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America’s Debt Could Soon Spark A European-Style Crisis
Republicans seized on the nonpartisan report to renew their push to reduce costs in federal benefit programs such as Medicare, the federal government health care program that benefits the elderly.
At issue is the $9.7 trillion of US debt held by investors and foreign countries like China, the measure that economists deem most important. Government accounts like the Social Security trust funds account for the rest of the $14.3 trillion total debt.
Democrats and Republicans have been stepping up budget talks aimed at averting what could be the disastrous first-ever default on U.S. government debt. A bipartisan group led by Vice President Joe Biden tasked with reaching an agreement has not made the politically difficult compromises on the larger issues, such as Read more…
NIA Releases U.S. Economic and Inflation Update
The official U.S. unemployment rate rose during the month of May to 9.1%, up from 9% in April, with only 54,000 non-farm jobs being created for the month. The real unemployment rate including short and long-term discouraged workers is now 22.3%. The Bureau of Labor Statistics (BLS) used the birth/death model to produce a positive monthly bias during the month of May of 206,000 jobs, up from 175,000 in April, 117,000 in March, and 112,000 in February. Without the birth/death model, 152,000 jobs were lost during the month of May.
By utilizing the birth/death model, the BLS is assuming that during the month of May, the number of new jobs created by start-up businesses were 206,000 greater than the number of jobs lost from companies going out of business. NIA finds this assumption to be Read more…
US government will soon seize your retirement account
NaturalNews) – When it comes to your retirement account, you probably keep an eye on Wall Street and the financial markets because when they lose value, your account loses value. Little did you know you are going to have to keep an eye on Uncle Sam as well, because he’s eyeing your retirement too, and he could soon take what he will claim is his fair share of it.
If you think that sounds absurd, think again. In fact, it’s a concept that is already being used by some governments, the most recent of which is Ireland.
In a bid to finance a “jobs” program, the Irish government, which is heavily in debt, is set to impose a new levy – read “tax” – on private retirement accounts. The accounts of government workers will be exempt.
“It’s truly disgusting logic to force private workers to pay for years of political incompetence while absolving government employees,” writes Simon Read more…
True Obama debt bigger than planet’s entire GDP
 President Obama |
As the Obama administration prepares to finance a Fiscal Year 2011 budget deficit expected to top $1.6 trillion, the American public is largely unaware that the true negative net worth of the federal government reached $76.3 trillion last year.
That figure was five times the 2010 gross domestic product of the United States and exceeded the estimated gross domestic product for the world by approximately $14.4 trillion.
According to the U.S. Department of Commerce Bureau of Economic Analysis, U.S. GDP for 2010 was $14.861 trillion. World GDP in 2010, according to the International Monetary Fund, was $61.936 trillion.
“As government obligations continue to spiral out of control and the U.S. government shows no willingness to make the magnitude of spending cuts required to return to fiscal responsible, the U.S. economy is headed to a great collapse coming in the form of a hyper-inflationary great Read more…
Tsunami of Inflation to Hit U.S. with Japan Crisis
The earthquake, tsunami, and nuclear disaster that hit Japan this past week and the destruction that it caused is nothing compared to the tsunami of inflation that will soon hit the U.S. as a result of this crisis. A tsunami of inflation in the U.S. will mean a complete collapse of our monetary system, which could lead to millions of deaths due to a lack of food and heat. 44 million Americans are now dependent on food stamps, but when the U.S. dollar becomes worthless as a result of hyperinflation, the government will no longer have the power to support these Americans and many of them will simply starve to death.
Japan’s citizens were smart enough to save up $885.9 billion in U.S. treasuries to spend in a situation like it finds itself in today. The U.S. has no such savings and is the world’s largest Read more…
58% Favor Government Shutdown Until Spending Cuts Are Agreed Upon
As Republicans and Democrats in Congress haggle over the budget, most voters would rather have a partial shutdown of the federal government than keep its spending at current levels.
A new Rasmussen Reports national telephone survey finds that just 33% of Likely U.S. Voters would rather have Congress avoid a government shutdown by authorizing spending at the same levels as last year. Fifty-eight percent (58%) says it’s better to have a partial shutdown until Democrats and Republicans can agree on what spending to cut. (To see survey question wording, click here.)
The partisan differences are striking. Fifty-eight percent (58%) of Democrats prefer avoiding a shutdown by going with current spending levels. But 80% of Republicans — and 59% of voters not affiliated with either major party — think a shutdown is a better option until Read more…
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