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Permanent Decline in Real Wages

And higher income taxes for individuals is the answer?

 

Posted in Media, Politics.

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Create Your Own Adventure

Try your hand at reducing the deficit.  Just how far can you get with a bit of reason?

Posted in Politics.

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Noteworthy News – December 17, 2012

Economy:

Energy to spare: America is on track to produce all the energy it needs at home – Economist

DRILLING DOWN: Documents: Leaked Industry E-Mails and Reports – NY Times

Why Workers Are Losing the War Against Machines – The Atlantic

Federal Reserve to target inflation rate of 2.5% until unemployment is below 6.5% – Federal Reserve

Fed Seen Pumping Up Assets to $4 Trillion in New Buying – Bloomberg

Pimco’s Gross Says Fed Policy Means ‘Free’ Debt for Treasury – Bloomberg

Jobs, Productivity and the Great Decoupling – NY Times

Markets:

Big Money Bets on a Housing Rebound – NY Times

Asia Stocks Set for Longest Winning Streak in Three Years – Bloomberg

Politics:

How Far Would You Fall Down The Fiscal Cliff? – Slate

French in Denial as Crisis Deepens – Der Spiegel

The G.O.P.’s Existential Crisis – NY Times (Krugman)

Google’s tax avoidance is called ‘capitalism’, says chairman Eric Schmidt – Telegraph

Banks:

Outrageous HSBC Settlement Proves the Drug War is a Joke – Rolling Stone (Taibbi)

Posted in Economics, Markets, Media, Politics.


Welfare Benefits Greater than Median Income

“Based on data from the Congressional Research Service, cumulative spending on means-tested federal welfare programs, if converted into cash, would equal $167.65 per day per household living below the poverty level,” writes the minority side of the Senate Budget Committee. “By comparison, the median household income in 2011 of $50,054 equals $137.13 per day. Additionally, spending on federal welfare benefits, if converted into cash payments, equals enough to provide $30.60 per hour, 40 hours per week, to each household living below poverty. The median household hourly wage is $25.03. After accounting for federal taxes, the median hourly wage drops to between $21.50 and $23.45, depending on a household’s deductions and filing status. State and local taxes further reduce the median household’s hourly earnings. By contrast, welfare benefits are not taxed”


Source: TheWeeklyStandard

History only repeats itself:

A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world’s greatest civilizations has been 200 years. These nations have progressed through this sequence: from bondage to spiritual faith; from spiritual faith to great courage; from courage to liberty; from liberty to abundance; from abundance to selfishness; from selfishness to complacency; from complacency to apathy; from apathy to dependency; from dependency back again to bondage.”– Sir Alex Fraser Tyler (1742-1813) Scottish jurist and historian

Posted in Politics.

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Noteworthy News – December 10, 2012

Economy:

73% of New Jobs Created in Last 5 Months Are in Government – CNSNews

Japan’s Fear of Risk Is Getting Dangerous – Businessweek

Plenty of Manufacturing Jobs, but Too Few Applicants – CNBC

Why Apple Got a ‘Made in U.S.A.’ Bug – NY Times

Jobless Rate Edges Down to Its Lowest Level in 4 Years – NY Times

The Forgotten Millions – NY Times

Japan revised GDP signals economy in recession – Reuters

Markets:

World risks fresh credit bubble, Switzerland’s BIS warns – Telegraph

Markets’ calm fiscal cliff facade may be fading – USA Today

Politics:

Peter Schiff: The Fantasy of a 91% Top Income Tax Rate – Wall Street Journal

In Obama’s Plan to Tax Rich, $250,000 Figure May Mislead – NY Times

A Look at Taxing Marijuana – NY Times

How Medicare Is Misrepresented – NY times

Peter Schiff: The Fantasy of a 91% Top Income Tax Rate – Wall Street Journal

Banks:

Wall Street’s Job Cuts Keep Getting Bigger, Expect Worse Next Year – Forbes


Posted in Markets, Media, Politics.




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