Archive for December 2009
Not too long ago, a billion dollars in a governmental budget was a lot of money. Then we got into hundreds of billions. People understood that this was a lot, just because of all the zeros. Now, unfortunately, the number has become small: the world “trillion,” as in $1.2 trillion for health care reform, seems so tiny. But it has 12 zeroes behind it, which is so easy to forget.
The total public debt is now at 141% of GDP. That puts the United States in some elite company–only Japan, Lebanon and Zimbabwe are higher. That’s only the start. Add household debt (highest in the world at 99% of GDP) and corporate debt (highest in the world at 317% of GDP, not even counting off-balance-sheet swaps and derivatives) and our total debt is 557% of GDP. Less than three years ago our total indebtedness crossed 500% of GDP for the first time.”
Add the unfunded portion of entitlement programs and we’re at 840% of GDP.
Continue Reading at: http://globaleconomicanalysis.blogspot.com/2009/12/crushing-burden-of-debt.html
The latest calculation of the National Debt as posted by the Treasury Department has – at least numerically – exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill.
The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion.
A senior Treasury official told CBS News that the department has some “extraordinary accounting tools” it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling.
HERE are the 100 reasons, released in a dossier issued by the European Foundation, why climate change is natural and not man-made:
1) There is “no real scientific proof” that the current warming is caused by the rise of greenhouse gases from man’s activity.
2) Man-made carbon dioxide emissions throughout human history constitute less than 0.00022 percent of the total naturally emitted from the mantle of the earth during geological history.
3) Warmer periods of the Earth’s history came around 800 years before rises in CO2 levels.
4) After World War II, there was a huge surge in recorded CO2 emissions but global temperatures fell for four decades after 1940.
5) Throughout the Earth’s history, temperatures have often been warmer than now and CO2 levels have often been higher – more than ten times as high.
Continue reading at http://www.dailyexpress.co.uk/posts/view/146138
By Barry Grey
14 December 2009
The US House of Representatives on Friday passed a bill, backed by the Obama administration, to revise government regulations covering banks and financial firms. The bill has been widely reported in the media as the most sweeping reform of bank regulations since the New Deal measures passed in the wake of the stock market crash of 1929. It is being cast as a rebuke to Wall Street for its role in precipitating the financial crash and recession, and a major tightening of government oversight of the banks.
In his weekly address on Saturday, President Barack Obama hailed passage of the House measure as a major step in restoring “free and fair markets in which recklessness and greed are thwarted.” He used the bill’s passage to strike a populist pose, decrying the “irresponsibility of large financial institutions on Wall Street that gambled on risky loans and complex financial products, seeking short-term profits and big bonuses with little regard for long-term consequences.”
It is a lie! This is a continuation of the banker takeover of America…………
Welcome to Facism! Where government and corporations rule as ONE!
Continue reading at http://www.wsws.org/articles/2009/dec2009/regu-d14.shtml?source=patrick.net
In a bold but risky year-end strategy, Democrats are preparing to raise the federal debt ceiling by as much as $1.8 trillion before New Year’s rather than have to face the issue again prior to the 2010 elections.
“We’ve incurred this debt. We have to pay our bills,” House Majority Leader Steny Hoyer told POLITICO Wednesday. And the Maryland Democrat confirmed that the anticipated increase could be as high as $1.8 trillion — nearly twice what had been assumed in last spring’s budget resolution for the 2010 fiscal year.
Continue reading at http://www.politico.com/news/stories/1209/30417.html