While I noted last week the U.S. stock market could work higher in the near term, I also said the terminally ill U.S. Dollar (remember the only party that doesn’t know the U.S. Dollar is dead is the U.S. Dollar) was breaking down technically and going to test key support around 80.
It’s dipped below some near term support at 81 but 80 is “the” major technical and psychological support number.
$60 trillion in debt
Does anyone know what the US owes? How bad is the nation’s debt problem?
While the official number — $13.4 trillion, according to the Congressional Budget Office — is frightening enough, some analysts say the actual figure is much, much higher. Like a shopaholic who hides their credit card bills, the government pretends certain obligations and expenditures don’t exist. Uncle Sam really owes closer to $60 trillion, or more, and the country is close to bankrupcy.
“The government is lying about the amount of debt,” says Laurence Kotlikoff, an economist at Boston University and co-author of “The Coming Generational Storm: What You Need to Know about America’s Economic Future.” “It is engaging in Enron accounting.”
“The problem is we’re seeing an explosion in spending,” adds Andrew Moylan, director of government affairs for the National Taxpayers Union.
…..read more HERE
America: Love it or (if you’re rich enough) leave it?
Glen Esnard, a Newport Beach executive for real estate services firm Grubb & Ellis, went to bat in the Wall Street Journal last week for high-income-earners who believe it’s unfair that their tax rates should rise on Jan. 1, as President Obama proposes.
Esnard also suggested that the answer might be for the better-heeled to find a new country.
In a letter to the newspaper, Esnard wrote that although he includes himself in the population earning more than $250,000 a year:
…..read more HERE
New Jersey Governor Chris Christie is known for telling it like he sees it.
At a town hall meeting yesterday in Raritan, NJ, he made sure to bolster that reputation. The fireworks start in the beginning and go until about 1:53.
The rest of the video is worth watching, however, as Christie explains how the teacher‘s union in the state refused to compromise to save the state’s crucial education dollars.