Although China has cut its holdings of US debt by $118 billion, it still owns $1.1529 trillion of US debt. In addition to that, Hong Kong holds $121.7 billion of US Treasury bonds.
Japan holds $1.0582 trillion of US debt.
Wednesday, February 29, 2012
Tuesday, February 28, 2012
Democrats Grow Confident that They will Regain Control of the House
According to Steve Israel, the chairman of the Democratic Congressional Campaign Committee on Tuesday, the Democrats have "gone from a gale force wind" to a "sustained breeze" against them.
Democrats are optimistic that they will regain the House of Representatives in the November election. They would need to capture 25 seats to take back the House from Republican control. Although most analysts see on 5 to 10 seats returning to Democratic control, the Democrats are still optimistic.
What has happened since the 2010 election which swept in the Republicans? The economy has slightly improved. Tea Partiers may also feel that the Republican members sent to Congress are not living up to their promise. Fiscal conservatism has gone out the window and Republicans have not held their ground on many of the spending issues.
Instead of holding firm on spending cuts, Republicans have compromised themselves into a corner.
Democrats are optimistic that they will regain the House of Representatives in the November election. They would need to capture 25 seats to take back the House from Republican control. Although most analysts see on 5 to 10 seats returning to Democratic control, the Democrats are still optimistic.
What has happened since the 2010 election which swept in the Republicans? The economy has slightly improved. Tea Partiers may also feel that the Republican members sent to Congress are not living up to their promise. Fiscal conservatism has gone out the window and Republicans have not held their ground on many of the spending issues.
Instead of holding firm on spending cuts, Republicans have compromised themselves into a corner.
Monday, February 27, 2012
Cuts to Healthcare Benefits for Active Duty and Retired US Military Personnel
As part of the $487 billion spending cut to the Pentagon budget proposed by the Obama administration, US active duty and retired military personnel will be asked to pay sharply more for their healthcare while unionized civilian defense workers' benefits remain untouched.
According to administration officials, the goal for the increased fees is designed to force military retirees to reduce their involvement in Tricare and use the state-run health insurance exchanges that are being established in each of the states.
Premiums for retired military personnel would increase between 30 and 78 percent for the first year. After that, premiums would go up between 94 and 345 percent over the next five years. This would be more than three times current levels.
For active duty personnel, co-payments for drugs would go up as well. Incentives for using generics drugs would be eliminated.
According to administration officials, the goal for the increased fees is designed to force military retirees to reduce their involvement in Tricare and use the state-run health insurance exchanges that are being established in each of the states.
Premiums for retired military personnel would increase between 30 and 78 percent for the first year. After that, premiums would go up between 94 and 345 percent over the next five years. This would be more than three times current levels.
For active duty personnel, co-payments for drugs would go up as well. Incentives for using generics drugs would be eliminated.
Sunday, February 26, 2012
Protesters in Denver throw Urine-Filled Balloons at Police
Saturday evening 60-70 protesters began an anti-police demonstration. During the protest march, the protesters began throwing urine-filled balloons, spray painting vehicles and setting off fireworks.
The group was alledgedly prostesting against police brutality.
5 protesters were arrested and face charges of criminal mischief.
The group was alledgedly prostesting against police brutality.
5 protesters were arrested and face charges of criminal mischief.
Saturday, February 25, 2012
Obama Takes Credit for Bush' Drilling Policy
In an Obama campaign ad from 2008 against John McCain, candidate Obama tied John McCain to President Bush's drilling plan and said it would not "produce a drop of oil for seven years."
Obama was right. It did not produce in seven years. It took almost eight years. With oil production up in spite of the president's "cap and trade" and "fuel costs will necessarily have to go up to advance my green agenda", Obama is taking credit for the plan that George W. Bush enacted when gas and oil prices went up during his presidency.
According to Jay Carney this week, "Oil and gas production is the United States has risen every year since the president's been in office. Oil production is now higher than it's been in eight years."
However, industry analyst will all say this about the rise in production. It is occurring in spite of Obama and his green agenda.
If you look at federal lands under the president's control, oil production is down. Production in the Gulf of Mexico is down 30%. Production in the Rocky Mountains on federal lands is down 70%. This is according to Jack Gerard, head of the American Petroleum Institute.
In addition to that, Obama has put 85% of the outer continental shelf off limits to drilling and is making only 3% available for petroleum exploration and development.
Although it takes years for oil deposits to be identified and put into production, the president should not take credit for the decisions and policies put into place by President Bush.
On private land, oil production is booming. In North Dakota, the state is producing 450,000 barrels a day and has an unemployment rate of 3.3%. The lands that are being used to drive this prosperity in North Dakota are privately held. The land is not owned or controlled by the federal government.
No one is denying the need for renewable resources; however, the president has been going out of his way to drive his green agenda and costing the consumers dearly at the pump and grocery store.
Obama was right. It did not produce in seven years. It took almost eight years. With oil production up in spite of the president's "cap and trade" and "fuel costs will necessarily have to go up to advance my green agenda", Obama is taking credit for the plan that George W. Bush enacted when gas and oil prices went up during his presidency.
According to Jay Carney this week, "Oil and gas production is the United States has risen every year since the president's been in office. Oil production is now higher than it's been in eight years."
However, industry analyst will all say this about the rise in production. It is occurring in spite of Obama and his green agenda.
If you look at federal lands under the president's control, oil production is down. Production in the Gulf of Mexico is down 30%. Production in the Rocky Mountains on federal lands is down 70%. This is according to Jack Gerard, head of the American Petroleum Institute.
In addition to that, Obama has put 85% of the outer continental shelf off limits to drilling and is making only 3% available for petroleum exploration and development.
Although it takes years for oil deposits to be identified and put into production, the president should not take credit for the decisions and policies put into place by President Bush.
On private land, oil production is booming. In North Dakota, the state is producing 450,000 barrels a day and has an unemployment rate of 3.3%. The lands that are being used to drive this prosperity in North Dakota are privately held. The land is not owned or controlled by the federal government.
No one is denying the need for renewable resources; however, the president has been going out of his way to drive his green agenda and costing the consumers dearly at the pump and grocery store.
Friday, February 24, 2012
Taliban Urges Afghans to Kill Foreigners
The Taliban urged Afghans to retaliate against foreign military bases and to kill Westerners for burning the Koran. There has been three days of violence as as thousands of demonstrators shouted, "Death to America!"
"Our brave people must target the military bases of invader forces, their military convoys and their invader bases," read an emailed Taliban statement released by the insurgency's spokesman Zabihullah Mujahid. "They have to kill them (Westerners), beat them and capture them to give them a lesson to never dare desecrate the holy Koran again."
With each US apology, the situation continues to get worse. 12 people were killed on Friday due to the demonstrations and protest marches.
"Our brave people must target the military bases of invader forces, their military convoys and their invader bases," read an emailed Taliban statement released by the insurgency's spokesman Zabihullah Mujahid. "They have to kill them (Westerners), beat them and capture them to give them a lesson to never dare desecrate the holy Koran again."
With each US apology, the situation continues to get worse. 12 people were killed on Friday due to the demonstrations and protest marches.
Thursday, February 23, 2012
Oil at $108+ per Barrel
With oil prices now at $108+ per barrel and many analysts predicting that it will go higher, President Obama offered more political rhetoric than answers or solutions for the soaring gas prices that Americans are seeing at the pump.
In a speech in Miami, Florida, President Obama tried to deflect Republican attacks and blamed many factors like the increase in oil consumption by India, China and other countries as well as the tensions with Iran.
U.S. gas prices have jumped 9 cents in the past week alone with no end in sight. Gas prices are expected to be $4 per gallon through the summer driving season and well into the November elections.
While George W. Bush was in office, Congressional Democrats blamed the president for high oil prices and said that he was lining the pockets of his oil buddies. They also screamed for congressional committee hearings to find out why oil and gas prices were so high. Many called for a windfall profits tax on oil companies.
Surprisingly, we are not hearing the same outcry now.
In a speech in Miami, Florida, President Obama tried to deflect Republican attacks and blamed many factors like the increase in oil consumption by India, China and other countries as well as the tensions with Iran.
U.S. gas prices have jumped 9 cents in the past week alone with no end in sight. Gas prices are expected to be $4 per gallon through the summer driving season and well into the November elections.
While George W. Bush was in office, Congressional Democrats blamed the president for high oil prices and said that he was lining the pockets of his oil buddies. They also screamed for congressional committee hearings to find out why oil and gas prices were so high. Many called for a windfall profits tax on oil companies.
Surprisingly, we are not hearing the same outcry now.
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