172 results for tag: National Debt


National debt to soar to 77 percent of U.S. gross domestic product by end of fiscal year

Spendthrifts in Washington, D.C. by the end of September will have sent our national debt soaring by three percentage points to 77 percent of gross domestic product, the greatest ratio of debt-to-GDP we’ve seen since 1950 when we were still paying down debt from World War II. The Washington Examiner has the scoop: The agency projected that the debt held by the public will rise 3 percentage points to 77 percent of U.S. gross domestic product by the end of fiscal year 2016 in September. Debt has not hit that ratio since 1950, when the government was still in the middle of paying down the debt it incurred paying for World War II. Over the ...

Buchanan: National bankruptcy among ‘existential threats to the republic’

The severity of our national debt – which stands at $19.4 trillion – is being largely ignored by Congress and the media. That has to change. Otherwise, we’re headed off a cliff… The New Hampshire Union Leader has Pat Buchanan’s latest commentary on the issue:   On Sept. 30, the end of fiscal year 2016, the national debt is projected to reach $19.3 trillion. With spending on the four biggest budget items — Medicare, Medicaid, Social Security, defense — rising, and GDP growing at 1 percent, future deficits will exceed this year’s projected $600 billion. National bankruptcy, then, is among the existential threats to the ...

Calif. Rep. McClintock: U.S. national debt is ‘out of control’

U.S. Rep. Tom McClintock during a recent speaking engagement in El Dorado Hills, California underscored how severely in the hole our nation is from a financial perspective – something we’ve known for years but need Congress to act on right away. The Folsom Telegraph has the details: “Spending is out of control,” he said. The National Debt is at $20 trillion and growing, he said. In 10 years there won’t be funding for Medicare and Social Security will be bankrupt in 17 years if “we stay on the same trajectory,” McClintock said… McClintock said that “entitlement programs” cost $1 trillion a year. Examples of entitlement ...

U.S. News & World Report: U.S. ‘dangerously’ in debt

The U.S. has only to look at other nations’ financial crises to see what’s in store for us if Congress doesn’t tackle our mushrooming national debt, says one economic expert. U.S. News & World Report has the details: Recent research shows that economic growth is even more vital for a nation's ability to sustain its public debt than economists used to think. Statistical analyses reveal that many debt crises in emerging economies have been caused by declines in growth. In advanced economies, the largest increases in debt ratios occurred when policymakers mistook a prolonged decline in growth for a temporary recession, and failed to cut ...

Congressional Budget Office: U.S. federal debt in 2035 projected to exceed historic high

The U.S. federal debt is ballooning and expected to exceed U.S. gross-domestic product by 2035 – a bleak projection that even has officials at the Congressional Budget Office admitting that, if something isn’t done to curb the nation’s financial woes, our debt could soon spell worldwide financial disaster. The Hill has the details: The United States is less than two decades away from exceeding its highest recorded level of federal debt, according to the non-partisan Congressional Budget Office (CBO). The CBO projects that U.S. federal debt will pass 106 percent of the country's gross domestic product (GDP) by 2035, in its second long-term ...

Sen. Perdue: The ‘merry-go-round’ of artificially low interest rates ‘is going [to] stop’

When interest rates on our debt suddenly balloon, our nation will be facing even greater economic difficulties unless Congress enacts a solution. Fortunately, there are members of Congress like freshman Senator David Perdue of Georgia who know the value of a dollar and how frivolously we as a nation are managing our books. The Daily Signal has the scoop: Still, the debt doesn’t worry Perdue as much as the interest liability does. Should those rates rise—and Perdue is confident they will—he predicts the country won’t be able to make the minimum interest payments. For the past seven years, the Federal Reserve has targeted rates at an ...

Editor: U.S. credit will max out when the world ‘loses confidence in the dollars we owe’

A financial historian who has been writing for decades about economics says it's time to stop incurring debt otherwise we will soon find our proverbial credit card has been declined. TIME has the commentary: We owe more than we can easily repay. We spend too much and borrow too much. Worse, we promise too much. We conjure dollar bills by the trillions–pull them right out of thin air. I won’t insist that this can’t go on, because it has. I only say that it will eventually stop. I don’t know the date, but I believe that I know the reason. It will stop when the world loses confidence in the dollars we owe. Come that moment of truth, the ...

Watchdog releases annual report detailing wasteful government spending

Government watchdog Citizens Against Government Waste released its annual “Pig Book,” detailing programs and earmarks that fall under six types of criteria, including spending that is not specifically authorized and spending that is not the subject of congressional hearings. WWMT.com has the details: The Appalachian Regional Commission got $51 million, even though the highway and development program for the Appalachian region duplicates several other programs at the state and local levels, according to citizens against government waste. Another repeat offender that made the book once again is The National Guard Counter-drug program, $125 ...

Senator: National debt under President Obama is ‘nothing short of reckless’

Standing at more than $19 trillion, U.S. national debt has nearly doubled during President Obama’s seven years in office – a number that should cause our commander in chief to sound the alarm, not shrug it off. Read Sen. Coats’ comments: In his final State of the Union address earlier this year, President Obama stated that he wanted “to focus on the next five years, the next 10 years and beyond.” But throughout his remarks, he failed to discuss one of the most important issues our country faces in the coming years: our $19 trillion national debt. Despite all the financial obligations that will eventually come due in the “beyond” ...

Columnist: Obama’s proposed budget would result in a national debt that by 2026 is 77 percent of GDP

Investor’s Business Daily Columnist John Merline breaks down the economic impact of President Obama’s proposed last budget as commander in chief noting it will increase taxes and balloon spending so much so that our debt will be more than three-fourths of our gross domestic product. Read John Merline’s analysis: According to the [Congressional Budget Office], Obama’s budget would, if implemented, boost taxes by $2.8 trillion and increase spending by $401 billion over the next 10 years. While it would trim 10-year deficits somewhat, annual deficits would climb every year after 2018, from $383 billion that year to nearly $1 trillion by ...