US GOVERNMENT COLLAPSE was all THEATRE says TRENDS journalist ‘GERALD CELENTE’ (ECONOMIC CS)
Obama Lies About the Implications of Raising the Debt Ceiling
JIM ROGERS on U.S. GOVERNMENT SHUTDOWN – U.S. NOT on Brink of DEFAULT & will PRINT more MONEY
Jack Lew attacks Ted Cruz and Tea Party – says they are dangerous exttremists
Dan Mitchell Debunking Myths about the Partial Government Shutdown
Does Government Have a Revenue or Spending Problem?
Funding Government by the Minute
What Can We Cut to Balance the Budget
Will Higher Tax Rates Balance the Budget?
Will Taxing the Rich Fix the Deficit?
What Are the Dangers of Too Much Debt?
How Big Is the U.S. Debt?
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BUREAU OF THE FISCAL SERVICE
STAR - TREASURY FINANCIAL DATABASE
TABLE 1. SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)
ACCOUNTING DATE: 08/13
PERIOD RECEIPTS OUTLAYS DEFICIT/SURPLUS (-)
+ ____________________________________________________________ _____________________ _____________________ _____________________
PRIOR YEAR
OCTOBER 163,072 261,539 98,466
NOVEMBER 152,402 289,704 137,302
DECEMBER 239,963 325,930 85,967
JANUARY 234,319 261,726 27,407
FEBRUARY 103,413 335,090 231,677
MARCH 171,215 369,372 198,157
APRIL 318,807 259,690 -59,117
MAY 180,713 305,348 124,636
JUNE 260,177 319,919 59,741
JULY 184,585 254,190 69,604
AUGUST 178,860 369,393 190,533
SEPTEMBER 261,566 186,386 -75,180
YEAR-TO-DATE 2,449,093 3,538,286 1,089,193
CURRENT YEAR
OCTOBER 184,316 304,311 119,995
NOVEMBER 161,730 333,841 172,112
DECEMBER 269,508 270,699 1,191
JANUARY 272,225 269,342 -2,883
FEBRUARY 122,815 326,354 203,539
MARCH 186,018 292,548 106,530
APRIL 406,723 293,834 -112,889
MAY 197,182 335,914 138,732
JUNE 286,627 170,126 -116,501
JULY 200,030 297,627 97,597
AUGUST 185,370 333,293 147,923
YEAR-TO-DATE 2,472,542 3,227,888 755,345
REPORT ID: STM0P082
USER ID :
DATE: 2013-09-10 TIME: 22.20.06 PAGE 1(2)
1 BUREAU OF THE FISCAL SERVICE
STAR - TREASURY FINANCIAL DATABASE
TABLE 3. SUMMARY OF RECEIPTS AND OUTLAYS OF THE U.S. GOVERNMENT (IN MILLIONS)
ACCOUNTING DATE: 08/13
ACTUAL ACTUAL ACTUAL COMP. BUDGET EST.
CLASSIFICATION THIS MONTH THIS FY TO DATE PRIOR PERIOD FULL FY
+ _________________________________________________________________ _______________ _______________ _______________ _______________
BUDGET RECEIPTS
INDIVIDUAL INCOME TAXES 85,286 1,175,536 1,015,419 1,309,683
CORPORATION INCOME TAXES 3,595 216,360 186,272 278,684
SOCIAL INSURANCE AND RETIREMENT RECEIPTS:
EMPLOYMENT AND GENERAL RETIREMENT (OFF-BUDGET) 54,771 614,010 521,335 674,143
EMPLOYMENT AND GENERAL RETIREMENT (ON-BUDGET) 16,703 194,450 186,822 214,817
UNEMPLOYMENT INSURANCE 5,969 56,524 66,145 58,593
OTHER RETIREMENT 313 3,256 3,449 3,746
EXCISE TAXES 6,315 72,894 69,420 85,334
ESTATE AND GIFT TAXES 1,253 17,783 13,026 17,690
CUSTOMS DUTIES 2,843 28,859 27,570 32,154
MISCELLANEOUS RECEIPTS 8,322 92,871 98,069 101,719
ALLOWANCES ...... ...... ...... ......
;BTOTAL RECEIPTS 185,370 2,472,542 2,187,527 2,776,563
;C(ON-BUDGET) 130,599 1,858,532 1,666,192 2,102,420
;C(OFF-BUDGET) 54,771 614,010 521,335 674,143
;CBUDGET OUTLAYS
LEGISLATIVE BRANCH 345 3,955 4,097 4,792
JUDICIAL BRANCH 669 6,508 6,650 7,283
DEPARTMENT OF AGRICULTURE 10,859 146,486 129,810 159,620
DEPARTMENT OF COMMERCE 682 8,322 9,513 9,391
DEPARTMENT OF DEFENSE-MILITARY PROGRAMS 53,367 559,942 601,176 610,266
DEPARTMENT OF EDUCATION 7,028 38,725 53,177 44,431
DEPARTMENT OF ENERGY 1,650 22,576 29,635 25,977
DEPARTMENT OF HEALTH AND HUMAN SERVICES 94,535 832,894 793,470 903,970
DEPARTMENT OF HOMELAND SECURITY 3,633 52,272 43,932 58,377
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 2,289 32,545 46,807 56,518
DEPARTMENT OF THE INTERIOR 1,153 8,455 11,393 9,964
DEPARTMENT OF JUSTICE 2,428 27,125 28,226 29,897
DEPARTMENT OF LABOR 5,972 75,930 98,314 86,163
DEPARTMENT OF STATE 1,714 21,774 23,222 29,536
DEPARTMENT OF TRANSPORTATION 7,730 67,605 66,944 78,505
DEPARTMENT OF THE TREASURY:
INTEREST ON TREASURY DEBT SECURITIES (GROSS) 25,488 395,826 342,541 414,655
OTHER 2,619 23,821 135,586 -10,700
DEPARTMENT OF VETERANS AFFAIRS 17,996 131,489 118,198 138,901
It is the economic calamity that no one expects and everyone fears.
Experts agree that failing to raise the nation’s debt ceiling by Oct. 17, when U.S. officials say the government will run out of money to pay its bills, would gravely wound the economy, and perhaps even throw it back into recession. Because Treasury bonds and the dollar are cornerstones of the global financial system, meanwhile, the shock wave would be felt around the world.
“The potential is disastrous,” said Gus Faucher, senior economist with PNC Financial Services Group. “We would see interest rates spike across the board. We’d see a huge crash in the dollar. People count on lending their money to the federal government and getting it back, and if that trust is taken away — it’s never happened that we haven’t met our obligations as a nation — then that has very, very negative consequences for the U.S. economy.”
The consequences are so severe that, even as the government shutdown enters its second week, most seasoned political observers still expect Congress to ultimately reach an eleventh-hour deal to lift the government’s borrowing limit.
But what exactly is the debt ceiling, and exactly how worried should Americans be that it could come crashing down?
What is the debt ceiling?
The debt ceiling is the total amount of money the U.S. government can borrow (by selling Treasury bonds) to pay its obligations, including interest on the national debt, Social Security and Medicare benefits, and many other payments. That limit is currently $16.7 trillion, although technically the government already exceeded it in May. The Treasury Department has since used various measures to continue borrowing.
During World War I, amid uncertainty regarding the total costs of funding U.S. involvement in the conflict, Congress created the cap in 1917 to put an upper limit on federal borrowing. Since 1960, Congress has raised the debt ceiling 78 times.
How is the debt ceiling changed?
Lawmakers can adjust it by passing a standalone bill or by including it in another piece of legislation as an amendment.
Does raising the debt ceiling increase the federal debt?
No. Lifting the borrowing limit simply allows the government to pay its existing bills. That debt exists whether or not Congress authorizes additional borrowing, and to avoid default it must be paid.
Why can’t Congress and the White House avoid lifting the cap by cutting federal spending?
Because preventing the government from borrowing to meet its obligations would require all discretionary spending, such as for defense, education, housing and other annual appropriations, to stop, according to the Congressional Research Service. Most of the outlays for mandatory programs, such as Social Security, also would have to be halted, while taxes would need to rise to ensure the government had money to spend. Deep spending cuts and tax hikes would throw the economy into recession.
Why is Oct. 17 a critical date?
Treasury Secretary Jacob Lew recently forecastthat on Oct. 17 the government would have about $30 billion on hand. That isn’t enough because the government spends as much as $60 billion per day. “If we have insufficient cash on hand, it would be impossible for the United States of America to meet all of its obligations for the first time in our history,” he said last week in a letter to congressional leaders.
What happens if Congress doesn’t raise the debt ceiling?
If the government runs low on cash, it will have to withhold a range of payments. Retirees might not get their Social Security checks, especially worrisome for the millions of Americans who depend almost entirely on the social insurance program for income. The same goes for Medicare and Medicaid recipients. Holders of Treasury notes, from Wall Street and other global banks to foreign governments, also could get stiffed, jeopardizing the solvency of many financial institutions and choking off global credit flows.
The U.S. also would struggle to pay the interest on its debt, including a $6 billion payout due at the end of the month. At that point, the U.S. would be in default of its obligations. The value of Treasury bonds and the dollar would nosedive. The nation’s borrowing costs would soar as anxious investors demanded a higher return to buy suddenly shaky U.S. debt. And because the interest rate on Treasuries provides a benchmark for rates on other loans, from mortgages and credit cards to car and student loans, borrowing would become far more costly for consumers and businesses. Stock markets in the U.S. and elsewhere around the world would almost certainly plunge.
“When stock prices fall, investment or other spending to expand a business is more costly,” the Treasury Department said in a report last week outlining the potential impact of the debt-ceiling fight. “The effects on households and businesses, moreover, are reinforcing. Less capacity and willingness of households to spend, when businesses have less incentive to invest, hire and expand production, all lead to weaker economic activity.”
In short, the already fragile economic recovery could stall.
Haven’t we been here before?
There is recent precedent for such turmoil. Consumer confidence plummeted after lawmakers squared off over the debt ceiling in the summer of 2011, while the Standard & Poor’s 500 stock index dropped nearly 20 percent. Hiring among small businesses slowed. Ever after a deal was struck to raise the cap in August of that year, credit rating agency Standard & Poor’s downgraded U.S. debt for the first time ever.
Beyond the immediate economic fallout of defaulting on its debt, for the U.S. the symbolic blow might be even greater. In the post-World War II era, Treasuries and the greenback have — for better and for worse — served as the foundation of the global financial system. A default would shatter the faith on which that system relies.
How much danger are we in?
Although financial markets are not yet in panic mode, the standoff in Washington has them worried. Unlike during the 2011 dispute, when Republicans and most Democrats favored cutting federal spending, the stark division over Obamacare suggests there may be less room for compromise this time around. One clear sign of distress: Interest rates on short-term Treasury bonds rose last week, as investors seek greater yields to offset what they perceive as the greater risk of holding the debt.
Still, most economists, stock analysts and, for all the pointed rhetoric on Capitol Hill, even congressional leaders themselves downplay the chances of a default. The belief is that common sense, or at least a sense of political self-preservation, will prevail.
“The best way to destroy the capitalist system is to debauch the currency”
“The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.”
~Vladimir Lenin
“We demand that the State shall make it its primary duty to provide a livelihood for its citizens.”
“It’s time to put the common good, the national interest, ahead of individuals.”
~Adolf Hitler
Rush Limbaugh on Greta (1 of 5): Obama Destroying the Economy on Purpose
Rush Limbaugh on Greta (2 of 5): Obama Destroying the Economy on Purpose
Rush Limbaugh on Greta (3 of 5): Obama Destroying the Economy on Purpose
Rush Limbaugh on Greta (4 of 5): Obama Destroying the Economy on Purpose
Rush Limbaugh on Greta (5 of 5): Obama Destroying the Economy on Purpose
Stop Spending Our Future – The Crisis
US Federal Government Deficits
HyperStagflation
Hyperinflation is Coming! Weimar Republic of Germany – Obamaflation – Socialist States of America
HYPERINFLATION NATION MOVIE Part 1 of 3
HYPERINFLATION NATION MOVIE Part 2 of 3
HYPERINFLATION NATION MOVIE Part 3 of 3
Americans’ Opinion of Federal Reserve Board Sours
Hannity Sean & Dick Morris Talk Barack Obama and His Health Care Plan Strategy FOX News
“To the extent that we’ve got a fiscal crisis right now, part of it is prompted by a bullheaded insistence on the part of the president, for example, that we should extend all of his tax cuts, make all of them permanent.”
“Focusing your life solely on making a buck shows a certain poverty of ambition. It asks too little of yourself. Because it’s only when you hitch your wagon to something larger than yourself that you realize your true potential.”
“Instead of having a set of policies that are equipping people for the globalization of the economy, we have policies that are accelerating the most destructive trends of the global economy.”
“In the end, that’s what this election is about. Do we participate in a politics of cynicism or a politics of hope?”
~Barack Obama
Background Articles and Videos
Sticker wars: Shattering the myth of Hope and Change
By Michelle Malkin
“… Just wanted to share a quick back story about the cover of Culture of Corruption:
If the distinctive artwork seems familiar, it’s because the graphic artist behind the shattered O logo is our friend, Tennyson Hayes. Tennyson and I collaborated on the image, which sums up the book — and the last six months of the Age of Obama — in a stark and arresting way. The Obama campaign understands the power of visual propaganda. The Right needs to get in the game, too. Just look around your neighborhood or highway and the still-stubborn proliferation of HopeAndChange bumper stickers.
To fight back against the delusional tide, Tennyson has made shattered O stickers available here. I’ve got one on the back of my car window and have already earned some dirty looks:
So, get a book. Lend it to your “progressive” friends and family. Send them a sticker. Send me photos of your car with the shattered O logo sticker. I’ll post ‘em.
And stay tuned. We have more goodies in store for you! …”
Bob Dylan – It’s All Over Now, Baby Blue (Live 1965)
Stop Spending Our Future – The Crisis
Obama’s taxes will create mass unemployment
US Federal Government Deficits
Obama & His Socialist Economists Should Listen to Ron Paul & Peter Schiff
Yaron Brook’s Call to Action – March 2009 (Part 1 of 2)
Yaron Brook’s Call to Action – March 2009 (Part 2 of 2)
The Official US unemployment rate hit 8.9% in April 2009.
This means there are over 13,700,000 unemployed Americans looking for full tiime jobs.
The official unemployment rate or U-3 understates the actual unemployment rate.
The total unemploymnet rate to watch is U-6 which hit 15.8% in April 2009.
This means there are actually over 24 million or 24,000,000 Americans now looking for a full time job!
As of May 1 the American people will be holding President Obama responsible for the continuing rising unemployment.
By July 4, 2009 the official unemployment rate will exceed 10% or over 15 million unemployed Americans.
The total unemployment rates will hit 17% with over 26 million Americans looking for full time jobs.
There are between 20 million to over 30 million criminal aliens in the United States.
Between 15 to 20 million criminal aliens are now working in the United States in jobs once held by American citizens.
Lou Dobbs – E-Verify & Border Fence may be canceled
If employers were required to use E-Verify to determine if a employee is legally entitled to work in the US and the Federal government enforced thr immigration laws, the unemployment rate could cut be cut in half if not eliminated.
Voter remorse is setting in with President Obama.
The hope and change candidate is now President Obama the economy wrecker and job destroyer.
Massive increases in taxes including the new cap and trade carbon dioxide tax and massive increases in both the yearly deficits and national debt are being used to fund a massive increase in scope of government intervention into the economy.
“Nonfarm payroll employment continued to decline in April (-539,000), and
the unemployment rate rose from 8.5 to 8.9 percent, the Bureau of Labor Sta-
tistics of the U.S. Department of Labor reported today. Since the recession
began in December 2007, 5.7 million jobs have been lost. In April, job los-
ses were large and widespread across nearly all major private-sector indus-
tries. Overall, private-sector employment fell by 611,000.
Unemployment (Household Survey Data)
The number of unemployed persons increased by 563,000 to 13.7 million in
April, and the unemployment rate rose to 8.9 percent. Over the past 12 months,
the number of unemployed persons has risen by 6.0 million, and the unemployment
rate has grown by 3.9 percentage points. (See table A-1.)
Unemployment rates rose in April for adult men (9.4 percent) and blacks
(15.0 percent). The jobless rates for adult women (7.1 percent), teenagers
(21.5 percent), whites (8.0 percent), and Hispanics (11.3 percent) were little
changed over the month. The unemployment rate for Asians was 6.6 percent in
April, not seasonally adjusted, up from 3.2 percent a year earlier. (See
tables A-1, A-2, and A-3.)
Among the unemployed, the number of job losers and persons who completed
temporary jobs rose by 571,000 in April to 8.8 million. This group has more
than doubled in size over the past 12 months. (See table A-8.)
The number of long-term unemployed (those jobless for 27 weeks or more)
increased by 498,000 to 3.7 million over the month and has risen by 2.4 mil-
lion since the start of the recession in December 2007. (See table A-9.) …”
A-12. Alternative measures of labor underutilization (Percent)
Not seasonally adjusted Seasonally adjusted
Measure
Apr. Mar. Apr. Apr. Dec. Jan. Feb. Mar. Apr.
2008 2009 2009 2008 2008 2009 2009 2009 2009
U-1 Persons unemployed 15 weeks or longer, as a percent
of the civilian labor force………………….. 1.9 4.1 4.5 1.7 2.9 3.0 3.4 3.7 4.0
U-2 Job losers and persons who completed temporary
jobs, as a percent of the civilian labor force…. 2.6 6.1 5.6 2.6 4.2 4.5 5.0 5.4 5.7
U-3 Total unemployed, as a percent of the civilian
labor force (official unemployment rate)………. 4.8 9.0 8.6 5.0 7.2 7.6 8.1 8.5 8.9
U-4 Total unemployed plus discouraged workers, as a
percent of the civilian labor force plus
discouraged workers…………………………. 5.0 9.4 9.0 5.2 7.6 8.0 8.5 8.9 9.3
U-5 Total unemployed, plus discouraged workers, plus
all other marginally attached workers, as a
percent of the civilian labor force plus all
marginally attached workers………………….. 5.6 10.3 9.8 5.9 8.3 8.8 9.3 9.8 10.1
U-6 Total unemployed, plus all marginally attached
workers, plus total employed part time for
economic reasons, as a percent of the civilian
labor force plus all marginally attached workers.. 8.9 16.2 15.4 9.2 13.5 13.9 14.8 15.6 15.8
NOTE: Marginally attached workers are persons who currently are neither working nor looking for work but indicate that they want and
are available for a job and have looked for work sometime in the recent past. Discouraged workers, a subset of the marginally attached,
have given a job-market related reason for not looking currently for a job. Persons employed part time for economic reasons are those
who want and are available for full-time work but have had to settle for a part-time schedule. For more information, see “BLS intro-
duces new range of alternative unemployment measures,” in the October 1995 issue of the Monthly Labor Review. Updated population con-
trols are introduced annually with the release of January data.
Another snort-inducer: Obama to crack down on tax cheats
By Michelle Malkin
“…Treasury Department tax cheat Tim Geithner already announced this knee-slapper initiative in March. The White House follows up today with the details of the crackdown on corporate tax cheats:
President Obama on Monday spelled out his plans to close corporate tax loopholes on U.S. multinational corporations and crack down on overseas tax havens.
The goal is to help create new jobs in the United States and make the tax code fairer.
But tax policy experts and corporate lobbyists say such measures, unless accompanied by a reduction in the corporate tax rate, will push more companies to move their operations — and jobs – overseas to more tax friendly countries. …”
Fannie Mae (FNM.P), the largest provider of U.S. home mortgage funding, said on Friday it needs more capital from the U.S. Treasury after a $23.2 billion loss in the first quarter, and warned government housing programs would cut deeper into its profitability.
The government-controlled company said its regulator requested $19 billion from the Treasury under a funding commitment that on Wednesday was doubled to $200 billion. The credit, in the form of senior preferred stock purchases, was established as soaring losses led the government to push the company into conservatorship in September.
As the nation’s housing market reels in its worst downturn since the 1930s, credit-related expenses accounted for the majority of Fannie Mae’s loss, at $20.9 billion. It also took a $5.7 billion loss on mortgage securities. …”
Yesterday, I noted that Silicon Valley expressed its displeasure with President Obama’s plans to require corporations to pay billions of dollars in U.S. taxes on foreign earnings that they have previously been allowed to defer.
Today, there’s more whining from the tech companies that boosted Obama’s campaign and filled his coffers.
Carl Guardino usually comes across as an amenable, mild-mannered Silicon Valley executive. But not on Monday. Not when he watched President Obama promising to end overseas tax breaks for U.S. companies that “create a job in Bangalore, India, (rather than) one in Buffalo, N.Y.” Guardino, CEO of the Silicon Valley Leadership Group, angrily described Obama’s language as “not only discouraging, but divisive.” The president’s implication that companies such as Cisco Systems and Hewlett-Packard merely “ship jobs overseas,” and are being rewarded in the bargain, came as a shock to Guardino, who otherwise described the president as “brilliant and respected by so many in the tech sector who are counting on the administration as their ally.”
Indeed, Obama’s proposal to limit U.S. companies’ ability to defer paying U.S. taxes on offshore earnings does put Bay Area companies doing a lot of business overseas directly in the crosshairs. “It would adversely impact our ability to invest and grow our business in the (United States) and to compete against our foreign competitors,” said a spokesman for Cisco.
Government Highways – Ayn Rand Center for Individual Rights
Public Education – Ayn Rand Center for Individual Rights
The Borg Documentary part 3
Borg
“The Borg are a fictional pseudo-race of cybernetic organisms depicted in the Star Trek franchise. The Borg play major roles in The Next Generation and Voyager television series, primarily as an invasion threat to the United Federation of Planets and the means of return to the Alpha Quadrant for isolated Federation starship Voyager, respectively. The Borg have become a symbol in popular culture for any juggernaut against whom “resistance is futile”.
The Borg manifest as cybernetically enhanced humanoid drones of multiple species, organized as an interconnected collective, the decisions of which are made by a hive mind. The Borg inhabit a vast region of space in the Delta Quadrant of the galaxy, possessing millions of vessels and having conquered thousands of systems. They operate solely toward the fulfilling of one purpose: to “add the biological and technological distinctiveness of other species to their own” in pursuit of perfection. This is achieved through forced assimilation, a process which transforms individuals and technology into Borg, enhancing, and simultaneously controlling, individuals by implanting or appending synthetic components.
In their first introduction to the franchise, little information is forthcoming about the Borg or their origins and intents. In alien encounters, they exhibit no desire for negotiation or reason, only to assimilate. Exhibiting a rapid adaptability to any situation or threat, with encounters characterized by matter of fact imperative ‘resistance is futile’, the Borg develop into one of the greatest threats to Starfleet and the Federation. Originally perceived on screen as a homogeneous and anonymous entity, the concepts of a Borg Queen and central control are later introduced, while representatives for the Borg collective are occasionally employed to act as a go-between in more complicated plot lines.
In Star Trek, attempts to resist the Borg become one of the central themes, with many examples of successful resistance to the collective, both from existing or former drones, and assimilation targets, with at least one species being shown as having superior capabilities to the Borg. It is also demonstrated that it is possible to survive assimilation (most notably Jean-Luc Picard), and that drones can escape the collective (most notably Seven of Nine), and become individuals, or exist collectively without forced assimilation of others. …”
You must leave now, take what you need, you think will last
But whatever you wish to keep, you better grab it fast
Yonder stands your orphan with his gun
Crying like a fire in the sun
Look out the saints are comin’ through
And it’s all over now, Baby Blue.
The highway is for gamblers, better use your sense
Take what you have gathered from coincidence
The empty handed painter from your streets
Is drawing crazy patterns on your sheets
This sky, too, is folding under you
And it’s all over now, Baby Blue.
All your seasick sailors, they are rowing home
Your empty handed armies, are all going home
Your lover who just walked out the door
Has taken all his blankets from the floor
The carpet, too, is moving under you
And it’s all over now, Baby Blue.
Leave your stepping stones behind, something calls for you
Forget the dead you’ve left, they will not follow you
The vagabond who’s rapping at your door
Is standing in the clothes that you once wore
Strike another match, go start a new
And it’s all over now, Baby Blue.
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