Tag Archives: Middle Class Dismissed

Americans’ sense of freedom drops below Paraguay, Rwanda

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“This Independence Day, Americans will celebrate the nation’s core values, especially freedom. But according to a new international poll, Americans have become significantly ‘less satisfied with the freedom to choose what they want to do with their lives.’  Seventy-nine percent of US residents are satisfied with their level of freedom, down from 91 percent in 2006, according to the Gallup survey, released Tuesday.  That 12-point drop pushes the United States from among the highest in the world in terms of perceived freedom to 36th place, outside the top quartile of the 120 countries sampled, trailing Paraguay, Rwanda, and the autonomous region of Nagorno-Karabakh.”

http://www.csmonitor.com/USA/Politics/2014/0701/Land-of-the-free-Not-so-much.-Americans-sense-of-freedom-drops-poll-finds

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Japan consumer price growth at 32-year high

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“Consumer prices in Japan rose at an annual rate of 3.4% in May, the fastest pace in 32 years, as the effect of the sales tax hike from 5% to 8% started to be felt.  The price growth in May follows a 3.2% jump in April and is a big boost for Japan’s attempt to trigger inflation.  The country’s central bank has set a target of a 2% inflation rate.  The measures, which include boosting the country’s money supply, have started to have an impact and consumer prices in the country have now risen for 12 months in a row. Policymakers have been hoping that consumers and business will be encouraged to start spending and not hold back on purchases, as they may have to pay more later on.”

http://www.bbc.com/news/business-28031007

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More than half the members of Congress are millionaires

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“Wealthy members of Congress are living the high life at taxpayer expense, while most of the rest of the country continues to suffer through one of the worst economic periods in our lifetimes.  According to a CSRP analysis, more than half of the members of Congress are millionaires.  This is the first time that this has ever happened in U.S. history.  In addition, the same study found that a hundred members of Congress are actually worth at least five million dollars.  We have a government of the wealthy, by the wealthy and for the wealthy, but as you will see below, that isn’t stopping members of Congress from wasting taxpayer money in some incredibly bizarre ways.”

http://endoftheamericandream.com/archives/for-the-first-time-ever-more-than-half-the-members-of-congress-are-millionaires

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Why I Am Leaving California After 52 Years

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“California has the fourth-highest state and local tax burden in nation according to the Tax Foundation. Yet, my fellow citizens blithely approved 23 of 30 local government tax increases across the state in the June 4 elections. At the same time, they approved 42 of 55 proposed ballot initiatives to raise local government or school debt even though California has the highest total state and local government debt in the nation according to State Budget Solutions.  In California, with no oversight and no transparency, regulatory agencies pass rules by the thousand and never measure if they actually work or worry about how much they cost.”

http://reason.org/news/show/why-i-am-leaving-california

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New York City’s ‘Affordable Housing’ Bonanza for the Rich

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“In May, New York City Mayor Bill de Blasio (D) unveiled a plan to build 80,000 new affordable housing units, ‘marshaling every corner of government and the private sector,’ he boasted, ‘in an unprecedented response’ to the city’s ‘crisis of affordability.’ De Blasio, who ran on a promise to reduce inequality, is now enabling upper middle class New Yorkers to tap into these subsidies to serve their housing needs. In a city in which one in five households lives below the poverty line, spending limited government dollars so professionals earning six figures don’t have to leave their favored neighborhoods is obscene.”

http://reason.com/archives/2014/07/03/new-york-citys-affordable-housing-bonanz/print

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Travelers Forego 38 Million Trips to Avoid Hassles

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“Long lines. Packed planes. Lousy food. Intrusive security. It’s enough to make you just stay home, right?  Indeed, common sense would suggest that significant numbers of people have been discouraged altogether from traveling. But how many people? And what’s the economic impact of those trip cancellations?  The U.S. Travel Association has just released results of a study designed to answer those questions.  The survey’s main findings, extrapolated from interviews with 1,031 business and leisure travelers: 38 million trips deferred in 2013; $9.5 billion lost on airfare; $5.8 billion lost on hotels; $5.7 billion lost on recreation; $3.4 billion lost on food services; $2.8 billion lost on car rentals.”

http://www.frequentflier.com/blog/travelers-forego-38-million-trips-to-avoid-hassles/

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Introducing the newest tactic for governments to raise cash

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“If the state can simply legislate its authority to seize dormant bank accounts, then they can just as easily lower the bar.  Australia passed legislation last year to reduce the threshold on seizing dormant accounts from seven years down to just THREE.  In the last 12-months since the legislation was passed, the Australian government has seized a whopping 80,000 accounts totaling A$360 million.  Georgia’s Disposition of Unclaimed Properties Act sets the threshold as low as one year.  In other words, if you have a checking account in Georgia that you haven’t touched in twelve months, the state government is going to grab it.  So much for setting aside money for a rainy day.”

http://www.sovereignman.com/trends/introducing-the-newest-tactic-for-governments-to-raise-cash-14566/

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Europe’s Pain is the World’s Gain

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“Last week the ECB announced that it was cutting its headline lending rate to 0.15 percent and taking its deposit rate to negative 0.10 percent. That means banks must pay the ECB to hold their money, a move the ECB hopes will spur lending.  It will also make $545 billion worth of inexpensive loans available to banks with the caveat that they lend more to the private sector. First tranche euro zone banks will be permitted to borrow up to 7% of the value of their corporate loans with additional tranches of funding [on the way].  While the goal of easing is to improve economic conditions at home, the money will ultimately flow to where it can find the greatest returns, as our own experience has shown.”

http://www.investingdaily.com/20513/europes-pain-is-the-worlds-gain-2/

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No Containment in U.S. Health Costs

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“One potential cause for the spike in health care spending was the influx of insured patients due to the rollout of health care exchanges under the Affordable Care Act (ACA). Of those who enrolled through the exchanges, 6.7 million were eligible for Medicaid coverage. Many of them would be receiving care through managed Medicaid programs, which are typically operated by private insurers under contract through the states. That could create a significant spike in spending since most of the insurers operating those plans are paid per patient, per month, regardless of whether or not the patient is actually seen by a health care provider.”

http://www.investingdaily.com/20524/no-containment-in-health-costs-2/

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Bill Bonner: The Japanese Will Learn to Tango

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Bill-Bonner2

“For nearly a quarter century, Japan’s diligent savers have funded its government deficits. Now, the savers are retiring. They need their money back. At the same time, Japan’s trade surplus is disappearing. Where will the money come to keep the lights on?  Nowhere. Already, there are days when scarcely a single buyer steps up to buy Japanese bonds. The central bank of Japan takes up the slack. And as people get older (spending their savings rather than adding to them) and as the country’s current account surplus disappears (Japan is not the export powerhouse it once was), more slack appears.  The Bank of Japan will come to the rescue, of course.”

http://www.bonnerandpartners.com/the-japanese-will-learn-to-tango/

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