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U.S. Won't Admit Banruptcy

This economist explains why the U.S. is bankrupt with its long-term liabilities which aren't called liabilities because of Congressional 'labeling'.

The Congressional Budget Office report is important to review and is equally dire. Check out these notes from it:

•CBO projects that if current laws do not change, federal spending on major mandatory health care programs will grow from roughly 5 percent of GDP today to about 10 percent in 2035 and will continue to increase there-after. Those projections include all of the effects of the recently enacted health care legislation, which is expected to increase federal spending in the next 10 years and for most of the following decade.

•Under current law, spending on Social Security is also projected to rise over time as a share of GDP, albeit much less dramatically. CBO projects that Social Security spending will increase from less than 5 percent of GDP today to about 6 percent in 2030 and then stabilize at roughly that level.

•Federal debt held by the public would grow from an estimated 62 percent of GDP this year to about 80 percent by 2035. Interest payments, which absorb federal resources that could otherwise be used to pay for government services, currently amount to more than 1 percent of GDP; under this scenario, they would rise to 4 percent of GDP (or one-sixth of federal revenues) by 2035.

Not good for the future to say the least!

Fannie Mae & Freddie Mac in Trouble - Barney Frank Caused it.

Freddie Mac Needs $1.8 Billion to maintain the housing market. What a surprise!

(Reuters) - Mortgage finance giant Freddie Mac (FMCC.OB) on Monday said it would need another $1.8 billion in aid from taxpayers, bringing its total request since it was taken over by the government two years ago to more than $64 billion.

YouTube: Barney Frank Lies about Fannie Mae

YouTube: Inside Fannie Mae & Freddie Mac

Bell Forces City Scammers to Resign

Residents of the City of Bell have forced their city manager (making $800k), police chief (ripping off at $411k) and others to resign for the excessive salaries in this impoverished city of Los Angeles.

National Food Tab

Fat Cat Politicians were gorging themselves on your tax dollars. Congressional swine spent $604,000 on bottled water. Total spend: $1 billion

Congress' Food Tab: $604,000 for Bottled Water, $152 at Quiznos

(July 21) -- Crave ribs? Bagels and coffee or doughnuts? Seafood, subs or Chinese? So does Congress!

House members spent part of their Members Representational Allowances on these items -- and more -- during the nine-month period between late 2009 and early 2010 covered by the Sunlight Foundation's House Expenditure Reports Database. The info is highly enlightening, revealing, for instance, the popularity of Chantilly Donut's sinkers; what it costs to feed hungry congressional pages; and how lucrative it can be to own a part of the cottage industry of keeping our duly elected representatives fed and well hydrated.

No Firefighters Need, Buy Stupid Artwork

Ann Arbor is going to lay off fireman - but pay $850k for a 'water sculpture'. Perhaps it shows a politician pissing in the fireman's BBQ.

Michigan Confidential - Ann Arbor Artwork

City of Bell: Revolt against Swine City Manager and cronies

Revolt in the City of Bell. The scumbag city managers and others were gouging the city of 37,000 people, a relatively modest community, with massive salaries.

LA Times Article on Bell

Residents irate as Bell council requests report on salaries

Community groups were demanding the resignation of Bell's city council members, most of whom make $100,000 a year; police chief, who makes $457,000; and city manager, who makes $787,637.

July 20, 2010|By Jeff Gottlieb and Ruben Vives, Los Angeles Times

Liz O. Baylen / Los Angeles Times

A Bell councilman said Monday that he didn't know his salary was $90,000 a year less than his colleagues' nor that some city administrators made far more than that, until The Times reported that the district attorney's office was investigating why the pay was so high for the part-time positions.

Councilman Lorenzo Velez said he is being paid $8,076 a year, while his colleagues are drawing nearly $100,000 annually.

Ahead of Monday night's council meeting, Velez called for an investigation, saying that if The Times' report is true, the city manager, assistant city manager, police chief and entire council should resign.

City Deificits - "No Toilet Paper in Newark"

Newark, not exactly the crown jewel of a city to attract either business or residents, is adding furlough days, cutting out gas for cars and maybe laying off cops.

Oh yeah, and not buying toilet paper.

Newark Budget Cuts

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