The US government is paying less as it borrows more, one reason investors appear more comfortable than Congress about funding another leg of stimulus.Interest payments in the federal budget declined about 10% in the first 11 months of this fiscal year, when America was running up its biggest deficit since World War II. Over the next few years, servicing the national debt will be cheaper than any time in the past half-century when measured against the size of the economy, according to the Congressional Budget Office. … [Read more...] about United States’ $20 trillion debt pile is getting cheaper as it grows
Debt budget planner
Shobhita Shetty, 37, single and with no plans to start a family, says she spends a lot on friends when they go out together. “I have no one to spend my money on. My parents are no more. So I pay for the lunches and dinners, even children’s stationery and it makes me feel good.” … [Read more...] about Why do you really spend as you do?
Only a couple of weeks ago the government drew up a W556-trillion "super" budget for 2021, up 8.5 percent compared to this year's (US$1=W1,188). Then it got caught in its own trap -- by handing out money indiscriminately in the first round of coronavirus relief payments, even to the super-rich, it now looks mean by restricting it to the unemployed and small businesses in the second round, and needs an excuse. Surveys show that 46 percent of the public want the second round of relief payments to be paid out to all citizens again. That is why the populist government needs to at least pretend that it is getting worried about fiscal debt. It may even have scared itself by the speed of deterioration of the country's fiscal health, which has increased the risk of a downgrade in Korea's sovereign credit rating during Moon's remaining term in office. … [Read more...] about Why Does the Gov’t Suddenly Care About Fiscal Health?
Concerns are mounting that the government will need a fifth supplementary budget if the epidemic resurges. Opposition parties also accused Moon of claiming credit at the expense of taxpayers. Even ruling party lawmakers wondered if the latest relief payments will be effective in boosting spending and hiring. … [Read more...] about Complaints Grow over Selective Coronavirus Relief Payouts
HOUSTON: Ill-timed bets on rising demand have Exxon Mobil Corp facing a shortfall of about $48 billion through 2021, according to a Reuters tally and Wall Street estimates, a situation that will require the top U.S. oil company to make deep cuts to its staff and projects.Wall Street investors are even starting to worry about the once-sacrosanct dividend at Exxon, which in the 20th Century became the world's most valuable company using global scale, relentless expansion and strict financial controls.Exxon weathered a series of setbacks last decade and under Chief Executive Darren Woods sought to return to past prominence by big bets on U.S. shale oilfields, pipelines and global refining and plastics. It also bet big on offshore Guyana, where it discovered up to 8 billion barrels of oil, six years of production at its current rate.But Exxon's ability to finance that global expansion is no longer assured. This year the company borrowed $23 billion to pay its bills, nearly doubling its … [Read more...] about Exxon downsizes global empire as Wall Street worries about dividend