Shocking Government Report Finds $6.5 Trillion In Taxpayer Funds “Unaccounted For”
Reuters follows up on this disturbing issue, and reveals that the Army’s finances are so jumbled it had to make trillions of dollars of improper accounting adjustments to create an illusion that its books are balanced. The Defense Department’s Inspector General, in a June report, said the Army made $2.8 trillion in wrongful adjustments to accounting entries in one quarter alone in 2015, and $6.5 trillion for the year. Yet the Army lacked receipts and invoices to support those numbers or simply made them up.
Something “Unexpected” Happened When Seattle Raised The Minimum Wage
Seemingly no amount of empirical evidence can convince progressives that raising minimum wages to artificially elevated levels is a bad idea. Somehow the basic idea that raising the cost of a good ultimately results in lower consumption of that good just doesn’t compute.
‘Failed State’ Venezuela Now Bleeding Cash
Bad news for distressed asset investors. Venezuela’s cash position is deteriorating and that makes for a lack of clarity on the left wing government’s ability to pay its debts. This is particularly worrisome for PDVSA investors, a favorite holding among foreign investors playing — and praying — for Venezuelan regime change.
Fed Admits Another $4 Trillion In QE Will Be Needed To Offset An “Economic Shock”
In a Fed Staff working paper released over the weekend titled “Gauging the Ability of the FOMC to Respond to Future Recessions” and penned by deputy director of the division of research and statistics at the Fed, the author concludes that “simulations of the FRB/US model of a severe recession suggest that large-scale asset purchases and forward guidance about the future path of the federal funds rate should be able to provide enough additional accommodation to fully compensate for a more limited [ability] to cut short-term interest rates in most, but probably not all, circumstances.”
Chileans protest against Pinochet-era private pension scheme
Hundreds of thousands of people across Chile have taken part in protests against the country’s controversial privatised pension plan. The scheme was launched in 1981, during the military government of General Augusto Pinochet. Protesters say some 10 million people who joined have now been left with very low retirement incomes – less than minimum wage in many cases.
Socialism: The World’s Greatest Generator Of Poverty
If you’re looking for a short introduction to socialism that rewards rereading, Thomas DiLorenzo’s The Problem With Socialism is it. Perhaps your son or daughter has returned from college talking about collective control of the means of production and sporting Bernie Sanders t-shirts. Perhaps you’re a political novice looking for informed guidance.
Whole families are fleeing this tiny country and entering the U.S. in massive numbers
Salvadorans are fleeing to the United States in massive numbers, and now they’re bringing the whole family along. Though the number of unaccompanied Salvadoran minors crossing the border has not returned to the surge numbers seen in 2014, the number of Salvadoran family units apprehended on the southern border has increased by a whopping 96% over the past year.