Obama’s Deliberate Destruction of the Economy

“The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance.”  ~ Cicero 55 BC

What was true for Rome is true for America. President Obama may know little about history and less about economics, but he is relentlessly destroying America and has been since he first took office in 2009.

In September, the Gallup polling organization, reported that “Americans’ trust in ‘the American people’ to make judgments about political issues facing the country has declined each year since 2009 and, at 61%, is down nearly 20 percentage points from its recent peak in 2005. Still, that exceeds the 46% of Americans who trust the ‘men and women…who either hold or are running for public office,’ which is one point above the historical low from 2011.”

“The results are based on Gallup’s annual Governance survey, conducted Sept 5-8. The same poll found that American’s trust in the federal government to handle domestic and international problems, their trust in the news media, and their trust in the three branches of the federal government, and in state and local governments are all at or near historical lows.

Via: Canada Free Press

Continue Reading....

Fannie, Freddie close to paying off taxpayer bailout bill

Fannie Mae and Freddie Mac, the housing giants whose combined $188 billion bailout dwarfed all others during the 2008 financial crisis, announced Thursday that they will return another $39 billion in dividends to the U.S. Treasury next month, bringing them close to fully repaying the taxpayers who rescued them.

Fannie Mae said it plans an $8.6 billion dividend that will bring its total payments to the Treasury in the past two years to $114 billion — $3 billion shy of its total $117 billion bailout — while Freddie Mac said a payment of $30.4 billion in dividends will more than complete the repayment of its $71 billion bailout.

Further dividends from both mortgage giants at the beginning of next year almost certainly will make taxpayers whole and turn their rescue operations into once-unimaginable cash cows for the government.

Although the two mortgage guarantee agencies technically cannot expunge their debts to the taxpayers and are still owned and controlled by the Treasury under the terms of their bailouts, the near break-even point they have achieved marks a symbolic closing of a major chapter in U.S. economic history as their bailouts were among the most dramatic, controversial and far-reaching events during the tumultuous financial crisis.

The large dividend payments to be reaped by the Treasury also highlight the important role the two mortgage giants have played in helping to sharply reduce the federal budget deficit in the past year to less than half of its $1.4 trillion peak during the crisis.

Via: Washington Times

Continue Reading.....

Treasury: We’ve Kept Debt Exactly $16,699,396,000,000 For 4 Months

Thanks for making me look good!!!

(CNSNews.com) - At 4:00 p.m. on Wednesday, the U.S. Treasury released its daily statement revealing how the accounts of the federal government stood as of the close of business on Tuesday, Sept. 17.

According to this official accounting,  the federal government's debt that is subject to a legal limit set by Congress stood at exactly $16,699,396,000,000 at that hour yesterday.

That marked the fourth straight month that the U.S. government’s debt has ended up at exactly $16,699,396,000,000 at the close of each business day.

Coincidentally, $16,699,396,000,000 is about $25 million below the legal limit on the debt—which is currently set by law at $16,699,421,095,673.60.

If at the close of any business day, the debt were to slip just $26 million higher, it would exceed the legal limit.

Instead, at the close of every business day since May 17, the debt has remained just $25 million below the limit.

This is despite the fact that the Treasury has continued to sell more Treasury securities than it is redeeming and to run massive deficits.

In May, the month the Treasury froze the debt subject to the legal limit at $16,699,396,000,000, the federal government ran a deficit of $138.732 billion for the month, according to the Treasury’s monthly statement.  In June, the Treasury said the government ran a one-month surplus of $116.501. But then it ran a deficit of $97.597 billion in July and $147.923 billion in August.

Via: CNS News

Continue Reading.....