debt burden Archive

Fairness

The rising cost of health care is driving more and more citizens into Medicaid, the program for the poor. Medicaid, in turn, drives up the cost of health care by under-paying doctors. HealthAffairs.org says that it doesn’t even pay half of the discount price that your insurance company would pay. A...
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$20 Trillion!

The federal debt is now larger than Twenty Trillion Dollars.  That's $124,000 per American, if you're counting just the younger half of the population. The older half of the population has benefited from the growth of the debt---we paid lower taxes and got more services, for decades---and we won't have...
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The Empire Strikes Back

By John Lumbard, CFA. We've just been reading comments by Establishment journalists---the LA Times, Slate, Paul Krugman of the NY Times---who raged against Time Magazine's excellent and well-researched cover story about the federal debt .  The truth is that the dangers described by Time were minimized;  author James Grant used the $13.9...
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An Irresistible Force

By John Lumbard. In the upper left corner of this page you'll see a pretty little girl wearing a sign saying that she's $38,375 in debt.  That number is now $57,764, if you're willing to use the Enron accounting standards of the federal government, which don't acknowledge that she's carrying liability...
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It’s The Economy, Stupid . . .

By James Schaefer. House Budget Chairman Tom Price just released his draft for the new federal budget (WSJ, Opinion: The GOP's Budget Test, March 18, 2015).  It sets a blueprint for the federal budget in the coming fiscal year, and will reduce federal spending by $5.5 trillion over the coming decade.  If...
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$18 Trillion!!!

    Chinese Citizens Gather In Beijing Square To Watch U.S. National Debt Clock Strike $18 Trillion News in Brief • World • foreign affairs • money • finance • china • News • ISSUE 50•45 • Nov 14, 2014   BEIJING—Celebrating the milestone with hugs, jubilant cheers, and singing, over 600,000 Chinese citizens...
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It’s Time for a Diet

By James Schaefer. In "Blotting the Balance Sheet", (Wall Street Journal, April 26-27, 2014), James Grant reviews the book, The Reckoning, by Jacob Soll. In it, Soll highlights the fall of successful societies, and points some of the finger of blame at accounting, and the behaviors that follow. And he lays  blame equally...
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Young In America

By John Lumbard, CFA. According to The Daily Kos, 27% of recent college graduates (ages 21 to 24) are either unemployed or underemployed.  The Democratic Underground says that recent college graduates earn $3,200 less than they did 13 years ago.  Of course, it’s not just college graduates;  low starting salaries and...
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Young In America

By John Lumbard. According to The Daily Kos, 27% of recent college graduates (ages 21 to 24) are either unemployed or underemployed.  The Democratic Underground says that recent college graduates earn $3,200 less than they did 13 years ago.  Of course, it’s not just college graduates;  low starting salaries and meager...
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Motown Blues

By John Lumbard. "Addressing a lunchtime rally of more than 6,000 state workers in front of the State House Annex on Monday, [New Jersey Governor] Corzine pumped his fists and vowed to keep his pledge to increase the pension contributions. ''I will fight for you,'' Corzine told the crowd, made up...
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