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(…)
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.(…)
