Debt Reduction- Advice On Credit Card Debt Reduction, Debt Reduction Services, And Debt Reduction Plans

pdooma asked:


A fiscal year 2009 deficit of $1.8 trillion was anticipated by the White House, $1.7 trillion by Congress. Reaching that level would produce a deficit four times last year’s $459 billion deficit, just as Congress is considering health care overhaul plans that could cost $1 trillion over 10 years.

Lawmakers are struggling to pay for a plan with a mix of tax increases on upper-income people and Medicare spending reductions aimed at doctors, hospitals, drugmakers and insurers. Some town-hall forums across the U.S. this month have been disrupted by protests for and against proposals.

While revenue continues to decline, government spending is rising as a result of the $787 billion economic stimulus plan passed six months ago. Stimulus spending will increase in the next few months, says Treasury chief economist Alan Krueger.

Deficits of $1.8 trillion this year and $1.3 trillion in 2010, as predicted by the White House, would add to the federal debt. The current $11.7 trillion debt already equals about $38,500 for every U.S. resident. The recession, now in its postwar-record 21st month, has dealt a worse blow to the budget than the administration expected:

• The economy is set to shrink by 2.6% this year, more than twice what the White House predicted in February and May.

• As a result, tax revenue is down by $353 billion over 10 months, which is about what the White House thought it would lose for the entire year.

• Unemployment, projected at 8.1% this year by the White House, was 9.4% in July. Spending for jobless benefits, Medicaid and Medicare has soared as people have lost work and health insurance. Jobless benefits are costing more than twice what was spent last year.

Fiscal year Surplus or deficit
2000 +$236 billion
2001 +$128 billion
2002 -$158 billion
2003 -$378 billion
2004 -$413 billion
2005 -$318 billion
2006 -$248 billion
2007 -$161 billion
2008 -$459 billion
2009* -$1,841 billion

http://www.usatoday.com/news/washington/2009-08-10-deficit_N.htm?loc=interstitialskip

Jonas Nakata

Meadow F asked:


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– and says they must repay “climate debt” by providing “the financing and technology required to cover the additional costs of mitigating and adapting to climate change” as well as paying compensation to less developed countries like China and India. Do you agree that we in the west owe such a climate debt to these countries?

In an open letter to the UN before the most recent climate change negotiations, a group of NGO’s and think-tanks said that they were outraged at the [quote] “excessive consumption of atmospheric space” of the richer countries and demanded that rich countries: [QUOTE]

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“Repay their adaptation debt to developing countries by committing to full financing and compensation for the adverse effects of climate change on all affected countries, groups and people;

Repay their emissions debt to developing countries through the deepest possible domestic reductions, and by committing to assigned amounts of emissions that reflect the full measure of their historical and continued excessive contributions to climate change; and

Make available to developing countries the financing and technology required to cover the additional costs of mitigating and adapting to climate change, in accordance with the Climate Convention.”
—————————-

The Institute of Policy Studies, under the aegis of its Sustainable Energy and Economy Network project (http://www.envirolink.org/resource.html?catid=5&itemid=850925202448 ) signed up to this transfer of wealth and technology to the emerging economies of the world.

Do you agree with them?

Read the letter here: http://www.jubileedebtcampaign.org.uk/Climate%20debt%20%20Bolivia%20calls%20for%20justice+4855.twl

List of signatory organisations: http://www.twnside.org.sg/announcement/sign-on.letter_climate.dept.htm
.

Devorah Beau

Emcee asked:


Hope this will help.

1.The highest growth in the gross domestic product? Harry Truman, a democrat

2.The highest growth in jobs? Bill Clinton, a democrat

3.The biggest increase in personal disposable income after taxes? Lyndon Johnson, a democrat

4.The highest growth in industrial production? John Kennedy, a democrat.

5.The highest growth in hourly wages? Lyndon Johnson, you guessed it, a democrat

6.The lowest misery index (inflation plus unemployment)? Harry Truman, a democrat

7.The lowest inflation? Truman, a democrat

8.The largest reduction in the deficit? Bill Clinton, a democrat

• The Clinton administration presided over the longest peacetime economic expansion in U.S. history. When Clinton left office, there was a ten-year projected budget surplus of $1.6 trillion.
• In less than a year and a half, Republican George W. Bush wiped out that projected budget surplus, and within three years, he turned the $236 billion surplus he inherited into a $375 billion deficit.

Keep in mind that these figures are from George W. Bush’s first term. He has soared to new heights of fiscal irresponsibility during his second term and continues to set records in economic incompetence.

The national debt is now more than $10 trillion.

(thanks to Mick Youther and above quoted sources)

Violet Casteneda