Why America Isn’t Working(Rogoff pushing for inflationary exit?)
Posted by admin / Under Debt Consolidation
Why America Isn’t Working Kenneth Rogoff CAMBRIDGE – As the US economy limps toward the second anniversary of the Lehman Brothers bankruptcy, anemic growth has left unemployment mired near 10%, with little prospect of significant improvement anytime soon. Little wonder that, with mid-term congressional elections coming in November, Americans are angrily asking why the government’s hyper-aggressive stimulus policies have not turned things around. What more, if anything, can be done? The honest answer – but one that few voters want to hear – is that there is no magic bullet. It took more than a decade to dig today’s hole,...
Published on Tuesday 7th of September 2010 07:09:00 AM
$700 billion stimulus, nope, more like $12.8 trillion.
Posted by admin / Under Debt Consolidation
The $700 billion stimulus plan that was supposed to keep unemployment below 8% was just the tip of the iceberg. The actual amount of money leveraged to prop up the failing economy was closer to $12.8 trillion with a “t” ($12,800,000,000,000). This story is coming from that well know bastion of right wing conspiracy theorists known as P.B.S. It seems that our government, and by proxy each and every one of us, was on the hook for a great deal of more money than taxpayers were lead to believe. This video clip is an eye opener. You have to watch...
Published on Tuesday 7th of September 2010 07:09:00 AM
50 States In Debt (slideshow) #1 - Rhode Island - 2010 Debt: $10.02 billion
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50 States In Debt #1, Rhode Island Debt 2010: $10.02 billion Pre-budget Deficit 2011: $395 million GDP 2009: $46.50 billion Debt/GDP Ratio: 21.54 percent On the chopping block: Rhode Island’s judges and court workers are trudging along despite a lack of funds cutting paid work days per week and 53 positions that remain unfilled. “This is not a time for expensive initiatives and hefty new capital projects. It is a time to do the very best with the limited resources we have,” said Chief Justice Paul A. Suttell. The states court system has responded to budget shortfalls in part by...
Published on Tuesday 7th of September 2010 07:09:00 AM
China's Dagong sounds the gong on U.S. debt (Credit Rating Agency Downgrades America's Future)
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The big three credit-rating agencies that totally missed the meltdown of the subprime mortgage market - Moody's, Standard & Poor's and Fitch - still give the United States a AAA credit rating. But there's a newcomer in the credit-rating game - Dagong Global Credit Rating - which has a very different view of the strength of U.S. finances. Beijing-headquartered Dagong, the dominant credit agency in China, is pushing into international markets. This summer, it rated the sovereign debt of 50 nations making up 90 percent of the world's economy. While Americans still tend to regard U.S. Treasuries as the "safest...
Published on Tuesday 7th of September 2010 07:09:00 AM
It Would Take A $4.5 TRILLION Stimulus To Make Paul Krugman Happy
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Paul Krugman writes: But the stimulus wasn't nearly big enough to restore full employment -- as I warned from the beginning. And it was set up to fade out in the second half of 2010. I've heard this complaint from a number of commentators, and it always surprises me. Did anyone think we were going to get a stimulus big enough to restore full employment? Read more: http://www.businessinsider.com/it-would-take-a-45-trillion-stimulus-to-make-paul-krugman-happy-2010-8#ixzz0yO1jKMlK
Published on Tuesday 7th of September 2010 07:09:00 AM
Unsustainable US Debt Projections: Part 3
Posted by admin / Under Debt Consolidation
Part 3 of 4: Future Prognostications (Review Part 1 and Part 2)The question was asked: When would the US debt pass world GDP? When this happens it would take one year of the world’s total output to pay off the US Debt. How would the US debt be funded when this occurs? And as it approached this point, when would the other countries that we are borrowing from say, “No more”? Some calculations were made using the formula provided in Part two of this series. The IMF indicates that world GDP will be 4.3 % next year and world GDP...
Published on Tuesday 7th of September 2010 07:09:00 AM
US National Debt hits $13,449,652,537,035.05 on August 31st That's $1,529,133,372,715.63 in FY10
Posted by admin / Under Debt Consolidation
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 10/01/2009 7,505,894,097,177.82 4,414,625,067,141.60 11,920,519,164,319.42 08/31/2010 8,927,061,238,060.48 4,522,591,298,974.57 13,449,652,537,035.05
Published on Tuesday 7th of September 2010 07:09:00 AM
Gov’t Now Pays 30 Cents Of Every $1 in Income
Posted by admin / Under Debt Consolidation
By at least one measure, government is playing an unprecedented role in the economy: In recent months, more than 30 cents of every dollar in personal income came directly from the government, new Commerce Department data show. That’s equal to about $3.8 trillion of $12.5 trillion in total personal income on an annualized basis.
Published on Tuesday 7th of September 2010 07:09:00 AM
Find out how much you're personally paying for government.
Posted by admin / Under Debt Consolidation
OAKLAND, Calif., August 30, 2010—The Congressional Budget Office expects our national debt to surpass $23 trillion by 2019. In fiscal year 2010 alone, federal spending will reach $3.5 trillion. The numbers are unprecedented and yet the experts are not optimistic that we will reestablish economic solvency any time soon. So what does this mean for you? To personalize the impact of these figures, the Independent Institute will launch a Government Cost Calculator at MyGovCost.org on August 31, a new web site directed by economist and Research Fellow Emily Skarbek. “The growth in federal budget expenditures and spending initiatives is increasingly...
Published on Tuesday 7th of September 2010 07:09:00 AM
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