US Debt

Leap In U.S. Debt Hits Taxpayers

Taxpayers are on the hook for an extra $55,000 a household to cover rising federal commitments made just in the past year for retirement benefits, the national debt and other government promises, a USA TODAY analysis shows. The 12% rise in red ink in 2008 stems from an explosion of federal borrowing during the recession, plus an aging population driving up the costs of Medicare and Social Security. That's the biggest leap in the long-term burden on taxpayers since a Medicare prescription drug benefit was added in 2003

Canadians Drowning in Debt

Canadians Dragging Around Too Much Debt
Canadian households are headed toward a painful debt spiral, warns an association of accountants.The Certified General Accountants Association of Canada says families – including retirees – are getting deeper into debt to pay day-to-day expenses and interest on their debt, just as the economy has downshifted into recession after 17 years of growth. Researchers cite survey results and economic data to make their case for greater caution, reduced spending and incentives to step up savings in a world of low interest rates.

Full Report

Recession to End in 2009

Economists: Recession to End in 2009

The end of the recession is in sight, according to a new survey of leading economists. While the economy is showing signs of stabilizing, the recovery will be more moderate than is typical following a severe downturn, said the National Association for Business Economics Outlook in a report released Wednesday.The panel of 45 economists said it expects economic growth will rebound in the second half of 2009. However, the group still expects to see a decline in second-quarter economic activity.

Stop Printing Money

China Warns Federal Reserve

China has warned a top member of the US Federal Reserve that it is increasingly disturbed by the Fed's direct purchase of US Treasury bonds. Richard Fisher, president of the Dallas Federal Reserve Bank, said: "Senior officials of the Chinese government grilled me about whether or not we are going to monetise the actions of our legislature." "I must have been asked about that a hundred times in China. I was asked at every single meeting about our purchases of Treasuries. That seemed to be the principal preoccupation of those that were invested with their surpluses mostly in the United States," he told the Wall Street Journal.

Tax Revenue and Income Falls

IRS Tax Revenue Falls...

Federal tax revenue plunged $138 billion, or 34%, in April vs. a year ago — the biggest April drop since 1981, a study released Tuesday by the American Institute for Economic Research says. When the economy slumps, so does tax revenue, and this recession has been no different, says Kerry Lynch, senior fellow at the AIER and author of the study. "It illustrates how severe the recession has been." For example, 6 million people lost jobs in the 12 months ended in April — and that means far fewer dollars from income taxes. Income tax revenue dropped 44% from a year ago.

CNBC Slideshow

What Does $1 Trillion Look Like?

The World's Biggest Debtor Nations

The Kingdom

Ron Paul: Is This Reality

The Decline and Fall

Decline and Fall: A View From 2089
The demise of an economy as mighty as that of the United States as of 2000 cannot be accounted for by anything less than deeply mistaken and foolish decision-making within that nation’s ruling circles. No amount of foreign competition or resource shortage has historically caused such a catastrophe. However, policy actions undertaken without proof or even evidence of their efficacy have historically done so. (See “The Decline and Fall of the Roman Empire,” Gibbon, 1776.)

Still No Faith In Schiff