American households are under stress again, according to the latest consumer distress index by CredAbility.
“Despite the growth in jobs and an improved housing market, our index shows that the average U.S. household has seen little improvement in the past year and took a step back in 2013’s first quarter,” according to Phil Baldwin, CEO of CredAbility.
Baldwin is referring to the rise in payroll taxes at the start of the year, which [...]
-David Rosenberg: A Bond Bull Turns Bearish
-Skills Versus Education
-Kyle Bass and Japan
-Tulsa, Atlanta, Nashville, and Brussels
“The large shortfall of employment relative to its maximum level has imposed huge burdens on all too many American households and represents a substantial social cost. In addition, prolonged economic weakness could harm the economy’s productive potential for years to come. The long-term unemployed can see their skills erode, making these workers less attractive [...]
mybudget360.com / by mybudget360 / April 19, 2013
US households are tapped out with debt. Debt matters. Contrary to what is being spouted out over the airwaves having too much debt does cause problems. American households tipped over this point when total household debt reached annual GDP. This is a critical juncture and results in massive deleveraging. There doesn’t seem to be answer or really a major priority in trying to figure out [...]
April 11th, 2013
Americans are scared.
Their concerns aren’t centered around the possibility of an economic collapse, another down leg in the real estate market, continued deterioration of the labor market, or a US dollar currency meltdown.
With markets at all time highs and financial experts around the world predicting a turn-around in the global economy, a lot of “Mom and Pop” investors who experienced major losses in personal investment funds and [...]
Guys. This is the opinion of some “gurus”. Yes, broke governments like the USA may try to confiscate your savings.
I got my pension funds confiscated in 2008 , or better said “nationalized”.
Just a part of this article:
“…With respect to which assets governments will likely be coming for next, Jim said, ”401k plans, IRA’s, and pensions plans which the government knows about [may be next]…They’re rationale would be, ‘Well most people [...]
From Economic Policy Journal:
The Corruption of Capitalism in America
By David Stockman
The Dow Jones and Standard & Poor’s 500 indexes reached record highs on Thursday, having completely erased the losses since the stock market’s last peak, in 2007. But instead of cheering, we should be very afraid.
Over the last 13 years, the stock market has twice crashed and touched off a recession: American households lost $5 trillion in the 2000 dot-com [...]
Inequality has many sources, but political and technological dynamics are key factors.
by Charles Hugh Smith, Of Two Minds:
You may have seen this video on Wealth Inequality in America, which has gone viral. I have shown the same data for years in charts and discussed it at great length: Made in U.S.A.: Wealth Inequality (July 15, 2011).
The bottom 80% of American households held a mere 7% of these financial assets, while the top 1% held [...]
Nearly 44% of American households are one emergency away from financial ruin.
That means they don’t have enough savings to cover basic living expenses for three months if something unforeseen happens such as losing a job or falling sick, according to a recent study by the Corporation for Enterprise Development. Almost a third of Americans have no savings account at all.
“These families have had to prioritize today’s expenses over tomorrow’s goals,” [...]
February 10th, 2013
With the the U.S. economy having once again dropped into negative recessionary growth, currency wars around the world heating up through direct and indirect devaluations, and trillion dollar fiscal deficits piling on, how is it possible that the stock market, a key measure of economic health for many Americans, is touching near all time highs?
Marin Katusa, Chief Strategist at Casey Research, suggests that this effect can be traced to [...]
January 30, 2013
Kevin Price is one emergency away from not being able to cover his basic needs, but he doesn’t fit the stereotype of someone living on the financial edge.
Price lives in a three-bedroom house with his wife and two children in a suburb of Wilmington, Del. The family owns two cars, the kids participate in high school sports, and they all attend church services regularly. Price works full-time, [...]
‘We Are In The Midst of The Keynesian Depression’
Five years have passed since the beginning of the Great Recession. Growth is slow, joblessness is elevated, and the knock-on effects continue to drag down the global economy. The panic in financial markets in 2008 that caused a systemic crisis and a sharp fall in asset values still weighs on markets around the world. The primary difference between today and the 1930s, when [...]
Although Obama and his fellow Democrats repeatedly call on wealthier Americans to pay their “fair share,” they never specify what percentage of the nation’s tax burden the wealthy would have to bear. As matters stand, the top 1 percent of American households paid 39 percent of income taxes in 2009, according to the most recent data compiled by the Congressional Budget Office, and the top 5 percent of taxpayers paid [...]
John Williams (ShadowStats.com) has October Year-to-Year inflation at 9.8%.
- Official Real Retail Sales Signal Recession
- Storm’s Impact on October Activity Was Mixed
- Official Real Earnings Sink to Four-Year Low,Down 2.7% Year-to-Year
- Annual Consumer and Wholesale Inflation Continue to Rise
- October Year-to-Year Inflation: 2.2% (CPI-U), 2.2% (CPI-W), 9.8% (SGS)
From Jim Sinclair:
Gold will trade at $3500 and beyond. The US dollar will test USDX .7200 before heading lower.
Whatever is required, be it time [...]
We’re Certainly At A Flashing Yellow Alert On Hyperinflation
David Zeiler: Too few understand just how disruptive hyperinflation in America would be. Truth is, it would be a nightmare.
In an episode of hyperinflation, money loses value so rapidly that people spend it as quickly as possible, which only feeds the cycle of pushing prices higher and higher at a faster and faster rate.
Imagine prices at the food store and gas pump not just going [...]
Despite repeated promises that he would build prosperity from the bottom up, President Obama has presided over three years of income losses for the middle class, according to the latest household income data from the Census Bureau.
Since 2009, the middle 20% of American households saw their average incomes drop 4%. In 2011 alone, they fell 1.7%. The poorest 20% have fared even worse under Obama, Census data show. Their incomes [...]
From: The Weekly Standard
Americans must be wondering how much more of this “recovery” they can afford. New figures from the Census Bureau’s Current Population Survey, compiled by Sentier Research, show that the typical American household’s real (inflation-adjusted) income has actually dropped 5.7 percent during the Obama “recovery.” Using constant 2012 dollars (to adjust for inflation), the median annual income of American households was $53,718 as of June 2009, the last [...]
Americans must be wondering how much more of this “recovery” they can afford. New figures from the Census Bureau’s Current Population Survey, compiled by Sentier Research, show that the typical American household’s real (inflation-adjusted) income has actually dropped 5.7 percent during the Obama “recovery.” Using constant 2012 dollars (to adjust for inflation), the median annual income of American households was $53,718 as of June 2009, the last month of the recession. Now, after [...]
WASHINGTON (CBSDC) — A new report put out by the Pew Research Center finds that the median income is worse now than it was during the Great Recession.
According to Pew, the Census Bureau showed that the median income for American households in 2009 – the official end of the Great Recession – was $52,195 (in 2011 dollars), while the median income dipped to $50,054 last year, falling 4.1 percent over two years….
Tape recorded at private fundraiser and given to Mother Jones magazine by anonymous source
Romney says it’s not his job to ‘worry about those people’
Candidate also joked he would be winning if he was Hispanic
Obama campaign hits back saying Republican has ‘disdainfully written off half the nation’
Romney’s 47 percent figure comes from a Tax Policy Center report that found 46.4 percent of American households do not pay federal income tax
Mitt Romney [...]
New numbers that have just been released show that things are getting worse for American families. According to the U.S. Census Bureau, median household income declined to $50,054 in 2011. That is a 1.5 percent decline from the previous year, and median household income has now fallen for 4 years in a row. In fact, after adjusting for inflation median household income has not been this low since 1995. These new [...]
The median income of American households dropped to its lowest level since 1995 last year, extending its decline during President Barack Obama’s tenure and highlighting the depth of the damage to the middle class inflicted by the recession and weak recovery.
According to annual data from the Census Bureau, median income adjusted for inflation – a closely watched measure of the financial health of average Americans – fell to $50,054 [...]
September 4, 2012
Following a brief period in which it seemed that US foodstamp recipients may have peaked, with those living in poverty maxing out at 46.514 million in December 2011, and then declining modestly for the next few months, June saw a new surge in those Americans living in poverty and thus eligible for foodstamps, with 173,600 new entrants into the system, bringing the total to a new all time [...]
America’s transition into a welfare state continues, as May saw a new all time high number of American households, 22.3 million to be exact, enter technical poverty and collect foodstamps. At the individual level, 46.5 million Americans lived off foodstamps, a 222,157 increase in the month, or nearly three times the number of people who found jobs in June according to the BLS. Next month this too will be a [...]
by Charles Hugh Smith from Of Two Minds
Election Year 2012: Two Landslides in the Making?
If the economy continues declining into late October, there may be two landslides in the making: the stock market and the presidential election.
The stock market is precariously close to slipping into a landslide. If the economy and stock market both continue declining into late October, the presidential election could also turn into a landslide–against the incumbent.
There is nothing [...]
I would like to offer some statistics, that hopefully will give a little perspective to the coming 2012 Presidential Election. I had a theory pop into my head this morning, and once I looked up the data behind it, I was amazed at the outcome.
Back during ’07, when the campaigning for ’08 was in full swing, it was an extremely difficult time for anyone opposed to Obama as President.
I know [...]
he Federal Reserve released its Survey of Consumer Finances last week. It’s a fact filled 80 page report they issue every three years to provide a financial snapshot of American households. As you can see from the chart above, the impact of the worldwide financial collapse has been catastrophic to most of the households in the U.S.
A 39% decline in median net worth over a three year time frame is almost incomprehensible. [...]
From Financial Highway:
We are a nation in love with cars and, consequently, with consuming gasoline. Over 90% of North American households own a car, with the average household owning two or more cars. That means the majority of our nation is dependent on gasoline for our transportation needs.
Now that gas prices are rising dramatically, everyone is feeling the pinch on their collective wallets. The average price at the pump is [...]
As many Americans were scrambling to get this year’s taxes done, analysts were warning about a bigger tax day — what some call a tax Armageddon, or “Taxmageddon,” to characterize its potential effect on the U.S. economy.
At the end of the year, some $500 billion in tax breaks expire all at once, hitting American households with an average tax increase of $3,800 — if Congress doesn’t act.
The potential increases include [...]
The slashing of public-sector jobs—concentrated in states Republicans took control in 2010—is accounting for a major slowing of the nation’s economic recovery. In a recent report issued by the Economic Policy Institute (EPI), economist Josh Bivens calculated that the U.S. has lost 586,000 government jobs during the recovery, an unprecedented drag.
Bivens argues that if America had emulated the strategy used to strengthen previous recoveries, it would haveadded 1.2 million public-sector jobs since the [...]
The divide between the 1 percent and the 99 percent has ignited a national debate about the income gap, especially since Occupy Wall Street protesters descended on lower Manhattan last fall.
But how much money does it take to feel financially secure these days?
The answer, at least according to a new survey of Americans by WSL/Strategic Retail, is $150,000.
That level of income is more than three times the national median of $49,445 for [...]
The divide between the 1 percent and the 99 percent has ignited a national debate about the income gap, especially since Occupy Wall Street protesters descended on lower Manhattan last fall. But how much money does it take to feel financially secure these days?
The answer, at least according to a new survey of Americans by WSL/Strategic Retail, is $150,000. That level of income is more than three times the national median of [...]
More American households are falling back into the debt hole, this time without the safety net of home values to help bail them out, the New York Post reported Sunday.”People made some progress in reducing card debt earlier in the year, but in the last few months, as the stock market started to rise, they started to return to their old ways of charging things,” he explained.Last year, total US [...]