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Keyword: income

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  • The American Middle Class Hasn’t Gotten A Raise In 15 Years

    09/22/2014 8:29:16 PM PDT · by Theoria · 30 replies
    Five Thirty Eight ^ | 22 Sept 2014 | Ben Casselman
    In 1988, the typical American adult was 40 years old, white and married, with a high school diploma. If he was a man, he probably worked full time. If she was a woman, she probably didn’t.Twenty-five years later, Americans are older, more diverse and more educated. We are less likely to be married and more likely to live alone. Work is divided more evenly between the sexes. One thing that hasn’t changed? The income of the median U.S. household is still just under $52,000.The government’s release last week of income and poverty data for 2013 brought renewed attention to the...
  • The Food Gap Is Widening (Rich People Eating Better, Poor People Eating Worse)

    09/02/2014 2:08:58 PM PDT · by lbryce · 138 replies
    Atlantic ^ | September 2 ,2014 | James Hamblin
    Nutritional disparities between America’s rich and poor are growing, despite efforts to provide higher-quality food to people who most need it. So says a large study just released from the Harvard School of Public Health that examined eating habits of 29,124 Americans over the past decade. Diet quality has improved among people of high socioeconomic status but deteriorated among those at the other end of the spectrum. The gap between the two groups doubled between 2000 and 2010. That will be costly for everyone. The primary conclusion of the study is interesting, though, in that its focus is diet quality...
  • Gov’t Spending Per Household Exceeded Median Household Income (and worker income) 3 Straight Years

    08/18/2014 6:12:35 AM PDT · by xzins · 22 replies
    CNS ^ | August 14, 2014 | Terence P. Jeffrey
    (CNSNews.com) - Combined federal, state and local government spending per household exceeded the median household income in 2009, 2010 and 2011, the three most-recent years for which full data is available, according to calculations made using numbers from the White House Office of Management and Budget and an historical online database of state and local finances recently established by the Census Bureau. In 2011, in current year dollars, total government spending in the United States was $6,115,429,668,000. That included $2,516,666,590,000 in net state and local government spending and $3,598,763,078,000 in net federal government spending. That year there were 121,084,000 households...
  • Obama Recovery Turns 5: Are You Better Off?

    07/22/2014 6:27:35 AM PDT · by IBD editorial writer · 67 replies
    Investor's Business Daily ^ | 07/22/2014 | John Merline
    In a speech last week in Delaware, President Obama was positively bursting with pride about what his policies have produced since the economic recovery started five years ago. What Obama didn´t say in his speech is that [snip] many Americans are doing a whole lot worse than they were when Obama's economic recovery began five years ago.
  • What's the Price of Happiness in Your State? (With Chart)

    07/21/2014 12:18:55 PM PDT · by 2ndDivisionVet · 9 replies
    The Philadelphia Inquirer ^ | July 21, 2014 | Eric Reed
    The price of happiness depends a lot on where you live, according to a new report by the investment group Advisor Perspectives. The analysis is based on the now-famous work by Princeton researchers Daniel Kahneman and Angus Deaton, who found that higher incomes only make people happier to a point. Up to about $75,000 per year, the more a household earns, the happier people are. After that benchmark, however, additional income "buys life satisfaction but not happiness." The team separated these two issues by distinguishing fun from happiness. More money still leads people to have more life experiences and greater...
  • Income Inequality Is Not Rising Globally. It's Falling.

    07/21/2014 10:01:46 AM PDT · by SeekAndFind · 9 replies
    New York Times ^ | 07/21/2014 | Tyler Cowen
    Income inequality has surged as a political and economic issue, but the numbers don’t show that inequality is rising from a global perspective. Yes, the problem has become more acute within most individual nations, yet income inequality for the world as a whole has been falling for most of the last 20 years. It’s a fact that hasn’t been noted often enough. The finding comes from a recent investigation by Christoph Lakner, a consultant at the World Bank, and Branko Milanovic, senior scholar at the Luxembourg Income Study Center. And while such a framing may sound startling at first, it...
  • More Employment Woes Thanks To Obamacare

    07/10/2014 10:52:46 AM PDT · by george76 · 9 replies
    WMBF.. TruthRevolt ^ | 7.10.2014 | | | Caleb Howe
    WMBF in Myrtle Beach, SC, reported Wednesday on the growing trend of businesses hiring only part-time workers, due to an inability to afford Obamacare. This situation leaves workers without healthcare and without a full-time income or other benefits. Local staffing agencies say more small business are starting to hire more part time employees. Not because there is more full time work, but as WMBF reporter Mandy Noell found out, it's because they can't afford to have more full time employees. Obamacare places requirements for health care benefits that many small businesses just cannot afford to pay. As a result, they...
  • Popular Nonsense

    06/04/2014 4:06:02 AM PDT · by Kaslin · 16 replies
    Townhall.com ^ | June 4, 2014 | John Stossel
    "Young people are exploited!" "Income mobility is down!" "Poor people are locked into poverty!" Those are samples of popular nonsense peddled today. Leftist economist Thomas Piketty's book "Capital in the Twenty-First Century" has been No. 1 on best-seller lists for weeks (with 400 pages of statistics, I assume "Capital" is bought more often than it is read). Piketty argues that investments grow faster than wages and so the rich get richer far faster than everyone else. He says we should impose a wealth tax and 80 percent taxes on rich people's incomes. But Piketty's numbers mislead. It's true that...
  • NYC Announces Plan to Equalize Neighborhoods

    05/27/2014 10:17:58 AM PDT · by John Semmens · 13 replies
    Semi-News/Semi-Satire ^ | 23 May 2014 | John Semmens
    Concerned that the City is an inhomogeneous hodgepodge with pockets of great wealth in some neighborhoods and squalor in others, newly appointed Housing Preservation and Development Commissar Vicki Been announced a plan to move 80,000 to 120,000 poorer families into middle class neighborhoods. “This way instead of having blight and filth in every direction they might look poorer families will be within easy walking distance of a better kept neighborhood,” Been boasted. “The crimes that plague poorer sections of our City would be more evenly dispersed throughout the whole City. Victims will come from a more broadly representative subset of...
  • Exclusive: Like New Jersey, most states felt drop in April income taxes

    05/23/2014 7:07:18 AM PDT · by Oldeconomybuyer · 17 replies
    Reuters ^ | May 23, 2014 | BY LISA LAMBERT AND KAREN PIEROG
    ... Personal income tax collections plunged last month from a year earlier in 27 of 32 states for which Reuters was able to collect data. That's most of the 43 states that levy income taxes, and drops were as high as 50 percent. While many states predicted tough times this year, a handful including New Jersey and Pennsylvania is set to face hard decisions on either cutting spending or raising taxes. By the end of last year, 26 states had still not seen overall tax revenue return to pre-recession levels, according to recent data from Pew Charitable Trusts.
  • U.S. Rep. Jim Bridenstine is either a liar or pathetically ignorant on tax reform!

    05/10/2014 2:53:46 PM PDT · by JOHN W K · 16 replies
    5/10/14 | johnwk
    SEE: Bridenstine: Repeal the 16th Amendment ”U.S. Rep. Jim Bridenstine, R-Okla., has introduced a bill in the U.S. House of Representatives to repeal the 16th Amendment of the U.S. Constitution which allows the federal government to levy the income tax.” Wrong Mr. Bridenstien! The 16th Amendment does not allow the federal government to levy an “income tax”. In fact, the phrase “income tax” does not even appear in the 16th Amendment, and the power to levy an income tax was exercised long before the 16th Amendment was adopted! The first so called “income tax” is found in An Act to...
  • Which US Cities Have The Highest Income Inequality?

    05/10/2014 10:56:57 AM PDT · by SeekAndFind · 15 replies
    Zero Hedge ^ | 05/10/2014 | Tyler Durden
    Atlanta, Georgia suffers the greate income inequality of any city in the US - closely followed by New Orleans. According to Bloomberg, which ranked 300 U.S. cities with populations of at least 100,000 based on their level of income inequality and identified the 50 with the greatest inequality. What is stunning is that while top-down many are focused on the widening gap overall, in these 2 cities alone, over one-quarter are in poverty (earn less than $4,020), while 60% are in the nation's top quintile for household income. Interestingly, the median income does not correlate well with the inequality.Income...
  • Raise Taxes to Fix the Wealth Gap, Millionaires Say

    05/06/2014 10:08:55 AM PDT · by SeekAndFind · 33 replies
    NBC News ^ | 05/06/2014 | Robert Frank
    In the heated debate over inequality, the wealthy are usually portrayed as the cause rather than the solution. But CNBC's first-ever Millionaire Survey reveals that 51 percent of American millionaires believe inequality is a "major problem" for the U.S., and nearly two-thirds support higher taxes on the wealthy and a higher minimum wage as ways to narrow the wealth gap. The findings show that—far from being a purely self-interested voting bloc—American millionaires have complicated views when it comes to the wealth gap and opportunity in America. They are unashamed of their own wealth and attribute their success to hard work,...
  • Stop Whining About The 1%; Instead Work Like The Rich

    04/26/2014 10:45:41 AM PDT · by Innovative · 34 replies
    Investor's Business Daily ^ | April 25, 2014 | IBD Editorial
    Avarice: Many people, it seems, can't get over how well investors are doing these days — as if they shouldn't be able to do OK if others aren't. Instead of taking offense, maybe the others ought to be taking notes. Let's see if we have this right: Some people work to exhaustion, earning money for their security and that of their families. And instead of spending it on stuff they don't need, they set it aside. The latest idea — coming from a French economist — is that eight of every 10 of their dollars should be taken away and...
  • Wage Discrimination

    04/23/2014 4:57:58 AM PDT · by Kaslin · 7 replies
    Townhall.com ^ | April 23, 2014 | Walter E. Williams
    "President Obama Vows Zero Tolerance on Gender Wage Gap," read one headline. Another read, "Women Still Earned 77 Cents On Men's Dollar In 2012." It's presumed that big, greedy corporations are responsible for what is seen as wage injustice. Before discussing the "unjust" wage differences between men and women, let's acknowledge an even greater injustice -- which no one seems to care about -- age injustice. According to the Bureau of Labor Statistics, workers ages 16 to 24 earn only 54 cents on every dollar earned by workers 25 or older (http://tinyurl.com/n6puf6j). This wage gap is 43 percent greater than...
  • Minnesota's wealthy caught in a tight tax net over residency

    04/19/2014 9:19:32 AM PDT · by TurboZamboni · 44 replies
    MPLS Star & Sickle ^ | 4-16-14 | ADAM BELZ
    It’s getting tougher for Minnesotans to avoid the state’s taxes by spending part of the year somewhere else. Snowbirds and high earners are discovering that they must do more than buy a condo in the Sun Belt and register a vehicle there, after a court decision last year reinforced the state’s ability to use any of more than two dozen criteria to determine who is a Minnesota resident. “People refer to it as Hotel Minnesota,” said Matt Shea, a lawyer at Gray Plant Mooty. “You can come any time you like, but you can never leave.” To determine tax residency,...
  • Why Are The Poor, Poor?

    04/19/2014 4:08:38 AM PDT · by Kaslin · 69 replies
    Townhall.com ^ | April 19, 2014 | John C. Goodman
    Have you ever wondered why poor people are poor? It's not as though there aren't plenty of role models around. Millions of people live highly successful, productive lives in this country. So why don't people at the bottom of the income ladder copy the behavior of those several rungs above them and better their lot in life? As I wrote previously, the federal government's own pilot programs established conclusively from the very early days of the War on Poverty that the welfare state encourages people not to be married, not to work and not to invest in human capital. This...
  • Income Inequality for Thee, But Not for Me: The Hypocrisy of Nobel Prize Winner, Paul Krugman

    04/17/2014 7:06:29 AM PDT · by SeekAndFind · 5 replies
    American Thinker ^ | 04/17/2014 | Brian C Joondeph, MD
    Paul Krugman is a distinguished economist, Professor of Economics and International Affairs at Princeton University, a NY Times columnist, and a Nobel Laureate. As a frequent commentator on cable news shows, he speaks passionately about income inequality and politics. From his book, The Conscience of a Liberal, he notes that, “Impersonal forces such as technological change and globalization caused America’s income distribution to become increasingly unequal, with an elite minority pulling away from the rest of the population.”How ironic that Dr. Krugman will provide a first hand as a member of this “elite minority” benefiting from income inequality. The City...
  • Income Inequality: Biblical and Earthly Perspectives

    04/15/2014 10:56:11 AM PDT · by Starman417 · 5 replies
    Flopping Aces ^ | 04-14-14 | Warren Beatty
    Elizabeth Warren (D-MA) views income inequality as a moral issue that governments should address. Warren also says that a minimum wage increase is needed to stop income inequality. She equated the minimum wage to income inequality. Warren said that concentrated wealth as the result of a rigged system that funnels the gains from workers' productivity to their bosses, who suppress minimum wages. Isabel Sawhill, co-director of the Center on Children and Families at the Brookings Institution, about a minimum wage increase: "It will reduce inequality." Dear Leader Barack Hussein Obama loves the idea of income inequality. Obama says "I...
  • ALERT: H.J.RES.104 will not end taxes calculated from incomes!

    04/15/2014 10:49:15 AM PDT · by JOHN W K · 25 replies
    4-15-14 | johnwk
     I am very disappointed to learn that some Tea Party Activists are now promoting Representative Jim Bridenstine’s H.J.RES. 104 as a way to “repeal the 16th Amendment and abolish the income tax”.  Additionally, donations are being asked to support this movement.  The problem is, if H.J.RES. 104 was adopted and its proposed wording added to our Constitution, the 16th Amendment would indeed be repealed, but Congress would continue to have power to lay and collect taxes calculated from profits, gains, and other “incomes”. The important wording in Representative Jim Bridenstine’s proposed amendment declares:`Effective 2 years after the ratification of this article...
  • Tax Freedom Day’ falls three days later this year

    04/07/2014 8:41:24 PM PDT · by Errant · 6 replies
    The Daily Caller ^ | 7 April 2014 | Caroline May
    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, to 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. Tax Freedom Day is later than it was last year,...
  • 19 Signs That The U.S. Consumer Is Tapped Out: Years of declining incomes and rising debts

    03/15/2014 11:53:43 AM PDT · by SeekAndFind · 33 replies
    TEC ^ | 03/15/2014 | Michael Snyder
    You can't get blood out of a rock. Traditionally the United States has had a consumer-driven economy, but now years of declining incomes and rising debts are really starting to catch up with us. In order to have an economy that is dependent on consumer spending, you need to have a large middle class. Unfortunately, the U.S. middle class is steadily shrinking, and unless that trend is reversed we are going to see massive economic changes in this country. For example, in poor neighborhoods all over America we are seeing bank branches, car dealerships and retail stores close down at...
  • Reforming Federal Corporate Tax and Individual Income Tax: A Step in the Right Direction

    02/26/2014 1:38:30 PM PST · by ThethoughtsofGreg · 9 replies
    ALEC ^ | 2-26-14 | Will Freeland
    Earlier today U.S. Representative Dave Camp, Chairman of the House Ways and Means Committee, released a bill designed to fundamentally reform both the federal corporate and individual income tax (press conference video here and executive summary here). America is far overdue for such reform. As Camp points out in the Wall Street Journal: “According to Nina Olsen, the National Taxpayer Advocate at the IRS, Americans overall spend over six billion hours and $168 billion every year to file their returns. This is stark testimony to the complexity of the tax code. Meanwhile, owners of small businesses face tax rates as...
  • G.O.P. Tax Plan Seeks Lower Rates and Fewer Brackets, Aides Say

    02/25/2014 2:51:02 PM PST · by Theoria · 23 replies
    The New York Times ^ | 25 Feb 2014 | ASHLEY PARKER
    The Republican plan to overhaul and simplify the nation’s tax code is expected to call for a cut in the top corporate income rate to 25 percent from 35 percent, and a reduction of the seven individual tax brackets to two — at 10 percent and 25 percent — according to aides familiar with the proposal. The proposal, which is set to be released Wednesday after nearly three years of behind-the-scenes work, is the brainchild of Representative Dave Camp of Michigan, the chairman of the Ways and Means Committee, and it reflects the long-held tax overhaul goals of the Republican-passed...
  • Here's How Much You Have To Make To Buy A House In 25 Major Cities

    02/20/2014 8:52:58 AM PST · by SeekAndFind · 34 replies
    Business Insider ^ | 02/20/2014 | ANDY KIERSZ
    Online mortgage company HSH.com recently estimated the salaries needed to afford a house in 25 metropolitan areas across the United States. Because, the cost of real estate varies across cities and regions — you need to be making about four times as much money in San Diego as in Cincinnati to afford a house. The map illustrates these differences. The wider the circle over a city, the more you need to make to afford a house there: CLICK ABOVE LINK FOR THE MAP AND TABLE
  • Here's How Much Money You Must Earn To Buy A Home In 25 Big US Cities

    02/18/2014 4:38:42 PM PST · by SeekAndFind · 34 replies
    Business Insider ^ | 02/18/2014 | MEGAN WILLETT
    The cost of living in America varies wildly. In Cleveland, people need a base salary of at least $19,435 a year to afford the average home, while San Franciscans must make upward of $115,000 annually.HSH.com, an online mortgage and consumer loan information website, figured out how much a person would have to earn to afford a home in 25 of the country's largest metropolitan areas.To do so, HSH looked at the National Association of Realtors’ fourth-quarter data for median home prices and HSH.com’s fourth-quarter average interest rate for 30-year, fixed-rate mortgages to determine how much money homebuyers would need to...
  • President Obama Doesn’t Know How to Create Jobs, and a Minimum Wage Increase Won’t Help

    02/18/2014 2:21:51 PM PST · by ThethoughtsofGreg · 9 replies
    American Legislator ^ | 2-15-14 | Cara Sullivan
    President Obama’s big government philosophy has created an economic environment hostile to job growth and economic prosperity. He says he is committed to “shovel ready jobs,” yet onerous regulations from his agencies delay projects from moving forward and shackle businesses with costs that prevent them from expanding. His signature legislation—The Affordable Care Act—has led some employers to slash hours and freeze hiring, and may lead employees to voluntarily reduce their own hours or leave the workforce altogether. Now it appears that the President is doubling down. His newest plan to help Americans is to raise the minimum wage, a proposal...
  • How Giving $1,000 to Every Baby in America Could Reduce Income Inequality

    02/13/2014 6:59:44 PM PST · by SeekAndFind · 46 replies
    National Journal ^ | February 12, 2014 | Norm Ornstein
    Like it or not, the sharp inequality in the country is a fundamental issue. The gap between the richest and the rest of us is greater than it has been since 1929—a notable year. The gap between the pay of CEOs and top executives and the average pay of their companies' workers has grown into a yawning chasm compared with the ratio just a couple of decades ago. One can believe, along with deluded oligarchs such as Tom Perkins, that any criticism of the rich is like Kristallnacht—or, more reasonably, that without the drivers of wealth, the entire society would...
  • Minimum Wages: Few Benefits, Many Consequences

    02/10/2014 2:25:41 PM PST · by ThethoughtsofGreg · 4 replies
    American Legislator ^ | 2-10-14 | Will Freeland
    President Obama’s recent State of the Union address was the culmination of months of advocacy from Democrats and activists for a higher minimum wage. The President proposed a raise to the minimum wage for federal contractors by executive order to $10.10 per hour and called on Congress to raise the national minimum wage for all workers to the same mark, along with indexing it to inflation. A raise of the national minimum wage was framed as giving low income workers the “living wage” they deserve and fighting perceived growth in income inequality in America. Though the President’s proposal is well...
  • Senator Cruz: keep income tax, lower top rates

    02/10/2014 3:36:57 AM PST · by JOHN W K · 28 replies
    2/10/14 | johnwk
    SEE: TheBlaze, Feb. 4, 2014 ‘A Pattern of Lawlessness’: Ted Cruz Outlines Why Even Democrats Should Be Concerned About Obama Administration’s Actions "Texas Sen. Ted Cruz (R) said there is a “pattern of lawlessness” underway by the Obama administration that is truly “breathtaking,” and it should not only concern Republicans. “Suppose the next president says, ‘I’m instructing the Treasury Department [to] no longer collect taxes at a higher rate than 25%,” Cruz remarked on Glenn Beck’s radio program Tuesday. “That happens to be policy I agree with. I would love to see moving towards tax reform and lowering the top...
  • MORE GOOD NEWS!… CBO Director Says O-Care Will Reduce Workers’ Wages (Video)

    02/05/2014 3:04:04 PM PST · by 2ndDivisionVet · 13 replies
    Gateway Pundit ^ | February 5, 2014 | Jim Hoft
    What a wonderful law. Thank you, Democrats. Thank you, Barack Obama. Not only will Obamacare kill off over 2.3 million jobs but it will reduce wages, too! Congressional Budget Office (CBO) Director Douglas Elmendorf told a Congressional committee today that Obamacare will reduce workers wages. “We expect as other analysts believe that over time costs that employers bare for their employees end up being borne by the employee in the form of lower wages.” Terrific. (VIDEO-AT-LINK) It’s not as if Americans weren’t already suffering. Since Obama entered the White House US households have lost $4,019 in real income, a little...
  • The Poor Aren't Poor Because the Rich Are Rich

    02/03/2014 5:12:40 AM PST · by SeekAndFind · 42 replies
    RCM ^ | 02/03/2014 | Robert Samuelson
    Unless you are exceptionally coldblooded, it's hard not to be disturbed by today's huge economic inequality. The gap between the rich and the poor is enormous, wider than most Americans would (almost certainly) wish. But this incontestable reality has made economic inequality a misleading intellectual fad, blamed for many of our problems. Actually, the reverse is true: Economic inequality is usually a consequence of our problems and not a cause. For starters, the poor are not poor because the rich are rich. The two conditions are generally unrelated. Mostly, the rich got rich by running profitable small businesses (car dealerships,...
  • New ethics complaint against Wendy Davis, hid income and ties to lobbyists

    01/31/2014 4:15:47 PM PST · by Libloather · 23 replies
    Examiner ^ | 1/31/14
    Democrat nominee for the Governor's Mansion in the Lone Star State is finding herself at the receiving end of a new ethics violation complaint filed with the Texas government, as reported by Fox News on Jan. 30, 2014 via Watchdog.org on Jan. 29, 2014 State Senator and darling of the left since her recent pro-abortion filibuster in the Texas State Legislature, Wendy Davis has just been figuratively slapped with accusations that she failed to disclose income as well as ties to lobbyists as required by state law for those seeking elected office. The editor of the citizens rights/journalism activists group...
  • Debunking the top three myths about income inequality

    01/30/2014 7:21:03 AM PST · by SeekAndFind · 24 replies
    CNBC ^ | Published: Tuesday, 28 Jan 2014 | 12:11 PM ET | By: Robert Frank
    In his State of the Union Address on Tuesday night, President Barack Obama is expected to take sharp aim at wealth inequality. He'll propose a hike in the minimum wage, extended unemployment benefits, and more funding for education and skills improvement. He is also likely to contribute to several persistent myths about the increasing gap between the rich and everyone else. There is no question that income inequality in America is high compared with other countries as well as with the three decades in the U.S. after World War II. And a consensus is growing among business leaders, politicians and...
  • The Pivotal Role of Marriage in Income Inequality

    01/20/2014 1:02:17 PM PST · by xzins · 56 replies
    ChristianHeadlines ^ | January 17, 2014 | Stan Guthrie
    A Leftist is someone who advocates marriage for homosexuals but opposes it for heterosexuals. Recently, Ari Fleischer, a press spokesman for George W. Bush, responded to the current administration’s newfound desire to fight the plague of “income inequality”—which has spread more under Barack Obama than under any other recent president—by stating the obvious: that marriage is good economic medicine. “`Marriage inequality’ should be at the center of any discussion of why some Americans prosper and others don’t,” Fleischer said. “According to Census Bureau information analyzed by the Beverly LaHaye Institute, among families headed by two married parents in 2012, just...
  • 'How can we redistribute if there's no wealth?'

    01/16/2014 6:56:08 AM PST · by SeekAndFind · 19 replies
    American Thinker ^ | 01/16/2014 | Ethel C. Fenig
    Maybe France's President François Hollande's publicly revealed, private personal indiscretions (ok, maybe in France they're not considered indiscretions but standard operating domestic procedures) also prompted him to publicly question the standard operating procedures of France's socialist economy.  With French unemployment officially at over 10.5%, unofficially probably higher, Hollande put on his clothes, slunk out of his latest female friend's apartment and stood before the national enquiring minds of not only the French press but the international media as well, plaintively asking: "How can we run a country if entrepreneurs don't hire?" he said. "And how can we redistribute if there's...
  • Davos Forum Warns Over Global Income Inequality [These People are worth MILLION$]

    01/16/2014 5:03:50 AM PST · by SoFloFreeper · 6 replies
    ABC ^ | 1/16/14
    The World Economic Forum says the gap between the rich and the poor is the most likely risk to the global economy in coming years. In its annual risk assessment ahead of next week's gathering of political and business leaders in Davos, Switzerland, the World Economic Forum says income disparity in the wake of the global financial crisis is the "most likely risk to cause an impact on a global scale in the next decade." It warns of a "lost generation" of young people coming of age in the current decade that could hamper the global economic recovery and stoke...
  • Why Economic Growth Is Exponentially More Important Than Income Inequality

    01/15/2014 9:51:20 AM PST · by SeekAndFind · 9 replies
    Forbes ^ | 01/15/2014 | Peter Ferrara
    In 1900, we had no airplanes, no computers, no cellphones, no internet. We had only rudimentary versions of cars, trucks, telephones, even cameras.But in the last century, 1900 to 2000, as Stephen Moore and Julian L. Simon report in their underappreciated work, It’s Getting Better All the Time: 100 Greatest Trends of the Last 100 Years, real per capita GDP in the U.S. grew by nearly 7 times, meaning the American standard of living grew by that much as well. The authors explain,“It is hard for us to imagine, for example, that in 1900 less than one in five homes...
  • More questions for redistributionists

    01/08/2014 6:00:54 AM PST · by Cincinatus' Wife · 19 replies
    Pittsburgh Tribune-Review ^ | January 7, 2014 | Donald J. Boudrequx
    President Obama considers income inequality a “defining challenge of our time.” Continuing from my previous column ( “Questions for redistribution's proponents” ), I have some additional questions for Mr. Obama and others who want government to redistribute more income from “the rich” to “the poor.” • When you describe growing income inequality in the United States, you typically look only at the incomes of the rich before they pay taxes and at the incomes of the poor before they receive noncash transfers from government such as food stamps, Medicare and Medicaid. You also ignore noncash transfers that the poor receive...
  • Washington & Wall Street: Income Inequality and Financial Repression

    01/06/2014 9:28:06 AM PST · by george76 · 5 replies
    Breitbart ^ | 4 Jan 2014 | Christopher Whalen
    You don't get something for nothing, You can't have freedom for free, You won't get wise, With the sleep still in your eyes, No matter what your dreams might be, “Something for Nothing” ... The biggest obstacle to economic recovery is ignorance, among the public and in Congress. Even reasonable proposals like those advanced by DeLong are basically frozen out by the strange logic that currently holds sway inside the White House and within the FOMC. In both cases, the idea of real debt restructuring and economic revival is shunned in favor of policy stasis and financial repression. The current...
  • About Those Income Inequality Statistics. An answer to Paul Krugman.

    01/04/2014 7:06:28 AM PST · by TurboZamboni · 2 replies
    WSJ ^ | 1-3-14 | Bret Stephens
    Let me do something New York Times NYT -0.13% New York Times Co. Cl A U.S.: NYSE $15.60 -0.02 -0.13% Jan. 3, 2014 4:04 pm Volume (Delayed 15m) : 1.23M AFTER HOURS $15.60 0.00 0.00% Jan. 3, 2014 4:21 pm Volume (Delayed 15m): 1,136 P/E Ratio 5662.71 Market Cap $2.34 Billion Dividend Yield 1.03% Rev. per Employee $352,201 12/19/13 New York Times to Introduce 'P... 12/13/13 What Your CEO Is Reading: Goog... 12/06/13 U.S. Media Firms Stymied in Ch... More quote details and news » NYT in Your Value Your Change Short position columnist Paul Krugman isn't exactly famous for...
  • Wisconsin’s Walker thinking about ending income tax

    12/18/2013 4:48:17 PM PST · by Libloather · 31 replies
    Washington Post ^ | 12/18/13 | Reid Wilson
    Wisconsin Gov. Scott Walker (R) said earlier this week that his administration will consider ending the personal income tax as part of a major review of the state’s tax structure. In comments first reported by WisPolitics.com, Walker told reporters at a stop in Pembine that some states without personal income taxes are in better economic shape and are better equipped to compete for jobs. “There are many states that do very well, better than most states in the country, that have no income taxes,” Walker said, according to WisPolitics. “That’s one thing for us to look at. Is that feasible?...
  • Our so-called economic recovery is just another Obama lie: Here’s why

    12/12/2013 9:00:20 AM PST · by Oldpuppymax · 1 replies
    Coach is Right ^ | 12/12/13 | Kevin "Coach" Collins
    Last week we got our monthly insult from the Bureau of Labor Statistics telling us unemployment is down to 7.0%. The truth behind the BLS’s fake number is that when Americans are so sick and tired of trying to find work and give up in despair, using Soviet style logic, the government declares them nonpersons and refuses to count them as unemployed. If there was a touch of honesty in these announcements the true unemployment rate would be 11.5%. The percentage of Americans who are working is startlingly low at just 58.6%. During the contrived “Bush recession” the rate was...
  • CBO: The rich pay OVER 100 percent of taxes [income taxes]

    12/12/2013 1:51:06 AM PST · by markomalley · 13 replies
    The Daily Caller ^ | 12/11/2013 | Breanna Deutsch
    The rich are paying even more in taxes than you think.According to a Congressional Budget Office report this week, America’s top 40 percent of earners pay 106 percent of the taxes and the bottom 40 percent pay negative 9 percent, reports CNBC.How can one group pay more than 100 percent and another group pay less than zero? The formula that the CBO uses offsets taxes that are paid with refundable tax credits. These include money the government transfers back to the taxpayer for food stamps and social programs.Some low-income Americans received very generous subsidies. The report shows that Americans who...
  • How Much Wealth Redistribution Is Enough?

    12/11/2013 7:37:36 AM PST · by SeekAndFind · 12 replies
    IBD ^ | 12/11/2013
    Income Gap: As President Obama laments America's growing income inequality, a new government report shows the futility of his calls for ever-more wealth redistribution. To deflect attention from ObamaCare's failures, the president this month trotted out his income inequality chestnut. "A dangerous and growing inequality," he intoned, "has jeopardized middle-class America's basic bargain." He argued, "as a trickle-down ideology became more prominent, taxes were slashed for the wealthiest, while investments in things that make us all richer, like schools and infrastructure, were allowed to wither." Apparently, nobody bothered to brief the president before he delivered this speech. Fact is, federal...
  • Top 40% Paid 106.2% of Income Taxes; Bottom 40% Paid -9.1%, Got Average of $18,950 in 'Transfers'

    12/10/2013 6:11:39 AM PST · by Cincinatus' Wife · 18 replies
    CNS ^ | December 9, 2013 | Terence P. Jeffrey
    (CNSNews.com) - The top 40 percent of households by before-tax income actually paid 106.2 percent of the nation’s net income taxes in 2010, according to a new study by the Congressional Budget Office.At the same time, households in the bottom 40 percent took in an average of $18,950 in what the CBO called “government transfers” in 2010.Taxpayers in the top 40percent of households were able to pay more than 100 percent of net federal income taxes in 2010 because Americans in the bottom 40 percent actually paid negative income taxes, according to the CBO study entitled, “The Distribution of Household...
  • Rising riches: 1 in 5 in US reaches affluence

    12/09/2013 11:08:41 PM PST · by 2ndDivisionVet · 15 replies
    The Associated Press ^ | December 9, 2013 | Hope Yen
    Fully 20 percent of U.S. adults become rich for parts of their lives, wielding extensive influence over America's economy and politics, according to new survey data. These "new rich," made up largely of older professionals, working married couples and more educated singles, are becoming politically influential, and economists say their capacity to spend is key to the U.S. economic recovery. But their rise is also a sign of the nation's continuing economic polarization. They extend well beyond the wealthiest 1 percent, a traditional group of super-rich millionaires and billionaires with long-held family assets. The new rich have household income of...
  • Oh We Got Trouble, Right Here In Bubble City: Real Income Fallinbg While House Prices Rise

    12/09/2013 11:31:31 AM PST · by whitedog57 · 2 replies
    Confounded Interest ^ | 12/09/2013 | Anthony B. Sanders
    There are cheers from the media about the latest jobs report. While some speculated that it was so good that The Fed would begin tapering their assets purchases, few noticed that the 10 year Treasury yield actually fell on the jobs report. But let’s look at the longer term picture. House prices are rising rapidly despite declining real median household income. Problem 1: Labor’s share of nonfarm business have been falling for decades, but it’s decline has been accelerating since 2000. laborsharelt No problem, many economists say. The U.S. has been moving towards a service economy for decades. But, …...
  • Coastal Fats: Millionaires Defaulting On Mortgages In Record Numbers While Others Struggle

    12/08/2013 7:51:35 AM PST · by whitedog57 · 14 replies
    Confounded Interest ^ | 12/08/2013 | Anthony B. Sanders
    While foreclosure activity as a whole has been declining in the U.S., there are still some unnerving aspects to the housing and mortgage recovery. So, it’s time for “The Good, The Bad and The Ugly.” The good. According to RealtyTac, overall U.S. foreclosure activity is down 23 percent year-to-date through October 2013. The bad. Foreclosure activity on properties in the $5 million-plus value range is up 61 percent from the same time period in 2012. And most of it is concentrated in Florida and Los Angeles. I designate Atlanta as an honorary coastal city since Georgia does have properties on...
  • Obama to address income inequality

    12/03/2013 8:48:14 PM PST · by Nachum · 77 replies
    The Hill ^ | 12/3/13 | Justin Sink
    President Obama will cast growing income inequality and a decline in economic mobility as a “fundamental threat to the American dream” during a speech Wednesday in Washington. The speech will serve as an early preview for next year’s State of the Union address, according to a White House official, who said Obama would focus much of his energy over the next three years on the issue. “The decisions we make over the next few years will determine whether or not our children will grow up in an America where, if you work hard, you can get ahead,” the official said.