The pension system in the United States isn't healthy by any stretch of the imagination. It has been underfunded for quite some time.
With the federal deficit running 22% higher during the first ten months of 2019 compared to the same period last year ($800bn vs. 655bn), student loans and other federal programs which increase the Treasury's overall borrowing are running somewhat
House limitations stripped away in final bill
In the old days, a decade or so ago, Democrats would have assailed Donald Trump's failure on federal deficits; instead of eliminating it, as promised, the deficit has doubled to a trillion dollars as far as the eye can see.
So we all know about the missing trillions by now, but where is that money going? And what can Americans do to reclaim that money that is rightfully theirs? Join Catherine Austin Fitts of Solari.com and James Corbett of The Corbett Report for this wi
Baby boomers might have paid into Social Security, but millennials and Gen Z are being asked to pay a lot more--for a program that will offer them less return.
This week, the U.S. national debt reached the 23 trillion dollar mark for the first time ever.
Fiscal 2020 started just like fiscal 2019 ended – with a massive federal budget deficit. And that has Federal Reserve Chairman Jerome Powell worried. In an ironic bit of political theater, Powell lectured Congress about the spending he helps facili
Federal spending and federal taxation in the United States set new records in 2019. And the federal budget deficit swelled to more than a trillion dollars. Europe is in the middle of an enormous spending binge. But apparently hard-core laissez-faire
Paul Krugman coined the term "zombie ideas" to describe "policy ideas that keep getting killed by evidence, but nonetheless shamble relentless forward, essentially because they suit a political agenda."
The "mother of all bubbles" in the sovereign debt market, Zidle says, is the catalyst that will likely trigger the next recession. He expects that to happen between mid-2020 and the end of 2021. All that and more below…
Saudi Crown Prince Mohammed bin Salman (MbS) has staked his country's future on selling a 5% stake in Saudi Aramco, the most valuable asset it has.
Chicago Mayor Lori Lightfoot and the Teachers Union reached agreement on a deal sure to send Chicago over the cliff.
Let's get to the bottom line on all this "rate cut" nonsense. The Fed made a fatal mistake in first promoting "fiscal" actions (during the 08 crash) and then continuing to support them well after the bottom in 2009. This allowed Barack Obama to r
The Senate on Monday rejected an effort by Sen. Rand Paul (R-Ky.) to place an across-the-board spending cut in a domestic funding package being debated by lawmakers.
With the cumulative budget deficit for the first 11 months of fiscal 2019 already hitting $1.067 trillion as of August 31, the only question on deficit watchers' minds was whether after the final month in the fiscal year, which ends on Sept 30, the U
Chicago Mayor Lori Lightfoot has presented her plan to cover an $838 million budget shortfall for fiscal year 2020.
ProPublica reported the disproportionate audit focus on lower-income families in April. Lawmakers confronted IRS Commissioner Charles Rettig about the emphasis, citing our stories, and Sen. Ron Wyden, D-Ore., asked Rettig for a plan to fix the imbala
Sen. Rand Paul (R-KY) has expressed his opposition to the bi-partisan deal to keep the federal government open as a waste of taxpayer funds, as well as President Donald Trump's decision to announce a state of emergency to acquire funds for a border
THE BUDGET DEFICIT RISES 26% IN 1 YEAR AS FEDERAL SPENDING SPIRALS WILDLY OUT OF CONTROL
On Friday evening, the government here in Puerto Rico made an announcement to local retirees that many of them would have their pensions cut.
The last few weeks have seen a dramatic surge in US macro data surprises (to the upside), dramatically diverging from the rest of the world (and almost single-handedly improving the global data)...
Update: Step away from the panic button (at least until tomorrow). Moments after the Fed announced that its second, expanded $60BN term repo came in oversubscribed (see below), the results of the overnight repo were also announced, and they sugges
Do central bankers really think negative interest rates are rational? "Calculation Error," which Bloomberg terminals sometimes display1, is an apt metaphor for the current state of central bank policy. Both Europe and Asia are now awash in $13
Central Planning is always destined to fail, and central planners (at everyone else's expense) always do whatever they can to delay the inevitable. Negative interest rates (that is, getting paid to borrow money) would never occur in a free market mon
What's going on? Where is the money? How could this happen? How much has really gone missing? What would happen if a corporation failed to pass an audit like this? Or a taxpayer?
There is hesitation among the political class as to what must be done to pay down and eliminate this debt.
A southwest Georgia city is closing its police department.
For months, the world watched in stunned amazement as, alongside the relentless increase in global negative yielding debt which more than doubled in 2019 from $8 trillion to $17 trillion, the Austrian century bond due 2117 exploded higher and almost
Health care expenses are a massive burden for many Americans, and for some, they can be financially devastating. A new report from Kaiser Health News revealed some shocking examples of just how bad things can get for some people.