Another Day Older And Deeper In Debt

By Gary Christenson – Re-Blogged From Silver Phoenix

Official US national debt exceeds $21 trillion. National debt increases over $3 billion per day.

Another day older and $3 billion deeper in debt!

The U.S. government pays the interest by issuing new debt. But that new debt increases total debt and (eventually) drives up interest rates, which requires more borrowing to pay the annual interest payments. Another year older and deeper in debt! A reset will occur when the debt load becomes too heavy.

Continue reading

Advertisements

Carbon Tax Goes Down in Flames

By Mike Bastach – Re-Blogged From WUWT

Washington voters rejected a ballot measure backed by a vast coalition of liberal groups to tax carbon dioxide emissions from in-state fossil fuel combustion.

The measure, called Initiative 1631, is the third attempt to impose a carbon tax in Washington state. Voters rejected a similar ballot measure in 2016, and carbon tax legislation failed earlier in 2018.

Continue reading

Public Pensions Could Become Retirement Crisis for Everyone

By Peter Reagan – Re-Blogged From Newsmax

It’s become fairly common knowledge that public pensions are on the verge of either radical overhaul or extinction.

Worldwide, pensions are set to reach a shortfall of $400 trillion. This is a larger amount than 20 of the world’s largest economies, according to Sovereign Man.

It was even reported that Congress is planning for pension fund failure in the U.S. Not to mention, Philadelphia has considered tapping public utility payments to cover their shortfall.

Continue reading

National Debt Is An ‘Economic Threat’ To The US

By Mac Slavo – Re-Blogged From Freedom Outpost

In an incredibly obvious statement, National Security Advisor John Bolton has declared the high level of national debt an “economic threat” to the United States. Unless you have been living under a rock for the past ten years, you know that statement is not only true but obvious.

Bolton claimed that the national debt is a big problem and tackling it requires significant cuts to the government’s discretionary spending, while most other economic experts say entitlement spending is the biggest concern. According to Bloomberg, Bolton was quoted as saying: “It is a fact that when your national debt gets to the level ours is, that it constitutes an economic threat to the society. And that kind of threat ultimately has a national security consequence for it.”

Continue reading

New York City Joins The “Imminent Bankruptcy” Club

By John Rubino – Re-Blogged From Dollar Collapse

The public pension crisis is the kind of subject that’s easy to over-analyze, in part because there are so many different examples of bad behavior out there and in part because the aggregate damage these entities will do when they start blowing up is immense.

But most people see pensions as essentially an accounting issue – and therefore boring – so it doesn’t pay to go back to this particular well too often. Still, New York City’s missing $100 billion can’t be ignored:

New York City Owes Over $100 Billion for Retiree Health Care

Continue reading

Kudlow: Market Worried Democrats Will Overturn Trump Growth Policies

By F McGuire – Re-Blogged From Newsmax

White House economic adviser Larry Kudlow says that Wall Street is plunging because of fear Democrats will win midterms and end President Donald Trump’s “pro-growth policies.”

Kudlow, speaking to reporters outside the White House on Tuesday, blamed the market decline on mid-term elections, CNBC.com reported.

Continue reading