Post Tagged with: "debt"

Can the RINO Establishment Really Govern?

Can the RINO Establishment Really Govern?

Now we know why Harry Reid never wanted any appropriations bills to come to the floor under normal order when he was Majority Leader. The concessions.

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The Politics of Covetousness

The Politics of Covetousness

It is widely known that Americans are spending themselves into debt slavery. For example, Bloomberg business reported last September that consumer debt was at an all time high of $3.2 trillion with credit cards and auto loans leading the pack. “Spending on repairs and net used cars has barely budged… But the fact that spending seems to be coming at the expense of more debt suggests Americans are putting themselves in a riskier financial position… an increasing share of that debt finances consumption that only declines in value.

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Overturning the Election Results This Week?

Overturning the Election Results This Week?

In November, America believed it had elected a conservative House and Senate to provide checks on the Obama Administration. This upcoming week, the results of that election may effectively be overturned.

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Don’t Tell Someone Else

Don’t Tell Someone Else

In our new Omerica, I think I’ll join the winning side and try spending more than I make every day for the rest of my life and see how that works out. If I can just manage to get to where I owe so much that I’m too big to fail, I can start really living large on federal handouts, excuse me bailouts, excuse me stimulus.

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How a Deficit Doubles Itself Into $1 Trillion in Debt

How a Deficit Doubles Itself Into $1 Trillion in Debt

The budget deficit for Fiscal Year 2014 was only $484 billion. In 2015, it will rise to $583 billion, after which it will return to below the $500 billion mark. There’s only one problem. It bears little resemblance to how much money the U.S. Treasury will actually need to borrow to pay for all of the obligations of the federal government over the coming years. In fact, in the 2014 Fiscal Year, the national debt rose by almost $1.1 trillion.

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The Budget: Obama or Reality?

The Budget: Obama or Reality?

The $3.99 trillion latest budget is available from the White House, and once again it is time to put on your rose-colored glasses. Apparently, when it comes to the budget and the economy, there’s Obama, and then there’s reality.

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Bankrupt? Who’s Bankrupt?

Bankrupt? Who’s Bankrupt?

A few years ago, with tongue securely in cheek, I wrote about the Fed buying treasury bonds. I tried using the absurd to make a point. I explained this would be like issuing your own credit card, buying everything you want, paying for the credit card with your checking account, and filling the checking account with cash advances from the credit card. I was just kidding. I never thought this would actually happen. It has. My problem is that it’s getting hard to be absurd in America today.

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Why Social Security Hurts Society and Isn’t Secure

Why Social Security Hurts Society and Isn’t Secure

In 2013, Social Security ran a $71 billion deficit. This means there have been four years of consecutive cash-flow deficits, which means that the inflow is less than the outflow. According to the 2014 annual report from the programs’ trustees, the combined 75-year unfunded obligation of the Social Security and Disability Insurance Trust Funds (referred to collectively as the OASDI Trust Fund) is $13.4 trillion.

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McConnell Pledges to Use Power of the Purse

McConnell Pledges to Use Power of the Purse

“It takes 60 votes to do a lot of things in the Senate, but there are some things we can do with 51 votes,” said Senator Mitch McConnell. If he is truly determined to use the power of the purse, McConnell should get busy in the December funding bill — before the 2016 presidential election cycle consumes the congressional cycle. Take as many bites at the apple as possible.

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Republicans Shouldn’t Acquiesce to Obama

Republicans Shouldn’t Acquiesce to Obama

The midterm elections are just a week away, and with most predicting a Republican sweep on November 4, House Majority Leader Rep. Kevin McCarthy is setting his sights on the 2015 governing agenda. But before a new Congress is sworn in, the government’s funding for FY 2015 is due to run out on December 11, and Politico’s Jake Sherman reports “[McCarthy] would like to use the lame-duck session to pass a long-term government-funding bill, so Washington can begin focusing on big-picture legislating, instead of just trying to keep government’s doors open.”

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