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World Traveler
Joined: 29 May 2009
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guavashake
Joined: 09 Nov 2013
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Axiom
Joined: 18 Jan 2008
Location: Brisbane, Australia
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 Posted: Tue Apr 29, 2014 9:06 pm Post subject: |
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| TheUrbanMyth wrote: |
| World Traveler wrote: |
| Not really a problem. The United States is by far the wealthiest country on earth. It doesn't need to exclusively enrich itself. |
It is also by far the greatest debtor.
http://www.usgovernmentdebt.us/recent_debt
And where are you getting this 77% figure from?
According to the above link it's over 100% |
I think the 71-77% figure is US Federal Gov debt. This link is for all levels of government. |
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Axiom
Joined: 18 Jan 2008
Location: Brisbane, Australia
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| Posted: Tue Apr 29, 2014 9:15 pm Post subject: |
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| Axiom wrote: |
| Kuros wrote: |
| Axiom wrote: |
| World Traveler wrote: |
| Exactly? The level of public debt in Japan in 2014 is 350% of GDP. The U.S. is not anywhere near the worst off when it comes to total governmental debt compared to its yearly market value. |
Didn't say it was the worst.
So you have no problem with the hundreds of billions of dollars outlaid in interest payments each year? (that would pay for a couple of Obamacares)
About a third of it going to foreign investors of treasury bonds and such. |
The last sentence is the problem. When the U.S. government was paying off Treasury war bonds in the 50s and 60s, it was almost entirely domestic. The interest was enriching America. |
I would have thought that with the ageing population, that all westernised economies are experiencing, that the second sentence is equally alarming. For the last decade, governments around the world should have been amassing massive surpluses to pay for the rapidly increasing cost of aged care and health. |
I know this article is about Australia but I'm fairly certain the figures wouldn't be that different for United States or most other developed countries.
Australia's fastest growing age group is 65 and over, ABS figures show
http://www.abc.net.au/news/2013-12-18/fastest-growing-age-group-is-65-and-over-abs-says/5164202
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The number of people aged 65 and over has increased from 11.6 per cent of the population (or 2.1 million people) in 1993 to 14.4 per cent (or 3.3 million people) in 2013.
"There's now a noticeable difference between the growth rate of the working age population - traditionally considered to be people aged 15 to 64 - and the older age groups, as more baby boomers turn 65," said Bjorn Jarvis from the ABS.
"The baby boomer generation is a large group of people, and the older age group will continue to grow in size as the boomers progressively reach 65." |
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Axiom
Joined: 18 Jan 2008
Location: Brisbane, Australia
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| Posted: Tue Apr 29, 2014 9:17 pm Post subject: |
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Interesting that you would try to defend your position with an article that headed:
U.S. on ‘unsustainable’ budget course: CBO
It would have been much more appropriate to find one that was headed:
Suck on this grandkids and great-grandkids |
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World Traveler
Joined: 29 May 2009
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| Posted: Tue Apr 29, 2014 9:30 pm Post subject: |
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| Yeah, unsustainable, if things don't change (which was what was written a few months ago). But guess what? Government deficits have been shrinking lately. Things are getting better. |
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World Traveler
Joined: 29 May 2009
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| Posted: Tue Apr 29, 2014 9:33 pm Post subject: |
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| guavashake wrote: |
| 20 percent of American families do not have a single person that is working. |
Is that by choice (they'd rather get welfare/disability money from the government than work) or because there are absolutely no jobs available? |
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guavashake
Joined: 09 Nov 2013
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| Posted: Tue Apr 29, 2014 10:11 pm Post subject: |
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| World Traveler wrote: |
| guavashake wrote: |
| 20 percent of American families do not have a single person that is working. |
Is that by choice (they'd rather get welfare/disability money from the government than work) or because there are absolutely no jobs available? |
"Well, the answer to that question is actually quite easy. There is a reason why government dependence has reached epidemic levels in the United States. Without enough jobs, tens of millions of additional Americans have been forced to reach out to the government for help. At this point, if you can believe it, the number of Americans getting money or benefits from the federal government each month exceeds the number of full-time workers in the private sector by more than 60 million." |
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Axiom
Joined: 18 Jan 2008
Location: Brisbane, Australia
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| Posted: Wed Apr 30, 2014 12:38 am Post subject: |
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| World Traveler wrote: |
| Yeah, unsustainable, if things don't change (which was what was written a few months ago). But guess what? Government deficits have been shrinking lately. Things are getting better. |
Do you have a link? I cannot find any articles suggesting that. I'm interested to know how they are achieving it. |
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World Traveler
Joined: 29 May 2009
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| Posted: Wed Apr 30, 2014 12:44 am Post subject: |
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| Quote: |
| The Congressional Budget Office (CBO) released its updated estimate of the U.S. federal budget deficit on Monday afternoon. The agency now estimates that the fiscal year 2014 deficit will fall to $492 billion, nearly a third less than the $680 billion deficit posted in fiscal year 2013. |
http://247wallst.com/economy/2014/04/14/budget-deficit-continues-shrinking/
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| The CBO notes that 2014 is the fifth consecutive year that the budget deficit has declined as a share of GDP since peaking at 9.8% in 2009. |
http://www.bloomberg.com/news/2014-04-14/obama-s-shrinking-budget-deficits-silence-foreign-fiscal-critics.html
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The Treasury’s coffers are swelling as the almost five-year economic expansion gains momentum, generating more corporate and personal income-tax revenue and reducing spending on social services. Stronger growth, in turn, will depend less on government spending to fuel growth than it has in the past.
“Without fiscal stimulus, we’ll see over the next year or two if the economy is really standing on its own two feet,” said Ira Jersey, a fixed-income and interest-rate strategist at Credit Suisse Group AG in New York. “We suspect it is. This means further improvement of the deficit over the next few years.”
More evidence of fiscal health came last week, when the Treasury Department reported a deficit of $36.9 billion, the smallest for that month in 14 years. |
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Axiom
Joined: 18 Jan 2008
Location: Brisbane, Australia
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| Posted: Wed Apr 30, 2014 2:28 am Post subject: |
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| World Traveler wrote: |
| Quote: |
| The Congressional Budget Office (CBO) released its updated estimate of the U.S. federal budget deficit on Monday afternoon. The agency now estimates that the fiscal year 2014 deficit will fall to $492 billion, nearly a third less than the $680 billion deficit posted in fiscal year 2013. |
http://247wallst.com/economy/2014/04/14/budget-deficit-continues-shrinking/
| Quote: |
| The CBO notes that 2014 is the fifth consecutive year that the budget deficit has declined as a share of GDP since peaking at 9.8% in 2009. |
http://www.bloomberg.com/news/2014-04-14/obama-s-shrinking-budget-deficits-silence-foreign-fiscal-critics.html
| Quote: |
The Treasury’s coffers are swelling as the almost five-year economic expansion gains momentum, generating more corporate and personal income-tax revenue and reducing spending on social services. Stronger growth, in turn, will depend less on government spending to fuel growth than it has in the past.
“Without fiscal stimulus, we’ll see over the next year or two if the economy is really standing on its own two feet,” said Ira Jersey, a fixed-income and interest-rate strategist at Credit Suisse Group AG in New York. “We suspect it is. This means further improvement of the deficit over the next few years.”
More evidence of fiscal health came last week, when the Treasury Department reported a deficit of $36.9 billion, the smallest for that month in 14 years. |
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Thanks WT.
It should be noted that a shinking deficit is still an increasing debt but yeah $188 billion reduction in a year is a good start. (assuming that the estimate does come to fruition)
I am heartened by "stronger growth, in turn, will depend less on government spending to fuel growth than it has in the past", which I think was my original point. |
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World Traveler
Joined: 29 May 2009
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| Posted: Fri May 02, 2014 3:44 pm Post subject: |
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New government data released Friday morning showed the nation added 288,000 jobs in April, a reassuring sign that the economy has picked up momentum since stalling out over the winter.
The hiring spree surpassed most analysts' expectations and is the strongest showing in more than two years. Businesses added workers across a broad array of sectors, including business services, retail and construction. The unemployment rate plunged to 6.3 percent -- the lowest level since 2008 |
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guavashake
Joined: 09 Nov 2013
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| Posted: Fri May 02, 2014 4:26 pm Post subject: |
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Jobs Growth Spurts Again…Or Did It?
http://guardianlv.com/2014/05/jobs-growth-spurts-again-or-did-it/
The Dark Cloud Inside the Silver Lining
There is a dark cloud inside the silver lining of these job growth figures: a staggering 806,000 Americans dropped out of the labor force in April alone who have stopped looking for work, perhaps permanently. Some of these people have reached retirement age and are in the process of pulling the plug. Others are on disability, but a significant number of these missing workers simply could not find work and have given up the search effort. They are joined by another group of missing American workers: only 62.8 percent of the American workforce is actually either working or looking for work, leaving 37.2 percent unaccounted for, the highest percentage of “missing” workers since 1978. |
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World Traveler
Joined: 29 May 2009
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| Posted: Fri May 02, 2014 4:40 pm Post subject: |
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| Has it occurred to you those "missing workers" may be attending school/acquiring training? And/or maybe the economy is so good now (rising stocks, etc.), those who want to retire can now afford to do so. |
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World Traveler
Joined: 29 May 2009
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| Posted: Fri May 02, 2014 4:46 pm Post subject: |
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With the economy on the mend, this year is turning out to be a better one for college students hoping to trade their backpacks for briefcases.
Career counselors at local universities report that recruiters are making repeat visits to campus because of strong hiring demand, they're running out of interviewing space, and their graduates are getting bigger and better salary offers.
http://www.houstonchronicle.com/business/columnists/sixel/article/New-college-graduates-get-more-offers-at-better-5425634.php
Companies plan to hire 8.6 percent more graduates this year than they did in 2013, according to a recent survey from the National Association of Colleges and Employers. The group, which measures the supply and demand of employment opportunities for college graduates, surveyed 161 employers this spring.
Average starting salaries are up 1.2 percent this year, according to the association, which combines the results of an employer survey of accepted job offers with data from the U.S. Census Bureau and the U.S. Bureau of Labor Statistics. The average overall is $45,473 this year, with engineering, computer science, business and the health sciences offering the highest starting pay.
Demand for new graduates has been so intense this year that Rice University ran out of interviewing space, said Nicole Van Den Heuvel, director for Rice's Center for Career Development. To meet the demand, she had to rustle up extra meeting rooms in the library.
In another good sign, the number of job postings increased 18 percent compared with the previous year, Van Den Heuvel said. And the number of company recruiters jumped by 27 percent.
"We could have had a whole lot more," she added, but the room couldn't hold more than 140 companies. |
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