Global Economy Bursting?

[Randolph Kinney]

New Report Shows Total States Budget Debt Exceeds $4 Trillion

http://www.marketwatch.com/story/ne...ebt-exceeds-4-trillion-2012-08-28?siteid=nbkh

California Leads Nation In Debt

Today, State Budget Solutions (SBS), a nonprofit organization advocating for fundamental reform of state budgets, released its third annual state debt report revealing that aggregated debt across the 50 states exceeds $4.19 trillion. SBS's report, which takes into account all explicit state debt and future spending obligations, found that California had the largest debt with more than $617 billion and Vermont, North Dakota and South Dakota were among the states with the smallest debt.

Market-valued unfunded public pension liabilities made up more than half of all state debt at $2.8 trillion. Regular outstanding debt and other post employment benefit liabilities each contribute around $600 billion to total debt.

 

[Riick]

Detroit has from 40,000 to 70,000 abandoned buildings, ......
Bing promises to tear down 10,000 buildings by the end of next year.

Bing-Go!
New revenue source - buildings with antique woodwork, fireplace surrounds, precious-wood flooring, sconces, chandeliers, antique commodes, clawfoot tubs, etc., etc., etc. all salvageable & highly salable items.
Have public workers salvage their jobs and these items at the same time.
Sell at public auction to keep the number of quiet steals, I mean deals down.
Triple win for Detroit, Detroit public workers, and the Greens.

 

[residentialguy]

Here's something that most people aren't going to want to watch, but they better.

[url]http://www.youtube-nocookie.com/embed/EW5IdwltaAc?rel=0[/URL]

 

[Randolph Kinney]

Here's something that most people aren't going to want to watch, but they better.

[url]http://www.youtube-nocookie.com/embed/EW5IdwltaAc?rel=0[/URL]

This not new, it has been known for some time. There is only one way out and that is to print the money and inflate the debt value away. The tax code will be changed to allow the AMT to take effect; it is already not indexed for inflation and 40% of the current income produced will be taxed with out deductions.

 

[Randolph Kinney]

You Are Probably Worse Off Than You Were Four Years Ago

http://www.tnr.com/blog/plank/106512/you-are-probably-worse-you-were-four-years-ago

Median household income losses between June 2009 and June 2012 occurred for nearly every conceivable demographic group. Family households lost 4.7 percent. Nonfamily households (i.e., people who live alone) lost 7.5 percent. Men who live alone did very badly; they lost 9.4 percent. Households headed by African-Americans did even worse; they lost 11.1 percent. Married-couple households weathered the, um, recovery better than others, but still lost 3.6 percent. Weirdly, two-earner households lost more income (5.9 percent) than one-earner households (4 percent), perhaps because they started out with more income to lose. Households headed by full-time workers lost 5.1 percent. Households headed by private-sector workers lost 4.5 percent, while households headed by government workers lost 3.5 percent.

Income losses occurred at all levels of educational attainment. The steepest losses were for those with “some college, no degree”; they lost 9.3 percent, followed by people with associate’s degrees (8.6 percent), high school grads (6.9 percent), people with bachelor’s degrees or more (5.9 percent), and high school dropouts (5.3 percent). High school dropouts lost the least because they never had much to lose.

 

[Randolph Kinney]

Fed is major profit center

http://www.cnbc.com/id/48801307

The Federal Reserve said on Monday it was releasing quarterly unaudited results of its operations, stepping up efforts to enhance transparency amid criticism from Republicans who are demanding more accountability from the U.S. central bank.

The Fed Board in Washington had previously published annual financial statements, which also showed how much money it distributed to the U.S. Treasury.

Its release of first and second quarter results detailed a sharp rise to $46.447 billion in its payments to the Treasury, from $40.456 billion in the first six months of 2011, reminding U.S. taxpayers the Fed has been a significant source of income.

 

[Randolph Kinney]

National debt plus unfunded liabilities adds up to $520,000 per American household

http://www.politifact.com/florida/s...-says-debt-plus-unfunded-liabilities-equals-/

 

[Randolph Kinney]

California leaders strike public pension reform deal

http://www.reuters.com/article/2012...3B20120829?feedType=RSS&feedName=domesticNews

California Governor Jerry Brown and lawmakers have reached a deal to raise public employees' retirement ages, have them pay more into their pension accounts, and cap retirement payments in a vast overhaul of the state's pension system that he says will save $30 billion.

 

[Big ole Boy]

Browns' flanking maneuver to Ryans last night speech

California leaders strike public pension reform deal

http://www.reuters.com/article/2012...3B20120829?feedType=RSS&feedName=domesticNews

California Governor Jerry Brown and lawmakers have reached a deal to raise public employees' retirement ages, have them pay more into their pension accounts, and cap retirement payments in a vast overhaul of the state's pension system that he says will save $30 billion.

... Lawmakers have an adept ability to flank and then deflate the contrasts towards fiscal responsibilities ...

No sooner does Ryan step down from the loud speaker ... then the leftist go into containment and damage control .....

sheep, sheep sheep ....

 

[Randolph Kinney]

Majority of New Jobs Pay Low Wages, Study Finds

http://www.nytimes.com/2012/08/31/b...?_r=1&nl=todaysheadlines&emc=edit_th_20120831

While a majority of jobs lost during the downturn were in the middle range of wages, a majority of those added during the recovery have been low paying, according to a new report from the National Employment Law Project.

The disappearance of midwage, midskill jobs is part of a longer-term trend that some refer to as a hollowing out of the work force.

Lower-wage occupations, with median hourly wages of $7.69 to $13.83, accounted for 21 percent of job losses during the retraction. Since employment started expanding, they have accounted for 58 percent of all job growth.

The occupations with the fastest growth were retail sales (at a median wage of $10.97 an hour) and food preparation workers ($9.04 an hour).

Some of these new, lower-paying jobs are being taken by people just entering the labor force, like recent high school and college graduates. Many, though, are being filled by older workers who lost more lucrative jobs in the recession and were forced to take something to scrape by.