Debt

Sometimes just one chart says volumes. I give you the US GDP to US Debt chart. In all it’s glory.
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In a word, No. Because the US has an economy, whereas as one Greek Poltico put it, “all we have is olives, sun and ruins”. But we are in very bad company.  Ireland, Italy, Portugal and Spain are known as the PIIGS of Europe, economies so bad they are very likely candidates for European...
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Best explanation I have read yet on why we should watch very closely what happens to Greece.  From the Daily Capitalist. We need to follow Greece because their default and withdrawal from the eurozone would set off major consequences to the European Monetary Union, and thus the EU, that are unforeseeable. A default would...
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  Judge for yourself.  This is the actual language. Standard And Poors Report. Some highlights.  That I think represent the tone and bring out the points the media as usual is missing. My take, S&P reduced the rating because: 1) Recent events in Washington have left S&P doubtful congress can act effectively to deal...
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The government long ago, (Jimmy Carter time frame) eliminated certain items from the official calculation of the rate of inflation.  Specifically food and energy (gas).  The graph below calculates inflation with the old formula with food and energy included and compares with the new and improved government approved inflation rate.   The data speaks for...
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Lee Pacchia of Bloomberg Law interviews Harvey Miller on the new bankruptcy procedures pushed through by congress. Essentially limiting the rights of creditors.
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This seems to be the economic policy question of the hour. It might be worth recalling that last month, the Wall Street Journal polled economists about this question. Of those who expressed an opinion, here are the results: * 6 percent said no, all the tax cuts should be allowed to expire, * 24...
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Just think how great our kids would learn in this school. Oh, by the way, the only factor ever proved to improve kids’ learning, is Mom. Yes, this is the same state that just gave out vouchers (IOUs) to state employees. With 9$B in debt and the highest taxes in the country, don’t laugh...
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Every year, the Americans for Tax Reform Foundation and the Center for Fiscal Accountability calculate Cost of Government Day. This is the day on which the average American has earned enough gross income to pay off his or her share of the spending and regulatory burdens imposed by government at the federal, state, and...
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Connecticut has the 5th biggest deficit nationally as a percentage of General Fund for 2009-2010 o NV – 30% o AZ – 29.8% o CA – 25.6% o NY – 24.3% o CT – 23.1% Connecticut already has the highest tax burden in the country. Connecticut’s young leave their home state at the highest...
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There is almost $2.4 trillion in mortgage debt for homes in negative equity. The total negative equity is $771 billion. There are 4.1 million homeowners with more than 50% negative equity (they owe 50%+ more than their homes are worth). This graph shows the percent of homeowners with mortgages in negative equity for 33...
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It is highly likely we are going to see a return to high inflation. #1: Because the government needs it to get out of the debt they have incurred. (A Billion $ A Day in Interest and climbing.) #2: Inflation is a natural economic outcome of creating money that has no basis in real...
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If the President’s Deficit Reduction Commission uses “baseline” or “current services” budgeting as a benchmark for determining spending “cuts” and tax increases, that’s a good sign that the crowd in Washington wants to pull a fast one on the American people. Baseline budgeting. This is the clever Washington practice of assuming that all previously...
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From the Connecticut House Democrats: Yes that is -$3.5 Billion in Fiscal Year 2012. Essentially $9.5 Billion in deficits for the fiscal years 2012, 2013 and 2104. Any comments? Thoughts as to what we as a state should do?
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