5 Charts on the State of the Middle Class
The middle class face a number of economic challenges. Incomes are stagnant or falling, while the costs of life’s necessities continue to rise, and the risks of falling behind grow.
via 5 Charts on the State of the Middle Class | Center for American Progress.
Misconceptions and Realities About Who Pays Taxes
Close to half of U.S. households currently do not owe federal income tax. The Urban Institute-Brookings Tax Policy Center estimates that 46 percent of households will owe no federal income tax for 2011.
via Misconceptions and Realities About Who Pays Taxes — Center on Budget and Policy Priorities.
5 Big Myths (and 1 Big Truth) from the RNC
Republicans are right: President Obama’s jobs record is miserable. Even though it is not the president’s fault that he inherited a recession, the numbers are the numbers.
5 Big Myths (and 1 Big Truth) from the Republican National Convention.
Most laid-off US workers take pay cuts in new jobs
Only 56 percent of Americans laid off from January 2009 through December 2011 had found jobs by the start of this year, the Labor Department said Friday. More than half of them took jobs with lower pay. One-third took pay cuts of 20 percent or more.
via Most laid-off US workers take pay cuts in new jobs | The Ithaca Journal | theithacajournal.com.
New jobless claims take surprise jump
New claims for unemployment benefits took an unexpected jump in the latest week, raising more concerns about the struggling job market and providing further incentive for the Federal Reserve to jump in and help the economy.
Parsing the tax fairness question, redux
Republican tax policy has benefited the very wealthy at the expense of the middle class and the poor.
via Parsing the tax fairness question, redux – San Antonio Economic Policy | Examiner.com.
Law Expanding New York City Taxi System Overturned
A State Supreme Court justice on Friday rebuffed the Bloomberg administration’s plan to expand street hail service beyond Manhattan, signaling an uncertain future for livery taxis in the city and a victory for the yellow-cab industry, which has vigorously opposed the plan.
via Law Expanding New York City Taxi System Overturned by Court – NYTimes.com.
Why We’re Screwed
As Sherrill said, without regulation, capitalism is thievery. We stopped regulating the financial system, so thieves took over.
The comedian still trying to make us laugh…
Arthur Laffer, a US economist came to prominence in the 1980s under the umbrella of the Ronald Reagan’s US presidency. Laffer produced the so-called “Laffer Curve” (see next graph) which basically claimed that tax cuts pay for themselves by ensuring the growth in real GDP generates the extra tax revenue loss via the rate cuts and keeps the budget balanced.
via The comedian still trying to make us laugh | Bill Mitchell – billy blog.
Housing Recovery?
Historically, residential real estate has accounted for roughly 5% of U.S. gross domestic product. Since the recession, that has halved, with residential investment now accounting for just 2.3% of the broader economy.
via Housing recovery could lift jobs, spending – Aug. 7, 2012.
Economics @ ITT 
leave a comment