WASHINGTON The government ran a $587 billion budget deficit for the just-completed fiscal year, a 34 percent spike over last year after significant improvement from the record deficits of President Barack Obama’s first years in office. Friday’s deficit news, while sobering, does not appear bad enough to jolt a gridlocked Washington into action to stem the flow of red ink. It came in an annual report by the Treasury Department and the White House budget office. In the presidential campaign, intractable budget deficits and growing debt have been mostly neglected by Democrat Hillary Clinton and Republican Donald Trump. The latest figures show that the government is borrowing 15 cents of every dollar it spends. Government spending went up almost 5 percent to $3.9 trillion in fiscal 2016, but revenues stayed flat at $3.3 trillion.
The federal government collected $3.27 trillion in taxes in fiscal year 2016, according to the latest monthly Treasury Department statement. The federal government ran a deficit of $587 billion despite the record revenue. Treasury receipts include tax revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes, unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and other miscellaneous items. After adjusting for inflation, the amount of taxes collected by the federal government in fiscal year 2016 is slightly lower than the $3.3 trillion the government collected in fiscal year 2015. The 2016 fiscal year begins on Oct. 1, 2015, and runs through Sept. 30, 2016. The federal government collected $3,266,688,000,000 from October through September in fiscal year 2016. Most of the $3.27 trillion came from individual income taxes, which comprised almost half of that total at $1.55 trillion.
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A growing number of people in Obamacare are finding out their health insurance plans will disappear from the program next year, forcing them to find new coverage even as options shrink and prices rise.At least 1.4 million people in 32 states will lose the Obamacare plan they have now, according to state officials contacted by Bloomberg. That’s largely caused by Aetna Inc., UnitedHealth Group Inc. and some state or regional insurers quitting the law’s markets for individual coverage.Sign-ups for Obamacare coverage begin next month. Fallout from the quitting insurers has emerged as the latest threat to the law, which is also a major focal point in the U.S. presidential election. While it’s not clear what all the consequences of the departing insurers will be, interviews with regulators and insurance customers suggest that plans will be fewer and more expensive, and may not include the same doctors and hospitals.It may also mean that instead of growing in 2017, Obamacare could shrink. As of March 31, the law covered 11.1 million people; an Oct. 13 S&P Global Ratings report predicted that enrollment next year will range from an 8 percent decline to a 4 percent gain.
Worldwide PC shipments in the third quarter of this year totaled 68.9 million units in a 5.7 percent decline from the same period a year earlier, according to preliminary estimates by Gartner. It was the eighth quarter in a row that PC shipments have dropped, marking the longest duration of decline
Trillion dollar tax hike – Hillary’s tax hike proposals will raise taxes on the American people by over $1,000,000,000,000 over the next ten years, based on her campaign’s own numbers. Payroll Tax Hike – Hillary said she would not veto a payroll tax increase on all Americans should such a bill reach her desk. She said she would set her middle class tax pledge aside. This took place Jan. 12 in Iowa, and it’s on video: Moderator: “Democrats have introduced a plan that Senator Sanders supports that you’ve come out against because it is funded by a payroll tax. If that were to reach your desk as President, would you veto it in order to make good on your tax pledge?” Hillary Clinton: “No. No.”
Weak global trade, fears that the U.K. is marching towards a hard Brexit, and polls indicating that the U.S. election remains a tighter call than markets are pricing in have led a bevy of analysts to redouble their warnings that a backlash over globalization is poised to roil global financial markets—with profound consequences for the real economy and investment strategies. From the economists and politicians at the annual IMF meeting in Washington to strategists on Wall Street trying to advise clients, everyone seems to be pondering a future in which cooperation and global trade may look much different than they do now.
(CNSNews.com) – The federal government passed a fiscal milestone on the first business day of fiscal 2017—which was Monday, Oct. 3—when the total federal debt accumulated during the presidency of Barack Obama topped $9,000,000,000,000 for the first time. On Jan. 20, 2009, when Obama was inaugurated, the total debt of the federal government was $10,626,877,048,913.08, according to data published by the U.S. Treasury. As of the close of business on Friday, Sept, 30, the last day of fiscal 2016, the total federal debt was $19,573,444,713,936.79. At that point, the total federal debt had increased under Obama by $8,946,567,665,023.71. On Monday, Oct. 3, the first business day of fiscal 2017, the total federal debt closed at $19,642,949,742,561.51. At that point, the debt had increased under Obama by $9,016,072,693,648.43 from the $10,626,877,048,913.08 it stood at on the day of Obama’s inauguration.
Payroll growth was disappointing for a second straight month in September as employers added 156,000 jobs, which raised questions about the health of an economy that was expected to perk up from a prolonged slump in the second half of the year.The unemployment rate rose to 5% from 4.9%, the Labor Department said Friday, as a rise in employment was more than offset by a sharp increase in the labor force, or the number of Americans working and looking for jobs.
©2016 Broadridge Investor Solutions, Inc.
There are a lot more apartments available for purchase these days in Manhattan. And fewer people are buying. Sales of previously owned condominiums and co-ops fell 20 percent in the third quarter from a year earlier as potential buyers grew cautious amid more choices, according to a report Tuesday from appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. There were 5,290 resale apartments on the market at the end of September, 53 percent more than the number available in late 2013, the lowest point for listings. The swelling inventory is providing an opportunity to New Yorkers shut out of a market in which construction has been dominated by ultra-luxury condos aimed at the wealthiest buyers. Resales, particularly those priced at less than $1 million, were in chronically short supply in recent years, and those that made it to the market sparked bidding wars. Now, more owners are listing apartments to profit from climbing values, and they’re finding lots of company. “Rapidly rising prices over the years have pulled more sellers into the market hoping to cash out,” Jonathan Miller, president of Miller Samuel, said in an interview. “But buyers are more wary. There isn’t the same intensity of activity to burn through the new supply.”
Policy-making elites converge on Washington this week for meetings that epitomize a faith in globalization that’s at odds with the growing backlash against the inequities it creates.From Britain’s vote to leave the European Union to Donald Trump’s championing of “America First,” pressures are mounting to roll back the economic integration that has been a hallmark of gatherings of the IMF and World Bank for more than 70 years.Fed by stagnant wages and diminishing job security, the populist uprising threatens to depress a world economy that International Monetary Fund Managing Director Christine Lagarde says is already “weak and fragile.”