The latest report on the financial condition of Social Security from the Congressional Budget Office hides an important fact: the Disability Insurance program will be exhausted in 2016 so that its benefits will have to be paid from other funds, depleting them much more rapidly than estimated.
Capital appreciation bonds, when combined with economic ignorance and political expediency, make up a toxic brew that is likely to explode long before they come due.
The great Seattle gun buyback program was essentially worthless in removing "dangerous" weapons from society, but it did serve to teach essential truths about free enterprise and human behavior.
Amid an ongoing debate over raising the debt ceiling and Congress’ seeming inability to rein in wild deficit spending, some proponents of even bigger government proposed the minting of a $1-trillion platinum coin to get around stubborn lawmakers seeking budget cuts. Seriously. Originally, the Obama administration refused to rule it out when asked by reporters, leaving analysts to speculate about whether or not they would really do it.
Then, suddenly, the privately owned Federal Reserve put its foot down and killed the scheme. In a joint statement issued with the U.S. Treasury, the central banking cartel, which holds a virtual monopoly on currency production, said no way. The Fed would not accept such a coin even if the federal government were to mint it. While never mentioned in the mainstream media, the implications of the whole episode are enormous.
The decline in the purchasing power of the dollar has finally caught up with the U.S. Mint, which is planning to remove pennies and nickels from circulation. Also, the GAO wants the United States to stop printing paper one-dollar bills and to switch instead to one-dollar coins.