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A blog about living, hunting, and whatever else I want.
Paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of this year, a USA TODAY analysis of government data finds.At the same time, government-provided benefits — from Social Security, unemployment insurance, food stamps and other programs — rose to a record high during the first three months of 2010.
Those records reflect a long-term trend accelerated by the recession and thefederal stimulus program to counteract the downturn. The result is a major shift in the source of personal income from private wages to government programs.
I suggest that you go back and read that again. If it doesn't scare you then you probably should check yourself into the Betty Ford Clinic.
Here is a simple explanation from the article:
The trend is not sustainable, says University of Michigan economist Donald Grimes. Reason: The federal government depends on private wages to generate income taxes to pay for its ever-more-expensive programs. Government-generated income is taxed at lower rates or not at all, he says. "This is really important," Grimes says.
I'm too lazy to look it up now but I wonder what is the source of the other ~40% of personal income. So-called "un-earned income" from interest and speculation? I say so-called un-earned because I don't think interest is really un-earned, at least not like welfare is un-earned.• Private wages. A record-low 41.9% of the nation's personal income came from private wages and salaries in the first quarter, down from 44.6% when the recession began in December 2007.
•Government benefits. Individuals got 17.9% of their income from government programs in the first quarter, up from 14.2% when the recession started.
Economist Veronique de Rugy of the free-market Mercatus Center at George Mason University says the riots in Greece over cutting benefits to close a huge budget deficit are a warning about unsustainable income programs.There is that place again - Greece.
"The current welfare state is unaffordable," said Uri Dadush, director of the Carnegie Endowment's International Economics Program. "The crisis has made the day of reckoning closer by several years in virtually all the industrial countries."The welfare state is unaffordable? NO!!!! Hey Inspector Detector I've got another hot tip for you: Water flows downhill.
Germany will decide next month just how to cut at least 3 billion euros ($3.75 billion) from the budget.They seem to be smarter than we are at this time. Our federal government is trying to invent new ways to spend more money.
"We have to adjust our social security systems in a way that they motivate people to accept regular work and do not give counterproductive incentives," German Finance Minister Wolfgang Schaeuble told news weekly Frankfurter Allgemeine Sonntagszeitung on Saturday.They are planning on not giving counterproductive incentives? They can't do that. The people are entitled to other peoples money!!!
Large-scale immigration from outside Europe is challenging the continent's assumptions about its dedication to tolerance and liberty as countries move to control individual clothing - the Islamic veil - in the name of freedom and equality.
Poor loan performance in other sectors also continued to hurt banks, with the total number of loans at least three months past due climbing for the 16th consecutive quarter, FDIC officials said in a briefing on Thursday.That doesn't sound like much of a recovery.
"The banking system still has many problems to work through, and we cannot ignore the possibility of more financial market volatility," FDIC Chairman Sheila Bair said.I think I'll nominate that for "The Understatement of the Year" award.
Stocks are likely to continue their aggressive decline and shed another 20 percent in value as the world economy weakens, economist Nouriel Roubini told CNBC.I think this guy is an optimist. I think the stock market has been floating on laughing gas, because I don't see anything else holding it up.
As the market slides into correction territory, Roubini said weakness in euro zone countries and a slowdown in the US and other developed countries will make things even more difficult for investors in the months ahead."There are some parts of the global economy that are now at the risk of a double-dip recession," said Roubini, head of Roubini Global Economics. "From here on I see things getting worse."
I think "Correction Territory" would be a good name for a rock band, or maybe a sci-fi book. Also, there is that ugly term "double-dip recession" again.
One last bit from Mr. Roubini:
"What needs to be done is clear. We need to raise taxes and cut spending. Otherwise we're going to get a fiscal train wreck," he said. "It's going to take years of sacrifices."
He is half right. Our government must cut spending, but raising taxes is kind of like putting a tourniquet around your neck to stop the bleeding from a scalp wound.
Hold on tight.
A bar owner could be in serious trouble with the federal government. A bartender was videotaped burning a statue of President Obama.
People in West Allis were shouting and laughing as the bartender torched the statue for the crowd.
West Allis police say the Secret Service is also investigating. The Secret Service investigates any possible threats against the president.I guess a picture of the President with a knife stuck in his forehead isn't a threat. I guess a statue of the President being burned isn't a threat. However, a statue of the President being burned is obviously a threat.
NAACP leaders maintain they're going to push for a full investigation.I don't think I even need to add anything to that last statement. The silliness speaks for itself.
The chance that the majority Democrats will pass a budget this year is “fading,” Senate Budget Committee Chairman Kent Conrad (D-N.D.) said Tuesday.I wasn't sure what to think when I first read that. The next sentence did not make me feel better:
He is pessimistic because House Democrats don’t know whether they want to pass a resolution that would officially acknowledge the certainty of big deficits.What does that mean? Do these people think if they just don't admit that they are spending much more than is coming in that nobody will notice? I'll bet that foreign investors will notice at some point.
Eschewing a budget resolution could complicate efforts to extend the Bush-era tax cuts for individuals making less than $200,000 and couples making less than $250,000 annually.I can see the little wheels turning in these lefties little heads: "How can we raise taxes and at the same time say we didn't raise taxes? I've got it!! We can just not pass a budget resolution to extend tax cuts and then blame it on republicans."
I would think that democrats would like to hide their fiscal policies.One option Conrad said his staff is now looking at is a deeming resolution.
Like an actual budget measure, the deeming resolution would set the discretionary spending levels for the next fiscal year. But unlike a budget resolution, the deeming resolution would allow Democrats to avoid laying out their fiscal policies for 2011 and beyond.
Centrist House Democrats have been wary of voting for a budget resolution because it’s likely to project large deficits.If they are really worried about deficits then I've got a plan for them:
The Congressional Budget Office has estimated that Obama’s policies would lead to deficits averaging nearly $1 trillion over the next decade.Nicely worded. It seems to say the deficit will be less than $1 trillion total for the next 10 years. Isn't that an average of $1 trillion per year for the next decade? That is also using the numbers sent to the CBO which uses them regardless of how outlandish they are. I wonder how bad it will really be?
Joshua Rauh, associate professor of finance at the Kellogg School of Management at Northwestern University said that, without reform, some state pensions might run out within the decade. By 2030, as many as 31 states may not have the money to pay pensions. And, if these funds exhaust their assets, the size of payments for the benefits they have promised will be too large to cover through taxes, putting pressure on the federal government for a bail-out that could potentially cost more than $1,000bn, he says.
“It is more than a local problem,” Mr Rauh said. “The federal government could be on the hook.”
I understand that the retirees will get the shaft. I don't see how that is the federal government's issue, unless some branch of the federal government is going to prosecute the governor, state legislators, and all the state employees who supported this and helped the process along.
Many states base their calculations on an 8 per cent annual return and use an accounting method called smoothing, which staggers gains and losses over several years, two factors that some observers warn could mask the size of the shortfalls.If that is the case then maybe a state agency (or the federal government) should find out who decided to use that silly method, prosecute them for fraud, and put them in jail. If they were appointed then the idiot that appointed them should also be prosecuted.
States have begun reforms, with some lowering return expectations and raising employee contributions and retirement ages.
Mr Rauh said such measures were cosmetic and states needed comprehensive, federally sponsored reform that would require closing the systems to new members, shifting state workers to Social Security and individual plans similar to those that are used by the private sector in order to obtain incentives to borrow to bridge the gaps.
As far as I'm concerned if social security is going to exist then EVERYONE should be forced the throw away their money on it - including state employees, congressmen, and the President. This is coming from someone who thinks social security is the biggest ripoff ever forced on the population of this nation.
There is one part of that I don't understand: "to obtain incentives to borrow to bridge the gaps". What is the guy talking about? Is he saying states should borrow more money?
An Arizona utility commissioner said he's willing to pull the plug on Los Angeles if the city goes through with a boycott of his state.I would love to see that.
If an economic boycott is truly what you desire, I will be happy to encourage Arizona utilities to renegotiate your power agreements so Los Angeles no longer receives any power from Arizona-based generation. I am confident that Arizona’s utilities would be happy to take those electrons off your hands.The wanna-be elites in LA see AZ as a place they can put those dirty power plants so they don't have the pollution, but they think the peons in AZ should just shut up and do as their told.
Did he mean what I think he did? That we may not be able to afford welfare, social security, and government employee retirements!? Cities will burn over that one.
“In the United States, we don’t seem to me to share the same sense of urgency” as countries such as Ireland, Volcker said in his speech. “The time we have is growing short” and “there are serious questions, most immediately about the sustainability of our commitment to growing entitlement programs.”
The Obama administration is forecasting a record annual budget deficit of $1.6 trillion. The shortfall is projected to be $10 trillion over the next 10 years, with interest payments on the debt forecast to quadruple to more than $900 billion annually.You can count of government estimates and predictions about deficits and debts to be very optimistic. I wouldn't be surprised if the 10 year shortfall isn't twice what they are currently predicting.
Sovereign debt is becoming an issue “most pointedly in the euro zone” and is “potentially of concern among some of our own states,” Volcker said.Are you kidding? Does he think nobody is paying attention? Has this guy ever heard of California? Even in Texas, where the economy is doing better than most of the country, the deficit is expected to be more than $10 billion.
Europe’s woes are unlikely to derail the U.S. economy, which is undergoing a “subnormal” recovery, Volcker said in response to audience questions.That is kind of like saying that Ted Kennedy is undergoing a subnormal recovery from 50 years as a pickled can of Crisco.
The U.S. has reached its limit on corporate and income taxes, and there isn’t an “easy way” to raise more revenue under the current system, he said, calling a carbon tax “an interesting thing to do.”If in debt, raise taxes. I wish I could do that in my life. Imagine going out and buying a bunch of new stuff and then being able to go to work and demand more money - and actually getting it.
“Any thoughts that participants in the financial community might have had that conditions were returning to normal should by now be shattered,” he said. “We are left with some very large questions: questions of understanding what happened, questions of what to do about it, and ultimately questions of political possibilities.”It's all about power. Do you remember hearing something like this before from this administration?
M.D. Creekmore over at the The Survivalist Blog – a survival blog dedicated to helping others prepare for and survive disaster – with articles on bug out bag contents, survival knife choices and a wealth of other survival information is giving away a Go Berkey Water Filter System (a $139.00 value)! To enter, you just have to post about it on your blog. This is my entry. Visit The Survivalist Blog for the details.
Several councils in large cities like Los Angeles, Austin, Boston and San Francisco have approved boycotts on employee travel or future contracts with Arizona businesses as a result of the law that goes into effect on July 1. The state tourism bureau has said the losses so far have reached nearly $10 million as a result of 23 canceled meetings.
That has tourism officials urging Arizonans to consider the resolutions as merely symbolic and local politics at work.
"We're in a very tough environment already because of everything else going on, and we don't need another negative impact to our industry," ConVis President Joe Terzi told the Union-Tribune. "This affects all the hardworking men and women who count on tourism for their livelihoods, so we’re saying, don't do something that hurts their livelihoods."
So places like LA and SF can boycott AZ to the tune of $10 million and that is ok, but if please, please, please don't hurt OUR livelihoods.
Crybabies. They like to dish it out but they can't take it. This reminds me of a Family Circus I saw years ago:
Mommy!! Dolly hit me back!!This is another example of the left wing mindset. It is ok to use a boycott against someone that liberals define as BAD like Arizona, but it is terrible to use a boycott against someone who the liberals define as GOOD like California. Hypocrisy is the calling card of the left wing these days.
“We brought it up early and often. It was mentioned in the first session and as a troubling trend in our society, and an indication that we have to deal with issues of discrimination or potential discrimination. And these are issues very much being debated in our own society,” Assistant Secretary of State for Democracy Human Rights and Labor Michael Posner, who led the US delegation to the talks, told reporters on Friday.Even if the lies about the AZ law being about racial discrimination were true I find it difficult to compare that with almost anything China does.
"Since day one, the administration has engaged in an all-hands-on-deck response to this event—and DHS has played a significant role," Ms. Napolitano said in testimony to the Senate Committee on Homeland Security and Governmental Affairs. "We planned for a worst-case scenario from the moment the explosion occurred and now, almost four weeks later, we are continuing to sustain a strong and effective response."LOL. I didn't know that white water rafting was part of "a strong and effective response" to this sort of thing. I guess this is some new meaning of "strong and effective" that this administration has just invented. If the United States Constitution can mean anything that lefties want it to mean then I guess the rest of the English language isn't safe, either.
A bill introduced this month in Congress would put the federal and state governments in the business of tracking how fat, or skinny, American children are.Great. I realize that there are a lot of kids in America who are overweight and out of shape. Some of them are so bad they are gross. I guess the technical term might be "morbidly obese".
States receiving federal grants provided for in the bill would be required to annually track the Body Mass Index of all children ages 2 through 18. The grant-receiving states would be required to mandate that all health care providers in the state determine the Body Mass Index of all their patients in the 2-to-18 age bracket and then report that information to the state government. The state government, in turn, would be required to report the information to the U.S. Department of Health and Human Services for analysis.I guess it was a false alarm. You see, the federal government isn't forcing anyone to keep a database of how fat the children are. The federal government will just refuse to return tax money to states that don't do it. Don't you feel less oppressed now?
The Healthy Choices Act--introduced by Rep. Ron Kind (D-Wis.), a member of the House Ways and Means Committee--would establish and fund a wide range of programs and regulations aimed at reducing obesity rates by such means as putting nutritional labels on the front of food products, subsidizing businesses that provide fresh fruits and vegetables, and collecting BMI measurements of patients and counseling those that are overweight or obese.I've got some better ideas. How about parents don't buy junk food for their kids? How about parents save their money instead of buying computer games for their kids or restrict how much time the kid is allowed to play on the computer or sit in front of the tv? How about parents get off their obese behinds and take the kids out and play with them outside or go for a walk?
"The provision relates to all children in states that accept grants under the bill," a spokesperson for Rep. Kind told CNSNews.com. "However, it is important to note that no one is forced to come in for a doctor’s visit to get their BMI tested. BMI will be taken at times when the child makes an otherwise scheduled doctor’s visit."See? You don't have to participate. Unless you go to the doctor.
To pay for implementing BMI data gathering, Sec. 102 of the bill states that the federal government will give grants to states that meet certain criteria, including having “the capacity to store basic demographic information (including date of birth, gender and geographic area of residence), height, weight, and immunization data for each resident of the state.”More government employees. That's what this nation really needs. Make sure they are all members of the SEIU while you're at it.
The grants also will pay for personnel and equipment necessary to measure patients’ BMI.
Rep. Kinder's spokesperson said that any data used to generate a report on the BMI data collected would not include patients’ names.A congressman actually said that. I'll bet he would assure you that your SSN will never be used as an ID number, too.
At a press conference last week to announce the introduction of the bill, Kind emphasized it would help “busy American families.”LOL. Helping "busy American families"!? Helping us out of our money for sure.
“Making the healthy choice the easy choice for our families is essential to ensuring our quality of life,” Kind said. “I am pleased to work on legislation that helps provide the opportunities that meet the needs of busy American families.”
"I feel angry that my right to dream has been denied and it's mainly the government's fault," said Penny, a 19-year-old student
More than a dozen people with American citizenship or residency, like Shahzad, have been accused in the past two years of supporting or carrying out terrorism attempts on U.S. soil, cases that illustrate the threat of violent extremism from within the U.S.
Among them are Army Maj. Nidal Hasan, a U.S.-born Army psychiatrist of Palestinian descent, charged with fatally shooting 13 people last year at Fort Hood, Texas; Najibullah Zazi, a Denver-area airport shuttle driver who pleaded guilty in February in a plot to bomb New York subways; and a Pennsylvania woman who authorities say became radicalized online as "Jihad Jane" and plotted to kill a Swedish artist whose work offended Muslims.
"We avoided what we could have been a very deadly event," Mayor Michael Bloomberg said.That makes it sound like the government somehow had something to do with the bomb not going off. The lesson we need to take home from this is that the government cannot prevent this kind of thing. I thought everyone knew that, but it bears repeating.