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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 [...] by WashingtonsBlog
Don’t Succumb to Panic Christians should remember that fear is not a Christian value. Jesus repeatedly told his disciples and other people not to be afraid. For example, in the Gospel of Matthew, Jesus: Speaks these words to the disciples during a storm (14:27) To Peter, James and John during the Transfiguration (17:7) To the women outside the empty tomb (28:10) To the disciples he is about to send out to teach, preach and heal, he [...]
Here are the numbers for 2009 from WSJ: Second, even if millionaires don’t deserve assistance, focusing on them loses sight of bigger benefits spending. The 2,362 Americans with $1 million received just $20.8 million in assistance in 2009, a figure that’s just 0.02% of total reported unemployment benefit income and “relatively small,” the CRS says. “The potential administrative costs [of making high-income groups ineligible for benefits] could outweigh the potential savings.” By [...] (CNSNews.com) – Inflation-adjusted per capita federal spending went up $822.90 from fiscal 2008 to fiscal 2012, according to official data from the U.S. Treasury and the Census Bureau. Real federal spending also increased $2437.64 per household between 2008 and 2012. In constant 2012 dollars, the federal government spent $3,176,376,470,000 in 2008 and $3,538,446,000,000 in 2012, according to the U.S. Treasury. (The 2008 spending number was adjusted to 2012 dollars using the Bureau of Labor Statistics [...] The chart below, from the Economist, takes a look at how long it would take an individual from any given country to become a millionaire based on “how much the main breadwinner in an average household makes each year (before tax).” No major surprises here: the fastest spawning place for a budding millionaire, a term that has long ago lost its one-time cachet thanks to the world’s central banks who have [...] The air is so bad that wealthy Chinese entrepreneur, Chen Guangbiao, is selling fresh air in soft drinks cans, similar to bottled drinking water. Each can is sold for 5RMB or about 80 cents. Chen is well known for his charitable donations and publicity stunts. He says he wants to stimulate awareness of environmental protection among government officials and citizens by selling the canned fresh air. “If we don’t pay attention [...] It is hard to believe that people in the US are still denying the obvious impact ofinflation. The slow erosion of purchasing power has occurred for many decades now. What people tend to forget in a completely fiat based system is that the Fed can print as much money as it likes. And they have in digital format but also monetizing debt via mortgage backed security purchases. When the crisis [...] From Zero Hedge: According to Bloomberg’s rankings (based on wealth disparity, average unemployment benefits, and overall unemployment pool), and somewhat confirming the food-divide discussion we had last night, the following states are the worst to live in if you are unemployed. Connecticut tops the list with its massive wealth disparity – more than one $200,000 household for every household earning less than $10,000. New York, California, and D.C. are close behind with Oregon and Alabama [...] streettalklive.com The release of the Federal Reserve’s report on consumer credit was very telling. One of the continued themes that the economy was on its way to a real recovery was that the consumer was well into deleveraging the household balance sheet. This is important because one of the drags on economic growth has been a low savings rate due to high debt service levels. The chart below shows “real,” inflation adjusted, consumer debt relative [...] Many new, unusual state laws will take effect when the ball drops at midnight and millions of Americans ring in the New Year, including one that will limit the number of cats in a household. Turns out 2013 will be unlucky for cat lovers in Wellington, Kan., where the city will be restricting the number of cats in a household to no more than four. The law was put in place after 231 cats were [...] The amount of money spent on welfare programs equals, when converted to cash payments, about “$168 per day for every household in poverty,” the minority side of the Senate Budget Committee finds. Here’s a chart detailing the committee’s findings: According to the Republican side of the Senate Budget Committee, welfare spending per day per household in poverty is $168, which is higher than the $137 median income per day. When broken down [...] from cnsnews: The U.S. Treasury increased the net debt of the United States $24,327,048,384.38 on the day after Thanksgiving, which equals approximately $211.69 for each of the nation’s 114,916,000 households. At the close of business last Wednesday, according to the Treasury, the national debt was $16,283,161,895,179.85. On Thanksgiving, the Treasury took the day off and did no borrowing. But on Friday, the Treasury increased the debt of the United States to $16,307,488,943,564.23. That was [...] $5 Trillion Price Tag for Public Pensions (U.S.News & World Report) “As strapped state and local governments scramble for ways to balance their budgets, it’s become very clear that it will be impossible for many to honor their pension promises to new employees and even current retirees. According to a recent economic study, the cost to fully fund these promises would cost taxpayers $5 trillion over a 30-year period, or nearly $1,400 [...]  The average welfare person gets $60,000 worth of benefits. They get free housing, free food, free Obama phones, subsidized internet, free medical, and all the money they want to make under the table without any taxes. From weeklystandard: New data compiled by the Republican side of the Senate Budget Committee shows that, last year, the United States spent over $60,000 to support welfare programs per each household that is in poverty. The calculations are [...] New data compiled by the Republican side of the Senate Budget Committee shows that, last year, the United States spent over $60,000 to support welfare programs per each household that is in poverty. The calculations are based on data from the Census, the Office of Management and Budget, and the Congressional Research Services. “According to the Census’s American Community Survey, the number of households with incomes below the poverty line in [...]
CONGRATULATIONS: Your Family Owes $10,700 To China! (CNSNews.com) – The debt that the U.S. government owes to foreign interests now equals approximately $47,495 for each household in the United States, according to the latest data released by the U.S. Treasury and the Census Bureau. The portion of the U.S. government’s foreign debt now owed to interests in Mainland China is about $10,090 per household. At the end of August, the latest period reported [...] (CNSNews.com) – The debt that the U.S. government owes to foreign interests now equals approximately $47,495 for each household in the United States, according to the latest data released by the U.S. Treasury and the Census Bureau. The portion of the U.S. government’s foreign debt now owed to interests in Mainland China is about $10,090 per household. At the end of August, the latest period reported by the U.S. Treasury, foreign interests held a [...] The portion of the U.S. government’s foreign debt now owed to interests in Mainland China is about $10,090 per household. At the end of August, the latest period reported by the U.S. Treasury, foreign interests held a total of $5,430,000,000,000 in U.S. government debt. According to the Census Bureau’s latest estimate (which was for June 2012) there were 114,328,000 households in the United States. Therefore, the total U.S. government debt held by foreign interests was [...] (CNSNews.com) – The debt that the U.S. government owes to foreign interests now equals approximately $47,495 for each household in the United States, according to the latest data released by the U.S. Treasury and the Census Bureau. The portion of the U.S. government’s foreign debt now owed to interests in Mainland China is about $10,090 per household. At the end of August, the latest period reported by the U.S. Treasury, foreign interests held a [...] WASHINGTON – Violent crimes unexpectedly jumped 18 percent last year, the first rise in nearly 20 years, and property crimes rose for first time in a decade. But academic experts said the new government data fall short of signaling a reversal of the long decline in crime. The U.S. Bureau of Justice Statistics reported Wednesday that the increase in the number of violent crimes was the result of an upward swing in simple assaults, which rose 22 percent, from 4 million in 2010 to 5 million [...] British Gas is expected to announce an 8% price increase for gas and electricity, with the effects to be felt by customers in about a month. The increase is expected to add an extra £100 a year to the average household dual bill. The company has cited rising wholesale gas prices as the reason for the hike. Its rival SSE, which trades as Scottish Hydro, Swalec and Southern Electric, is also preparing for [...] (CNSNews.com) – According to theU.S. Treasury, the debt of the U.S. government climbed by a total of $1,275,901,078,828.74 in fiscal 2012, which ended yesterday. That means the federal government borrowed approximately an additional $10,855 for each household in the United States just over the past twelve months. The total debt of the United States now equals approximately $136,690 per household. In fiscal 2011, the debt increased by about $10,454 per household–$401 less than the $10,855 per household [...] Moments ago, the Fed released its latest Z.1, aka the Flow of Funds, which is the primary source of information of that one component of modern finance which all modern economists continue resolutely to ignore because it blows all their anachronistic theories on monetary theory out of the water: shadow banking data. But more on that later. for now, here is the graphic summary of that most important of conventional data [...] zerohedge.com 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 [...] From LewRockwell.com: Baking soda, or sodium bicarbonate, is a staple in many homes for baking and cleaning purposes – but there’s a good chance you’re not taking full advantage of all that baking soda has to offer. For instance, did you know there’s a whole gamut of medicinal uses for baking soda, such as safely removing splinters from your fingers, or just brushing your teeth? It rates right up there with hydrogen peroxide [...] From Thoughts from the Canyon: You cheapskates out there (that’s me) might want to head over to Staples by August 4 and buy the Staples 8.5 x 11 Multipurpose Paper (500 sheets). Staples is selling the paper for $6.99 and running a rebate promotion for $5.99 per purchase, which makes the cost of their paper $1 plus tax. You’re limited to two rebates per household, so you can’t stock up on too [...] by mybudget360
It is always a sign of desperation to ban short selling. Trying to put an artificial bottom usually backfires and we are seeing this hit in Spain. The situation is unsustainable and has taken the headlines away from Greece. Spain is a much bigger economy and they are deep in a recession with headline unemployment near 25 percent. Financial and government leaders continually attempt to solve a debt crisis with more debt. [...] What a fucking kick in the nuts! This kid is doing what millions of other kids wont or cant do to help his family, and the city shits all over him! WTF is this country become. Just how hard is it to start a business in Michigan? Nearly impossible, it seems, if the recent endeavors of 13-year-old Nathan Duszynski are any indication. “I was trying to help my mom and my dad, [...] |
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