Laurence Kotlikoff, professor of economics at Boston University, talks with Bloomberg’s Tom Keene about a U.S. fiscal gap of $211 trillion. (Source: Bloomberg)
Kotlikoff Sees U.S. Fiscal Gap of $211 Trillion – Bloomberg
David Walker comes straight at you with critical facts and concrete ideas for addressing them.
The problem is much worse than the current fiscal year federal deficit ($1.4 trillion to $1.5 trillion) and much worse than the current national debt ($14.7 [...]
By Jill Schlesinger | CBS MoneyWatch
As President Obama unveiled the 2013 fiscal year budget, the nation’s financial situation came back into sharp focus. Experts say partisan gridlock in Washington means the budget will probably go nowhere.
Considering this is an election year, however, expect politicians to harp on facts, figures and terms that most Americans weren’t taught in high school. To help out, it’s time to dredge up lots of scary facts to make you pay [...]
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By David Lazarus
February 13, 2012, 2:48 p.m.
It never fails to amaze how pathetic Uncle Sam is when it comes to balancing the national checkbook.
President Obama has given Congress a budget that envisions $3.8 Trillion In Spending next year — $901 billion more than the government will take in.
“The main idea in the budget is this: At a time when our economy is growing and creating [...]
Our current national debt is more than $14.4 TRILLION dollars and your personal share is more than $246,000! Using $40,000 as an average yearly income, this means our government has eaten through more than six years of our income.
If these numbers were the only debt piled on our heads it would be bad enough, unfortunately this $246,000 is only our share of the federal debt. [...]
The Federal Reserve Act was passed in 1913, shortly after the 16th amendment was ratified. The 16th amendment allowed our country to collect the taxes required to pay the annual dividends to the Fed’s shareholders, who bought their original 300 shares for only $100 per share. By law, the United States can easily abolish the Fed by buying back these shares at a cost of [...]