Take from the 99%, never the 1%.
The Illinois House of Representatives approved a bill designed to repair the nation’s worst-funded pension system by raising contribution levels for state employees and delaying the retirement age.
The measure, approved today 62 to 51 in the Democrat- dominated chamber, faces an uncertain future in the Senate, which is preparing its own approach to resolving a $97 billion liability. With annual retirement costs projected [...]
(CNN) – If a Senate deal to avert the fiscal cliff becomes law, all but a sliver of the U.S. population will avoid higher tax rates, some key issues will be put off for two months, and all sides in the battle will emerge with a mixed record: winning key points, while ceding ground on others.
The deal, which passed the Democratic-controlled Senate in an overwhelming 89-8 vote in the middle of [...]
Obama: Not Raising Taxes is a Form of Government Spending By Fred Lucas February 13, 2012
(CNSNews.com) – Announcing his budget plans for fiscal year 2013 in an address at Northern Virginia Community College in Annandale, Va., President Barack Obama characterized the current income tax rates–signed into law by President Bush a decade ago–as a form of government spending.
Essentially, the president said that the federal government “spends” when it does not [...]
The people who will live and even thrive in a worse case scenario post disaster situation like a CME or an EMP attack will be people who are not Arrogant, who are not Complacent, who are not in Denial, who are not Gullible, who are not a Narcissist, and who will not rely on the government. These are the people who are not blind to what is going in [...]
As the recession continues onward, House Republicans are worried that those receiving welfare payments may be having a bit too good of a time.
The chamber will again vote Wednesday on a bill which would ensure that electronic withdrawals of Temporary Assistance for Needy Families dollars aren’t allowed to be withdrawn from ATMs at strip clubs, casinos or liquor stores. TANF replaced national welfare programs after the welfare reforms of 1996.
Even if the European Lack of Union does, miraculously, come up with some short-term resolution of a mathematically unsolvable crisis (at its core, the problem is that there is simply far more debt than there are assets, let alone cash flow, period, end of story) suddenly the market’s will refocus its attention on the question of our own intractable math: i.e., how will America, suddenly once again the “neo-decoupled” source of [...]
The developed world’s economies have become ensnared in a growth slowdown that threatens to turn into recession, at a time when room for manoeuvre with bold policy responses has narrowed significantly, Reuters polls showed.
Surveys of more than 250 economists in North America, across Europe and Japan portend steadily increasing chances that central bankers will need to fire any weapons they may have [...]
Flights, trains and buses were cancelled, and government offices shut.
The government has faced criticism over a 45bn-euro (£40bn) austerity package, and has been scrambling to revise it.
Some measures have been scrapped or watered down, but on Tuesday new additions were made – including a sales tax hike and revised wealth tax.
The sales tax is due to rise from 20% to 21% in the latest version of the [...]
by Chris Martenson
The Fed is in a bind. No matter which way it turns, utter failure is a risk. Putting more money into the system risks no less than the dollar itself. Stopping quantitative easing (QE) risks plunging the economy and financial system into another period of turbulent decline. It looks like they are going to choose the latter.
In a recent report, I made the case [...]