Uncle Sam has added nearly an additional half a trillion dollars to the national debt over the past twelve months. According to the Congressional Budget Office (CBO), the Federal government ended its fiscal year on September 30, 2015 with a budget deficit of a “mere” $435 billion. Total Federal expenditures for the fiscal year were nearly $3.7 trillion, while Federal tax receipts came to around $3.3 trillion.
In this episode of The Heartland Daily Podcast, managing editor Jesse Hathaway talks with Mercatus Center senior fellow Todd Zywicki. Zywicki’s new paper, “The Law and Economics of Consumer Debt Collection and Its Regulation,” examines the pitfalls of the Consumer Finance Protection Bureau’s proposals to protect consumers from abuse by debt collection agencies.
The Congressional Budget Office just estimated that the federal budget deficit would reach $425 billion this year. That’s an additional $1,300 of debt for each American man, woman and child.
As is clear from the rise of Donald Trump, Ben Carson, and Carly Fiorina in the Republican presidential primaries and the groundswell of support for socialist Bernie Sanders among Democrats, a large portion of the American public has become fed up with the national government’s apparent takeover by powerful special-interest groups. Each new day brings another story of bad legislation and worse court decisions giving certain classes of people advantages denied to the rest of the people.
The entirety of the United States is now a federal disaster area – rendered thus by Washington, D.C. Unlike areas hit by hurricanes, tornadoes and other acts of God – our cataclysm is entirely man-made. Decades of anti-Reality policies have left our nation an uber-addled mess.
The U.S. territory of Puerto Rico owes more than $70 billion—about $19,729.43 per resident—in debt to creditors and investors. First to note the territory’s fiscal problems were the credit rating agencies, which downgraded the territory’s bond status to “speculative,” the first of three steps along the junk-bond path to loan default.
In today’s edition of The Heartland Daily Podcast, we listen in as Heartland Senior Fellow Peter Ferrara joins the Ayn Rand Institute’s podcast, The Debt Dialogues. Ferrara, author of the new book – Power to the people, is on to discuss the growing entitlement crisis in America and what to do about it.
Reckless government spending and an uncontrollable federal debt have created an unavoidable monetary disaster ahead. The door to unlimited federal spending was opened by President Nixon in 1971 when he severed the last link between the dollar and gold by ending foreign central banks’ ability to exchange dollars for U.S. gold. Politicians realized that more spending produced more votes to keep them in office; and with no limit on federal spending, the mountain of debt just kept on growing.
For months, now, the mass media and the financial markets have anxiously watched and waited to see the outcome of a war of words, accusations, and threats that have been fought between Greece and its Eurozone and European Union partners.
The federal government alone spends almost $4 trillion a year – that is a LOT of garbage. Hundreds of billions of that is borrowed, which is debt and interest for which We the People are responsible – more garbage. Then there’s what they do with so much of that money – create ever more regulations. More garbage.
In today’s edition of The Heartland Daily Podcast, Jesse Hathaway, managing editor of Budget & Tax News speaks with Bill Bergman. Bergman is the vice president of Truth in Accounting. Bergman joins Hathaway to talk about a new report on the federal government’s “credit card statement.”
One of the challenges the seemingly never-ending list of Republican presidential candidates must face in what is sure to be an all-out political brawl in 2016 is finding a unique way to explain that America does not have a tax revenue problem; it has a massive spending addiction.
In today’s edition of The Heartland Daily Podcast, we listen in as Heartland Senior Fellow Peter Ferrara joins the Mark Levin Show to discuss his new book, Power to the People: The New Road to Freedom and Prosperity for the Poor, Seniors, and Those Most in Need of the World’s Best Health Care.
Some of my right-leaning heroes (insofar as politicians are worthy of being heroes) are ganging up with other politicos to support the dull-sounding but pernicious policy of a federal unit-record system for higher education. The skinny: This bugger would expand federal cradle-to-grave surveillance of we, the people, and further centralize our already micromanaged economy. And Rep. Paul Ryan, Sen. Marco Rubio, and Rep. Mia Love are leading cosponsors. Jigga what?
The Congressional Budget Office (CBO) reported in early May that for the month of April 2015 the Federal government ran a budget surplus, taking in more in taxes than it laid out in expenditures. Don’t be fooled by one month, especially when it was a month when people filed and pay their taxes. Government deficits and growing debt are on the horizon for as far as the human eye can predict.
For the past year or so, there has been no statutory limit on how much the federal government borrows. The debt ceiling was abandoned in the last budget deal. But in the coming weeks, it is scheduled to return—along with the predictable illusion of a debate over whether to lift the ceiling or not.
This is part 8 of the 8 part series establishing that the laser-focus of the Compact for America approach to organizing an Article V convention with the specific job advancing and ratifying a pre-drafted, specific federal Balanced Budget Amendment is clearly, unequivocally, and overwhelmingly what the Founders expected from the state-originated amendment process.