Archive of posts tagged public debt

Obama’s Mouth Waters in Envy as France Socialists Pass 75% Tax Rate on Millionaires

Obama's Mouth Waters in Envy as France Socialists Pass 75% Tax Rate on Millionaires

Obama’s Mouth Waters in Envy as France Socialists Pass 75% Tax Rate on Millionaires

That whooshing sound we hear is businesses and job creators picking up their chips and leaving France as quickly as possible.

If Obama had his way, he would do the same here, or worse. Obama would surely want to tax as much as he can to try and support the Democrat Culture of Corruption’s out of control spending, which only serves to line the pockets of friends and supporters of the Obama administration, not helping the American People.

President Francois Hollande’s Socialist government unveiled sharp tax hikes on business and the rich on Friday in a 2013 budget aimed at showing France has the fiscal rigor to remain at the core of the euro zone.

The package will recoup 30 billion euros ($39 billion) for the public purse with a goal of narrowing the deficit to 3.0 percent of national output next year from 4.5 percent this year – France’s toughest single belt-tightening in 30 years.

But with record unemployment and a barrage of data pointing

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Treasury: U.S. Borrowing Over 100% of GDP After Debt Ceiling Increase

The debt ceiling increase has helped raise our borrowing over 100% of GDP for the first time since 1947!
“The last time US debt topped the size of its annual economy was in 1947 just after World War II. By 1981 it had fallen to 32.5 percent.”

We are now borrowing $14.58 trillion, with a GDP of $14.53 trillion, showing that the Obama administration has no useful ideas, no experience, and no clue how to run a Capitalistic Democracy.

US debt shot up $238 billion to reach 100 percent of gross domestic project after the government’s debt ceiling was lifted, Treasury figures showed Wednesday.

Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country’s spending commitments reached a breaking point and it threatened to default on its debt.

The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium.

Public debt subject to the official debt limit

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