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Government Deficits

||Government Deficits

Instead Of More Taxes, How About Enforcing The Taxes All Ready Passed?

November 2013 The Obama Administration continues to not enforce a tax penalty contained in a May 2007 law.  Based on current estimates contained in a recent report (Reference Number: 2013-40-123 – hereinafter the “Report”) by the Treasury Inspector General for Tax Administration (TIGTA), the unenforced law involves around $1.5 billion annually.  The TIGTA Report and [...]

Government Deficits, Other|

Recent IMF Economic Report Provides New & Alternative Solutions To The “Fiscal Cliff”

November 2012 The so-called “fiscal cliff” dominates current American news.  Almost everyone agrees that the federal government deficit needs to be reduced, and the vast majority agrees that some tax increase is needed for at least part of the solution.  However, the current debate is focused entirely on the income tax, and how the “rich” [...]

Government Deficits, Other|

The US Fiscal Cliff Is Not The Biggest Challenge

October 2012 Current news reports and commentary provide daily insight into the challenges that will occur if Congress and the President are unable to reach agreement regarding a combination of tax increases, spending cuts, and increased debt ceilings before the end of 2012.  But an even bigger story is not being reported. Last week, in [...]

Government Deficits, Other|

Because Of Its Government, U.S. Continues Its Recent Drop In Global Competitiveness Ranking

October 2012 The World Economic Forum is a Swiss non-profit foundation founded in 1971 that is best known for its annual worldwide and regional meetings of business leaders, political leaders, and scholars to discuss pressing international issues.   The organization is primarily funded by around 1000 member companies, who are primarily large multinational firms from around [...]

Government Deficits, Other|

Straight From The IMF The U.S. Is Broke

August 2010 Economists are known for their dry writing style. Consequently, International Monetary Fund (IMF) reports are difficult to read, and are largely ignored by most news agencies. For example, the evening news certainly did not report the understated IMF comment that “a larger than budgeted adjustment would be required to stabilize debt-to-GDP”. Nevertheless, if [...]

Government Deficits, Other|

Somber Yet Clear U.S. Financial Report Should Be Required Reading For All Citizens

March 2008 The U.S. federal government recently released “The Citizen’s Guide to the 2007 Financial Report of the United States Government”. This is the first time that the federal government has released this type of summary. It is remarkably candid and clear. It paints a picture that should have received greater attention already, and deserves [...]

Government Deficits, Other|

Keeping Track Of Federal Government Spending Is Supposedly Just Too Hard

March 2011 The Government Accountability Office (GAO) again reported that it “cannot render an opinion on the 2010 consolidated financial statements of the federal government, because of widespread material internal control weakness, significant uncertainties, and other limitations.” This has occurred for years. Although each year the federal government states improvements are being made, the bottom [...]

Government Deficits, Other|

Moody’s And Bernanke Warn Of U.S. Budget Deficits And Related Credit Rating Problems

March 2010 In the beginning of February, Moody’s Investors Service warned that the triple-A sovereign credit rating of the United States would come under pressure unless either economic growth was greater than expected, or the nation’s budget deficit was reduced. Moody’s stated: “Unless further measures are taken to reduce the budget deficit further or the [...]

Government Deficits, Other|

Obama Commission Presents First Ideas On How To End The U.S. Government Financial Disaster

November 2010 In August 2010, we summarized an International Monetary Fund (IMF) report that concluded the U.S. is broke. Last week the Government Accountability Office (GAO) issued similar conclusions in its report on the Federal Government's Long-Term Fiscal Outlook. The report concludes: “GAO’s annual fall update of its long-term simulations underscores the need to address [...]

Government Deficits, Other|

Disastrous Predictions For State And Local Government Pensions

October 2010 This summer, a pair of university professors released a study regarding the size of state government pension obligations, and possible solutions to the enormous problems. In mid-October 2010, the professors released a similar study regarding local municipality obligations. Josjua Rauh of the Kellogg School and Robert Novy-Marx of the University of Rochester prepared [...]

Government Deficits, Other|

Three States Act As Guinea Pigs In Budget Turmoil

January 2011 The federal deficit’s unsustainable levels have received significant media attention. Less attention has been paid to similar large problems the states face. However, almost every state (46 to be exact) struggled to close budget shortfalls for the current fiscal year (which begins July 1 in most states). A policy analyst at the Center [...]

Government Deficits, Other|