On February 13, President Obama unveiled his proposed federal budget for fiscal year 2013, which begins October 1, 2012. This $3.8 trillion absurdity includes $1.3 trillion of new deficit spending. It is the fourth year running in which the deficit will exceed $1 trillion. Remember shortly after his inauguration, when Mr. Obama pledged he would [...]
On Friday, August 5th, Standard & Poor’s downgraded long-term U.S. debt from a triple-A rating to AA+ for the the first time in history. The rating agency delcared that the recent federal budget deal brokered in Washington didn’t adequately address the grim outlook for America’s finances. The AA+ score ranks below more than a dozen countries, including Liechtenstein, and is on par [...]
Washington, D.C. is in the throes of crisis. The beltway crowd is suddenly worried about paying their bills. Surprise! The federal government credit card is maxed. President Obama is insisting that Congress raise the debt ceiling…again. We’re told that failure to do so will cause the United States to default on its financial obligations, starting [...]
Is government spending really a problem? You bet it is! But politicians in Washington, D.C. are trying to convince us that the national debt is no big deal. In fact, they are intent on raising the debt ceiling to infinite heights. This video illustrates the impossible financial situation the United States is facing.
The United States of America is out of money. Our national debt exceeds $14 trillion. Interest payments on the principle total more than $200 billion per year. Yet President Obama’s federal budget proposal for fiscal year 2012 (which begins October 1, 2011) calls for spending an additional $3.73 trillion with a predicted deficit of at [...]