Our government, especially House Republicans, are such an embarrassment to the nation at this point it is hard to write about it. The insanity knows no bounds as they continually play a game of chicken with the United States economy in order to get their way, even when these shenanigans are condemned by the American people.
The key monthly release of the past week was on Personal Income and Outlays for August from the BEA, which gives us the first look at personal consumption expenditures for the month, which as we know has been the critical component of GDP during the recovery. This report also includes data on personal income and disposable income after taxes, total personal savings and the national savings rate, as well as the price index for PCE, which
The FHA is getting a $1.7 billion bail out from the Treasury. Seems those reverse mortgages have managed to accrue $5 billion in losses. The news was disclosed in a letter to Congress, not even a press release. Most of us know the drill. Have to issue news but want no one to read it? Release it at 5pm on a Friday.
In order to detect and eradicate wasteful government spending, we first have to identify and define just exactly what we consider to be "wasteful". But it probably depends on who you ask, and who benefits the most.
The Q2 2013 Federal Reserve's flow of funds report shows household net worth increased $1.5 trillion to $74.8 trillion in Q2 2013 and hit another record high. The thing is, magically household net worth was boosted up by unfunded pension funds. Nice huh, to have an increase in wealth that Americans do not actually have?
The ultra-wealthy uses the tax code as a weapon in their class-war against the poor by paying less than their fair share of taxes, when in a progressive tax system, the most wealthy are supposed to pay a greater percentage of their incomes --- because they are more able to contribute more, which benefits the most.
The July 2013 S&P Case Shiller home price index shows a 12.4% price increase from a year ago for over 20 metropolitan housing markets and a 12.3% change for the top 10 housing markets from a year ago. Once again price increases on on high for homes.
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