Personal Income and Outlays for March 2010 was released today. Once again, Americans' spending is increasing more than their incomes. Even more interesting, the increase in unemployment insurance benefit payouts equaled the increase in wages and salaries from private industries, $11.8 billion, at a seasonally adjusted annual rate. The total government transfer payments was over 66% of the personal income growth for March.
Personal income increased $36.0 billion, or 0.3 percent, and disposable personal income (DPI) increased $32.3 billion, or 0.3 percent. Personal consumption expenditures (PCE) increased $58.6 billion, or 0.6 percent.
Euro region finance ministers agreed to a 110 billion-euro ($146 billion) rescue package for Greece to prevent a default and stop the worst crisis in the currency’s 11-year history from spreading through the rest of the bloc.
This is to prevent a sovereign default, which was causing contagion throughout Europe.
Bloomberg has some horrid numbers in their report:
Greece’s main sales tax rate will rise to 23 percent from 21 percent.
28% of the European contribution is from Germany. Squishing workers:
Other measures include abolishing the 13th and 14th wage payments that civil servants get annually for workers earning more than 3,000 euros per month, he said. Payments for those earning less than that will be capped at 1,000 euros.
Bloomberg seems to be getting the details of the deal right.
Since the mortgage market imploded in 2007, the government has dramatically expanded its support of the housing market. You might think that the so-called recovery would change that, and the private sector would start taking some of the mortgage market back from the federal government. You would be wrong.
As the oil spill from hell looks to coat all of the Gulf coast and kill every breathing thing that cannot run or fly away, why isn't the Federal Government immediately setting up a direct jobs program to clean up and deal with the disaster?
Hundreds stood in a line that wrapped around Workforce Escarosa in Pensacola this morning to apply for positions on a cleanup crew for the oil slick in the Gulf of Mexico.
Brittany Bailey, business services outreach representative, said Escarosa is recruiting 300 to 500 Gulf Coast workers for a Texas-based workforce development company called Advanced Employment Solutions.
The Federal Deposit Insurance Corp. said Puerto Rico's Westernbank, Eurobank and R-G Premier Bank of Puerto Rico were all closed, with a combined $14.84 billion in deposits.
On The Economic Populist you might have noticed the side columns. We try to list other sites and blogs who have exceptional insight and writing on what is happening in the U.S. economy.
Sometimes though, one cannot say it better but miss those who did.
The four middle-skill occupations -- sales, office and administrative workers, production workers and operators -- accounted for 57.3% employment in 1979. That portion fell to 48.6% in 2007, and declined to 45.7% in 2009, according to the report.
The O word, offshore outsourcing is mentioned as a cause.
Must Read #2
This is one of those articles where one might strongly suspect a lobbyist plant. A study claims regulating derivatives will cost 41% of Goldman Sachs profits. Hmmmm, does the study assume those funds are now redirected to investing in the real U.S. economy?
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
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