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.
Tag: bankruptcy
Social Security disability on 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.
Bankrupty for TerreStar?
It ain’t just the government in financial trouble: With $1 billion in debt, the satellite wireless company TerreStar is rumored to be considering bankruptcy.
It ain’t just the government in financial trouble: With $1 billion in debt, the satellite wireless company TerreStar is rumored to be considering bankruptcy.