm On US, G20 Downgrades Antonia van de Velde, CNBC January 31, 2012 Concerns over the size of United States debt reared their head once again as ratings agency Standard & Poor’s warned that health care costs for a number of highly-rated Group of 20 countries, including the U.S., could hurt growth prospects and harm their sovereign creditworthiness from the middle of this decade. S&P downgraded the United States credit rating for the first time ever in August of last year. "Governments' fiscal burdens will increase significantly over the coming decade, with the highest deterioration in public finances...
Published on Sunday 5th of February 2012 02:08:23 AM
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Posted by admin! / Under Debt Settlement
Greece is balking at surrendering its sovereignty as the Merkel-led European elite is shouting for more austerity from the “profligates” in an effort to insure the large continental banks against the ravages of default. As one reader e-mailed today, IT IS AS IF THE GERMANS ARE PLACING THE ENTIRE NATION OF GREECE INTO DEBTORS PRISON. Life was much easier when a country could send in its gunboats to collect its loans. Tonight the Czechs have purportedly joined the Brits in opposing the fiscal straitjacket being demanded by Berlin. The official vote on the fiscal treaty won’t take place until March...
Published on Sunday 5th of February 2012 02:08:23 AM
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