This article is one in a series from the Manufacturing & Technology News Articles
In just the past seven years, U.S. household debt almost doubled and federal debt soared by near two-thirds, rocketing by a combined $10.5 trillion. The total combined debt of households ($14.4 trillion) and the federal government ($9.2 trillion) is now 168 percent of GDP, far higher even than in the brief spike during World War II. All other levels and ratios of debt also have soared far beyond any past precedent.
Yet, this record-shattering explosion of debt stimulus created the weakest seven-year job growth (4.4 percent) and one of the weakest periods of real GDP growth (18.1 percent) since the Depression: less than 6 million new jobs ($1.8 million of debt per job) and a mere $4 trillion increase in GDP.
In just the past seven years, U.S. household debt almost doubled and federal debt soared by near two-thirds, rocketing by a combined $10.5 trillion. The total combined debt of households ($14.4 trillion) and the federal government ($9.2 trillion) is now 168 percent of GDP, far higher even than in the brief spike during World War II
Today we have a new economic stimulusplan revealed.
The $150 Billion dollar package consists of:
$300 to $1200 dollar one time June tax rebate - for anyone who earned at least $3000.00 in W2 type wages. Nothing mentioned about temporary 1099-misc. workers or small business owners who are hit the hardest often in a recession and cannot collect unemployment insurance
Allows Fannie Mae/Fannie Mac to buy out up to $626,000 dollar mortgages temporarily up for $416,000
Large businesses can take a 50% additional tax exemption on new capital expenditures
Today the Federal Reserve lowered the federal funds rate 75 basis points. This allows intra-financial institutions to loan to each other now at 3.5%. Now this might have temporarily stopped the hemorrhage, but does it make sense to increase credit when the real problem is bad debt?
According to Bonddad:
The reissue of 300,000 H-1B visas is our most serious, immediate threat. Kim Berry is likely correct that the reissue may come through ammendments tacked on to unrelated legislation. This "dead of night" tactic accounts for some of our country's worst legislation .
Get on the phone to your senator's Washington office now!
Martin Luther King, Jr delivered this speech in Atlanta, Georgia at the Southern Christian Leadership Council. I heard an excerpt of it yesterday on the new Sirius Left radio show of Dave Marsh called The Land of Hope and Dreams. I then went on line and got a copy of it. Well, it's another eye opener and it's another reminder of the paucity of ideas and the lack of eloquence in our politics today.
King talked in terms of philosophy not ideology. He spoke of Engels, Marx and Trotsky and how they got it wrong and then explains it by using the philosopher Hegel and Jesus. Communism forgets the individual and Capitalism forgets the social. God, I love that. I've often used a bit of Hegel on my weekly radio showin Bozeman, Montana; Uncle Thesis, and Auntie Thesis begetting little Syni Thesis. This is for what I hunger and thirst; real discourse and uplifting rhetoric. Not more weasel words and management speak.
This particular passage hit me between the eyes:
Why is no one talking about offshore outsourcing? Is it possibly because congress itself outsourced it's own job?
Politico has a unique story on any issue that is controversial (see for the people) Congress is using moderate retired government officials to make recommendations.
Shame the article doesn't go into depth on how corporate lobbyists also write the bills.
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