Greece has moved closer to default and possible exit from the eurozone after telling the International Monetary Fund it would not be making a debt repayment of €300m (£219m) due on Friday. Greece follows the footsteps of Zambia. A country which eventually ended with debt restructuring. Greeks are digesting the news that they are only the second […]
BY JIM OWEN President Obama shares some of the responsibility for the nation’s wealth inequality, New Jersey Gov. Chris Christie alleged Tuesday. The potential Republican presidential candidate cited the policies of the president’s administration and the Federal Reserve as contributing factors in the income gap, Thomson / Reuters reported. Obama has made the situation worse […]
The fact remains that Main Street is in trouble. The nation requires an economy in which new businesses are created and existing ones can afford to expand. That is not happening By Alan Caruba The U.S. was the world’s number one economy prior to World War II, but it took off bigtime after the war […]
MRCTV took to the streets to see if Americans could guess how much of their money the federal government spends in a single hour. As you might expect, their answers were all over the place. Still, one lucky contestant walked away with a special prize. [youtube Ps2IWZhB1sY nolink]
(CNSNews.com) – Speaking at the Akron Roundtable Luncheon last month, Rep. Marcia Fudge (D-Ohio) questioned the importance of balancing the budget, asking, “Why is it so important to have a balanced budget?” “If you had a healthy budget, what would you do with it? Nobody can answer that question for me. Why is it so […]
By Alan Caruba : Let’s look at just some of the latest news about the U.S. economy: # According to the Treasury Department’s Bureau of Fiscal Services, the federal government paid $2,007,358,200,000—over $2 trillion—in benefits and entitlements in the 2013 fiscal year, October 1, 2012 to September 30, 2013. Most of the benefits, 69.7% came from non-means tested […]
Following the revelation that the Environmental Protection Agency plans to garnish wages without a court order to collect non-tax debts (i.e. misused grant funds, unrepaid loans or “fines, penalties or fees assessed by federal agencies”), the EPA has sought to defend its proposed rules. The agency cites The Debt Collection Improvement Act of 1996 (DCIA) […]
(CNSNews.com) – Federal Reserve Chairman Janet Yellen, referencing the Congressional Budget Office’s long-term budget projections, told the Joint Economic Committee of Congress today that under current policies the federal government’s deficits “will rise to unsustainable levels.” In the 10-year budget projections it released in April, the CBO estimated that the federal government will run $7.618 trillion […]
This should come as no surprise at least $3b in bonds that are due very soon… Ukraine owes $3 billion to Russia in bonds that have been issued under UK law. One of the stipulations of the bonds is that if the Ukraine’s debt-to-GDP ratio should exceed 60%, the bonds will become immediately callable. Once […]
The Washington Post’s Glenn Kessler focused his latest Fact Checker column on The Heritage Foundation analogy that suspending the debt limit is like giving a “blank check” to President Obama. Kessler gave us two Pinocchios. We decided to turn the table and look at Kessler’s arguments. Kessler acknowledges that Congress’ debt limit waiver has “received […]
