Showing posts with label national bankruptcy. Show all posts
Showing posts with label national bankruptcy. Show all posts
Thursday, March 24, 2011
Tuesday, March 8, 2011
Friday, October 22, 2010
Cash-strapped governments ramping up tax-collection efforts
Washington Examiner
Tax officials throughout the Washington region are trying new and often extraordinary measures to collect tens of millions of dollars in delinquent payments, as huge projected budget deficits threaten to slash public services.
Together, Washington-area localities are owed more than $40 million in overdue real estate taxes from fiscal 2010 alone. Additional millions in unrecovered fines, fees and personal property tax revenues compound those shortfalls.
They say they have been able to maintain historically high collection rates, but only by resorting to unusually aggressive collection methods.
"We give people appropriate notice, but if they ignore us, we'll just drive out to their house and remove their car from their driveway. That's an attention getter," said Arlington County Treasurer Frank O'Leary.
O'Leary said he has used such tactics in the past, but lately has encountered a startling new phenomenon.
"This year I sent my people out to collect some vehicles, and they came back and said the properties had been abandoned," O'Leary said. "That had never occurred in Arlington in all the years I'd been treasurer, and it was really sobering to hear that."
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US Debt Woes Expose Hidden Austerity and Looting of Public Assets
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Sunday, October 10, 2010
America Plunging to Bankruptcy While DC Plays Politics as Usual
Activist Post
More deficit uproar is coming out this week to reveal the quickening pace of the planned implosion of the U.S. economy while politicians wear out the same old arguments. The AP reported Tuesday that the Federal budget gap topped $1 trillion through June with the sub-headline amid GOP resistance to more gov't spending, which went on to state:
Incidentally, cutting taxes for the consumer and small business class will add money supply to the real economy, as will targeted spending programs on the least among us who must use those funds to consume. Both political parties are selling partial truths to the public based on their ingrained manufactured principles. Sadly, the Federal Reserve, the U.S. Treasury, and Cartel of private banks designed the system so that the money must funnel through them first, and thus they will decide how and when to inject it into the economy. To America’s demise, they’ve done nothing with this money but hoard, consolidate, and front-run for their own gain. Today, JP Morgan reported a 76% increase in profits for their second record-breaking quarter in a row while the real economy sputters to destruction. In other words, the banksters are looting and raping while the poorest and neediest Americans continue to suffer. Dylan Ratigan clearly and angrily explains the situation to Congressman Brady below:
More deficit uproar is coming out this week to reveal the quickening pace of the planned implosion of the U.S. economy while politicians wear out the same old arguments. The AP reported Tuesday that the Federal budget gap topped $1 trillion through June with the sub-headline amid GOP resistance to more gov't spending, which went on to state:
The federal deficit has topped $1 trillion with three months still to go in the budget year, showing the lasting impact of the recession on the government's finances.
In its monthly budget report, the Treasury Department said Tuesday that through the first nine months of this budget year, the deficit totals $1 trillion. That's down 7.6 percent from the $1.09 trillion deficit run up during the same period a year ago.
Worries about the size of the deficit have created political problems for the Obama administration. Congressional Republicans and moderate Democrats have blocked more spending on job creation and other efforts. Republicans also have held up legislation to extend unemployment benefits for the long-term jobless because of its effect on the deficit.This story comes on the heels of the IMF pressuring the U.S. to reduce debt andChina's top credit rating firm downgraded the United States and other western countries. The deficit panic mode is ramping up the rerun political show as fiscal conservatives echo the age-old mantra “cut taxes and spending” while the progressives pretend to be for the little guy and demand more public spending. However, every economist (and central banker) worth their salt knows that when the money supply contracts the economy goes into a depression, while expanding the money supply to the consumer class stimulates economic growth.
Incidentally, cutting taxes for the consumer and small business class will add money supply to the real economy, as will targeted spending programs on the least among us who must use those funds to consume. Both political parties are selling partial truths to the public based on their ingrained manufactured principles. Sadly, the Federal Reserve, the U.S. Treasury, and Cartel of private banks designed the system so that the money must funnel through them first, and thus they will decide how and when to inject it into the economy. To America’s demise, they’ve done nothing with this money but hoard, consolidate, and front-run for their own gain. Today, JP Morgan reported a 76% increase in profits for their second record-breaking quarter in a row while the real economy sputters to destruction. In other words, the banksters are looting and raping while the poorest and neediest Americans continue to suffer. Dylan Ratigan clearly and angrily explains the situation to Congressman Brady below:
The AP article, using the boilerplate mainstream answer, vaguely explains where all the money went:
The depression-by-design is moving forward and the looting is continuing as planned. The one wild card is whether or not the controllers will keep giving the peasants enough crumbs so they don’t revolt, or if they indeed want and expect a revolt.
I’m reminded of Grover Norquist’s famous quote outlining the demolition by design, "Our goal is to shrink government to the size where we can drown it in a bathtub." Well, the Neo-con architects obviously grew government by leaps and bounds, in addition to the explosion of the use of private government contractors, which has only been expanded under Obama. Perhaps what Norquist really meant was they wanted to “reduce and weaken America” so that this small group can kill her completely.
The deficits have been driven higher by the lingering effects of the worst recession since the 1930s. About one-third of the higher deficits in this period are a result of a drop in government tax revenues.
The other two-thirds of the deficit increases reflect higher government spending to stabilize the financial system with the $700 billion bailout program and the $787 billion stimulus program that Congress passed in February 2009. The increased spending also reflected added demands for such programs as unemployment benefits and food stamps.Through all this you may be asking yourself, since when did any politician really care about the deficit? Sure, some of them talk tough, but when it comes down to brass tacks, they all spend like it’s copper. Congress seems to always find the money for the criminal financial system, the unending unjustified wars, billions in foreign aid to unsavory “allies," billions more in subsidies to foolishly profitable oil companies or GMO giants, and of course plenty of funds to further track, trace, and database the “Perfect Citizens.” These programs, by design, don’t seem to leave much left for programs that actually benefit the taxpayer directly. In fact, it seems like our government chooses to fund programs that do nothing but harm and imprison the average taxpayers who fund them.
The depression-by-design is moving forward and the looting is continuing as planned. The one wild card is whether or not the controllers will keep giving the peasants enough crumbs so they don’t revolt, or if they indeed want and expect a revolt.
I’m reminded of Grover Norquist’s famous quote outlining the demolition by design, "Our goal is to shrink government to the size where we can drown it in a bathtub." Well, the Neo-con architects obviously grew government by leaps and bounds, in addition to the explosion of the use of private government contractors, which has only been expanded under Obama. Perhaps what Norquist really meant was they wanted to “reduce and weaken America” so that this small group can kill her completely.
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S&P: 60% of countries will be bankrupt within 50 years
Predicts US will have a debt of 415% of GDP by 2050
Daniel Tencer
Raw Story
Some sixty percent of the world's economies will be so in debt by 2060 that their debt will be downgraded to "junk" status, effectively bankrupting the countries, says a report from Standard & Poor's ratings agency, which also warns that attempts to deal with the problem could cause social instability.
The report (PDF) -- entitled Global Aging 2010: An Irreversible Truth -- says that the proportion of the world's population that is elderly is set to explode to such a degree that many countries will simply not be able to keep up with the ballooning costs of health care and other services.
As elderly people live longer, due to better health care, the proportion of elderly to the rest of the population grows, meaning an ever shrinking proportion of working people is relied upon to fund services for the elderly.
But the report warns that efforts to scale back the costs of government services could "severely test social cohesion." And the authors admit that public opinion, in general, is unfavorable to cutbacks in social services.
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RELATED ARTICLE:
America Plunges To Bankruptcy While DC Plays Politics as Usual
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It is time to Wake Up! You too, can join the "Global Political Awakening"!
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Raw Story
Some sixty percent of the world's economies will be so in debt by 2060 that their debt will be downgraded to "junk" status, effectively bankrupting the countries, says a report from Standard & Poor's ratings agency, which also warns that attempts to deal with the problem could cause social instability.
The report (PDF) -- entitled Global Aging 2010: An Irreversible Truth -- says that the proportion of the world's population that is elderly is set to explode to such a degree that many countries will simply not be able to keep up with the ballooning costs of health care and other services.
As elderly people live longer, due to better health care, the proportion of elderly to the rest of the population grows, meaning an ever shrinking proportion of working people is relied upon to fund services for the elderly.
But the report warns that efforts to scale back the costs of government services could "severely test social cohesion." And the authors admit that public opinion, in general, is unfavorable to cutbacks in social services.
Read Full Article
RELATED ARTICLE:
America Plunges To Bankruptcy While DC Plays Politics as Usual
Fresh food that lasts from eFoods Direct (Ad)
Live Superfoods
Print this page
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