Wow, it took over one day before the Fed came out to do damage control on Bernanke’s Congressional double speak Wednesday that set the markets on a correction.
Fed’s Bullard Wants Faster Inflation Before Tapering QE
“Before I am in favor of tapering I would like to see some assurance that inflation is going to move back towards target,” he said.
U.S inflation fell to a two-year low of 1.1 percent earlier this [...]
Is the coming financial collapse going to be inflationary or deflationary? Are we headed for rampant inflation or crippling deflation? This is a subject that is hotly debated by economists all over the country. Some insist that the wild money printing that the Federal Reserve is doing combined with out of control government spending will eventually result in hyperinflation. Others point to all of the deflationary factors in our economy [...]
IRS targeted groups that criticized the government, IG report says
At various points over the past two years, Internal Revenue Service officials targeted nonprofit groups that criticized the government and sought to educate Americans about the U.S. Constitution, according to documents in an audit conducted by the agency’s inspector general.
The documents, obtained by The Washington Post from a congressional aide with knowledge of the findings, show that on June 29, 2011, IRS staffers held [...]
RALEIGH — A far-reaching plan proposed by Republicans in the state Senate would slow government spending and affect the wallet of every North Carolinian as it slashes income tax rates and raises the cost of food, prescription drugs and more than 100 tax-exempt services.
Senate leader Phil Berger outlined the forthcoming legislation Tuesday, calling it a $1 billion tax cut that is the largest in state history.
“This is a huge change in [...]
‘Real’ Jobless Rate Still Above 10% In Most States…
Nowhere is that more apparent than in employment.
Though employment has risen by 1.3 million over the past year, unemployment that counts the discouraged and underemployed, as well as the jobless (often called the “real” unemployment rate) has remained stubbornly high, at 13.8 percent of the workforce, according to the most recent count.
In fact, a state-by-state look at the numbers, released a few [...]
Government Spending Per Household Exceeds Median Household Income
As reported in my new book, “Completely Predictable,” the combined spending of federal, state and local governments per American household actually exceeded the median household income for 2010, which is the latest year for which all relevant government data are available.
In fiscal 2010, according to numbers published by the Census Bureau and the Office of Management and Budget (OMB), net spending by all [...]
Obama Unveils Plan To Cut The Deficit By $1.8 Trillion — Includes $580 Billion In Taxes
The White House is billing the budget as a document which proves that the need to cut voluminous deficits does not need to be achieved by savage cuts in government spending and social programs envisaged by Republicans.
Officials say the plan includes $1.8 trillion of deficit reduction over 10 years and would raise $580 billion dollars [...]
U.S. sees highest poverty spike since the 1960s, leaving 50 million Americans poor as government cuts billions in spending… so does that mean there’s no way out?
The number of Americans living in poverty has spiked to levels not seen since the mid 1960s, classing 20 per cent of the country’s children as poor.
It comes at a time when government spending cuts of $85 billion have kicked in after feuding Democrats [...]
Long term: All entitlements will be cut off or made worthless through currency debasement
The question of disappearing entitlements isn’t just an EBT card issue, by the way. The coming financial collapse of the U.S. government will end all entitlements, including social security, Medicare and federal workers’ retirement pension payments.
That’s the real kicker in all this: In a society where 50% or so are now largely dependent on the federal government for their [...]
Economists See No Crisis With U.S. Debt as Economy Gains
“Three years after a government spending surge in response to the recession drove the U.S. past that red line — the nation’s $16.7 trillion total debt is now 106 percent of the $15.8 trillion economy”
Federal Debt: Total Public Debt as Percent of Gross Domestic Product (GFDEGDQ188S)
Federal Debt: Total Public Debt as Percent of Gross Domestic Product (GFDEGDQ188S)
2012:Q4: 103.66867 Percent of GDP Last 5 [...]
David Cameron is given a warning of the threat posed by the rise of the United Kingdom Independence Party as he enters a critical phase in the life of his government.
An ICM opinion poll for The Sunday Telegraph shows that a key group of Right-of-centre voters are much more attracted to Ukip’s policies on immigration, government spending and same-sex marriage than to the Tories’ stance on the issues.
This same group — made [...]
A Chinese article concerning the continued money printing by the Fed ($85 billion per month at present), a constipated Congress, cuts to government spending (ie., austerity) and the potential impact this will all have on US economic growth.
The surplus nations have had enough. I don’t think there is any underlying conspiracy … they’ve just had enough of North Atlantic economic mismanagement … those economies will be relegated to second place [...]
by Justin Burkhardt, Zero Hedge:
The United Stated economy is hanging on tight in preparation for the looming apocalypse that is the fiscal cliff. Just feet from the edge and a decision was made to… You guessed it, push back the deadlines. You know that progress is weak when the U.S. Government keeps coming to the conclusion that the best decision is to remain in a state of indecision.
Today the U.S. House [...]
Yet Another Funny Chart: January Factory Orders Confirm Manufacturing Slump Continues
Following the earlier laughable seasonally adjusted ADP data (because for some reason Mark Zandi does not find it necessary to supplement his report with the unadjusted data), courtesy of which the gullible public was supposed to believe that in February as small businesses were running out of money they proceeded to engage in a massive hiring spree, we thought: “hmmm: [...]
The Associated Press has learned that the Homeland Security Department official in charge of the agency’s immigration enforcement and removal operations has resigned after hundreds of illegal immigrants were released from jails because of government spending cuts.
(Excerpt) Read more at bigstory.ap.org …
WASHINGTON-With the sequester scheduled for March 1, everyone is looking for ways to save money. How about cutting the employees the federal government pays not to work for Uncle Sam?
In a new report issued earlier this month, the Office of Personnel Management announced that the federal government paid over $156 million in 2011 for some of its employees to work as representatives for government unions, up from $139 million in [...]
Brussels should request from Paris a serious plan for public spending cuts. The French 2013 budget adjustment was mostly based on tax increases. The government has announced that further consolidations would come from public spending cuts. This is however a rather weak commitment because President François Hollande has not spelt out precise priorities, let alone targets. It is not enough to say that some government spending will be cut. [...]
Considering at least 22% of the people in this country work for the Government and 40 percent of the GDP is government spending, this is absolutely shocking, you might as well say that this government through a vote of no confidence is now ruling by outright fraud and brute force against it’s subjects. We are no longer free!
Glenn Harlan Reynolds5:23p.m. EST February 4, 2013
“A revolution in the works? Column
According to [...]
By Nick Hubble
Before we get into this weekend’s Daily Reckoning, your opinion on the following thought experiment would be helpful. It’s about a unique situation presented by a debt to GDP ratio of 100%.
America’s debt to GDP ratio is now above 100%. Assume it’s exactly 100% for the moment. And to keep things simple, we’ll use $15 trillion as the total debt and the GDP. So the debt to GDP ratio looks like this: 15:15 [...]
SHOCK: U.S. ECONOMY SHRINKS As DOW Is Flirting 14000.
GDP Shows Surprise Drop for U.S. in Fourth Quarter
The U.S. economy posted a stunning drop of 0.1 percent in the fourth quarter, defying expectations for slow growth and possibly providing incentive for more Federal Reserve stimulus.
The economy shrank from October through December for the first time since the recession ended, hurt by the biggest cut in defense spending in 40 years, fewer [...]
The World According to Doug Casey
Source: Karen Roche of The Gold Report (1/28/13)
Doug Casey’s new book is entitled “Totally Incorrect,” and, true to form, the chairman of Casey Research doesn’t mince words. “Most Europeans believe the state owes them a living; the society is corrupt through and through.” “Government acquires income by theft.” “Nobody reads a book from the classical era in school; it’s now mostly committee-approved pablum.” Casey considers [...]
Maplewood-based 3M Company is cutting 300 jobs as part of a restructuring process, CEO Inge Thulin told investors on Thursday during the company’s fourth-quarter earnings call.
Thulin said that the company is combining its securities systems division with its traffic safety systems business; the divisions have been underperforming due in part to reduced government spending on safety systems. The merger will result in the reduction of 300 positions, he added.
3M spokeswoman [...]
from Money News:
OK, it’s official. According to the Treasury Department, the U.S. debt jumped to $16.1 trillion in 2012 from $14.8 trillion in 2011. That’s a $1.3 trillion deficit for the last year. Remarkable. During President Barack Obama’s first term, the federal debt rose by roughly $6 trillion.
Now, if they are bold, House Republicans will take advantage of these dismal numbers. Bold means bold spending cuts, as in cut spending [...]
President Barack Obama will introduce a package of proposals to cut gun violence tomorrow, including a ban on sales of assault weapons that already faces opposition in Congress even as a majority of the public supports it.
The administration has invited lawmakers to the White House for an announcement on gun violence at 11:45 a.m. tomorrow, according to a Senate aide, who asked for anonymity because the schedule hasn’t been [...]
(CNSNews.com) – From fiscal 2008 to fiscal 2011, according to the U.S. Treasury, the federal government increased spending on foreign aid by 80 percent and, in fiscal 2011, spent 76 percent more on foreign aid than it did securing the borders of the United States.
In fiscal 2008, the government spent a total of $11.427 billion in international assistance programs, according to the Monthly Treasury Statement. In fiscal 2011, according to the statement, [...]
January 6, 2013
Despite claims that the Administration and Congress saved America from the fiscal cliff with an early morning vote today, the fact is that government spending has already pushed Americans over the cliff. Only serious reductions in federal spending will stop the cliff dive from ending in a crash landing, yet the events of this past month show that most elected officials remain committed to expanding the welfare-warfare state.
Senate Minority Leader Mitch McConnell on Sunday declared taxes to be a done deal and said reduced government spending should be the nation’s top priority.
“We resolved the tax issue now; it’s over, it’s behind us. The biggest problem facing the country is our extensive spending,” the Kentucky Republican told NBC’s ”Meet the Press.”
McConnell outlined his stance just a day after President Barack Obama linked reduced federal spending to [...]
With a cocky President Obama no doubt grinning from ear-to-ear, federal lawmakers yesterday gave their blessing to legislation that boosts income tax rates and government spending while kicking many of the “fiscal cliff” issues down the road for several weeks.
The $1.2 trillion in scheduled spending cuts –falling largely on the Pentagon– have now been officially postponed for two months.
The next manufactured crisis comes March 1, the day the cuts will [...]