Budget Ethics « Questions for America

Are we collectively bankrupt?

August 11th, 2010 | Tags: Accounting Ethics, Budget Ethics, CPA Continuing Education, Economic Ethics, Peak Credit, Risk and Return, Social Security

U.S. Is Bankrupt and We Don’t Even Know: Laurence Kotlikoff

Let’s get real. The U.S. is bankrupt.

Neither spending more nor taxing less will help the country pay its bills.

…Last month, the International Monetary Fund released its annual review of U.S. economic policy.

…the IMF has effectively pronounced the U.S. bankrupt. Section 6 of the July 2010 Selected [...]

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Medicare Accounting Facade?

August 5th, 2010 | Tags: Accounting Ethics, Budget Ethics, CPA Continuing Education, Debt, Medicare, Political Ethics, Social Security

Trustees: Medicare hospital fund extended 12 years

The annual checkup of the government’s big benefit programs for the elderly show that the Obama administration’s sweeping health care overhaul will extend the life of the Medicare hospital insurance fund by 12 years.

…That improvement was credited to the cost savings that will occur with the passage earlier this [...]

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If there’s more than $12.5 Trillion in Federal Debt as of March 31, 2010, and there’s less than $8.5 trillion held by the public, where’s the rest?

August 3rd, 2010 | Tags: Accounting Ethics, Budget Ethics, CPA Continuing Education, Debt, Economic Ethics, Federal Reserve, Generational Ethics, Monetary Ethics, Political Ethics, Risk and Return

http://research.stlouisfed.org/fred2/graph/?chart_type=bar&s[1][id]=GFDEBTN

http://research.stlouisfed.org/fred2/graph/?chart_type=bar&s[1][id]=FYGFDPUN

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Why have US consumers increased debt by almost $400 billion in less than a year?

July 20th, 2010 | Tags: Budget Ethics, CPA Continuing Education, Debt, Financial Ethics, Risk and Return

Human beings are… of two persuasions
the first would spend tomorrow what they earn today
the second would spend today what they hope to earn tomorrow

From this…arise all conflicts that lead to economic crises
to panics, depressions, violent and revolutionary transfers of wealth
and perhaps most wars

Freeman Tilden

There is no means [...]

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Should North Carolina’s tax revenues rise or fall as many small business owners run out of money to pay taxes and debt payments?

July 19th, 2010 | Tags: Budget Ethics, CPA Continuing Education, North Carolina, Tax Ethics

N.C. tax delinquents rise, adding to budget woes: They owe the state $841 million – a 67% jump from 2009…

…The $841 million exceeds the $505 million delinquents owed the state in March 2009.

Did state budget writers account for $336 million of unpaid taxes
in 2010/11′s budget?

But due in part to budget cuts, [...]

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Andy Xie on China's Multiple Bubbles

June 8th, 2010 | Tags: Budget Ethics, CPA Continuing Education, Debt, Economic Ethics, Monetary Ethics

China’s Foul Assets, Fouler Yet

…Powerful interest groups have paralyzed China’s macro policy, with ominous long-term consequences. Local governments consider high land prices their lifeline. State-owned enterprises don’t want interest rates to rise. Exporters are vehemently against currency appreciation.

…In the meantime, inflation continues to pick up momentum.

Unless the central government bites the bullet and makes choices, [...]

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Arthur Laffter: “Tax Hikes and the 2011 Economic Collapse”

June 7th, 2010 | Tags: Budget Ethics, CPA Continuing Education, Economic Ethics, Municipal Ethics, Tax Ethics

Tax Hikes and the 2011 Economic Collapse

People can change the volume, the location and the composition of their income, and they can do so in response to changes in government policies.

…if the government taxes people who work and pays people not to work, fewer people will work.

Incentives matter.

People can also change the timing of when [...]

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“Euro ‘will be dead in five years’”

June 6th, 2010 | Tags: Budget Ethics, CPA Continuing Education, Debt, Monetary Ethics

Euro ‘will be dead in five years’

The euro will have broken up before the end of this Parliamentary term, according to the bulk of economists taking part in a wide-ranging economic survey for The Sunday Telegraph.

The single currency is in its death throes and may not survive in its current membership for a week, let [...]

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“More Cities on Brink of Bankruptcy”

June 4th, 2010 | Tags: Budget Ethics, CPA Continuing Education, Debt, Monetary Ethics, Municipal Ethics

Government spending is the ultimate tax on the economy

Milton Friedman
Economic Nobel Laureate

The possibility of a bankruptcy filing by the city of Harrisburg, Pa.,
the state capital, looms large these days
and it could be the first in a series…

Kate Kelly
CNBC, Wednesday, 26 May 2010

Ponzi finance units must increase its outstanding debt
in [...]

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Questions for America

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Why have US consumers increased debt by almost $400 billion in less than a year?

Should North Carolina’s tax revenues rise or fall as many small business owners run out of money to pay taxes and debt payments?

Andy Xie on China's Multiple Bubbles

Arthur Laffter: “Tax Hikes and the 2011 Economic Collapse”

“Euro ‘will be dead in five years’”

“More Cities on Brink of Bankruptcy”

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