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U.S. DEBT REACHES LEVEL AT WHICH ECONOMIC GROWTH BEGINS TO SLOW posted by Administrator
May 26, 2010 , 12:30 PM
- The level of U.S. debt has reached a point at which economic growth traditionally begins to slow, a bipartisan fiscal commission making recommendations to the White House and Congress was told Wednesday. The gross U.S. debt is approaching a level equivalent to 90 percent of the country's gross domestic product, the level at which growth has historically declined, said Carmen Reinhart, a University of Maryland economist. When gross debt hits 90 percent of GDP, Reinhart told the commission during a hearing in the Capitol, growth "deteriorates markedly." Median growth rates fall by 1 percent, and average growth rates fall ...
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...AND OUR DEFICIT DENIAL posted by Administrator
February 15, 2010 , 7:15 AM
from the Chicago Tribune Editorial BoardNo, we're not in the same boat as Greece. Not yet. But take note: Moody's Investors Services recently warned that the U.S. government's triple A credit rating could be in jeopardy if the nation doesn't do more to reduce its federal debt levels. Consider yourself warned. The White House projects a deficit of $1.5 trillion this year, about $15,000 per American household. We're pushing public debt levels to heights not seen in this country since World War II. By White House projections, the red ink splatters every budget through 2020. By that time, the U.S. will have more than doubled its national debt, from $7.5 trillio...
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OBAMA REVEALS INCREASING DEBT, SPENDING FREEZE IN BUDGET ANNOUNCEMENT posted by Administrator
February 1, 2010 , 10:45 AM
from Fox NewsPresident Obama unveils his $3.8 trillion budget Monday and behind the curtain will be an increasing national debt, along with some spending freezes he hopes will stem the tide. "I've proposed a freeze in government spending for three years," Mr. Obama told reporters at the White House. "This won't apply to the benefits folks get through Social Security, Medicaid or Medicare. And it won't apply to our national security, including benefits for veterans...Freezing spending does not mean we won't cut what doesn't work to pay for what does." The fiscal 2011 budget proposal, should Congress approve, would ...
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TITANIC DEBT posted by Administrator
December 28, 2009 , 12:00 AM
Editorial from the Chicago TribuneDecades or centuries from now, scholars will examine U.S. government documents from our time and notice something strange: In four consecutive years around the close of the 20th century, the federal budget was recorded as having a surplus. That hadn't happened since 1969, it hasn't happened since, and the way things are going, it may never happen again. Recent years have seen the collapse of all federal fiscal discipline. At the end of the 2001 fiscal year, the national debt stood...
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U.S. NATIONAL DEBT TOPS DEBT LIMIT posted by Administrator
December 16, 2009 , 5:45 PM
from CBS NewsThe latest calculation of the National Debt as posted by the Treasury Department has - at least numerically - exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill. The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion. A senior Treasury official told CBS News that the department has some "extraordinary accounting tools" it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling. Were it not for those "tools,&quo...
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