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4:27 PM, Nov 5, 2012 • By DANIEL HALPERA chart from the Republican side of the Senate Budget Committee shows that "U.S. Per Person Debt [Is] Now 35 Percent Higher than that of Greece."
"According to estimates from the International Monetary Fund, America’s total government debt will be $16.8 trillion by the end of the calendar year, compared to $441 billion for Greece," the Republican side of the Senate Budget Committee explains. "On a per person basis, that means U.S. debt is $53,400 for every man, woman, and child, compared to $39,400 for every man, woman, and child in Greece. The disparity between per capita debt in the U.S. and Greece has grown 40 percent (roughly $8,400) since 2011. Now, U.S. per person debt is 35 percent higher than that of Greece, and is also higher than per capita debt in Portugal, Italy, or Spain (which together with Greece make up the so-called PIGS countries)."
IMF calculates these figures based on total government debt, which is federal, state, and local government debt. IMF does not include intragovenmental debt, which is debt issued and owned by the federal government. However, Treasury data shows U.S. gross federal debt, including intragovernmental debt but excluding state and local debt, at $16.2 trillion, meaning that U.S. per person gross federal debt exceeds total Greek debt by an even wider margin (as well as that of every other Eurozone nation). Under the President’s budget, gross federal debt will rise to $25.4 trillion by 2022, according to White House projections. Meanwhile, Senate Democrats have refused to present any budget plan for consideration at all, skirting federal law.
The EU will muddle through until after the U.S. election. Oct 1, 2012, Vol. 18, No. 03 • By ROLAND POIRIER MARTINSSONSeptember 12 was a momentous day for Europe. It saw three separate events that in a powerful way may come to remake the European Union. First, Germany’s Constitutional Court ruled that the nation’s parliament can ratify a new, permanent rescue fund for the eurozone, called the European Stability Mechanism, to the tune of some $645 billion in taxpayer money. The European Union would have been forced into an immediate financial crisis of unprecedented magnitude had the court declared the bailout illegal.
Read more... The EU will muddle through until after the U.S. election. Oct 1, 2012, Vol. 18, No. 03 • By ROLAND POIRIER MARTINSSONSeptember 12 was a momentous day for Europe. It saw three separate events that in a powerful way may come to remake the European Union. First, Germany’s Constitutional Court ruled that the nation’s parliament can ratify a new, permanent rescue fund for the eurozone, called the European Stability Mechanism, to the tune of some $645 billion in taxpayer money. The European Union would have been forced into an immediate financial crisis of unprecedented magnitude had the court declared the bailout illegal.
Read more... 8:39 AM, Jun 16, 2012 • By DANIEL HALPERSteve Hayes, with Rick Klein and Charles Krauthammer, last night on Fox News:
Read more... 2:31 PM, Jun 7, 2012 • By DANIEL HALPERA male Greek politico attacked two female politicians on national television:
Read more... 1:34 PM, Jun 7, 2012 • By DANIEL HALPERA Jerusalem Post reporter in Athens, Greece was reportedly beat up by thugs last night.
Read more... 12:00 AM, May 19, 2012 • By IRWIN M. STELZERThe tide sweeping from Greece across Europe and into the United States is washing away support for austerity, in some cases reinforcing opposition to it, largely from the left. President Obama is delighted at this support for his refusal to cut spending in the face of mounting deficits, and the Republicans are feeling beleaguered at what they see as the disinterment of the body of works of John Maynard Keynes.
Read more... The war between lenders and borrowers. May 28, 2012, Vol. 17, No. 35 • By IRWIN M. STELZER
Debtors of the world, unite—you have nothing to lose but your IOUs!
That seems to be what the Greeks are discovering—that they have less to lose by default, with all of its consequences, than by trying to be Germans.
Read more... 9:02 AM, May 16, 2012 • By DANIEL HALPERThe Republican Senate Budget Committee will release this new chart later today, showing that the "U.S. Spends More Per Person Than Portugal, Italy, Greece, Or Spain."
Read more... 8:12 AM, May 14, 2012 • By GEOFFREY NORMANThis business with Greece goes on and on, and one begins to think, automatically, of Sisyphus and his rock. Only in this case, you start pulling for the rock.
Read more... 11:12 AM, Apr 10, 2012 • By DANIEL HALPERThe Republican side of the Senate Budget Committee will release this chart later today, clearly showing that America's debt is greater than the combined debt of the entire Eurozone and the U.K.:
Read more... 12:00 AM, Nov 26, 2011 • By IRWIN M. STELZERGreece and Italy may be ungovernable, but America is ungoverned. The president ducked out of the country for an Asian tour while the supercommittee tried to reach agreement on a plan to cut the deficit.
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