Social Security is both the largest program in the federal budget and one of the most fiscally unsustainable. The program has already begun paying out more in benefits than it is taking in through payroll taxes. By 2033, the Social Security Trust Fund will be drained and the benefits paid out will decline by 25 … Continue reading
Since the financial crisis on Wall Street, consumers have been finding their way to the local doorsteps of credit unions instead of corporate banks – and they are realizing that the doors are always open. While banks continue to feed from the pockets of their customers with mounting checking fees, debit fees, hidden fees, and … Continue reading
Naptime, wooden blocks, and finger paint have returned to Capitol Hill as politicians debate the fate of Head Start – a kindergarten readiness program that targets children from low-income families. Due to sequester spending cuts, 70,000 young children will be denied access to Head Start. Additionally, 14,000 staff members will lose their jobs, causing an … Continue reading
Last week was a big week on the hill, with many high profile hearings. One such hearing that was followed closely was the investigation of Apple. Apple has been accused of evading taxes, but they have apparently found a loophole in the corporate tax code. Apple set up subsidiary accounts in Ireland for its international … Continue reading
Have you ever taken a close look at where your taxpayer dollars go? If not, maybe you should start. The government spends its money in some pretty ridiculous ways. Money is often wasted through silly use of grants, and legislatively through earmarks. Also known as “pork barrel” spending, earmark spending is funding added to the … Continue reading
There has been some political buzz lately on how a carbon tax would affect the U.S. economy. Some of this is due to the recent introduction of climate legislation by Senators Bernie Sanders (I-VT) and Barbara Boxer (D-CA), chairman of the Senate Committee on Environment, on February 14th. Provisions of this two-part bill, the Climate … Continue reading
The CBO’s budget and economic outlook, released last week, looks bleak. And one of the drivers of future budget shortfalls? Social Security. During the Feb. 13th house budget hearing on CBO’s outlook, Rep. John Campbell (CA) asked Doug Elmendorf – CBO Director – if we were in a pickle with regards to the U.S. budget. … Continue reading
What are your thoughts about a federal tax on sugary drinks (ie. Soda, energy, and sports drinks)? The Field Poll, a non-partisan media-sponsored public opinion news service, found an interesting result in their survey of Californians’ views on the tax on sugary drinks. Approximately 40 percent of California residents voted in support of a soda … Continue reading
Congressman Dennis Ross (R-FL) is making efforts to relieve bipartisan stress and initiate action on reducing the nation’s debt. Earlier this week he submitted two bills that would reduce government spending, the BOLD Act and the ZERO Act. The BOLD Act seeks to reform how the government handles money by reducing the White House’s and … Continue reading
The attention surrounding the Fiscal Cliff has escalated it from an issue of domestic panic to international concern. While the direct impact of the event involves strictly domestic policies, the resulting uncertain economic forecast stateside has created detrimental consequences for European markets that are reliant on the United States for trade. The suggested calamity results … Continue reading
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