Tag Archives: Middle Class Dismissed

Delinquent US student loans hit record high, over $100 billion past due

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“The number and value of overdue student loans has reached an all-time high in the US as nearly a third of 20- to 24-year-olds are currently unemployed, according to a report by the Department of Education.  With continued concern regarding rising college costs, the amount of outstanding student loans has now reached $1 trillion, making that the largest category of consumer debt in the US aside from home mortgages.  According to the new report, eleven per cent of school loans – one hundred and ten billion dollars’ worth – are now seriously delinquent, meaning at least 90 days past due.  Bloomberg reports the employment rate for college graduates in the US is 87 per cent.”

http://rt.com/usa/record-high-us-student-debt-775/

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Bill Bonner: What Do Bond Investors Know That Stock Investors Don’t?

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“Your Rogue Economist entered the labor force when he was 14.  Thereafter, he was either in school or at work. He worked as an usher, a dishwasher, a carpenter’s helper, a mason, a painter, a truck driver, a teacher. It never took more than a day or two to find a job.  Times have changed. Now, it’s much harder to get on the bottom rung.  And according to the Financial Times, things aren’t much better for those on the economic ladder. If they are lucky enough to get a foothold… and eventually climb their way into the middle class… they will earn, on average, about as much as a middle-class wage earner a half a century ago!  How’s that for something to look forward to?”

http://www.bonnerandpartners.com/what-do-bond-investors-know-that-stock-investors-dont/

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French Fried Entrepreneurs: They Are Leaving

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“Rich people in France are pulling up stakes. They will escape the tax man. (Unlike the USA, if you are not living in France, you do not pay taxes to the French government.)  Young people in France who want to start businesses say they want to leave France. A lot of them will.  France’s taxes are higher than anywhere else in Western Europe. French unions are stronger. French workers don’t put in Germanic days — or even Italian days.  Before the eyes of the world, the Keynesian experiment is going belly-up. A self-proclaimed socialist is captain of France’s economic Titanic.”

http://teapartyeconomist.com/2014/06/03/french-fried-entrepreneurs-leaving/

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Bill Bonner: The Housing Rebound Story Is a Fraud

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“We can think of many reasons for buying assets in emerging markets. But ‘a search for yield’ is not one of them. But that just goes to show you how grotesque the world has become.  Back at home, the feds brighten up the lives of people who live in tanning salons. Sales of houses to the top 1% of buyers on Long Island rose 72% in the first four months of this year. The bottom 99%, meanwhile, actually bought fewer houses.  The whole housing rebound story is a fraud… another distortion caused by the Fed… and another example of how the insiders transfer wealth from the outsiders to themselves. In Oakland, California, sales to the 1% rose 45 times faster than sales to the rest.”

http://www.bonnerandpartners.com/the-housing-rebound-story-is-a-fraud/

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Bill Bonner: Why I Sued Washington 28 Years Ago

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“When the Spanish conquered South America, their encomienda system of slavery typically required only 40 days of work from their victims. The French conquered Madagascar; they forced male Hovas between 16 and 60 to work 50 days a year.  The US example is closer to that of Russia – where Emperor Paul I, in 1797, declared that three days a week was enough for serfs to give their lords and masters. That works out to nearly 150 days a year.  A 50% tax rate – federal, state and local – is the equivalent of about 125 days of forced labor a year. Pretty steep. But that’s just the beginning. In our system of crony democracy, all the major industries have whips in their hands.”

http://www.bonnerandpartners.com/why-i-sued-washington-28-years-ago/

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Hightailing It Out of High-Tax States

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“States that were once economic powerhouses are hemorrhaging productive taxpayers. New York, which has the most burdensome corporate tax rate, and Illinois, where property taxes, public debt, the minimum wage, and workers’ compensation costs are all sky high, both lost population in the 2010 census.  Those losses cost New York two seats in the House of Representatives and cost Illinois one seat. Illinois ranked 48th out of the 50 states in the ALEC study. New York ranked dead last. California, with the highest state personal income tax rate, ranked 47th.”

http://www.caseyresearch.com/cdd/hightailing-it-out-of-high-tax-states

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Bill Bonner, To the Class of 2014: You’re “Screwed”

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“Government is merely a way one group of people – the insiders – take advantage of other people – the outsiders.  You can call it democracy or dictatorship; it hardly matters. It can be gentle and broadly tolerable… or brutal and widely detested. What makes it a government is it has a monopoly on the use of violence; ultimately, the insiders use it to get what they want. [..]  When everything is rigged, the riggers have the money and the power. Lobbyists, lawyers, accountants, administrators: Whether you want to take a business public… or just build a house… you come face to face with someone who can stop you, with paperwork, legal razzmatazz and nauseating administration.”

http://www.bonnerandpartners.com/to-the-class-of-2014-youre-screwed/

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1 in 4 Americans is saving nothing for retirement

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“one in four Americans, across all age groups, is not saving at all for rOtirement. A majority of respondents (55%) said they either are not participating in a workplace sponsored retirement plan like a 401(k) or they don’t know if they are in a plan.  In certain age groups, nearly half of respondents no longer believe it’s possible for a typical middle-income family to save for retirement.  Nations can kick problems like this down the road, coming up with stall tactics and delays that ensure trouble comes as far down the line as possible, pushing trouble out of the lifetime of many current adults even as they raise the danger level for future generations.  Individuals, however, need to rely on themselves.”

http://www.marketwatch.com/story/1-in-4-americans-is-saving-nothing-for-retirement-2014-05-23/print?guid=3CC208F4-E28C-11E3-87F3-00212803FAD6

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Congrats grads! That’ll be $29,400

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“The Class of 2012 graduated with an AVERAGE financial hangover of $29,400.  In more expensive parts of the country like the Northeast, four-year degree students owed even more – almost $34,000.  We’re not just talking about a handful of students, either. More than 7 in 10 graduates had at least some debt when they got their degrees.  The growth in debt is far outpacing the growth in income, too, rising at a rate of about 6 percent per year over the past half-decade. All told, student loan debt now totals around $1.1 TRILLION. That’s almost quadruple the level of a decade earlier. It’s now the single biggest category of consumer debt outside of home mortgages.”

http://www.moneyandmarkets.com/congrats-grads-thatll-be-29400-61470

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Bill Bonner: College is a con

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“Gradually, making things in the US became less and less profitable. So, if you wanted to earn a good salary you had to go somewhere else. Finance, administration, accounting, law, education, or health care. The good jobs in these industries required college. That’s why you’re here.  But wait, there’s more to the story. Unlimited credit also made it easier to support zombies and parasites. Government connived with industry to create quasi-monopolies, cartels, subsidies, guarantees and price supports. And the feds could add bureaucracy, controls, rules and regulations.  For example, the education industry added few teachers, but lots of ‘educators’ and policy coordinators.”

http://moneyweek.com/college-is-a-con/

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