Tag Archives: Economics

Income, Sales, Gas, Vehicle, and Alcohol Taxes Hit All-Time Highs

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“Revenues from state and local individual income taxes, general sales and gross receipt taxes, motor fuel taxes, motor vehicle taxes and taxes on alcoholic beverages each hit all-time highs in the second quarter of this year, according to data released today by the Census Bureau.  That means that in no quarter of any year since the Census Bureau first started tracking state and local tax revenues in 1962 have Americans paid more in each of these categories of state and local taxes then they did in the quarter that ran from April through June of 2013.  Americans paid a record of $114.032 billion in state and local individual income taxes in the second quarter of this year.”

http://cnsnews.com/news/article/terence-p-jeffrey/census-state-and-local-income-sales-motor-fuel-motor-vehicle-and

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NHS watchdog: Nurses in tears as ‘horrendous’ understaffing hits patients

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“Nurses were reduced to tears by their workload at a Nottinghamshire hospital where understaffing contributed to patients being left hungry and dehydrated, the NHS watchdog has reported.  Their report came as new figures revealed that 5,500 nursing posts have now been cut since the Coalition came into office, increasing pressure on the health secretary Jeremy Hunt to act on repeated warnings over under-staffing. Frontline staff at Kings Mill Hospital, part of the Sherwood Forest Hospitals NHS Foundation Trust, told CQC inspectors that they were concerned low numbers of nurses and poor senior doctor cover were harming patient safety.”

http://www.independent.co.uk/life-style/health-and-families/health-news/kings-mill-hospital-nurses-in-tears-as-horrendous-understaffing-hits-patients-says-watchdog-8844917.html

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Obamacare’s ‘Cool Calculator: Work Disincentives Like Never Before

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“Look at what happens once a single person who is 50 or older hits annual earnings of $45,961. At that point, what remains of those wonderful “tax credits” goes up in smoke. For a 50 year-old single person, dollar number 45,961 causes their annual exchange premium (i.e., ‘tax’) to increase from $4,366 to $5,390. That’s because what Kaiser calls Obamacare’s ‘government tax credit subsidy’ (they’re also having a hard time with the language) goes from $1,024 to zero. For a 64 year old, a ‘tax credit subsidy’ of $4,688 gets zeroed out. The marginal tax rate on dollar number 45,961 for that person is a whopping 468,800%.”

http://pjmedia.com/blog/obamacares-cool-calculator-work-disincentives-like-weve-never-seen-before/

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Peter G. Klein on “Blackberry” and Creative Destruction

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“Peter G. Klein discusses the demise of Blackberry and how the market, not regulators, should pick technology winners and losers. Klein is the Mises Institute’s Executive Director and Carl Menger Research Fellow.”

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A Tale of Two Giants: The Elephant and the Dragon

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“China and India are developing countries with vast growth potential. However, amid a liquidity boom, they over-marketed their potential, and nurtured and enjoyed a bubble ride. Their governments felt lucky and hoped that they could grow out of all their problems. Of course, bubbles cover up problems for a time and make them bigger after.  As the global liquidity boom unwinds, investors need a better story to stay in emerging markets. Too much money around was good enough before. Now China and India need to convince investors that they can revive growth without a global liquidity boom.”

http://english.caixin.com/2013-09-05/100578323.html

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Mark Thornton on “Government Shutdown”

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“Mark Thornton presents a Misesian commentary on why politics is to blame for the impending U.S. government ‘shutdown,’ and how a gold standard could provide real fiscal discipline. Thornton is a Senior Fellow at the Mises Institute. For more information, visit the Mises Institute online at mises.org.”

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Lew Rockwell: A Political Shift in America

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Quantitative Easing Worked For The Weimar Republic For A Little While Too

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“Like any addict, the Fed is promising that they can quit at any time, but this month they refused to even start tapering their money printing a little bit.  The behavior of the Fed is so shameful that even CNBC is comparing it to a drug addict at this point.  Sadly, what very few people seem to understand is that what the Fed is doing is going to absolutely destroy confidence in our currency and in our financial system in the long-term.  Yeah, many investors have been raking in huge gobs of cash right now, but in the long run this is going to be bad for everybody.  We have now entered a money printing spiral from which there is no easy exit.”

http://theeconomiccollapseblog.com/archives/quantitative-easing-worked-for-the-weimar-republic-for-a-little-while-too

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The Big-Picture Economy, Part 3: Scarcity, Risk and Debt

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CHS9a1

“Scarcity of credit is the source of sound risk assessment and the discipline of aligning interest rates to risk and inflation. Manipulating rates to near-zero and opening the credit floodgates has incentivized everything sound economic policy avoids: moral hazard, speculation, leverage and reliance on marginal credit expansion for profits and ‘growth.’  ‘Growth’ that depends on manipulated interest rates and easy credit is a sand castle awaiting the rising tide; its destruction is assured.”

http://charleshughsmith.blogspot.com/2013/09/the-big-picture-economy-part-3-scarcity.html

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The Taper Caper

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“Under normal conditions, you’d be smart to assume that the Fed won’t taper until unemployment falls below 7% and inflation rises above 2%. But there’s a curveball: Bernanke will almost certainly step down as head of the Fed in January 2014. Rumors say that he wants to begin tapering before he leaves, for obvious reasons. Such action would increase the odds of history viewing him favorably. If Bernanke tapers, he can take credit for putting the US on a responsible path before handing the reins over to the next guy or gal. Whatever happens after that is Janet Yellen’s problem (or whoever-replaces-Bernanke’s problem).”

http://www.caseyresearch.com/cdd/the-taper-caper

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