Tag Archives: Middle Class Dismissed

Why the housing sector won’t save the broader economy

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“[The Princeton professors] point out that house-price growth during the last two years was actually a bit better than between 2004 and 2006. But cash-out refinancing volume is way down, as is the building of new units.  ‘Dreadful new home sales data yesterday heightened concerns that house-price growth will stall, but we are making a different point: the sensitivity of economic activity to rising house prices is much lower today than it was prior to the Great Recession,’ they say. ‘This is due to a number of factors, such as the rise in investor purchases and the fact that the households who would be most likely to spend out of housing wealth are no longer homeowners.'”

http://blogs.marketwatch.com/capitolreport/2014/04/24/house-of-debt-bloggers-say-housing-sector-wont-save-the-broader-economy/

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Retirement Myth Reveals the Possibility of Great Socioeconomic Change

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“So now we know: Even a million dollars isn’t enough to retire on. Sounds reasonable, given all the obstacles to retirement in the West and especially in the US. But there is a problem with this article that is much bigger than the retirement issues it explores. The problem is – and we can see from the article’s feedback – that the readership is a good deal more sophisticated than the article itself. As we’ve often pointed out, when people cease to believe in the narrative provided to them by their own elites, then inevitably society begins to change in fundamental ways. As we can see, this article glosses over the REASONS for increasing retirement problems.”

http://www.thedailybell.com/news-analysis/35245/Analysis-of-Retirement-Reveals-the-Possibility-of-Great-Socioeconomic-Change/

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Meet the Rugged Prospectors Still Panning for Gold in California

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“One surprising ripple effect of the Great Recession is the resurgence of independent gold prospecting. In California, evaporated savings, layoffs, and foreclosures sent some running to the hills. Sarina Finkelstein’s series The New Forty-Niners chronicles these modern prospectors with anachronistic images, some of which look like they could have been made 150 years ago.  Gold panning in the creeks of the Sierra Nevada mountains has been a mainstay since the Gold Rush of the mid-1800s, but for decades it tended to draw only hobbyists and small-scale speculators. Now, gamblers, romantics, and crusty entrepreneurs are joining the old-timers down by the river.”

http://www.wired.com/2014/04/sarina-finkelstein-new-forty-niners/

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Millennials Mired in Wealth Gap as Older Americans Recoup Wealth

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“The damage inflicted on U.S. households by the collapse of the housing market and recession wasn’t evenly distributed.  For households headed by someone 40 years old or younger, wealth adjusted for inflation remains 30 percent below 2007 levels on average.  Net worth for older Americans has already recouped the losses.  With fewer young people owning homes, not as many are benefiting from the rebound in home prices.  What’s more, heads of households under age 40 aren’t benefiting as much from a boom in equity prices, which have hit record highs this year. About 27 percent of 18 to 29 year olds owned stocks as of April 2013, compared to 61 percent of 50 to 64 year olds.”

http://www.bloomberg.com/news/2014-03-31/millenials-mired-in-worth-gap-as-elder-americans-recoup-wealth.html

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The Only Legal Way to Opt out of Obamacare

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“My monthly health insurance premium recently increased by 25%. And my agent predicts that at the end of 2014 my premium will double.  Another reason Obamacare policies cost more is that they must provide a mandated set of benefits. Obamacare calls policies that offer benefits like reconstructive breast surgery for men ‘minimum essential coverage.’  If you’re over 65, Medicare is considered minimum essential coverage. But I’m too young for Medicare – and so are most of my clients. It turns out that the only way that an American citizen or resident can opt out of minimal essential coverage is by leaving the US and becoming a bona fide resident of another country.”

http://www.nestmann.com/the-only-legal-way-to-opt-out-of-obamacare

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“Cruel and Unusual” Is the Only Way to Describe It

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“Consider the case of Mary Estelle Curran, a 79-year-old widow who faced six years in prison and over $20 million in fines. Curran inherited a number of offshore accounts worth around $40 million from her husband after he passed away and was allegedly unaware of how to properly file the required FBAR forms.  I don’t know how any decent human being could look at themselves in the mirror again after helping to put away an old widow—or anyone for that matter—for a make-believe ‘crime’ like not filing an FBAR. If throwing an elderly widow in a cage for six years for not properly filling out a government form is not cruel and unusual punishment, then the phrase has no meaning.”

http://www.internationalman.com/articles/cruel-and-unusual-is-the-only-way-to-describe-it

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‘Tax Freedom Day’ falls three days later this year for Americans

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“The day when the nation collectively has made enough money to pay its total tax burden for the year is three days later this year, according to a new report.  According to a report released Monday by the Tax Foundation, this year Tax Freedom Day falls 111 days into 2014, on April 21.  By April 21, the group says, Americans will have made enough to pay the $3 trillion in federal taxes and $1.5 trillion in state taxes — more than they will spend on food clothing and housing combined.  If federal borrowing is included, the group calculated that Tax Freedom Day would fall 15 days later on May 6.”

http://dailycaller.com/2014/04/07/tax-freedom-day-falls-three-days-later-this-year/

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€250,000 strapped to German pensioner’s genitals seized at border

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“An elderly man has been found apparently trying to smuggle nearly €250,000 strapped to his genitals.  He and his wife were stopped during a routine check on the border near Trier, Germany, which is close to the boundary with Luxembourg.  His wife also had €8,000 strapped in her clothing.  Customs officers based in Koblenz discovered four bundles of cash worth €50,000 each and another of €44,900 strapped to the man’s genitalia, according to The Local.  European laws state that anyone carrying more than €10,000 must declare the money and they now face a large fine.”

http://www.mirror.co.uk/news/weird-news/pensioner-strapped-250000-cash-genitals-3420457

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Locked Out: A Mississippi Success Story – Documentary

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“Melony Armstrong just wanted to earn an honest living. She didn’t realize she’d have to change the law to do that. After years of hurdling obstacles that were holding her back from providing for her family, Melony succeeded in breaking down the barriers to success. In the process, she became an inspiration to her community and changed hundreds of lives.  Locked Out is a modern day David vs. Goliath story. Watch Melony’s story and visit www.honestenterprise.tv for more information on the film and how you can take action to help the other ‘Melonys’ out there!”

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Venezuela issues ID cards to curtail food hoarding

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“Battling food shortages, the government is rolling out a new ID system that is either a grocery loyalty card with extra muscle or the most dramatic step yet toward rationing in Venezuela, depending on who is describing it.  Registration began Tuesday at more than 100 government-run supermarkets across the country.  Patrons will register with their fingerprints, and the new ID card will be linked to a computer system that monitors purchases. On Tuesday, Food Minister Felix Osorio said the process was off to a smooth start. He says the system will sound an alarm when it detects suspicious purchasing patterns, barring people from buying the same goods every day.”

http://bigstory.ap.org/article/venezuela-issues-id-cards-curtail-food-hoarding

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