The U.S. has come a long way since the days of trillion-dollar deficits, just a few years ago. The White House projects 2016 will have the smallest budget deficit in eight years. Yet the budgetary impact of the debt that's been accumulated$18 trillion in total, $13 trillion of that owed to the publicwill reassert itself.
Currently, the government's interest costs are around $200 billion a year, a sum that's low due to the era of low interest rates. Forecasters at the White House and Congressional Budget Office believe interest rates will gradually rise, and when that happens, the interest costs of the U.S. government are set to soar, from just over $200 billion to nearly $800 billion a year by decade's end.
Social Security's trust fund will run dry in 2029, a year faster than previously thought, according to an IBD analysis of Congressional Budget Office projections.
CBO's updated financial path for Social Security runs through fiscal 2025, in which year the program's benefits are projected to exceed its tax revenues by $359 billion, up from a $73 billion shortfall in 2014, as the $2.8 trillion trust fund shrinks to $1.6 trillion.
Plugging in CBO's long-term Social Security projections detailed in December for 2026 and later leaves little doubt that its estimates now put the trust fund's depletion in the fall of 2029. A similar analysis correctly predicted that CBO would move up the trust fund's end date by two years (to 2031) in 2013.
The NHS is not fit for the future' and unless it undergoes radical change it may be forced to abandon free healthcare for all, in the future, the service's top doctor has warned.
Medical director of NHS England Professor Sir Bruce Keogh said the NHS must become far less reliant on hospitals and needed a complete transformation' of the way it operates.
Sir Bruce told the Guardian: If the NHS continues to function as it does now, it's going to really struggle to cope because the model of delivery and service that we have at the moment is not fit for the future.'
A federal judge in Pennsylvania has released an opinion in a case of a deported illegal alien who returned to the U.S. that appears to torpedo the amnesty plan President Obama announced Nov. 20 and implemented through memos to government officials, ruling it unconstitutional.
"President Obama's unilateral legislative action violates the separation of powers provided for in the United States Constitution as well as the Take Care Clause, and therefore, is unconstitutional," said U.S. District Judge Arthur J. Schwab.
The judge noted Obama "contended that although legislation is the most appropriate course of action to solve the immigration debate, his executive action was necessary because of Congress's failure to pass legislation, acceptable to him, in this regard."
"This proposition is arbitrary and does not negate the requirement that the November 20, 2014, executive action be lawfully within the president's executive authority," the judge wrote. "It is not."
Tropical forests are growing faster than scientists thought due to rising levels of carbon dioxide in the atmosphere.
A Nasa-led study has found that tropical forests are absorbing 1.5 billion tons of carbon dioxide every year as they photosynthesise and grow.
And this is far more than is absorbed by the vast areas of boreal forest that encircle the Arctic.