On Wednesday, President Barack Obama released his long awaited and dreaded budget proposal. He claims that it will help lead to a deficit reduction of over $1 trillion over the next 10 years, which breaks down to only a reduction of $200 billion a year. He also claims that his proposal will help lead efforts […]
Cancer clinics nationwide are turning away thousands of Medicare patients due to the sequester budget cuts that Obama put in place in the summer of 2011. The Washington Post reported the reduced funding, “which took effect for Medicare on April 1, makes it impossible to administer expensive chemotherapy drugs while staying afloat financially.” If we […]
Were California’s state government a business, it would be a candidate for insolvency with a negative net worth of $127.2 billion, according to an annual financial report issued by State AuditorElaine Howle and the Bureau of State Audits. The report, which covers the fiscal year ending June 30, 2012, says that the state’s negative status — all of its assets […]
What would you do if you woke up one day and discovered that the banksters had “legally” stolen about 80 percent of your life savings? Most people seem to assume that most of the depositors that are getting ripped off in Cyprus are “Russian oligarchs” or “wealthy European tycoons”, but the truth is that they […]
Is our republic coming to an unceremonious end? History may not be on America’s side. Lawrence Lessig’s Republic Lost documents the corrosive effect of money on our political process. Lessig persuasively makes the case that we are witnessing the loss of our republican form of government, as politicians increasingly represent those who fund their campaigns, rather than […]
The US economy unexpectedly took its biggest plunge in more than three years last quarter, contracting at an annual rate of 0.1 percent and indicating a new level of vulnerability for the economy. The plummet marks the first time the economy contracted since the Great Recession ended and is causing concern that the US could […]
The debt ceiling is bearing down on Washington. As with most such momentous occasions, plenty of partisan potshots have been exchanged, like this whopper from the White House: that House Republicans who are demanding spending reductions in exchange for increasing the debt limit would compromise the full faith and credit of the United States government. […]
This week started with President Obama Monday demanding lawmakers raise the U.S.’s $16.4 trillion debt ceiling, warning Republicans not to insist on spending cuts in return. The same day, Federal Reserve Chairman Ben Bernanke advocated getting rid of the debt limit altogether. The Washington Post reports in a conversation at the University of Michigan Bernanke said the debt ceiling […]
Investors worried that inflation and financial market turmoil will wipe out the value of their cash have poured money into gold over the past decade. Prices have gained almost 500 percent since 2001 compared to a 12 percent increase in MSCI’s world equity index. The card can also be used as an alternative method of […]
Prior to the fiscal cliff deal, President Barack Obama scolded Congress for cobbling together a plan at the last minute. “America wonders why it is in this town why you can’t get stuff done in an organized timetable,” said Mr. Obama. “Why everything has to always wait until the last minute. We’re now at the […]
