Posts Tagged ‘U.S. debt’

Michael Munger on America’s Debt Crisis


Saturday July 23rd, 2011   •   Posted by Emily Skarbek at 5:36am PDT   •   1 Comment

In a speech to the Libertarian Party in Indianapolis, Michael Munger gives three things the government has to do to deal with the debt crisis: 1. Cut defense spending by by at least 15%. More than 15% — even better! 2. Sell US bonds in the Social Security trust fund. Also raise the Social…
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Treasury Default?


Wednesday June 1st, 2011   •   Posted by Emily Skarbek at 9:12am PDT   •   1 Comment

The Treasury Department reiterated that Aug. 2 remains the projected day the U.S. would start defaulting on its obligations. The U.S. reached its $14.3-trillion debt ceiling on May 16, but Treasury officials have been doing some complex financial juggling to push off the date at which the nation would start defaulting on its obligations….
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Grasping and Gasping at the Federal Budget’s Trillions and Trillions


Saturday April 16th, 2011   •   Posted by David Theroux at 3:10pm PDT   •   1 Comment

In a new article in the Philadelphia Inquirer, “Grasping budget’s billions and trillions: Incomprehensibly huge numbers mask real burdens,” Independent Institute Research Fellow Emily Skarbek (Director of the Government Cost Calculator) discusses the meaning and absurdity of the $3.8 trillion federal budget and the meaningless reforms being proposed. Taxpayers might have strong feelings about…
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The BIG FOUR Enter the Discourse of Debt


Monday April 4th, 2011   •   Posted by Emily Skarbek at 7:13am PDT   •   0 Comments

No, I am not referring to the Allied Leaders in WWI, college basketball, or the top accounting firms in the U.S. The BIG FOUR of the Budget are Medicare, Medicaid, Social Security and Defense. Together they make up around 65% of non-discretionary spending. Today, the New York Times and Wall Street Journal are running…
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The Day the Debt Comes Due


Monday March 28th, 2011   •   Posted by Emily Skarbek at 7:14am PDT   •   3 Comments

“My fellow Americans, I come to you today with a heavy heart. We have a crisis on our hands. It is one of our own making. And it is one that leaves us with no good choices. For many years, our nationís government has lived beyond its means…We have not faced the hard reality…
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Will Disaster-Ravaged Japan Now Sell Off $886 Billion of U.S. Debt?


Friday March 25th, 2011   •   Posted by David Theroux at 5:42pm PDT   •   0 Comments

Seth McLaughlin at the Washington Times reports in “Fears rise that Japan could sell off U.S. debt” of the growing concerns that the earthquake, tsunami, and nuclear disasters and now economic crisis in Japan could trigger a major sell-off of there of its huge holdings of U.S. government debt. As of January, Japan is…
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How to Cut the 2011 Federal Budget by 2/3 and Have a $1.3 Trillion Surplus


Friday February 11th, 2011   •   Posted by David Theroux at 12:41pm PST   •   22 Comments

In conjunction with its Government Cost Calculator, the Independent Institute is proposing cutting the 2011 Fiscal Year budget for the federal government by $2.5 trillion from the updated $3.7 trillion in spending projected by the Congressional Budget Office in January. The result would reduce federal spending by 67.6% with a surplus for the year…
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Binging on Washington Spending: “Jack Daniels Explains the Deficit”


Wednesday February 9th, 2011   •   Posted by David Theroux at 10:37pm PST   •   2 Comments

Visually explained in terms of shots of Jack Daniels in this video, here is the $1.5 trillion U.S. deficit and the absolutely feeble proposal by the Republican leadership to cut $100 billion (oops, now $74 billion). Meanwhile, Democratic Senate Majority Leader Harry Reid ludicrously called the Republican proposal “unworkable” and “even more draconian than…
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U.S. Debt Rose by a Whopping $105.8 Billion in January


Saturday February 5th, 2011   •   Posted by David Theroux at 10:47pm PST   •   0 Comments

Terence Jeffrey reports at CNSNews.com that according to the U.S. Treasury Department, federal debt is rising at near record rates and if continued, Fiscal Year 2011 could produce a $1.708 trillion deficit, marking it second only to Fiscal Year 2009’s $1.89 trillion. The federal debt increased by $105.8 billion ($105,835,837,302.32) in January, according to…
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Independent Institute Senior Fellow Richard K. Vedder, a member of the Council of Economic Advisors for the Institute’s Government Cost Calculator, was interviewed by International PressTV on January 12th. In the interview, Dr. Vedder explains that President Obama has done nothing to rectify either the U.S. or international debt crisis. Indeed, under the Obama…
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