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National Debt Clock draws worried glances, reactions
CNN Oct 12, 2008
http://www.cnn.com/2008/US/10/12/national.debt.clock.ap/index.html?eref=rss_topstories
Record deficit expected in 2009
USA Today July 28, 2008
“WASHINGTON — The White House has increased its estimate for next year's deficit to nearly $490 billion, a record figure that will saddle the next president with deepening budget problems in his first year in office, a report due out Monday shows”
http://www.usatoday.com/news/washington/2008-07-27-deficit_N.htm
Debt Trap Series:
Given a Shovel, Americans Dig Deeper Into Debt
New York Times, July 20, 2008
http://www.nytimes.com/2008/07/20/business/20debt.html?_r=1&th&emc=th&oref=slogin#
'Deficit hawks' revive attacks on nation's fiscal woes
USA Today June 25, 2008
By Richard Wolf
“WASHINGTON — Eleven years after the last major effort to balance the federal government's books, advocates of fiscal integrity are seeking to make a comeback.
Most notable is Pete Peterson, a son of Greek immigrants and Wall Street chieftain who has vowed to invest $1 billion of his personal fortune to alert Americans that their government is going broke.
http://www.usatoday.com/news/washington/2008-06-24-budget-hawks_n.htm
Former Fed Chief Attacks . . . on Fiscal Role
NY Times Sept 15, 2007
By EDMUND L. ANDREWS and DAVID E. SANGER
“WASHINGTON, Sept. 14 — Alan Greenspan, who was chairman of the Federal Reserve for nearly two decades, in a long-awaited memoir, is harshly critical of President . . ., Vice President . . . and the Republican-controlled Congress, as abandoning their party’s principles on spending and deficits. ”
“Of the presidents he worked with, Mr. Greenspan reserves his highest praise for . . ., whom he described in his book as a sponge for economic data who maintained “a consistent, disciplined focus on long-term economic growth.”
http://www.nytimes.com/2007/09/15/business/15greenspan.html?em&ex=1190001600&en=ac71669598b1a694&ei=5087%0A
Greenspan Book Criticizes . . .
Wall Street Journal Sept 15, 2007
By GREG IP and EMILY STEEL
September 15, 2007; Page A1
“In a withering critique of his fellow Republicans, former Federal Reserve Chairman Alan Greenspan says in his memoir that the party to which he has belonged all his life deserved to lose power last year for forsaking its small-government principles.
In "The Age of Turbulence: Adventures in a New World," published by Penguin Press, Mr. Greenspan criticizes both congressional Republicans and President . . . for abandoning fiscal discipline.
The book is scheduled for public release Monday. The Wall Street Journal bought a copy at a bookstore in the New York area.”
http://online.wsj.com/article/SB118978549183327730.html?mod=hpp_us_whats_news
Fuzzy . . . math
You're about to hear that the budget deficit is falling. Don't believe it, warns Fortune's Allan Sloan. The deficit is much, much bigger than you think.
September 4 2007: 5:21 PM EDT
“(Fortune Magazine) -- There will be lots of celebrating in Washington next month when the Treasury announces that the federal budget deficit for fiscal 2007, which ends September 30, will have dropped to a mere $158 billion, give or take a few bucks.
That will be $90 billion below the reported 2006 deficit and will be toasted by the White House and Treasury as a great accomplishment.
But I have a nasty little secret for you, folks. If you use realistic numbers rather than what I call WAAP - Washington Accepted Accounting Principles - the real federal deficit for the current fiscal year is more than 2-1/2 times the stated deficit.
http://money.cnn.com/2007/08/31/magazines/fortune/deficit_sloan.fortune/index.htm?postversion=2007090417
US Trade Deficit Falls to 4-Month Low
By MARTIN CRUTSINGER, AP Economics Writer
Tuesday, August 14, 2007
“The U.S. trade deficit declined to a four-month low even though imports from China hit an all-time high. Demand for Chinese goods has remained strong despite recalls of unsafe products this year.
In other economic news Tuesday, inflation at the wholesale level jumped 0.6 percent in July, driven up by higher energy costs. However, outside of energy, wholesale inflation remained under control with core prices rising just 0.1 percent.
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2007/08/14/financial/f123318D96.DTL&feed=rss.business
U.S. Congress passes $2.9 trillion 2008 budget
Reuters May 17, 2007
http://www.reuters.com/article/bondsNews/idUSN1742195320070517
Federal deficit forecast at $477B
USA TODAY Jan 27, 2004
“WASHINGTON — The federal budget deficit will reach $477 billion this year, the biggest ever in dollar terms, the Congressional Budget Office said Monday.
The deficit hit $375 billion in 2003, the highest in dollar terms ever. The previous record was $290 billion in 1992
http://www.usatoday.com/news/washington/2004-01-26-def_x.htm
Earmarks Stall Legislation in the House
NPR July 23, 2007 ·
“The House of Representatives has been having trouble moving appropriations bills with the usual earmarks — legislative hooks that lawmakers use to get funding for projects back home.
Anti-deficit activists sometimes cooperate with environmental activists and other activists to expose and embarrass the lawmakers involved.
http://www.npr.org/templates/story/story.php?storyId=12178367
Think tank thinks U.S. economy tanking
Moldova.org, Aug 15, 2007
“The Center for American Progress research group said Tuesday it sees the weakening labor and housing markets pulling U.S. economy downward this month.
The left-of-center Washington think tank said in a news release the economy faces large risks such as massive household debt, a comparatively high trade deficit and continued budget deficits.
http://economie.moldova.org/stiri/eng/66566
Illionois Governor Cuts $500 Million from Budget to Increase Healthcare Funding
http://www.news-gazette.com/news/politics/2007/08/16/budget_hot_topic_at_fair_rally
Debunking One of the Worst Ideas in Economics
by Charles Wheelan, Ph.D.
“Let me be perfectly clear: I'm not arguing that tax cuts are bad. I'm simply pointing out that we can't pretend that tax cuts won't require reductions on the spending side to balance the budget. In fact, you can disregard every other argument in this column and think about one thing: If Laffer were right, lower taxes would never require any spending sacrifice. We could pay a mere one percent of our income in taxes and still fund all of our government spending -- and maybe more! Do you think that's really possible?”
http://finance.yahoo.com/expert/article/economist/4065
U.S. eventually will pay for deficits
By Patrick Buchanan Creators Syndicate Published: August 18, 2007
"Social Security, Medicare and Medicaid ... already exceed 40 percent of the $2.7 trillion federal budget. By 2030, their share could hit 75 percent of the present budget," writes columnist Robert Samuelson. "To keep federal spending stable as a share of the economy would mean eliminating all defense spending and most other domestic programs. ... To balance the budget with existing programs at their present economic shares would require ... tax increases of 30 percent to 50 percent - or budget deficits could quadruple."
http://www.argusleader.com/apps/pbcs.dll/article?AID=/20070818/COLUMNISTS0202/708180306/1119/COLUMNISTS
U.S. FEDERAL DEBT
$10,000,000,000,000.00
Sept 30, 2008 Debt Hits 10 Trillion !
($10 TRILLION= 10 Thousand Billion = 10 Million Million Dollars)
That’s $48,000 per adult in the u.s.
That’s $96,000 per married couple
That could be the ave increased tax burden over years
209,279,149 U.S. adults by 2000 Census
BIG DEFICITS ALWAYS = BIGGER TAXES
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