Tag Archives: Middle Class Dismissed

Debt hits 200-year high; IMF warns of ‘savings tax’ and mass write-offs

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“Much of the Western world will require defaults, a savings tax and higher inflation to clear the way for recovery as debt levels reach a 200-year high, according to a new report by the International Monetary Fund.  The IMF working paper said debt burdens in developed nations have become extreme by any historical measure and will require a wave of haircuts, either negotiated 1930s-style write-offs or the standard mix of measures used by the IMF in its ‘toolkit’ for emerging market blow-ups.   Financial repression can take many forms, including capital controls, interest rate caps or the force-feeding of government debt to captive pension funds and insurance companies.”

http://www.telegraph.co.uk/finance/financialcrisis/10548104/IMF-paper-warns-of-savings-tax-and-mass-write-offs-as-Wests-debt-hits-200-year-high.html

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New U.S. Tax Regime is “Devastating,” Experts Say

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“International bureaucrats working fiendishly for planetary taxation are celebrating, along with some attorneys and accountants hoping to profit, but serious concerns about the pseudo-treaties are growing.  Seeking to avoid entanglements with the IRS and massive compliance costs — more than a few foreign banks have simply stopped doing business with American citizens and companies.  Some international businesses are also reportedly refusing to consider Americans in job applications due to increasingly complex IRS reporting requirements. Despite millions of taxpayer dollars squandered on the scheme, implementation of FATCA thus far has been an unmitigated disaster.”

http://www.thenewamerican.com/usnews/congress/item/17273-new-u-s-tax-regime-is-devastating-experts-say

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New Year Rings in Sales Tax for Amazon Shoppers in Three States

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“Attention Amazon.com shoppers in Indiana, Nevada and Tennessee: Starting Wednesday, you’ll have to pay sales tax on your purchases.  Amazon agreed to begin collecting sales tax in the three states in 2014, bringing to 19 the states in which it automatically adds tax to purchases. Those 19 states have a combined population of roughly 180 million, more than half of U.S. residents. The roster of states in which Amazon collects tax isn’t scheduled to grow again until 2016, when the retailer will tax purchases in South Carolina.  Even as Amazon fights sales taxes in some states, it is supporting a bill that would apply an online sales tax nationwide.”

http://blogs.wsj.com/digits/2014/01/01/new-year-rings-in-sales-tax-for-amazon-shoppers-in-three-states/

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Jobless Jokes

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“Reuters writers and editors want to lead with an upbeat jobs report but then a few grafs later they’re admitting ‘the holiday season has made recent claims data so volatile it has been difficult to interpret.’  Twenty years ago we didn’t get it. Ten years ago we started to smell it. Today we know without doubt these sorts of reports are mostly promotional mumbo jumbo.  These stats can be offered any way that the media and officials in charge want to spin them. And, of course, these days the bias is always upwards.  We’re supposed to believe everything is getting better after the 2008 downturn. Of course, what’s not mentioned is that the entire business cycle has been short-circuited.”

http://www.thedailybell.com/news-analysis/34867/Jobless-Jokes/

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Ron Paul: Government Policies Hurt Low-Wage Workers

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“Unskilled and inexperienced workers are the ones most often deprived of employment opportunities by increases in the minimum wage.  By increasing unemployment, government policies like minimum wage laws only worsen inequality. Those who are genuinely concerned about increasing the wellbeing of all Americans should support repeal of all laws, regulations and taxes that inhibit job creation and economic mobility. Congress should also end the most regressive of all taxes, the inflation tax, by ending the Federal Reserve.”

http://www.thedailybell.com/editorials/34871/Ron-Paul-Government-Policies-Hurt-Low-Wage-Workers/

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Wall Street adviser recommends guns, ammo for protection in collapse

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“A top financial advisor, worried that Obamacare, the NSA spying scandal and spiraling national debt is increasing the chances for a fiscal and social disaster, is recommending that Americans prepare a ‘bug-out bag’ that includes food, a gun and ammo to help them stay alive.  David John Marotta, a Wall Street expert and financial advisor and Forbes contributor, said in a note to investors, ‘Firearms are the last item on the list, but they are on the list. There are some terrible people in this world. And you are safer when your trusted neighbors have firearms.'”

http://washingtonexaminer.com/be-prepared-wall-street-advisor-recommends-guns-ammo-for-protection-in-collapse/article/2541205

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29 Incredible Facts Which Prove Poverty In America Is Exploding

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“The gap between the wealthy and the poor is at a level that America has never seen before, and this is beginning to create a ‘Robin Hood mentality’ that could cause a tremendous amount of social chaos in the years ahead.  Anger at the ‘haves’ in America continues to rise at a very alarming pace, and the ‘have nots’ are becoming increasingly desperate.  At some point all of this anger is going to boil over, and you won’t want to be anywhere around major population centers when that happens.  Despite unprecedented borrowing by the federal government in recent years, and despite unprecedented money printing by the Federal Reserve, poverty in the United States keeps getting worse.”

http://theeconomiccollapseblog.com/archives/29-incredible-facts-which-prove-that-poverty-in-america-is-absolutely-exploding

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New health law frustrates many in middle class

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“An analysis by The New York Times shows the cost of premiums for people who just miss qualifying for subsidies varies widely across the country and rises rapidly for people in their 50s and 60s. In some places, prices can quickly approach 20 percent of a person’s income.  Experts consider health insurance unaffordable once it exceeds 10 percent of annual income. By that measure, a 50-year-old making $50,000 a year, or just above the qualifying limit for assistance, would find the cheapest available plan to be unaffordable in more than 170 counties around the country, ranging from Anchorage to Jackson, Miss.”

http://www.cnbc.com/id/101291264

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Support for ObamaCare Falls to 35%.

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“As a symbolic gesture, President Obama has signed up for ObamaCare — a bronze plan. He signed up on the Washington, D.C. site. He did not try to sign up on the federal government’s problem-plagued healthcare site. The policy will cost $4,800 a year. It covers only him, not his family. In short, it’s a rotten policy. For $4,800 a year, he buys a policy with a $4,300 deductible.  If the White House thinks a policy like this is the fulfillment of a dream for low-income families, he is living in fantasy land.  Meanwhile, Senate Majority leader Harry Reid says that ObamaCare is going to be a blessing to Democrats running for re-election in November. He is sure of this.”

http://teapartyeconomist.com/2013/12/24/support-obamacare-falls-35/

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Santa Obama Gives Pay Raise to Federal Workers

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“Just in time for Christmas, President Obama signed an executive order on Monday giving a 1 percent pay raise for federal employees. The raise follows a four year hiatus from salary increases for federal workers, although most federal employees have apparently seen their pay increase via promotion or performance. The first increased paycheck will kick in on January 1. Obama’s decision to raise federal pay only widens the income inequality gap between federal workers and private sector employees; as of 2011, the average private sector employee made $59,804 in salary, and $28,000 in benefits, while the average federal workers made $74,436 in salary and $40,000 in benefits.”

http://www.breitbart.com/Big-Government/2013/12/25/Christmas-Obama-pay-raise

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