Well, now that the election is over.. the government is busy reporting all the losses and missed projections.. so they can get in on the bailout train..
seems like the financial cliff happened last month and the Obama administration forgot to tell everyone..
: US Jobless Numbers Jumped From 78,000 last week to 439,000
The number of people seeking unemployment benefits up to a seasonally adjusted 439,000 last week, the highest level in 18 months.
The storm may distort claims for another two weeks, the department has said. The four-week average of applications, a less volatile number, increased to 383,750.
Post office loses record $15.9B
WASHINGTON — The struggling U.S. Postal Service Thursday reported an annual loss of a record $15.9 billion and forecast more red ink in 2013, capping a tumultuous year in which it was forced to default on billions in payments to avert bankruptcy.
The financial losses for the fiscal year ending Sept. 30 were more than triple the $5.1 billion loss in the previous year. Having reached its borrowing limit, the mail agency is operating with little cash on hand, putting it at risk in the event of an unexpectedly large downturn in the economy.
Taxpayers Face Rescue of FHA
An independent audit to be released on Friday projects that the administration will not have the cash reserves to pay all of its obligations, with the total shortfall amounting to about $16.3 billion.
Politicians in Washington, particularly Republicans, have voiced concerns that the agency could become a drain on the taxpayer, much like Fannie Mae and Freddie Mac. Those two mortgage finance giants have not required additional taxpayer funding in recent quarters, as the housing market has stabilized. But they have nevertheless received about $190 billion in federal financing in the last four years.
Social Security’s expenditures exceeded non-interest income in 2010 and 2011, the first such occurrences since 1983, and the Trustees estimate that these expenditures will remain greater than non-interest income projection period. The deficit of non-interest income relative to expenditures was about $49 billion in 2010 and $45 billion in 2011, and the Trustees project that it will average about $66 billion between 2012 and 2018 before rising steeply as the economy slows after the recovery is complete and the number of beneficiaries continues to grow at a substantially faster rate than the number of covered workers.
seems like the financial cliff happened last month and the Obama administration forgot to tell everyone..