The American economy has developed a deep disconnect between its financial markets and the working and middle class. The stock market has soared by 138 percent from the low reached in 2009. Yet very little of this has trickled down to the majority of Americans. In fact, most Americans actually saw little to negative growth in their net worth over this period. Even more problematic is the emergence of a permanent [...]
by Bernie Sanders, Guadian:
The front pages of American newspapers are filled with stories about how the US economy is recovering. There is some truth to that. Since President George W Bush left office in 2009, significant progress has been made in moving our economy out of the abyss of the worst economic downturn since the Great Depression of the 1930s. But in the midst of this slow recovery, we must not accept [...]
There’s an outstanding new report from the Congressional Budget Office analyzing which income sectors receive the most benefits from tax expenditures.
One thing is completely obvious after the report: The U.S. tax code is designed to turn the screws on the middle class, while granting huge tax expenditures to the rich and and tax credits to the lowest income quintile.
The report looked at the four kinds of tax expenditures:
Exclusions from taxable income - Roughly [...]
The Chinese government is planning for private businesses and market forces to play a larger role in its economy, in a major policy shift intended to improve living conditions for the middle class and to make China an even stronger competitor on the global stage.
In a speech to party cadres containing some of the boldest pro-market rhetoric they have heard in more than a decade, the country’s new prime minister, [...]
MR. CARNEY: Well, why not Texas? Austin is a hub of innovation and technology. It’s also a hub of education. And the President, as you know, will have a series of events tomorrow that reflect these three areas that he’s talked about since the State of the Union — the need to make sure that we have these kinds of jobs of the future here in the United States, the need [...]
College education in the United States has become a cruel joke. We endlessly push our high school kids to invest tens of thousands of dollars and at least four years of their lives to get a college education because they won’t have any sort of a “future” without it. So they sign up for decades of debt slavery and spend years listening to pompous windbags fill their heads with [...]
Household income is a vital measure of the overall well-being for most Americans. This is why it is important to try to understand why overall household incomes are back to levels last seen in 1995. This is a critical barometer that measures the health of the US middle class. Yet we continually see the argument that inflation is a good thing and since the CPI is registering such a low level [...]
http://www.GS2013.org | SIGN | SHARE | CHANGE AMERICA! Share this video and then sign the petition to help end inequality and change our country forever!
This is one of the most important issues our country faces right now and it demands everyone’s attention or else the consequences could be catastrophic.
Breaking Inequality is a documentary film about the corruption between Washington and Wall Street that has resulted in the largest inequality gap [...]
By mybudget360 / May 6, 2013
Household income is a vital measure of the overall well-being for most Americans. This is why it is important to try to understand why overall household incomes are back to levels last seen in 1995. This is a critical barometer that measures the health of the US middle class. Yet we continually see the argument that inflation is a good thing and since the CPI is registering [...]
The mainstream media is not telling you this, but the truth is that most Americans are steadily getting poorer. The middle class is being absolutely eviscerated, and poverty is soaring to unprecedented heights. The fact that 90 percent of the population is constantly sliding downhill is not good for our society. The United States is supposed to be a land of opportunity with a vibrant free market system that enables average [...]
What is happening to you America? Once upon a time, the United States was a place where free enterprise thrived and the greatest cities that the world had ever seen sprouted up from coast to coast. Good jobs were plentiful and a manufacturing boom helped fuel the rise of the largest and most vibrant middle class in the history of the planet. Cities such as Detroit, Chicago, Milwaukee, Cleveland, [...]
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 [...]
by Michael Pento, Mises:
When central bankers dedicate their existence to re-inflating asset bubbles, it shouldn’t at all be a surprise to investors that they eventually achieve success. Ben Bernanke has aggressively attempted to prop up the real estate and equity markets since 2008. His efforts to increase the broader money supply and create inflation have finally supported home prices, sent the Dow Jones Industrial average to a record nominal high and [...]
WASHINGTON (AP) — Retired as a city worker, Sheila Pugachlives in a modest home on a quiet street in Albuquerque, N.M., and drives an 18-year-old Subaru.
Pugach doesn’t see herself as upper-income by any stretch, but President Barack Obama’s budget would raise her Medicarepremiums and those of other comfortably retired seniors, adding to a surcharge that already costs some 2 million beneficiaries hundreds of dollars a year each.
The President’s effective federal income tax rate is 18.4 percent. The President believes we must reform our tax system which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up. Under the President’s own tax proposals, including limitations on the value of tax preferences for high-income households, [...]
If the economy is getting better, then why does poverty in America continue to grow so rapidly? Yes, the stock market has been hitting all-time highs recently, but also the number of Americans living in poverty has now reached a level not seen since the 1960s. Yes, corporate profits are at levels never seen before, but so is the number of Americans on food stamps. Yes, housing prices have started [...]
At a speech this morning at the White House to outline a new science initiative, President Barack Obama named himself “Scientist-in-Chief.”
“I’m glad I’ve been promoted Scientist-in-Chief,” Obama said to laughter at the White House. “Given my grades in physics, I’m not sure it’s deserving. But I hold science in proper esteem, so maybe that gives me a little credit.”
Obama said he brought together a lot of smart people, which would [...]
Need a Job? Invent It
WHEN Tony Wagner, the Harvard education specialist, describes his job today, he says he’s “a translator between two hostile tribes” — the education world and the business world, the people who teach our kids and the people who give them jobs. Wagner’s argument in his book “Creating Innovators: The Making of Young People Who Will Change the World” is that our K-12 and college tracks [...]
Russia Beyond the Headlines
March 26, 2013
Russia may ban cash payments for purchases of more than 300,000 rubles (around $10,000) starting in 2015. The move is expected to boost banks’ cash reserves and put a damper on Russia’s shadow economy. However, the middle class will most likely end up having to pay the price for the scheme.
Moscow is looking to kill two birds with one stone: Firstly, it wants to [...]
“What happens when the middle class loses much of their wealth, or it is confiscated, by the stroke of a pen or a keyboard? What will the stores look like when people, unprepared due to the damn lies of the corporate media and the shills for the ruling elite, run to empty out everything they can get their hands on as the world, as they know it, collapses around them?”
Even Democratic Party Loyalists Starting to Wake Up to the Fact that Obama Is As Bad As Bush … Or Worse
Glenn Greenwald notes that even Democratic party loyalists are getting fed up with Obama’s Bush-like actions:
Even the most loyal establishment Democrats are now harshly denouncing the president for his war on transparency ….
This secrecy has become so oppressive and extreme that even the most faithful Democratic operatives are now angrily exploding [...]
1.5 millions US citizens will declare bankruptcy, and a new study suggests that over 60 percent of those individuals will be brought under due to medical bills. Medical bill bankruptcies increased by nearly 50 percent in a six-year period, from 46 percent in 2001 on up to 62 percent in 2007. Most filers hailed from the middle class, and were “well-educated homeowners,” according to a report that will be published in the [...]
March 13, 2013
President Barack Obama warned America will not balance its budget within a decade because Republican plans to do so would entail slashing social programs many citizens rely on for support.
Even as he set out to woo lawmakers Tuesday on Capitol Hill, including Republican foes, Obama called for an approach that restores fiscal stability but also protects healthcare for the poor and the elderly and shields the middle class.
The Dow is at a record high and so are corporate profits – so why does it feel like most of the country is deeply suffering right now? Real household income is the lowest that it has been in a decade, poverty is absolutely soaring,47 million Americans are on food stamps and the middle class is being systematically destroyed. How can big corporations be doing so well while most American families are [...]
JPMORGAN: The ‘Slowdown In Consumer Spending Has Arrived’
Last week’s release of personal spending data revealed that spending rose 0.2 percent in February, at the same pace as in January.
When adjusted for inflation, though, the data are less encouraging.
In a note to clients, JPMorgan economist Robert Mellman declares that the “consumer spending slowdown is here,” saying consumers are beginning to feel the effects of the payroll tax cut expiry and rising [...]
Personal Income Posts Largest Drop in 20 Years as Consumer Spending Edges Higher
U.S. consumer spending rose in January as Americans spent more on services, with savings providing a cushion after income recorded its biggest drop in 20 years.
The Commerce Department said on Friday consumer spending increased 0.2 percent in January after a revised 0.1 percent rise the prior month. Spending had previously been estimated to have increased 0.2 percent in [...]
DETROIT (WWJ) – New changes in Michigan’s tax law mean many Michigan residents will be paying more taxes this year.
Jason Kassab, who owns four Liberty tax offices in metro Detroit, said everyone from low to middle earners are finding they owe more tax or getting less back.
The federal income tax is a bad joke and it needs to be abolished. All over the nation, hard working American families are being absolutely crushed by oppressive levels of taxation, and our politicians are constantly coming up with new ways to extract money from all of us every single year. Meanwhile, many ultra-wealthy Americans and many of the most profitable corporations in the country pay little to nothing in taxes. [...]
“It’s not a bigger government we need, but a smarter government that sets priorities and invests in broad-based growth.”
The White House has released limited excerpts of President Obama’s State of the Union Address:
“It is our generation’s task, then, to reignite the true engine of America’s economic growth – a rising, thriving middle class.
“It is our unfinished task to restore the basic bargain that built this country – the idea that [...]
This machine is destroying the middle class.
It’s destroying what jobs I use to have coming in.
It’s destroyed my industry.
It’s bailing out the rich through QE welfare candy for wall street, and foodstamp cellphone candy for the poor.
Meanwhile the gap is growing, and we are all getting weaker.
Yet, everyone I talk to says don’t do anything, I’ve listened for the last three years as one dooms day prediction after another has [...]
Living the middle class lifestyle in California on $60,000 a year.
Can you live comfortably in California making $60,000 a year? It really depends on what you define as comfortably. We should note that the median household income in the US is $50,000 and in California it isn’t much higher. California gets a notorious wrap of being an expensive state but this is if the entire focus is on coastal regions. There are [...]