It appears that there is at least one thing the Obama administration and the GOP can agree on, and that is that Fannie Mae and Freddie Mac have got to go.
The catastrophic news on the U.S. Government's debt keeps coming. Since Jan. 5, when The New American reported that the debt had surpassed $14 trillion, the government has added more than $150 billion in unpaid bills.
With the national average price of gasoline hitting the highest level in history for this time of the year, the impact of that increase reaches far beyond the pocketbook of the average worker driving off to work in the morning. For every 25-cent increase in the price of gas (which has increased almost 70 cents per gallon in the last year, and by nearly 30 cents in just the last month), consumers are forced to spend an extra $3 billion that they weren’t expecting.
In its extensive study of how the Boomer generation is faring, the Wall Street Journal focused mostly on their difficulties, challenges, disappointments and missed opportunities. It had little to say about the outside event no one saw coming, the Great Recession, and nothing at all about the resilience of the individuals moving into what used to be called the “golden” years.
Anyone who reads a newspaper knows the United States is financially doomed. Even reportage from the usual left-wing sources confirm as much to anyone who understands math. Yet one of those sources, the Washington Post, revealed early this week just how bad the situation is.
Of all the explanations, statistics, projections, and conjecture about the Obama administration’s new budget, nothing has had the impact of this simple graph in showing the assumptions, misstatements, and downright falsehoods that are required to “make the numbers work.”
Not only does President Barack Obama’s budget, released Monday, fail to make any real progress in spending cuts, but it reveals a frightening truth: the current fiscal year is on its way toward a federal deficit that will surpass the size of the total U.S. economy.
The U.S. economy's agony endures, as “economic stress” in December escalated, with foreclosure rates a major topic of concern. According to the monthly analysis of the Associated Press, foreclosure rates rose in 33 states, four of the worst being Utah, New Jersey, Nevada, and Arizona.
Five years ago Donald Boudreaux, Economics Professor at George Mason University and author of the website Café Hayek, bought a used 1975 Sears catalog on Amazon, and started comparing prices to those current in 2006. His results, at the time, were quite remarkable, and generated much traffic and conversation on the matter.
With the wholesale prices of orange juice and coffee increasing by 20 percent and 41 percent respectively just over the past six months, it’s not surprising to see the reflection in increased prices for them on grocery store shelves. Keith McCullough of Hedgeye asked “What’s for breakfast?” and then answered “Inflation.”