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Thread: The U.S. National Debt

  1. #13

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    Default Re: The U.S. National Debt

    Obama seems to be taking this problem into his own hands and might be sidestepping the entire Congress and the checks and balances that are guaranteed by the Constitution, unless he plans to submit it to Congress for approval??
    I would suggest that he do just that!

    Obama sets up deficit panel without help from Hill

    Obama launches White House-based deficit-reduction panel without help from Congress


    President Barack Obama signs an executive order creating the bipartisan National Commission on Fiscal Responsibility and Reform, Thursday, Feb. 18, 2010, in the Diplomatic Reception Room of the White House in Washington, Thursday, Feb. 18, 2010. From left are, Vice President Joe Biden, and the co-chairs, Erskine Bowles and Alan Simpson. (AP Photo/Charles Dharapak)

    Mark S. Smith, Associated Press Writer, On Thursday February 18, 2010, 11:58 am EST
    WASHINGTON (AP) -- President Barack Obama signed an order Thursday unilaterally creating a bipartisan commission to rein in unruly deficits after Congress rejected a similar body with considerably more enforcement power.
    In making the announcement, Obama said that unless lawmakers put aside partisan differences, the continuing red-ink trend could "hobble our economy."
    The federal deficit hit a record $1.4 trillion last year and could grow larger this year as the struggling economy puts a big dent in tax collections.
    "It will cloud our future and it will saddle every child in America with an intolerable burden," he said before signing an executive order establishing the commission.
    Obama signed the executive order a few hours before flying to Colorado and Nevada to help incumbent Democrats save their seats in the Senate. He'll appear in Nevada for Senate Democratic Leader Harry Reid. Like Obama and other Democrats, Reid has been feeling the sting of the stunning electoral upset by Republican Scott Brown in the Massachusetts election to choose a successor for the late Sen. Edward Kennedy. [more]
    http://finance.yahoo.com/news/Obama-...n&asset=&ccode=
    Last edited by nnuut; 03-11-2010 at 07:09 PM.



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  3. #14

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    Default Re: The U.S. National Debt

    Welcome to the United States of Iceland

    People protested outside the Icelandic Parliament on Saturday as Icelanders headed to the polls to vote on a referendum to repay British and Dutch citizens for bailing out Icesave.By Paul Smalera, contributorMarch 11, 2010: 2:35 PM ET

    NEW YORK (Fortune) -- It's time to start paying attention to the financial sinkhole that Iceland is trying to climb out of -- the view from inside of it is eerily similar to our own.


    An Icelandic savings bank, Icesave, had attracted billions in deposits from hundreds of thousands of British and Dutch citizens, due to the phenomenally high interest rates it offered. Icesave collapsed in 2008, for much the same reason Lehman Brothers, WaMu, and hundreds of local savings banks did: its bankers used their cash to make complicated, bad, leveraged investments, mostly on real estate.
    • The British and Dutch have made their citizens whole, bailing out Icesave after it became clear the Icelandic government didn't have the resources to do the same.
    Now, they expect to be repaid. But in a referendum there this past weekend,only 1.8% of voters favored a plan to pay back the $5.3 billion Iceland owes. Iceland has agreed in principle to repay the bailout to the UK and Netherlands, but the fight is over the terms and interest rate of the payment plan.
    To call the rejected terms loan-sharking would be a disservice to usury. They called for every Icelandic family to essentially throw a quarter of its income towards servicing the loan for the next eight years. But this isn't the end: one way or another, the bill will come due, and Iceland's 320,000 citizens will be paying for the hubris of a few hundred of their own, who dubbed themselves "investment bankers."
    The amount owed -- $5.3 billion -- sounds like a rounding error to Americans, but, per capita, it would be the equivalent of the United States taking on a $5 trillion debt. Sounds impossible, until you consider that our real bailout tab, as calculated by the New York Times, is already $2 trillion. Moreover, the government has obligated itself to pay out $12.5 trillion if things get worse. In Vanity Fair last April, Michael Lewis wrote, "Iceland instantly became the only nation on earth that Americans could point to and say, 'Well, at least we didn't do that." [more]
    http://money.cnn.com/2010/03/10/news...tune/index.htm



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  5. #15

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    Default Re: The U.S. National Debt

    US govt. admits Social Security going bankrupt; warns public should be given 'adequate time to prepare' for the collapse - NaturalNews.com

    For years now, government agencies, politicians, economists and pundits have tried to sound the alarm over the federal government's out-of-control spending and spiraling national debt.
    [COLOR=#0000ff][FONT=comic sans ms][I]"In the land of idiots, the moron is King."--Unknown[/I][/FONT][/COLOR]

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  7. #16

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    Default Re: The U.S. National Debt

    The world can't afford another financial crash – it could destroy capitalism as we know it

    A new economic crisis would trigger a political backlash in Britain, Europe and the United States which could drag us all down into poverty

    By Allister Heath
    10:24PM GMT 10 Feb 201
    They bounce back after terrorist attacks, pick themselves up after earthquakes and cope with pandemics such as Zika. They can even handle years of economic uncertainty, stagnant wages and sky-high unemployment. But no developed nation today could possibly tolerate another wholesale banking crisis and proper, blood and guts recession.


    We are too fragile, fiscally as well as psychologically. Our economies, cultures and polities are still paying a heavy price for the Great Recession; another collapse, especially were it to be accompanied by a fresh banking bailout by the taxpayer, would trigger a cataclysmic, uncontrollable backlash.

    The public, whose faith in elites and the private sector was rattled after 2007-09, would simply not wear it. Its anger would be so explosive, so-all encompassing that it would threaten the very survival of free trade, of globalisation and of the market-based economy. There would be calls for wage and price controls, punitive, ultra-progressive taxes, a war on the City and arbitrary jail sentences.



    For fear of allowing extremist or populist parties through the door, mainstream politicians would end up adopting much of this agenda, with devastating implications for our long-term prosperity. Central banks, in desperation, would embrace the purest form of money-printing: they would start giving consumers actual cash to spend, temporarily turbo-charging demand while destroying any remaining respect for the idea that money needs to be earned.


    History never repeats itself exactly, but the last time a recession was met by pure, unadulterated populism was in the Thirties, when the Americans turned a stock market crash and a series of monetary policy blunders into a depression. President Herbert Hoover signed into law the Smoot-Hawley Tariff Act, dreamt up by two economically illiterate Republican senators, slapping massive taxes on the imports of 20,000 goods and triggering a global trade war. It was perhaps the most economically destructive piece of legislation ever devised, and it took until the Nineties before the damage was finally erased. [more]
    The world can't afford another financial crash



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  9. #17

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    Default Re: The U.S. National Debt

    Seven Years Later, Recovery Remains the Weakest of the Post-World War II Era

    Despite longevity, total growth during this economic expansion is lower than for much shorter business cycles

    By Eric Morath

    Jul 29, 2016 10:39 am ET 148 COMMENTS
    Even seven years after the recession ended, the current stretch of economic gains has yielded less growth than much shorter business cycles.
    In terms of average annual growth, the pace of this expansion has been by far the weakest of any since 1949. (And for which we have quarterly data.) The economy has grown at a 2.1% annual rate since the U.S. recovery began in mid-2009, according to gross-domestic-product data the Commerce Department released Friday.

    Attachment 38976
    Seven Years Later, Recovery Remains the Weakest of the Post-World War II Era - Real Time Economics - WSJ



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