The Amazing U.S. Debt Clock in Real Time

[Jolie Rouge]

By James Marshall Crotty | Forbes – Sat, Aug 27, 2011

Friends, there has never been a more fascinating, detailed, and persuasive way to look at how our national debt affects us all (thank you Duncan Sylvester for bring this to me). The wonderfully thorough, yet simple, USDebtClock.org lists not only the U.S. National Debt, but the Debt Per Citizen, Debt Per Taxpayer, U.S. Federal Spending, the U.S. Federal Budget Deficit, plus spending on Medicare/Medicaid, Social Security, Defense/Wars, Income Security, Net Interest on the Debt, Interest Per Citizen, and Federal Pensions. In addition, it shows U.S. Federal Tax Revenue, Income Tax Revenue, Payroll Tax Revenue, Corporate Tax Revenue, State Revenue, State Debt, Local Revenue, Local Debt, Official Unemployed, Actual Unemployed, Federal Employees, State/Local Employees, Food Stamp Recipients, and much, much more.

Everything you need to know to make clear and sound decisions about our budget priorities, including education, is right here in real time. Let me know you think, especially against the backdrop of my common sense post-ideological Plan to lop 25% off all spending right now.
http://www.forbes.com/sites/jamesmar...al-budget-now/


To get your blood boiling, here's what one Wall Street insider said about The Crotty Plan:

" Your 25% cut in the budget piece was funny and iconoclastic, and not at all crazy. That is the way we do things in business. We are asked to cut our expenses by 10% and each division head needs to figure out how to do that. BTW, the astonishing thing is that generally in our organization – which is a very well run one – we can cut 10% without any material diminution of services. If we can do that, I think that the Feds (who are far less efficient) could do 25% without any true loss, if they were really running things efficiently."

http://news.yahoo.com/amazing-u-debt...232402447.html


See for yourself : http://www.usdebtclock.org/

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[Jolie Rouge]

http://www.bigbigforums.com/news-inf...ght=priorities 03-17-2009 11:19 PM

The eye-popping national debt surpassed $11 trillion Monday, the largest in U.S. history.

The new Treasury Department figures on the national debt were released as the non-partisan Congressional Budget Office is expected to project that the annual budget deficit will be higher than previously estimated by the White House's Office of Management and Budget. The debt, which refers to the cumulative amount of money the government owes, hit $10.9 trillion on Friday.

The whopping number has major ramifications for President Barack Obama, who is trying to push through a raft of big-ticket bills on health care, energy, education and climate change — while also attempting to stabilize the swooning economy.

Sen. Kent Conrad (D-N.D.), chairman of the Budget Committee, said Tuesday that the numbers could force Congress to make "adjustments" to Obama's $3.6 trillion budget plan.

"It’s very important get a result for the American people and one that has the priorities that have been [announced] by the president in terms of reducing our dependence on foreign energy, that’s in all of our interests, excellence in education, health care reform and dramatic reduction of the deficit,” Conrad told reporters. “Those will be our guiding principles as we go forward, but as I say, we’ve not yet seen CBO’s new numbers. But I think we can all anticipate because they were done substantially later than OMB’s, that they are going to be more adverse. That that’s going to require all of us to make adjustments.”

[Jolie Rouge]

Here’s some frightening honesty, courtesy of the US Congress
by Simon Black on January 30, 2015



A member of my staff caught an obscure resolution that was introduced in the US House of Representatives last week—Resolution no. 41. http://www.gpo.gov/fdsys/pkg/BILLS-1...14hres41ih.pdf

The fact that there was essentially no coverage of this Resolution really shows how the mainstream media is completely turning a blind eye to the true fiscal situation of the United States of America.

The entire point of the resolution is to say that the federal government is broke.

It can’t pay its own bills, and therefore is shouldn’t be responsible to pay anyone else’s either.

It doesn’t’ take a rocket scientists to figure out what a bankrupt government will do—just like any thief, they’ll go after easy targets first.

The easiest target of all is future generations.

They’re going to run up the debt as high as they can, which essentially means pulling future tax revenues into today. It’s the easiest tax of all, because unborn children do not vote.

The estate tax is another one to watch out for—because, like unborn children, dead people don’t vote either. http://www.sovereignman.com/tax/how-...e-state-16052/

We had a great podcast yesterday about retirement savings, where there’s an easy $5 trillion treasure chest for them to raid. http://www.sovereignman.com/podcast/...n-audio-16042/

And, of course, there’s the greatest tax of all, the inflation tax, which decreases the standard of living for most of the population as the cost of living rises much faster than incomes.


This Resolution is a pretty scary dose of honesty. But again, what’s even more concerning is that it was just ignored and has objectively a zero percent chance of passing.

I do encourage you to check it out though—even the government is admitting it’s finished.

I’ll quote from the Resolution now without comment and wish you a very pleasant weekend:

Whereas the Federal Government is operating at an annual deficit and is increasing its outstanding debt every year;

Whereas the Federal Government, as of January 2015, is carrying more than $18.0 trillion in debt, of which $13.0 trillion is owed to the public and $5.08 trillion is owed to Social Security and other trust funds;

Whereas foreign governments, individuals, and corporations as of October 2014 own 47 percent of Federal debt held by the public;

Whereas Social Security’s unfunded liabilities in 2014 are $10.6 trillion over 75 years and $24.9 trillion over the infinite horizon;

Whereas the Federal debt held by the public is expected to increase by more than $7 trillion from 2014 to 2024 according to the Congressional Budget Office;

Whereas more than 16 percent of the entire Federal budget goes directly to States and local governments;

Whereas more than 22 percent of total State and local government general revenue comes from the Federal Government according to Census Bureau’s latest Annual Survey of State and Local Government Finance;

Whereas several State and local pension plans are expected to fully exhaust their funds within ten years.

Will you be prepared when everything we take for granted changes overnight?

Just think about this for a couple of minutes. What if the U.S. Dollar wasn’t the world’s reserve currency? Ponder that… what if…

Empires Rise, they peak, they decline, they collapse, this is the cycle of history.

This historical pattern has formed and is already underway in many parts of the world, including the United States.

Don’t be one of the millions of people who gets their savings, retirement, and investments wiped out.

Click the link to watch the video. http://www.sovereignman.com/trends/h...ongress-16051/

[Jolie Rouge]

Legal Plunder Central to Obama's Budget

Hey, we can afford it!

By law, today is the day the U.S. president must submit his budget to Congress. The word "budget" implies balancing a list of expenditures taken from projected revenue. Instead, Barack Obama's $4 trillion budget will continue to blow the lid off the federal debt while taking from those who work in order to spend on those who don't. "Middle-class economics" at its finest.

Obama's projections claim that, over the next 10 years, growth of the $18 trillion malignant tumor known as the federal debt will be slowed by $1.8 trillion. He claims this will be accomplished through a formula of tax increases rather than generating more taxpayers or increasing consumer wealth for spending.

He calls this "the idea that this country does best when everyone gets their fair shot, everyone does their fair share, and everyone plays by the same set of rules."

But his pitch is nothing new. Every single one of Obama's seven budgets has included major tax increases. Then again, it is Groundhog Day.

Nineteenth century French philosopher Frédéric Bastiat pondered the socialistic activity that serves the state and that would be otherwise criminal -- legal plunder: "But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime."

Before we break out the microscope and look at the granular items of the Obama tax-and-spend plan, appreciate that in the federal budget there are three types of spending: mandatory spending -- based on existing law and approaching two-thirds of the entire budget; discretionary spending -- that which goes through the annual appropriations process and is less than one-third of total outlays; and interest
payments on the debt.

Mandatory spending is largely composed of earned-benefit and entitlement programs: Social Security (almost 23% of total spending), Medicare, Medicaid, food stamps, some transportation expenditures and part of our veterans' benefits. This mandatory spending is projected to consume in excess of $2.5 trillion. So, with the exception of roads and veterans' benefits, largely unconstitutional "mandatory" programs receive about 65% of our tax dollars.

Discretionary spending includes the military, education, housing, energy, environment and food/agriculture. Isn't it interesting that the military budget (in the Constitution) is "discretionary" while food stamps (not in the Constitution) are "mandatory"?

To appear as appeasing Republicans, Obama will tout his call to increase military funding by reversing the "sequester" -- the bipartisan shell game that reduced nominal growth and did not cut real spending. But as Obama dangles this carrot, he calls for $530 billion more in "nondefense discretionary spending" -- largely entitlement spending that is already, as noted above, mammoth.

To pay for the budget-cap-busting 7% spending increase, Obama calls for new taxes on the "wealthy," whom he despises for their success. These include:

Increasing the capital gains tax from 23.8% to 28%, which will serve as a disincentive to work, save and invest.

Implementing a new cap on all IRAs and 401(k) accounts to tax investments that provide an annual distribution of more than $210,000. Obama's cutting you off, you greedy savers.

Eliminating dependent-care flexible spending accounts, which allow tax-free savings for those caring for a senior or dependent with special needs.

Establishing an inheritance tax of 40% of an asset's value on top of a 28% capital gains tax applied to the increase in the asset's value from original purchase to the time of inheritance. Obama wants you to transfer your wealth, just not to anyone in your family.

The list of new tax increases doesn't include the proposed tax on foreign corporate profits or a bank tax directed at about 100 of the larger, profitable companies that will certainly forward those costs to customers. Nor does it include the 20 taxes hidden in the "Affordable" Care Act that will continue to pop up as the law is fully implemented.

Thanks to this redistribution of wealth, Obama claims, "We can afford to make these investments." The $18.1 trillion debt -- up from $10.6 trillion when he took office -- would beg to differ. In fact, his "middle-class economics" pitch will continue to foment class division and envy while driving the nation ever deeper into debt.

Bastiat was exactly right: "The politician attempts to remedy the evil by increasing the very thing that caused the evil in the first place: legal plunder."


--http://www.PatriotPost.us.com