[img_assist|nid=25281|title=|desc=|link=none|align=left|width=300|height=225] Jason Tolbert, the Tolbert Report on Talk Business, did some digging and (low and behold!) found that Arkansas has a total debt of over $25 billion. We’ve been warning about this for over a year now, and we’re thankful that Jason brought this public on his blog and news site.
Today, State Budget Solutions (SBS), a nonprofit organization advocating for fundamental reform of state budgets, released a report showing Arkansas ranking 14th overall in the amount of total state debt and 17th on a per capita basis with a total combined debt of over $25 billion.
I get tired constantly repeating myself to my fine friends who are on the Left side of the political spectrum when it comes to economic, fiscal, and business realities. Its not their fault. I used to be the same way. However, following up on a good article about economics for dummies, I thought Id add some basic concepts that everyone should understand regardless of political beliefs.
This stuff isnt that hard to understand. My old high school math teacher would just drill me over and over on something until I got it.
Risk, Reward, and Investment
A rich person makes all his income, more than $250,000 each year, from investment income only.
[img_assist|nid=24431|title=|desc=|link=none|align=left|width=230|height=300]Via the Wall Street Journal:
WASHINGTONAfter weeks of partisan wrangling, President Barack Obama and congressional leaders reached a deal Sunday night to raise the government’s debt ceiling while cutting spending by about $2.4 trillion, avoiding a government default but setting the stage for months more of stormy debates over how Washington taxes and spends.
The Senate and House are expected to vote on the deal Monday, so the agreement still needs the support of many House Republicans, who have proven a restless, independent group in recent days. But if it passes both chambers, it culminates an extraordinary display of political and economic brinksmanship, coming just days before the government could have been unable to fully pay its bills.