With an error rate of more than 11%, the U.S. Department of Labor oversaw $5.6 billion in incorrect unemployment benefit handouts last year. The U.S. Department of Agriculture (USDA) also paid out $2.4 billion in improper food stamp benefits. If you believe that there is no such thing as a(…)
The 2016 budget proposal recently introduced by President Obama calls for raising taxes by $1.8 trillion to pay for new spending measures, but does not mention anything about paying down the national debt or reforming entitlement spending. If you think President Obama needs to go back to the drawing board,(…)
The U.S. government handed out over $80 billion in improper payments last year between three government agencies alone. Medicare paid out $59.9 billion improperly, the Earned Income Tax Credit (EITC) section of the IRS tax code made $18 billion in improper payments and $5.6 billion in unemployment benefits were handed(…)
The Temporary Debt Limit Extension Act of 2014 recently expired, meaning all government spending during the time that deal was in place is now eligible to be added to our national debt. The United States’ outstanding national debt is now about $18.1 trillion – twice what the figure was in(…)
A newly-released report from the Office of the Inspector General (OIG) has found that the Social Security Administration (SSA) paid out at least $17 million to 740 dead people last year. Additionally, the OIG believes these figures are “likely understated” due to the method of determining which recipients are still(…)
The United Kingdom has announced that it is preparing to support an alternative to the World Bank and International Monetary Fund (IMF), the Asian Infrastructure Investment Bank. This China-led initiative is meant to give countries a way to engage in trade without having to use the U.S. dollar. Is the(…)
Annual federal deficits of at least $1 trillion are expected to start showing up on Congressional stat sheets by 2025, under the Congressional Budget Office’s (CBO’s) assumption that current laws will remain generally unchanged. The CBO says that combined deficits from 2016-2025 could surpass $7.2 trillion. If deficits 10 years(…)
The Congressional Budget Office (CBO) expects the current federal borrowing limit, agreed upon in February 2014, to be surpassed by late summer or early fall in 2015, meaning a government shutdown could be on the horizon. If you think our elected officials in Washington need to figure out a way to lower(…)
The IRA contribution limit remains at $5,500 for 2015. Investors age 50 and older can contribute an additional $1,000 to an IRA . And new in 2015, low- and moderate-income workers who contribute to a 401(k) or IRA may be eligible for a saver’s credit. This is a tax credit(…)
Have a look at the changes the debt-to-GDP ratio has undergone since Ronald Reagan was President: Ronald Reagan – 41% George H.W. Bush – 60% Bill Clinton – 70% George W. Bush – 73% Barack Obama – 105% If you think our next President needs to take the debt-to-GDP ratio(…)
