Topic: Federal Deficits
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Could 'fiscal cliff' push US into recession? Five questions answered.
The nonpartisan Congressional Budget Office (CBO) warned in a report Tuesday that if Congress does not deal with a raft of fiscal measures by Dec. 31, the US could enter another recession. So what is this fiscal cliff and what is Congress doing about it?
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Briefing
Buffett rule: Five questions about Obama's plan answered
President Obama wants a proposed "Buffett rule" to make sure that millionaires pay at least a 30 percent federal tax rate. Here are five facts that shed light on the Buffett rule and the debate surrounding it.
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Five budget realities no politician will talk about (not even Ron Paul)
Ron Paul deserves credit for making the boldest proposals of any candidate in the presidential race. The astonishing reality of the federal government’s budget situation, however, is that even his plans might not be enough to keep Uncle Sam out of bankruptcy. While President Obama offers a $3.8 trillion budget that optimistically might cut the federal deficit to $575 billion by 2018, federal data suggest the United States is already broke. The Federal Reserve estimates that the net value of all private assets, including real estate, stocks, bonds, businesses, cash, etc., is $57 trillion. But the Treasury Department estimates the federal government’s net worth is a negative $61 trillion. Here are five budget realities that no candidate wants to acknowledge:
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Q&A: What's with the war talk surrounding Iran?
Tensions over Iran’s nuclear program have escalated in recent weeks as the US and Europe ramp up sanctions against the Islamic Republic.
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Election 101: Where the GOP candidates stand on the economy
With more than 13 million Americans out of work and wage increases so modest they’re failing to keep up with inflation, voters have put the economy and jobs at the top of their checklist of presidential issues.
All Content
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Economist Mom
Turning the 'fiscal cliff' into a gentle slope
Economists and policymakers worry that the recovering US economy won't be able to handle the amount of deficit reduction headed its way in the coming months. It can;t be avoided, but it can be made easier to overcome.
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Could 'fiscal cliff' push US into recession? Five questions answered.
The nonpartisan Congressional Budget Office (CBO) warned in a report Tuesday that if Congress does not deal with a raft of fiscal measures by Dec. 31, the US could enter another recession. So what is this fiscal cliff and what is Congress doing about it?
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Beyond Afghanistan, a weakened NATO can still write its own future
As the NATO summit in Chicago wraps up, it’s clear that NATO is in a tough spot, navigating a tenuous transition in Afghanistan as a prolonged euro crisis slashes its capability. NATO must look closer to home to restore its credibility in areas our citizens agree are high priorities.
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Economist Mom
Creating jobs while reducing the deficit: hard but possible
Just because deficit spending in general can be helpful in a recession and recovery and harmful in general in a recovered economy, doesn’t mean all deficit spending is equally good in a recession and recovery, or all deficit spending is equally bad in a full-employment economy. There are benefits and costs in either situation.
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Romney hits back on economy, says Obama causing a 'prairie fire of debt' (+video)
The GOP candidate was in Iowa, making his case that the President's administration has not done enough to keep the country fiscally sound.
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Tax VOX
With European elections, is austerity in the US doomed?
It's easy to look at European elections in France, Greece, Spain, Portugal, Italy, and Denmark and see a massive rejection of fiscal austerity. Is that accurate, and what does it mean for proponents of austerity in the US?
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'Buffett rule' fails, but it will be back
The Buffet rule to raise taxes on millionaires couldn't get through the Senate, but both parties promise to make it a campaign issue as the nation heads toward Election 2012.
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Why the GOP loves to hate the Democrats' Buffett rule
For Republicans, the danger in disavowing the so-called Buffett rule, a tax hike on millionaires, is that Democrats can paint them as the party that protects the rich. But they believe they can prevail with voters by fighting it. Here's why.
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Briefing
Buffett rule: Five questions about Obama's plan answered
President Obama wants a proposed "Buffett rule" to make sure that millionaires pay at least a 30 percent federal tax rate. Here are five facts that shed light on the Buffett rule and the debate surrounding it.
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Robert Reich
Why the 'Buffett rule' isn't enough
A 30 percent overall tax rate for millionaires still sets the bar too low, in light of the grim budget realities facing the country.
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Slamming 'social Darwinism,' Obama reignites debt clash with GOP
On primary day, Obama decries the Republican budget proposal as a 'prescription for decline' that would bring cuts to education, transportation, and the social safety net.
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Obama: Republican budget 'radical,' a 'Trojan horse'
Obama, in a speech to newspaper executives, is sharply criticizing a $3.5 trillion budget proposal pushed by Rep. Paul Ryan, R-Wis., which passed on a near-party-line vote last week and has been embraced by GOP presidential hopefuls.
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Five budget realities no politician will talk about (not even Ron Paul)
Ron Paul deserves credit for making the boldest proposals of any candidate in the presidential race. The astonishing reality of the federal government’s budget situation, however, is that even his plans might not be enough to keep Uncle Sam out of bankruptcy. While President Obama offers a $3.8 trillion budget that optimistically might cut the federal deficit to $575 billion by 2018, federal data suggest the United States is already broke. The Federal Reserve estimates that the net value of all private assets, including real estate, stocks, bonds, businesses, cash, etc., is $57 trillion. But the Treasury Department estimates the federal government’s net worth is a negative $61 trillion. Here are five budget realities that no candidate wants to acknowledge:
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In surprise move, GOP leaders admit defeat in payroll tax battle
House GOP leaders had wanted to offset the cost of a payroll tax extension by spending cuts. But their decision Monday suggests that the political cost of a stalemate was too high.
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Does Obama blueprint reduce budget deficit fast enough? (+video)
US budget deficit, which has hit $1 trillion for four straight years, would fall to $900 billion in 2013, under Obama's budget blueprint released Monday. It is slated to keep falling, but even by 2018 would barely satisfy credit-rating firms.
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Obama's budget offers short-term help for economy
President Obama will send Congress a budget that provides short-term help to a struggling economy while offering a long-term plan to deal with soaring deficits. Republicans say it's more of the same failed solutions.
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The Daily Reckoning
Debt outpacing growth and the case of Japan
Japan couldn't trick its way out of an economic meltdown, and neither can the US.
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Robert Reich
Let's fix jobs before we fix the deficit
January's employment report is positive, but the US job market is far from healthy.
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The Vote
CBO knows its deficit forecasts are too cheery. So what will really happen?
The CBO is forecasting a $1.1 trillion deficit in 2012, followed by several years of a much lower amount. But CBO officials know that's a fantasy, so it has prepared a more pessimistic outlook.
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The New Economy
America owes $10 trillion! No, $50 trillion! Let me explain.
Estimates of America's debt vary by tens of trillions of dollars, depending on how you count. The bottom line: It's deep but not yet fatal.
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The Daily Reckoning
The US appetite for debt keeps growing
While the private sector is de-leveraging, the public sector is borrowing and spending more than ever.
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On the Economy
Why Obama doesn't get enough credit
Why hasn’t the president gotten more credit for what history may ultimately judge as a record of remarkable accomplishments?
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Q&A: What's with the war talk surrounding Iran?
Tensions over Iran’s nuclear program have escalated in recent weeks as the US and Europe ramp up sanctions against the Islamic Republic.
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The Daily Reckoning
When will the debt bubble burst?
With the Fed printing more and more money, when will the federal debt problem become too big to handle?
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Election 101: Where the GOP candidates stand on the economy
With more than 13 million Americans out of work and wage increases so modest they’re failing to keep up with inflation, voters have put the economy and jobs at the top of their checklist of presidential issues.
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