Middle Class Dismissed

Danger! Exploding Wealth Gap!

"We don’t just have an economic bankruptcy, but we also have a moral and ethical bankruptcy taking place on top of the threat of war, and the fact that most governments are taking away freedoms and personal initiatives by making them people dependent on state handouts. We also have the very dangerous situation where the rich are getting richer and the poor are getting poorer. Since 2009, the wealthiest 7% have seen their wealth increase by 28%, while the other 93% have seen their wealth decline by 4%. If you take the wealthiest 300 in the world, they have more wealth than the poorest 3 billion. This is very dangerous for a world which that will have more and more people going hungry." Continue reading →

Continue ReadingDanger! Exploding Wealth Gap!

Poverty Just Ain’t What It Used To Be

"A newly released report by the U.S. Census Bureau indicates that most Americans living below the bureaucratically designated 'poverty line' enjoy most modern conveniences. For example more than 80 percent of U.S. households below the poverty line have a: refrigerator (97.8%); stove (96.6%); television (96.1%); microwave oven (93.1%); air conditioner (83.4%); VCR/DVD player (83.2%); and cell phone (80.9%). In addition, more than half of households beneath the poverty level also have a: clothes washer (68.7%); clothes dryer (65.3%); computer (58.2%); and landline telephone (54.9)." Continue reading →

Continue ReadingPoverty Just Ain’t What It Used To Be

US poverty rate steady at 15 percent, but ‘lower class’ is booming

"The share of those who identify themselves as 'lower class' – at 8.4 percent – now stands at its highest level in four decades, according to separate data released this week from the long-running General Social Survey (GSS). Just as surprising, the share of college graduates who describe themselves as lower class has jumped from 2.6 percent in 2002 to 5.8 percent in 2012. According to the GSS, only 55 percent of Americans these days believe things will get better for themselves and their kids – a rather paltry number for a country built on the notion that everyone has an equal chance to get ahead." Continue reading →

Continue ReadingUS poverty rate steady at 15 percent, but ‘lower class’ is booming

With the end of Fed’s QE in sight, U.S. public says ‘Huh?’

"The Fed's $2.8 trillion 'quantitative easing' program has, among other things, lifted stock prices to record highs, driven interest rates to record lows and put a floor under what had been a reeling housing market. Yet barely a quarter of Americans even know what it is. A poll leading up to the Fed's pivotal decision, expected Wednesday afternoon, found just 27 percent of U.S. adults could pick the correct definition of quantitative easing from among five possible answers." Continue reading →

Continue ReadingWith the end of Fed’s QE in sight, U.S. public says ‘Huh?’

Median Household Income Is Flat

"In 2012, median household income in the USA was flat. Adjusted for price inflation, it was down 9% since 1999: the Clinton era. It is where it was in the late 1980s: early Bush I. All this has happened under Keynesianism. The engine of economic development has gone flat for 80% of Americans. According to Keynesian economic theory, none of this should have happened. The federal government is supposed to be able to manage the economy, so that recessions are short and mild. But that theory was blasted by the recession of 2008-9. The recovery has not done anything for the vast majority of Americans." Continue reading →

Continue ReadingMedian Household Income Is Flat

Government-Run Bridges: Guaranteed Erosion

"Many fracture critical bridges were erected in the 1950s to 1970s during construction of the interstate highway system because they were relatively cheap and easy to build. Now they have exceeded their designed life expectancy but are still carrying traffic — often more cars and trucks than they were originally expected to handle. The Interstate 5 bridge in Washington state that collapsed in May was fracture critical. Cities and states would like to replace the aging and vulnerable bridges, but few have the money; nationally, it is a multi-billion-dollar problem. As a result, highway engineers are juggling repairs and retrofits in an effort to stay ahead of the deterioration." Continue reading →

Continue ReadingGovernment-Run Bridges: Guaranteed Erosion

Young Greeks Helping Each Other to Combat Crisis

"The political class may have set the rules, but almost everyone adhered to them. Now the game is over, and there is no money left for fakelaki and rousfeti, corruption and nepotism, two basic principles of Greek political life until now. Suddenly there is room for those who want to set up new rules, and who want change and more cooperation. Some 3,000 initiatives were established throughout Greece in the last three years. They all have the same goal: to do things better than before. There are food cooperatives, community gardens, social pharmacies and neighborhood assistance programs for the poor. In Crete alone, there are now five alternative currencies." Continue reading →

Continue ReadingYoung Greeks Helping Each Other to Combat Crisis

Health Insurance Premiums Continue To Rise Under Obamacare

"Yesterday the Department of Health and Human Services (HHS) released a report that claims to highlight how Obamacare is working for Americans—but in reality, it actually shows how the law has fallen short of candidate Obama’s promises. If a picture is worth a thousand words, then one chart in the report tells the tale. Figure 3 of the HHS report (below) highlights what happened when insurers requested to increase premiums by more than 10 percent—triggering a new rate review process established under Obamacare. While some of these premium increases were modified or withdrawn, nearly three in five (57.8 percent) were approved 'unmodified' by regulators." Continue reading →

Continue ReadingHealth Insurance Premiums Continue To Rise Under Obamacare

Health Insurance Premiums Continue To Rise Under Obamacare

"Yesterday the Department of Health and Human Services (HHS) released a report that claims to highlight how Obamacare is working for Americans—but in reality, it actually shows how the law has fallen short of candidate Obama’s promises. If a picture is worth a thousand words, then one chart in the report tells the tale. Figure 3 of the HHS report (below) highlights what happened when insurers requested to increase premiums by more than 10 percent—triggering a new rate review process established under Obamacare. While some of these premium increases were modified or withdrawn, nearly three in five (57.8 percent) were approved 'unmodified' by regulators." Continue reading →

Continue ReadingHealth Insurance Premiums Continue To Rise Under Obamacare