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Latest Articles: Economy
Disability Applications Plunge as the Economy Strengthens
Post Date: 2018-06-20 09:12:32 by misterwhite
1 Comments
The number of Americans seeking Social Security disability benefits is plunging, a startling reversal of a decades-old trend that threatened the program’s solvency. It is the latest evidence of a stronger economy pulling people back into the job market or preventing workers from being sidelined in the first place. The drop is so significant that the agency has revised its estimates of how long the program will continue to be financially secure. This month, the government announced that the program would not run out of money until 2032, four years later than its previous estimate last year. Two years ago, the government had warned that the funds might be depleted by 2023. In addition ...
Wealthy Asians Are Getting Richer Faster Than Anyone Else
Post Date: 2018-06-19 09:22:30 by Willie Green
4 Comments
Wealth assets held by high-net-worth individuals in the Asia-Pacific region jumped almost 15 percent to $21.6 trillion in 2017, according to a Capgemini SE report released Tuesday. Accelerating economic growth and equity market rallies helped push the global total to a record $70.2 trillion, the World Wealth Report showed.The rising number of millionaires in Asia is prompting financial firms from Credit Suisse Group AG to DBS Group Holdings Ltd. to expand private banking operations throughout the region. While Japan and China contributed the bulk of Asia’s wealth last year, India topped the global chart when it came to the growth rate. “Emerging markets in Asia, such as China and ...
Why the Only Answer is to Break Up the Biggest Wall Street Banks
Post Date: 2018-06-11 03:28:45 by A Pole
3 Comments
On Wednesday, Federal bank regulators proposed to allow Wall Street more freedom to make riskier bets with federally-insured bank deposits – such as the money in your checking and savings accounts. The proposal waters down the so-called “Volcker Rule” (named after former Fed chair Paul Volcker, who proposed it). The Volcker Rule was part of the Dodd-Frank Act, passed after the near meltdown of Wall Street in 2008 in order to prevent future near meltdowns. The Volcker Rule was itself a watered-down version of the 1930s Glass-Steagall Act, enacted in response to the Great Crash of 1929. Glass-Steagall forced banks to choose between being commercial banks, taking in regular ...
Percentage of World Debt by country
Post Date: 2018-06-08 04:42:02 by A Pole
5 Comments
Sh*tshow!: The Country's Collapsing and the Ratings Are Great --- book by Charlie LeDuff
Post Date: 2018-06-05 21:37:25 by tpaine
18 Comments
Sh*tshow!: The Country's Collapsing and the Ratings Are Great by Charlie LeDuff The Insanity of Daily Life in America Reporters are privileged. They get to talk to people in the street and at their homes. No one else can do that. They get to query politicians and corporate executives. They get to talk to the actors in standoffs, protests and riots. They visit people 20 years after their 15 minutes of fame in some crime or incident. They find out things that others can’t even imagine. And they have a platform to tell the world about it all. Unfortunately, television news reporters like Charlie LeDuff then distill it down to a formulaic minute and a half, glossing over the truth ...
Black unemployment rate hits a record low
Post Date: 2018-06-02 15:37:35 by Justified
10 Comments
The black unemployment rate fell to 5.9% in May — the lowest since the government started keeping track in 1972. It's a notoriously volatile number, but the trend is clear: This economy is strong, and everyone is reaping the rewards. "The jobs market is firing on all pistons. It is benefiting all workers," said Tony Bedikian, head of global markets at Citizens Bank. "There are more jobs to be had for all Americans." As the overall unemployment rate continues to fall — the lowest since 2000 — it's also shrinking the gap between black and white unemployment. It is the narrowest on record. Black unemployment dropped sharply last month, down from ...
Monopoly Capitalism: At The Breaking Point?
Post Date: 2018-04-28 09:23:12 by A Pole
0 Comments
Start at 2:00 minute. Click for Full Text!
You won’t believe what tax reform will cost wealthy Californians in 2019
Post Date: 2018-04-18 09:31:53 by Tooconservative
3 Comments
Lots of people just talk about soaking the rich, but Donald Trump and the GOP actually did it — in California, anyway, although they won’t be alone. The controversial phase-out of the state and local tax deduction (SALT) will drop like a bombshell on high-tax-rate blue states, which is one reason why Democrats so staunchly opposed it. According to an analysis from California’s Franchise Tax Board, the Golden State will be Ground Zero: President Donald Trump’s tax cuts will be anything but for about 1 million California taxpayers who will owe Uncle Sam more money a year from now. They’re the Californians who will lose a collective $12 billion because the new law ...
The Richest 1% Will Own Two-Thirds Of Global Wealth By 2030, Report Finds [Full Thread]
Post Date: 2018-04-11 09:43:51 by Deckard
41 Comments
Back in November, Credit Suisse highlighted an alarming - yet altogether unsurprising - milestone in the increasing concentration of global wealth that has been perhaps the most influential force behind the populist revolts that rocked the US in 2016 and have continued to unfurl across Europe. According to the Swiss bank's annual "global wealth pyramid," for the first time, the wealthiest 1% of the world's population had accumulated more than half of its aggregate household wealth. Credit Suisse's researchers describe in stark terms how global wealth inequality had actually improved somewhat in the years between the start of the new millennium and the financial crisis ...
The Omnibus Spending Bill Is a Fiscal Embarrassment
Post Date: 2018-03-22 09:46:58 by Deckard
10 Comments
Republicans prove yet again why they deserve to be labeled the biggest swamp spenders.Republicans are once again proving why they actually deserve the label of the biggest swamp spenders. The latest gigantic omnibus spending bill would fund the government for the remainder of the fiscal year—with a price tag of $1.3 trillion. That doesn't include entitlement funding or payments for the interest on our debt—which continue to grow and drive our debt higher, as Republicans have apparently given up on slowing down spending. Most Republicans favor the bill as a way to avoid the self-inflicted risk of another government shutdown. Never mind that members have had no time to read the ...
Is The U.S. Economy Really Growing? (No) [Full Thread]
Post Date: 2018-03-17 21:49:33 by hondo68
58 Comments
Most people are aware that GDP growth has been lower than expected in the aftermath of the Global Financial Crisis of 2008 (GFC). For example, real GDP growth for the past decade has been closer to 1.5% than the 3% experienced in the 50 years prior to 2008. As a result of the combination of slow economic growth and deficit spending, most people are also aware that the debt/GDP ratio has been rising. However, what most people don’t know is that, over the past ten years, the dollar amount of cumulative government deficit spending exceeded the dollar amount of GDP growth. Put another way, in the absence of deficit spending, GDP growth would have been less than zero for the past decade. ...
Paul Ryan Will Hate This=> US Aluminum Manufacturer Announces 300 New Jobs in Kentucky Following Trump’s Tariff Announcement
Post Date: 2018-03-07 00:41:19 by 3-Dee
4 Comments
Paul Ryan Will Hate This=> US Aluminum Manufacturer Announces 300 New Jobs in Kentucky Following Trump’s Tariff Announcement Speaker Paul Ryan pushed back against President Donald Trump’s announcement to place tariffs on foreign aluminum and steel. Paul Ryan, a renowned globalist who joined President Obama in pushing the Trans-Pacific Partnership, attacked President Trump on Monday for his announcement to place tariffs on foreign steel and aluminum. Paul Ryan still has NO INTENTION of passing the Trump agenda more than a year after his stunning win over Hillary Clinton. Paul Ryan came out again on Tuesday and slammed President Trump’s plan to tax aluminum and steel ...
Against Trump's Tariffs
Post Date: 2018-03-06 00:55:01 by hondo68
12 Comments
The Trump administration has announced it plans to raise taxes on Americans in the form of tariffs. On Thursday, the president promised steel and aluminum executives that he would protect them against foreign competition by levying tariffs on both metals in the coming weeks: 25 percent on steel and 10 percent on aluminum. The effect of tariffs will be to impose a higher tax burden on Americans, while increasing the cost of living, and the costs imposed on entrepreneurs using the taxed materials.For centuries, economists have examined and explained the negative consequences of tariffs. And for more than a century, the economists of the Austrian school have added even more sophisticated and ...
Here’s why the Dow took the Trump tariffs so hard
Post Date: 2018-03-02 19:08:24 by buckeroo
1 Comments
Add trade tensions and the threat they pose to economic growth to the list of worries that were already dogging stock-market investors in 2018. President Donald Trump’s announcement Thursday that he was set to impose tariffs on aluminum and steel imports sent stocks tumbling. Weakness continued Friday morning, with stocks opening sharply lower before rebounding off lows, with the S&P 500 SPX, +0.51% taking back some of the previous day’s decline while the Dow DJIA, -0.29% ended lower for a fourth straight session. While underlying fundamentals remain strong, investors said the threat of a trade war adds another layer of uncertainty to existing concerns about inflation and ...
Deutsche Bank: This Does Not Make Sense
Post Date: 2018-02-26 11:03:10 by VxH
1 Comments
... According to Reid, "notwithstanding the short-term low supply expectations in Europe, a real head-scratcher going forward is how the market will cope over the years and even decades to come with the central case scenario of higher and higher government debt around the world. Figure 13 looks at the US, Germany and Japan government debt/GDP with forecasts from the US CBO and BIS. ---
KEENAN: Rand Paul Is Wrong About The Deficit
Post Date: 2018-02-13 07:40:30 by Gatlin
13 Comments
Study the chart below, math whizzes: 2% growth: $1.2T deficit 3% growth: $900B deficit 4% growth: $600B deficit 5% growth: $300B deficit 6% growth: $0 deficit, balanced budget 1% economic growth = $300 Billion of federal revenue. Let me be the first to say it, the new spending measure by Trump & the GOP may BALANCE THE BUDGET. Rand Paul kept the Senate wide awake on Thursday night, grandstanding to lament what he called a $1.2 Trillion annual deficit predicted by this new bi-partisan spending measure. But who predicts the deficit? The CBO. The CBO has based its revenue projection off their usual static scoring, presuming a pessimistic 2% growth (apparently for the upcoming ...
The discreet terror of the American bourgeoisie
Post Date: 2018-02-10 07:22:20 by A Pole
15 Comments
Elites thought they could have it both ways: capital gains and moral certainty [ A product of privilege himself, Luce is an unlikely rebel. The Oxford-educated FT writer is the son of Margaret Thatcher’s former minister Baron Richard Luce (also the former Lord Chamberlain). While his paternal grandfather was Sir William Luce, once the Governor of Aden (now in Yemen) and his maternal great-grandfather was Sir Trevylyan Napier, a one-time chief of the British Navy in the West Indies. But, then again, perhaps his background helps Luce to realize when the elite has gone too far. ] [...] What will America’s elites see when they look inwards? The first will be the shock of ...
White House Issues Statement On Today's Historic Market Crash (Dow Plunges Almost 1200 Points)
Post Date: 2018-02-05 18:59:38 by hondo68
9 Comments
Today, the Dow Jones suffered (including the plunge after hours) its biggest point crash in history, turning negative for the year, which for a president who takes particular delight in every uptick in the market, was terrible news. So, as many expected, the White House issued a statement after the close, commenting on today's market crash. Predictably, there was little commentary of the "day to day" moves, and instead Trump deflected by pointing out that he is now focusing on the economy's "long-term fundamentals" instead. Full statement below: "The President’s focus is on our long-term economic fundamentals, which remain exceptionally strong, with ...
Success: EPA set to reduce staff 50% in Trump's first term
Post Date: 2018-01-10 03:05:17 by Tooconservative
3 Comments
The Environmental Protection Agency, seen by President Trump as a bloated bureaucratic whale, is on schedule to fulfill his promise to reduce its staff nearly in half by the end of his first term mostly through retirements, not cuts, according to officials. The EPA Tuesday provided to Secrets its first year staff results which show that the agency is below levels not seen since former President Reagan’s administration. And if just those slated to retire by early 2021 leave, Administrator Scott Pruitt and his team will have reduced a staff of nearly 15,000, to below 8,000, or a reduction of 47 percent. “We’re proud to report that we’re reducing the size of government, ...
The States' Unfunded Pension Nightmares
Post Date: 2017-12-30 10:56:24 by Tooconservative
7 Comments
Pensions: The stock market boom has helped everyone, right? Nope. States' pension funds have nearly $4 trillion of stock investments, but somehow haven't benefited from soaring stock prices. A new report by the American Legislative Exchange Council (ALEC) shows why this is true. It notes that the unfunded liabilities of state and local pension plans jumped $433 billion in the last year to more than $6 trillion. Let that number sink in for a moment: It's one-third the size of the U.S. economy, equal to "a whopping $18,676 for every man, woman, and child, or nearly $50,000 for every household in America," as The Daily Signal notes. It's a massive amount of money, in ...
Trump’s direction is a road to ruin
Post Date: 2017-11-13 10:23:02 by Willie Green
37 Comments
Mention Kansas and people’s minds turn to Dorothy, Toto and the yellow brick road.That view almost always turns on the technicolour version of The Wizard of Oz. Not the black, white, dusty and generally unforgiving opening (and closing) shots of Kansas.Beyond that, however, it would be difficult for anyone outside of the US (and even outside of the mid-west) to name anything of note about the Sunflower State.But for the past five years Kansas has also been the centre of an important tax change.And the proponents of that change have been left with a lot of egg all over their faces.In 2010, the good people of Kansas elected Republican Sam Brownback as the state’s governor.His aim ...
You’re Better Off in a State With a Higher Income Tax
Post Date: 2017-10-28 11:07:31 by Willie Green
20 Comments
The Higher the Better, Says 2017 StudySupply-side economics isn’t delivering. Many lawmakers in Congress and in statehouses around the country peddle the same supply-side theory about income taxes: the lower the tax, the more the economy will grow. But new research from the Institute on Taxation and Economic Policy reveals this economic approach is failing to deliver in the states. In fact, states with higher income taxes outperformed states with no income tax. My colleagues and I compared the economic track record of the states that have charted the most radically different courses with their income tax policies, or lack thereof. Specifically, we examined economic growth in the nine ...
Donald Trump: King of Deregulation?
Post Date: 2017-10-24 12:37:50 by Tooconservative
3 Comments
In a speech on October 11 promoting his tax-reform plan, Donald Trump spoke rosily of America’s economic revival, crediting himself for having cleared the way for growth. “Since January of this year, we have slashed job-killing red tape all across our economy,” the president said. “We have stopped or eliminated more regulations in the last eight months than any president has done during an entire term. It’s not even close.” It seemed a characteristic bit of Trumpian magniloquence—he’s not only a boffo deregulator, he’s the best ever! Still, it was a remarkable claim. Trump has overseen more deregulation than George W. Bush or Ronald ...
EPA Chief Scott Pruit To Repeal Obama’s Global Warming Rule
Post Date: 2017-10-09 15:34:53 by Tooconservative
0 Comments
Environmental Protection Agency (EPA) Administrator Scott Pruitt announced he would sign a proposed rule to repeal the centerpiece of former President Barack Obama’s plan to fight global warming. Pruitt announced his intention to withdraw the Clean Power Plan (CPP) to applause from a crowd gathered at a mining event on Monday. EPA has been working to repeal the CPP for months. @EPAScottPruitt: “Tomorrow, I’ll be a signing a proposed rule to withdraw the so-called Clean Power Plan of the past administration.” pic.twitter.com/6hjvfkoX5d — Fox News (@FoxNews) October 9, 2017 The Obama administration finalized the CPP in 2015, which aims to cut carbon dioxide ...
A Conservative Tax Hike [ending state-tax deductions]
Post Date: 2017-10-01 22:13:25 by Tooconservative
28 Comments
President Donald Trump’s tax-reform plan is in total a very expansive steaming pile of irresponsibility — and the president’s argument that it will lead to sustained 6 percent economic growth is pure fantasy — but it does have one attractive provision: raising taxes on blue-state progressives. The plan would eliminate the deductibility of state and local income taxes for federal tax purposes. In the highest bracket, Californians are paying 13.3 percent in state income taxes, and that money comes off the top when those high-earning Silicon Valley types are calculating federal taxes. In New York City, the Wall Street guys are paying 8.82 percent to the state and another ...
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