Posts Tagged ‘ government debt ’

Debt approaches historic high

March 1, 2011
posted by

Liberty Unbound Liberty Unbound
by Gary Jason  

"A recent report went virtually unnoticed, given the uprisings of oppressed peoples from Libya and Egypt to Wisconsin and Indiana. (In the last two cases I refer to the uprisings of the taxpayers against the tax eaters.) It turns out that the government debt of this fabulously progressive nation now exceeds its GDP. Yes, if you add what the federal, state, and local governments owe to creditors, the sum exceeds what the county produces in a year, which is about $15.1 trillion." (02/28/11)

http://libertyunbound.com/node/489  

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Stay unreasonable

February 24, 2011
posted by

Cato Institute Cato Institute
by Michael D. Tanner  

"The administration just announced that it expects this year's budget deficit to be $1.65 trillion. Thus, the House's budget cuts amounted to 3.6 percent of the deficit. Think about that: Republicans just cut less than 4 percent of the spending that we don't have the money to pay for. Heck, our budget deficit for last month was $48 billion, so apparently we've covered January. Whew! What part of 'broke' do the Democrats not understand?" (02/23/11)

http://www.cato.org/pub_display.php?pub_id=12816  

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The role of US debt in the current revolution

February 23, 2011
posted by

LewRockwell.Com
by Bill Bonner  

"Well, how do you like that, Dear Reader? All those billions of dollars spent propping up dictators -- $70 billion was the cost of supporting Hosni Mubarak in Egypt alone -- and then the Fed comes along and knocks them down. The Fed lowers the cost of money so speculators can borrow below the rate of inflation. And then it prints up trillions more -- just to top up the worlds’ money supply. Is it any wonder food prices rise?" (02/24/11)

http://www.lewrockwell.com/bonner/bonner455.html  

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Debt madness

February 22, 2011
posted by

Strike The Root Strike the Root
by Mark Davis  

"Are you mad yet? Tired of all the odious bulldebt being dumped on your head out of the holy orifice in the seat of power? Get up and go to work every day to pay your taxes and make payments on borrowed funny money? Pissed off seeing Wall Street swindlers get bonuses while you struggle to make ends meet? My fellow Americans, why do we the many let ourselves be exploited by so few with so little protest? Are we lazy or crazy? Getting mad or going mad isn’t much of a choice, but the only choice we’re left with by a rigged system. Now revolution is in the air." (02/22/11)

http://www.strike-the-root.com/debt-madness  

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Congress, Obama brace for budget theater

February 20, 2011
posted by

Washington Post    

"The prospect of a government shutdown appeared more possible Saturday after the House passed a budget measure in the pre-dawn hours that cuts $61 billion -- and was immediately rejected by Senate Democrats and President Obama." [editor's note: If only! When these jokers say "government shutdown," they don't really mean it; they mean "temporary hold on some of government's most bizarrely unjustifiable activities" - TLK] (02/19/11)

http://tinyurl.com/4jvl6ep  

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Debt limit remedy gives fiscal hawks leverage

February 20, 2011
posted by

Cato Institute Cato Institute
by Daniel J. Mitchell  

"If neither side budges, and the debt ceiling remains fixed, some people worry this might lead to a default by the U.S. government. More specifically, they're concerned that the inability to issue debt would compromise the Treasury Department's ability to make scheduled payments to bondholders. ... This seems like an overblown fear. After all, the federal government is expected to collect more than $2.1 trillion of tax revenue this year, while interest payments on the publicly held debt will only be about $200 billion." (02/18/11)

http://www.cato.org/pub_display.php?pub_id=12801  

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Obama’s sea of red

February 16, 2011
posted by

Cato Institute Cato Institute
by Michael D. Tanner  

"In the days and weeks leading up to the release of his budget, President Obama and his spokesmen warned us that it would contain 'tough choices' and 'painful cuts.' Having increased government spending by 21.4 percent during his first two years in office, Obama would now be intent on imposing 'fiscal discipline.' Hah! By the administration's own estimates, Obama's $3.7 trillion budget would raise this year's budget deficit to $1.65 trillion, the largest pool of red ink since the end of World War II." (02/15/11)

http://www.cato.org/pub_display.php?pub_id=12786  

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Republicans, White House brace for twin budget battles

February 13, 2011
posted by

Fox News    

"Republicans looking to make deep spending cuts are girding for twin budget battles in Washington starting this week -- a fiscal fight one lawmaker said will define the rest of President Obama's term. The president plans to unveil his 2012 spending plan Monday, a $3.5 trillion-plus budget which, according to officials, will outline $1.1 trillion in deficit reduction over the next decade. At the same time, Republicans are still trying to cut back this year's spending." (02/13/11)

http://tinyurl.com/676fbet  

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How deadbeat Uncle Sam can pay!

February 8, 2011
posted by

Freedom's Phoenix Freedom's Phoenix
by David McElroy  

"Uncle Sam has always insisted on strong legal action against 'deadbeat dads,' 'deadbeat taxpayers' and other creditors. Why should Uncle Sam not be subjected to a similar plan to give recourse to the millions of people he defrauded and robbed? Federal funds and assets exist for the taking, that should be returned to 'We the People' who are America!" (02/07/11)

http://tinyurl.com/4ce5sds  

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Sudan: Pols seek debt relief before south becomes independent

February 8, 2011
posted by

Bloomberg    

"Sudanese authorities want creditors to write off much of the country’s $38 billion foreign debt before Southern Sudan becomes independent in July, a minister in the southern government said. Without debt relief, the northern and southern regions are likely to split the debt load, Gabriel Changson Chang, a member of the committee negotiating financial arrangements with the north, said .... Responsibility for the debt is one of the key issues the northern and southern regions must negotiate before the south becomes independent." (02/08/11)

http://tinyurl.com/4usm4np  

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Don’t buy government bonds

January 13, 2011
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Frank Chodorov  

"In 1800, the United States Treasury owed $83 million. The population was then three million. Every baby born that year was loaded down with a debt burden of about $28; if the interest rate was 6 percent, the newborn citizen could look forward to paying a service charge on the national debt of $1.68 per year. Today the debt load of the nation comes to well over $290 billion, and the population is, in round figures, 180 million." (published 1962; posted 01/13/11)

http://mises.org/daily/4922  

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Do NOT raise the federal debt limit

January 13, 2011
posted by

Downsize DC Downsize DC
by Jim Babka  

"I do not buy the scare stories predicting cataclysm if the debt ceiling isn't raised. I think the opposite is true. Investors will have more confidence in the U.S. if they see Congress taking a strong stand against cancerous spending and debt. Those who fund federal borrowing will feel INCREASED SECURITY that they'll get their money back." (01/12/11)

http://www.downsizedc.org/blog/do-not-raise-the-federal-debt-limit  

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Same as the old boss?

January 12, 2011
posted by

John Stossel's Take
by John Stossel  

"So the Republicans took control of Congress. New House Speaker John Boehner declared that 'our spending has caught up with us ... No longer can we kick the can down the road.' He's right about that. Thanks to runaway spending during the last two administrations, the debt our government owes investors now stands at 62% of GDP. But is there any reason to believe that Republicans will reverse the trend? Will this group be more responsible that the previous bunch? I hope so. But I’m skeptical." (01/12/11)

http://tinyurl.com/6gvnxkx  

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Can monetary inflation reduce the federal debt?

January 12, 2011
posted by

Downsize DC Downsize DC
by Perry Willis  

"NOMINAL is a fancy word for NAME. Economists like to use this word, nominal, because, even though you may name something a dollar, not all dollars are necessarily worth the same amount. They may have the same name, or deNOMination, but NOT the same value." (01/11/11)

http://tinyurl.com/4ghr68z  

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Debt default is no laughing matter

January 10, 2011
posted by

Boston Globe
by John E. Sununu  

"Last week, when Senator Lindsey Graham said he's prepared to let the United States default on its debts unless Social Security is fixed, it brought to mind a scene from the Mel Brooks classic Blazing Saddles. In the scene in question, the new sheriff, played by Cleavon Little, takes himself hostage, demanding at gunpoint that the hostile townsfolk back down from their threats -- or else!" (01/10/11)

http://tinyurl.com/6xlhmm8  

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Geithner says US insolvent

January 9, 2011
posted by

LewRockwell.Com
by Michael S. Rozeff  

"The U.S. government is insolvent. Who says so? Timothy F. Geithner, the U.S. Secretary of the Treasury." (01/10/11)

http://www.lewrockwell.com/rozeff/rozeff338.html  

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Are the deficits forever?

January 9, 2011
posted by

The American Conservative The American Conservative
by Patrick J. Buchanan  

"To bring the budget even close to balance in half a decade means cutting projected spending for Medicaid, Medicare and Social Security. But any changes here have to be agreed to by Harry Reid’s Senate, and then by Barack Obama, who has a veto that the House Republicans have not a prayer of overriding. And as Obama showed at year’s end when he agreed to a two-year extension of George W. Bush’s tax cuts in return for payroll tax cuts of his own and new unemployment benefits, the White House will exact a high price for Obama’s signature." (01/07/11)

http://www.amconmag.com/blog/2011/01/07/are-the-deficits-forever/  

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New Congress begins with charades and death threats

January 5, 2011
posted by

The Nation
by Ari Melber  

"Repealing health care, a pure symbolic activity, is one of the first votes scheduled for next week. House Republicans know their bill will not pass the Senate or clear a presidential veto. Maybe they want to get their irrelevant votes out of the way early. But it gets worse. The bigger story is the truly bizarre threat to freeze the debt ceiling, which could theoretically place the United States in default and spark a larger recession or economic crisis." (01/05/11)

http://tinyurl.com/2bj58oq  

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No turkey cold enough

January 4, 2011
posted by

The Weekly Standard
by William Kristol  

"I've seen no plausible plan that would enable us to go 'cold turkey' (to use [Michele Bachmann's] term) fast enough or dramatically enough that we could reduce the deficit to zero in a few months -- which is what would be required if Congress were not to authorize an increase in the debt ceiling. If Michele Bachmann has such a plan, she should share it with us." [editor's note: I'm shocked -- shocked -- to hear the neocons screaming like stuck pigs at the prospect of an end to "borrow and borrow, spend and spend, elect an ... er, bomb and bomb" - TLK] (01/03/11)

http://www.weeklystandard.com/blogs/no-turkey-cold-enough_525981.html  

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Turning America around

December 27, 2010
posted by

National Center for Policy Analysis
by Pete du Pont  

"Barack Obama promised to change America, and he did. Federal spending has increased in two years to $3.72 trillion from $2.98 trillion, a 25% increase. The national debt has swelled to almost $14 trillion from $10 trillion in the same period, and the Office of Management and Budget estimates that it will reach $26 trillion by 2020. ObamaCare is moving 17% of the U.S economy from individual choice to government management and direction. Protectionist policies have stopped trade agreements with several countries." (12/27/10)

http://www.ncpa.org/commentaries/turning-america-around  

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Down Argentine way

December 21, 2010
posted by

LewRockwell.Com
by Ron Holland  

"There are many ominous parallels between Argentina and the U.S. and the question often asked is can America avoid the economic consequences that Argentina suffered from a fascist government combined with government debt and currency collapse? I believe the answer is likely NO!" (12/22/10)

http://www.lewrockwell.com/holland/holland38.1.html  

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Deadbeat states

December 21, 2010
posted by

Barely A Blog
by Ilana Mercer  

"Socialism is secondary to state squandering — and a consequence of it. America is a debtor nation. The defining characteristic of the Unites States is debt — public and private; macro and micro, federal and state. I sincerely hope you are not invested in municipal bonds. The '$3 trillion municipal bond market, where state and local governments go to finance their schools, highways, and other projects,' is about to come crashing down." (12/20/10)

http://barelyablog.com/?p=32576  

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