Tag Archives: Middle Class Dismissed

ECB wants to end deposit insurance, offer savers ‘appropriate amount’

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“Covered deposits no longer need to be protected, according to the European Central Bank (ECB), which has proposed this month to stop withdrawals when a bank is on the verge of failing. It has suggested the current €100,000 (£85,000) deposit level currently protected in the event of a bail-in would no longer be available.”

Read more: https://www.rt.com/document/5a1283f3fc7e93c0588b4568/amp/410373-ecb-end-deposit-protection

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IRS To Extract $207 Billion From Small Businesses By Enforcing Obamacare

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“The employer mandate is lucrative for the government. It is expected to bring in penalty payments of $207 billion over the next decade, according to projections by the Congressional Budget Office.  Businesses will generally incur fines of around $2,000 per employee (excluding the first 30) if they do not offer qualifying coverage to nearly all of those who work an average of 30 or more hours a week.  The penalty is activated if at least one employee then buys insurance on the health law’s marketplace and receives a subsidy for it.  The per-employee fine increases each year, and can add up quickly: A company with 100 workers that ignored the law this year would owe a penalty of more than $158,000.”

Read more: https://www.nytimes.com/2017/11/16/business/irs-health-insurance-mandate.html

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The Ponzi scheme that’s more than 100x the size of Bernie Madoff

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“Credit-rating agency Moody’s estimates state, federal and local government pensions are $7 trillion short in funding.  And corporate pension funds are underfunded by $375 billion.  One of the big drivers behind this is that investment returns are way too low.  Today with government bonds yielding 3% or less (and in some cases bond yields are NEGATIVE), they aren’t achieving their targets.  One or two years with sub-optimal investment returns is not catastrophic. But it’s been like this now for a decade.  And that’s just problem #1.  Problem #2 is that the ratio between workers and retirees is moving in the wrong direction.”

Read more: https://www.sovereignman.com/trends/the-ponzi-scheme-thats-more-than-100x-the-size-of-bernie-madoff-22601/

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When Unpaid Student Loan Bills Mean Being Banned From Working

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“Blocking licenses is a more aggressive weapon, and states are using it on behalf of themselves and the federal government.  Proponents of the little-known state licensing laws say they are in taxpayers’ interest. But critics from both parties say the laws shove some borrowers off a financial cliff.”

Read more: https://www.nytimes.com/2017/11/18/business/student-loans-licenses.html

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‘We the People’: The New Permanent Underclass in America

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“It’s not just the government’s endless wars that are bleeding us dry.  We’re also being forced to shell out money for surveillance systems to track our movements, money to further militarize our already militarized police, money to allow the government to raid our homes and bank accounts, money to fund schools where our kids learn nothing about freedom and everything about how to comply, and on and on.  Are you getting the picture yet?  The government isn’t taking our money to make our lives better.”

Read more: https://rutherford.org/publications_resources/john_whiteheads_commentary/financial_tyranny_we_the_people_are_the_new_permanent_underclass_in_am

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Poll: Americans Would Cut Middle East War Spending First

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“When presented with a list of expenditure categories, and polled about which should be the single top priority for budgetary cuts by Congress, ‘US military actions in the Middle East’ was far and away their top choice. But most Americans probably have little idea how enormous those costs truly are.”

Read more: http://original.antiwar.com/smith-grant/2017/11/15/poll-americans-cut-middle-east-war-spending/

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Venezuela unveils largest-ever bill, worth a few US dollars

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“Venezuelans living with hyper-inflation and a scarcity of cash for buying daily goods will soon have the country’s largest paper bill circulating in recent history.  The country’s president announced Wednesday that the new 100,000- bolivar note will hit the streets this week. It will be worth less than $2.50 in U.S. currency in black market dealings.  In a nationally broadcast appearance, President Nicolas Maduro held up the new paper bill, while also unveiling a 30 percent boost to the minimum wage.  The new denomination is stop-gap measure in an economic plan by Maduro’s government aimed at doing away with the need for paper money.”

Read more: http://abcnews.go.com/International/wireStory/venezuela-unveils-largest-bill-worth-us-dollars-50874737

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Tech start-ups fight Senate tax plan over stock option ‘phantom income’

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” Under the proposed change, employees could face large tax bills before they realize the income from cashing in the stock options to pay them.”

Read more: http://www.latimes.com/business/la-fi-tax-bill-stock-options-20171114-story.html

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Half of U.S. millenials would give up voting rights to forgive student loans

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“An astonishing 50% of millennials with student loans are willing to give up their right to vote in the next two presidential elections to have their debt forgiven, but far fewer would give up texting.”

Read more: https://www.credible.com/blog/survey-millennials-student-loan-debt-forgiveness/

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Saudi Arabia to allow women to drive

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“In 2016, Alwaleed bin Talal, an influential Saudi prince called for an ‘urgent’ end to the ban, saying it is a matter not just of rights but economic necessity.  He also detailed the ‘economic costs’ of women having to rely on private drivers or taxis, since public transit is not a viable alternative in the kingdom.  Using foreign drivers drains billions of dollars from the Saudi economy, Alwaleed said.  He calculated that families spend an average of $1,000 a month on a driver, money that otherwise could help household income at a time when many are making do with less.”

Read more: http://www.aljazeera.com/news/2017/09/saudi-arabia-women-drive-170926190857109.html

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