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It’s Only Money

What? More money may be needed for federal bailouts? The S&L crisis is just the tip of the iceberg?

Quite possibly, says Ronald Utt, an economist with the National Chamber Foundation. The government’s total financial obligations now come to some $5.8 trillion (more than twice the value of the national debt), “and much of that obligation is in bad shape,” he notes in a report released by the Heritage Foundation. Without fundamental reform—including the eventual elimination of many government credit and insurance funds—these programs one by one will follow the FSLIC down the road to insolvency, Utt predicts.

Here’s a list of some of the biggest credit obligations that you may be required to pay for one day:

FDIC $1.8 trillion
FSLIC 959 billion
Pension programs 819 billion
Government-sponsored enterprises 763 billion
Direct loan programs (includes Export-Import Bank, Small Business Admin., and Rural Telephone Bank) 207 billion
National Credit Union Administration 161 billion

(Note: There is some overlap in the above figures.)

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Everybody Sues over N.C. Transgender Bathroom Law, Donald Trump Maybe Doesn’t Want to Raise Taxes, Bernie Sanders Would Make $18 Trillion Deficit: P.M. Links
  • RestroomsNorth Carolina and the Department of Justice are suing each other over HB2, the state law that (among other things) requires transgender people to use the bathrooms of whichever gender is on their birth certificates in government buildings and public schools.
  • The latest Donald Trump ¯_(ツ)_/¯: Maybe he didn’t actually mean he was willing to raise taxes on the rich after all.
  • A pair of studies claim that Bernie Sanders’ spending plans would increase the federal deficit by $18 trillion by 2026, even when accounting for the candidate’s plans to increase federal revenue.
  • A Muslim student whose name is Bayan Zehlif was rechristened “Isis Phillips” in her California high school yearbook. The school says it was mistake and that there’s another student at the school who is actually named “Isis,” and this might not have been intended as a reference to the terrorist group. But they’re investigating.
  • The new speaker of Brazil’s lower house of Congress has annulled the vote to impeach President Dilma Rousseff.
  • Austria’s chancellor abruptly resigned Monday citing lack of party support and decreased popularity of the Social Democrats.

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