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Welfare for Fat Cats Hit $100 Billion in 2012

Written by Gary North on August 9, 2012

The Cato Institute has released a report on the extent of corporate welfare payments by the U.S. government in fiscal 2012. It estimates that the total package is $100 billion. Of course, this was more than offset by the costs of federal regulation. As to which companies won, net, has not been traced, nor is […]

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Retirement Suicide: Grandparents Who Co-Signed for Student Loans

Written by Gary North on August 8, 2012

Grandparents are in the hole for $36 billion for student loans. Some of these debts are because of their grandchildren. They co-signed the loans. Then the grandkids defaulted. The grandchildren could have gotten their B.A. degrees for under $15,000 by avoiding the standard approaches to college. They could have funded all of it themselves by […]

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Post Office’s Check Won’t Be in the Mail

Written by Gary North on August 1, 2012

The U.S. Postal Service owes a staggering $5.5 billion to the U.S. Treasury to cover retirement health care benefits for its employees when they retire. Not that it matters. The Treasury is running a Ponzi scheme. It was not going to invest the money. It was going to cover existing obligations. The Postal Service says […]

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Another Domino: San Bernardino Prepares to Declare Bankruptcy

Written by Gary North on July 11, 2012

San Bernardino, California, a city of 210,00o, has begun the process of declaring bankruptcy. It will soon join Stockton and Vallejo. Stockton is a city of 300,000. A smaller city, Mammoth Lakes, has also filed. Mammoth debt has been shrugged off. San Bernardino had boomed with the housing bubble. The city spent money like there […]

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Pensions for City Employees: Up in Smoke

Written by Gary North on July 5, 2012

A recent report issued by Moody’s rating service reveals that local governments are $2 trillion in the red. Why? Pension obligations. The money has not been put aside. The money that was put aside has not been invested well. The result is obvious: a Great Default is coming. But no one wants to think about […]

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Potholes vs. Pensions: Make Your Choice

Written by Gary North on June 29, 2012

It’s crunch time. Congress has to decide which Peters to borrow from in order to pay which Pauls. A case in point.The highway fund needs money. It needs a lot of money. Anyway, that’s what it claims. There is a gasoline tat of 18 cents per gallon. It has not been raised for 19 years. […]

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Reverse Mortgages Disinherit Your Children

Written by Gary North on June 28, 2012

A reverse mortgage is a loan against equity in your home. You borrow against this equity. You must continue to pay property taxes and fire insurance, but you live rent-free in your home. The amount of the loan is determined by your life expectancy. The lender gets your home at the death of the surviving […]

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