Posts Tagged ‘ government debt ’

Baby budget hawks of the GOP

May 28, 2012
posted by

Michael D. Tanner Cato Institute
by Michael D. Tanner  

"The conventional wisdom, pushed for very different reasons by both Republicans and Democrats, is that Republicans in Congress, controlled by radical tea-partiers, have been slashing government spending. Thus it becomes a little hard to understand how, in the few short months since last year’s debt-ceiling deal, the federal debt has increased by more than $1.5 trillion, roughly $13,000 per household. If Republicans are such great budget cutters, how come we continue to spend more, run more deficits, and accumulate more debt?" (05/23/12)

http://www.cato.org/publications/commentary/baby-budget-hawks-gop  

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More on pretending

May 22, 2012
posted by

Erne Lewis ErneLewis.com
by Erne Lewis  

"If we are to survive as a nation we must immediately stop spending money we don’t have and balance the budget now! And we must start where the spending is most egregious and least needed, our military-industrial-spycraft complex, that pretentious monster masquerading as National Defense." (05/21/12)

http://ernelewis.com/blog/2012/05/more-on-pretending/  

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Germany: Regime offers zero coupon bonds

May 22, 2012
posted by

MarketWatch    

"Germany will for the first time on record sell two-year bonds on Wednesday that won't make scheduled interest rate payments, a ringing endorsement of the haven appeal of German debt and a reflection of increased market nervousness over the composition and direction of the euro zone. The German federal government Tuesday set a zero coupon on a new issue of two-year federal treasury notes, or Schatz. Germany will auction EUR5 billion of the two-year note on Wednesday." (05/22/12)

http://on.mktw.net/MiwSfw  

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Boehner fires opening shot in potential debt ceiling showdown

May 15, 2012
posted by

Christian Science Monitor    

"To avoid a 'fiscal cliff' at year's end, House Speaker John Boehner is going to rely on an old road map. If President Obama and congressional Democrats want to raise the debt ceiling, Mr. Boehner will say in a speech later on Tuesday, they're going to have to hew to what might be called the Boehner principle: Every dollar of new debt must be paid for by at least a dollar of reduced government spending." (05/15/12)

http://tinyurl.com/clz45j7  

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Netherlands: Government collapses over austerity budget

April 23, 2012
posted by

RTT News    

"Liberals-led minority government in the Netherlands collapsed on Monday as Prime Minister Mark Rutte resigned after coalition talks on reducing the country's budget deficit to meet European guidelines failed to reach agreement. The government was in crisis at the weekend as the extreme right Freedom Party (PVV) withdrew its support, with its anti-Islamist populist leader Geert Wilders saying he would not accept the government's additional EUR 14 billion austerity program meant to bring the fiscal deficit to 3% by 2013." (04/23/12)

http://bit.ly/I4d0vc  

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Austerity or stimulus? What we need is growth

March 26, 2012
posted by

Cato Institute Cato Institute
by John H. Cochrane  

"Austerity isn’t working in Europe. Greece is collapsing, Italy and Spain’s output is declining, and even Germany and the U.K. are slowing down. In addition to their direct economic costs, these 'austerity' measures aren’t even swiftly closing budget gaps. As incomes decline, tax revenue drops, and it becomes harder to cut spending. A downward spiral looms. These events have important lessons for the U.S." (03/21/12)

http://bit.ly/H50YlP  

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Hitting the ceiling

March 12, 2012
posted by

Michael D. Tanner Cato Institute
by Michael D. Tanner  

"If you liked last year’s battle over raising the debt ceiling, just get ready for the fight to come." (03/07/12)

http://www.cato.org/publications/commentary/hitting-ceiling  

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Thoughts on debt repudiation

March 4, 2012
posted by

Counter-Currents Publishing
by Greg Johnson  

"The moral premise of bankruptcy laws is that individuals should not have their lives and prospects ruined by financial mistakes. Society as a whole is better off if a man can shake off his debts and focus on the future: pursue an education, start a family, start a business, etc. But if it is right for individuals to shake off their own debts, then it is certainly right to shake off the debts imposed upon us by others, including people who are long dead, i.e., public debts." [hat tip -- Libertarian Alliance] (02/12)

http://www.counter-currents.com/2012/02/thoughts-on-debt-repudiation/  

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It’s not really about the debt

March 1, 2012
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Frank Shostak  

"The point that must be emphasized here is that the fall in the money stock that precedes price deflation and an economic slump is actually triggered by the previous loose monetary policies of the central bank and not the liquidation of debt. It is loose monetary policy that provides support for the creation of unbacked credit. (Without this support, banks would have difficulty practicing fractional-reserve lending.)" (03/01/12)

http://mises.org/daily/5942/Its-Not-Really-about-the-Debt  

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Who are the real PIGS?

February 28, 2012
posted by

Liberty Unbound Liberty Unbound
by Gary Jason  

"As Europe continues to flounder, and as people continue to wonder whether (or more likely, when) Greece is going to default on its sovereign debt, various commentators have bandied the epithet 'PIGS' (or 'PIIGS,' depending on which nations a commentator wants to include). By this acronym they refer to a group of countries -- Portugal, Ireland, (Italy), Greece, and Spain -- that have borrowed profligately, unlike such disciplined places as France, Germany, and the United States." (02/27/12)

http://www.libertyunbound.com/node/758  

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Politicians fiddle while fiscal crisis looms

February 22, 2012
posted by

Creators Syndicate
by John Stossel  

"Imagine this family budget: Last year, you earned $24,700. But you spent $37,900, incurring $13,300 in debt, and you were already $153,500 in debt. So you say, 'I promise I'll spend $300 less this year!' Anyone can see that your cutback is pathetic and that you need to spend much less. Yet if you add eight zeroes, that's America's budget." (02/22/12)

http://bit.ly/xMlGYx  

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Government debt = terrorism?

February 20, 2012
posted by

Thomas L. Knapp KN@PPSTER
by Thomas L. Knapp  

"If heroin cultivation in Afghanistan is a 'war on terror' concern, so is an unbalanced US government budget and $15 trillion + in US government debt. But I'd advise against holding your breath while you wait to see if Congress declares 'war' on those things." (02/19/12)

http://knappster.blogspot.com/2012/02/government-debt-terrorism.html  

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The audacity of taxing and spending

February 19, 2012
posted by

Timothy J. Taylor Authority!
by Timothy J Taylor  

"The orgy of profligate government spending during the last two presidential administrations continues unabated under this budget, and to keep it going strong, taxes will be drastically increased for successful individuals while any spending cuts here will be more than offset by more spending there." (02/19/12)

http://bit.ly/y8q63S  

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The upside of government default

February 19, 2012
posted by

The American
by Jeffrey Rogers Hummel  

"There is a good chance that the U.S. government will be forced to default on its explicit and implicit promises within the next few decades. Fortunately, the state government experience of the 1840s suggests that this may provide the best and most durable long-run solution." (02/16/12)

http://bit.ly/wdOQ5n  

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We are on the road to bankruptcy

February 15, 2012
posted by

Fox News Forum
by John Stossel  

"President Obama said in his State of the Union speech last month, 'We’ve already agreed to more than $2 trillion in cuts and savings.' That was reassuring. The new budget he released this week promises $4 trillion in 'deficit reduction' -- about half in tax increases and half in spending cuts. But like most politicians, Obama misleads. Cato Institute economist Dan Mitchell, a recent guest on my Fox Business show, cut through the fog to get at the truth of the $2 trillion 'cut.'” (02/15/12)

http://tinyurl.com/76pl53p  

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Obama’s busted budget

February 15, 2012
posted by

Michael D. Tanner Cato Institute
by Michael D. Tanner  

"In a town where bipartisan budget chicanery has been raised to an art form, President Obama's latest budget proposal should be hailed as the da Vinci of fiscal obfuscation. The president claims that his budget proposal reduces debt by $4 trillion over the next 10 years, combining $2.4 trillion in spending cuts with $1.6 trillion in tax hikes. Almost none of that is true." (02/15/12)

http://www.cato.org/pub_display.php?pub_id=14110  

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Debt will destroy this country from within

February 14, 2012
posted by

Freedom Politics
by David N. Bass  

"Cut federal debt or the United States will cease to exist as a superpower -- that was the message Erskine Bowles and Alan Simpson had for a packed house at Duke University’s Page Auditorium. Bowles and Simpson, co-chairs of a congressional committee created through a 2010 executive order of President Barack Obama to address the nation’s fiscal hurdles, spread the blame evenly between the major political parties for the country’s $15 trillion debt during their Page Auditorium appearance in January." (02/13/12)

http://tinyurl.com/6ommvb8  

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A steaming pile of pension debt

February 12, 2012
posted by

Show-Me Institute Show-Me Institute
by Greg Aubuchon  

"How many of you are making progress climbing out of your personal debt hole? The financial meltdown of 2008 should have taught us the lessons of excessive debt and living beyond our means. Yet even if we are now making progress in balancing our personal finances, have you considered other debts that lurk in the shadows? Such as public pension debt? If not, ask yourself how much pension debt we, the taxpaying citizens of Missouri, actually owe to state government retirees." (02/10/12)

http://bit.ly/zPj1rm  

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Greece: Pols agree to new spending cuts to avert default

February 9, 2012
posted by

Los Angeles Times    

"Greece’s political leaders have agreed with foreign creditors on steep austerity cuts, officials in Athens said Thursday, hours after a dangerous deadlock stalled talks on a new rescue package designed to stave off a chaotic default. ... The accord follows days of negotiations over demands by European Union and International Monetary Fund officials for more spending cuts by Greece to bring down its public debt and deficit levels." (02/09/12)

http://lat.ms/yTxyty  

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Four questions about defense spending

February 9, 2012
posted by

Downsize DC Downsize DC
by James Wilson  

"The federal budget can never, ever be balanced. Why? Because defense spending must be cut, and that's sancrosanct to the Republican criminal gang. If you want the budget balanced, you need to shame the 'Pork Hawks.'" (02/08/12)

http://www.downsizedc.org/blog/4-questions-about-defense-spending  

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Greek parties delay bailout talks despite EU threats

February 7, 2012
posted by

Reuters    

"Greek political parties delayed yet again on Tuesday making the tough choice of accepting painful reforms in return for a new international bailout to avoid a chaotic default, seemingly deaf to EU warnings that the euro zone can live without Athens. With a series of deadlines come and gone, leaders of the three parties in the coalition of Prime Minister Lucas Papademos postponed what was supposed to be a crunch meeting until Wednesday." (02/07/12)

http://reut.rs/z85cJV  

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Greece: Trade union leaders call for strike

February 6, 2012
posted by

New Straits Times [Malaysia]    

"Greek trade union leaders called a general strike today, as embattled Greek Prime Minister Lucas Papademos faced growing pressure from EU leaders to adopt tough new austerity measures. A key meeting with heads of the Greek socialist, conservative and far-right parties that form Papademos’ unwieldy coalition was also expected to take place today, after the leaders failed to hold talks on Monday." (02/07/12)

http://bit.ly/y8UbC7  

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US politicians’ deficit to top $1 trillion for fourth year in a row

January 31, 2012
posted by

Washington Post    

"The federal budget deficit will top $1 trillion for a fourth straight year, congressional budget analysts said Tuesday in a report that predicts a nearly $1.1 trillion gap between government spending and tax collections for 2012. That figure is the smallest -- both in nominal terms and as a percentage of the economy -- since the Great Recession began taking a heavy toll on the federal budget in 2009." (01/31/12)

http://wapo.st/w0X7Mv  

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Americans now owe $189,000 each in national debt and unfunded entitlements

January 30, 2012
posted by

OpenMarket.org
by Hans Bader  

"Rather than come to grips with America’s fiscal crisis, President Obama gave a State of the Union address littered with costly giveaways, and full of false claims about outsourcing and corporate taxes. (Ironically, for all his denunciations of outsourcing, Obama has spent billions of dollars on foreign 'green energy' firms: '79 percent' of all green-jobs subsidies in the stimulus package 'went to companies based overseas,' noted the Investigative Reporting Workshop at American University.)" [editor's note: I don't owe squat for those things. Neither do you unless you're a current or former congresscritter or president - TLK] (01/30/12)

http://tinyurl.com/7m6cq9q  

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Germany resists calls to give more to $657 billion eurozone bailout

January 30, 2012
posted by

USA Today    

"As European leaders meet today in Brussels to forge a closer fiscal union as a way to ease the European debt crisis, doubts are growing over the measure pushed by Europe's largest economy, Germany, along with France, to save the eurozone. Many EU nations say they want Germany to do more to bolster an emergency fund to back bailouts of heavy debtor nations such as Greece, Italy and Spain." (01/29/12)

http://tinyurl.com/7k57zqp  

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