VIEWPOINT: The Debt Everyone Is Freaking Out About Does Not Exist

VIEWPOINT: The Debt Everyone Is Freaking Out About Does Not Exist: Between the new-and-improved Simpson-Bowles plan, Joe Scarborough’s feud with Paul Krugman, the relentless drumbeat of the entire Republican Party, and the media blitzkrieg launched by the billionaire-driven “Fix the Debt” campaign, one might think no serious and responsible American can ignore the unassailable truth: America faces a debt crisis, which we must act on immediately [...]/p

Private Debt – Not Government Debt – Will Destroy America

Private Debt – Not Government Debt – Will Destroy America
"There are two kinds of debt. One that’s relatively harmless. And one that can destroy us all.  

There’s public sector debt – or government debt – which is over $16 trillion. This is the sort of debt that politicians scream and holler about when they demand austerity.

And then there’s private sector debt – the debt owned by you and me and millions of Americans across the nation in the form of credit cards, home and auto loans, along with America's corporate debt. This sort of debt doesn’t seem to bother politicians at all, even though total private sector debt is $38 trillion, more than double government debt."

What Marco Rubio Doesn’t Understand About Debt And The Economy

What Marco Rubio Doesn’t Understand About Debt And The Economy: Florida Sen. Marco Rubio will deliver the official Republican response to President Obama’s State of the Union address tonight. While Rubio has been pitched as the “savior” and “new face” of the GOP, a preview of his speech gives the indication that he is just as disconnected from the current economic reality as the rest [...]/p

PERRspectives: The National Debt? Republicans Built That

PERRspectives: The National Debt? Republicans Built That
"President Bush added $5.1 trillion in red ink to the national ledger. But while the debt has grown by over $5 trillion during Obama's first term, less than $1 trillion can be attributed to new programs he put in place. The rest is the result of the tax revenue loss from the deep recession which began in December 2007 and the continuation of policies inherited from George W. Bush."

Moody's Threat to Downgrade US Debt is Political, Not Fiscal | Common Dreams

Moody's Threat to Downgrade US Debt is Political, Not Fiscal | Common Dreams
"Moody's threat this week to downgrade the US government's credit rating says a whole lot more about the credit rating agency than it does about the US debt situation. It is really a way of telling the world that Moody's is making a political statement, rather than an assessment of risk for investors who want actual information about US Treasury securities. This is really an embarrassment for Moody's – since they are supposed to be evaluating risk – although most of the media didn't seem to notice."

CHART: How Ending The High End Bush Tax Cuts Saves Nearly $1 Trillion

CHART: How Ending The High End Bush Tax Cuts Saves Nearly $1 Trillion: President Obama has promised to end the Bush tax cuts on income in excess of $250,000 when they expire at the end of the year, with his aides saying that he is “100 percent committed” to preventing another extension. Of course, Republicans are again saying that all of the cuts should be extended, even as [...]/p

Analysis: Paul Ryan Voted to Add $6.8 Trillion to the Federal Debt

Analysis: Paul Ryan Voted to Add $6.8 Trillion to the Federal Debt: Vice Presidential Candidate Paul Ryan has gained an undeserved reputation as a “fiscal hawk,” touting his “Path to Prosperity” budget as a responsible plan to rein in what he describes as a “path to debt and decline.” But Ryan’s [...]/p

America's Prosperity Requires a Level Playing Field: Information Clearing House: ICH

America's Prosperity Requires a Level Playing Field:        Information Clearing House: ICH
"To fix the economy, we must boost demand. To do that, we have to address inequality."