Federal Student Loans Surpass $1 Trillion; Delinquency Rate Soars To All Time High

There is a reason why US consumer revolving (credit card) credit growth is getting lower and lower and lower and at last check posted a mere 0.2% annual increase.

That reason is that as the NY Fed disclosed moments ago, federal student loans officially crossed the $1 trillion level for the first time ever. Notably: the quarterly student loan balance has increased every quarter without fail for the past 10 years!

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Jon Voight: Democrats Oppressive Health Care Bill Will Decimate the U.S. Economy

Census Bureau: Means-Tested Gov't Benefit Recipients Outnumber Full-Time Year-Round Workers

(CNSNews.com) - Americans who were recipients of means-tested government benefits in 2011 outnumbered year-round full-time workers, according to data released this month by the Census Bureau. They also out-numbered the total population of the Philippines. There were 108,592,000 people in the United States in the fourth quarter of 2011 who were recipients of one or more means-tested government benefit programs, the Census Bureau said in data released this week. Meanwhile, according to the Census Bureau, there were 101,716,000 people who worked full-time year round in 2011. That included both private-sector and government workers. See more at: cnsnews

U.S. State Finances – Lack “Truth and Integrity” – Volcker Warns

- U.S. state budgets rely on “faulty practices” – Volcker - Shoddy budget practices push costs to future generations - Faulty budget practices lead to poor policy making - “Problems hidden by lack of truth and integrity” – Volcker - No common definition of balanced budget allows for gimmicks The highly regarded former chairman of the Federal Reserve, Paul Volcker, has severely criticized the State Governments in the U.S. over “faulty practices” used to devise budgets which mask the true financial position of those states. Read more: here

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