Tag Archives: Welfare-Warfare State

Chart Of The Day: Foreigners Are Quietly Getting Out Of Dodge

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“While the Fed is posturing daily whether it will or it won’t monetize an ever greater portion of gross US issuance (and considering the drop in US funding needs, unless the Fed tapers it will soon very soon buy more than 100% of all 10 Year equivalent issuance going forward), foreigners have made their position vis-a-vis US paper loud and clear. What is their position? The following chart from today’s TBAC presentation to the Treasury makes it very clear. With an ever declining, and recently the smallest on file, notional amount of Treasurys at auction going to foreigners since 2009 (and certainly much further back), they are not sticking around to see what happens.”

http://www.zerohedge.com/news/2013-07-31/chart-day-foreigners-are-quietly-getting-out-dodge

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Four Charts Showing How Obama’s Statist Agenda Is Hurting Jobs and Growth

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“Let’s look at the Minneapolis Fed’s data for every business cycle since the end of World War II. As you can see, we’re currently mired in the most anemic recovery on record.  The employment data is even worse than the GDP data. The comparison of Reaganomics with BushObamanomics is startling. There was a jobs boom in the 1980s, while today we haven’t even recovered all the jobs lost during the downturn.  And if we look at the current ‘recovery’ compared to all other business cycles, it becomes even more apparent that big government is generating very bad results for the American people.”

http://danieljmitchell.wordpress.com/2013/07/31/four-charts-showing-how-obamas-statist-agenda-is-hurting-jobs-and-growth/

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Obama set to sign bill to lower student loan interest rates

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“The House of Representatives on Wednesday passed a bill that would reverse a recent hike in federal student loan interest rates, lowering them to 3.86 percent for undergraduates in the new school year. The bill pegs interest rates on student loans to the 10-year Treasury note plus 2.05 percentage points for undergraduates, and plus 3.6 percentage points for graduate loans. The bill, a result of extensive negotiations in mid-July among a coalition of U.S. senators composed of Democrats, Republicans and an independent, now waits to be signed into law by President Barack Obama.”

http://www.rawstory.com/rs/2013/07/31/obama-set-to-sign-bill-to-lower-student-loan-interest-rates/

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Obama offers ‘grand bargain’ on corporate tax rate, infrastructure

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“Obama wants to cut the corporate tax rate of 35 percent to 28 percent and give manufacturers a preferred rate of 25 percent. He also wants a minimum tax on foreign earnings as a tool against corporate tax evasion and the use of tax havens. Obama wants the money generated by a tax overhaul to be used to fund such projects as repairing roads and bridges, improving education at community colleges and promoting manufacturing, senior administration officials said.  Republicans contended that by spending the revenue, it would violate Obama’s previous commitment to a ‘revenue-neutral’ overhaul of corporate taxes.”

http://www.reuters.com/article/2013/07/30/us-usa-obama-idUSBRE96T0F820130730

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The Debt Ceiling Battle Is Coming

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“A working paper by economist James Hamilton, of UC San Diego, for the National Bureau of Economic Research indicates that the official federal debt, $16.7 trillion, is the tip of the iceberg. Currently, the feds are $86.8 trillion in debt, according to Hamilton. The Treasury department has been looting government pensions to hold the debt ceiling at bay. This can go on for another month or so until the battle in Congress begins again. Sunday, Treasury Secretary Jack Lew pre-empted the debt ceiling fight with a strike against the GOP on Meet the Press. Lew predictably blamed the debt ceiling for the S&P crash of summer 2011.”

http://dailyreckoning.com/the-debt-ceiling-battle-is-coming/

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Federal Debt: Frozen for Two Months. A Miracle!

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“How is is it that the official debt of the United States government has been frozen at $16,699,396,000,000.00 for over 70 days? The Secretary of the Treasury is not saying. He merely reports that this is the case. ‘Trust me.’ Congress is trusting him. The Media are trusting him. The voters are trusting him. How does the U.S. government deal with an annual deficit of at least $600 billion, yet the official, on-budget debt does not change for over two months? Inquiring minds want to know. Actually, they don’t want to know. This willingness to believe in miracles is part of the national pastime: ‘kick the can.'”

http://teapartyeconomist.com/2013/07/30/federal-debt-frozen-for-two-months-a-miracle/

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Treasury’s Lew: Congress Needs to Pass Debt Limit

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“Congress needs to raise the debt limit and take away the ‘cloud of uncertainty’ about the nation’s ability to pay its bills, Treasury Secretary Jack Lew said. ‘The fight over the debt limit in 2011 hurt the economy, even though, in the end, we saw an extension of the debt limit. We saw confidence fall, and it hurt the economy. Congress needs to do its job. It needs to finish its work on appropriation bills. It needs to pass a debt limit,’ Lew said on NBC’s Meet The Press. Senior lawmakers on Capitol Hill are trying to come up with must-do legislation to keep federal agencies running after Sept. 30 and prevent the possibility of a government shutdown.”

http://www.moneynews.com/Economy/Lew-Congress-debt-limit/2013/07/28/id/517388

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Cities’ Strategy in Health Insurance for Retirees: “Dump Them Into ObamaCare!”

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“The 61 largest U.S. cities in 2009 were in the hole by about $118 billion to retirees’ health insurance obligations. They now think they have a way out: default on these obligations and force retirees into ObamaCare. This gets the obligations off their backs and onto the backs of the federal government. This is what Detroit is doing. Other cities’ officials are impressed. But Detroit is declaring bankruptcy. How can the other cities get out from under without declaring bankruptcy?”

http://teapartyeconomist.com/2013/07/30/cities-strategy-in-health-insurance-for-retirees-dump-them-into-obamacare/

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NYC welfare food is shipped in barrels to the Dominican Republic – then sold on the black market

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“New Yorkers on welfare are buying food with their benefit cards and shipping it in blue barrels to poor relatives in the Caribbean. But not everyone is giving the taxpayer-funded fare to starving children abroad. The Post last week found two people hawking barrels of American products for a profit on the streets of Santiago. ‘It’s a really easy way to make money, and it doesn’t cost me anything,’ a seller named Maria-Teresa said Friday. She said her sister has Bronx grocers ring up bogus $250 transactions with her EBT card.  In exchange, the stores hand her $200 cash and pocket the rest. No goods are exchanged.”

http://www.nypost.com/p/news/local/isle_take_that_welfare_scam_VBsTspIxia2GA9o2oS505L

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Auditor Urges Safeguards as USDA Pays 6,336 Dead People

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“The U.S. Department of Agriculture may have improperly paid as much as $36 million in aid to 6,336 dead people, according to government auditors who recommended stronger safeguards. Random sampling of USDA’s program rolls with the Social Security Administration’s master list of dead individuals found that 6,336 people got conservation aid, crop-insurance subsidies or disaster assistance more than one year after they had died from 2008 through 2012, the Government Accounting Office said today in a report. Payments to the dead ‘may call into question whether these farm safety net programs are benefiting the agricultural sector as intended.'”

http://www.bloomberg.com/news/2013-07-29/auditor-urges-safeguards-as-usda-pays-6-336-dead-people.html

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