Tag Archives: Deficit

U.S. per person debt now $53,378 – 35% higher than in Greece

Obama 2013 Budget Debt Projection
Obama 2013 Budget Debt Projection

From the Weekly Standard. (H/T WGB)

Excerpt:

“According to estimates from the International Monetary Fund, America’s total government debt will be $16.8 trillion by the end of the calendar year, compared to $441 billion for Greece,” the Republican side of the Senate Budget Committee explains.

“On a per person basis, that means U.S. debt is $53,400 for every man, woman, and child, compared to $39,400 for every man, woman, and child in Greece. The disparity between per capita debt in the U.S. and Greece has grown 40 percent (roughly $8,400) since 2011. Now, U.S. per person debt is 35 percent higher than that of Greece, and is also higher than per capita debt in Portugal, Italy, or Spain (which together with Greece make up the so-called PIGS countries).”

That’s based on total government debt.

And from CNS News, this for Americans under the age of 18:

If Americans under the age of 18 were required as a group to pay off the entirety of the federal government’s debt in equal shares, each would now need to pay about $218,676.

That is more than the $130,468 average price tag for four years at a private college or the $173,100 median price for an existing one-family home in the United States.

During the time Barack Obama has been president, the U.S. government debt has increased from approximately $143,255 per American under 18 to approximately $218,676 per American under 18–a climb of $75,421 or about 53 percent.

If you know anyone under the age of 18, it might worth explaining this to them.

UPDATE:

H/T The Elusive Wapiti.

New e-mails reveal that White House pressured Department of Energy to make loans

From the Washington Examiner.

Excerpt:

Previously undisclosed emails made public today by the House Oversight and Government Reform Committee describe multiple instances of White House pressure on career Department of Energy officials to speed up approval of government loans to clean energy firms like Solyndra and Abound Solar.

President Obama is described in one of the emails as having personally approved “moving it ahead,” thus reversing a prior decision by DOE career officials not to extend $2 billion in tax-funded help to AREVA, a French nuclear power company, on an Idaho project.

Vice-President Joe Biden is described in other emails as exerting heavy pressure to gain approval of a $1.3 billion wind farm project at Shepherd’s Flat, Oregon.

The new emails contradict claims by Obama and others in his administration that all decisions on the $20 billion DOE clean energy loans were made by career executives in the department.

[…][A]n Oct. 30, 2010, email from Jim McCrea, a credit advisor to the energy loan program, to Jonathan Silver, the program’s executive director, described his worries about pressure from the White House to use a “fast-track process” to approve loans.

“I am growing increasingly worried about a fast track process imposed on us at the POTUS [President of the United States] level based on this chaotic process that we are undergoing … by designing the fast track process and having it approved at the POTUS level (which is an absolute waste of his time!) it legitimizes every element and it becomes embedded like the 55% recovery rate which also was imposed by POTUS,” McCrea said.

In another email made public today by the House panel, Silver instructed McCrea to tell a Treasury Department official of White House support for DOE help to Abound Solar.

“You better let him know that WH wants to move Abound forward. Policy will have to wait unless they have a specific policy problem with abound,” Silver said in the June 25, 2010, email.

Abound Solar is a Colorado-based solar panel manufacturer that had used $68 million of a $400 million DOE loan guarantee before filing for bankruptcy earlier this year.

You can a list of most of the green energy failures and the details of their Department of Energy loans here from Heritage Action.

Here’s a snip:

Thanks to analysts at The Heritage Foundation, a list has been compiled of 12 “green” energy companies which received Department of Energy (DOE) loan guarantees but are now bankrupt:

  1. “Abound Solar (Loveland, Colorado), manufacturer of thin film photovoltaic modules.
  2. Beacon Power (Tyngsborough, Massachusetts), designed and developed advanced products and services to support stable, reliable and efficient electricity grid operation.
  3. Ener1 (Indianapolis, Indiana), built compact lithium-ion-powered battery solutions for hybrid and electric cars.
  4. Energy Conversion Devices (Rochester Hills, Michigan/Auburn Hills, Michigan), manufacturer of flexible thin film photovoltaic (PV) technology and a producer of batteries and other renewable energy-related products.
  5. Evergreen Solar, Inc. (Marlborough, Massachusetts), manufactured and installed solar panels.
  6. Mountain Plaza, Inc. (Dandridge, Tennessee), designed and implemented “truck-stop electrification” technology.
  7. Olsen’s Crop Service and Olsens Mills Acquisition Co. (Berlin, Wisconsin), a private company producing ethanol.
  8. Range Fuels (Soperton, Georgia), tried to develop a technology that converted biomass into ethanol without the use of enzymes.
  9. Raser Technologies (Provo, Utah), geothermal power plants and technology licensing.
  10. Solyndra (Fremont, California), manufacturer of cylindrical panels of thin-film solar cells.
  11. Spectrawatt (Hopewell, New York), solar cell manufacturer.
  12. Thompson River Power LLC (Wayzata, Minnesota), designed and developed advanced products and services to support stable, reliable and efficient electricity grid operation.”

This is what the Obama adminstration means by “stimulus” and “shovel-ready” projects. This was their strategy to create jobs by spending taxpayer money and borrowing money from your children.

Conservative MP Iain Duncan Smith proposes reforms to the UK welfare state

Dina sent me this exciting article from the UK Daily Mail about our favorite conservative MP.

Excerpt:

Jobless couples with more than two children should have benefit payments limited, Iain Duncan Smith suggested yesterday.

The Work and Pensions Secretary said there were ‘large numbers’ of couples on welfare having big families – unlike middle-income parents who had to weigh up if they could afford to have another child.

Mr Duncan Smith condemned the ‘madness’ of the state subsidising large workless families – saying it would be fairer to the ‘vast majority’ of responsible taxpayers if benefits were limited to the first two children in future.

He has agreed to find another £10billion in welfare savings by 2016, having already slashed £18billion from a vast budget that grew by 60 per cent under Labour.

As well as cuts to child benefit and tax credits for large workless families, he suggested housing benefit could be stripped for those who expected to go straight from school on to welfare and a state-subsidised house.

[…]He [insisted] the real cruelty was leaving people languishing on welfare for years. ‘We have accepted for far too long in this country that it is possible for people to just stay on benefits,’ he said. ‘It is all about saying, we will give you massive support to find work… But also, we have an expectation, as the taxpayer pays for these bills, that you try your hardest to find work.’

Most controversially, Mr Duncan Smith suggested the present system encouraged poorer families to have large numbers of children without worrying about the cost.

‘When you look at families across the board, at all incomes, you find the vast, vast majority make decisions about the kind of numbers of children they have, the families they want, based on what they think they can afford,’ he said.

‘Where you see the clustering of the large families is really down at the very lowest incomes, those on significant levels of welfare, and those on the very top incomes. In other words, the problem for those who are paying the taxes, paying the bills – they make the decisions about their lives, even if they sometimes would like to maybe have extra children, they make decisions.

‘People who are having support through welfare are often free from that decision. We want to support people if they have children when they are out of work, of course.

‘But can there not be a limit to the fact that really you need to remember you need to cut your cloth in accordance with what capabilities and what finances you have?’

The UK Telegraph added:

Official figures show that 120,000 of the most troubled and difficult families cost the taxpayer about £9 billion a year. Every household is now spending the equivalent of £3,000 a year in tax for welfare payments.

There are about one in five households where no one works and 1.5 million children are growing up with a parent addicted to drugs or alcohol.

[…]Mr Duncan Smith will say that the poor use of government money in recent times has led to people being “written off”.

“Our failure to make each pound count has cost us again and again over the years, Not only in terms of a financial cost – higher taxes, inflated welfare bills and lower productivity, as people sit on benefits long term. But also the social cost of a fundamentally divided Britain – one in which a section of society has been left behind. We must no longer allow ourselves to accept that some people are written off.”

[…]The Liberal Democrats are threatening to block further cuts in benefits unless the Coalition also introduces new taxes on the rich.

The article notes that members of the British socialist party (the Labor Party) British communist party (the Liberal Democrats) oppose the cuts to welfare. Of course! That’s how they get their votes – by redistributing money from working people to many more people who don’t work.