Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Tag Archives: GDP

$13 Trillion and Counting

Tax Day Debt Protest 2009

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When former Comptroller General Bill Walker, who headed the U.S. Government Accountability Office, said two years ago that the “official” debt of the United States “is only around $10 trillion,” he wryly suggested that since this number was produced by “government accounting, which…allows one to ignore Social Security, Medicare and the new prescription drug benefit [it was like] ignoring rent, food and utilities in your household budget [and] it will lead to a few bounced checks.” However, he added, “Our real debt is about ten times higher,” or about $100 trillion.

At the time this was a breath-taking number, but Walker was just repeating what Richard Fisher, President of the Dallas Federal Reserve, had said just a couple of months earlier.

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Jobs Bill: The Law of Intended Consequences

London | 2009

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With great fanfare, the Obama administration celebrated its first policy victory of the year—the $17.6 billion jobs bill. Eleven Republican Senators helped push the bill through the Senate, 68-29.

The economically flawed and unconstitutional law provides employers an exemption from Social Security tax withholding through the end of the year on any employees added to the payroll who have been unemployed for at least 60 days. And if the employees stay on that payroll for at least a year, the employers would receive an additional $1,000 tax credit. In addition, the law spends $20 billion on federal highway construction and other public improvement projects.

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Will the U.S. Be Able to Pay its Debts?

debt

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An Associated Press writer says “the crushing weight of its debt threatens to overwhelm everything the federal government does,” even under the best-case scenario. This theme of unsustainable debts and deep holes has been reviewed elsewhere on this site, and it’s small comfort that it is now making headlines in the controlled mainstream media:

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Geithner: No Double Dip

Timothy Geithner at the United States Departme...

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When he appeared on ABC News‘s This Week on February 7, U.S. Treasury Secretary Timothy Geithner was quizzed about the risk of the United States losing its triple-A credit rating, the chances that foreign investors might start shunning US debt, and whether the economy would suffer a double dip recession.

Last week the credit rating agency Moody’s warned that weak economic growth and increasing debt burdens could “put pressure on the country’s triple-A status.”  When asked to respond, Geithner said, “Absolutely not. That will never happen to this country.”  One remembers the speaker’s rule to be very careful about using absolutes, such as “absolutely”, and “never happen.”  History books are filled with examples of events that could “absolutely never happen.”

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Latest on the Economy: Heading Up or Head Fake?

Logo of the United States Bureau of Economic A...

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When the Bureau of Economic Analysis announced that “the output of goods and services…increased at an annual rate of 5.7 percent in the fourth quarter of 2009,” the usual suspects in the kept media could hardly restrain themselves. ABC News’ headline trumpeted, “Economy Grows…Fastest Since 2003” which was “fueled by companies boosting output to keep stockpiles up.”  Their announcement explained that “Growth exceeded expectations mainly because business spending on equipment and software jumped much more than [was] forecast.”

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U.S. Debt Level Unsustainable, Report Says

Graffiti: Debt

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“The debt level of the United States is unsustainable, something has to give,” said the co-author of a new joint report released last week by the National Research Council and the National Academy of Public Administration. The committee that prepared the 268-page study, entitled Choosing the Nation’s Fiscal Future, included three former heads of the Congressional Budget Office.

A WorldNetDaily article by Jerome Corsi, entitled “Forecast: Debt to Dwarf GDP,” provided key quotes from the study as well as from Rudolph Penner, one of the former CBO heads. “The fundamental problem is that we have these three very large programs—Medicare, Medicaid and Social Security— that…are growing faster than tax revenues and faster than the economy,” Penner told WorldNetDaily. This is creating an “unsustainable federal budget deficit [that continues to grow] ever onward and upward.”

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Weak Dollar Obama’s Fault?

Various Federal Reserve Notes, c.1995. Only th...

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According to Newsweek, the dollar isn’t weakening, and even if it is, it isn’t Obama’s fault. On Tuesday, Daniel Gross iterated all the reasons that, according to conservatives, the American dollar should weaken. Conservatives, he said, blame the actions of the Federal Reserve with the lowering of interest rates to zero, printing money, and expanding the monetary base. They also blame the Obama administration for running up huge deficits in its efforts to restart the faltering economy.

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Economic Reality vs. Cheerleaders

Timothy Franz Geithner, President of the Feder...

When MSNBC headlined the report that existing home sales surged by 7.4 percent in November (according to the National Association of Realtors), it suggested that such an improvement boosted “recovery hopes.” Others jumped on the recovery bandwagon, including Treasury Secretary Timothy Geithner, and former Vice Chairman of the Federal Reserve Board Alan Blinder.

According to Geithner, it’s now reasonable to expect “positive job growth” by spring and correct to assert that people should have confidence in an improving economy.  “I think most people would say the economy actually is strengthening now,” he added.

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.