Americans spend money

Source

February 10, 2008

How the government spends money

Are you having a hard time paying your bills, making your mortgage payments, or putting your kids through college? You need to know how much of your hard-earned income the government is skimming off and diverting into handouts to immigrants and illegal aliens.



You can read the depressing details in the new 70-page document called "The Economic and Fiscal Impact of Immigration" written by Edwin S. Rubenstein. A Manhattan Institute adjunct fellow with a mile-long scholarly resume, he has been doing financial analysis ever since he directed the studies of government waste for the prestigious Grace Commission of 1984.

The bottom line, which you need to know for your own bottom line, is that U.S. taxpayers are giving more than $9,000 a year in cash or benefits to each immigrant, a third of whom are illegal aliens. That's $36,000 for each immigrant household of four.

Since the U.S. has 37 million immigrants, legal and illegal, the national cost was more than $346 billion last year, which was twice our fiscal deficit. The cost of immigrants is so high because, as Rubenstein writes, "Immigrants are poorer, pay less tax and are more likely to receive public benefits than natives."

Big Brother hasn't told you this bad news, perhaps because the government doesn't want you to know why your paychecks are shortchanged. Even the huge amnesty bill that was defeated last year didn't contain one word about its budgetary consequences.

The financial burden that immigrants impose on education starts with the 3.8 million K-to-12 students enrolled in more-expensive classes for the non-English-speaking. When we add up the costs of hiring specialized teachers, training regular teachers, student identification and assessment, and administration costs, the total amounts to an estimated $1,030 per pupil, or $3.9 billion.

Of the 48.4 million pre-K through 12 public school children, 9.2 million or 19 percent are immigrants or the children of immigrants. In the next few years, immigration will account for virtually all the increase in public school spending.

Look at the $1.5 billion cost of incarcerating 267,000 criminal aliens in federal prisons. That's not the worst of it; prison capacity is limited, so 80,000 to 100,000 other criminal aliens have been prematurely released to prowl our streets.

Criminals also impose heavy private costs on their victims. Rubenstein estimates the losses of income and property, hospital bills, and emotional suffering at $1.6 million per assault- or property-crime offender.
Rubenstein's report includes all sorts of costs that other observers conveniently ignore, such as the Earned Income Tax Credit. EITC gives an average cash payment of $1,700 per year to 1 in 4 immigrant households.
The emergency medical treatment given free to illegal aliens is another enormous cost, causing some hospitals and emergency rooms to close. Emergency means any complaint from hangovers to hangnails, gunshot wounds to AIDS.

Even after some restrictions were imposed in 1996, 24.2 percent of immigrant households receive Medicaid, whereas the figure for native-born Americans is 14.8 percent. Rubenstein calculates that Hispanics account for 19.2 percent of Medicaid enrollment, while they are 13.7 percent of the U.S. population.

The FHA has had a policy of increasing home ownership among low-income immigrants and therefore approved FHA mortgages on homes with a down payment of only $200 to $300 and marginal income. Since mortgagors have so little invested in the house, they can walk away from it when they can't meet the payments, and this has resulted in neighborhoods of abandoned, boarded-up housing.

Refugees are a large and growing fiscal burden because they become immediately eligible for generous taxpayer-paid benefits. Evidence shows they stay dependent on these programs and start chain-migrating relatives under the "family reunification" law.

The Interior Department spends millions of dollars to clean up the mountains of trash discarded by illegal aliens crossing into California, Arizona, New Mexico and Texas.

Some immigration advocates peddle the notion that immigration will solve the future financial burdens of Social Security. Rubenstein shows how foolish is this prediction because today's low-wage workers will surely become tomorrow's expensive retirees.

Another cost that few talk about is that immigrant workers depress the wages received by native-born Americans, and that causes a $100 billion shortfall in federal tax revenue. Harvard University Professor George Borjas found that each 10 percent increase in the U.S. labor force from immigration reduces wages of native-born Americans by 5.25 percent.

Some liberals are trying to tell us to fight a recession by bringing in more immigrants, but that would only raid the pockets of U.S. taxpayers to support more millions of non-taxpayers. It's hard to say which is more outrageous: the diversion of Americans' personal income into cash handouts to foreigners, or the federal government's policy of concealing the fiscal impact of immigration.

Source

Student debt 2010

The Student Loan Corporation (NYSE: STU), today announced that stockholders of The Student Loan Corporation (“SLC”) voted to adjourn the special meeting of stockholders called to consider resolutions to: (i) approve the sale of certain of SLC’s assets to SLM Corporation (“Sallie Mae”) and (ii) adopt the Merger Agreement among SLC, Discover Bank (“Discover”) and a subsidiary of Discover and approve the merger pursuant to which SLC will become a wholly-owned subsidiary of Discover and each SLC stockholder will receive $30.00 per share of SLC common stock.

The special meeting of stockholders will be reconvened at 11:30 a.m. on December 16, 2010 at 399 Park Avenue, 12th Floor auditorium, New York, New York 10022. The record date for the meeting remains November 1, 2010. Stockholders who have previously submitted their proxy or otherwise voted and who do not want to change their vote need not take any action.

The Student Loan Corporation also announced that at a hearing on December 1, 2010, the Court of Chancery in the State of Delaware entertained a motion for a preliminary injunction and a motion for partial summary judgment made by the plaintiffs in the consolidated putative class action challenging the Company's previously announced transactions with Discover, an affiliate of Sallie Mae and Citigroup Inc. Following the hearing, the court declined to grant either of the plaintiffs’ motions, thus permitting the special meeting of stockholders and eventual closing of the transactions to move forward.

Source

United States debt

On this page you will find a history of the national debt balance of the United States, from 1791 until the end of the 2010 fiscal year.

Historical End of Fiscal Year US Debt Balances 1791-2010

Year

Nominal Dollars

Real Dollars (2010)

1791

$75,463,477

$1,754,964,581

1792

$77,227,925

$1,755,180,114

1793

$80,358,634

$1,785,747,422

1794

$78,427,405

$1,568,548,100

1795

$80,747,587

$1,392,199,776

1796

$83,762,172

$1,373,150,361

1797

$82,064,479

$1,414,904,810

1798

$79,228,529

$1,414,795,161

1799

$78,408,670

$1,400,154,821

1800

$82,976,294

$1,430,625,759

1801

$83,038,051

$1,431,690,534

1802

$80,712,632

$1,647,196,571

1803

$77,054,686

$1,481,820,885

1804

$86,427,121

$1,600,502,241

1805

$82,312,151

$1,524,299,093

1806

$75,723,271

$1,352,201,268

1807

$69,218,399

$1,306,007,528

1808

$65,196,318

$1,124,074,448

1809

$57,023,192

$1,018,271,286

1810

$53,173,218

$949,521,750

1811

$48,005,588

$800,093,133

1812

$45,209,738

$741,143,246

1813

$55,962,828

$766,614,082

1814

$81,487,846

$1,006,022,790

1815

$99,833,660

$1,406,107,887

1816

$127,334,934

$1,958,998,985

1817

$123,491,965

$2,024,458,443

1818

$103,466,634

$1,783,907,483

1819

$95,529,648

$1,647,062,897

1820

$91,015,566

$1,685,473,444

1821

$89,987,428

$1,730,527,462

1822

$93,546,677

$1,732,345,870

1823

$90,875,877

$1,893,247,438

1824

$90,269,778

$2,051,585,864

1825

$83,788,433

$1,861,965,178

1826

$81,054,060

$1,801,201,333

1827

$73,987,357

$1,608,420,804

1828

$67,475,044

$1,533,523,727

1829

$58,421,414

$1,358,637,535

1830

$48,565,407

$1,156,319,214

1831

$39,123,192

$978,079,800

1832

$24,322,235

$623,647,051

1833

$7,001,699

$179,530,744

1834

$4,760,082

$122,053,385

1835

$33,733

$843,325

1836

$37,513

$872,395

1837

$336,958

$7,658,136

1838

$3,308,124

$76,933,116

1839

$10,434,221

$242,656,302

1840

$3,573,344

$89,333,600

1841

$5,250,876

$131,271,900

1842

$13,594,481

$357,749,500

1843

$20,201,226

$594,153,706

1843

$32,742,922

$963,027,118

1844

$23,461,653

$690,048,618

1845

$15,925,303

$455,008,657

1846

$15,550,203

$444,291,514

1847

$38,826,535

$1,021,750,921

1848

$47,044,862

$1,306,801,722

1849

$63,061,859

$1,801,767,400

1850

$63,452,774

$1,762,577,056

1851

$68,304,796

$1,951,565,600

1852

$66,199,342

$1,891,409,771

1853

$59,803,118

$1,708,660,514

1854

$42,242,222

$1,083,133,897

1855

$35,586,957

$889,673,925

1856

$31,972,538

$819,808,667

1857

$28,699,832

$717,495,800

1858

$44,911,881

$1,181,891,605

1859

$58,496,838

$1,539,390,474

1860

$64,842,288

$1,706,376,000

1861

$90,580,874

$2,264,521,850

1862

$524,176,412

$11,395,139,391

1863

$1,119,772,139

$19,306,416,190

1864

$1,815,784,371

$25,219,227,375

1865

$2,680,647,870

$35,741,971,600

1866

$2,773,236,174

$37,989,536,630

1867

$2,678,126,104

$39,384,207,412

1868

$2,611,687,851

$40,179,813,092

1869

$2,588,452,214

$41,749,229,258

1870

$2,480,672,428

$41,344,540,467

1871

$2,353,211,332

$42,021,630,929

1872

$2,253,251,329

$40,236,630,875

1873

$2,234,482,993

$40,626,963,509

1874

$2,251,690,468

$43,301,739,769

1875

$2,232,284,532

$44,645,690,640

1876

$2,180,395,067

$44,497,858,510

1877

$2,205,301,392

$45,943,779,000

1878

$2,256,205,893

$49,047,954,196

1879

$2,349,567,482

$51,077,553,957

1880

$2,120,415,371

$45,115,220,660

1881

$2,069,013,570

$44,021,565,319

1882

$1,918,312,994

$40,815,170,085

1883

$1,884,171,728

$40,960,254,957

1884

$1,830,528,924

$40,678,420,533

1885

$1,863,964,873

$42,362,838,023

1886

$1,775,063,014

$41,280,535,209

1887

$1,657,602,593

$37,672,786,205

1888

$1,692,858,985

$38,474,067,841

1889

$1,619,052,922

$38,548,879,095

1890

$1,552,140,205

$36,955,719,167

1891

$1,545,996,592

$36,809,442,667

1892

$1,588,464,145

$37,820,574,881

1893

$1,545,985,686

$37,706,967,951

1894

$1,632,253,637

$41,852,657,359

1895

$1,676,120,983

$42,977,461,103

1896

$1,769,840,323

$45,380,521,103

1897

$1,817,672,666

$47,833,491,211

1898

$1,796,531,996

$47,277,157,789

1899

$1,991,927,307

$52,419,139,658

1900

$2,136,961,092

$54,793,874,154

1901

$2,143,326,934

$54,957,100,872

1902

$2,158,610,446

$55,348,985,795

1903

$2,202,464,782

$55,061,619,550

1904

$2,264,003,585

$55,219,599,634

1905

$2,274,615,064

$56,865,376,600

1906

$2,337,161,839

$57,003,947,293

1907

$2,457,188,062

$57,143,908,419

1908

$2,626,806,272

$62,543,006,476

1909

$2,639,546,241

$62,846,339,071

1910

$2,652,665,838

$60,287,859,955

1911

$2,765,600,607

$62,854,559,250

1912

$2,868,373,874

$65,190,315,318

1913

$2,916,204,914

$64,804,553,644

1914

$2,912,499,269

$63,315,201,500

1915

$3,058,136,873

$66,481,236,370

1916

$3,609,244,262

$72,184,885,240

1917

$5,717,770,280

$96,911,360,678

1918

$14,592,161,414

$211,480,600,203

1919

$27,390,970,113

$346,721,140,671

1920

$25,952,456,406

$282,091,917,457

1921

$23,977,450,553

$292,407,933,573

1922

$22,963,381,708

$298,225,736,468

1923

$22,349,707,365

$286,534,709,808

1924

$21,250,812,989

$272,446,320,372

1925

$20,516,193,888

$256,452,423,600

1926

$19,643,216,315

$242,508,843,395

1927

$18,511,906,932

$231,398,836,650

1928

$17,604,293,201

$225,696,066,679

1929

$16,931,088,484

$217,065,236,974

1930

$16,185,309,831

$210,198,828,974

1931

$16,801,281,492

$240,018,307,029

1932

$19,487,002,444

$309,317,499,111

1933

$22,538,672,560

$375,644,542,667

1934

$27,053,141,414

$443,494,121,541

1935

$28,700,892,625

$455,569,724,206

1936

$33,778,543,494

$527,789,742,094

1937

$36,424,613,732

$551,888,086,848

1938

$37,164,740,315

$571,765,235,615

1939

$40,439,532,411

$631,867,693,922

1940

$42,967,531,038

$671,367,672,469

1941

$48,961,443,536

$730,767,813,970

1942

$72,422,445,116

$965,632,601,547

1943

$136,696,090,330

$1,730,330,257,342

1944

$201,003,387,221

$2,481,523,299,025

1945

$258,682,187,410

$3,116,652,860,361

1946

$269,422,099,173

$3,027,214,597,449

1947

$258,286,383,109

$2,532,219,442,245

1948

$252,292,246,513

$2,272,903,121,739

1949

$252,770,359,860

$2,318,994,127,156

1950

$257,357,352,351

$2,318,534,705,865

1951

$255,221,976,815

$2,144,722,494,244

1952

$259,105,178,785

$2,123,812,940,861

1953

$266,071,061,639

$2,180,910,341,303

1954

$271,259,599,108

$2,205,362,594,374

1955

$274,374,222,803

$2,230,684,738,236

1956

$272,750,813,649

$2,182,006,509,192

1957

$270,527,171,896

$2,097,109,859,659

1958

$276,343,217,746

$2,077,768,554,481

1959

$284,705,907,078

$2,140,645,917,880

1960

$286,330,760,848

$2,105,373,241,529

1961

$288,970,938,610

$2,109,276,924,161

1962

$298,200,822,721

$2,145,329,659,863

1963

$305,859,632,996

$2,184,711,664,257

1964

$311,712,899,257

$2,195,161,262,373

1965

$317,273,898,984

$2,203,290,965,167

1966

$319,907,087,795

$2,147,027,434,866

1967

$326,220,937,795

$2,132,162,992,124

1968

$347,578,406,426

$2,172,365,040,163

1969

$353,720,253,841

$2,105,477,701,435

1970

$370,918,706,950

$2,083,812,960,393

1971

$398,129,744,456

$2,140,482,497,075

1972

$427,260,460,941

$2,225,314,900,734

1973

$458,141,605,312

$2,245,792,182,902

1974

$475,059,815,732

$2,102,034,582,885

1975

$533,189,000,000

$2,158,659,919,028

1976

$620,433,000,000

$2,377,137,931,034

1977

$698,840,000,000

$2,513,812,949,640

1978

$771,544,000,000

$2,580,414,715,719

1979

$826,519,000,000

$2,482,039,039,039

1980

$907,701,000,000

$2,401,325,396,825

1981

$997,855,000,000

$2,392,937,649,880

1982

$1,142,034,000,000

$2,577,954,853,273

1983

$1,377,210,000,000

$3,013,588,621,444

1984

$1,572,266,000,000

$3,296,155,136,268

1985

$1,823,103,000,000

$3,690,491,902,834

1986

$2,125,302,616,660

$4,225,253,711,054

1987

$2,350,276,890,950

$4,511,088,082,438

1988

$2,602,337,712,040

$4,792,518,806,703

1989

$2,857,430,960,190

$5,021,847,030,211

1990

$3,233,313,451,780

$5,388,855,752,967

1991

$3,665,303,351,700

$5,864,485,362,720

1992

$4,064,620,655,520

$6,311,522,757,019

1993

$4,411,488,883,140

$6,653,829,386,335

1994

$4,692,749,910,010

$6,901,102,808,838

1995

$4,973,982,900,710

$7,115,855,365,823

1996

$5,224,810,939,140

$7,256,681,859,917

1997

$5,413,146,011,400

$7,354,817,950,272

1998

$5,526,193,008,900

$7,387,958,568,048

1999

$5,656,270,901,620

$7,403,495,944,529

2000

$5,674,178,209,890

$7,182,504,063,152

2001

$5,807,463,412,200

$7,152,048,537,192

2002

$6,228,235,965,600

$7,549,376,928,000

2003

$6,783,231,062,740

$8,037,003,628,839

2004

$7,379,052,696,330

$8,511,018,104,187

2005

$7,932,709,661,720

$8,853,470,604,598

2006

$8,506,973,899,220

$9,196,728,539,697

2007

$9,007,653,372,260

$9,471,770,107,529

2008

$10,024,724,896,900

$10,146,482,689,170

2009

$11,909,829,003,500

$12,103,484,759,654

2010

$13,561,623,030,900

$13,561,623,030,900

Source