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Latest Articles: Economy
1946: The Greatest Depression in US History
Post Date: 2020-07-30 06:25:35 by A Pole
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Tourist Town Desperate to Reopen Faces Another Battle—White Nationalists in the Castle
Post Date: 2020-05-29 12:10:29 by Willie Green
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Berkeley Springs, a tiny tourist town nestled in West Virginia’s Appalachian Mountains, has always prided itself on being a little bit different.There is the world-famous water-tasting competition, the healing mineral springs, and the artsy town square lined with cheese shops and crystal sellers. Locals joke that massage therapists outnumber lawyers three to one. And now, there’s the couple with white nationalist ties up on the hill, too, occupying the 132-year-old Berkeley Springs Castle.The purchase of the town’s historic landmark by the founder of the VDARE Foundation fueled a delicate split in late February between some residents who loudly opposed it, others who ...
Coronavirus crisis could see wealth taxes implemented around the world, economist claims
Post Date: 2020-05-12 05:45:20 by A Pole
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The world’s wealthiest could be subjected to higher tax rates as governments scramble to fund spending and repair their economies amid the coronavirus crisis, an economist has predicted. Speaking to CNBC’s “Street Signs Europe” on Monday, Roger Bootle, chairman of Capital Economics, said he was concerned that some governments — including Britain’s — would assume tax rates must go up in order to mitigate the impacts of the pandemic. [...] The idea of introducing or increasing tax rates for society’s wealthiest has been floated by economists as the long-term impact of the Covid-19 pandemic becomes more apparent. According to the International ...
Post-Janus, unions see “mass exodus” of fee payers
Post Date: 2019-04-09 20:18:00 by Tooconservative
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We’ve covered a number of lawsuits that have been filed in the wake of Janus v AFSCME, where workers sought to stop paying “agency fees” to unions (a fancy word for dues charged to nonmembers) and in some cases recover past dues that had been collected. But that’s all voluntary, of course. The non-members can keep on paying their money to the unions if they wish. So how many have chosen to stick with the old program? Bloomberg reports this week that virtually none of them have. The number of fee payers has plunged by as much as 90% or more in most cases. Two major public sector unions lost nearly 210,000 agency fee payers combined in 2018, according to recently filed ...
The U.S. Faces A Catastrophic Food Supply Crisis In America As Farmers Struggle
Post Date: 2019-02-10 13:31:13 by Hondo68
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American farmers are battling several issues when it comes to producing our food. Regulated low prices, tariffs, and the inability to export have all cut into the salaries of farmers. They are officially in crisis mode, just like the United States’ food supply. “The farm economy’s in pretty tough shape,” said John Newton, chief economist at the American Farm Bureau Federation. “When you look out on the horizon of things to come, you start to see some cracks.” Average farm income has fallen to near 15-year lows under president Donald Trump’s policies, and in some areas of the country, farm bankruptcies are soaring. And with slightly higher interest rates, ...
Facing populist assault, global elites regroup in Davos
Post Date: 2019-01-20 14:41:48 by Hondo68
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The congress centre, venue for the World Economic Forum, is covered with snow in Davos, Switzerland, Tuesday, Jan. 15, 2019. The World Economic Forum will take place in Davos from Jan. 22, 2019 until Jan. 25, 2019. (Gian Ehrenzeller/Keystone via AP) DAVOS, Switzerland (AP) — As the world’s financial and political elites convene here in the Swiss Alps for the World Economic Forum, their vision of ever-closer commercial and political ties is under attack — and the economic outlook is darkening. Britain’s political system has been thrown into chaos as the country negotiates a messy divorce from the European Union. Under President Donald Trump, the United States is imposing ...
GM to halt production at 5 plants in U.S. and Canada, cutting up to 14K jobs
Post Date: 2018-11-26 16:43:09 by Hondo68
4 Comments
DETROIT — General Motors will lay off up to 14,000 factory and white-collar workers in North America and consider closing up to five major plants as the auto giant restructures to cut costs and focus more on electric vehicles and autonomous cars. The company-wide restructuring was announced Monday.GM said it would halt production at three assembly plants: Lordstown Assembly in Warren, Ohio; Detroit-Hamtramck Assembly in Michigan and Oshawa Assembly in Ontario, Canada. It also plans to close transmission plants next year in White Marsh, Maryland, and Warren, Michigan, the company said in a news release.Most of the affected factories build cars that won't be sold in ...
Capitalism Is Being Rejected by Young Americans in Huge Numbers
Post Date: 2018-08-14 09:53:17 by Willie Green
37 Comments
In the two years since Senator Bernie Sanders’s campaign for president, the image of capitalism among young Americans has taken a dramatic hit, a new poll has indicated. Less than half, 45 percent, of Americans aged between 18 and 29 have a positive view of capitalism, according to a Gallup poll released Monday.When Sanders, a self-identified socialist, challenged Hillary Clinton for the Democratic nomination for president two years ago, the figure stood at 57 percent, up 1 percent from 2012 but down 11 from 2010. For the first time, more young Americans now have a positive view of socialism than they do capitalism, even as support for socialism among the group has remained steady at ...
Trump suggests no tariffs between US, Europe
Post Date: 2018-07-25 04:52:34 by XDMAR
12 Comments
It is tariff day in Washington. President Trump will meet with European officials to talk trade tariffs. The meeting is with European Commission President Jean-Claude Juncker. Trump proposed in a tweet, that both sides drop all tariffs, barriers and subsidies. Trump, although doubts the Europeans will go for the idea. The tweet said: "That would finally be called Free Market and Fair Trade! Hope they do it, we are ready - but they won't!"
Americans Going On Vacation For The First Time in Decades
Post Date: 2018-07-13 00:46:45 by Tooconservative
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Americans are going on vacation in droves for the first time in years, thanks to the booming Trump economy. For instance, this Independence Day, a record number of Americans were able to travel away from home. AAA predicted that nearly 47 million Americans would travel 50 miles or more to celebrate America’s birthday. That is a 5 percent increase from the previous year, and the highest number for the holiday since AAA started tracking the data 18 years ago. This record number, despite a recent spike in gas prices, reveals just how strong the economy has become under President Trump’s leadership, while reflecting unprecedented confidence in the economy’s future growth. ...
Trump Is Cutting Off Big Labor From Skimming Americans' Medicaid Payments And Unions Are Furious
Post Date: 2018-07-11 10:13:32 by Tooconservative
3 Comments
The Service Employees International Union (SEIU) is blistering at a proposed regulation that would prevent the union from siphoning fees from American workers’ Medicaid payments. The Centers for Medicare and Medicaid Services announced a proposed rule Tuesday that would require Medicaid payments to go directly to healthcare workers, ending a 2014 Obama-era rule that let third parties, such as unions and insurance companies, skim off a share of the paycheck before the worker saw any of it. The SEIU, one of the largest public-sector unions in the U.S., referred to the proposed rule “as part of the [Trump] administration’s broad, coordinated attack against working people.” ...
Rolling on: Jobs market maintains momentum at 213K added
Post Date: 2018-07-06 11:11:31 by Tooconservative
18 Comments
Economic growth continued in the US to close out the second quarter, boosting employment while wages still lag. The US jobs market performed better than expected in June, adding 213,000 jobs during the month and beating market guesses on the expansion. The Bureau of Labor Statistics’ Household survey continued to show problems in their data collection, however, leading to more wild swings in labor-force numbers: Total nonfarm payroll employment increased by 213,000 in June, and the unemployment rate rose to 4.0 percent, the U.S. Bureau of Labor Statistics reported today. Job growth occurred in professional and business services, manufacturing, and health care, while retail trade lost ...
Blue-Collar Wages Rising in Red-Hot Economy
Post Date: 2018-07-05 13:05:00 by Tooconservative
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Labor shortages are raising wages in a variety of blue-collar jobs, says Glassdoor, a recruitment and wage-tracking company. “With the economy running hot, we’re finally starting to see pay raises for many of America’s lowest-paying jobs,” said a July 2 statement from the firm: According to data from Glassdoor, jobs with the fastest pay growth in June included e-commerce roles such as warehouse associate (up 6.8 percent to $43,961 per year), material handler (5.1 percent to $36,179 per year) and truck driver (up 7.3 percent to $54,659 per year), as well as several lower-paying jobs including retail key holder (4.9 ...
Even before tomorrow’s jobs report, Americans feel good about getting a good one
Post Date: 2018-07-05 10:36:15 by Tooconservative
9 Comments
The new jobs report for June comes out Friday. If it’s anything like the May report — 223,000 new jobs and a reduced unemployment rate of 3.8 percent — it will be good news for the economy, workers and the stock market, showing signs of a strongly growing economy. Economists predict the June numbers should come in just under 200,000 new jobs. The May numbers were particularly remarkable for blacks. They showed unemployment among African Americans was 5.9 percent, a full percentage point drop in just two months. But even before the new numbers are released, Americans — especially Republicans — remain strongly positive about the economy under President Trump. A new ...
US pig farmers brace for new pork tariffs from China, Mexico
Post Date: 2018-07-04 13:25:25 by Willie Green
2 Comments
U.S. pork producers are about to be bitten by a second batch of hefty retaliatory tariffs from China and Mexico — and that has some large producers predicting they could lose big money and be forced to invest overseas. Executives say the pork industry has been expanding in recent years, in part on the expectation of export opportunities that would continue to support growth. However, the threat of a trade war is adding uncertainty and driving fear. One in 4 hogs raised in the U.S. is sold overseas, and the Chinese are the world's top consumers of pork. "We put a halt on all investment, not just because we will be losing money, but because we don't know if growing in the ...
Farmers in America are killing themselves in staggering numbers
Post Date: 2018-06-26 09:32:37 by Willie Green
5 Comments
"Think about trying to live today on the income you had 15 years ago." That's how agriculture expert Chris Hurt describes the plight facing U.S. farmers today.The unequal economy that's emerged over the past decade, combined with patchy access to health care in rural areas, have had a severe impact on the people growing America's food. Recent data shows just how much. Farmers are dying by suicide at a higher rate than any other occupational group, according to the Centers for Disease Control and Prevention. The suicide rate in the field of farming, fishing and forestry is 84.5 per 100,000 people—more than five times that of the population as a whole. ...
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
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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 ...
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