June 28, 2011 |
Chinese local governments have taken on $1.65 trillion of debt with little regulatory oversight, an official audit found, raising concern about how much of the money will be paid back. Some of the funds raised were improperly funneled into the stock market and the country's overheated real estate sector, according to the first-of-its-kind review by China's national audit office. About half the debt, which was measured as of the end of last year, was incurred after Beijing in 2009 allowed banks to issue a record amount of new credit to stimulate the economy.
April 10, 2013 |
A bill before the California Legislature to address soaring student loan debt would require high school students to take a personal finance class. ALSO: Photo gallery: Ted Rall cartoons Stumbling into another Korean war Schwarzenegger: California's silent disaster Follow Ted Rall on Twitter @TedRall
December 8, 2012 |
Republicans scoffed when President Obama demanded the power to raise the debt ceiling unilaterally in his first formal "fiscal cliff" offer to the GOP. And at first, I thought he was just staking out an extreme position for negotiating purposes. But Obama said again in the days that followed that he wasn't kidding: He wants the debt ceiling lifted unconditionally . He's right. Washington's finances need fixing, but the debt ceiling is the wrong tool for the job. Worse, it's irresponsible fiscal policy.
October 2, 2013 |
You can always identify true ideologues -- their pitch never changes, no matter the weather, political or otherwise. That's the case with Fix the Debt, a lobby group for deficit hawks that's connected umbilically to hedge fund billionaire Peter G. Peterson. As the government shutdown began Tuesday, Fix the Debt issued a call for a renewed focus on " the critical issues of entitlement reform , tax reform, and the nation's unsustainable debt. " See what they did there? At the moment the U.S. government effectively went out of business, they called for cuts in Social Security and Medicare.
September 12, 2011 |
Young people have been invoked over and over during the debate about Social Security, as in, the system is going to be broke by the time they reach retirement age. A young man from Northern California asked a simple question: "Of every dollar I earn, how much do you think I deserve to keep?" Bachmann could be heard off camera, "Oh, I love that question. " Unfortunately, she did not get a chance to answer it. Only one candidate got to address it - Huntsman, who talked about personal tax rates and lowering the corporate tax rate to 25%. "I can tell you that by doing that with our tax code, it will leave you and your generation a whole lot better off," Huntsman said.
CALIFORNIA | LOCAL
August 12, 2013 |
Despite receiving millions of dollars annually from his song catalogs, Michael Jackson year after year spent more than he earned, including $30 million in annual debt payments, a forensic accountant testified Monday. William R. Ackerman, testifying as a defense witness on behalf of AEG Live in the wrongful-death trial, offered a detailed look at the singer's finances, telling jurors that Jackson spent money on donations to charity, gifts, travel, art and furniture. "He spent a lot of money on jewelry," Ackerman said with a chuckle.