Category Archives: Budget

Obama budget ceiling manufactured crisis, Americans pay attention!, Economy Jobs Rezko Birth Certificate Communist Party ACORN

Posted on August 6, 2011 | 55 comments

Obama budget ceiling manufactured crisis, Americans pay attention!, Economy Jobs Rezko Birth Certificate Communist Party ACORN

“Why has Obama, since taking the White House, used Justice Department Attorneys, at taxpayer expense,  to avoid presenting a legitimate birth certificate and college records?”…Citizen Wells and millions of concerned Americans

“As the crisis develops, it will be important to use the mass media to inform the broader llberal community about the inefficiencies and injustices of welfare. For example, the system will not be able to process many new applicants because of cumbersome and often unconstitutional investigatory procedures (which cost 20c for every dollar disbursed). As delays mount, so should the public demand that a simplified affidavit supplant these procedures, so that the
poor may certify to their condition. If the system reacts by making the proof of eligibility more difficult, the demand should be made that the Department of Health, Education and Welfare dispatch “eligibility registrars” to enforce federal statutes governing local programs. And throughout the crisis, the mass media should be used to advance arguments for a new federal income distribution program.”…Richard Cloward and Frances Piven

The so called budget crisis, debt ceiling negotiations, were custom made and one could say custom designed by Obama, et al. Never let a good crisis go to waste. The budget is a serious matter. We must take it seriously. However, aside from the socialist, radical tactics of the Obama camp, we still have someone occupying the White House, at the controls of the most powerful office on the planet.

How has the budget crisis benefited Obama?

  • Obama has used this as a pulpit to lie to the American people about his opposition and what he has done for the economy.
  • Focus is taken off his fraudulent birth certificate.
  • Focus is taken off his natural born citizen deficiency.
  • Focus is taken off of the financial markets.
  • Focus is taken off the jobs reports.
  • And….a two for one for Obama. More budget spending for ACORN affiliated groups that few notice because of the diversions.

I am relieved that some  are paying attention to the radicals being funded and enabled by the Obama camp.

From Fox News July 06, 2011.

“A conservative watchdog group is accusing President Obama of violating a funding ban that he signed into law that prohibits the flow of federal money to the now-defunct community activist group ACORN or any of its affiliates.

Judicial Watch says that in March, the U.S. Department of Housing and Urban Development (HUD) issued nearly $80,000 in grants to Affordable Housing Centers of America (AHCOA), which the groups says is an offshoot of ACORN.

“This was an ACORN affiliate at the time of the funding ban and it has not changed in sum or substance since then,” Judicial Watch President Tom Fitton told Fox News in an interview. “The funding ban was violated and the administration is calling these new entities. It just doesn’t pass the laugh test.”

But Alyson Chadwick, a spokeswoman for AHCOA, denied any connection to ACORN.

“We are not an affiliate, subsidiary or ally of ACORN,” she told FoxNews.com. “Both the GAO and HUD’s General Counsel have done exhaustive work and come to the same conclusion.””

“Judicial Watch senior investigator Sean Dunagan told Fox News that the GAO ruling used “strained logic.”

The group says the government’s website listing federal expenditures identifies the organization receiving the $79,810 grant as “ACORN Housing Corporation Inc.” and lists ACORN’s New Orleans address.

The group also says that ACHOA maintains the same board of directors, executive director and offices as ACORN Housing.

The group also notes that a HUD general counsel report from September 2010 says that ACORN Housing is “now operating as Affordable Housing Centers of America” and has misappropriated funds from a $3.2 million federal grant.

Although Dunagan admits no laws were broken, he says the bigger issue is the politicization at GAO.

The once powerful ACORN fell on hard times after a series of undercover videos showed its employees offering tax advice to a couple posing as a pimp and prostitute, tarnishing the group’s reputation and crippling its source of funding.

Congress passed and Obama signed into law the Defund ACORN Act in 2009 that yanked the organization’s federal funding. After private donors held back cash, the group shut down in April 2010.

“Certainly the intent of Congress was not to allow ACORN to change its name and get money,” Fitton said.”

Read more:

http://www.foxnews.com/politics/2011/07/06/obama-violates-acorn-funding-ban-with-housing-grant-to-offshoot-watchdog-says/#ixzz1RNKp3ID9

And just in case you are wondering. I am still reporting on Obama’s ghosts of Christmas past. That includes Blagojevich, Rezko, Cellini and Daniel Frawley.

55 Comments

Posted in Acorn, Barack Obama, Birth Certificate, Blagojevich, Budget, Citizen News, Citizens for the truth about Obama, CitizenWells, Community Organizer, Financial crisis, Fox news, Jobs, News, Obama, Obama lies, Obama Nation, Obama records, Rezko, The Case Against Barack Obama, Tony Rezko, United States, Voter fraud, Washington DC, white house, William Cellini

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Debt ceiling compromise, Congress votes today, August 1, 2011, Debt raised $2.1 trillion, Government spending cut $2.4 trillion

Posted on August 1, 2011 | 32 comments

Debt ceiling compromise, Congress votes today, August 1, 2011, Debt raised $2.1 trillion, Government spending cut $2.4 trillion

From Bloomberg August 1, 2011.

“Congressional leaders, leaving no extra time before a default threatened for tomorrow, are racing to push through a compromise sealed with President Barack Obama last night to raise the U.S. debt limit by at least $2.1 trillion and slash government spending by $2.4 trillion or more.

The House plans votes today and the Senate may follow suit to consider the agreement reached during a weekend of negotiations that capped a months-long struggle between Obama and Republicans over raising the $14.3 trillion debt ceiling.

Both parties were working to sell the deal to their rank and file — meeting resistance from social liberals who fault it for failing to increase taxes and from fiscal conservatives who say it’s insufficient to rein in the debt.

“The leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default,” Obama said in an appearance in the White House briefing room last night as congressional aides were drafting the legislative language. “This compromise does make a serious down payment on the deficit-reduction we need. Most importantly, it will allow us to avoid default.”

Stocks may rally after the deal, as futures on the Standard & Poor’s 500 Index expiring in September gained 1.1 percent to 1302.10 as of 11:01 a.m. in Frankfurt. Treasuries retreated after soaring July 29 in the wake of weaker-than-forecast U.S. economic growth figures. Ten-year notes yielded 2.85 percent, still less than their average 3.06 percent in the past year.”

“Two Installments

Lawmakers who were to vote within hours on the measure were just learning its details. It would raise the debt ceiling in two installments, sufficient to serve the nation’s needs into 2013. The framework, as detailed by officials in both parties, would cut $917 billion in spending over a decade, raise the debt limit initially by $900 billion and assign a special congressional committee to find another $1.5 trillion in deficit savings by late November, to be enacted by Christmas.

If Congress met that deadline and deficit target, or voted to send a balanced-budget constitutional amendment to the states, Obama would receive another $1.5 trillion borrowing boost.

In the case of Congress failing to take either step, or not producing debt savings of at least $1.2 trillion, the plan allows the president to obtain a $1.2 trillion debt-ceiling extension. Still, that would trigger automatic spending cuts across the government — including in defense and Medicare — to take effect starting in 2013. The Medicare cuts would only affect provider reimbursements, not benefits.”

“Concessions Made

In the final stage of negotiations, both sides made concessions. Republicans dropped their insistence on withholding some of the borrowing authority until future spending cuts had been made and a balanced budget amendment to the Constitution had been passed by both chambers of Congress. Those terms were included in a bill the House passed narrowly and along party lines July 29, only to see the measure defeated in the Senate less than 24 hours later.

The White House agreed to forgo an automatic tax increase, a sticking point for Republicans, as one of the consequences to kick in if no debt-reduction law was enacted by Christmas.

Even so, Obama has an opportunity to increase revenue in the future if he opts to allow the tax cuts enacted under George W. Bush to expire as scheduled in 2013. Even if Obama lost his re-election campaign next year, he could veto legislation to extend those cuts before leaving office — producing an estimated $3.5 trillion.

White House officials said the enforcement mechanisms will help them press Obama’s agenda as further deficit reductions are made, including additional tax revenue.”

Read more:

http://www.bloomberg.com/news/2011-08-01/obama-debt-cap-deal-with-congress-leaders-avoids-default-vote-due-today.html

32 Comments

Posted in Barack Obama, Budget, Congress, Democrats, republicans, US House of Representatives, US Senate, Washington DC, white house

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Debt ceiling negotiations, July 31, 2011, 2:45 PM, Senate Minority Leader Mitch McConnell, Avoid default

Posted on July 31, 2011 | 18 comments

Debt ceiling negotiations update, July 31, 2011, 2:45 PM, Senate Minority Leader Mitch McConnell, Avoid default

From the Wall Street Journal July 31, 2011.

“With the risk of a government default less than three days away, congressional leaders on Sunday said they were getting closer to a deal that raises the government’s borrowing limit, resolving the federal debt crisis.

“I can pretty confidently say this debt-ceiling increase will avoid default,” Senate Minority Leader Mitch McConnell (R., Ky.) said on CNN.

Live Blog: The Debt Battle
The White House and congressional leaders are scrambling to agree on a deal before Aug. 2 to raise the U.S. federal borrowing limit. Follow developments in Washington and reaction globally here.
.Sen. Charles Schumer, a top Democrat from New York, also speaking on CNN, said there was no “final agreement” but that default was “far less of a possibility now than it was even a day ago.” He added, “If there’s a word right here that would sum up the mood, it’s ‘relief.’ ”

Sens. McConnell and Schumer spoke before the Senate voted not to consider a debt plan by Senate Majority Leader Harry Reid (D., Nev.) to raise the debt ceiling and reduce the deficit by $2.2 trillion. The vote was 50-49, with 60 votes need to advance the bill.

But by the time of the vote, the result was anti-climactic; the real action is unfolding far from the Senate floor, as leaders of both parties try to hammer out the final details of a deal by day’s end to raise the debt ceiling from the current $14.29 trillion. That would be accompanied by deficit cuts of about $3 trillion.

Washington leaders face a Tuesday deadline by which the nation’s $14.29 trillion borrowing limit needs to be increased so the government can meet its financial obligations.

The framework emerging over the weekend likely would allow an immediate increase to the debt ceiling, lasting through the end of 2011, accompanied by government spending reductions of roughly $1 trillion over 10 years.

To get through 2012, Congress would form a special committee made up of an equal number of Democrats and Republicans to negotiate up to $2 trillion in additional cuts as part of a package containing a further debt-ceiling increase.

A House Republican leadership aide cautioned that a deal wasn’t yet in hand. “Discussions are moving in the right direction, but serious issues remain. And no agreement will be final until members have a chance to weigh in,” the aide said

The targets for savings appeared to remain subject to negotiation. Earlier proposals by legislative leaders were aiming for a total of between $2 trillion and $3 trillion total in savings over the next decade. Mr. McConnell on Sunday said he sees a $3 trillion deal.

The two-stage deal would include a deficit-cutting mechanism that would kick in should the special committee fail to act. Several people familiar with the talks said a key element could be a new process for sequestering—or holding back—federal spending if lawmakers can’t agree on further deficit reduction.”

Read more:

http://online.wsj.com/article/SB10001424053111903520204576480123949521268.html

18 Comments

Posted in Budget, Congress, Democrats, Government, republicans, United States, US House of Representatives, US Senate, Washington DC

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Tentative budget deal reached, ABC news reports, Debt ceiling increase, Guarantee an equal amount of deficit reduction

Posted on July 31, 2011 | 27 comments

Tentative budget deal reached, ABC news reports, Debt ceiling increase, Guarantee an equal amount of deficit reduction

From ABC News July 30, 2011.

“Democratic and Republican Congressional sources involved in the negotiations tell ABC News that a tentative agreement has been reached on the framework of a deal that would give the President a debt ceiling increase of up to $2.4 trillion and guarantee an equal amount of deficit reduction over the next 10 years.

The details are still being worked out, and a senior White House aide tells ABC News, “talks continue but there is no deal to report.”

Congressional leaders plan to brief their members on the framework tomorrow.  The reaction from both parties’ rank-and-file will determine whether this tentative deal becomes a final deal.

Here, according to Democratic and Republican sources, are the key elements:

•A debt ceiling increase of up to $2.1 to $2.4 trillion (depending on the size of the spending cuts agreed to in the final deal).
•They have now agreed to spending cuts of roughly $1.2 trillion over 10 years.
•The formation of a special Congressional committee to recommend further deficit reduction of up to $1.6 trillion (whatever it takes to add up to the total of the debt ceiling increase).  This deficit reduction could take the form of spending cuts, tax increases or both.
•The special committee must make recommendations by late November (before Congress’ Thanksgiving recess).
•If Congress does not approve those cuts by December 23, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare. This “trigger” is designed to force action on the deficit reduction committee’s recommendations by making the alternative painful to both Democrats and Republicans.
•A vote, in both the House and Senate, on a balanced budget amendment.
Democrats won’t like the fact that Medicare could be exposed to automatic cuts, but the size of the Medicare cuts is limited and they are designed to be taken from Medicare providers, not beneficiaries.”

Read more:

http://blogs.abcnews.com/thenote/2011/07/white-house-republicans-strike-tenative-deal-to-raise-debt-ceiling-.html

27 Comments

Posted in ABC news, Budget, Congress

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House Republicans propose $2.5 Trillion in Spending Cuts, Spending Reduction Act of 2011, GOP promises to slash the federal budget

Posted on January 20, 2011 | 84 comments

House Republicans propose $2.5 Trillion in Spending Cuts, Spending Reduction Act of 2011, GOP promises to slash the federal budget

From US News January 20, 2011.

“Moving aggressively to make good on election promises to slash the federal budget, the House GOP today unveiled an eye-popping plan to eliminate $2.5 trillion in spending over the next 10 years. Gone would be Amtrak subsidies, fat checks to the Legal Services Corporation and National Endowment for the Arts, and some $900 million to run President Obama’s healthcare reform program. [See a gallery of political caricatures.]

 
What’s more, the “Spending Reduction Act of 2011” proposed by members of the conservative Republican Study Committee, chaired by Ohio Rep. Jim Jordan, would reduce current spending for non-defense, non-homeland security and non-veterans programs to 2008 levels, eliminate federal control of Fannie Mae and Freddie Mac, cut the federal workforce by 15 percent through attrition, and cut some $80 billion by blocking implementation of Obamacare. [See a slide show of the top Congressional travel destinations.]

Some of the proposed reductions will surely draw Democratic attack, such as cutting the Ready to Learn TV Program, repeal of the Davis-Bacon Act, the elimination of the Energy Star Program, and cutting subsidies to the Woodrow Wilson Center. [See editorial cartoons about the GOP.]

Here is the overview provided by the Republican Study Committee:

FY 2011 CR Amendment: Replace the spending levels in the FY 2011 continuing resolution (CR) with non-defense, non-homeland security, non-veterans spending at FY 2008 levels. The legislation will further prohibit any FY 2011 funding from being used to carry out any provision of the Democrat government takeover of health care, or to defend the health care law against any lawsuit challenging any provision of the act. $80 billion savings.

Discretionary Spending Limit, FY 2012-2021: Eliminate automatic increases for inflation from CBO baseline projections for future discretionary appropriations. Further, impose discretionary spending limits through 2021 at 2006 levels on the non-defense portion of the discretionary budget. $2.29 trillion savings over ten years.

Federal Workforce Reforms: Eliminate automatic pay increases for civilian federal workers for five years. Additionally, cut the civilian workforce by a total of 15 percent through attrition. Allow the hiring of only one new worker for every two workers who leave federal employment until the reduction target has been met. (Savings included in above discretionary savings figure).

“Stimulus” Repeal: Eliminate all remaining “stimulus” funding. $45 billion total savings.

Eliminate federal control of Fannie Mae and Freddie Mac. $30 billion total savings.

Repeal the Medicaid FMAP increase in the “State Bailout” (Senate amendments to S. 1586). $16.1 billion total savings.

More than 100 specific program eliminations and spending reductions listed below: $330 billion savings over ten years (included in above discretionary savings figure).”

Read more:

http://www.usnews.com/news/washington-whispers/articles/2011/01/20/house-gop-lists-25-trillion-in-spending-cuts

84 Comments

Posted in 2009 Stimulus Bill, Barack Obama, Budget, Citizen News, Citizens for the truth about Obama, CitizenWells, Congress, DC, Deficit, Democrats, Economy, Election 2010, Government, Money, News, Obama, Obama administration, Obama lies, Obama Nation, Obama records, Politics, republicans, United States, US House of Representatives, Washington DC, white house

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Republicans vow to cut spending repeal health care bill, John Boehner, New Speaker of the House, Citizen Wells open thread, November 5, 2010

Posted on November 5, 2010 | 119 comments

Republicans vow to cut spending repeal health care bill, John Boehner, New Speaker of the House

From the Chicago Tribune November 5, 2010.

“Victorious at the polls, congressional Republicans asserted their newfound political strength on Thursday, vowing to seek a quick $100 billion in federal spending cuts and force repeated votes on the repeal of President Barack Obama’s prized health care overhaul.

At the White Houses, Obama said his administration was ready to work across party lines in a fresh attempt to “focus on the economy and jobs” as well as attack waste in government. In a show of bipartisanship, he invited top lawmakers to the White House at mid-month, and the nation’s newly elected governors two weeks later.

Rep. John Boehner, R-Ohio, in line to become the new speaker of the House, brushed aside talk that the No. 1 GOP goal was to make sure Obama is defeated at the polls in 2012. “That’s Senator McConnell’s statement and his opinion,” he told ABC, referring to the party’s leader in the Senate and adding that his own goals included cutting spending and creating jobs.”

“Many House Republicans campaigned on a platform of cutting government spending to levels in effect in 2008, before enactment of an economic stimulus bill and other increases that Democrats passed. Rep. Jerry Lewis of California, the senior Republican on the House Appropriations Committee, notified Democrats during the day that GOP lawmakers will try and implement the cuts when Congress considers the spending bill needed to keep most agencies running for the next eight months. The estimated savings total $100 billion.

“The unmistakable message sent by the American people on Tuesday is that they are justifiably angry at Washington. They want Congress to cut spending,” wrote Lewis, who faces an internal challenge in his attempt to become chairman of the panel next year.

At a news conference on Wednesday, the president signaled he was ready to jettison his campaign-long insistence that tax cuts be extended for earners at incomes up to $250,000 but be allowed to expire for higher-income people.”

Read more:

http://www.chicagotribune.com/news/politics/sns-ap-us-washington-new-reality,0,4954825.story

119 Comments

Posted in America, Barack Obama, Budget, Citizen News, Citizens for the truth about Obama, CitizenWells, Congress, DC, Democrats, Employment, Government, Healthcare bill, Money, News, Obama, Obama administration, Obama taxes, ObamaCare, Politics, republicans, The Case Against Barack Obama, United States, US economy, US House of Representatives, voters, Washington DC, white house

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Mainstream media Orwellian campaign, Fact versus fiction, Intelligent people still influenced by MSM, Citizen Wells open thread

Posted on June 7, 2010 | 9 comments

Mainstream media Orwellian campaign, Fact versus fiction.

What I am about to say probably applies to many of you. I have a good, dear friend who still watches mainstream media such as CNBC. He was touting tax cuts for small businesses and average Americans. He stated that “I” and most people had a lower tax obligation last year. That did not mesh with the many conversations I have had with many people as well as what I remember hearing and reading. However, anytime I sense a conversation is getting mired down in a gray morass, I try to find a common denonimator, a self evident truth. I stated that if he was correct that it isn’t working. People who believe the Orwellian lies from the mainstream media believe that George Bush and the Republicans are at fault. I then commence to confuse then with facts such as the Democrats have controlled congress since 2006. I also state that I am not a fan or defender of either party. What is clear for me is that I do not understand how any “rational,”  intelligent, informed person can support or defend the modern day Democrat party.

9 Comments

Posted in Accountability, America, Americans, Announcements, Big Brother, Budget, Bush, Citizen, Citizen Journalism, Citizen News, CitizenWells, Congress, Congress Watch, Democrats, George W Bush, Government, Journalism, Lies, media, Ministry of Truth, News, President Bush, republicans, United States, US economy

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Stocks dive, Futures dive, Jobless claims up, Unemployment Debt Foreign Economies, This ain’t rocket science

Posted on May 21, 2010 | 2 comments

Stocks dive, Futures dive, Jobless claims up, Unemployment Debt Foreign Economies

From the Chicago Tribune May 20, 2010.

“Stocks take hard tumble
376-point drop puts major indexes at a loss for year”

“The stock market had its worst day in more than year Thursday, with the Dow industrials tumbling more than 376 points, as fear intensified that a debt crisis in Europe could jeopardize the global economic recovery.

The sell-off put the major U.S. stock indexes, including the Dow, in the red for the year and down more than 10 percent in less than four weeks, the market’s sharpest retreat since March 2009, when prices bottomed at 12-year lows.

Analysts said there was no dramatic news to explain the day’s declines, including the largest one-day point drop in the Dow since February 2009. And despite the fiscal problems of Greece and other European countries, most forecasters predict the U.S. economy will continue the moderate recovery it began last year.

But mixed signals coming from across the Atlantic about the ability and willingness of leaders there to manage the crisis has made U.S. investors anxious.

As a result, volatility in the stock market has increased sharply of late. Thursday’s drop was the 13th time in the last 18 sessions that the Dow has had a triple-digit move.”

“The crash appears to have damaged the psyche of some individual investors just as they were beginning to regain confidence in stocks after the deep bear market of 2007-09.

“People are more nervous than they would have been, say, three years ago, with this sort of decline because they’re picturing what they went through in 2008,” said Mark Wilson, a financial planner at the Tarbox Group. “The basic question is: ‘Are we going right back to where we started from? Should we be getting out now in anticipation of going back to those 2008 levels?'”

Wilson said he was cautioning clients not to overreact, pointing out that 10 percent declines, known as corrections, that merely interrupt longer bull markets are normal.

Nonetheless, in the week that began the day of the crash, individual investors pulled $14 billion from mutual funds, the first such net withdrawal since March 2009.”

“The outlook was not helped by two discouraging pieces of news about the American economy.

The Labor Department said initial claims for unemployment benefits unexpectedly rose 25,000 last week, to 471,000. Meanwhile, The Conference Board, a private research group, reported its index of leading economic indicators fell 0.1 percent in April, its first decline since March 2009.”

Read more:

http://www.chicagotribune.com/business/feed/sc-biz-0521-markets–20100520,0,4858776.story?page=1

Bull Market?

I don’t see it.
Glenn Beck has done a good job of covering the US debt situation, our jeopardy of losing our borrowing rating,  out of control spending and the impact it is having on our economy and future generations.

What is happening in the stock market is no mystery. Out of control government spending, anti business, anti jobs growth policies are exacerbating an already gloomy economy and job market. Overlay that with financial crisis in Greece, Europe and pessimism in China and you have a recipe for a stock market retreat.

I do  not have a crystal ball. However, the November elections can do more than saving this country from ruin. Removing many jackasses will restore confidence in financial markets and alllow Congress to control spending and create jobs.

Let’s roll.

2 Comments

Posted in 2009 Stimulus Bill, America, Announcements, Barack Obama, Budget, Citizens for the truth about Obama, Congress, DC, Deficit, Democrats, Election, Election 2010, Employment, Financial crisis, Fox news, Glenn Beck, Government, indictment, Jobs, Money, Money Markets, News, Obama, Obama administration, Obama indictment, Obama lies, Obama records, Obama taxes, politicians, Politics, The Case Against Barack Obama, Unemployment, United States, US economy, Washington DC, white house

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Budget deficit widens, Largest April deficit ever, $82.7 billion shortfall, Record 19th straight monthly shortfall, Risk of higher interest rates

Posted on May 12, 2010 | 85 comments

Budget deficit widens, Largest April deficit ever, $82.7 billion shortfall

From Bloomberg, May 12, 2010.

“Budget Deficit in U.S. Widened to $82.7 Billion in April”

“The U.S. reported a budget deficit for April, the second such shortfall since 1983 for the month that typically sees an increase in income tax payments.

The excess of spending over revenue rose to $82.7 billion last month compared with a $20.9 billion gap in April 2009, the Treasury Department said today in Washington. It was the largest April deficit ever and exceeded the median forecast in a Bloomberg News survey.

April marked a record 19th straight monthly shortfall, highlighting the challenges facing the Obama administration. Deterioration in the government’s balance sheet in coming years raises the risk of higher interest rates even as an improving economy helps generate taxable income.

“We’re not going to see the deficit come down until economy gets healthier,” Gary Thayer, chief macro strategist at Wells Fargo Advisors LLC in St. Louis, said before the report. “We still have some important problems with the economy. There’s still a tendency by policy makers and lawmakers to address the problem with additional spending.”

The government’s April budget deficit compares with a median forecast of $57.9 billion, according to a Bloomberg survey of 30 economists. Projections ranged from deficits of $20 billion to $90 billion.”

“Revenue Declines

Revenue and other income fell 7.9 percent to $245.3 billion in April from $266.2 billion the same month last year, the Treasury said.”

“Spending for the entire government for April jumped 14.2 percent from the same month a year earlier to $328 billion.”
“The Obama administration forecasts a $1.6 trillion budget deficit in the current fiscal year that began Oct. 1. President Barack Obama’s debt commission met April 27, the first of a series of meetings aimed at producing a plan to reduce the deficit.

Administration officials and Democrats in Congress are looking to the commission for recommendations on reducing the federal debt, which is currently projected to reach 90 percent of the economy by 2020. Interest payments are forecast to quadruple to more than $900 billion annually by that year.”

Read more:

http://www.bloomberg.com/apps/news?pid=20601087&sid=agqhhoO8_cS0&pos=3

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Posted in 2009 Stimulus Bill, America, Announcements, Bailout, Banks, Barack Obama, Budget, Citizens for the truth about Obama, Congress, DC, Deficit, Democrats, Federal Reserve, Financial crisis, Government, Lies, Money, Money Markets, Mortgage crisis, News, Obama, Obama administration, Obama indictment, Obama lies, Obama Nation, Obama records, Obama taxes, politicians, Politics, Taxes, The Case Against Barack Obama, United States, US economy, Washington DC, white house

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Unemployed data, Facts, May 8, 2010, Unemployment rate rises to 9.9 %, Employment rises 290,000, Emergency Unemployment Compensation rises 153,786

Posted on May 8, 2010 | 243 comments

Unemployed data, Facts, May 8, 2010, Unemployment rate rises to 9.9 %

Three things happened last week that caused me to ponder what is going on with our economy.

The stock market plunged.

Confusing numbers from the government about employment and unemployment were released.

Many colleges were winding down their academic year. With this comes millions of young adults entering the work force part time or full time. What kind of job market will they encounter?

Consider these numbers and data released last week by the Federal Government.

  • Nonfarm payroll employment rose by 290,000 in April.
  • The unemployment rate edged up to 9.9 percent.
  • In April, the number of unemployed persons was 15.3 million.
  • The rate had been 9.7 percent for the first 3 months of this year.
  • The number of long-term unemployed (those jobless for 27 weeks and over) con-tinued to trend up over the month, reaching 6.7 million.
  • In April, 45.9 percent of unemployed persons had been jobless for 27 weeks or more.
  • Among the unemployed, the number of reentrants to the labor force rose by 195,000 over the month.
  • About 2.4 million persons were marginally attached to the labor force in April, compared with 2.1 million a year earlier.
  • They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.
  • Among the marginally attached, there were 1.2 million discouraged workers in April, up by 457,000 from a year earlier.
  • Discouraged workers are persons not currently looking for work because they believe no jobs are available for them.
  • Federal government employment was up in April, reflecting the hiring of 66,000 temporary workers for the decennial census.
  • UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT: In the week ending May 1, the advance figure for seasonally adjusted initial claims was 444,000, a decrease of 7,000 from the previous week’s revised figure of 451,000.
  • States reported 5,354,259 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending April 17, an increase of 153,786 from the prior week.

 

Sources:

http://www.bls.gov/news.release/empsit.nr0.htm

http://www.dol.gov/opa/media/press/eta/ui/current.htm

No wonder the stock market has the jitters.

243 Comments

Posted in America, Americans, Announcements, Budget, Citizen, Deficit, Election 2010, Employment, Financial crisis, Government, Jobs, Money, News, Taxes, The Case Against Barack Obama, Unemployment, voters, white house

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