Tag: bankruptcy

The national debt now equals the entire U.S. economy

1:29 pm

The day of reckoning looms: The national debt now equals the entire U.S. economy.

The amount of money the federal government owes to its creditors, combined with IOUs to government retirement and other programs, now tops $15.23 trillion. That’s roughly equal to the value of all goods and services the U.S. economy produces in one year: $15.17 trillion as of September, the latest estimate. Private projections show the economy likely grew to about $15.3 trillion by December — a level the debt is likely to surpass this month.

But don’t worry. The press is focused like a laser on more important issues, such as whether the states might someday consider outlawing the pill.

Leave a comment

Top 10 Ways Hollywood Can Win Its Audience Back

7:54 pm

The top ten ways Hollywood can win its audience back.

As someone who spent almost twenty years in the movie business, I think Nolte hits the nail on the head. I also think Hollywood will not do any of the things he suggests, mostly because it would require them to abandon their elite, leftwing ideology that for the past thirty years has become the only thing too many Hollywood people care about.

Leave a comment

At the end of 2011, America, like much of the rest of the Western world, has dug deeper into a cocoon of denial.

12:16 am

“At the end of 2011, America, like much of the rest of the Western world, has dug deeper into a cocoon of denial.”

Tens of millions of Americans have yet to understand that the can can no longer be kicked down the road, because we’re all out of road. The pavement ends, and there’s just a long drop into the abyss. And, even in a state-compliant car seat, you’ll land with a bump. At this stage in a critical election cycle, we ought to be arguing about how many government departments to close, how many government programs to end, how many millions of government regulations to do away with. Instead, one party remains committed to encrusting even more barnacles to America’s rusting hulk, while the other is far too wary of harshing the electorate’s mellow.

2 comments

The Obama Nation: Even More Debt And Even More Store Closings

10:50 am

A nation in economic collapse.

During “the Obama Nation”, the federal government has already accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office. Of course the Bush administration was nearly as bad at piling up government debt. Between Bush and Obama (with a big helping hand from the Federal Reserve), they have done a pretty good job of wiping out the financial future of the United States. If there are future generations of Americans, they will look back and curse those that did this to them. It is absolutely immoral to steal trillions of dollars from future generations. Unfortunately, there are very, very few members of Congress that are even objecting to this madness.

The article’s listing of store closings is also quite frightening, suggesting that the economic situation of the nation is far worse than has been reported.

Leave a comment

The Great Spending Betrayal

9:16 am

The great spending betrayal.

Over Friday and Saturday, 61% of House Republicans and 34% of Senate Republicans voted for the omnibus megabus bill. In doing so, not only did they violate their pledge pertaining to bundled (1200-page) bills and the 72-hour layover rule and agree to fund Obamacare, Dodd-Frank, Planned Parenthood, the EPA, the PLO and the UN; they actually agreed to spend almost $9 billion more than last year. Overall, budget authority will be $33 billion higher than the House budget, while appropriations for non-defense spending will be $45 billion more. One of the members who voted in the affirmative even agreed that he had voted for a “crap sandwich.”

One reason the budget is still growing is that two-thirds of the government is still controlled by the spendthrift Democratic Party. A second reason is that there are too many wimpy Republicans willing to compromise with these spendthrifts.

Which is why we have elections. 2012 should help fix this problem.

Leave a comment

Budget deal cuts EPA by three percent

10:13 am

Another science budget update from Nature states that the budget deal will cut EPA by three percent.

This cut reduces EPA’s budget from its 2011 numbers by about $400 million. However, the agency’s total 2012 budget of $8.4 billion is still $1 billion more than it got in 2008, hardly what I’d call a draconian cut.

Once again, the inability of Congress to seriously face the deficit issue threatens to eventually destroy the U.S.’s ability to do any science. A bankrupt nation can’t do much but feed itself, as the scientists in the Soviet Union learned back in the 1990s.

Leave a comment

Electric car company shuts down

11:25 pm

For once, the taxpayer doesn’t get screwed: The electric car company Aptera has shut down due to lack of interest from investors and the lack of a loan from the government.

The California company was counting on a federal loan – and private investments to match the loan – so that it could start producing its very first electric vehicle. Aptera said it was close to securing a $150 million from the U.S. Department of Energy, but it couldn’t line up the private dollars necessary to complete the loan application process.

Leave a comment

American Airlines files for bankruptcy

9:22 am

American Airlines files for bankruptcy. Note this as well:

American was the only major U.S. airline that didn’t file for bankruptcy protection in the aftermath of the 2001 terrorist attacks that triggered a deep slump in the airline industry. The last major airline to file for bankruptcy protection was Delta in 2005.

This list of bankrupt airlines does not include Southwest, however, which has seen its business boom in the past decade. I wonder, could these other airlines be driving customers away with their high baggage fees, complex ticket rules that end up costing customers money or convenience, and their willingness to go along with the abuses of the TSA?

Whenever I can, I fly Southwest, because they don’t charge for baggage and allow me to change or cancel flights without penalty. However, I also fly as little as possible these days, mostly to avoid being treated like a criminal by the TSA. And I know I am not alone in this.

Thus, all airlines have lost business due to TSA abuse. You’d think they’d wake up and start to fight this government intrusion into their operations.

3 comments

Supercommittee gives up

8:38 pm

The day of reckoning looms: The Congressional supercommittee has given up. The perspective of one member of the committee can be read here. Key quote:

The Congressional Budget Office, the Medicare trustees, and the Government Accountability Office have each repeatedly said that our health-care entitlements are unsustainable. Committee Democrats offered modest adjustments to these programs, but they were far from sufficient to meet the challenge. And even their modest changes were made contingent upon a minimum of $1 trillion in higher taxes—a move sure to stifle job creation during the worst economy in recent memory.

Even if Republicans agreed to every tax increase desired by the president, our national debt would continue to grow uncontrollably. Controlling spending is therefore a crucial challenge. The other is economic growth and job creation, which would produce the necessary revenue to fund our priorities. [emphasis mine]

This needs repeating: regardless of whether you think we should raise taxes in this situation, no tax increase can eliminate the deficit. The problem is out-of-control spending that needs to be seriously curbed.

One comment

Supercommittee to the rescue

12:08 pm

The Supercommittee to the rescue!

They’re the new superhero group of Superfriends from the Supercongress who are going to save America from plummeting over the cliff and into the multitrillion-dollar abyss. There’s Spender Woman (Patty Murray), Incumbent Boy (Max Baucus), Kept Man (John Kerry) and many other warriors for truth, justice and the American way of debt. The Supercommittee is supposed to report back by the day before Thanksgiving on how to carve out $1.2 trillion dollars of deficit reduction and thereby save the republic.

Leave a comment

We’re still not cutting

8:49 am

The day of reckoning looms: We’re still not cutting.

In the spring fight to avert a government shutdown, Republicans promised $100 billion in real cuts but then compromised for $38.5 billion in future savings. In reality, the Congressional Budget Office found the deal still resulted in an increase of more than $170 billion in federal spending from 2010 to 2011. The “largest spending cut in history” ended up being a spending increase.

And this:

But the [super]committee isn’t really trying to cut spending. It seeks only to spend the country into bankruptcy a little slower. Rather than letting the country rack up $23.4 trillion of debt by 2021, the supercommittee hopes to keep it to $21.3 trillion. It’s the difference between speeding off a cliff at 91 miles per hour versus 100 miles per hour.

One comment

Senate rejects House funding bill; shutdown looms

2:38 pm

Senate rejects House funding bill; shutdown looms.

While we chatter about superficial election debates and a falling satellite, the federal budget continues to crash and burn. What I find disturbing about the events in the Senate is this quote:

Democrats in the Senate, who are in the majority, oppose Republican efforts to roll back “green” energy programs to pay for aid for victims of Hurricane Irene and other disasters. They say disaster aid, usually a bipartisan issue, should not require cuts elsewhere — especially to programs creating green jobs — as the GOP majority in the House now demands. [emphasis mine]

So how do the Democrats expect to pay for this disaster aid? Will the money grow on trees?

Leave a comment

New California law will require workers’ compensation benefits, rest and meal breaks and paid vacation time for…babysitters

10:26 am

Why no one should want to live in California: A new proposed law there would require workers’ compensation benefits, rest and meal breaks and paid vacation time for babysitters.

Under AB 889, household “employers” (aka “parents”) who hire a babysitter on a Friday night will be legally obligated to pay at least minimum wage to any sitter over the age of 18 (unless it is a family member), provide a substitute caregiver every two hours to cover rest and meal breaks, in addition to workers’ compensation coverage, overtime pay, and a meticulously calculated timecard/paycheck.

Leave a comment

Budget Office: this year’s deficit to hit $1.28 Trillion

11:11 am

According to the Congressional Budget Office, this year’s deficit will be about $1.28 trillion, the third highest deficit in history, exceeded only by the previous two budgets of the Obama administration.

Note also that any cuts mentioned in the above article are not cuts, merely reductions in the overall growth of government. (Another example of a journalist lying for the government.) All told, the federal government will still continue to grow in the next few years at a pace that far exceeds inflation, the economy, or anything you can imagine in the real world.

Leave a comment

Federal payments required by Obamacare understate the cost by as much as $50 billion

12:07 am

Finding out what’s in it: Federal payments required by Obamacare actually understate the cost by as much as $50 billion, according to a new study.

In May a congressional committee set the accounting rules that determine who will qualify for federal health care subsidies under the 2010 Patient Protection and Affordable Care Act. When the committee handed down the rules to the Congressional Budget Office, its formula excluded the health care costs of millions of workers’ spouses and children. The result was a final estimate for 2010 that hides those costs.

Leave a comment

Treasury Adds Another $20 Billion In Debt Overnight, Just $160 Billion Below Revised Ceiling

9:41 pm

Get ready for another battle in Congress: The U.S. Treasury added another $20 billion in debt last night, putting it just $160 billion below the newly passed debt ceiling.

The total US treasury balance (subject to the ceiling) is $14.54 trillion (and $14.58 trillion for total), an increase of $20 billion overnight, the Treasury will hit its latest ceiling no later than the end of September. . . . The debt ceiling now is $14.694 trillion: a number which Tim Geithner will hit in about a month.

According to the bill that raised the debt ceiling, the ceiling is only raised in stages. The next stage of $500 billion requires Obama to request it and Congress to okay it.

One comment
1 … 82 83 84 85