Let’s see. We’ll make some guesstimates. There are about 100 million families in the US. Of those, about half are net taxpayers. And the top 10% are said to own half the wealth in the US and already pay 66% of its total taxes. Looks like they’re going to get whacked again. Each of the ‘rich’ families will pay nearly $200,000 more in taxes.
February 4th, 2010 | Bill Bonner | 13 comments | ContinuedAll Posts Tagged With: "trillion"
Obama and the $3.8 Trillion Budget
The amount of the budget itself is staggering. That’s a lot of money. But even more staggering is the glaring omission: the Obama administration is planning to spend $1.6 trillion it doesn’t have.
February 3rd, 2010 | Bill Bonner | 1 comment | Continued
US Federal Government Ran the Biggest Deficit in History
In theory, the US government could do the same. But, in fact, it never runs significant surpluses. There are too many people who want too much bread and too many circuses. And you don’t win votes by denying the voters…
September 30th, 2009 | Bill Bonner | 2 comments | Continued
China and its Perplexing Investment Strategy
But let’s start with sovereign wealth fund of China, the China Investment Corporation (CIC). CIC was set up in 2007 with US$200 billion of China’s nearly $2 trillion foreign exchange reserves. It’s been shopping ever since, with mixed results. Last year, for example, CIC stood pat and only invested US$4.8 billion outside China.
September 3rd, 2009 | Dan Denning | 2 comments | Continued
Biggest Problem With US Economy is Too Much Debt
Debt is ubiquitous across US society. Debt permeates the culture. Practically the whole nation has bitten off more than it can chew.
September 2nd, 2009 | Byron King | 0 comments | Continued
Any Money That You Don’t Earn is Stimulus
Those whom the gods would destroy are first granted stimulus. When a man wins the lottery, for example, it has a stimulating effect on everyone around him. He usually spends the money quickly – often even before he gets it.
July 27th, 2009 | Bill Bonner | 3 comments | Continued
U.S. Trying to Auction Off $162 Billion in Debt
“The US is not alone in facing a deficit crisis,” reports the U.K.’s Telegraph. “Governments worldwide have to raise some $6 trillion in debt this year, with huge demands in Japan and Europe. Kyle Bass from the US fund Hayman Advisors said the markets were ‘choking on debt’”.
May 27th, 2009 | Dan Denning | 2 comments | Continued
When Gold Ruled the Earth, Part II
“It took three generations,” wrote a professional metals consultant in Feb. 2009, “but we now seem to have reached the point in the world’s history where, for the first time, gold is valued only for jewelry use and speculation.
April 27th, 2009 | Adrian Ash | 0 comments | Continued
U.S. Government Spending $13 trillion to ‘Fix’ Problems
As near as we can tell, the financial world conveniently remained on hold while we were gone. As of Sunday night, little had changed. Gold, stocks…economists…politicians – they’re all about where we left them.
April 22nd, 2009 | Bill Bonner | 0 comments | Continued
Geithner and His Toxic Asset Bailout Plan
Here we go again. Maybe this will be the week that historians look back on and say, “That’s when it all started to get better. Geithner came out with his toxic asset bailout plan. China stimulated. Stock markets bottomed. The crisis ended and the world got better and better forever and ever.”
March 23rd, 2009 | Dan Denning | 5 comments | Continued
American “Services Economy”, a Flagrant Fraud
If it were me writing that, I would have continued, “That $8 trillion in personal debt, amassed over a mere 17 years, is borrowing over half of GDP! Half of everything this country makes and sells in a year! We’re freaking doomed, and it’s all because we are so damned stupid (audience shouts out ‘How stupid, Exalted Mogambo Personage (EMP)?’)
March 10th, 2009 | Mogambo Guru | 0 comments | Continued
Fire Chief Bernanke
The Federal Reserve, under the leadership of Ben Bernanke, called out all the fire trucks and opened up all the hoses. Rates were cut to zero…and the Fed expanded its balance sheet – increasing the amount of credit available to the banking system – by nearly $1 trillion.
March 3rd, 2009 | Bill Bonner | 4 comments | Continued
Japan “Wasted Trillions” on Stimulus Programs
“Japan’s rural areas have been paved over and filled in with roads, dams, and other big infrastructure projects, the legacy of trillions of dollars spent to lift the economy from a severe downturn caused by the bursting of a real estate bubble in the late 1980s…
February 9th, 2009 | Bill Bonner | 9 comments | Continued
