Tag Archive: Federal Spending


A Day Without A National Debt

 

 

 

 

 

” On this day in economic and financial history…

  A nation without a debt seems inconceivable today. The United States currently has more than $16 trillion in public debt, and no sensible proposals exist to bring this massive sum down to a more reasonable level. But there was a day when the U.S. proclaimed itself a debt-free nation: Jan. 8, 1835.

  The brand-new United States emerged from the Revolution with some $75 million in war debts, and this sum grew to $127 million after the War of 1812. After these wars, the young nation embarked on a 20-year period of positive cash flow and debt reduction, which picked up steam after the election of President Andrew Jackson in 1828.”

 

Read more about this historic day …

 

 

Further reading:

 

History Of Debt In The United States – Debt.org

178 Years Ago Today We Had A National Debt Of $0

Andrew Jackson – Wikipedia

Bureau Of The Public Debt: Our History

 

 

    Since that historic day in 1835 , the US government has spent an average of $100 million that it did not have , each and every year .

 

 

 

 

 

 

 

 

Total US Debt Rises Over $18 Trillion; Up 70% Under Barack Obama

 

 

 

” Last week, total US debt was a meager $17,963,753,617,957.26. Two days later, as updated today, on Black Friday, total outstanding US public debt just hit a new historic level which probably would be better associated with a red color: as of the last work day of November, total US public debt just surpassed $18 trillion for the first time, or $18,005,549,328,561.45 to be precise, of which debt held by the public rose to $12,922,681,725,432.94, an increase of $32 billion in one day.

 

 

 

 

  It also means that total US debt to nominal GDP as of Sept 30, which was $17.555 trillion, is now 103%. Keep in mind this GDP number was artificially increased by about half a trillion dollars a year ago thanks to the “benefit” of R&D and intangibles. Without said definitional change, debt/GDP would now be about 106%.

  It also means that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently.

  And now we wait for the US to become Spain, and add the estimated “contribution” from hookers and blow to GDP, once again pushing the total debt/GDP ratio below the psychological 100% level.”

 

 

And to think that just three short years ago Obama was speaking of reducing our then $14 trillion debt …

 

 

 

 

 

 

   Heck of a job Barack especially when one takes into consideration the record tax receipts the Federal government has been taking in . Be sure to check out the National Debt Clock . Bookmark it and keep up .

Thanks to Zero Hedge

 

 

 

 

 

 

 

 

 

Federal Government Made $20 Billion In Secret Purchases In Recent Months

 

Federal Starbucks Secret purchases

 

 

” The federal government has spent at least $20 billion in taxpayer money this year on items and services that it is permitted to keep secret from the public, according to an investigation by the News4 I-Team.

  The purchases, known among federal employees as “micropurchases,” are made by some of the thousands of agency employees who are issued taxpayer-funded purchase cards. The purchases, in most cases, remain confidential and are not publicly disclosed by the agencies. A sampling of those purchases, obtained by the I-Team via the Freedom of Information Act, reveals at least one agency used those cards to buy $30,000 in Starbucks Coffee drinks and products in one year without having to disclose or detail the purchases to the public.

  A series of other recent purchases, reviewed by internal government auditors, include wasteful and inappropriate purchases by government employees — including a gym membership and JC Penney clothing — that were not detected or stopped until after the purchase was completed.”

Read more

One Handy Animated Infographic Shows What The U.S. Spends Our Taxpayer Money On Every Second

 

 

 

 

 

 

” PolicyMic came up with a handy infographic that shows how the U.S. spends of American taxpayer’s money: $15,700 every second.

  As you can see, there’s a lot of blinking going on, but not much ado about the U.S.’ burgeoning welfare state – and the over $17 trillion in national debt that comes with it (not to mention the roughly $100 trillion in debt liabilities). “

 

 

Read more from Kyle Becker at IJR

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Public Pays For Government Unions To Lobby For More Federal Spending

 

 

” Witold Skwierczynski has not done work for the Social Security Administration for more than 30 years, even though he was paid by the agency as a claims representative the entire time.

  Instead, he spends his days on full-time release from his regular job to work for his federal employee union.

  The practice is called “official time,” a creation of the 1978 Civil Service Reform Act. It allows union representatives to do exclusively union business while still drawing full pay and benefits from the taxpayers.

  Official time cost about $155.6 million in 2011, the most recent year for which totals are available from the Office of Personnel Management.

  Federal employees spent 3.4 million hours working for their unions at taxpayers’ expense, the equivalent of more than 1,700 full-time positions.”

 

 

 

 

 

 

 

 

From Citizens Against Government Waste

Published on Jan 4, 2014

” News and commentary for IJReview.com. Originally cut by Citizens Against Government Waste. CAGW.org.”

 

 

Thanks to Kyle Becker @ IJR

 

 

We all work for the Chinese now.

 

 

 

 

 

Your Money In Pictures: The Top 5 Charts Of 2013

 

” As part of our countdown to the new year, here are Heritage’s top five must-see charts of 2013.”

 

 

ShareofDebt600649

 

 

Each American’s Share of Publicly Held Debt

” As Washington lawmakers continue to spend more and pile on debt, each American’s share of public debt has risen to $36,000—about six times more than in 1970—and is set to rise astronomically in coming years. Without reform, the government will have borrowed $135,547 in public debt for each American, or almost three times the current median income, by 2036. This chart shows that serious consequences lie ahead if the government continues on its current path of reckless spending with no reform in sight.”

 

 

 

 

 

 

 

 

 

 

 

 

The Real Dysfunction: A $17 Trillion National Debt

 

National Debt

 

” Once again the media are full of talk about dysfunction and default, as the partial government shutdown threatens to linger until the federal government hits the limit of its borrowing capacity, possibly on Oct. 17. The parties in Congress are still far apart on passing a budget bill to keep the government running, and Republicans are also promising not to raise the debt ceiling without some spending reforms.

Back in that summer of discontent I talked to a journalist who was very concerned about the “dysfunction” in Washington. So am I. But I told her then what’s still true today: that the real problem is not the dysfunctional process that’s getting all the headlines, but the dysfunctional substance of governance. Congress and the president will work out the debt ceiling issue, if not by October 17 then a few days later. The real dysfunction is a federal budget that doubled in 10 years, unprecedented deficits as far as the eye can see, and a national debt bursting through its statutory limit of $16.699 trillion and heading toward 100 percent of GDP.”

 

 

IT’S THE SPENDING , STUPID ! SPENDING HAS DOUBLED IN ONE DECADE ! 

 

 

” And where did all this debt come from? As the Tea Partiers know, it came from the rapid increase in federal spending over the past decade: “

 

 

Federal Spending 2000-2011

 

 

    As the above graphs make plain , we are governed by a bi-partisan group of wastrels . There is no significant difference between the two parties when it comes to spending other than the rhetoric . 

 

Read The Whole Thing

 

 

 

 

 

 

 

 

 

 

Federal Spending

The Heritage Foundation

“The War on Children”

  ”  If you think Barbara Boxer’s right about General Romney’s war on woman, feel free to waste
your vote. But what else is likely to happen between now and the next time you cast a presidential ballot? We’ve rehearsed the fiscal stuff in this space before: China becoming the world’s biggest economy, another American downgrade, total U.S. liabilities equivalent to about three times the entire planet’s GDP. A “non-partisan” Pew Research study says the American middle class faces its “worst decade in
modern history” — and the first bump down starts on January 1: The equally “non-partisan”
Congressional Budget Office now says that the tax and budget changes due to take effect at the
beginning of 2013 will put the country back in recession and increase unemployment. This is a
revision of their prediction earlier this year that in 2013 the economy would contract by 1.3 percent. Now they say 2.9 percent. These days, CBO revisions only go one way — down. They’re gonna need steeper graph paper. In a global
economy, atrophy goes around like syphilis in the Gay Nineties: A moribund U.S. economy further mires Europe, and both slow growth in China, which means fewer orders for resource-
rich nations. . . . Four wheels spinning in the mud, and none with a firm-enough grip to pull the vehicle back on to solid ground.”