The national debt of the United States currently represents 74% of our gross domestic product (GDP). The fiscal watchdog Congressional Budget Office (CBO) expects this figure to increase to 79% by 2025, which would be the highest debt-to-GDP ratio in the United States since World War II. The CBO believes the debt-to-GDP ratio(…)
The Congressional Budget Office (CBO) has projected that the deficit-to-GDP ratio of the United States could climb from 2.5% in 2015 to 4% by 2025 – an increase of 60% in just 10 years due to an aging U.S. population. If you want the government to slash spending and avoid annual budget(…)
The Government Accountability Office (GAO) has revealed its list of the government programs most at risk for abuse, fraud, waste and mismanagement. The GAO found that you to $3.5 trillion is being directed towards these programs each fiscal year. By comparison, President Obama’s proposed budget for 2016 is $4 trillion.(…)
The U.S. Department of Agriculture (USDA) has been sponsoring a home loan program designed to help families with low incomes to buy homes in rural areas. Evidently, the program has been abused by some, including people who used the funds to acquire a tropical paradise home in Hawaii. Over 100(…)
The news often mentions celebrities and civil rights activists who are behind on their taxes or accused of evasion, but a new report proves problems occur within our own federal government, too. The IRS discovered that 312,000 current and former federal employees owe a total of $3.3 billion in unpaid(…)
The Government Accountability Office (GAO) has accused various federal agencies of paying workers on administrative leave a total of $3.1 billion over the last three years. The GAO says at least 363 workers took between one and three years off with pay during that time, and the 57,000 employees who(…)
In 2011, both political parties agreed that spending caps needed to be implemented to bring our nation back from the brink of financial disaster. Thus, the sequester laws of 2011 were passed. The current administration’s proposed budget for 2016, however, includes a request for $74 billion more than allowed by(…)
President Obama and his team recently released a budget proposal for 2016 that includes spending measures that would last until 2026. The proposal involves spending $50.3 trillion over the next decade, even though the government says it only expects to collect $44.7 trillion in taxes during that 10-year period. If(…)
The northeast U.S. recently experienced a snowstorm for the ages, and two New Jersey teens saw an opportunity to make some money by shoveling snow for their neighbors. Someone called the cops on the two boys and said they were “acting suspiciously.” Officers arrived to investigate, and determined that the boys(…)
One of the many controversial parts of President Obama’s budget for 2016 is the increase of capital gains taxes. If President Obama gets his way, all Americans will have the sliding scale of 15%-23.8% raised to a flat 28% capital gains tax. This tax increase is not just proposed for(…)
