Posts Tagged ‘Dept of Treasury’
If you tax refund doesn’t show up this year, you might want to blame your parents - even if they’ve been dead for decades!
So far this year, the Treasury Department has intercepted $1.9 billion in tax refunds - $75 million of which is on debts that are more than 10 years old. Some of the money is being collected from the children of the debtors.
Take the case of 58-year-old Mary Grice.
In 1960, when Grice was 4, her father died leaving her mother to raise five young children. Her mother received survivor benefits from Social Security until the the youngest child turned 18. Social Security claims that in 1977, it overpaid someone in the Grice family. It isn’t sure who.
This year, Grice got a letter saying that they were holding her responsible for the $2996 debt incurred under her father’s Social Security number - and seizing her tax refund to pay for it. The government says that its policy is to seek compensation from the oldest sibling and work down through the family until the debt is paid.
Read more by Jeff Wagner at jrn.com/wtmj/
Sunday, October 13, 2013 marks 150 days since the Treasury Department’s listing of public debt has not moved. The most current Daily Treasury report (October 10) shows “Total Public Debt Subject to Limit $ 16,699,396,000,000; Statutory Debt Limit $16,699,421,000,000.”
The record for these two entries has remained unchanged since May 17, 2013, the first time it recorded the public debt at $16,699,396,000,000.
Why is this important?
The Treasury reports show that the public debt has stayed at just about $25 million under the statutory legal limit . . .
Read more by Alan Joel at CanadaFreePress.com
Even after seven years of writing macroeconomic analysis for the liberty movement and bearing witness to astonishing displays of financial and political stupidity by more “skeptics” than I can count, it never ceases to amaze me the amount of blind faith average Americans place in the strength of the U.S. dollar. One could explain in vast categorical detail the history of fiat currencies, the inevitable destruction caused by inflationary printing and the conundrum caused when any country decides to monetize its own debt just to stay afloat — often, to no avail.
Bank bailouts, mortgage company bailouts, Treasury bond bailouts, stock market bailouts, bailouts of foreign institutions: None of this seems to phase the gibbering bobbleheaded followers of the Federal Reserve cult. Logic and reason and wisdom bounce like whiffle balls off their thick skulls. They simply parrot one of two painfully predictable arguments:
Read more by Brandon Smith at PersonalLiberty.com
The Treasury Department’s latest official daily accounting of the U.S. government’s receipts, expenditures and borrowings–released this afternoon at 4:00 p.m.–indicates that the legally limited debt of the federal government has now been exactly $16,699,396,000,000 for 100 straight days.
The Daily Treasury Statement released today showed the status of the government’s accounts as of the close of business on Friday, Aug. 23. Because the Treasury does no business over the weekend, the federal government’s debt did not change on Saturday or Sunday.
Read more by Terence P. Jeffrey at CNSnews.com
The Treasury Department’s Financial Management Service (FMS), which publishes both the federal government’s official Daily Treasury Statement and its official Monthly Treasury Statement, is reporting that in July the federal government ran a deficit of $98 billion but that the federal government’s debt remained exactly $16,699,396,000,000 for the entire month.
The FMS said that the deficit went up $98 billion ($97,594,000,000) in the Monthly Treasury Statment for July, which it released on Monday.
At the same time, the FMS said the debt stayed at exactly $16,699,396,000,000 in its Daily Treasury Statements, which are published every business day. The Daily Treasury Statements show the daily value of the federal government debt that is subject to a legal limit set by Congress.
Read more by Terence P. Jeffrey at CNSNews.com
Submitted by Michael Krieger of Liberty Blitzkrieg blog,
How Jack ‘Bailout Bonus’ Lew Got To Treasury
As I and many others have pointed out for years, unless you are a crony Wall Street welfare queen you can pretty much forget about any high level position in the Obama Administration. Barack made that clear from day one when he decided to surround himself with two of the people at the core of the 2008 financial crisis, Larry Summers and Tim Geithner. The trend is simply continuing with the current nominee for Treasury Secretary: Jack “Bailout Bonus” Lew. The revolving door is institutionalized and at this point as reliable as a Swiss watch.
Read more at ZeroHedge.com
Jim Grant spends exactly the correct amount of time (zero) discussing the “urban myth’ of the trillion dollar coin in this brief interview on CNBC; instead deciding to try and strike up some intelligent understanding of the dire situation we face. By providing context for our massive 16 trillion dollar debt (360 million pounds of $100 bills), and explaining how exponential the idiocy has become, Grant brings us full circle as he explains to the money-honey that once upon a time our debt was backed by gold, and “there was only so much gold and so many dollars,” thus limiting our exuberance, but “now we have neither the gold covering the dollar nor do we have interest rates constraining us [thanks to Bernanke et al.]; the only thing remaining to constrain us is some sort of civil discussion, a numerate discussion about the debt,” which it appears the bespectacled and bow-tie-bound bond brain-box hopes is possible. “The debt has increased twice as fast as federal receipts,” he warns, adding correctly that “the United States is truly submerging.”
Read more at ZeroHedge.com
News reports indicate that President Obama will appoint White House Chief of Staff Jack Lew to replace Tim Geithner as Secretary of the Treasury. The Associated Press applauds Obama’s choice, telling us that Lew is a “pragmatic liberal” who “is well-liked in Washington by both Democrats and Republicans.” What the AP doesn’t tell us is that Lew has made signal contributions to the culture of lies, dishonesty and lack of transparency that characterizes the Obama administration.
Read more by John Hinderaker at PowerLineBlog.com
With Spanish 10Y yields hovering at a ‘relatively’ healthy 5%, having been driven inexorably lower on the promise of ECB assistance at some time in the future, the market has become increasingly unsure of just who it is that keeps bidding for this stuff. Well, wonder no longer. As the WSJ notes, Spain has been quietly tapping the country’s richest piggy bank, the Social Security Reserve Fund, as a buyer of last resort for Spanish government bonds - with at least 90% of the €65 billion ($85.7 billion) fund has been invested in increasingly risky Spanish debt. Of course, this is nothing new, the US (and the Irish) have been using quasi-government entities to fund themselves in a mutually-destructive circle-jerk for years - the only difference being there are other buyers in the Treasury market, whereas in Spain the marginal buyer is critical to support the sinking ship. The Spanish defend the use of pension funds to buy bonds as sustainable as long as it can issue bonds - and yet the only way it can actually get the bonds off in the public markets is through using the pension fund assets. The pensioners sum it up perfectly “We are very worried about this, we just don’t know who’s going to pay for the pensions of those who are younger now,” or those who are older we would add.
Read more at ZeroHedge.com
Treasury, Labor on path to nationalize retirement
Two years ago, as WND reported, the Obama administration was proceeding with a novel way to finance trillion-dollar budget deficits by forcing IRA and 401(k) holders to buy Treasury bonds by mandating the placement of government-structured annuities in their retirement accounts.
Remarkably, those financial professionals specializing in private retirement savings and the U.S. citizens investing in private retirement plans now face the possibility the Obama administration and its allies on the political left will impose rules and regulations that effectively abolish the private retirement savings and investment markets.
Recent evidence suggests government officials continue to eye the multi-trillion dollar private retirement savings market, including IRAs and 401(k) plans, eyeing the opportunity to redistribute private retirement savings to less affluent Americans and to force the retirement savings out of the private market and into government-controlled programs investing in government-issued debt.
Read more by Jerome Corsi at WND.com
Several months ago, an ad hoc consortium of self-proclaimed millionaires, sent a letter to Obama, Reid and Boehner, demanding that “For the fiscal health of our nation and the well-being of our fellow citizens, we ask that you increase taxes on incomes over $1,000,000.” This grass roots initiative sprung up into existence in the aftermath of Warren Buffett’s, since defunct, proposal to impose a “millionaire tax” rule.
–SNIP– Luckily, as all these very much informed millionaires know quite well, the US Treasury has a dedicated section, named simply pay.gov, which allows anyone: billionaires (here’s looking at you Mr. Buffett), millionaire, or even thousandaire, to make a donation which is used directly to pay down the US debt. Because in the absence of the government mandating rich people pay their “fair share” (as determined by a subcommittee of course) for now at least, there is always that other alternative: voluntary action, as per the auspices of something called free will.
And not only that, but the US Treasury also provides the general public with a running tally of just how much “Patriotic Millionaire” initiatives have given so far to paying down said debt. As in talk is cheap, signing petitions even cheaper, but putting money where your mouth is actually does go to the bottom line.
The bottom line so far in 2012? $7.7 Million - this is how much has been volunteered in total gifts to pay down the US debt. The $16.3 trillion in US debt.
Read more at ZeroHedge.com
TRANSCRIPT OF THE VIDEO:
“We’re going to be gifted with a health care plan we are forced to purchase, and fined if we don’t, which purportedly covers at least 10 million new people without adding a single new doctor, but…….
- provides for 16,000 new IRS agents,
- written by a committee whose chairman says he doesn’t understand it,
- passed by a Congress that didn’t read it but exempted themselves from it, and
- signed by a President who smokes,
- with funding administered by a Treasury chief who didn’t pay his taxes,
- for which we will be taxed for 4 years before any benefits take effect
- by a government which has already bankrupted Social Security and Medicare,
- all to be overseen by a Surgeon General who is obese, and financed by a country that’s broke.
So what the **** could possibly go wrong?”
The Federal Reserve’s announcement last month that it would continue Operation Twist—selling short-term Treasury securities and using the money to buy longer-term bonds—vividly demonstrates the intellectual bankruptcy of Ben Bernanke. The idea behind Operation Twist was that it would lower the rates of mortgages and corporate bonds, which would, in turn, rev up the economy. The failure since 2008 of promiscuous money printing and interest rate manipulation to reboot our stagnant economy has made no impression on Bernanke and the institution he heads. That such continuous failure has not led to soul-searching at the Fed, the White House, the Treasury Department, the mainstream media, Congress and the economics profession is astounding.
Read more by Steve Forbes at Forbes.com
Americans are either celebrating or damning the Supreme Court’s 5-4 ruling that the individual mandate is constitutional.
–SNIP– If America wants to overturn current legal norms America needs to elect different politicians. But with a greater and greater welfare-bound population, it seems inevitable that more and more Americans will vote themselves greater and greater quantities of free stuff.
Yet there is a bigger point to all of this, and it’s nothing to do with broccoli.
If Congress can constitutionally create a mandate for individuals to purchase healthcare, then Congress can create a mandate for individuals to purchase financial securities. Which — given the fiscal cliff that we are about to run off, and the reality that more and more sovereigns are dumping dollars and treasuries — could well be a useful weapon in keeping the Treasury’s borrowing costs low and the bread and circuses flowing.
Read more by John Aziz at azizonomics.com