Who were the major holders of debt issued by the U.S. federal government as of the end of its 2014 fiscal year? The preliminary answer of who owns the $17.860 trillion in debt as of 30 September 2014 is presented graphically below: The data for foreign holdings will be revised over the next six…
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As we have noted, Covered California, the Golden State’s wholly owned subsidiary of Obamacare, is massively dysfunctional and wasted $1.3 million on an absurd promotional video featuring flabby exercise guru Richard Simmons. The California health exchange also stonewalls consumers and serves as a lucrative landing spot for washed-up government officials such as former state…
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We couldn’t let the ultimate metaphor of our time pass without notice…. Although having his personal credit card rejected in an attempted transaction is just a single embarrassing event for the President, it is not unexpected. Barack Obama has never been a smart man when it comes to money, which is something that has…
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What waits at the end of the line for a nation that has borrowed and spent its way into a hole that it can no longer climb out? Not even after imposing extremely high income taxes on its most successful people? France is about to find out. Bloomberg‘s Helene Fouquet and Mark Deen report:…
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TAX BILL: OPEN IMMEDIATELY. Thus reads the envelope of the property tax bills now showing up in mailboxes. Note the imperative mood, the tone of “let’s hand over the wallet, Jack.” While embattled taxpayers deal with this bill, Robert Gutierrez of the California Taxpayers Association offers a few points to ponder. “Californians are paying…
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As we recently noted, the vaunted United States Secret Service has been maintaining something of an open-door policy at the White House, residence of the President of the United Sates, by some accounts the most powerful person in the world. In September, an armed man walked right in and got a lot farther than…
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Steen Jakobsen is the chief economist and chief investment officer of Saxo Bank, a Denmark-based investment bank, who is also one of the more bearish analysts in the market today. He caught our attention recently in a CNBC interview, where he specifically identified rising national debt as a major contributor to both lackluster economic…
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It is taking an increasing amount of “creative” accounting—or, really, outright fraud—to make a number of troubled public-employee pension funds look solvent when they are nowhere close to having the money needed to pay retiring government employees for the extremely generous pensions they’ve been promised. And when the fraud is found out, taxpayers are…
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By now Americans know that the Obama administration is not, as it claimed, the most transparent in history. Ongoing scandals such as Fast and Furious, IRS targeting, Obamacare, Benghazi, and NSA snooping explode that ludicrous notion. On the other hand, as author Robert Keith Gray explains in the Daily Caller, the Obama administration is…
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What do you get when you combine a lack of transparency with a lack of accountability in a massive federal government spending program? If you said at least $250 billion in fraud and waste, you’re right! Nashville’s WZTV reports: In fact, when the Government Accountability Office set out to deliberately scam the Department of…
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