Keith Hennessey decided to dig deeper into why the CBO believes that President Obama’s new budget proposal will add an extra 2,300,000,000,000 dollars to the U.S. national debt over the next 10 years above and beyond what the President claims, and specifically why the budget proposal anticipates that $328,000,000,000 of that extra amount will…
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In “State workers’ unused paid time means big payouts,” Marisa Lagos reports in the San Francisco Chronicle that while California has been facing a financial crisis with record deficits and high unemployment, many state government employees are receiving half-million dollar payments for amassed sick days upon leaving or retirement: One public employee received a…
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Bloomberg BusinessWeek has identified the biggest risk in continuing today’s levels of deficit spending for the U.S. government: Barack Obama may lose the advantage of low borrowing costs as the U.S. Treasury Department says what it pays to service the national debt is poised to triple amid record budget deficits. Interest expense will rise…
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The Associated Press reports that the Congressional Budget Office (CBO) questions the claims of the Obama administration regarding projected budget deficits over the next ten years in which the White House overestimates tax revenues and savings from Medicare payments to doctors. A new assessment of President Barack Obama’s budget released Friday says the White…
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FreedomWorks has produced a very timely new video, “We Won Wisconsin�But the Fight Goes On,” on the very serious, looming crises for state government across the U.S., as a result of the unsustainable entitlements, government employee union costs, and other spending and debt.
Jeffrey Anderson at The Weekly Standard reports that “Mandatory Spending to Exceed all Federal Revenues � 50 Years Ahead of Schedule”. We have now gotten to the point . . . where if national defense, interstate highways, national parks, homeland security, and all other discretionary programs somehow became absolutely free, we�d still have a…
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In “Is the U.S. Becoming a Welfare State?”, Daniel Indiviglio reports in The Atlantic that U.S. government entitlement programs now account for a whopping 35% of wages, up from 26% in 2008. Uncle Sam has been aggressively increasing Americans’ allowance recently. Government entitlement programs have grown to account for 35% of wages, according to…
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Polling from Pew and Gallup reveals major public misconceptions about the defense budget. Fifty-eight percent of Americans know that Pentagon spending is larger than any other nation, but almost none know it is up to seven times that of China. Most had no idea the defense budget is larger than federal spending for education,…
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Back in January, we featured a post where we looked at who are the largest holders of the U.S. national debt. Since that time, the U.S. Treasury has revised their data, specifically to identify who the real foreign owners of the U.S. national debt are. Here are how things really stood at the end…
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Susanne Walker reports at Bloomberg that because of fears of inflation created by the enormous credit expansion by the Federal Reserve and rapidly increasing U.S. government deficit spending, the world’s biggest bond fund at Pacific Investment Management Company (Pimco) has dropped all U.S. government debt from its portfolio. Bill Gross, who runs the world�s…
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