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Congress failed to strike any deficit reduction deal or compromise on a plan that would replace the mandatory cuts put in place in case negotiations failed. The Super Committee’s inability to reach a deal triggers $1.2 trillion in spending cuts over a 10 year period in military and civilian budgets. Keep in mind that $1.2 [...]
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Washington – CBO Congressional Budget Office projected 2011 government receipts for 2011 at 15.4 percent of GDP or 2.6 percent below the 40-year average of 18 percent. Obama Steps In According to White House representative Jay Carney, President Obama called Republican and Democratic leadership to encourage and threaten the 12 member supercommittee to make a [...]
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European Union – Italy’s Premier Silvio Berlusconi and Greek Prime Minister Papandreou were both ousted or promised to leave in the last 24 hours. In response to Italy’s initial inaction, borrowing rates for Italy’s debt rose to 7.48 percent Wednesday. Italian Solution Investors dumped Italian debt onto the market avoiding additional risk associated with Italy [...]
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Former U.S. president Bill Clinton offers solutions to fix the economy in book and interviews. Like a helicopter parent, former president Bill Clinton gives economic advice to the second straight sitting U.S. President. According to Politico, in Clinton’s book, Back to Work, he criticized Obama’s administration for extending the Bush tax cuts for the wealthy [...]
Washington, DC – Boehner cites Obama’s “class warfare” as why Obama’s relationship with him has cooled. Revenues are still the main hurdle in negotiations for the “super committee” or the Joint Select Committee on Deficit Reduction. U.S. Downgrade After citing the political fiasco called debt ceiling talks earlier this year, S & P downgraded U.S. [...]
Barton Biggs thinks European Austerity is a “big mistake”. As noted in the Ireland austerity piece, the reward to severe austerity during down times are lower GDP and higher costs to borrow. Biggs wants increased spending until the markets correct themselves and then begin implementing austerity. Proposed U.S. Spending Cuts Of course, he hopes the [...]
Washington, D.C. Obama’s refinance plan could positively help at least 800,000 homeowners with negative equity… possibly millions. Why does this matter for the overall economy? Most While Obama’s American Jobs Act focuses on start ups and venture capital economic incentives to drive job creation, most new jobs are mom and pop jobs and basic small [...]
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Ireland. Pre economic meltdown, Ireland had one of the fastest growing economies in the EU. Real estate grew at precipitous rates and it’s GDP surged. Then the global recession hit hard, tumbling Ireland to the cellar of world economies like a boxer felled by a crushing right cross. What Happened? Before the fall, Foreign investors [...]
During Recession, Improper State Unemployment Insurance Payments Skyrocket. Department of Labor reports billions lost in UI payments and 9 steps to improve troubled states.
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State taxes can be an important factor when deciding where to relocate residences, relocating businesses, or retirement living. Based upon the data below, taxes may influence social phenomenon like the Tea Party and now the Occupy Wall Street movement. The Tax Foundation* (right leaning non-profit organization) recently made a list with the most and least [...]