Tag: bankruptcy
The collapse of the solar power industry
American Airlines files for bankruptcy
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.
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.
“What the hell are we paying you for?”
Chris Christie to Barack Obama: “What the hell are we paying you for?”
This is so good, so honest and to the point, that it deserves to be embedded everywhere.
Chris Christie to Barack Obama: “What the hell are we paying you for?”
This is so good, so honest and to the point, that it deserves to be embedded everywhere.
Supercommittee gives up
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.
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.
Supercommittee to the rescue
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.
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.
We’re still not cutting
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.
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.
“Unfortunately, it’s worse than it looks.”
Appropriations bill promising $1 billion cut will increase spending by more than $9 billion according to one senator
A Senate appropriations bill promising a $1 billion cut will actually increase spending by more than $9 billion, according to one senator.
It just cannot be contended that this is serious work toward reducing our deficit. It just cannot be.
A Senate appropriations bill promising a $1 billion cut will actually increase spending by more than $9 billion, according to one senator.
It just cannot be contended that this is serious work toward reducing our deficit. It just cannot be.
US debt to surpass GDP on Halloween
The day of reckoning looms: The US debt will surpass the gross domestic product come Halloween.
The day of reckoning looms: The US debt will surpass the gross domestic product come Halloween.
The remaining assets of Rocketplane Kistler are to be auctioned off November 11
Got $50,000 for the good faith deposit? Then you can bid on remaining assets of Rocketplane Kistler, to be auctioned off on November 11.
Got $50,000 for the good faith deposit? Then you can bid on remaining assets of Rocketplane Kistler, to be auctioned off on November 11.
Senate rejects House funding bill; shutdown looms
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?
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?
New California law will require workers’ compensation benefits, rest and meal breaks and paid vacation time for…babysitters
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.
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.
25 Signs That The Financial World Is About To Hit The Big Red Panic Button
The day of reckoning looms: Twenty-five signs that the financial world is about to hit the big red panic button.
The day of reckoning looms: Twenty-five signs that the financial world is about to hit the big red panic button.
Budget Office: this year’s deficit to hit $1.28 Trillion
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.
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.
Federal debt increased $4 trillion under Obama, the most under any president
Just remember, it is never his fault: The federal debt increased $4 trillion under Obama, the most by any president.
Just remember, it is never his fault: The federal debt increased $4 trillion under Obama, the most by any president.
Social Security disability on verge of insolvency
The day of reckoning looms: Social Security disability on the verge of insolvency.
The day of reckoning looms: Social Security disability on the verge of insolvency.
Federal payments required by Obamacare understate the cost by as much as $50 billion
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.
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.
Treasury Adds Another $20 Billion In Debt Overnight, Just $160 Billion Below Revised Ceiling
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.
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.
U.S. will pay for half of all health care costs by 2020
According to a new government report, the U.S. will pay for half of all health care costs by 2020.
And exactly where will this money come from?
According to a new government report, the U.S. will pay for half of all health care costs by 2020.
And exactly where will this money come from?
More evidence the debt crisis is about to go critical
The shocking true size of our nation’s debt
The day of reckoning beckons: The shocking true size of our nation’s debt.
Add it all up, and total US debt actually exceeds 900% of GDP. That’s somewhere in excess of $120 trillion. We are beginning to talk real money here.
The Congressional Budget Office [CBO] also contains bad news for those who believe that we can fix this problem simply by cutting “fraud, waste and abuse.” As CBO points out, the projected growth in the debt “is attributable entirely to increases in spending on several large mandatory programs: Social Security, Medicare, Medicaid, and (to a lesser extent) insurance subsidies that will be provided through [Obamacare].” There is simply no way to deal with our debt problems without reforming those entitlement programs.
Finally, the CBO report makes it clear that we have a debt problem because spending is too high, not because taxes are too low. In fact, even though taxes are currently at a near historic low as a proportion of the economy, that is largely a result of the recession. If the economy returns to normal growth rates (a big “if”), federal revenues will not only rise, but will actually be higher than the postwar average percentage of GDP by the end of the decade. In fact, this will happen even if the Bush tax cuts are extended and the Alternative Minimum Tax AMT continues to be patched.
The day of reckoning beckons: The shocking true size of our nation’s debt.
Add it all up, and total US debt actually exceeds 900% of GDP. That’s somewhere in excess of $120 trillion. We are beginning to talk real money here.
The Congressional Budget Office [CBO] also contains bad news for those who believe that we can fix this problem simply by cutting “fraud, waste and abuse.” As CBO points out, the projected growth in the debt “is attributable entirely to increases in spending on several large mandatory programs: Social Security, Medicare, Medicaid, and (to a lesser extent) insurance subsidies that will be provided through [Obamacare].” There is simply no way to deal with our debt problems without reforming those entitlement programs.
Finally, the CBO report makes it clear that we have a debt problem because spending is too high, not because taxes are too low. In fact, even though taxes are currently at a near historic low as a proportion of the economy, that is largely a result of the recession. If the economy returns to normal growth rates (a big “if”), federal revenues will not only rise, but will actually be higher than the postwar average percentage of GDP by the end of the decade. In fact, this will happen even if the Bush tax cuts are extended and the Alternative Minimum Tax AMT continues to be patched.
Ohio restaurant referenced by Obama is closing
The ironies are endless: An Ohio restaurant referenced by President Obama last week as a beneficiary of the auto bailout is going out of business this week due to the bad economy and increased regulation.
The ironies are endless: An Ohio restaurant referenced by President Obama last week as a beneficiary of the auto bailout is going out of business this week due to the bad economy and increased regulation.
The federal government’s total unfunded financial obligations now exceed $60 trillion.
The day of reckoning beckons: The federal government’s total unfunded financial obligations now exceed $60 trillion.
The day of reckoning beckons: The federal government’s total unfunded financial obligations now exceed $60 trillion.
Social Security deficits now “permanent”
More thrilling budgetary news: The Social Security deficit is now “permanent.”
Medicare’s hospital insurance trust fund is now slated to run out of money in 2024, or five years earlier than last year’s projection, while Social Security’s trust fund will be exhausted by 2036, a year earlier than the prior projection.
More thrilling budgetary news: The Social Security deficit is now “permanent.”
Medicare’s hospital insurance trust fund is now slated to run out of money in 2024, or five years earlier than last year’s projection, while Social Security’s trust fund will be exhausted by 2036, a year earlier than the prior projection.
Government Cash Handouts Now Top Tax Revenues
Time is truly running out: The federal government’s cash handouts to all households now exceed what those households pay in tax.
Time is truly running out: The federal government’s cash handouts to all households now exceed what those households pay in tax.
The Obama adminstration in 8 charts
Alabama Town’s Failed Pension Is a Warning
Alabama town’s failed pension is a warning.
Alabama town’s failed pension is a warning.
The rise and fall of rocketplane
The rise and fall of Rocketplane.
The rise and fall of Rocketplane.
Deficit commission fails to pass its recommendations
Sadly, the pigs appear to be winning. Obama’s deficit commission has failed to pass its recommendations.
Sadly, the pigs appear to be winning. Obama’s deficit commission has failed to pass its recommendations.
California – the Coming Collapse
Another government budget disaster: California – the coming collapse.
Another government budget disaster: California – the coming collapse.