Believe it or not, there are people out there who want your money and will do sneaky things to get it. Crazy, right? There are some new and super tricky ways these scammers have come up with to separate you from your hard-earned cash, so let’s read up with a How Not To list from the Chicago Tribune and get prepared.
Census scammers: These con artists will prey on your willingness to be counted. If for some reason your 2010 census form hasn’t been received yet, there’s a possibility that a census worker could ring your doorbell. But make sure they’re who they say they are.
"If you get an e-mail from the Census Bureau that says we want information, that's not us," Kim Hunter, a media specialist for the Census Bureau tells the Chicago Tribune.
They also won’t give you any online forms or ask for your Social Security number. If a real census worker is on your doorstep, they will have a badge with no picture, and you can ask to see their driver’s license. They shouldn’t come in your house or ask for money.
Phone number switcheroos: After Toyota began recalling automobiles, they set up an info line for consumers - 800-331-4331. But some scammers out there set themselves up with a number that was close to that number, says the Better Business Bureau of Eastern Michigan.
Customers who reached that number were directed to call another 800 number and ended up being charged around $6 on their phone bill.
And when it comes to the phone, don't trust Miss Cleo's pals. As if you didn’t know -- psychics can see your money in the future, so if you call one and they ask you to press a number, you’re most likely going to get charged big money for being sent to a 900-number. Check your phone bill and fight charges that shouldn't be there.
There is no money waiting for you in a foreign land: As believable as it is that there are millionaires dying every day with no one to give their money to -- okay, it’s not believable at all, and anyone who emails you to ask for help depositing millions is just going to steal from your bank account. Delete!
Know your family tree: We all like helping a family member in need and scammers know this. If someone calls you and says they’re your long lost third cousin from your Great-Uncle Jack’s side and they need money to get out of a jam, yeah, they’re lying.
Sneaksters will read obituaries to get names of grandchildren to try and bamboozle senior citizens, according to a March report in the AARP Bulletin. Now that is just cold-hearted.
Basically, you should keep count of your grandchildren, don’t wire money to strangers, be wary of anyone taking your money, don’t give out SSN or credit card info to someone calling you out of the blue, and stay away from email heiresses.
Beware of latest scams to separate you from your money [Chicago Tribune]
photo: Philip Jägenstedt
The national debt has been making its way into the headlines a lot as of late. Much of this attention has been underscored by a grumbling, a recession-weary U.S. population forced to re-examine their spending habits even as the government maintains record federal deficits.
One of the latest news flashes to spark public concern is China’s continued dominance as the largest foreign holder of U.S. Treasury debt. According to the U.S. Treasury Department’s annual benchmark revisions, China’s holdings of U.S. Treasury securities stood at $894.8 billion at the end of December 2009, keeping it in its first place position followed by Japan which holds $768.8 billion.
Over the last year or so, there’s been a lot of brouhaha over China’s holdings, its “econo-political” maneuverings, and what this all means for the average American. But all of this is pretty complicated and abstract–especially for those of us who don’t hold a degree in economic policy.
So I set out to make China’s U.S. debt holdings somewhat more tangible. Here’s what I found:
China’s holdings as a percentage of national debt:
Our current national debt is approximately $12.557 trillion. Thus, China’s total treasury holdings represent 14% of America’s total debt obligations and 24.3% of total foreign ownership of U.S. Treasury Securities.
How the money we owe China compares to the federal budget:
Total estimated expenditures for FY 2010 came to $3.552 trillion; while total estimated revenues for FY 2010 were $2.381 trillion. That works out to 25% of total US expenditures and approximately 37.5% of total yearly revenues.
How much we owe China per capita?
The estimated population of the United States is now 307,966,334 (and counting). That works out to approximately $2905 per person. Thus, the average family with two children collectively owes $11,622 to China.
How much interest are we paying China per year? Per Day?
The US treasury offers a range of securities that mature within set time periods (i.e. 1,5, or10 years) with the longest held securities maturing in 30 years. Though yields vary depending on the length of the security, the majority of China’s holdings are long-term. Currently, the interest rate offered on long-term securities is approximately 4.5%. We can therefore calculate a rough estimate of $40.26 billion in interest paid per year or $110.3 million a day.
How does China’s debt holdings compare to health care industry profits?
The health care industry is one of the biggest industries in the US, constituting a 5th of the Gross Domestic Product (GDP). The profits of five largest US health insurance companies were a mere $12.2 billion in 2009!
Zaijian, America!
America, Let’s Face It: China Owns Us! provided by fastupfront.com.
No comments:
Post a Comment