Commentary: The Way to Be a Traditional Wife

Mom and Kids

More and more women are fearlessly declaring their desire to live more traditionally—to get married, have children, and create a family. Women all over the globe are waking up to the lie that we can “have it all.”

Of course, it takes work, planning, and cooperation to build a healthy marriage and a happy family. Many women might be deep into modern life before they realize it is not as fulfilling as advertised. But we can all change our path and learn to live out our values, no matter when we decide to change. Let’s discuss real, practical strategies for women who are looking to embrace traditional marriage and build a healthy family.

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Impeachment Inquiry Sharpens Focus on Millions in Loans to Biden Family

There are red flags aplenty: Loan repayments between Joe Biden and his brother; millions in promissory notes between Hunter Biden and a Democrat-donating Hollywood lawyer; and debt deals from Ukraine to China. 

As the House impeachment inquiry heats up, investigators are increasingly focused on a trail of red ink that has become a recurring theme in evidence chronicling the first family’s finances.

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Commentary: Oh Great, Another ‘Debt Commission’

Recognizing the precarious plight of the nation’s fiscal situation, newly installed House Speaker Mike Johnson has called for a bi-partisan commission to study the nation’s debt. Everyone involved in federal fiscal policy for a length of time surely responded with some variation on, “Good grief, Charlie Brown.” Congress has formed and ignored innumerable such groups over many decades.

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Commentary: The Next House Speaker Must Reign In Spending as Debt Set to Top $50 Trillion by 2033

When it comes to restoring fiscal balance, the next Speaker of the House will have his or her work cut out for them, as the White House Office of Management and Budget (OMB) projects the national debt will balloon to $50 trillion from its current $33.5 trillion by 2033 amid the current retirement wave, as Social Security goes from $1.3 trillion to $2.4 trillion and Medicare spirals from $821 billion to $1.8 trillion annually — and beyond.

Since the debt grows by about 8 percent a year on average once recessions and wars are factored in (both appear imminent), $100 trillion won’t be much further away, by 2037 or so, assuming we don’t default. In this generation’s lifetimes, for sure, if not the Baby Boomers’ who left the gargantuan debt behind.

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Debt-Laden Companies Are Headed Toward Doom as Interest Rates Take Their Toll

Companies around the world could be in trouble in the first half of 2024 as the rising cost of debt due to heightened interest rates threatens a half-trillion dollar refinancing scramble, according to Reuters.

Businesses, particularly across Europe, the Middle East and Africa, that previously borrowed when rates were low and businesses that need to take out new loans to meet capital requirements need around $500 billion in the next half-year for refinancing to avoid cutting operations, according to Reuters, citing analysis from restructuring consultancy Alverez & Marsal. The value of company loans in the next six-month period is projected to be higher than any other similar period until the end of 2025, threatening businesses that will need to borrow during that time and risking corporate failures.

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Wisconsin U.S. Senator Ron Johnson Pushes Shutdown Prevention Bill to End ‘Stupid Exercise’

Another game of shutdown chicken ended last weekend with the status quo and the ousting of House Speaker Kevin McCarthy.

U.S. Senator Ron Johnson (R-WI) says its time to end the senseless — and costly — practice of shutdown politics.

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Commentary: House Freedom Caucus Wants To Do Something About Out of Control Spending

On Monday, the House Freedom Caucus (HFC) struck a blow in the fight for fiscal displume. In a 431-word statement, the conservative House Republicans put Official Washington on notice that when Congress returned in September and took up the seemingly annual short-term spending bill known as a “Continuing Resolution,” the HFC would not vote to fund business as usual. Instead, HFC members would only support a short-term spending bill to keep the government open if it also included several of their key policy priorities – policy priorities that would represent significant shifts in key areas of government policy.

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Connecticut Attorney General’s Office Receives Criticism for Poor Fiscal Management

Connecticut’s top law enforcement office is being faulted for poor accounting practices that have cost the state millions of dollars in unretrievable debt and allowing unauthorized overtime that tripled during the COVID-19 pandemic. 

The report by the state Auditors of Public Accounts, released Wednesday, found that an estimated $10 million owed to the AG’s office and other state agencies from court settlements and other receivables is “unrecoverable” and cited decades of lax accounting practices for the loss of revenue to state coffers.

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Commentary: Any Debt ‘Default’ Will Be Biden’s Choice

There’s enough revenue to pay interest on the debt even if the $31.4 trillion debt ceiling is reached.

Meaning, if the U.S. defaults on the debt on June 1, it will be because President Joe Biden chose not to make principal and interest payments on U.S. Treasuries out of existing revenue, for which there is more than ample revenues to service and refinance up to the current debt ceiling limit, $31.4 trillion.

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Commentary: The Interest Alone on the National Debt Will Hit $1 Trillion in 2024 as Reserve Currency Status Is Questioned

Gross interest owed on the $31.4 trillion national debt — that is, interest owed on both the $24.9 trillion publicly traded debt and the $6.7 trillion debt in the Social Security, Medicare and other trust funds — will reach a gargantuan $1 trillion in 2024 for the first time in American history, according to the latest data gathered by the White House Office of Management and budget.

To put that into perspective, that is more than is spent on national defense related spending, currently $814 billion.

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House Bill Would Block Biden’s Student Loan Bailout

While the constitutionality of President Joe Biden’s student loan bailout is awaiting a Supreme Court decision, a bill re-introduced by two House members would block the Biden administration from canceling student loan debt on a mass scale. 

The Student Loan Accountability Act, authored by U.S. Representatives Mike Gallagher (R-WI-08) and Drew Ferguson (R-GA-03) would also prevent forgiven loans from getting an additional tax break and it would bar the Internal Revenue Service from sharing American’s tax information for the purpose of implementing mass loan cancelation. 

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U.S. Household Debt Rises Sharply

Household debt across the country is sharply on the rise, with U.S. households now collectively on the hook for about $17 trillion in total. The average family holds about $142,680 in debt, according to a new WalletHub report.

All told, the personal finance website concludes that 2022 ended with Americans roughly $320 billion more in total debt than they were at the start of the year. During the fourth quarter alone, consumers added at least $398 million in new debt, the fourth highest build-up for a fourth quarter over the past two decades and more than four times larger than Q4 2021.

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Commentary: The State of the Debt

When Joe Biden delivers the State of the Union Address on Tuesday night, at least three things seem pretty certain. He’ll suggest America is now in its Golden Age, no doubt begun sometime in late January 2021. He’ll offer a laundry list of new things on which he’d like to have the government spend Americans’ hard-earned money. And he won’t say a thing about how we’re now $31.4 trillion in debt—roughly triple the $10.6 trillion tally from when Biden became vice president just 14 years ago. 

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Fiscal Hawks Warn Biden: No Debt Ceiling Deal Without Fiscal Reforms

The fiscal hawks are sticking to their guns. On Friday, Sens. Ron Johnson (R-WI) and J.D. Vance (R-OH) joined 22 of their fellow Republican senators in a letter warning President Joe Biden that they will not vote for increasing the debt ceiling without structural reforms to the federal government’s budget and debt problems.

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Commentary: Nancy Pelosi’s Other Legacy Is a Mountain of Debt for Our Children

House Speaker Nancy Pelosi officially stepped away from leadership last week after two decades directing the political agenda of House Democrats.

There’s no denying the historic nature of the California lawmaker’s tenure, whose leadership began in 2002 when she became the first woman elected House minority whip. She’d go on to take up the gavel of House speaker twice (from 2007–2011 and 2019–2023), making her the only female House speaker in history and one of a few to serve nonconsecutive terms.

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House Speaker Fight Foreshadows Larger Debt Ceiling Battle on the Horizon for Republicans

The gridlock that paralyzed House Republicans over the past week in their quest to elect a new Speaker could be a foretaste of more to come, with party moderates and conservatives set to tangle in the months to come over raising the debt ceiling and reining in reckless government spending.

Although newly elected Speaker of the House Kevin McCarthy ultimately prevailed in his bid for the office over a small but determined band of House Freedom Caucus members, his slim GOP majority in the House will be vulnerable if and when conservatives rebel again down the road, as some are predicting, in an effort to reassert debt reduction as a top priority for the party.

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Commentary: Don’t Give an Inch on the Debt Ceiling

The dust has barely settled from the contentious midterms, and the battle lines are already being drawn for the next legislative fight in Washington: the debt ceiling. With the nation at unprecedented levels of indebtedness, the choice in this fight is a stark one: a path toward stability or fiscal Armageddon.

If that sounds hyperbolic, consider the following facts about America’s finances.

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GOP Governors to Biden: Student Loan Plan Will Be Costly for American Taxpayers

President Joe Biden’s student loan forgiveness plan will be costly for American taxpayers, a coalition of GOP governors said in a letter sent Monday to the White House.

The letter, signed by 22 GOP governors, tells Biden to “withdraw” the plan, citing cost estimates of up to $600 billion, or $2,000 per American taxpayer.

“As governors, we support making higher education more affordable and accessible for students in our states, but we fundamentally oppose your plan to force American taxpayers to pay off the student loan debt of an elite few,” the coalition wrote.

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Congressional Budget Office: Debt to Surpass GDP at Record Level over Next Decade

The Congressional Budget Office released its economic outlook for the next decade and projected record high debt levels compared to the nation’s Gross Domestic Product.

The CBO projected a decrease in the deficit compared to the major COVID-era spending spree that helped fuel inflation to its current high levels.

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Commentary: America’s Phony Debts Problem

The email from “Norton Protection” said I owed $999.99, which was “charged successfully and it will appear on your bank statement in 24 to 48 hours.” Although I have an account with a leading cybersecurity company, I’ve never paid that much for its products. To “cancel” the charge, I was instructed to call a number, conveniently highlighted in yellow.

All it took to bird-dog my fake debt email was a simple search-engine query of the invoice’s telephone number. It was based in Hawaii. Unfortunately, perhaps, for the real employees of Norton’s help desk, they are likely not stationed in the Aloha State.

In a nation swimming in real debt – with the average American owing an estimated $90,000 – it’s not surprising that “phantom debts” are one of the hottest scams.

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