The National Debt Clock is shown Monday, Feb. 1, 2010 in New York. President Barack Obama sent Congress a $3.83 trillion budget on Monday that would pour more money into the fight against high unemployment, boost taxes on the wealthy and freeze spending for a wide swath of government programs. The deficit for this year would surge to a record-breaking $1.56 trillion. The Debt Clock is a privately funded estimate of the national debt. (AP Photo/Mark Lennihan)
Businessinsider.com | Joe Weisenthal | Jul. 6, 2010, 4:51 AM The world’s hottest deficit hawk Niall Ferguson brought his message of fiscal doom & gloom to the Aspen Ideas Festival, where he warned that politicians were lacking urgency over the crisis to come. The Aspen Times reports: And American politicians don’t have a sense of […]
Anyone who thinks the new financial reform law will save us from the next debt disaster must be dreaming. Here are the facts…
The wealthiest of the Group of 20 countries said they would halve their government deficits by the year 2013 and “stabilize” their debt loads by 2016, a signal to international markets and domestic political audiences they are taking seriously the need to wean themselves from stimulus spending.
Americans spent a little more in May but not enough to speed along the economic recovery.
Consumer spending rose 0.2 percent last month after no change in April, the Commerce Department said Monday. Incomes rose for the sixth time in seven months, boosting household finances and potentially providing fuel for greater future spending.
US Treasury Secretary Timothy Geithner has told the BBC that the world “cannot depend as much on the US as it did in the past”.
He said that other major economies would have to grow more for the global economy to prosper.
He also played down any differences in policy between the US and Europe regarding deficit reduction.
Mr Geithner was speaking in Washington ahead of G8 and G20 meetings this weekend in Toronto.
By Jacob Greber June 18 (Bloomberg) — Former Federal Reserve Chairman Alan Greenspan said the U.S. may soon face higher borrowing costs on its swelling debt and called for a “tectonic shift” in fiscal policy to contain borrowing. “Perceptions of a large U.S. borrowing capacity are misleading,” and current long-term bond yields are masking America’s debt […]
China’s holdings of US debt climbed to the highest level this year, the US Treasury said Tuesday even as Beijing stepped up attacks on the United States for its burgeoning debt.
Did you know that when you look at the top 30% of the population of America in terms of wealth and success, nine out of 10 of those folks weren’t there a decade ago? That’s one of the things I learned in conducting a study of 5,000 Americans for my book “The Difference.”
Anyone not blinded by greed can plainly see the sick cycle we’re in: First, the government helps create a great asset bubble. Next, the government-created bubble bursts under a dark cloud of hardship for millions of Americans, and …
Concern over the nation’s mounting debt could snarl the passage of President Barack Obama’s proposal to provide more aid to state and local governments hit by the economic downturn.