Tag Archives: Middle Class Dismissed

‘I’ve been priced out of downtown Detroit’

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“Amid efforts to revitalize Detroit’s downtown, some residents are finding they can no longer afford to live there.  One program, called Live Downtown, has attracted as many as 15,000 new residents to the downtown area, according to the mayor’s office.  Under the program, local companies, including Quicken Loans and Blue Cross Blue Shield, give employees $20,000 loans that will be completely forgiven if they buy and stay in a home downtown for five years. Renters there receive $2,500 their first year and $1,000 the second.  The newcomers bring with them money and much needed tax revenue. But they are also causing housing prices to skyrocket.”

http://www.clickondetroit.com/money/I-ve-been-priced-out-of-downtown-Detroit/26182568

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After 50 Years, Washington Has Lost the War on Poverty

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“There was hope in liberal circles in 1965 that federal welfare programs would reduce poverty rates. This hope is long gone. Today, the likelihood of a reversal is gone. The social breakdown of the black family in 1965 has spread to the lower-class white community. It is much larger than the black community.  Federal money and bureaucracy cannot reverse attitudes toward the family — attitudes that the welfare system has subsidized.  There is only one hope that the federal government could offer: an end to the programs. But Congress does not cut programs. It adds to them.  The war on poverty is a forever war . . . at least until federal bankruptcy ends it.”

http://www.garynorth.com/public/12531.cfm

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Teen Unemployment In Major U.S. Cities Tops 50%

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“Old timers often say that the young people in the U.S. today don’t have the work ethic of their predecessors. This may be true, but is this perceived weakness a symptom of a greater problem?  Has the opportunity for many young people to find employment diminished, and thus made it harder for them to learn the necessary work ethic on the job?  Before we try to answer that question, let’s examine some evidence from a new analysis by the Employment Policy Institute (EPI) that shows unemployment among teens without a high school diploma is greater than 50% in two very large cities.”

http://lionsofliberty.com/2014/06/03/teen-unemployment-in-major-u-s-cities-tops-50/

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US Foreign Wealth Confiscation Begins: FinCen, FATCA and FBAR

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“Carl Zwerner, an 87-year old Florida man, must pay the US government a 150% penalty on the value of his Swiss bank account, amounting to the biggest penalty by percentage on record.  Zwerner testified, telling jurors that he tried to enter the IRS voluntary disclosure program, and that he didn’t know until 2008 that he must file FBARs. ‘Zwerner’s original tax returns for 2004 to 2007 didn’t report any income from the Swiss bank account,’ reads a US complaint filed in June 2013. ‘The first time he reported such income was when he amended those returns.’ He failed to declare interest on his foreign account. The account was opened in the 1960s, and was held in the name of two foundations.”

http://www.thedailybell.com/editorials/35372/Jeffrey-Berwick-US-Foreign-Wealth-Confiscation-Begins-Under-the-Code-Names-FinCen-FATCA-and-FBAR/

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Bay Area city approves $13 minimum wage, to be California’s highest

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“Businesses that pay less than 800 hours of employee wages over a two-week period will be exempt from the rules but must still pay the state minimum wage.  Richmond businesses that ‘derive more than 50 percent of their income from transactions where the point of sale is outside the city’ will be forced to pay an ‘intermediate wage,’ defined as halfway between the city’s minimum wage and the state minimum wage.  Seattle recently raised its minimum wage to $15 by 2017, which would be the nation’s highest. San Francisco’s $10.74 minimum wage is currently the state’s highest.  The new law will phase in the minimum wage hike over several years, increasing to $13 in 2018.”

http://www.dailynews.com/government-and-politics/20140605/bay-area-city-approves-13-minimum-wage-potentially-californias-highest

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ECB: Bank With Us … and We’ll Charge You Interest

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“This morning, the ECB took the radical stepof cutting its deposit rate to negative 0.1 percent. It also lowered its benchmark lending rate (similar to the federal funds rate the U.S. Federal Reserve has been raising and lowering for decades) to 0.15 percent from 0.25 percent.  Furthermore, it tried to boost the mortgage and business loan businesses by offering to buy Asset Backed Securities (ABS) and by launching more Long-Term Refinancing Operations. While central banks in Sweden and Denmark took tentative steps in the direction of negative rates, the ECB’s move is unprecedented because no major world central bank has ever tried it before.”

http://www.moneyandmarkets.com/ecb-bank-with-us-and-well-charge-you-interest-61946

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When parents pay for college, student debt becomes a family affair

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“Their collective student debt bill quickly grew to more than $500,000. Two of their children have managed to pay off their debt since graduating, but the couple is still strapped with more than $150,000 worth of loans and will add more to their load when their youngest son graduates next year.  Although their loans are federal and they have the option to apply for an income-based repayment plan, the Shippens were told their combined income was too high to qualify.  College costs have increased by nearly 30% over the last five years alone.  Nearly 30% of the 38 million federal student loan borrowers in the U.S. today are between 40 and 59 years old.”

https://finance.yahoo.com/news/student-debt-nearly-destroyed-this-family-s-finances-150749696.html

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Tiny ‘Shoebox’ Apartment in London Costs $1,200 Per Month

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“London, England: where a ‘shoebox’ apartment that barely fits a double bed and costs $1,200 a month is rented in less than 16 hours.  That’s right. The Guardian reported that a single-room apartment listed with a firm called Relocate Me sparked a number of interested calls and emails. The unit was off the market that same day, despite the fact that it looks more like a prison cell than an apartment in one of the nicest cities in the world.  The report said that the listing didn’t include dimensions for the apartment, so feel free to venture your own educated guess since it’s basically the size of a double bed plus a couple of feet.”

http://www.boston.com/real-estate/news/2014/06/04/tiny-shoebox-apartment-london-costs-per-month/SyV5Nlu3xJ3p7ZeP8wojWJ/story.html

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Median CEO Pay Crosses $10 Million in 2013

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“While the S&P 500 notched a 30% gain in 2013, chief executives saw their compensation packages soar to the eight-figure mark for the first time, with median pay coming in at a cool $10.5 million, up 8.8% from 2012. Stock rewards alone grew 17% on the year, to $4.5 million.  Given the 1.3% rise in salary the average U.S. employee received last year, these latest figures should help keep the pay disparity conversation going strong.  Of course, there’s also plenty of disparity within the rarefied CEO universe, with a $36.8 million compensation gap between just the top and 10th-highest earners on AP’s list.”

http://finance.yahoo.com/news/median-ceo-pay-crosses–10-million-in-2013-195636213.html

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Bill Bonner: This Should Make Every American Angry…

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“When the price of money goes down banks’ profit margins go up; by moving to zero interest rates, the Fed handed them higher earnings. And by guaranteeing the debt of the weakest institutions, the Fed gave big bonuses to the worst managers.  Now, the alcohol is taking effect. All around the world markets stagger. Economies slur their words. Investors have severe memory loss. Businessmen can’t tell up from down. And the poor consumer gets a headache every time he checks his bank balance.  Some people have access to the free money. Others don’t.  Those with the access tend to be in the financial elite. It is no wonder the rich get richer; the game is rigged.”

http://www.bonnerandpartners.com/this-should-make-every-american-angry/

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