Jeb Bush Is Right about Soak the Rich

When he points out that tax breaks for the rich are not “unfair,” Jeb Bush Is right. I suppose this Politico headline will enrage many voters: “Jeb Bush defends tax breaks for wealthy.” The wealthiest Americans would receive sharply higher tax breaks under Jeb Bush’s tax proposal, the former Florida governor says, because they pay a disproportionate share of taxes in the first place. “The simple fact is 1 percent of people pay 40 percent of all the taxes,” Bush said on “Fox News Read more […]

The National Debt Bubble is About to Inflate

Our politicians are about to put the national debt bubble expansion into overdrive. Lately we keep hearing about how great the economy is under the Obama Administration because the deficit is smaller. A smaller deficit is still an expanding national debt so the claim is irrelevant. The smaller deficits are still adding to the larger deficits and nothing is being done to pay down the debt. No one in Washington has any desire to pay down the actual debt. Additionally, these smaller deficits Read more […]

Economic Pain Is Coming but Debt Should Be Repudiated!

We can’t prevent economic pain but we can refuse to let it continue. As horrendous as the information from the Heritage Foundation is, it’s merely the tip of the fiscal iceberg. There are vast amounts of committed additional future spending not even illustrated in this disastrous graphic. The hidden debt not reflected in the trumpeted $18-trillion figure is beyond ten times as much. [See also, “The National Debt Keeps Piling Up, But Government Boasts.”] Americans have become immoral Read more […]

Stop Ignoring It! Our Debt Is Sinking our Nation

America is the Titanic  and our debt is an iceberg. The Sovereign Man blog points out: “Five complete lies about America’s new $18 trillion debt level.” On October 22, 1981, the government of the United States of America accumulated an astounding $1 TRILLION in debt. At that point, it had taken the country 74,984 days (more than 205 years) to accumulate its first trillion in debt. It would take less than five years to accumulate its second trillion. And as the US government just Read more […]

Bloomberg: Deficit Reduction “Victory Lap” Was Premature!

Any deficit reduction victory will soon be forgotten amid a national debt crisis. A few days ago Bob Allen responded to Secretary of the Treasury Jack Lew’s “victory lap” over the historically small deficit. You know you’re doomed when your Secretary of the Treasury takes a “victory lap” simply because the Federal Government devoured an all-time record of citizens’ hard-earned money—and it still spent half-a-trillion more than it plundered! A Bloomberg story backs up Bob’s Read more […]

The National Debt Keeps Piling Up, But Government Boasts

Record taxes mean that the Feds “only” added a half-trillion dollars to the national debt this year. Let’s celebrate? You know you’re doomed when your Secretary of the Treasury takes a “victory lap” simply because the Federal Government devoured an all-time record of citizens’ hard-earned money—and it still spent half-a-trillion more than it plundered! [See also, “Obama Doesn’t Remember the National Debt Figure.”] From the Washington Times: “Obama’s cash grab: Feds’ tax-take Read more […]

Federal Addiction to Short-Term Debt Will Not End Well

Short-Term Debt Means a Sudden Rise in Interest Rates Will Crush Us. The short-term picture looks deceptively stable. The long-term picture is not so good. On David Stockman’s website: “Uncle Sam’s $8 Trillion Annual Debt Churn: Why Washington Is Pertrified Of Honest Interest Rates.” When discussing the national debt, most people tend to only focus on the amount that it increases each 12 months.  And as I wrote about recently, the U.S. national debt has increased by more than Read more […]

USA Today’s Good News Shows Readers How Bad The Looming Debt Crisis Will Be

The fact that this is considered positive news about the deficit demonstrates how doomed we really are: The budget deficit for Fiscal Year 2013 dropped to $680.3 billion, the government reported Wednesday — the first time in five years the shortfall has been below $1 trillion. Both the Obama administrations and congressional Republicans cited their own cost-cutting efforts. The deficit “is now less than half of what it was when the president took office,” said Treasury Secretary Jacob Lew in Read more […]

Roll Over, America: Treasury Issues $8.3 Trillion in New Debt

If you thought the government was “shut down,” if you thought that Congress had to raise the debt ceiling to allow the government to create new debt, you’d be dead wrong. Not only is the shutdown really just an exercise in annoying the common man without cutting back on any significant expenses, but the little goblins of bureaucracy are still busy putting us all deeper in debt. Approximately $7,546,726,000,000 — that’s $7.5 trillion — in Treasury securities came due last week, so the Treasury Read more […]

Obama Doesn’t Remember the National Debt Figure

I watched Letterman’s interview with Obama last night. Letterman brought up the Republican National Convention. Obama said he didn’t watch it but heard that he was talked about at the event, which prompted a light chuckle from the audience. Letterman asked Obama about the debt clock that the republicans displayed at their convention and what it was all about. Obama dissembled and instead tried to explain that under Clinton, we had a surplus, but then Bush got us involved in 2 overseas wars, which Read more […]

Will Mitt Romney Address the Looming Debt Storm?

Hurricane Isaac plans to barge in the Republican National Convention as an uninvited guest. He’s not likely to be much worse than some heavy thunderstorms and heavy winds, but he will be seen and heard. The convention delegates, alternates, guests and media personnel will try to forget that Isaac is there as they get a heavily concentrated dose of “republicanism” from the various speakers and videos that they will be showing. These speakers and videos will highlight Obama’s atrocities and Read more […]

You’ll Probably Be Alive When the Debt Hits the Fan

I remember the good ol’ days when politicians could bank on America’s heritage, spend like there was no tomorrow, and know that they’d be dead before their ideological brainchildren had little demon children of their own. But I fear those days are coming to a close. It doesn’t matter who you are or what you believe or who you’re voting for on this issue. Obama’s plan for fixing our debt problem? If you can call it a plan, it involves spending more than has ever been spent before. Because Read more […]