Government liabilities rose $2 trillion in FY 2010
So you think NASA’s gonna get some money, eh? According the Treasury Department, the government’s debt rose by $2 trillion last year alone.
Tag: debt
So What Happens When California Goes Bankrupt
So what happens when California goes bankrupt?
Twenty Of The Craziest Things The U.S. Government Is Spending Money On
Your tax dollars at work: Twenty idiotic things the U.S. government is spending money on. My favorite, #8, also happens to be one of the most expensive:
The U.S. Department of Veterans Affairs spent $175 million during 2010 to maintain hundreds of buildings that it does not even use. This includes a pink, octagonal monkey house in the city of Dayton, Ohio.
Federal paychecks one third higher than private pay
Want to trim the federal debt? Here’s a place to start: Federal paychecks in the San Diego area are one third higher than private pay, according to census numbers. The pay raises were also more than three times higher.
Republicans showing more earmark restraint than Democrats
Giving credit where credit is due: Ed Morrissey notes that the Republicans have shown significant progress in reducing the number of earmarks requested by their members, while the Democrats have not.
Not only do the Republicans have to continue to improve their numbers, now is the time for Democrats to see the writing on the wall and get with the program. Cut spending!
The omnibus 2000 page trillion dollar budget bill is dead
Amen! The omnibus 2000 page trillion dollar budget bill is dead.
This is only a start. The spending must come down, by a lot!
Note also that yes, Congress will still be forced to pass a continuing resolution, but that will freeze spending at last year’s level, rather than the gobs of additional spending including in the omnibus bill. Like I said, this is a start.
List of senators and the number of earmarks they placed in Omnibus spending bill
Don’t slam the door on your way out! Check out this list of senators and the number of earmarks they placed in $1.27 trillion omnibus spending bill put together by the lame-duck Congress.
Government May Shut Down Amid Standoff on Pork-Filled Spending Bill
This might be the best news I’ve heard in years! The government may shut down on Saturday due to the stalemate in Congress over the $1.27 trillion pork-filled spending bill.
Deficit commission’s draft report released
Though they can’t get the votes yet to approve it, the co-chairmen of Obama’s deficit commission today did release their own draft report.
Bankruptcy of U.S. government “mathematical certainty” says banker
The former CEO of one of the nation’s largest banks says that unless the federal government gets its budget under control, bankruptcy is a “mathematical certainty.” I especially like this quote from the CEO, John Allison, in describing the past history of Fannie Mae and Freddie Mack:
“I was on a committee, a Financial Services Roundtable, for nine years trying to do something about Freddie Mac and Fannie Mae,” said Allison. “You couldn’t help but see it coming,” he said. “You ran the numbers, particularly the last several years, and it was mathematically certain Freddie and Fannie were going bankrupt.”
“We met with Congress. We met with [House Financial Services Chairman] Barney Frank and [Senate Banking Chairman] Chris Dodd and they absolutely wouldn’t see it,” said Allison.
Why this election is important
Mark Steyn explains why next week’s midterm election and what the next Congress does has very special significance. Key quote:
In a two-party system, you have to work with what’s available. In America, one party is openly committed to driving the nation off the cliff, and the other party is full of guys content to go along for the ride as long as we shift down to third gear. That’s no longer enough of a choice. If your candidate isn’t committed to fewer government agencies with fewer employees on lower rates of pay, he’s part of the problem. This is the last chance for the GOP to restore its credentials. If it blows it, all bets are off for 2012.
It’s the out of control spending, stupid!
Watch this so-called panel of expects on MSNBC as they desperately try to figure out why why women play such a large part in the tea party movement. Totally baffled, the best these out-of-touch “gurus” can come up with is “taxes” and “women pay the family bills.”
Putting aside their blatent bigotry (“Women as we all know are smarter than men.”) and childishly shallow generalizations (“Something about finding a voice.”), these empty headed fools, emblematic of most modern elite intellectuals, can’t see the obvious elephant in the room.
It’s the out-of-control government spending, stupid! On Monday the Treasury Department released numbers showing that since Barack Obama took office just two years ago, the debt of the federal government rose by $3 trillion.
This graph, courtesy of Gateway Pundit, gives some context to the increase in the debt:
Spending was horrible under George Bush. The public was worried about it. Now spending has gone insane under President Obama, and the public is more than worried, the public is outraged and spitting nails. That these elites don’t see this either means they are incredibly stupid, or they want the country to collapse in a sea of debt. In either case, they shouldn’t have the jobs they do.
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.
Federal government spending rose 9% in 2010
The sad state of the economy
The bad economy since 2008 was only worsened by the Obama stimulus, according to one economist. Key quote:
“Today there is a dependency on people who have never been able to forecast anything,” Taleb said. “What kind of system is insulated from forecasting errors?
Federal spending is out of control and NASA’s gonna get what it wants?
You think NASA’s going get money this year or next? Or ever? In one graph (see below), this article shows how completely out of control federal spending has become, beginning in 2007, with no end in sight. Key quote:
Until this skyrocketing spending growth is arrested and reversed, we suspect that government spending has become disconnected from the ability of any American household to support it.
