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National Debt Overwhelming Taxpayers

Yesterday was tax day.

We’d like to think the money we hand over to the IRS is paying for stuff – things like roads, education and national defense. But an increasing number of tax dollars are simply going to pay interest on the national debt. According to Committee for a Responsible Federal Budget president Maya MacGuineas, the average taxpayer forked over more than $2,000 this year just to cover their share of the interest on the national debt.

In other words, we’re not paying for stuff today. We’re paying for the spending of the past.

In an op-ed published by The Hill, MacGuineas and former Pensylvania Gov. Ed Rendell said interest payments on the debt rank as the fastest growing part of the federal budget. It will be bigger than Medicaid next year and larger than the military budget by 2025.

Even so, borrowing and spending show no signs of slowing. The federal government set an all-time record monthly deficit of $234 billion in February. The net interest payment that month alone was $25 billion. The annual interest expense for the federal government is approaching $500 billion. And it will continue to accelerate as each month’s deficit adds to a national debt already topping $22 trillion.

Despite the ever upward spiraling debt, there seems to be no urgency to address this issue in Washington D.C. The Hill article lists a litany of excuses used to sweep the problem under the rug.

  • Tax cuts pay for themselves (they don’t)
  • “My priority” is too important to worry about paying for it.
  • Don’t worry we can just print more money
  • The debt isn’t really important and we can deal with it down the road.

Wrap your head around this. At the current rate, within 50 years, the national debt will be twice as large as the entire US economy. This is using conservative numbers and assumes Congress doesn’t do anything to make the situation worse – probably not a safe assumption.

These spiraling interest payments are one of the reasons the Federal Reserve can’t let interest rates rise. Every uptick in the interest rate increases the government’s interest payment. At the current trajectory, the cost of paying the annual interest on the US debt will equal the annual cost of Social Security within 30 years.

Now, imagine where we’d be if we were actually in a “normal” interest rate environment. If the interest rate on Treasury debt stood at 6.2% – as it did in 2000 – the annual interest payment on the current debt would nearly triple to $1.3 trillion.

This is a debt-spiral.


Mike Adams exposes the agenda of the private Fed as a war against the prosperity of Americans that simply want to make America great.

John Rubino of DollarCollapse.com made an important observation about the trajectory of interest payments. They were held artificially low through the massive Obama spending spree thanks to the Fed’s low interest rate policy.

“The decline in interest expense between 2007 and 2014 – while we were running trillion-dollar deficits – was due to the Fed lowering interest rates to levels not seen since the Great Depression. This seemingly free lunch led many in the political/Keynesian class to conclude that they’d discovered a perpetual motion machine: simply cut interest rates every year and borrowing is essentially free … The recent 25% spike in interest expense in just three years exceeds the percentage increase in government debt because interest rates rose concurrently. So the US is now being hit with a double-whammy of debt that’s both rising and becoming more costly. Now the real trouble begins. As the government’s short-term debt is refinanced at ever-higher interest rates, interest expense will rise even more steeply. Within three years at the current rate of borrowing, US federal debt will be $25 trillion. An average interest rate of 4% – below the historical norm and easily within reach if current trends continue – will produce an annual interest expense of $1 trillion. Interest will be the government’s largest single budget item, raising the deficit and adding to future debt increases. The perpetual motion machine will have shifted into reverse.”

When you get into a debt-spiral, rising interest expense begets higher deficits begets rising interest expense. As Rubino points out, once you’re in the spiral, there really isn’t a way out – only a choice of crises. Push rates down and risk a currency collapse or allow rates to continue rising and burst the bubble economy.


Big Tech is now bragging about the amount of control they will have over public discourse online. Alex explains that globalists have been planning to have this type of control for decades.

Source: InfoWars

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China expels ex-Interpol president from public office, party

China has expelled former Interpol President Meng Hongwei from public office and the ruling Communist Party as he awaits trial on corruption charges.

Meng was elected Interpol president in 2016, but his four-year mandate was cut short when he was detained without notice by Chinese authorities last October during a visit to China from Interpol headquarters in France.

At the time, Meng was also one of China's vice ministers of public security.

The party's disciplinary committee said Wednesday that an investigation found Meng guilty of serious legal violations and that he had failed to abide by party principles and implement the party's decisions.

A party statement said Meng abused his power to satisfy his family's "extravagant lifestyle," indulging his wife's use of his authority for personal benefit.

Source: Fox News World

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Hannity battles Donna Brazile over 'Medicare for all,' Green New Deal in lightning round

Fox News' Sean Hannity faced off Tuesday night against former Democratic National Committee (DNC) chairwoman and new Fox News contributor Donna Brazile in a wide-ranging policy debate that tackled several issues on which 2020 candidates have weighed in.

Hannity kicked off the lighting round with “Medicare for all,” something Brazile insisted isn’t “controversial.” She cited a poll that showed 56 percent of Americans support “some form of 'Medicare for all'” but also support the option of keeping private insurance.

On the subject of late-term abortions, Brazile told Hannity that the Democrats’ position is that “this is a choice that women should have a say in” and that they should have a “full range of reproductive health services.”

“I’m not a doctor and I’m not going to tell anyone what to do with his or her body,” Brazile said.

COMPLETE COVERAGE OF THE GREEN NEW DEAL

She also expressed that the Green New Deal “should be debated” and that something should be done about climate change.

Brazile rejected Hannity’s assertion that “everything is gonna be free” under the Green New Deal, insisting that they’re “goals” that Democrats have been setting.

CLICK HERE TO GET THE FOX NEWS APP

She also said she believed in using “multiple methods” to secure the southern border, not just a border wall, and called on Immigration and Customs Enforcement (ICE) to be reformed.

The former DNC chairwoman later defended House Intelligence Committee Chairman Adam Schiff, D-Calif., whom she called a “decent, honorable person.”

Source: Fox News Politics

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Houston police sergeant charged in fatal shooting of wife

Investigators say a Houston police officer has been charged with murder in the fatal shooting of his librarian wife.

Pearland police said in a statement that the body of 52-year-old Belinda Hernandez was located Saturday by a relative at her home in the Houston suburb. Her husband, 56-year-old Sgt. Hilario Hernandez, was arrested later that day some 230 miles (370 kilometers) away in Kingsville, Texas.

Police say the victim was a librarian at Shadycrest Elementary School.

Pearland police Officer Jason Wells said Sunday that Hernandez is being returned to Brazoria County from Kleberg County, where he was arrested. Wells was unable to provide information on bond or an attorney representing Hernandez.

Kleberg County sheriff's officials didn't immediately return messages Sunday. Houston police also didn't immediately return a message for comment.

Source: Fox News National

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Hillary Clinton slams Trump's national emergency declaration in tweet

Hillary Clinton took to Twitter on Monday to slam President Trump for declaring a national emergency along the United States southern border.

In her tweet, the former secretary of state said the “real national emergencies” were “Relentless gun violence. Children separated from their families at the border. Climate change” and “Americans dying for lack of health care.”

Clinton, who lost to Trump in the 2016 presidential race, has been one of his harshest critics since his election. On Instagram on Monday, she appeared to troll Trump by posting a photo of the three living former Democratic presidents – Jimmy Carter, Barack Obama and, her husband, Bill Clinton – as well former First Lady Michelle Obama alongside the message “Happy Presidents Day.”

TRUMP WILL SIGN BORDER SECURITY BILL, DECLARE NATIONAL EMERGENCY, WHITE HOUSE SAYS

Clinton’s national emergency tweet follows Trump declaring a national emergency Friday to shift billions of federal dollars earmarked for military construction to the border after lawmakers in both parties blocked his request for billions of dollars to fulfill his signature campaign pledge for a border wall.

Democrats are planning to introduce a resolution disapproving of the declaration once Congress returns to session and it is likely to pass both chambers. Several Republican senators are already indicating they would vote against Trump — though there do not yet appear to be enough votes to override a veto by the president.

White House senior adviser Stephen Miller told "Fox News Sunday" that "the president is going to protect his national emergency declaration." Asked if that meant Trump was ready to veto a resolution of disapproval, Miller added, "He's going to protect his national emergency declaration, guaranteed."

CLICK HERE TO GET THE FOX NEWS APP

Miller insisted that Congress granted the president wide berth under the National Emergencies Act to take action. But Trump's declaration goes beyond previous emergencies in shifting money after Congress blocked his funding request for the wall, which will likely factor in legal challenges.

Trump aides acknowledge that Trump cannot meet his pledge to build the wall by the time voters decide whether to grant him another term next year, but insist his base will remain by his side as long as he is not perceived to have given up the fight on the barrier.

The Associated Press contributed to this report.

Source: Fox News Politics

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Best Buy suspends relationship with Care.com

FILE PHOTO - People wait in line to shop at Best Buy on during a sales event on Thanksgiving day in Westbury, New York
FILE PHOTO - People wait in line to shop at Best Buy during a sales event on Thanksgiving day in Westbury, New York, U.S., November 22, 2018. REUTERS/Shannon Stapleton

April 2, 2019

(Reuters) – Electronics retailer Best Buy Co Inc on Tuesday said it had suspended its relationship with online child-care marketplace operator Care.com Inc.

“We have suspended our relationship with Care.com as we do a thorough review of both the program and the company,” Best Buy spokesman Jeff Shelman said in a statement. “We remain committed to providing affordable back-up childcare to our employees.”

A spokesman for Care.com did not immediately return a message seeking comment.

Care.com shares were last down 9.5 percent in heavy-volume trading. The development between the companies was reported earlier in a research note from Wall Street firm BTIG, which lowered its rating on Care.com as a result.

(Reporting by Dan Burns, editing by G Crosse)

Source: OANN

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Erdogan says attackers targeting Turkey will go home ‘in caskets’

Turkish President Erdogan attends a ceremony marking the 104th anniversary of Battle of Canakkale, also known as the Gallipoli Campaign, in Canakkale
Turkish President Tayyip Erdogan attends a ceremony marking the 104th anniversary of Battle of Canakkale, also known as the Gallipoli Campaign, in Canakkale, Turkey March 18, 2019. Cem Oksuz/Presidential Press Office/Handout via REUTERS

March 18, 2019

ANKARA (Reuters) – President Tayyip Erdogan on Monday described a mass shooting which killed 50 people at two New Zealand mosques as part of a wider attack on Turkey and threatened to send back “in caskets” anyone who tried to take the battle to Istanbul.

Erdogan, who is seeking to rally support for his Islamist-rooted AK Party in March 31 local elections, has invoked the New Zealand attack as evidence of global anti-Muslim sentiment.

“They are testing us from 16,500 km away, from New Zealand, with the messages they are giving from there. This isn’t an individual act, this is organized,” he said, without elaborating.

Australian Brenton Tarrant, 28, a suspected white supremacist, was charged with murder on Saturday after a lone gunman killed 50 people at mosques in the city of Christchurch.

At weekend election rallies Erdogan showed video footage of the shootings, which the gunman had broadcast on Facebook, earning a rebuke from New Zealand’s foreign minister who said it could endanger New Zealanders abroad.

Erdogan also displayed extracts from a “manifesto” posted online by the attacker and later taken down.

He has said the gunman issued threats against Turkey and the president himself, and wanted to drive Turks from Turkey’s northwestern, European region. Majority Muslim Turkey’s largest city, Istanbul, is split between an Asian part east of the Bosphorus, and a European half to the west.

“We have been here for 1,000 years and will be here until the apocalypse, God willing,” Erdogan told a rally on Monday commemorating the 1915 Gallipoli campaign, when Ottoman soldiers defeated British-led forces including Australian and New Zealand troops trying to seize the peninsula, a gateway to Istanbul.

“You will not turn Istanbul into Constantinople,” he added, referring to the city’s name under its Christian Byzantine rulers before it was conquered by Muslim Ottomans in 1453.

“Your grandparents came here… and they returned in caskets,” he said. “Have no doubt we will send you back like your grandfathers.”

Erdogan was re-elected last year with new powers but his AK Party, which has ruled Turkey since 2002, is battling for votes as the economy tips into recession after years of strong growth. He has cast the local elections as a “matter of survival” in the face of threats including Kurdish militants and attacks on Muslims such as the New Zealand shootings.

Speaking after a meeting of New Zealand’s cabinet, Foreign Minister Winston Peters said he told his Turkish counterpart that Erdogan’s use of the footage in an election campaign was wrong.

“Anything of that nature that misrepresents this country, given that this was a non-New Zealand citizen, imperils the future and safety of the New Zealand people and our people abroad, and that is totally unfair,” Peters said.

Turkish relations with New Zealand have generally been good, strengthened by Gallipoli commemorations which emphasize shared sacrifices in battle as much as the confrontation itself.

Turkish Foreign Minister Mevlut Cavusoglu, who was in Christchurch and visited Turkish citizens wounded in the attack, said Muslims around the world were worried about Islamophobia and racism.

A senior Turkish security source said Tarrant had entered Turkey twice in 2016 – for a week in March and for more than a month in September. Turkish authorities have begun investigating everything from hotel records to camera footage to try to ascertain the reason for his visits, the source said.

(Reporting by Tuvan Gumrukcu; Editing by Dominic Evans and Nick Tattersall)

Source: OANN

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Traders work on the floor at the NYSE in New York
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid

April 26, 2019

By Sruthi Shankar and Amy Caren Daniel

(Reuters) – U.S. stock index futures were flat on Friday, as investors paused ahead of GDP data, which is expected to show the world’s largest economy maintained a moderate pace of growth in the first quarter.

Gross domestic product probably increased at a 2% annualized rate in the quarter as a burst in exports, strong inventory stockpiling and government investment in public construction projects offset a slowdown in consumer and business spending, according to a Reuters survey of economists.

The Commerce Department report will be published at 8:30 a.m. ET.

The GDP data comes as investors look for fresh catalysts to push the markets higher. The S&P 500 index is about 0.5% below its record high hit in late September, after surging nearly 17% this year.

First-quarter earnings have been largely upbeat, with nearly 78% of the 178 companies that have reported so far surpassing earnings estimates, according to Refinitiv data.

Wall Street now expects S&P 500 earnings to be in line with the year-ago quarter, a sharp improvement from the 2.3% fall expected at the start of April.

Amazon.com Inc rose 0.9% in premarket trading after the e-commerce giant reported quarterly profit that doubled and beat estimates on soaring demand for its cloud and ad services.

Ford Motor Co shares surged 8.5% after the automaker posted better-than-expected first-quarter earnings largely due to strong pickup truck sales in its core U.S. market.

Mattel Inc jumped 8% after the toymaker beat analysts’ estimates for quarterly revenue, as a more diverse range of Barbie dolls powered sales in the United States.

At 6:52 a.m. ET, Dow e-minis were down 35 points, or 0.13%. S&P 500 e-minis were down 1.5 points, or 0.05% and Nasdaq 100 e-minis were up 10.75 points, or 0.14%.

Among decliners, Intel Corp slumped 7.7% after it cut its full-year revenue forecast and missed quarterly sales estimate for its key data center business.

Rival Advanced Micro Devices declined 0.8%.

Oil majors Exxon Mobil Corp and Chevron Corp are expected to report results later in the day.

(Reporting by Sruthi Shankar and Amy Caren Daniel in Bengaluru; Editing by Anil D’Silva)

Source: OANN

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General view of a destroyed building during World War II is pictured in Warsaw
General view of a destroyed building during World War II is pictured in Warsaw, Poland April 26, 2019. REUTERS/Kacper Pempel

April 26, 2019

By Joanna Plucinska

WARSAW (Reuters) – Germany could owe Poland more than $850 billion in reparations for damages it incurred during World War Two and the brutal Nazi occupation, a senior ruling party lawmaker said.

Some six million Poles, including three million Polish Jews, were killed during the war and Warsaw was razed to the ground following a 1944 uprising in which about 200,000 civilians died.

Germany, one of Poland’s biggest trade partners and a fellow member of the European Union and NATO, says all financial claims linked to World War Two have been settled.

The right-wing Law and Justice (PiS) has revived calls for compensation since it took power in 2015 and has made the promotion of Poland’s wartime victimhood a central plank of its appeal to nationalism.

PiS has yet to make an official demand for reparations but its combative stance towards Germany has strained relations.

“Poland lost not only millions of its citizens but it was also destroyed in an unusually brutal way,” Arkadiusz Mularczyk, who heads the Polish parliamentary committee on reparations, told Reuters in an interview.

“Many (victims) are still alive and feel deeply wronged.”

His comments come a month before European Parliament elections in which populist and nationalist parties are expected to do well. Poland will also hold national elections later this year, with PiS still well ahead of its rivals in opinion polls.

EU LARGESSE

Mularczyk said the reparations figure could amount to more than 10 times the estimated 100 billion euros ($111 billion) that Poland has received so far in European Union funds since it joined the bloc in 2004.

Germany is the biggest net donor to the EU budget and some Germans regard its contributions as generous compensation to recipient countries like Poland which suffered under Nazi rule.

In 1953 Poland’s then-communist rulers relinquished all claims to war reparations under pressure from the Soviet Union, which wanted to free East Germany, also a Soviet satellite, from any liabilities. PiS says that agreement is invalid because Poland was unable to negotiate fair compensation.

Mularczyk said his committee hoped to complete its report on the reparations issue by Sept. 1, the 80th anniversary of Hitler’s invasion.

Accusing Berlin of playing “diplomatic games” over the issue, he said: “The matter is being swept under the rug (by Germany) … until it’ll be wiped from the memory, from people’s awareness.”

His comments come after the Greek parliament voted this month to seek billions of euros in German reparations for the Nazi occupation of their country.

(Additional reporting by Anna Wlodarczak-Semczuk, Editing by Justyna Pawlak and Gareth Jones)

Source: OANN

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FILE PHOTO - Otto Frederick Warmbier is taken to North Korea's top court in Pyongyang North Korea
FILE PHOTO – Otto Frederick Warmbier (C), a University of Virginia student who was detained in North Korea since early January, is taken to North Korea’s top court in Pyongyang, North Korea, in this photo released by Kyodo March 16, 2016. Mandatory credit REUTERS/Kyodo/File Photo

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday said the United States did not pay any money to North Korea as it sought the release of comatose American student Otto Warmbier.

The Washington Post reported on Thursday that Trump had approved payment of a $2 million bill from North Korea to cover its care of the college student, who died shortly after he was returned to the United States after 17 months in a North Korean prison.

(Reporting by Makini Brice and Susan Heavey)

Source: OANN

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Al-Qaida in Yemen is vowing to avenge beheadings carried out by Saudi Arabia this week — an indication that some of the 37 Saudis executed on terrorism-related charges were members of the Sunni militant group.

Al-Qaida in the Arabian Peninsula, as the branch is called, posted a statement on militant-linked websites on Friday, accusing the kingdom of offering the blood of the “noble children of the nation just to appease America.”

The statement says al-Qaida will “never forget about their blood and we will avenge them.”

U.S. ally Saudi Arabia on Tuesday executed 37 suspects convicted on terrorism-related charges. Most were believed to be Shiites but at least one was believed to be a Sunni militant.

His body was pinned to a pole in public as a warning to others.

Source: Fox News World

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For two friends with checkered pasts it was the luck of a lifetime: a 4 million-pound ($5.2 million) lottery win.

But Mark Goodram and Jon-Ross Watson may see their celebrations cut short.

The Sun newspaper reports that Britain’s National Lottery is withholding the payout as it investigates whether the men, who have a string of criminal convictions, used illicit means to buy the winning ticket.

The Sun said neither man has a bank account, leading lottery organizers to investigate how they obtained the bank-issued debit card that paid for the 10 pound ($13) scratch card.

Camelot, which runs the lottery, said Friday it couldn’t confirm details of the story because of winner-anonymity rules. The firm said it holds a “thorough investigation” if there is any doubt about a claim.

Source: Fox News World

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