CBO Predicts U.S. Debt Crisis If Deficits Are Not Controlled

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(CNSNews.com) – The Congressional Budget Office is warning that unless the federal government can control its appetite for deficit spending, the accumulated national debt could spark a fiscal crisis similar to those experienced by Greece and Ireland earlier this year.The non-partisan congressional accounting office – in a little-noticed July report – said the combination of a massive national debt and another fiscal downturn could spark the debt crisis.“Combined with an unfavorable long-term budget outlook, it would increase the probability of a fiscal crisis for the United States,” CBO said. “In such a crisis, investors become unwilling to finance all of...

Published on Friday 10th of September 2010 12:53:19 PM

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Unsustainable US Debt Projections: Part 4

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Part 4 of 4: Individual Responses Proposed (Review Part 1, Part 2 and Part 3) What Do We Do From Here?What do we do with our investments to be good stewards of God’s money He has provided to us to manage? From this analysis, clearly Washington is not our savior. It is suggested that each individual prepare for the inevitable financial collapse of the US financial system and do it soon. Presented are two possibilities among an infinite variety. First is the modern portfolio theory which is quite good and well thought out. Many people adhere to this theory and...

Published on Friday 10th of September 2010 12:53:19 PM

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Hillary Clinton's Campaign for '12 Is Underway

Posted by admin / Under Debt Relief

Hillary's campaign for the Democrat nomination for president in 2012 began last June 8, when, during an interview with an Ecuadorean television reporter, she announced the Department of Justice's plan to bring a lawsuit against Arizona's immigration act. The conventional wisdom among news outlets back then was that while speaking off-script, she prematurely "let the cat out of the bag" -- so wrote the Huffington Post. The episode was widely packaged and sold as an in-the-moment slip. Now, recall who took the heat after Hillary spoke: Attorney General Eric Holder, who admitted not having yet read the Arizona bill, and...

Published on Friday 10th of September 2010 12:53:19 PM

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Here comes the big tax squeeze...excellent prediction from 11/09 from Jim Jubak

Posted by admin / Under Debt Relief

The tax man cometh. Not only is it going to be individually painful in 2010, but the collective hit to consumers could be enough to stall the economic recovery as well. And 2010 is just the beginning. The International Monetary Fund, in a burst of pre-holiday cheer, warned Nov. 3 (.pdf file) to expect 10 years of spending cuts and tax increases. That's right: 10 years.

Published on Friday 10th of September 2010 12:53:19 PM

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Peter Ferrara : Fire Obama

Posted by admin / Under Debt Relief

House GOP Leader John Boehner created a stir last month when he called on President Obama to fire his top economic advisors, Treasury Secretary Tim Geithner and Assistant to the President for Economic Policy Larry Summers, because of the Administration's disastrous economic performance. But while Summers is, indeed, a clueless Keynesian, and Geithner is a career bureaucrat, they are not the source of the problem. The source of the problem is the Godfather of the Administration's economic policies, President Obama himself. Consequently, what is needed is not to fire Geithner or Summers, but to fire Obama. While President Obama is...

Published on Friday 10th of September 2010 12:53:19 PM

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How Severe is U.S. pension debt? (Is California a bellwether for most of the country?)

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As the economy boomed, few people worried much about the debt that local and state governments were amassing to pay for increasingly generous pension and health-care benefits for public employees. Now that budgets are tight thanks to a down economy, the issue is big news — made even bigger by the outrageous pay and benefit plans received by officials of the small, working class city of Bell, Calif., where the now-ex-city manager stands to receive a pension valued at $30 million. That news story, uncovered by the Los Angeles Times, put some faces on overall public-employee-pension scandal. Even bigger news...

Published on Friday 10th of September 2010 12:53:19 PM

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Financial Times Column: Ignore the hyperbole: America is NOT bust

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A growing chorus of doomsayers claims the US government is bankrupt, pointing to escalating national debt, falling gross domestic product and a possible double-dip recession as proof. Some argue that America is worse off than Greece. Such hyperbole garners media attention but ignores what the market is telling us. (The US, let us remember, remains the world’s largest economy with annual GDP of $14,600bn.) It is true that the US accumulated deficit has doubled in the past decade to a mind-numbing $13,000bn, with more red ink to follow. The budget deficit for 2011 is forecast at $1,300bn, slightly more than...

Published on Friday 10th of September 2010 12:53:19 PM

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Obama Added More to Public Debt in First 19 Months Than All Presidents from Washington to Reagan.

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CNSNews.com) - In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan. The U.S. Treasury Department divides the federal debt into two categories. One is “debt held by the public,” which includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself. The other is “intragovernmental” debt, which includes I.O.U.s the...

Published on Friday 10th of September 2010 12:53:19 PM

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$2.5 Trillion in 19 Months. Oh Yes He Did!

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The U.S Treasury Department calculates the federal debt held by the public. The federal debt is the money government borrows from those willing to buy U.S. Treasury notes--investors, or as the liberals like to call them: the wealthy. Those funding the federal debt, the wealthy, are the enemy of every liberal. Liberals hate the wealthy though they have no problem spending their money. Just a problem with the people who provide it. But, I digress. For the first 200 or so years of our country's history, from the administration of President Washington to that of President Reagan, the federal debt...

Published on Friday 10th of September 2010 12:53:19 PM

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$2.5 Trillion in 19 Months. Oh Yes He Did!

Posted by admin / Under Debt Relief

The U.S Treasury Department calculates the federal debt held by the public. The federal debt is the money government borrows from those willing to buy U.S. Treasury notes--investors, or as the liberals like to call them: the wealthy. Those funding the federal debt, the wealthy, are the enemy of every liberal. Liberals hate the wealthy though they have no problem spending their money. Just a problem with the people who provide it. But, I digress. For the first 200 or so years of our country's history, from the administration of President Washington to that of President Reagan, the federal debt...

Published on Friday 10th of September 2010 12:53:19 PM

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Obama Added More to National Debt Than All Presidents from Washington Through Reagan

Posted by admin / Under Debt Relief

In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan. The U.S. Treasury Department divides the federal debt into two categories. One is “debt held by the public,” which includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself. The other is “intragovernmental” debt, which includes I.O.U.s the federal government...

Published on Friday 10th of September 2010 12:53:19 PM

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