Do you know what these federal agencies do March 17, 2017Posted by hslu in 美國, Debt and deficit, Trump, US Government.
Tags: Trump 2018 budget, US National Debt
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If Trump gets what he wants, these 19 federal agencies will be eliminated in 2018. Have you heard of them and do you know what they do?
Here is the list of agencies which are on the chopping block and how much each of them costs American tax payers in 2017.
Source: Yahoo news.
- African Development Foundation; $28.2 million
- Appalachian Regional Commission; $120 million
- Chemical Safety Board; $12.4 million
- Corporation for National and Community Service; $1.1 billion
- Corporation for Public Broadcasting; $445 million
- Delta Regional Authority; $15.9 million
- Denali Commission; $19 million
- Institute of Museum and Library Services; $230 million
- Inter-American Foundation; $22.2 million
- U.S. Trade and Development Agency; $80.7 million
- Legal Services Corporation; $502.7 million
- National Endowment for the Arts; $149.8 million
- National Endowment for the Humanities; $149.8 million
- Neighborhood Reinvestment Corporation; $140 million
- Northern Border Regional Commission; $5 million
- Overseas Private Investment Corporation; Self-sustaining
- U.S. Institute of Peace; $37.9 million
- U.S. Interagency Council on Homelessness; $3.6 million
- Woodrow Wilson International Center for Scholars; $10.4 million
Total amount eliminated: $3.07 billion.
Is it enough? Hmm…. It’s less than 0.6% of the estimated federal deficit for FY 2018.
Looks like that we need to get rid of a lot more than 19.
- FY 2016 Federal deficit: $587 billion (actual)
- FY 2017 Federal deficit: 504 billion (estimate)
- National debt: $19.9 trillion (estimate)
America at its best; Just kidding. December 27, 2015Posted by hslu in Congress, Debt and deficit, Oil, Politics, US Government.
Tags: DRIVE Act, Federal budget deficits, Import-Export bank trust fund, The Highway Transportation Bill, US National Debt
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This is an example of the United States government at its best: spending our tax money!
Have you heard of the new highway bill that US Senate has introduced about six month ago? I bet that you haven’t.
Do you know what the bill was called? I am sure that you don’t know.
How much money are we talking about？I know you don’t have a clue。
Do you know what that highway bill was for? You might have guessed it but you may only be partially correct.
Wells, here are the answers you are dying to find out.
The new highway bill was fittingly called the “Developing a Reliable and Innovative Vision for the Economy Act.”
Yes, you are right; it is may be cited as the “DRIVE Act” according to the language in the Bill.
As far as I can tell after adding up all funding for 14 programs, the total appropriation for the bill is $193,532,100,000.00 for the next six years. For those math challenged individuals, that’s $193.5321 billion dollars.
The highway bill is to:
- Fix interstate highways, bridges, tunnels and other federally funded highway infrastructural projects.
- Recapitalize the Highway Trust Fund, one of many Trust Funds managed by the United States government. As you might be aware that the Social Security’s “Old Age Survivor’s Insurance” and “Disability Insurance” are two infamous ones. In case you don’t know, the Highway Trust Fund has run out of money for a while now.
- Re-authorize the Export-Import Bank which was designed to promote international trades. You might treat it as subsidies to Boeing, General Electric and other big companies in America.
- National Park Service
- United States Fish and Wildlife Service
- Federal Lands Access Program.
- Bureau of Transportation Statistics.
- Highway research and development program.
- Technology and innovation deployment program
So where does the U.S. Senate plan to get the funding from to pay for the DRIVE Act?
From the tax money you and I paid to the IRS, of course.
But, that’s not entirely correct.
The Senate plans to steal $300 million from the Leaking Underground Storage Tank trust fund (Yes, you guessed it: it is called LUST fund.) However, there isn’t any money in the LUST fund. But that’s okay with the senators.
Some money will come from selling 100+ million barrels of oil from the Strategic Petroleum Reserve. But wait; did any Senator watch CNBC recently? If any of them has, he or she must know that oil price have tanked recently; dropping from $100+ per barrel about a year ago to about $35 per barrel now.
Looks like the Senate is desperate now.
There you have it, folks. This is your government. This is America at its best.
Oh, did I mention that if you owe tax to the IRS; $50,00 or more, you better stay home at all times starting from January 1, 2016. This is because that the good Senators have authorized IRS and the Immigration office to confiscate your passport at the airport until you cough up the tax, interest on the tax and penalties.
Now, how do you like that?
BTW, how much does the American government owe and how much does the American government have to borrow just to pay its bills?
The funny thing is that most of them get to come back to Washington DC after each election. Whoever voted for these clowns please stand up and let us see who you are.
Obama the “irresponsible” and “unpatriotic” December 2, 2014Posted by hslu in Debt and deficit, Obama.
Tags: Obama, US National Debt
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Obama in July, 2008 said that President Bush was “irresponsible” and “unpatriotic” because Bush added $4 trillion to national debt in 6.5 years. The national debt was $7.4 trillion.
A few day ago, the national debt has surpassed $18 trillion mark and Obama added more than $7.4 trillion to that figure.
Hmmm, using his own words, Obama is even more “irresponsible” and “unpatriotic.’
US not trustworthy October 25, 2013Posted by hslu in China, Economics, Euro, Global Affair, Obamacare, Politics, stocks, Taiwan.
Tags: Bolivia, Currency war, deficit, NSA, Snowden, US National Debt
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Foreign countries will no longer trust America no matter how many times Obama calls Merkel. It’s like an egg on American’s face which can’t be washed off easily.
Obama’s order to force Bolivia president’s private airplane to land in Austria has already caused serious consequences in its relationship with many South America countries. These countries will think twice before doing business with the U.S. again.
NSA’s monitoring of domestic and international communication has stirred up hatred towards American’s policy. This kind of action is simply not acceptable according to international laws. No amount of denying from Obama will ease other countries’ concerns. Even France and Germany are leery of American’s action and they will not be satisfied with whatever Obama or American ambassadors told them for a long time.
US federal government shutdown and debt ceiling impasse has became a joke among financial markets and other countries in the world. America’s credibility has been seriously damaged too. QEs by US Federal Reserve has other countries worried and countries like China, Russia, Korea and Germany will re-evaluate their foreign reserve policies. They will likely diverting some of their foreign currency holdings to other currencies such as Euro because Europe has started to emerge from financial ruins created by America five years ago. It appears that Euro as the single currency for EU countries is no longer in question and there is even some talk of creating a de facto central bank for EU countries.
China will speed up its move to create more direct currency swaps with other countries, especially in South America, in an effort to increase their acceptance of Renminbi in bilateral trades. As such, the status of American dollar being the world reserve currency will be in question.
The high drama of currency war has just started. America, being the bully of the world, will continue to enjoy the privilege of being able to print the world reserve currency whenever it feels like it.
With American’s national debt at 100+% of US GDP and with America government borrowing 40 cents of every dollar it spends, the day of reckoning for the imperial empire is just around the corner.
Growth in America is History June 26, 2010Posted by hslu in Economics, Global Affair, Politics.
Tags: deficits, stock markets, Timothy Geithner, US National Debt
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Timothy Geithner said that ‘the world can’t depend as much on US as it has in the past,’ because he knows that there won’t be any growth in US economy with so much national debt hanging over its neck; not to mention mounting annual deficits as far as eyes can see.
Is the United States on a downward slope and what does it mean to stock markets going forward?
There can only be one outcome: down!
PIGS and US National Debt May 10, 2010Posted by hslu in Economics, Global Affair, Health Insurance, Obama, Politics.
Tags: EU, Greece, Ireland, Italy, PIGS, Portugal, Spain, US National Debt
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Everyone is talking about PIGS these days.
The PIGS countries got into trouble by borrowing too much to keep their socialist countries going. Greece’s situation is particularly worrisome and it needs an immediate financial bailout to avoid defaulting on their loans. Greece’s national deficit has soared to nearly 13% of its GDP; much higher than the 3% limit demanded by EU as a condition for Greece to join EU.
EU came up with a $146 billion rescue package in early May but the financial market got more nervous than before. Yields on these countries’ bonds soared and DJIA dropped nearly 1,000 point in a matter of minutes. Although it might be a technical glitch with respect to circuit breakers on other exchanges in the world, it nonetheless showed the market was very nervous about the situation.
Now that EU has agreed to a $1 trillion rescue package over the weekend, it has bought some time for PIGS countries to resolve the near-term problem on a orderly fashion.
Well, the problem is not over because the debts are still there. But how much debt are we talking about? Let’s take a look, shall we?
Portugal $286 billion 86% of its GDP
Italy $1.4 trillion 118.6%
Ireland $867 billion 78.8%
Greece $236 billion 121.4%
Spain $1.1 trillion 66.9%
Let me throw in the United States and see how big a hole Obama and Democrats have dug for Americans?
U.S. $14 trillion ~93%
Hmm, the United States isn’t much better than the PIGS countries because the level of debt will go up even more once national health insurance takes effect in a couple of years.
The only difference about the United States is that the US can print as much money as necessary to pay for its debts. PIGS countries can not.
The day of reckoning for the United States is coming.
National Debt of the United States November 2, 2009Posted by hslu in Economics.
Tags: GDP, US National Debt
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United States owes a lot people a lot of Money
The United States is not looking very good because it owes a lot of money to a lot of people. The debt will grow bigger to as far into the future as eyes can see.
As of 2008, the national debt is estimated at 70.2% of the GDP. It will rise to 90.4% in 2009 and eventually reach 100% in 5 years (actually 99.8%.) I am willing to bet you a dollar that the percentage will exceed 100% sooner than 2014 because the government never gets its numbers right. Besides, the GDP growth rates used in the estimates may be too optimistic for years 2009 through 2014. In addition, this data does not include the public option being discussed in the Senate and House.
With the country rapidly moving to the left under Democrats, the government will certainly grow much bigger in the next 3 years. If a year from now, the Republican Party is still too weak to challenge the sitting president, we will have 7 years of experimenting with massive social programs.
Sadly, the debt will grow through the roof and the future generations will pay through their collective noses. They have to go by with less which means lower standard of living for generations. This doesn’t include the unfunded mandates such as social security, Medicare, Medicaids and food stamps. Rest assured, the retirement and health care benefits of the congressmen and Congresswomen are included though. We don’t have to worry for them because they are being taken care of on the backs of you and I.
The US is spending about 6% of its annual federal budget on interests due to low short term interest rates. This figure will go up as economy turns around and interest rates start to rise. It is not unlikely that the US will spend as much 15 to 20% of its national budget just on interest payments alone in the future.
Since about 50% of the budget goes to entitlements, that leaves very little to education, health care, energy, social programs, transportation, foreign policy, nations building, military and national security.
What could be even more troubling to me is the socilizing of the United States will put a big dent on entrepreneurship which will slow down the driving engine behind the growth of the US in the past 100 years. With incentives taking away from people with ideas and the drive, they will take their talents to where they are treated the best, i. e., with the biggest monetary rewards like China, Korea, Singapore and Taiwan if its government and opposition party get their acts together. The brain drain will be the final nail on the coffin of a long and painful death of the United States.
The Crushing Debt of the United States July 5, 2009Posted by hslu in Economics.
Tags: US National Debt
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The Crushing Debt of the United States
Let’s assume that you run your house’s finance like the Congress and White House running the United States in 2009. Here is what you have done so far:
Combined Household Income $100,000/year
Household Spending $185,367/year
Guns, Knifes and ammunition $40,580
Interest on Interest only Loan $6,617
Borrowed from Friends and Enemies $85,367
Owed to Friends and Enemies $456,000
Assets Buildings in many States
Commercial Values Uncertain.
Rental Income None.
Maintenance My responsibilities
Utilities, Phone, Garbage, etc. I pay.
Residential Home Equity $0
Vacation Home Unlikely
Gold Coins $10,683
Checking/Savings Account Balance $0
Stocks, Mutual Funds, Bonds $0
Promise of inheritance to your kids $261,490
Medical Expenses Guarantees $1,307,488
2009 -14.6% (It was a tough year. But it wasn’t my fault)
2011+ 5% or lower.More like 2.5% per year
Plan to Save in the Future NO. Maybe in 10 years.
Start to Pay Down Debt Hmm…. Eventually but not sure when.
Plan to Borrow more Money Why not. It has been easy.
Are you feeling much better now knowing that your house is in much better shape than that of the house of the United States? What is the ratio of your mortgage loan amount to your annual income? I hope it is lower than 4.56 times. Of course, the major difference between your house and the house of US is that the latter has a printing machine which is running 24/7 on 355 days of every year. But you have to make money the old fashion way: You earn it.
Here are some actual numbers for our Federal Government from public sources and estimates:
Income (billion) ——————- 2008 (Actual) 2009 (est.)
Individual Income —————————— $1,145.8 $953.0
Corporate Income Taxes ———————— $304.3 $146.8
Other Texas ——————————– $174.0 $157.7
Social Security Tax and Contribution $900.2 $899.2
Total ——————————- $2,524.3 $2,156.7
Defense ————————— $729.7 $821.7
Health Care —————————— $671.4 $784.2
Pension —————————– $558.7 $736.2
Welfare —————————— $313.4 $395.4
Interest —————————— $252.8 $142.7
Education ——————————- $101.9 $91.7
Protection —————————— $47.1 $53.3
Transportation —————————— $77.6 $94.3
General Government ————————– $20.8 $23.1
Other Spending —————————— $99.4 $851.6
Total —————————— $2,959 $3,997.8
Annual Deficit—————————- $458.6 $1,841.2
National Debt ————————– $9,985.8 $11,500(7/3)