Federal Debt

Maher: I Worry Overspending Could End Up ‘Hurting More’ than Coronavirus

During an interview with House Speaker Nancy Pelosi (D-CA) broadcast on Friday’s edition of HBO’s “Real Time,” host Bill Maher expressed concern about the amount of money the government is spending due to the coronavirus pandemic and stated that “It seems like it’s a house of cards that could, in the end, wind up hurting more people than the disease.” Maher said, “I don’t know how you can just keep indefinitely writing checks. We were 20 trillion in the hole to begin with. And all world governments, who are already in debt, are doing this. How can the whole world be writing this funny money?” After Pelosi said that greater investments in science and health will help the economy recover, Maher stated, “Well, it will recover unless people get wise to the fact that we’re just writing checks for money that doesn’t exist. … It seems like it’s a house of cards that could, in the end, wind up hurting more people than the disease.”

Normally we disagree with Bill Maher about 95% of the time.  But, we gotta give credit where credit is due..and its due here.  Kudos to him for putting that partisan, liberal agenda-driven, dithering idiot, Speaker Nancy Pelosi (D-CA) on the spot like that on national tv.  Nancy Pelosi doesn’t give a damn about hard working Americans suffering with this Wuhan virus.  All she cares is about seizing this crisis to advance her Democrat liberal agenda and weave into any so-called “stimulus” bills that are being advanced in the House, a bunch of unrelated, irrelevant expensive liberal bs that we’ll be stuck with the bill for…and no way to pay for it.  Then what?

Federal Spending Set Record During Shutdown

Federal spending for the fourth Monday in January set a record of $16,596,000,000 for that day in January even though the federal government was shut down, according to the Daily Treasury Statement. The House of Representatives did not pass the current short-term continuing resolution to fund the government and end the latest shutdown until 6:09 p.m. Eastern Time on Monday. That was after the close of the business day in Washington, D.C., which made Monday the one federal-government business day effected by the lastest shut down. (The other two days of the shut down were a Saturday and a Sunday.) But the $16,596,000,000 that the federal government spent on Monday–when it was shut down–was more in constant inflation-adjusted dollars than the federal government has spent before on the fourth Monday in January, according to the Daily Treasury Statements (going back to 1998) that are posted on the website of the Treasury Department’s Bureau of the Fiscal Service. The second highest federal spending on a fourth Monday in January came on Monday, Jan. 26, 2009—six days into Barack Obama’s presidency. On that Monday, the federal government spent $14,667,000,000 in constant December 2017 dollars (adjusted using the Bureau of Labor Statistics inflation calculator). The third highest federal spending on a fourth Monday in January came on Monday, Jan. 24, 2011, when the government spent $13,761,140,000 in constant December 2017 dollars. In 1998, the earliest year for which the Bureau of the Fiscal Service has posted Daily Treasury Statements online, the federal government spent $7,725,230,000 on the fourth Monday of January (Jan. 26, 1998) in constant December 2017 dollars. Although the federal government spent a record $16,596,000,000 on the fourth Monday in January this year—and even though the federal government was shut down that day—the federal government did not run a deficit on that day. That is because it brought in $17,117,000,000 in tax revenue. That was not a record for tax revenue for the fourth Monday in January. On Jan. 23, 2018—the fourth Monday in January of last year—the federal government brought in $17,117,000,000 in tax revenue in constant December 2017 dollars. The largest expenditure the federal government made on Monday—when it was shut down—was $3,746,000,000 in “marketplace payments,” which are subsidies for health insurance plans purchased on the Obamacare exchanges. The second largest expenditure was $1,971,000,000 for Medicare and other Centers of Medicare and Medicaid Services expenses. The third largest was $1,764,000,000 spent on Department of Education programs.

Record $135 billion a year for illegal immigration, average $8,075 each, $25,000 in NY

The swelling population of illegal immigrants and their kids is costing American taxpayers $135 billion a year, the highest ever, driven by free medical care, education and a huge law enforcement bill, according to the the most authoritative report on the issue yet. And despite claims from pro-illegal immigration advocates that the aliens pay significant off-setting taxes back to federal, state and local treasuries, the Federation for American Immigration Reform report tallied just $19 billion, making the final hit to taxpayers about $116 billion. State and local governments are getting ravaged by the costs, at over $88 billion. The federal government, by comparison, is getting off easy at $45 billion in costs for illegals. President Trump, Attorney General Jeff Sessions and conservatives in Congress are moving aggressively to deal with illegals, especially those with long criminal records. But their effort is being fought by courts and some 300 so-called “sanctuary communities” that refuse to work with federal law enforcement. The added burden on taxpayers and the unfairness to those who have applied to come into the United States through legal channels is also driving the administration’s immigration crackdown. The report, titled “The Fiscal Burden Of Illegal Immigration on U.S. Taxpayers,” is the most comprehensive cost tally from FAIR. It said that the costs have jumped about $3 billion in four years and will continue to surge unless illegal immigration is stopped.

If only…  To read the rest, click on the text above.

Federal Debt Tops $19,900,000,000,000—On Black Friday

The federal debt moved above 19,900,000,000,000 for the first time as of the close of business, Nov. 22, the Tuesday before Thanksgiving, according to data released by the Treasury. On that day, it rose from $19,899,004,081,493.50 to $19,907,540,739,514.52. However, on Nov. 23, the day before Thanksgiving, the debt dropped back to $19,897,994,347,700,50, according to the Treasury. No Treasury business was conducted on Thanksgiving. But by the close of business on Nov. 25—“Black Friday”–the debt had climbed back above $19,900,000,000,000, hitting 19,928,118,193,162.55. On Monday, according to the Treasury, the federal debt continued to climb, closing the day on Nov. 28 at $19,929,184,161,352.13. Thus, Thanksgiving week of 2016 marked the first time since the United States declared independence on July 4, 1776 that the debt of the federal government exceeded $19,900,000,000,000.

How’s that for Obama’s pathetic economic legacy!  And, there are actually still people in the media, and elsewhere that don’t understand how Trump was elected.  Unreal..

Federal Debt Tops $19,400,000,000,000

The federal debt moved above $19,400,000,000,000 for the first time as of the close of business on Tuesday, according to the data released today by the U.S. Treasury. At the close of business on Monday, July 18, the total federal debt was $19,391,094,247,028.26, according to the Treasury. By the close of business on Tuesday, July 19, it had risen to $19,402,361,890,929.46. On Friday, Oct. 30, 2015, Congress passed the “Bipartisan Budget Act,” which suspended the legal debt limit until March 15, 2017. President Obama signed that bill into law on Monday, Nov. 2, 2015. At the close of business on Oct. 30, the federal debt stood at $18,152,981,685,747.52. In the less than nine months since then, the federal debt has increased by $1,249,380,205,181.94 Title IX of the Bipartisan Budget Act is entitled “Temporary Extension of Public Debt Limit.” The Congressional Research Service summary explains that part of the law this way: “The public debt limit is suspended through March 15, 2017. On March 16, 2017, the limit is increased to accommodate obligations issued during the suspension period.” Prior to President Obama signing the Bipartisan Budget Act, the Treasury had been in a “debt issuance suspension period” that Treasury Secretary Jacob Lew had declared on March 16, 2015. During that “debt issuance suspension period” the Treasury took what it calls “extraordinary measures” to prevent the debt from exceeding what was then the legal limit.

90 Days: Treasury Says Debt Has Been Frozen at $18,112,975,000,000

The portion of the federal debt that is subject to a legal limit set by Congress closed Thursday, June 11, at $18,112,975,000,000, according to the latest Daily Treasury Statement, which was published at 4:00 p.m. on Friday. That, according to the Treasury’s statements, makes 90 straight days the debt subject to the limit has been frozen at $18,112,975,000,000. $18,112,975,000,000 is about $25 million below the current legal debt limit of $18,113,000,080,959.35. The Daily Treasury Statement for March 13 was the first to show the federal debt subject to the limit closing the day at $18,112,975,000,000. Every Daily Treasury Statement since then has reported the same thing: the debt closing the day at $18,112,975,000,000. Every Daily Treasury Statement since Monday, March 16, has reported the debt beginning and ending each day at $18,112,975,000,000.