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Millennials Will Crash the Economy. Good Job!

credit cards The only way a financial bubble can end is to collapse. But the more obvious it becomes that the economy is on an unsustainable path, the more vested interests will try to extend it, making the crash even worse. As a result, even though it is going to be grim, signs that they are no longer going to be able to sustain the economy are actually good news. Did you know that 61 percent of Millennials don't own one credit card? At his Global Economic Analysis blog, Mish quotes from MarketWatch: Read more [...] Continue reading →

Former GAO Head: Debt is Triple What is Accounted For

indebtwetrust I wrote awhile back that Barack Obama doubled the national debt. But I was using conventional accounting. The real debt may be far higher. Thus, The Hill reports, "Ex-GAO head: US debt is three times more than you think." The former U.S. comptroller general says the real U.S. debt is closer to about $65 trillion than the oft-cited figure of $18 trillion. Dave Walker, who headed the Government Accountability Office (GAO) under Presidents Bill Clinton and George W. Bush, said when you add up all Read more [...] Continue reading →

Businesses Lost to California for Texas

texas legislature A study shows the number of headquarters and expansions by businesses lost to California are numbered in the thousands. The news is carried in the Dallas Business Journal: "California lost 9,000 business HQs and expansions, mostly to Texas, 7-year study says." Roughly 9,000 California companies moved their headquarters or diverted projects to out-of-state locations in the last seven years, and Dallas-Fort Worth has been a prime beneficiary of the Golden State’s “hostile” business environment. That’s Read more [...] Continue reading →

Debt Jumped a Third of a $Trillion When Limit is Extended

us over cliff The same day the debt ceiling was raised the debt jumped by a staggering amount. Here is President Obama talking how great it is that Republicans increased spending and funded the government for two years. Now here is the reality, reported by the Washington Examiner: “Debt ceiling lifted, and the same day, debt jumps $339B.” The U.S. national debt jumped $339 billion on Monday, the same day President Obama signed into law legislation suspending the debt ceiling. That legislation allowed Read more [...] Continue reading →

Boehner Out Ryan In, Where is Liberty?

amnesty boehner ryan Many of you know by now that Rep. John Boehner passed the speaker’s gavel to Rep. Paul Ryan this past Thursday and resigned his post in Congress. In a Fox News exit interview Mr. Boehner was asked if he had to choose between passing comprehensive immigration reform, repealing Obamacare, or achieving the “Grand Bargain” (Obama’s promise to compromise on entitlement reform), Boehner answered without hesitation. “The ‘Grand Bargain’ by far,” he said. “It would have really Read more [...] Continue reading →

Barack Obama Has Doubled the National Debt while in Office

crash and burn cash The national debt has grown by almost ten trillion dollars—thanks to Democrats and Republicans. The Washington Times reports, When President Obama signs into law the new two-year budget deal Monday, his action will bring into sharper focus a part of his legacy that he doesn’t like to talk about: He is the $20 trillion man. Mr. Obama’s spending agreement with Congress will suspend the nation’s debt limit and allow the Treasury to borrow another $1.5 trillion or so by the end of his presidency Read more [...] Continue reading →

Rand Paul Stands Against Increasing the Debt Ceiling

rand paul cspan For six years we Republicans have griped about what Obama has done to the national debt, so why are we helping him borrow more? The truth is the sequester was barely a reduction of spending. What we needed and still need at the very least is a spending freeze. We should be talking about reducing the budget, eventually. But a spending freeze would at least be a step in the right direction. Where are the fiscal conservatives who were elected by the Tea Party Republicans?  Where is Ted Cruz on Read more [...] Continue reading →

Here Comes the Senate Spending Splurge

rand paul spending The coming Senate spending increase is crazy; we should be capping spending rather than spending more. Mitch McConnell promised that there would be more government spending and that seems to be happening at the time I am writing this. The Associated Press documented the Conservatives' attempt to talk sense to the Senate: The Senate is on track to pass a spending bill to prevent the government from shutting down this week, over the opposition of the most hardline conservative Republicans. Tuesday’s Read more [...] Continue reading →

New Student Loan Data Shows Government Can’t Stop College Collapse

tuition A college collapse is inevitable and the federal government might delay it but it can’t stop it from happening. Not all schools are the same and not all professors are the same. Some people just want to go college to party and get a degree as a minimal requirement for their entry into the job market. Others want to follow a rigorous path of study in order to be able to become and sell themselves as some of the best in their chosen field. So you can’t classify all education as the same. Read more [...] Continue reading →

It Costs $3 for Every $1 that the Government Benefits Someone

burning money Government benefits are basically an inefficient and overpriced way for society to make government do the charity we all should do. How much do government benefits cost? According to one economist, they cost three times the benefits bestowed on the recipients. The Washington Free Beacon reports this under an incredibly positive headline, “Federal Debt Held by the Public Totals $107,000 Per Household.” I say it is positive because a friend of mind did some counting and says that, if you account Read more [...] Continue reading →

Collecting Record Plunder but Still Adding to the Debt

cash vortex federal employees Despite an amazing amount of tax revenue in 2015, the government is still adding to the debt to the tune of $530 billion! Sometime in 2014 we started to get stories about how the deficit was “lowering.” Since the deficit is always adding to the debt of the nation, the fact that the deficit was lower one year than the year before meant nothing. The National debt keeps growing, and there is no plan to shrink it. If you tell someone their cancer is growing at a slower rate, that can be good Read more [...] Continue reading →

Mainstream Media Preps Us for Major Government Spending Increase

money dam We need to brace ourselves for more government spending by Republicans cooperating with Barack Obama. It isn’t hard to see the agenda in this Associated Press story: “Congress Returns to Weighty List of Unfinished Business.” Nowhere does this weighty list include reducing spending. The coming financial black hole is simply going to be ignored. We are supposed to forget about all that and accept that the country will fall apart if Congress doesn’t cooperate with the President and spend Read more [...] Continue reading →