Tag Archives: national debt

Obama Accumulates More Debt Than All Presidents Combined.

Now this will make your head go Boom!

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+106%: Obama Has More Than Doubled Marketable U.S. Debt

By Terence P. Jeffrey       February 18, 2014 – 1:37 PM

(CNSNews.com) – The marketable debt of the U.S. government has more than doubled–climbing by 106 percent–while President Barack Obama has been in office, increasing from $5,749,916,000,000 at the end of January 2009 to $11,825,322,000,000 at the end of January 2014, according to the U.S. Treasury’s latest Monthly Statement of the Public Debt.

During the eight-year presidency of George W. Bush, the marketable debt of the U.S. government almost doubled–climbing 93 percent–from $2,977,328,000,000 at the end of January 2001 to $5,749,916,000,000 at the end of January 2009.

( Bush was a Boob Too)

During the time that Bush and Obama have been in office, the marketable debt of the U.S. government has nearly quadrupled, increasing by $8,847,994,000,000.

MARKETABLE DEBT-CHART

However, despite the massive increase in the government’s marketable debt during Bush’s eight years, Obama managed to accumulate more additional marketable debt in his first five years in office than all the presidents who preceded combined.

Let’s read that again..

However, despite the massive increase in the government’s marketable debt during Bush’s eight years, Obama managed to accumulate more additional marketable debt in his first five years in office than all the presidents who preceded combined.

The marketable debt of the U.S. government includes all debt securities sold by the U.S. Treasury that can be held by individuals, corporations or other entities outside the U.S. government and that can be sold in the secondary market.

It does not include money the Treasury has borrowed out of government trust funds—such as the Social Security Trust Fund—to spend on other government expenses when those trust funds were running surpluses.

The marketable debt of the U.S. government now includes Treasury bills, which mature in 52 weeks or less; Treasury notes, which have maturities between 2 and 10 years; Treasury bonds, which mature in 30 years; Treasury Inflation-Protected Securities (TIPS), which have maturities of 5, 10 and 30 years; and Floating Rate Notes (FRNs), which are sold on 2-year terms.

At the end of January 2009, the month Obama took office, the marketable debt of the U.S. government was $5,749,916,000,000, according the Treasury’s Monthly Statement of the Public Debt. This included $1,792,889,000,000 in Treasury bills held by the public; $2,825,174,000,000 in Treasury notes held by the public; $591,174,000,000 in Treasury bonds; and $516,209,000,000 in TIPS.

It also included $23,754,000,000 in marketable Treasury bills, notes, bonds, TIPS and Federal Financing Bank notes that, according to the Treasury, were held by federal agencies.

In addition to the $5,749,916,000,000 in marketable debt as of the end of January 2009, the Treasury also reported $4,882,164,000,000 in nonmarketable debt owed by the government at that time, including $4,291,027,000,000 in nonmarketable intragovernmental debt.

By the end of January 2014, the marketable debt of the U.S. government had increased to $11,825,322,000,000. This included $1,484,438,000,000 in Treasury bills held  by the public; $7,922,464,000,000 in Treasury notes held by the public; $1,421,110,000,000 in Treasury bonds held by the public; $959,058,000,000 in TIPS held by the public, and $15,000,000,000 in FRNs held by the public. There was also $23,252,000,000 in marketable debt held by government agencies.

In addition to the $11,825,322,000,000 in marketable debt as of the end of January 2014, the Treasury also reported $5,467,698,000,000 in nonmarketable debt, including $4,961,625,000,000 in nonmarketable intragovernmental debt.

From January 2009 to January 2014, the marketable debt of the U.S. government increased $6,075,406,000,000—or about 106%

The Federal Reserve is now the largest owner of the U.S. government’s marketable debt. As of Feb. 12, 2014, according to the Fed’s latest balance sheet, the Fed owned $2,261,099,000,000 in U.S. Treasury securities.

Entities in the People’s Republic of China are the second largest owners of the U.S. government’s marketable debt. As of the end of December, according to data released by the U.S. Treasury today, the Chinese owned $1,268,900,000,000 in U.S. Treasury securities—down from $1,316,700,000,000 at the end of November.

In January 2014, according to the Treasury, the U.S. paid an average interest rate of only 1.998 percent on its marketable debt. In January 2009, when Obama took office, the Treasury was paying an average interest rate of 3.116 percent on its marketable debt; and, in January 2001, when President George W. Bush took office, the Treasury was paying an average interest rate of 6.620 percent on its marketable debt.

That means that the average interest rate on the U.S. government’s marketable debt is currently less than a third of what it was in 2001—when the U.S. had only $2,977,328,000,000 in marketable debt, or about 25 percent of the marketable debt it has now.

Also in January 2001, the Federal Reserve owned only $518,441,000,000 in U.S. Treasury securities, or about 23 percent of what it owns now.

~Steve~

http://cnsnews.com/news/article/terence-p-jeffrey/106-obama-has-more-doubled-marketable-us-debt

 

Warning!! Much Duct Tape Needed. Obama Signs, Ahem “Farm Bill”

Ladies and Gentlemen, I don’t have much to say. This “Farm” Bill took 3 years to write and will cost 1 TRILLION dollars of our money. I have just pulled one line out and enlarged. Please go thru the rest of this “Farm Bill” and see how much “Farm” you can find. Thank you and if you need me I’ll be in the garage sucking on a tailpipe now.   

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By DAVID MARTOSKO, U.S. POLITICAL EDITOR

PUBLISHED: 18:15 EST, 7 February 2014

Most of the bill covers food stamps, with the number of benefit recipients doubling since Obama took office
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Catfish oversight, weather radios and a Christmas tree tax: Meet the pork-filled $956 BILLION Farm Bill

  • The massive five-years agriculture spending plan, signed Friday by President Obama, includes a $3 million plan for Christmas tree taxes
  • Most of the bill covers food stamps, with the number of benefit recipients doubling since Obama took office
  • The U.S. will spend $1 billion per year loaning money to sugar barons so they can keep prices stable and avoid overseas competition
  • Another $100 million will go to study how to get Americans to buy more maple syrup
  • $1 million will buy weather radios for rural Americans, despite plunging hundreds of weather apps for smartphones and plunging access rates

The federal government pays for a $15 million ‘wool trust fund,’ runs a $170 million program to protect catfish growers from overseas competition, sets aside $3 million to promote Christmas trees, funds another $2 million to help farmers sell more sheep, and plunks down $100 million researching how to get Americans to buy more maple syrup.

And that spending is just three one-hundredths of one per cent of the Farm Bill that President Barack Obama signed Friday in Michigan.

Liberal and conservative watchdogs alike are hopping mad at what they say are pork-barrel projects included in the five-year agriculture spending law as home-state perks to lawmakers that are  unneeded or redundant.

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There’s a new 15-cent levy on every live-cut Christmas tree, a proposal that Agriculture Secretary Tom Vilsack had blocked but will now be beyond his control. Tree growers will put the money into a fund for ‘industry-funded promotion, research, and information program[s],’ but the cost will inevitably be passed on to consumers.

The Farm Bill also includes $1 million in grant money to buy weather radios, despite the ubiquity of weather.com and the plummeting costs of both Internet service and smartphones.

And it continues a $200 million ‘market access’ program that has paid companies like Fruit of the Loom and McDonalds to run commercials.

One grant from that fund even funded a reality TV show in India aimed at promoting cotton. Another paid Welch’s $844,000 to hawk grape juice outside the U.S.

The conservative Club For Growth called the legislation, which took members of Congress three years to write, ‘a “Christmas Tree” bill where there’s a gift for practically every special interest group out there with a well-connected lobbyist.’

It’s $956 billion of spending overall in a ten-year period, sketched out in legislation 959 pages long – nearly $1 billion per page.

But most of that money goes to food-stamp and nutrition programs, which are administered by the U.S. Department of Agriculture.

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The 10-year spending total for those entitlements will hit $756 billion under the new law.

That amount is $8.7 billion less than the previous Farm Bill included, but trends suggest it may have to be revised. Since President Obama took office, the number of Americans receiving those benefits has nearly doubled.

One in five American households receive food stamps today. More than 1 million people were added to the rolls in 2013, including residents who live in the country illegally.

In the year 2000 the entire food stamp program cost $17 billion. Last year that figure was $78 billion.

The rest of the Farm Bill, all $200 billion of it, includes some subsidy payments to members of Congress and their families who are engaged in agriculture.

The left-leaning Environmental Working Group reports that in 2013, In 2013, more than $237,000 was paid to federal lawmakers and their spouses. All but two were Republicans.

Still, Democrats scuttled a bipartisan House amendment that would have required public disclosure of such payments. North Carolina Republican Rep Virginia Foxx and Minnesota Democratic Rep. Keith Ellison pushed the transparency tweak unsuccessfully last year.

Also on some watchdogs’ lists of Farm Bill waste is an estimated $1 billion per year taxpayers lend out to protect the sugar industry against price fluctuations, shielding it – mostly in the form of just three companies – from being undercut by cheaper imported sugar.

The result also raises sugar prices nationwide.

‘By keeping an unnecessary catfish inspection program and refusing to reform crop insurance or eliminate the unnecessary sugar program, members of both parties and both chambers missed a golden opportunity to fundamentally shift agriculture policy from government-centric to one that embraces the free market and common sense,’ said David Williams, president of the Taxpayers Protection Alliance.’

And the left-leaning Citizens Against Government Waste is no more enamored with the final law.

‘The bill is a disaster for taxpayers and has the potential to be even more expensive and wasteful than the abysmal 2008 Farm Bill that it is replacing,’ the group’s president, Tom Schatz, complained.

Obama signed it into law at Michigan State University alongside Michigan Democratic Sen. Debbie Stabenow.

He called it a ‘Swiss Army knife,’ with something for everyone, including the catfish lobby.

Taxpayer lobby groups failed to cut that industry’s hand-out from the Farm Bill, despite pointing out that there’s already a similar program funded by the Food and Drug Administration.

So as Obama yet again says to us, I say to Him..

Bite Me!

Bite Me!

~Steve~

http://www.dailymail.co.uk/news/article

John Boehner is a Spineless Pussy

Little wonder this country is screwed, and even less of a wonder why this pr*ck of a POtuS is smiling:

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Limp-wristed girly-man that apparently has Rep. Boehner by the proverbial short hairs

And would somebody please remind me just why, exactly, we even need a republican party, given that the repube “leadership” jackasses have now rid themselves of their elephant suits?

And we’re going to fix this in November of 2014?

Right.

-Dave

Idiots are running this country

lemmings for Obama

A Nation Run by Idiots

by Gary North

TeaPartyEconomist.com, Dec. 20, 2012

You know you live in a Country run by idiots if…

You can get arrested for expired tags on your car but not for being in the country illegally.Your government believes that the best way to eradicate trillions of dollars of debt is to spend trillions more of our money.

A seven year old boy can be thrown out of school for calling his teacher “cute”, but hosting a sexual exploration or diversity class in grade school is perfectly acceptable.

The Supreme Court of the United States can rule that lower courts cannot display the 10 Commandments in their courtroom…while sitting in front of a display of the 10 Commandments.

Children are forcibly removed from parents who appropriately discipline them while children of “underprivileged” drug addicts are left to rot in filth infested cesspools of a ‘home’

Hard work and success are rewarded with higher taxes and government intrusion, while at least some slothful, lazy behavior is rewarded with EBT cards, WIC checks, Medicaid, subsidized housing, and free cell phones.

The government’s plan for getting people back to work is to provide 99 weeks of unemployment checks (to not work).

Being self-sufficient is considered a threat to the government.

Politicians think that stripping away the amendments to the constitution is really protecting the rights of the people.

The rights of the Government come before the rights of the individual.

You pay your mortgage faithfully, denying yourself the newest big screen TV while your neighbor defaults on his mortgage (while buying iPhones, TV’s and new cars) and the government forgives his debt and reduces his mortgage (with your tax dollars).

Being stripped of the ability to defend yourself makes you “safe”.

An 80 year old woman can be stripped searched by the TSA but a Muslim woman in a burka is only subject to having her neck and head searched.

Using the “N” word is considered “hate speech” but writing and singing songs about raping women and killing cops is considered “art”.

You can write a post like this just by reading the news headlines.

Unfortunately, this list could go on and on. Our country is run by idiots.

***

H/t my friend Robert K. Wilcox!

To the above list you and I can add plenty, such as:

You must produce your original birth certificate to apply for a passport, but not if you’re running for the highest office of the land who will have his/her finger on the nuclear button.

See also “Proof that humans really are becoming less intelligent.

~Eowyn

The Day America Committed Suicide

“Every nation has the government it deserves.”

So observed a very wise man — Count Joseph-Marie de Maistre (1753-1821), a French philosopher and diplomat.

Future historians (if there are any) will record that on November 6, 2012, the no longer United States of America committed suicide.

We, the Opposition — comprised of Conservatives, Christians, Libertarians, and Patriots — had been telling ourselves that the polls showing a tight race must be wrong. Because the pollsters over sample Democrats. Because “nobody” have landline phones anymore. Because so many polling organizations are corrupt. Because….

In the end, it turns out the polls not only were right, they were overly optimistic for Romney.

In the end, the Electoral College vote count wasn’t even close:

332 for Obama v. 206 for Romney

In the end, instead of Romney winning by a landslide, it was the POS winning by an avalanche. The POS even won the popular vote: 62,615,406 vs. Romney’s 59,142,004. [Source: FoxNews]

Romney won Alabama, Alaska, Arizona, Arkansas, Georgia, Idaho, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, North Carolina, No. Dakota, Oklahoma, So. Carolina, So. Dakota, Tennessee, Texas, Utah, West Virginia, and Wyoming.

POS won California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oregon, Pennsylvania, Rhode Island, Vermont, Virginia, Washington, Washington D.C., and Wisconsin.

In the end, the swing states of Ohio and Virginia swung to the POS. As of this writing, Florida — with 97% of precincts having reported — is still a toss-up (O 50% vs. R 49%). Not that it matters.

Was it massive Demonrat electoral fraud that did it?

Was it Demonrats’ intimidation — all the threats of riots and assassination, and videos of 97-year-olds threatening to “burn this motherfucker down” and of Romney supporters being maimed, decapitated and exploded — that got to gutless voters?

We can debate all we want. Sure, there’ll be feeble efforts at “investigating” and of lawsuits. But the POS’s so-called Department of “Justice” under his henchman, the so-called “U.S. attorney general” — Amerika’s chief law enforcer! — Eric Holder, will simply stonewall everything.

But I do know this:

The sheeple who voted for the POS so that they’ll keep getting government handouts, welfare, and entitlement checks are in for a rude shock. Amerika is broke. As we Cassandras have been warning here on Fellowship of the Minds:

  • Our national debt is over $16 trillion — more than Amerika’s gross national product.
  • The main Social Security program — the so-called SS “Trust Fund” — will run out of money even sooner than we’d been told — by 2023, instead of 2033. When that happens, BY LAW your Social Security checks will be cut by 25%.

The above bankrupt dates will now be shortened now that the POS and his Demonrats have four more years to overspend, without restraint. And if you think taxing “the rich” will plug the gaping deficit hole — not that taxing “the rich” 100% can fill the hole — you’re delusional.

Unlike the delusional sheeple sucking on Big Government’s teats, “the rich” have both the resources, the means, and the will to simply leave the “United” States. Just as “the rich” in France have and are, after the French sheeple voted in a socialist government that immediately imposed a draconian 75% tax on “the rich.”

Congratulations, my fellow selfish, lazy, envious, covetous, willfully ignorant, stupid, and just plain evil Amerikans.

Yesterday, you voted for a thoroughly evil man and evil party. In so doing, you voted for your own doom. The next four years will be four years of one financial disaster after another. The next four years will see your constitutional freedoms fall, one after another. And if you complain, you sheeple will finally discover:

  • What Obama’s senior adviser consigliere, the Iran-born Marxist Valerie Jarrett, meant when she vowed: “After we win this election, it’s our turn. Payback time. Everyone not with us is against us and they better be ready because we don’t forget. The ones who helped us will be rewarded, the ones who opposed us will get what they deserve. There is going to be hell to pay. Congress won’t be a problem for us this time.No election to worry about after this is over and we have two judges ready to go.”
  • Why there’ve been sightings across Amerika of trucks jammed full of “Martial Law” signs. (FOTM decided not to report this, not wanting to make you “nervous” before the election.)

*Faithful Catholics who attend Mass weekly went for Romney.

For as long as Obama, the Demonrats, and WordPress choose to keep the Internet free, Fellowship of the Minds will continue to chronicle Amerika’s descent into the abyss. Just don’t be surprised when one morning you fire up your computer to come on FOTM to discover we’re not around any more. When that day comes, don’t say I haven’t warned you….

In sorrow,

~Eowyn

Accountant explains U.S. budget-debt disaster in 5 min.

This is a NON-PARTISAN video produced by an accountant, Hal Mason, who retired after 27 years with IBM.

In this video, Mason does something that all the handsomely-paid economists and pundits you see in the media seem unable to do.

Mason looks at the federal government’s budget, revenues and expenses, and very clearly and simply explains our national fiscal and debt problem in 5½ minutes.

My only disagreement with Mr. Mason is that he left out one thing in his proposed recipe to fix America’s Titanic-sized nightmare:

In addition to drastically cutting spending and drastically reducing the size of government, we must also grow the economy by creating more jobs, which means more Americans work, which means they’ll pay taxes, which translates into more revenue (income) for government.

That’s what Romney-Ryan propose to do. The POS will make our disaster even more disastrous by propelling us over the cliff, faster. That’s the real meaning of his campaign motto of “Forward.”

Alas, too many Americans are willingly blind, deaf, and in a massive state of denial. It’s a blindness so massive it’s no longer simply a psychological phenomenon. The blindness is rooted in spiritual darkness.

“…you are living among a rebellious people. They have eyes to see but do not see and ears to hear but do not hear, for they are a rebellious people.” -Ezekiel 12:2

~Eowyn

Japan’s death by demographics

When a country’s population no longer reproduce, the proportion of senior citizens or old people increases.

That’s what’s going on in Japan. Increasing numbers of its young people are asexual. Not only are they shunning the idea of marriage and having children, as many as 1 in 4 unmarried men and women in their 30s say they have never had sex.

But demographics have economic consequences.

Old people not only don’t work, they also buy less, except for food and medicine. All this has negative implications for the country’s GDP (gross domestic product) because fewer workers and less labor reduce national economic output. At the same time, the rising number of retirees strains government’s welfare programs and the country’s pension funds that are major buyers of government bonds.

Then if you add to all this, a huge national debt of more than $13.7 trillion and growing — the world’s second-largest debt load — what you have is national suicide.

The proportion of the Japanese population over 65 years old:

  • 1 in 10 in 1985
  • 1 in 5 in 2006
  • more than 1 in 4 in 2014
  • 30% by 2022
  • 40% by 2050

Bloomberg’s economist, Michael McDonough, shows Japan’s grim future via three graphs:

Graph #1 shows steep GDP losses in those prefectures (districts) in Japan that have more older people — a harbinger of what’s in store for Japan as a country:

Graph #2 shows how the aging population decelerates economic growth:

Graph #3 shows how Japan’s national debt will continue to mount:

Source: Zero Hedge

~Eowyn

America – Now Owned by China

H/T Kelleigh

LTG

Forward to what, Obama?

Design by BKeyser

The Re-elect Obama Campaign has a new slogan:

“Forward”

Inquiring minds want to know: Forward to what, where?

In his opinion essay for Politico, May 21, 2012, Keith Koffler asks:

Under Obama, the unemployment rate soared above 8% and has stayed there. Forward to 9%?

Under Obama, the national debt has risen by some $5 trillion. Forward to $6 trillion?

The economy grew by only 2.2% in the first quarter of 2012. Forward to 1%?

Opposition to Obama’s signature achievement, “Obamacare,” runs roughly 10 points ahead of support. Forward to more unpopular programs? [...]

The only reassurance Americans might get from being told to move “forward” is that Obama has not been clear about where he wants to go. Take a look at Obama’s campaign website. There’s almost nothing about what he intends to do during a second term.

Certainly, the president has no plan at all for reforming entitlement spending, the key to reining in the deficit and putting the economy on firm footing. As southern Europe sinks into the Mediterranean beneath its debt load, Obama will move us “forward” into a world of ever increasing red ink.

“Forward” is not just a sign of presidential hubris. It’s a Freudian slip, a revelation of the left-leaning instincts of the most liberal president this country has ever had.

The slogan is the distillation of the faith of liberals that all forward movement is progress, that new ideas, ethics and programs are enlightened because they are new; that old beliefs must always be cast off so that modern thinking can advance society into a brilliant future.

It’s the thinking that leads Democrats to believe in a nation in which everyone has health insurance, billions should be spent developing exotic fuels and everyone gets higher education.

Conservatives, by their very nature, question the benefit of “forward” — asking how much it will cost. They question whether the ideas from those prodding us “forward” aren’t going to have unintended consequences that turn visions of paradise into nightmares.

They ask whether a government that mandates utopian projects like universal health care will then start mandating something more egregious. They want to know whether the programs to perfect everyone’s lives will bankrupt the country.

The Obama campaign’s call to move “forward” will backfire — in that it inadvertently throws into relief the ideological choice that confronts the electorate. Do we, as our debt climbs unfettered into the stratosphere, continue moving “forward” with the costly plans of a liberal president?

“Obamacare’s” cost, according to Congressional Budget Office estimates when it was passed, would be close to $1 trillion. The White House declared that it had responsibly “paid for” the program with spending cuts and tax increases.

Left out was that all those savings will no longer be available to bring down the deficit. The suggestion was that “Obamacare” was cost free. Not at all.

The president continues to propose moving us “forward” with various pricey social engineering schemes — like lowering subsidized college loan rates, helping homeowners refinance at current mortgage rates and providing tax credits for investments in “clean energy manufacturing.”

Unlike President Bill Clinton, who recognized the public disenchantment with the grand plans of his first term and retrenched by signing election-year legislation to reform welfare, Obama continues to press his agenda undiluted.

Now his mistake has been distilled into a slogan more likely to repel voters than rally them.

H/t our beloved Miss May.

~Eowyn

The Fall of America – in 12 striking graphs

A picture is worth a thousand words.

A few days ago, Jeff Gundlach gave a big presentation titled “Getting There,” to a group of investors at the New York Yacht Club.

Using a series of graphs, Gundlach showed how America got into the state in which we find ourselves. Here are some of the most evocative slides:

~Click graph to enlarge~

~Eowyn