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Archive for the ‘Debt’ Category

Obama Slaps Intimidation Lawsuit on South Carolina Over Illegals

www6.lexisnexis.com11/7/11

States and localities bear the brunt of the costs that illegal aliens impose on taxpayers. … State and local costs for services siphoned by illegal aliens and their anchor babies now total $391 million a year in South Carolina.

Illegal Aliens Not “Innocent Immigrants”; U.S., Dem. Party Wasting …

neosecularist.com1/27/12

Why would we want to reelect a man, Barack Obama, who would give the potential illegal alien that much more incentive to become a criminal illegal alien? Isn't it more cost-effective to the American taxpayer to advance a “no …

How Many Illegals In The US And What Is The Cost?

It’s obviously impossible to come up with exact figures because illegal aliens don’t reply to census questionnaires, but the U.S. Border Patrol Union Local 2544 in Tucson, Ariz., says the total number of illegal immigrants in the U.S. today is somewhere between 12 million and 15 million.

And basing its figures on the "Current Population Survey", which is a monthly assessment of about 50,000 households jointly conducted by the US Bureau of Labor Statistics and the Census Bureau, The Pew Hispanic Center estimates that there are between 11.5 million to 12 million "unauthorized migrants" living in the U.S. today.

Bear Stearns (download pdf) says however that based on school enrollments, foreign remittances, border crossings, and housing permits that, "there is significant evidence that the census estimates of undocumented immigrants may be capturing as little as half of the total undocumented population", meaning that there might well be as many as 20 million illegal immigrants in the US today.

How Much Are Illegal Aliens Costing The U.S. ?

The following estimates are in billions and not millions!

Illegal aliens are said to be costing the welfare system between $14 billion and $22 billion every year – Federation for American Immigration Reform

Medicaid use by illegal aliens costs the U.S. 7.5 billion every year- Center for Immigration Studies

In 2006, illegal aliens sent an estimated $65 BILLION in remittances back to their countries of origin, to their families and friends – rense.com

The following information was sourced from and interview on  - Lou Dobbs Tonight

Primary and secondary school  education for illegal aliens is said to be costing $12 billion dollars a year.

Anchor (American-born children of illegal aliens) children another $27 billion a year.

The incarceration of illegal aliens – $1.2 billion a year and 28% of all federal prison inmates are reckoned to be illegal aliens.

Every single year a massive $190 billion dollars is spent on welfare and social services for illegal aliens.

It is thought that illegal aliens cause American wages to be suppressed by around $200 billion dollars per year.

The above figures are not 100% accurate of course, but they’re based on extensive research, so it’s probably safe to say that illegal immigration is costing the U.S. around $500 billion a year and $500 billion is half a trillion dollars!

And How Much Do Illegal Immigrants Pay in Taxes?

Most experts agree that many illegal immigrants are paying taxes to Uncle Sam, but just how much they pay is hard to determine because the federal government doesn’t fully tally it.

"The latest available figures indicate however that it will amount to billions of dollars in federal income, Social Security and Medicare taxes this year and one rough estimate puts the amount of Social Security taxes alone at around $9 billion per year". – MSNBC

So What’s To Be Done?

Mass Deportation?

According to The National Policy Institute, the total cost of mass deportation would be between $206 and $230 billion, and you can download a free copy of the The National Policy Institute ebook entitled, deportation if you’re interested in more details.

How Much Overall Support Is There For Reducing Immigration?

What Steps Was It Recommended That The Government Take?

In 1995, the U.S. Commission on Immigration Reform asked the National Research Council / National Academy of Sciences to study the economic and fiscal effects of immigration.

Here are the principle findings of their extensive  analysis, published in 1997 as The New Americans: Economic, Demographic, and Fiscal Effects of Immigration (ISBN 0-309-06356-6).

Their recommendations on Illegal Immigration were to.

Restrict the eligibility of illegal aliens for publicly-funded assistance.

Implement a nationwide system for easily verifying authorization to work (specifically, a computerized registry based on a secure
social security card).

Increase the resource for border management and interior enforcement.

Is There The Political Will To Implement Either Of The Above?

Obviously not, because in spite of a recent Pew survey (and all other polls that I’ve seen confirm it) showing that 73%of  those polled  approved of Arizona’s new immigration plan, and in spite of many other States wanting to adopt it, the Obama administration is seeking to have Arizona’s new law ruled unlawful.

The Answer To The Question

A Mexican journalist by the name of Evangelina Hernandez asked in Denver recently, "Illegal aliens pay rent, buy groceries, buy clothes. What Happens to your country’s economy if 20 million people go away?".

The answer would of course be, that the U.S. would be close to $500 billion a year better off, and

Bailed-Out Companies Pressured TARP Pay Czar To Keep …

www.huffingtonpost.com1/24/12

The official overseeing executive pay for bailout firms limited cash compensation and made some reductions in pay, but still approved compensation packages in the millions, the TARP (Troubled Asset Relief Program) inspector general said in the report. Former U.S. pay … In Mexico in the mid-'90s Wall Street engineered a currency coup that tripled the debt owed by small businesses and family farms and also allowed for them to be massively ratejacked on top of it.

Taxpayers Still on the Hook for $133B from Bailouts | Nanavaty …

www.nndcpa.com1/26/12

The federal overseer of the government's bank bailout program says taxpayers are still owed $132.9 billion on investments in 458 bailed-out banks and companies, including failed insurer American International Group (AIG: 25.31, 0.00, 0.00%), General Motors (GM: 25.08, … SIGTARP now warns TARP could be cemented in the government's architecture as a permanent bailout program, even though the public initially “perceived TARP as primarily a bank bailout.” …

Government watchdog Christy Romero says that U.S. taxpayers are still owed $132.9 billion by companies that received bailouts, and adds that much of it will never be recovered.

TARP – Troubled Asset Relief Program

The bailout debt which was launched at the height of the financial crisis in September 2008 will continue for years, says a report issued Thursday January 26, 2012 by Christy Romero, who is the acting special inspector general for the $700 billion bailout.

What’s worse is that some bailout programs, such as the one to help homeowners avoid foreclosure by reducing mortgage payments, will continue into late 2017, and they will cost the government an additional $51 billion, plus or minus a few billion dollars.

The report also notes that the roller coaster stock market slowed the Treasury Department’s efforts to sell off its stakes in 458 bailed-out companies, which include insurers, American International Group Inc., General Motors Co. and Ally Financial Inc.

The Present Share Prices And Needed Share Prices

AIG’s shares closed Wednesday at $25.31, while GM ended at $24.92 and Ally isn’t publicly traded.

They were $28.73 a share for AIG, and $53.98 for GM so it could take a long time for the market to rebound to that level.

The report concludes that it will also be challenging for the government to get out of the 458 companies as the market remains volatile and banks struggle keep afloat in the tough economy.

The Troubled Asset Relief Program, or TARP

Congress authorized $700 billion for the bailout of financial companies and automakers and $413.4 billion was paid out.

So far, the government has recovered about $318 billion.

The Treasury’s Response

Treasury spokesman Matt Anderson said the department,

"has made substantial progress winding down TARP and has already recovered more than 77% of the funds disbursed for the program, through repayments and other income".

"We’ll continue to balance the important goals of exiting our investments as soon as practicable and maximizing value for taxpayers".

To be fair however, it needs be said that the government has recovered its investments in four of the companies that received the most aid:

Bank of America Corp., Citigroup Inc., Chrysler Group LLC and Chrysler Financial, which is the automaker’s old lending arm.

Criminal Activity

In Romero’s quarterly report to Congress, she said her office,

"has uncovered and prevented fraud related to TARP".

Investigations by her office have resulted in criminal charges against ten people and three convictions.