Keyword: incomes

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  • Berkeley Economist Stumbles on Pretend Economy in U. S.

    07/11/2016 7:53:35 AM PDT · by Academiadotorg · 26 replies
    Accuracy in Academia ^ | July 11, 2016 | Malcolm A. Kline
    Berkeley economist has stumbled on a trend an increasing number of Americans experience annually: We’ve had a pretend economy in the United States for at least 16 years. "Bottom 99% incomes grew by 3.9% from 2014 to 2015, the best annual growth rate since 1999," Emmanuel Saez wrote in a paper on June 30, 2016. A trio of researchers from the International Monetary Fund was much less oblique in a paper that they wrote last month on "the rise of income polarization — what some have referred to as the 'hollowing out' of the income distribution — in the United...
  • Personal Incomes Jump As Factories Tread Water

    12/24/2015 4:28:04 AM PST · by expat_panama · 15 replies
    Investors Business Daily ^ | 12/23/2015 | CIARAN MCEVOY
    New-Home Sales Rise, Miss Strong wage gains give consumers the means to step up their spending The year's big economic trends continued Wednesday in one of 2015's last big batches of data releases: Consumer spending is solid, housing activity is rising but not accelerating, and manufacturing is treading water. The Commerce Department says that personal spending rose 0.3% in November, giving a solid start to the holiday shopping season. It followed a surprising flat reading in October. Solid purchases of big-ticket items such as cars and appliances led the way. Shoppers had the means to step up. Personal income grew...
  • Middle Class Incomes Yet To Recover From Crisis As Wealth Gap Widens

    06/18/2015 7:08:08 PM PDT · by Nachum · 36 replies
    zero hedge ^ | 6/18/15 | Tyler Durden
    “First, widening inequality is a very long-term trend, one that has been decades in the making. The degree of inequality we see today is primarily the result of deep structural changes in our economy that have taken place over many years, including globalization, technological progress, demographic trends, and institutional change in the labor market and elsewhere. By comparison to the influence of these long-term factors, the effects of monetary policy on inequality are almost certainly modest and transient.” That’s what Blogger Ben Bernanke (who is of course distinct from PIMCO advisor Ben and Citadel co-conspirator Ben) had to say earlier...
  • White House Targeted Education Savings

    02/02/2015 7:47:09 AM PST · by Academiadotorg · 7 replies
    Accuracy in Academia ^ | February 1, 2015 | Malcolm A. Kline
    While the Obama Administration hatched a plan to make community college free, the White House plotted a change in the tax treatment of savings accounts parents use to pay for their children’s college education. “During his State of the Union address, President Obama proposed taxing 529 college savings plans,” Alexander Hendrie of Americans for Tax Reform (ATR) writes. “529 tax plans work by allowing families to deposit after tax funds into an account that then accumulates interest.” “When funds are withdrawn from the account to pay for college they are tax free.” These Education Savings Accounts (ESAs) allow parents to...
  • Progressive Calls For Immigration Controls

    01/30/2015 7:42:27 AM PST · by Academiadotorg · 4 replies
    Accuracy in Academia ^ | January 29, 2015 | Malcolm A. Kline
    Yes you read that right, and an academic one, no less, much to the consternation of the circles he travels in. “I’m a philosophy professor specializing in ethics and political philosophy, and like many of my fellow academics, I’m a political progressive,” Philip Cafaro writes in The Chronicle Review. “I value economic security for workers and their families, and support a much more equal distribution of wealth, strong and well-enforced environmental-protection laws, and an end to racial discrimination in the United States. I want to maximize the political power of common citizens and limit the influence of large corporations. My...
  • For most families, wealth has vanished

    06/26/2014 6:47:21 AM PDT · by george76 · 68 replies
    Daily Ticker ^ | June 24, 2014 | Rick Newman
    If you’re a typical family, you’re considerably poorer than you used to be. No wonder the “recovery” feels like a recession. ... The median household in 2013 had a net worth of just $56,335 -- 43% lower than the median wealth level right before the recession began in 2007, and 36% lower than a decade ago.
  • Jobs for Humanities Majors?

    04/29/2014 7:12:44 AM PDT · by Academiadotorg · 42 replies
    Accuracy in Academia ^ | April 25, 2014 | Malcolm A. Kline
    As commencement approaches, this year’s graduating seniors can look forward to pep talks about how employable humanities majors are. “Upon graduating from college, those who majored in the humanities and social science made, on average, $26,271 in 2010 and 2011, slightly more than those in science and mathematics but less than those in engineering and in professional and pre-professional fields,” Vartan Gregorian writes in the Carnegie Reporter. “However, by their peak earning age of 56 to 60, these individuals earned $66,185, putting them about $2,000 ahead of professional and pre-professional majors in the same age bracket.“ “Further, employers want to...
  • DC Incomes Rise While Private Sector Average Declines

    09/22/2013 10:42:13 AM PDT · by John Semmens · 7 replies
    Semi-News/Semi-Satire ^ | 20 Sep 2013 | John Semmens
    The latest report from the US Census shows that median household incomes in America have declined by over 6% since the year 2000. In contrast, incomes for Washington, DC households have climbed by more than 23% over this same time span. Jason Furman, Chairman of the Council of Economic Advisers, hailed the report as “clear evidence that the Administration’s efforts to boost the economy are working. We have provided a pathway for those seeking to improve their lives. Joining the federal workforce or working for employers who are engaged intimately with the federal government—either as lobbyists for various programs or...
  • Wealth Of Most Americans Down 55% Since Recession

    06/02/2013 11:25:05 AM PDT · by Biggirl · 25 replies ^ | June 2, 2013 | Constantine Von Hoffman
    (MoneyWatch) Increasing housing prices and the stock market''s posting all-time highs haven't helped the plight most Americans. The average U.S. household has recovered only 45 percent of the wealth they lost during the recession, according to a report released yesterday from the Federal Reserve Bank of St. Louis.
  • Americans endure bigger income cut than government can handle

    03/02/2013 2:56:28 PM PST · by NoLibZone · 13 replies
    Fox News ^ | March 2 2013 | FNS
    Americans are a lot better at belt-tightening than the people they send to Washington. As Americans’ income fell by 3.6 percent in January, President Obama and Congressional leaders were warning of the dire consequences of sequester, the budgetary booby trap that forces cuts of as little as a third of that from the mammoth federal spending plan. Working stiffs sucked it up and absorbed the biggest monthly drop in income in 20 years, while the elected officials insisted that the federal budget had no fat to trim. Financial planning experts say if Americans can take such a big bite out...
  • Americans see biggest monthly income drop in 20 years

    03/01/2013 7:29:35 PM PST · by NoLibZone · 23 replies
    CNN Money ^ | March 1 2013 | CNN Money
    Americans saw their income drop so dramatically in January that it marked the deepest one-month decline in 20 years. - Personal income decreased by $505.5 billion in January, or 3.6%, compared to December (on a seasonally adjusted and annualized basis). That's the most dramatic decline since January 1993, according to the Commerce Department. It's something of a combination of one-time events, though. Monthly income was unusually high in December because companies paid out early dividends to avoid upcoming tax hikes. Companies like Wal-Mart (WMT, Fortune 500), Oracle (ORCL, Fortune 500), and Costco Wholesale Corp paid special dividends to their shareholders...
  • Under Obama, Poor, Middle Class Incomes Fall Sharply

    10/02/2012 9:43:43 AM PDT · by Perdogg · 11 replies
    Despite repeated promises that he would build prosperity from the bottom up, President Obama has presided over three years of income losses for the middle class, according to the latest household income data from the Census Bureau. Since 2009, the middle 20% of American households saw their average incomes drop 4%. In 2011 alone, they fell 1.7%. The poorest 20% have fared even worse under Obama, Census data show. Their incomes have dropped more than 7% since 2009, and are now lower than they've been at any time since 1985, after adjusting for inflation.
  • Under Obama, Poor, Middle Class Incomes Fall Sharply

    10/02/2012 5:23:35 AM PDT · by IBD editorial writer · 5 replies
    Investor's Business Daily ^ | 10/02/2012 | John Merline
    Despite repeated promises that he would build prosperity from the bottom up, President Obama has presided over three years of income losses for the middle class, according to the latest household income data from the Census Bureau. Since 2009, the middle 20% of American households saw their average incomes drop 4%. In 2011 alone, they fell 1.7%. The poorest 20% have fared even worse under Obama, Census data show. Their incomes have dropped more than 7% since 2009, and are now lower than they’ve been at any time since 1985, after adjusting for inflation.
  • We're spending more, but making about the same ("Fact Check" this, wages are lower under Obama!)

    09/28/2012 7:21:10 AM PDT · by tobyhill · 9 replies
    nbc ^ | 9/28/2012 | staff
    Consumer spending rose in August, thanks to higher gas prices, while incomes barely budged, government data showed Friday. The Commerce Department said consumer spending rose 0.5 percent in August from July, the biggest jump since February. The increase was led by a 1.7 percent surge in purchases of nondurable goods, reflecting the sharp 28.2 cents per gallon rise in gas prices during the month. Spending on durable goods rose 0.3 percent, helped by gains in auto sales. Spending on services rose just 0.2 percent. Income rose just 0.1 percent in August, reflecting the weak job market. Taking into account inflation,...
  • Americans’ Incomes Have Fallen $3,040 During the Obama ‘Recovery’

    09/27/2012 9:32:33 AM PDT · by george76 · 9 replies
    The Weekly Standard ^ | Sep 27, 2012 | JEFFREY H. ANDERSON
    Americans must be wondering how much more of this “recovery” they can afford. New figures from the Census Bureau’s Current Population Survey, compiled by Sentier Research, show that the typical American household’s real (inflation-adjusted) income has actually dropped 5.7 percent during the Obama “recovery.” Using constant 2012 dollars (to adjust for inflation), the median annual income of American households was $53,718 as of June 2009, the last month of the recession. Now, after 38 months of this “recovery,” it has fallen to $50,678 — a drop of $3,040 per household. Yet it gets worse. Amazingly, incomes have dropped even more...
  • The Obama Debacle Continues, As Incomes Fall

    09/12/2012 9:07:08 PM PDT · by TurboZamboni
    powerline ^ | 9-12-12 | john hinderaker
    The median income of American households dropped to its lowest level since 1995 last year, extending its decline during President Barack Obama’s tenure and highlighting the depth of the damage to the middle class inflicted by the recession and weak recovery. According to annual data from the Census Bureau, median income adjusted for inflation – a closely watched measure of the financial health of average Americans – fell to $50,054 in 2011, or 1.5 per cent below its 2010 level and 4.1 per cent below its score when Mr Obama took office in 2009.
  • Media Myth Debunked: Income Inequality Is Actually Plummeting

    02/22/2012 3:20:35 PM PST · by CaptainKrunch · 18 replies
    NewsBusters ^ | February 19, 2012 | Noel Sheppard
    Since the first Occupy Wall Street protest, you haven't been able to swing a dead cat in this country without hitting an Obama-loving media member carping and whining about income inequality.Yet according to this chart created by the nation's largest federation of trade unions the AFL-CIO, the difference between average CEO and average worker pay has been plummeting since the year 2000:Read More: NewsBusters 
  • Incomes fall for first time in almost two years

    09/30/2011 8:03:44 AM PDT · by Free Vulcan · 5 replies
    Marketwatch ^ | 9.30.11 | Greg Robb
    Income fell a seasonally adjusted 0.1% in August, which was the first decline since October 2009... Consumer spending increased a seasonally adjusted 0.2% in August, down from a revised 0.7% gain in July...Economists surveyed by MarketWatch expected a flat reading in income and a 0.1% gain in spending... The core personal consumption expenditure price index was up 0.1% in August, below economist expectations of a 0.2% gain
  • Income Slides to 1996 Levels

    09/14/2011 7:02:34 AM PDT · by bolobaby · 23 replies
    Wall Street Journal ^ | SEPTEMBER 14, 2011 | CONOR DOUGHERTY
    The income of the typical American family—long the envy of much of the world—has dropped for the third year in a row and is now roughly where it was in 1996 when adjusted for inflation. The income of a household considered to be at the statistical middle fell 2.3% to an inflation-adjusted $49,445 in 2010, which is 7.1% below its 1999 peak, the Census Bureau said. The Census Bureau's annual snapshot of living standards offered a new set of statistics to show how devastating the recession was and how disappointing the recovery has been. For a huge swath of American...
  • Obama Panel to Propose “Pro-Growth” Tax Hikes

    05/10/2010 10:03:51 AM PDT · by John Semmens · 11 replies · 426+ views
    President Obama’s National Commission on Fiscal Responsibility and Reform is working on a plan for what it is calling “pro-growth” tax increases. The Commission is comprised of 18 members. Most are aged political hacks or washed-up bureaucrats. “Critics of government insist that taxes hurt growth,” said Alice Rivlin, a former White House budget director for President Jimmy Carter. “But we’re not convinced this is necessarily true. For example, every family has routine bills it must pay—groceries, rent, transportation. These costs don’t go down just because increased taxes have lowered a person’s take-home pay. It could be that a carefully constructed...
  • Is There Too Much Worry About the Debt? (LOL!)

    03/08/2010 4:29:51 PM PST · by Cheap_Hessian · 16 replies · 116+ views
    Time ^ | March 8, 2010 | Zachary Karabell
    Judging from the noises emanating from some corners of Washington these days, the federal debt has assumed pride of place as the source of national anxiety. President Obama has called for independent commissions to seek ways to reduce spending. The media are filled with talk of America's path of financial suicide; economists warn that the debt crisis in Greece is a dry run for the cataclysm that awaits America and the world as U.S. deficits and debt balloon. The numbers are undoubtedly big, running into many trillions of dollars. The percentages are also daunting, with projections of total gross debt...
  • Consumer spending fades in February -- Real disposable incomes fall 0.4% as wages drop 0.4%

    03/27/2009 7:39:26 AM PDT · by Zakeet · 20 replies · 681+ views
    MarketWatch ^ | March 27, 2009 | Rex Nutting
    Real consumer spending, representing outlays adjusted for inflation, fell 0.2% last month, a reversal after rising by a three-year high of 0.7% in January, the government estimated. February's level of spending was higher than the average seen during the fourth quarter of 2008, signaling that consumer spending could add to economic growth in the first quarter, rather than subtracting as it has done in the past two quarters. Economists at Morgan Stanley boosted their forecast for first-quarter consumption to 1.3% annualized growth after a 4.3% decline in the fourth quarter. However, they still see gross domestic product plunging at a...
  • Movin' On Up - A Treasury study refutes populist hokum about "income inequality."

    11/13/2007 4:07:21 AM PST · by gpapa · 16 replies · 123+ views ^ | November 13, 2007 | Editorial Staff
    If you've been listening to Mike Huckabee or John Edwards on the Presidential trail, you may have heard that the U.S. is becoming a nation of rising inequality and shrinking opportunity. We'd refer those campaigns to a new study of income mobility by the Treasury Department that exposes those claims as so much populist hokum. OK, "hokum" is our word. The study, to be released today, is a careful, detailed piece of research by professional economists that avoids political judgments. But what it does do is show beyond doubt that the U.S. remains a dynamic society marked by rapid and...
  • Wages of Stagnation

    09/26/2006 5:20:47 AM PDT · by .cnI redruM · 106 replies · 1,362+ views ^ | Tuesday, September 26, 2006 | By Bruce Bartlett
    Lately, there has been a big debate going on among Democrats about why workers aren't outraged by their economic condition, and therefore more hostile to Republican economic policies and more sympathetic to Democratic policies. On the surface, it would appear that workers should be in open revolt. According to the Bureau of Labor Statistics, the average worker is no better off today than he was seven years ago in real terms. In August 2006, his average weekly earnings were $275.49. In August 1999, they were $275.61 (both in constant 1982 dollars). Census Bureau data confirm this trend. According to recently...
  • Is this the New Racism?

    04/18/2005 10:00:13 AM PDT · by tmcauliff656 · 56 replies · 1,878+ views
    4/18/2005 | TIM MCAULIFFE
    Is this the New Racism? Black woman civil rights lawyer in the tradition of a Fanny Lou Hamer, runs for DA in 2001 against white male incumbent, amidst charges of corruption from the political machine, which spawned him. Her banner- Justice not Politics. Media Ignores Her. Incumbent’s agent vows to crush her. He levels an unprecedented colossal election battle against her and supporters, a mosaic, mostly people of color. Supporters are harassed all hours of the night by his agents. An extraordinary 150 people are subpoenaed including her father who had been dead 13 years. Media Ignores Her. She is...

    08/16/2002 7:39:49 AM PDT · by Merchant Seaman · 735 replies · 30,137+ views
    Annoyed Reader
    The purpose of's multiple message boards is to limit the topics for each board to particular topics. Posting the same message on all the boards defeats the purpose of multiple-boards for special topics. It is very annoying to see the same message on every bulletin board. PLEASE! DO THE READERS A FAVOR. STOP CROSS-POSTING YOUR MESSAGES!
  • Forget the Nightly News; Life Is Getting Better

    08/17/2004 6:13:01 AM PDT · by OESY · 6 replies · 760+ views
    Wall Street Journal ^ | August 17, 2004 | GEORGE MELLOAN
    ...Life expectancy at birth has increased for all socioeconomic groups, with black men making the most dramatic gains, to 68.2 years in 2000 from 60 in 1970.... Partly because of rising female employment, the median income of white households rose 19% between 1980 and 2000 and that of black families 39% from a lower base.... Danish statistician Bjorn Lomborg cites a decline in starvation. "In 1970, 35% of the people in developing countries were starving. In 1996, the figure was 18% and the United Nations expects that figure will have fallen to 12% by 2010." Professor Lomborg a few years...
  • I.R.S. Says Americans' Income Shrank for 2 Consecutive Years

    07/29/2004 6:21:43 AM PDT · by FoxPro · 64 replies · 1,332+ views
    The New York Times ^ | July 29, 2004 | DAVID CAY JOHNSTON
    The overall income Americans reported to the government shrank for two consecutive years after the Internet stock market bubble burst in 2000, the first time that has effectively happened since the modern tax system was introduced during World War II, newly disclosed information from the Internal Revenue Service shows. The total adjusted gross income on tax returns fell 5.1 percent, to just over $6 trillion in 2002, the most recent year for which data is available, from $6.35 trillion in 2000. Because of population growth, average incomes declined even more, by 5.7 percent. Adjusted for inflation, the income of all...
  • U.S. April Personal Spending Rises 0.3%; Incomes Rise 0.6%

    05/28/2004 5:46:37 AM PDT · by RWR8189 · 4 replies · 139+ views
    Bloomberg ^ | May 28, 2004 | Joe Richter
    <p>May 28 (Bloomberg) -- U.S. personal spending rose 0.3 percent, the smallest gain in six months, as spending on autos, clothing and non-durable goods slowed, a government report showed.</p> <p>The increase follows a revised 0.5 percent gain in March, the Commerce Department reported in Washington. Incomes rose 0.6 percent following an unrevised 0.4 percent increase in March.</p>