Firing Government Workers to Pay Retired Workers’ Pensions

“Nearly half of Costa Mesa city employees get layoff notices.” In a dramatic move, the government laid off 217 of 472 workers.

Add Unfunded State and Municipal Pensions to the Debt Burden

Yesterday the NY Times published “Accounting for Pensions” by Floyd Norris, an outstanding business writer. The unfunded pension liabilities for states may be $3 trillion, and $600 billion for municipalities. No one knows, since governmental accounting for pensions doesn’t require the disclosures that corporations must make.

The money supply continues to rocket upward: inflation will be the result

Anyone who looks at Federal Reserve chart of the money supply, can see that the money supply has more than doubled. The United States has been a net debtor nation since 1983. Whenever a nation has increased its money supply while being a net debtor nation, the currency has collapsed. An example is the economic [...]

What’s the largest Federal expenditure? (Hint: not defense)

The majority of the federal expenditures are to take money from one American’s pocket and put into another American’s pocket. You can see that in the federal government’s published numbers. The Statistical Abstract of the United States has been published since 1878. The control page for federal finances is on-line. In Table 454, for 2008, [...]

California makes taxpayers give it a loan

Politicians found a new way to take money from taxpayers. The State of California Franchise Tax Board gave notice that tax withholding will increase 10%. Taxpayers can expect a larger refund when they file their income tax, but won’t earn interest on the money that they are forced to loan to the State of California. [...]

It’s only two years of GDP: Report by the Special Inspector for TARP

The TARP and other programs have the potential liability to the Federal government of $23.7 trillion. The entire GDP is $14 trillion, so this is close to two years of the economy in promises.

CBO: Budget deficit $1.66 trillion

The budget deficit this year will be over $1.6 trillion. Eventually there will be a currency crisis.