Sunday, October 7, 2018
AMERICA'S STAGGERING DEBT - SHOULD U.S. STOP SQUANDERING TRILLIONS ON MUSLIM DICTATORSHIPS OVER THERE?
The latest data from the US Treasury Department shows America’s gross national debt ballooned by $1.2 trillion to a breathtaking $21.52 trillion on September 28, the last day of fiscal year 2018.
During that period, the US national debt increased by 6.3 percent and now amounts to 105.4 percent of the country’s current-dollar Gross Domestic Product (GDP).
According to the Treasury Department’s Bureau of the Fiscal Service, the national debt at the end of fiscal year 2017 was an estimated $20.25 trillion. The large deficit is a result of federal benefit payments pushed into August instead of September, the service said.
“Where the threshold is too high, we don’t know. But rising forever is definitely an unsustainable, big problem. And we’re the only advanced economy on an unsustainable course,” economist Jason Furman at Harvard’s Kennedy School of Government told the Public Radio International (PRI).
“We’re the only advanced economy where the debt is expected to rise as a share of GDP over the next five years. All the other advanced economies, it’s falling,” he added.
The budget deficit hit $214 billion in August, which is double the amount compared with the same period a year ago.
The Congressional Budget Office (CBO) estimates that the “deficit” will be $895 billion in fiscal 2018. It said that in just a few years the US will be paying more in interest to pay down the national debt than on the military or Medicare.
“The fact that we are in the 10th year of an economic expansion now and debt keeps rising is really extraordinary and very irresponsible. Unless Congress fundamentally changes its path, we are headed for a Greek-type crisis,” said Chris Edwards, director of tax policy studies at the Cato Institute, a think tank in Washington.
He explained: “A rising debt could create this crisis situation where interest rates spike, the government has to take drastic actions, perhaps cutting benefits, social security and other benefits radically, or hiking taxes dramatically, which will damage the economy.”
For more stories on economy & finance visit RT's business section
Posted by The Mexican Invasion & Occupation at 2:26 PM
AMERICA: IT'S MUCH, MUCH, BETTER BEING MEXICAN - "CHEAP" LABOR MEXICANS ARE STILL GETTING THE JOBS FIRST - NO E-VERIFY
THE NEW PRIVILEGED CLASS: Illegals!
This is why you work From Jan - May paying taxes to the government
....with the rest of the calendar year is money for you and your family.
Take, for example, an illegal alien with a wife and five children.
He takes a job for $5.00 or 6.00/hour. At that wage, with six dependents, he
pays no income tax, yet at the end of the year, if he files an Income Tax
Return, with his fake Social Security number, he gets an "earned income
credit" of up to $3,200..... free.
He qualifies for Section 8 housing and subsidized rent.
He qualifies for food stamps.
He qualifies for free (no deductible, no co-pay) health care.
His children get free breakfasts and lunches at school.
He requires bilingual teachers and books.
He qualifies for relief from high energy bills.
If they are or become, aged, blind or disabled, they qualify for
Once qualified for SSI they can qualify for Medicare. All of this
is at (our) taxpayer's expense.
He doesn't worry about car insurance, life insurance, or
Taxpayers provide Spanish language signs, bulletins and printed
He and his family receive the equivalent of $20.00 to $30.00/hour
Working Americans are lucky to have $5.00 or $6.00/hour left after
Paying their bills and his.
The American taxpayers also pay for increased crime, graffiti and
Cheap labor? YEAH RIGHT! Wake up people!
AMERICA: NO DAMNED LEGAL NEED APPLY!!!
“Part of the problem, Santorum said, has
been the arrival of millions of unskilled immigrants — legal and illegal — in
the United States. "American workers deserve a shot at [good] jobs,"
Santorum said. "Over the last 20 years, we have brought into this country,
legally and illegally, 35 MILLION mostly unskilled workers. And the
result, over that same period of time, workers' wages and family incomes have
flatlined." SEN. RICK SANTORUM
Hispanic Unemployment Rate Hits Lowest Level on Record in September
Posted by The Mexican Invasion & Occupation at 1:13 PM
Posted by The Mexican Invasion & Occupation at 12:52 PM