President of the Federal Reserve Bank of Kansas City, speaks out about growing debt

The only Fed member to speak up and say the US must fix its growing debt problems or risk a new financial crisis was Thomas Hoenig, president of the Federal Reserve Bank of Kansas City.

Mr Hoenig said that rising debt was infringing on the central bank’s ability to fulfil its goals of maintaining price stability and long-term economic growth. “Stunning” deficit projections were putting political pressure on the Fed to keep interest rates low, infringing on its independence at the risk of inflation, he said.

The US budget deficit is projected to be $8,000bn in the next decade. Barack Obama, US president, recently lifted the government’s borrowing authority to $14,300bn.

Thats alot to swallow

Published in: on February 17, 2010 at 11:11 am  Leave a Comment  
Tags: , , , , , , , ,

Privatization…on Death Row??

Arizona spends approx $4.7 million each year to house inmates in death-row in a super-maximum-security prison. But in a first in the criminal-justice world, the state’s death-row inmates could become the responsibility of a private company.


State officials soon will seek bids from private companies for nine of the state’s 10 prison complexes that house roughly 40,000 inmates, including the 127 on death row. It is the first attempt by a state to put its entire prison system under private control.

WOW….and yet, I’m thining if it can work, then why not??

The state woudl still perform the executions, just not handle the day-to-day job when dealing with the prisoner.

The cons??

Throughout the years, there have been high-profile riots, escapes and other violent incidents. The companies also do not generally provide the same wages and benefits as states, which has resulted in resistance from unions and concerns that the private facilities attract less-qualified workers.

The federal government, with a surge of new immigrant inmates, also contracts with firms. The number of federal prisoners in private prisons in the U.S. has more than doubled, to 32,712 in 2008 from 15,524 in 2000. The number of state prisoners in privately run prisons has increased to 93,500 from 75,000 in that time.

electrocution-christmas-tree-convicts-joke-funny-jail-gag-death-row

Published in: on October 26, 2009 at 8:50 am  Leave a Comment  
Tags: , ,

Ted Kennedy is taking $20million from troops from the grave

Okay, okay the headline is perhaps a little exagerated, but 20 million is being diverted from expense accounts that pay for fuel, ammunition and training for U.S. troops, including those fighting wars in Iraq and Afghanistan, according to an analysis to pay for an educational institute named after the late Sen. Edward M. Kennedy.

Senators diverted a total of $2.6billion from these accounts to pay for certain pet projects earmarks, including Kennedy’s educational institute (sure hope they are not teaching driving lessons) is another 778 such projects and another example is a $25 million for a new World War II museum at the University of New Orleans.

Earmarks are not new in Washington and lets face it, Dems have a history of cutting funds to the troops, its what they do, but perhaps its time for this administration to stand by what they said, which was cutting back on earmarks and perhaps the one wing of the government that is hurting the most, should not have to worry about cuts for a while.

earmarks

Published in: on October 16, 2009 at 12:37 pm  Leave a Comment  
Tags: , , , , , , , ,