It’s official. The U.S. federal debt has crossed another unbelievable line: $15 trillion. The Treasury Department reported the news on Wednesday, and various sources are reporting different figures for the level of debt person and per family. But the discrepancies between those figures are a distinction without a difference. The United States of America is drowning in debt. And it may never recover.
The national debt is the sum of the debt held by the public plus the so-called intragovernmental debt. The latter is that debt held by federal trust funds, such as Social Security, when the government borrows from those trust funds. Those figures are $10.3 trillion and $4.7 trillion.
Terence P. Jeffrey, a veteran budget reporter and columnist for CNSNews.com, reported that the new debt per family, based on the Census Bureau’s estimate of just more than 76 million families in the United States, is $197,579. Jeffrey calculates the debt per person worker in the private section at $160,545.
Those figures drop just a little using numbers from the U.S. Debt Clock. It reports that the debt per taxpayer is about $133,373, while the debt per citizen is about $48,000. It reports a debt per family of about $182,000, based on an estimate of about 82.5 million families.
At a joint briefing on Wednesday with Irish Prime Minister Enda Kenny, German Chancellor Angela Merkel announced the next step towards the creation of the supra-national European state: “Germany sees the need…to show the markets and the world public that the euro will remain together, that the euro must be defended, but also that we are prepared to give up a little bit of national sovereignty…” It must be done, she said, so that the euro is “strong and inspires confidence on international markets.”
This could be done through changes in the Lisbon Treaty that comprises the basis for the European Union, or more likely through the signing into law the European Stability Mechanism (ESM) by December 31, 2012. Merkel explained that, either way, this would allow for “an intervention and oversight role in respect of the preparation of national budgets…” among the member states.
This would represent the culmination of more than 60 years of efforts by the Bilderberg Group with the help of the Council on Foreign Relations (CFR), David Rockefeller, and funding of the effort by the Ford and Rockefeller foundations. Joseph Retinger, one of the founders of the Bilderberg Group in 1954, was also one of the principal architects of the European Common Market. As early as 1946, in a speech to the Royal Institute of International Affairs (RIIA), the British counterpart of the CFR, Retinger said that Europe needed to create a federal union and that it would be necessary for the European countries to “relinquish part of their national sovereignty” to secure it. As noted by Andrew Gavin Marshall, research associate for the Centre for Research on Globalization, the effort to create the dictatorship of Europe goes back many years and is the creation of many hands:
Critics are assailing the new European Central Bank boss Mario Draghi — an ex-Goldman Sachs chief and a regular attendee at secretive Bilderberg meetings — as he continues to buy up more government bonds with newly created money. But Draghi is merely one important figure in what is being called a wide-ranging banker “coup d’etat” in the European Union, according to analysts.
Draghi took over the ECB from Jean-Claude Trichet on November 1, becoming arguably the most important man in Europe — at least on the surface. He promptly called a press conference and lowered interest rates.
Perhaps more important, however, Draghi also reportedly decreased the central bank’s government bond purchases by almost half during his first week at the helm. The move almost certainly contributed to the soaring yields on Italian debt that forced Prime Minister Silvio Berlusconi to step down early this week.
With Berlusconi out of the way, the new unelected regime of Bilderberg and Trilateral Commission leader Mario Monti seized power in what critics referred to as an undemocratic “coup d‘etat” orchestrated by the European Union and powerful banking interests. Monti is also a key Goldman Sachs figure with a long track record of promoting the EU, more “integration,” and the power of banks inside and outside of government.
According to CBS News, "the number of people in the U.S. living in poverty in 2010 rose for the fourth year in a row, representing the largest number of Americans in poverty in the 52 years since such estimates have been published by the U.S. Census Bureau." MSNBC said, "The U.S. poverty rate remains among the highest in the developed world." Let's look at a few poverty facts.
Heritage Foundation researchers Dr. Robert Rector and Rachel Sheffield laid out some facts about the poor in their report "Understanding Poverty in the United States: Surprising Facts About America's Poor" (9/13/2011). Eighty percent of poor households have air conditioning. Nearly three-fourths have a car or truck, and 31 percent have two or more. Two-thirds have cable or satellite TV. Half have one or more computers. Forty-two percent own their homes. The average poor American has more living space than the typical non-poor person in Sweden, France or the U.K. Ninety-six percent of poor parents stated that their children were never hungry during the year because they couldn't afford food.
"The Material Well-Being of the Poor and the Middle Class Since 1980" (10/25/2011) is a research paper by professor Bruce D. Meyer of the University of Chicago and The National Bureau of Economic Research and professor James X. Sullivan of the University of Notre Dame. In it they report:
Justice Oliver Wendell Holmes said that a good catch phrase could stop thinking for 50 years. One of the often-repeated catch phrases of our time — "It's the economy, stupid!" — has already stopped thinking in some quarters for a couple of decades. There is no question that the state of the economy can affect elections. But there is also no iron law that all elections will be decided by the state of the economy.
President Franklin D. Roosevelt was re-elected for an unprecedented third term after two terms in which unemployment was in double digits for eight consecutive years.
We may lament the number of people who are unemployed or who are on food stamps today. But those who give the Obama administration credit for coming to their rescue when they didn't have a job are likely to greatly outnumber those who blame the administration for their not having a job in the first place.
An expansion of the welfare state in hard times seems to have been the secret of FDR's great political success in the midst of economic disaster. An economic study published in a scholarly journal in 2004 concluded that the Roosevelt administration's policies prolonged the Great Depression by several years. But few people read economic studies.
It has been all the talk on Wisconsin political blogs, talk shows, and editorial pages for the past several months. Now it is official: on November 15 virulent opponents of Wisconsin Governor Scott Walker officially launched a recall drive against him, in what can only be described as a vindictive attempt at political payback for his success at reining in collective bargaining for state employees. But just who Democrats will choose to run against the popular conservative state leader — should they garner the half a million or so needed recall petition signatures — is still up in the air.
Trilateral Commission member Lucas Papademos, an unelected career central banker with decades of experience, is taking over the Greek government after being sworn in as Prime Minister last week. His main priority will be to keep Greece in the crumbling euro-zone he helped erect by raking in more bailout money from European taxpayers.
“Our membership in the euro is a guarantee of monetary stability and creates the right conditions for sustainable growth,” Papademos claimed after rising to power. “Our membership of the euro is the only choice.”
Other reforms at the top of his agenda include chipping away at what little remains of national sovereignty in Europe and instituting better Brussels “oversight” of member states. He also hopes to expand the emerging bailout regime — which critics have referred to as a “dictatorship” — by giving it more “firepower.”
"Dealing with Greece's problems will be more difficult if Greece is not a member of the euro-zone," Papademos alleged in parliament on November 16. "We must take more radical measures to deal with the crisis which include ... boosting the resources and the flexibility of the [European Financial Stability Facility bailout machine] and creating a stronger framework of economic governance in the euro-zone."
The hits just keep on coming from Occupy Wall Street. Since The New American last reported on the 204 crimes the nationwide OWS movement has been charged with committing, the movement has added another 50 or so to the list, including a rape in the city of Brotherly Love. As well, the death toll in or near the squalid OWS camps is now seven. Late last week, a man was found dead in his tent at the Occupy Salt Lake City protest.
Though the radical left, led by President Obama, has repeatedly said the OWS movement is merely a manifestation of the same concerns as the Tea Party Movement, the level of criminality and danger associated with the protests suggests otherwise.
Writing in Business Week, Hans Nichols announced that with the improvement in the economy President Obama’s chances for reelection in 2012 are improving as well. He noted that the unemployment rate fell last month (from 9.1 percent to 9.0 percent) while unemployment claims dropped (by 10,000). And the outplacement firm of Challenger Gray & Christmas noted that government layoffs have slowed as well. Then he reviewed several different polls that showed improvement in President Obama’s ratings (each still below 50 percent), and then concluded that this mass of positive data is improving the president’s “political prospects.”
When 70 students attending economics professor Greg Mankiw’s Economics 10 class on November 2nd walked out in protest, they wrote an open letter to him explaining why: "Today, we are walking out of your class…in order to express our discontent with the bias inherent in this introductory economics course…...