The Decline Of The West: Presenting The Decline of The West In Two Easy Infographics
There’s been a shift of wealth.
Two interesting infographics were published recently that make it so easy to see the decline of the West, even a caveman can do it.
The first is from the Brookings Institute, which has released an interactive map showing economic growth data for the largest 300 metropolitan areas in the world– from New York [...]
An outrageous fact about Warren Buffett’s plan for higher taxes
From Alex Green:
I’m a longtime admirer of Warren Buffett.
He taught me a lot about stock investing, including the most important thing about it I know: Forget about outguessing the market and focus instead on identifying businesses that are selling for less than they are worth.
While Buffett is a genius at equity analysis, he is no expert on government policy issues. And [...]
“In politics, nothing happens by accident. If it happens, you can bet it was planned that way.” – Franklin D. Roosevelt
from Deviant Investor:
The US government spends $1 – $2 Trillion more each year than it collects in revenues, using strictly cash accounting. This is not sustainable. But the deficit is actually far worse when accrued liabilities are included – as calculated by Laurence Kotlikoff. Using his numbers, the fiscal gap is approximately [...]
Somehow we missed this over the summer.
In an excellent economic lecture series presented by the BBC, economic historian (& author of the recent Newsweek piece Hit the Road Barack) Niall Ferguson states that the total US unfunded liabilities is a mind-blowing $238 TRILLION- over 16 times the total US debt claimed by the Treasury Department of $16 trillion!!
Can you say QE to INFINITY….AND BEYOND!!! ? There is simply no other viable solution.Ferguson’s full lectures can be downloaded here:
The fastest way to go broke in America is to go to the hospital. These days it seems like almost everyone has an outrageous hospital bill story to share. It is getting to the point where most people are deathly afraid to go to the hospital. All the financial progress that you have made in recent years can literally be wiped out in just a matter of hours. For [...]
From Charles Hugh Smith:
Longtime readers know that I have presented various options to our costly (and therefore doomed) sickcare system. I have suggested a “cash only” system, and observed that the Veterans Administration (VA) offers a model for a national opt-in health care system that would offer an alternative to the hopelessly corrupt “fee for service” sickcare.
Stripped of purposefully obscuring complexity, sickcare is a system of State-sanctioned cartel skimming that [...]
Corporate and $Billionaire “Propaganda” that Social Programs are in crisis and must be slashed.
– James Galbraith, an economist at the University of Texas.
THE BANKSTER LlARS ARE EVERYWHERE:
“It is an error to think that fiscal austerity is a threat to growth and job creation.”
– European Central Bank President Jean-Claude Trichet July 2010
“We’re going to cut spending to get the debt down, help create jobs and prosperity, and reform government programs.”
– Rep. [...]
A controversial Indiana law that would keep low-income women from using federal Medicaid benefits to receive any kind of reproductive medical care from Planned Parenthood is unacceptable because it denies women the freedom to choose their health care providers, according to a federal hearing officer.
In June 2011, the Centers for Medicare and Medicaid Services (CMS) of the Department of Health and Human Services ruled the state law, which would alter [...]
Two U.S. senators and a representative worry that billions of tax dollars could be going to Cuba and other foreign countries via criminal schemes designed to defraud Medicare and Medicaid.
The schemes often involve the use of “nominees,” individuals who are paid to be fronts for the actual owners of corporate entities being used in the fraudulent operation. By concealing the identities of true owners, the approach invites its use to [...]
On July 30, 2011, a week after Cantor sabotaged the $3 trillion deal Boehner and Obama had agreed to and a day before the final “agreement” Boehner and McConnell made it clear in public statements that there were six non-negotiable demands which they could not budgeon:
THE GOP NON-NEGOTIABLES!
1) Either a Constitutional Amendment passed then to require a balanced budget OR the promise that the amendment would be fully vetted in [...]
Obamacare will save Medicare $200 billion by 2016
Here’s an inconvenient fact for Mitt Romney and the Republicans: Obamacare will save for $200 billion for the Medicare by 2016 and $208 billion for Medicare patients by 2020.
The Centers for Medicare & Medicaid Services actuary reports:
“We have achieved significant tangible savings that have been passed on to beneficiaries,” said Jonathan Blum, director of the Center for Medicare. “There’s a tremendous opportunity [...]
Government involvement in our colleges has destroyed the cost/ value proposition. Like retirement (social security), healthcare (medicare/ medicaid). As usual, the government reverse Midas touch is in effect, turning into mush virtually everything it tries to central plan. Military is also too expensive but at least it works, mostly because of the people serving and the ingenuity and hard work of people in businesses developing military support systems and hardware.
Government involvement in [...]
(ALL GOV) For those paying income taxes later this month and wondering just what their money goes toward, here is a breakdown of how the U.S. government spends it.
One quarter of all income taxes are consumed by national defense, which represents the largest slice of the tax-money pie. More precisely, 10.3% goes to “ongoing operations;” 7.9% to research, development, weapons and constructions; and 5.6% to salaries and benefits.
Almost another quarter [...]
It is not normal and something really bad is going to come from it.
We’ve increased our national debt by $5.6 trillion in the last three and a half years. It took from 1789 until 2000, two hundred and eleven years, to accumulate the first $5.6 trillion of debt.
Our average annual deficit from 2000 through 2008 was $190 billion. Our average annual deficits since 2008 have been $1.3 trillion. Our deficits [...]
Two years ago, when introducing then promptly enacting Obamacare, the president stated that healthcare law reform would not cost a penny over $1 trillion ($900 billion to be precise), and that it would not add ‘one dime’ to the debt. It appears that this estimate may have been slightly optimistic… by a factor of 1700%. Because coincident with the recent Supreme Court debacle, in which a constitutional law president may [...]
House Republicans laid down a bold but risky election year marker Tuesday, unveiling abudget proposal that will reduce the debt by reshaping Medicare and Medicaid and cut deeply into other domestic programs, while reshuffling the tax code to lower tax rates.
Congressional Republicans will use the document to show they are willing to tackle the nation’s difficult fiscal problems head on. They argue that debt reduction is a moral imperative and entitlement [...]
House Minority Leader Nancy Pelosi on Tuesday launched political grenades at Mitt Romney, arguing that Republicans haven’t coalesced behind the GOP frontrunner because they don’t believe he can beat President Barack Obama in November.
The House’s top Democrat repeatedly jabbed at the former Massachusetts governor during an hour-long interview hosted by POLITICO and taunted the GOP for a slate of presidential contenders that she said was “not exactly what you would call the first string of [...]
1) Spending Growth on Medicare, Medicaid Slows as Budgets Are Cut
“Spending on the U.S. government’s two big public health programs slowed in 2010 yet outlays still rose more than twice as fast as private health insurance expenditures because of the flagging economy, a federal report said.
The U.S. and states combined to spend $401 billion on Medicaid, the health program for the poor, an increase of 7.2 percent. Outlays for Medicare, the [...]
by Charles Hugh-Smith from OfTwoMinds,
Will “Tax the Rich” Solve Our Deficit/Spending Crisis? (December 28, 2011)
If we look at tax revenues and income in a practical way, we find “tax the rich” will not close the widening $1.5 trillion gap between Federal revenues and spending.
Clearly, $1.5 trillion annual Federal deficits to fund the Status Quo–fully 10% of the nation’s GDP–is unsustainable. Eventually, the ad hoc “solutions” currently being pushed by the Federal Reserve–zero [...]
by BENJAMIN DOMENECH
According to data collected by the Centers for Medicare and Medicaid Services (CMS), Medicare has spent more than $240 million of taxpayer money on penis pumps for elderly men over the past decade, and will surpass a quarter of a billion dollars this year for costs since 2001.
The cost to taxpayers for the pumps more than quadrupled during that period, from a low of $11 million in 2001 to [...]
So many Americans are living past 85 that it may push the designation of ‘oldest of the old’ from 85-plus to 90 and older, according to a Census Bureau report released Thursday.
By 2050, the United States is likely to have 9 million people 90 and older, the report projected. In 1980, only 720,000 Americans were around who had lived past their 90th birthdays. That number grew to 1.9 million last [...]
By Erik Wasson and Julian Pecquet - 11/10/11 10:43 AM ET
Democrats on the supercommittee have proposed that the savings from the end of the wars in Iraq and Afghanistan be used to pay for a new stimulus package, according to a summary of the $2.3 trillion plan obtained by The Hill.
The latest offer from Democrats on the deficit panel, made Monday night to their Republican counterparts, would use some of the war [...]
House Speaker John Boehner (R-Ohio) made clear on Thursday that when it comes to a deficit reduction deal, his position hasn’t changed: Tax increases are out, but new revenues could be in.
The question of taxes and revenue has bedeviled congressional and administration negotiators for months, and they were at the center of the dispute between Boehner and President Obama when their talks for a possible “grand bargain” on the budget [...]