Interest on U.S. Debt: $4.8 Trillion
Jeanne Sahadi writes on CNNMoney.com:
Here’s a new way to think about the U.S. government’s epic borrowing: More than half of the $9 trillion in debt that Uncle Sam is expected to build up over the next decade will be interest.
More than half. In fact, $4.8 trillion.
If that’s hard to grasp, here’s another way to look at why that’s a problem.
In 2015 alone, the estimated interest due — $533 billion — is equal to a third of the federal income taxes expected to be paid that year, said Charles Konigsberg, chief budget counsel of the Concord Coalition, a deficit watchdog group.
More on CNNMoney.com
Government Watchdog Can’t Verify Stimulus Job Stats
EAMON JAVERS writes on the Politico:
The chief federal oversight official for the stimulus program said in a letter Wednesday that he can’t certify whether the number of jobs “created or saved” by stimulus funds is accurate.
Recovery Board Chairman Earl Devaney was responding to a request for information by Rep. Darrell Issa (R-Calif.), the top Republican on the House Committee on Oversight and Government Reform. In a letter to Issa dated Nov. 17, Devaney wrote, “Your letter specifically asks if I am able to certify that the number of jobs reported as created/saved on Recovery.gov is accurate and auditable. No, I am not able to make this certification.”
The Obama administration claimed that it saved or created at least 1 million jobs this year. But errors in the stimulus job creation data…
Postal Workers Are Paid to Do Nothing … What’s Worse, Bored Postman or Greedy Bankers?
I thought the stimulus package was going to create all these awesome new, “busy” jobs for people who might not want to do crossword puzzles all day. While I know the Post Office has been an independent agency of the U.S. government since the 1980s, something doesn’t seem right here.
Hmm, Wall Street had no problem getting some funds to keep them in business, to have people “work” in a manner that continues to cause great damage to our economy. What’s the government’s plan of action for our modern-day Pony Express?
Sarah Hollenbeck reports on NBC-2 TV, Fort Myers:
The United States Postal Service faces a $7-billion deficit this year. Closing local post offices and cutting one day of delivery service have both been suggested to save money, layoffs have not. But a decline…
