Archive for category Economy
Via Mark Gongloff, HuffPo.
More than 45 million people, or 14.5 percent of all Americans, lived below the poverty line last year, the Census Bureau reported on Tuesday. The percentage of Americans in poverty fell from 15 percent in 2012, the biggest such decline since the year 2000. But the level of poverty is still higher than 12.3 percent in 2006, before the recession began.
The percentage of Americans in poverty went up sharply from 1989 to 1992. Then it went down from 1993 to 2000. Then it went up again from 2001 to 2010. Then it started trending downward, slowly. Does anyone see a connection to politics?
DSWright: Poverty Unchanged By Wall Street Recovery
Trickle-down economics has consistently failed everywhere and every time it has been tried. The theory is simply wrong.
Reportedly 18% of workers in the U.S. now can’t afford to retire.
Lynn Stuart Parramore on AlterNet interviews journalist Jessica Bruder, who gives a bleak picture of the many older Americans who are forced to work past retirement age, and concludes:
The social contract is falling apart. With the death of pensions and the increase of short-term, temporary jobs bearing no benefits, we’re moving toward a winner-take-all economy with no safety net to help people weather hard times.
Lance Roberts looked at employment statistics and found:
With 24% of “baby boomers” postponing retirement, due to an inability to retire, it is not surprising that the employment level of individuals OVER the age of 65, as a percent of the working age population 16 and over, has risen sharply in recent years.
Can’t find a job? Blame grandma
According to new research (PDF) supported by the Russell Sage Foundation, middle class Americans are getting poorer (OK, we knew that, but now the numbers are in – and they are startling).
For the study, researchers gathered information on families in the middle of the wealth distribution continuum. What they found is that in 2003, the inflation-adjusted net worth for the typical household was $87,992. Fast-forward 10 years: that figure is down to a mere $56,335.
Ordinary Americans got 36 percent poorer in just a decade.
…The upshot is that regular people have endured one of the worst periods in recent memory. It will not surprise you to learn that during the same decade of 2003-2013, the rich were partying down. In the 95th percentile of wealth distribution, people got 14 percent richer.
That oughta brighten your day.
Via Media Matters…
Failed 2012 Vice Presidential candidate Rep. Paul Ryan (R-WI) is back again with a so-called “poverty plan” that blames the victims. In reality, poverty is the result of systemic inequality of opportunity – not a lack of individual initiative.
Rep. Paul Ryan’s poverty proposal, which would in part punish impoverished Americans for not getting themselves out of poverty on a specific timeline, is based on the conservative myth pushed by right-wing media that blames poverty on individuals’ “spirit” and personal life choices.
…The “discussion draft” submitted by Rep. Paul Ryan (R-WI) to the House Budget Committee on potential solutions to poverty in America includes the proposal that low-income Americans would have to sign “contracts” in order to remain eligible for social safety net benefits, such as food stamps, or SNAP. The contract would include: benchmarks, such as finding a job, enrolling in employment training, or even meeting “new acquaintances outside circle of poverty”; a “timeline” in which individuals are contractually-obligated to meet those benchmarks; bonuses for meeting benchmarks early; and “sanctions for breaking the terms of the contract”
…Annie Lowrey of New York magazine explained that Ryan’s proposal is based on the assumption “that the poor somehow want to be poor.”
Ryan’s poverty-shaming plan is nothing more than a vehicle for right-wing propaganda.
Here’s a better alternative than the Tea-GOP is offering: a $15 per hour minimum wage.
It’s always there, the lack of empathy on the part of right-wing extremists. We all remember the GOP presidential debate audience that cheered for letting people die without health insurance. More recently, we’ve seen an eruption of fear and hatred on the right directed at children fleeing the violence in some Central American countries.
Today we have the story of a California man who came home and discovered two burglars in his house.
“The lady, she couldn’t run as fast as the man, so I shot her in the back twice,” Greer explained. “She’s dead, but he got away.”
“She says, ‘Don’t shoot me, I’m pregnant! I’m going to have a baby!’ And I shot her anyway,” Greer said.
John Amato attempted to explain the “vile behavior” of wingers as an effort to emulate their heroes, the rich:
The thing about right-wing populism is that it’s manifestly self-defeating: those who stand to primarily benefit from this ideology are the wealthy, which is why they so willingly underwrite it. It might, in fact, more accurately be called “sucker populism.”
The 1 Percent want to keep us afraid, desperate, and divided by ignorance and prejudice. Otherwise, Americans might decide to blame Wall Street for crashing our economy. We might demand an end to pointless wars, or want to get rid of tax laws that are unfair to the middle class. We might realize that government health insurance is the best kind. Who knows, we might even want other good things from government such as infrastructure improvements, Internet access, cheap renewable energy programs…
California 80-year-old satisfied after gunning down fleeing pregnant home intruder
Hey, gun nuts: Shooting someone who is running away in the back is not self-defense
Fox hosts outraged that Texas 911 operators are ‘forced’ to help dying non-English speakers
Tea Party town hall erupts as Texas state Rep urges ‘compassion’ for migrant kids
According to the description on this YouTube post, Michael Moore didn’t make any money off this film, even though it’s another masterpiece by the worlds best documentary artist who has a knack for making people laugh at tragedies which must be fixed.
I hope I’m not helping to deprive Mr. Moore of any earnings, but he is known for not trying to squeeze every last penny from his works, and just wants to help America break free from the capitalist’s embarrassing stranglehold on the citizens who worked really hard to get them where they are.
You should buy the film on Blue-ray to get the extras, which add greatly to the film and offer solutions by American businesses and leaders who want to do things to bring capitalism back into a workable sphere.
Via Think Progress:
You’re lucky if you have today off. That’s because unlike 13 other developed countries, we don’t guarantee that workers get any paid holidays.
If you took the week before the Fourth off or even extended the long weekend with a few paid vacation days, you are also lucky. Nearly a quarter of American workers don’t get any paid vacation time, and that figure has actually grown over the past two decades. And low-wage workers are even less likely to get the benefit, as just under half of them receive it, compared to 90 percent of high-wage workers. In fact, the United States is the only advanced country in the world that doesn’t require companies to offer paid vacation days.
Even when vacation days are available, employees are often afraid to use them.
…GOP economics is as bunk as everything else they do.
Despite the constant claims that paying people enough to actually live will destroy jobs, on average the states that raised the minimum wage are seeing higher than average job growth.
This could very well be due to other factors, and not because of the minimum wage, but certainly the minimum wage isn’t killing jobs.
Actually, turns out there is more evidence, and when we add that we start to see actual trends. As the Washington Post points out, raising the minimum seems to create jobs.
Naturally facts won’t change the arguments from the right. But I already wrote about that.
With the May jobs report, the U.S. economy is now back to pre-recession levels of employment. It took more than six years to climb out of the hole George W. Bush put us in (by “us” I mean everyone except the Wall Street millionaires and billionaires who are guilty of precipitating the collapse of the financial sector). That’s nearly as long as it took to recover from the Great Depression in the 1930s. On the Calculated Risk Blog, Bill McBride says, “I’ll be retiring the graph many called the ‘scariest jobs chart ever’.”
Although employment numbers have come back, (1) That only gets us to the same number of jobs we had in 2007, not to where we would have been without Bush’s Great Recession; (2) Unemployment would be higher than 6.3% if we counted the discouraged workers; and (3) Our economy has replaced too many living-wage jobs with low-wage jobs.
Jim Hightower, on AlterNet:
Employment rose by 217,000 jobs in the month of May, according to the latest jobs report — and that brought us up to 8.7 million. That is how many new jobs the American economy has generated since the “Great Recession” officially ended in 2009 — and it also happens to be the number of jobs that were lost because of that recession. You can break out the champagne, for the American economy is back, baby — all of the lost jobs have been recovered!
…Now, let’s move on to the value of those jobs that have economists doing a happy dance. As a worker, you don’t merely want to know that 217,000 new jobs are on the market; you want to know what they’re worth — do they pay living wages, do they come with benefits, are they just part-time and temporary, do they include union rights, what are the working conditions, etc.? In other words, are these jobs … or scams?
So, it’s interesting that the recent news of job market “improvement” doesn’t mention that of the 10 occupation categories projecting the greatest growth in the next eight years, only one pays a middle-class wage. Four pay barely above poverty level and five pay beneath it, including fast-food workers, retail sales staff, health aids and janitors.
…To measure the job market by quantity — with no regard for quality — is to devalue workers themselves. Creating 217,000 new jobs is not a sign of economic health if each worker needs two or three of those jobs to patch together a barebones living — and millions more are left with no work at all.