Posts Tagged ‘ government debt ’

CBO budget forecast? Debt, debt and more debt

July 17, 2014
posted by

Bruce McQuain QandO
by Bruce McQuain  

"So much for 'and we'll save every family $2,500 a year on their health care insurance.' Costs aren't going anywhere but up. Of course, you can count on the propagandists to now claim they'll be going up slower than had they let the market work. As with most of the 'facts' these yahoos throw around, it will be a baseless claim meant to excuse their failure. And as the debt piles up even more, so does the amount of money it takes to pay the interest ..." (07/15/14)

http://www.qando.net/?p=16951  

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Understanding public pension debt

July 9, 2014
posted by

Competitive Enterprise Institute Competitive Enterprise Institute
by Robert Sarvis  

"State government pension debt burdens labor markets and worsens the business climate. To get a clear picture of the extent of this effect around the nation, this paper amalgamates several estimates of states’ pension debts and ranks them from best to worst. Today, many states face budget crunches due to massive pension debts that have accumulated over the past two decades, often in the billions of dollars. There are several reasons for this." (07/09/14)

http://cei.org/content/understanding-public-pension-debt  

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Default deja vu for Argentina

June 30, 2014
posted by

The Canal
by Daniel Duarte  

"On Monday, June 30, Argentina will probably enter into technical default. Again. A New York judge ruled on Friday that the US$832 million payment to the country’s holders of restructured bonds due on Monday was illegal, since it did not include the $1.5 billion payment to the holdout 'vulture funds.' The future of Argentina’s financial credibility is still uncertain, as Cristina Kirchner’s administration stubbornly refuses to honor its commitments." [editor's note: Anyone who buys government debt is by definition a "vulture," and since repayment of that debt necessarily requires theft, Kirchner is (partially) doing the right thing for the wrong reasons - TLK] (06/30/14)

http://tinyurl.com/nj6s27t  

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Quit crying “vulture”: Argentina, you deserved this ruling

June 22, 2014
posted by

The Canal The Canal
by Nicolas Marquez  

"As if the discredited and dilapidated populist regime of Cristina Kirchner was in need of more bad news -- it is involved in scandals of destabilizing inflation and corruption -- now the US Supreme Court has ruled in favor of Argentina's bondholders. These creditors have been mislabeled 'vulture funds,' a pejorative nickname that the defaulting debtor uses to qualify those who justly and legitimately demand what is rightfully theirs." [editor's note: No sympathy for the Kirchner regime, but if you loan money to a criminal gang which can only repay it through theft, no, repayment is not "rightfully yours;" you're just a co-conspirator who got left holding the bag - TLK] (06/19/14)

http://tinyurl.com/mfdrka7  

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Argentina: Politicians’ default threat rises as regime says payment “impossible”

June 19, 2014
posted by

Latin Finance    

"Argentina advanced toward a new default on Wednesday, when its finance ministry said that US court decisions made it 'impossible' to meet its next interest payment. The US Supreme Court on Monday issued a decision upholding a lower court's ruling that Argentina must pay holdout creditors before servicing restructured debt from the country's 2002 default. The lower court's ruling took effect on Wednesday, when a 'stay' on its implementation -- to allow the higher court to consider accepting a review on the case -- was lifted. ... The sovereign has asked the holders of restructured bonds to swap the New York-law securities into new ones governed locally, to avoid a possible seizure of its funds. It says it does not have the money to comply fully with the order." (06/19/14)

http://tinyurl.com/pgqs6xd  

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“Debts make free men slaves” — my two cents on national debt

June 19, 2014
posted by

James Bovard JimBovard.com
by Jim Bovard  

"I was interviewed yesterday by Press TV on the record setting national debt. The old Roman saying in the headline for this blog occurred me to after the interview finished but oh bother. You can hear the early morning monologue by clicking here. And here are some outtakes from the interview ..." (06/18/14)

http://tinyurl.com/kpo65dl  

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Who benefits from deficit spending?

June 18, 2014
posted by

The Libertarian Enterprise
by Jim Carter  

"The government incurs a trillion dollar increase in the National Debt annually to spend money it does not have so congress-critters can fund pork barrel projects back home and get reelected. Is theft from the public by inflation (and perpetual interest paid on a loan that was not made and is impossible to pay off) for the 'freebies' the end of the scam?? Not hardly." (06/15/14)

http://ncc-1776.org/tle2014/tle775-20140615-04.html  

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Argentina’s debt crisis and the gold clause cases

June 18, 2014
posted by

Bumper Hornberger Future of Freedom Foundation
by Jacob G. Hornberger  

"Like many other governments around the world, including the governments of Greece and the United States, Argentina’s government went on big spending and borrowing sprees. Ultimately, the amount of the debt became so large -- some $95 billion -- that Argentina defaulted on its debt. Argentina offered the bondholders a settlement entailing payment of about 33 cents on the dollar. ... The U.S. courts have held Argentina to the terms of its debt contracts. When the Argentine government borrowed the money, the courts say, it made a promise to repay the amount borrowed plus interest. It should pay what it agreed to pay, the U.S. courts say. Unfortunately, however, the U.S. Supreme Court didn’t take the same position when it came to the U.S. monetary system." (06/17/14)

http://tinyurl.com/kv4osqd  

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SCOTUS rejects Argentina pols’ appeal on debt

June 17, 2014
posted by

Yahoo! News    

"The U.S. Supreme Court on Monday turned away Argentina's appeal of lower court rulings ordering it to pay more than $1.3 billion to hedge funds that hold some of the country's defaulted bonds. The justices did not comment in leaving in place court rulings that Argentina says could threaten its economy if it has to pay off the old debt. The dispute stems from debt left unpaid when the Argentine economy crashed in 2001. Hedge funds led by billionaire Paul Singer's NML Capital Ltd. bought some of the unpaid debt and refused to accept bonds of lesser value in exchange for regular debt payments." (06/16/14)

http://tinyurl.com/ldzbava  

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Tax reform is useless without spending reform

May 21, 2014
posted by

Ron Paul Campaign for Liberty
by Ron Paul  

"Recently, Republican leaders in Congress unveiled a 'tax reform' plan that they claimed would provide the American people with a simpler, fairer, and more efficient tax system. While this plan does lower some tax rates and contains some other changes that may make next April a little less painful for Americans, there is little in it to excite supporters of liberty." (05/19/14)

http://tinyurl.com/occ5lj5  

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Lysander Spooner on the national debt

May 7, 2014
posted by

Sheldon Richman Future of Freedom Foundation
by Sheldon Richman  

"When Spooner rips away the veil, we are left with the fact that a group of unknown profit-seeking principals authorized their agents to use the former's money in order to, among other things, extort a larger sum of money from a larger group of people who never consented to the arrangement in the first place. And it is all done, dishonestly, in the name of that larger group with the fraudulent words 'government of the people, by the people, for the people.' It's the greatest swindle ever perpetrated." (05/06/14)

http://tinyurl.com/m763jds  

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Greece: Samaras says regime won’t seek more bailout money

May 6, 2014
posted by

New Orleans Times-Picayune    

"Greece's prime minister says the debt-strapped country will not ask for any additional bailout money and hopes to begin abolishing austerity taxes later this year. In an interview with private Antenna television, Antonis Samaras said Tuesday that Greece would not seek additional support beyond the 240 billion euros ($335 billion) already granted in bailout packages from other euro zone countries and the International Monetary Fund." (05/06/14)

http://tinyurl.com/m3ns7d2  

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I agree with Sarah Palin

April 4, 2014
posted by

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

"Ryan's budget proposal increases spending for the next two years. Then, based on rosy revenue projections and the silly notion that subsequent congresses will consider themselves bound by Paul Ryan's plan (when in fact he won't even consider himself bound by it if he's still in Congress three years from now), it supposedly takes eight more years to [balance the budget]. Sound familiar? It's the thing the Republicans offer up every year." (04/03/14)

http://knappster.blogspot.com/2014/04/i-agree-with-sarah-palin.html  

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Ryan unveils plan to balance federal budget — 10 years from now

April 1, 2014
posted by

Fox News    

"House Budget Committee Chairman Paul Ryan renewed a fight with Democrats over spending cuts and deficit reduction, unveiling an updated Republican budget plan Tuesday that aims to cut spending by more than $5 trillion over a decade and balance the budget in that time. Similar to past proposals, Ryan's plan would include cuts to food stamps and major changes to government-sponsored health care for the poor and working class." [editor's note: "Conservatives" used to rail against Soviet-style 5 Year Plans. I always thought that was because they opposed central planning and considered such plans unrealistic. Turns out they just thought five years was too short of a term within which to exercise any fiscal responsibility - TLK] (04/01/14)

http://tinyurl.com/ns8nn9a  

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How I learned to stop worrying and love the national debt

March 27, 2014
posted by

JD Tuccille Reason
by JD Tuccille  

"From the Ezra Klein-led media outlet whose goal 'isn’t telling you what just happened, or how we feel about what just happened, it’s making sure you understand what just happened,' comes this bit of brilliant 'splainin': 'Stop freaking out about the debt.' Seriously. Because, as narrator Matthew Yglesias explains in a mind-blowing animated video, 'the U.S. government can never run out of dollars. Unlike you, or the company you work for, or the town you live in, the federal government prints dollars.'" (03/26/14)

http://tinyurl.com/nwqwyph  

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Why no more talk about the debt ceiling?

March 17, 2014
posted by

Bumper Hornberger Future of Freedom Foundation
by Jacob G. Hornberger  

"Have you noticed that there’s no more talk about the debt ceiling? That’s because those congressional big spenders recently raised the debt ceiling to permit the feds to continue adding onto the mountain of federal debt that they’re piling on the backs of the American people for decades. Once the debt ceiling is lifted, all the talk about it goes away until the next time it’s reached, at which point the big spenders have a conniption fit over the possibility that it won’t be lifted again. But isn’t this the time when Congress should be reining in federal spending in anticipation of reaching the debt limit again in a year or so?" (03/14/14)

http://fff.org/2014/03/14/why-no-more-talk-about-the-debt-ceiling/  

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Without grassroots, austerity group has withered

February 28, 2014
posted by

Our Future
by Sarah Anderson  

"The austerity mania that plagued our political system for four years is finally subsiding. The latest sign is President Barack Obama’s decision to nix the Social Security cuts he had previously included in his budget proposal. This was a body blow to the most powerful pro-austerity force in Washington: the Fix the Debt campaign. Starting in 2012, this fake grassroots (or 'astroturf') organization had deployed more than 100 CEOs to try to persuade the nation that our economic survival depended on expanding tax breaks for big corporations and slashing earned benefit programs. Fix the Debt once boasted a budget of $40 million. Today, it’s shedding staff and going into hibernation, having failed to win any of their top priorities." (02/27/14)

http://tinyurl.com/l78ejrc  

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Why don’t America’s politicians balance their checkbook?

February 14, 2014
posted by

Thomas L. Knapp Center for a Stateless Society
by Thomas L. Knapp  

"Because they don’t believe they have to. After all, they've been getting away with overtly stealing double-digit percentages of your work and wealth, and borrowing similar amounts from lenders (who expect them to keep stealing that much and more to make payments) for decades, without apparent penalty. And just like all freeloaders and junkies, they've convinced themselves that the party never has to end, that they can just keep on keeping on and wheedle or beat ever more money out of us as needed. Heck, they've even written a 'no crushing our buzz' clause into the US Constitution ..." (02/13/14)

http://c4ss.org/content/24565  

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Congress must wake up soon to out-of-control spending

February 14, 2014
posted by

Heartland Institute Heartland Institute
by Nancy Thorner  

"Is it really necessary to borrow more money to pay our nation's debt obligations? The United States collects more than enough tax revenue each and every day to easily satisfy the repayment of our debt. Without a limit increase on the use of the nation's credit cards, our government officials would actually have to prioritize debt repayment and make modest cuts to out-of-control government spending now, instead of pretending that cuts are in the offing somewhere down the road. The interest on the debt is around $30 billion per month and the Feds are taking in $250 billion. The only reason the U.S. would default is if Obama and Jack Lew, Secretary of the Treasury, refused to service the debt." (02/13/14)

http://tinyurl.com/kzz6dcl  

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US debt ceiling theater: Lew in public panic

February 4, 2014
posted by

Washington Post    

"Treasury Secretary Jack Lew urged Congress on Monday to act quickly to raise the federal debt limit, saying he will run short of cash to pay the nation’s bills by the end of the month without additional borrowing authority. Enforcement of the debt limit is suspended, but it will come back into force Friday under the terms of a deal lawmakers struck in the fall. That leaves Lew bumping up against the limit in tax-filing season, he said Monday, when he will have far less flexibility to juggle the books and ward off disaster." [editor's note: Yes, because it would be "disastrous" for the US government to have to do like everyone else and spend less money than it takes in - TLK] (02/03/14)

http://tinyurl.com/l8sbphu  

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Evaluating Social Security reforms in the age of budget deficits

February 3, 2014
posted by

National Center for Policy Analysis
by Liqun Liu, Andrew J. Rettenmaier and Thomas R. Saving  

"Congress is once again considering changes in Social Security in an attempt to 'save' the program. Social Security benefit payments have exceeded tax revenues since 2010; the funding deficit is growing and, barring reform, will continue to grow indefinitely. Higher tax revenues are necessary to fund benefits as they are currently calculated." [abstract -- full article available as PDF download] (02/03/14)

http://tinyurl.com/m4vakyk  

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US Senate poised to move forward with deal to return to even more idiotic levels of over-spending

December 17, 2013
posted by

CBS News    

"The Senate appears poised to clear a key procedural hurdle Tuesday that will pave the way for passage of a budget deal brokered by Rep. Paul Ryan, R-Wis., and Sen. Patty Murray, D-Wash., and send the legislation to the president’s desk. The House passed the agreement last week, which sets spending levels for the next two years and replaces $63 billion in cuts mandated by the sequester with other spending cuts. It will avert the threat of a government shutdown in mid-January, when the temporary spending bill passed by Congress in October runs out." (12/17/13)

http://tinyurl.com/kh3e57z  

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US House approves deal to return to even more criminally insane spending levels

December 13, 2013
posted by

CNN    

"A compromise federal budget plan that would remove the threat of a government shutdown for two years won easy approval Thursday from the Republican-controlled U.S. House. The deal worked out by House Budget Chairman Rep. Paul Ryan and Senate Budget Committee Chairwoman Patty Murray passed on a 332-94 vote and now goes to the Democratic-led Senate, which is expected to approve it next week in a very close vote." (12/12/13)

http://www.cnn.com/2013/12/12/politics/congress-budget/  

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The defaults of 1933, 1862 … and 2013?

October 13, 2013
posted by

Independent Institute Independent Institute
by J. Huston McCulloch  

"Pundits tell us that the US government has 'never' defaulted on its debts. However, this generalization overlooks the very significant defaults of 1933 and 1862." (10/10/13)

http://tinyurl.com/psb9avz  

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Debt ceiling crises: Imagined and real

October 11, 2013
posted by

Foundation for Economic Education Foundation for Economic Education
by DW MacKenzie  

"The government shutdown and impending debt ceiling 'deadline' have led to near panic over possible default on the national debt. This imagined 'default crisis' is a canard used for demagogic fearmongering. That said, the long-term federal financial issues are all too serious." (10/10/13)

http://tinyurl.com/mctskre  

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