Tag: U.S. Treasury

Analysis: Federal Fiscal Burden Consumes 93 Percent of America’s Wealth

Admin

Based on data from a U.S. Treasury report, the federal government has amassed $142 trillion in debts, liabilities, and unfunded obligations. This staggering figure equals 93% of all the wealth Americans have accumulated since the nation’s founding, estimated by the Federal Reserve to be $152 trillion.

Unlike other measures of federal red ink that cover an arbitrary period, extend into the infinite future, or ignore government resources, the figure of $142 trillion applies strictly to Americans who are alive right now and includes the government’s commercial assets. Thus, it quantifies the financial burden that today’s Americans are leaving to their children and future generations.

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Economist: ‘True’ Federal Debt Masked by Draining U.S. Treasury

The Center Square
Janet Yellen

The federal debt continues to climb to unprecedented levels, but the “actual, true” debt is higher if the Treasury weren’t being drained, a national economist says.

Citing Bureau of the Fiscal Service data, E. J. Antoni, Ph.D., an economist at the Heritage Foundation, argues that as the federal debt increases, the “true daily deficit” is being masked by the amount of cash being drained from the U.S. Treasury by Treasury Department Secretary Janet Yellen.

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Haley Hits Trump and DeSantis over Their Support of ‘Reckless’ Debt Ceiling Deal in 2018

M.D. Kittle

As congress weighs another “deal” to raise the national debt limit, Republican presidential candidate Nikki Haley is blasting the two leading contestants for the GOP nomination for their support of a “reckless” debt ceiling agreement in 2018. 

The former South Carolina governor points out that Governor Ron DeSantis was a member of congress who voted for a 2018 bill to increase the nation’s debt ceiling by $1.5 trillion.

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Follow the Money: CARES Act Update

Eric Burk

Congress passed the CARES Act last March, sending many taxpayers $1,200, giving $100 billion to health providers, and boosting unemployment benefits by $600 a week, according to Govtrack. The $2 trillion stimulus bill also sent $150 billion to states and localities across the country. Virginia received about $3.1 billion dollars, with a separate $200 million sent directly to Fairfax County.

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Minnesota Will Receive $300 Weekly in Unemployment Benefits Under FEMA Grant

Corinne Murdock

The Federal Emergency Management Agency (FEMA) approved for Minnesotans to receive $300 in weekly unemployment benefits this fall. FEMA Administrator Pete Gaynor issued the grant through the Lost Wages Supplemental Payment Assistance program.

The approval comes one day after Governor Tim Walz announced his decision to apply for additional unemployment payments. Walz explained this was a necessary decision based on the continued COVID-19 mandates. 

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