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: National Debt

Reagan Centennial: Facts are Stubborn Things

President Ronald Reagan appointed 376 federal ...

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As political commentator for the Concerned Women for American’s Legislative Action Committee and former speechwriter for former President George H. W. Bush, Janice Shaw Crouse celebrated Ronald Reagan’s 100th birthday with a paean of praise for the former President‘s skills as “The Great Communicator” which perfectly illustrates the perception of Reagan as a good conservative, at least when he spoke.

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S&P Downgrades Japan: Harbinger for US

Japanese 10,000 Yen Note, Macro Photo

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Standard and Poor’s gave plenty of reasons for its downgrade of Japan’s credit rating yesterday such as increasing annual deficits and soaring national debt, an aging population, shrinking workforce, and a government in gridlock. With their national debt approaching $11 trillion and a gross domestic product of just under $5.5 trillion, Japan’s ratio of debt to GDP is now

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Federal Deficit Outrage

A lot of digits

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Back in August of 2010, the Congressional Budget Office estimated the federal deficit for 2011 to be $1 trillion. On Thursday, after revising its assumptions, the CBO announced they missed the mark by $500 billion.  The deficit number has been revised upward to $1.5 trillion, and could bring the national debt to $20 trillion by 2021.

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The 112th Congress: Real Substance, or Just Smoke?

Minority Leader John Boehner

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When the House of Representatives announced new rules for the Congress that convenes on Wednesday, the mainstream media immediately called them “strict” and even “unprecedented.” The first new rule to take effect will be the reading of the Constitution of the United States and its 27 amendments on the floor of the chamber.

Incoming Speaker of the House John Boehner told ABC News: “The American people want a smaller, more accountable government—and that starts with respecting the Constitution. That’s why we will read it on the floor next week. It sends the clear message that starting on January 5th, the House of Representatives will be the American people’s outpost in Washington, D.C.

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Obama/CEO Summit: Sweetness and Light

President Barack Obama listens to Safeway Pres...

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Despite being verbally abused and legislatively hamstrung ever since the start of the Obama administration, those CEOs arriving at the Blair House Wednesday for another Summit meeting with the President seemed in good spirits. In a pre-announcement, White House spokeswoman Jen Psaki, was all smiles:  “[This] working session is an opportunity for the president to continue building strong partnerships in the business community.”

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American Austerity and the End of “Wars of Choice”

Looking south from Top of the Rock, New York City

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Foreign Affairs, the mouthpiece of the Council on Foreign Relations, is like a 500-pound canary: When it speaks, people listen. Gary North referred to the article in the November-December 2010 issue entitled “American Profligacy and American Power” as “a turning point…the first official announcement…that the Federal deficit is out of control…which threatens the survival of America’s position as the world’s most influential political-military participant.”

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Bloodbath Coming?

Mel Gibson as William Wallace anachronisticall...

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White House deficit commission co-chairman Alan Simpson spoke at a Christian Science Monitor roundtable on Friday morning saying, “I can’t wait for the blood bath in April. It won’t matter whether two of us [on the commission] have signed this or 14 or 18. When debt limit time comes, they’re going to look around and say, ‘What…do we do now? We’ve got guys [House freshmen] who will not approve the debt limit increase unless we give ’em a piece of meat, real meat, off of this package.’ And boy the blood bath will be extraordinary.”

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The National Debt: Scary Facts, False Conclusions, and Gumption

Cropped version US national debt clock / billb...

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When Anthony Mason, CBS News’ senior business correspondent, visited the Treasury Room, he called it the location of “essentially the American credit card machine.” It’s where traders buy and sell United States’ treasury bills, notes, and bonds in order to finance government operations. Mason’s revelation was profound: “I found that room kind of spooky. If we can’t [sell] those IOUs—which keep the government running on a day-to-day basis—then we can’t run the country anymore. We [won’t] have the money.”

CBS then went on to review the repetitive and increasingly tiresome litany of disasters that await if those IOUs can’t be sold:

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Deficit Commission Report: Deficit Reduction Lite

The Deficit Reduction Whopper

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The co-chairs of President Obama’s Deficit Commission, Erskine Bowles and Alan Simpson, announced many of the possible recommendations that could appear in the report of the Commission due December 1. They included just enough to arouse the ire of partisans on both sides, without making any serious inroads into real deficit reduction. Calling it a “politically provocative and economically ambitious package,” the New York Times said the initial proposals are “igniting a debate that is likely to grip the country for years.”

The co-chairs aren’t expecting much to happen but they claimed they wanted to “start the conversation” now.

Some of the proposals on the reduced spending side include:

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Translating Bernanke-Speak About the Great Recession

WASHINGTON - DECEMBER 07:  Federal Reserve Ban...

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When Fed Chairman Ben Bernanke says the country is in trouble, many aren’t listening, partly because the media wasn’t there reporting on it, and partly because those listening can’t understand what he’s saying. Speaking at the Annual Meeting of the Rhode Island Public Expenditure Council on Monday, the best he could do was “There is no way around it—meeting these challenges will require…the public to make some very difficult decisions and to accept some sacrifices.”

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Fixing State Budgets will be Painful

Carly Fiorina (MBA 1980), former CEO of Hewlet...

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Pew Research recently polled Americans about ways to bring state budgets into balance and found that respondents did not like any of the options. In its Congressional Connection poll released June 28, Pew Research asked if a federal bailout of financially troubled states should be considered. Barely one in four said yes. Nearly 60 percent said no, that the states should take care of their problems on their own.

Other options offered by Pew included cutting transportation funding, raising taxes, cutting health services, reducing spending for police and fire departments, and slashing the public school budget. Each of those options was also strongly opposed, often by majorities approaching 70 percent.

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Double Dip Evidence Piling Up

Double Dipped Cones

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When John Hussman, in his Weekly Market Comment, noted that the Economic Cycle Research Institute’s (ECRI) Index “has slumped to the lowest level in 44 weeks and has now gone to a negative reading,” he was confirming other recent signals that the economy was giving off, notably here and here, that the possibility of a double dip recession continues to increase.

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National Debt at Tipping Point?

Tea Party

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The Wall Street Journal took another look at the $13 trillion national debt written about here last week and announced that, according to a study by economists Carmen Reinhart and Kenneth Rogoff, the economy has now reached the tipping point, the Reinhart-Rogoff Line, better known as the point of no return.

“Once a developed nation’s debt crosses it, its annual growth [tends to be much] lower.” The best estimate is that, once that point is reached, the GDP will be reduced by one-third, with little chance of regaining normal economic output for the foreseeable future.

In their book, This Time Is Different, Reinhart and Rogoff state:

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$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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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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A Closer Look at the GOP Litmus Test

Senator Arlen Specter while he was being inter...

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Now that the GOP has all but shelved the litmus test for candidates to receive money and support for their mid-term election campaigns, a closer look at that “test” reveals a tepid attempt to reinvigorate “conservative” principles into the big tent GOP.

The Republican National Committee, meeting in Hawaii to hammer out their platform, briefly considered a resolution from James Bopp, an RNC vice-chairman from Indiana and general counsel for National Right to Life, requiring candidates to state publicly their agreement with at least eight of ten listed “conservative” positions. Bopp said that his resolution was “designed to bring conservatives, some of whom have gravitated to the independent ‘tea party’ movement, into the GOP fold.” He expressed concern that “disaffected conservatives” would back third-party candidates and take support away from Republicans running in the same race. He added:

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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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The National Debt: How Soon Before Uncle Sam Cries “Uncle?”

 

Uncle Sam with empty treasury, 1920, by James ...

When Bob Schieffer of NBC News asked the rhetorical question: “…has going a trillion dollars in hock to one country [China] made us more secure?”, he was reminded of Everett Dirksen (Illinois Senator for nearly 20 years) and his famous comment: “…a billion here and a billion there and pretty soon you’re talking about real money!”.

The current account deficit, at the present moment, is over $12 trillion and climbing. About half of that debt is owned by foreign countries, most notably China (about $800 billion) and India (about $300 billion), with the balance owned by Japan, Germany, and others.

So what’s the big deal?

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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.
Copyright © 2018 Bob Adelmann