A most interesting study came out of the left leaning Institute for Policy Studies. They found 26 corporations paid more to their CEO than they actually paid in taxes. IPS compared executive compensation to how much tax write offs that pay package gives and conclude excessive compensation is a tax on you. Corporations are raking it in and not paying much to Uncle Sam. CEOs aren't being rewarded for actual performance, the excessive pay is more reflective on our loophole ridden corporate tax code. IPS estimates CEO pay at 26 firms is equivalent to a $46 dollar tax on every person in America, or $14.4 billion per year.
Of last year’s 100 highest-paid U.S. corporate chief executives, 26 took home more in CEO pay than their companies paid in federal income taxes, up from the 25 we noted in last year’s analysis. Seven firms made the list in both 2011 and 2010.
Once again, low corporate tax bills, or large refunds, cannot be explained by low profits. On average, the 26 firms had more than $1 billion in U.S. pre-tax income but still received net tax benefits that averaged $163 million.
The CEOs of these 26 firms received $20.4 million in average total compensation last year. That's a 23 percent increase over the average for last year’s list of 2010's tax dodging executives.
Two of the firms that paid their CEOs more than Uncle Sam, Citigroup and AIG, owe their very continued existence to taxpayer bailouts.
Combined, the 26 firms have 537 subsidiaries in tax-haven countries such as the Cayman Islands, Bermuda, and Gibraltar.
The July 2012 State Employment statistics show a never ending bleak picture for the U.S. worker. Forty-four states saw their unemployment rates increase and nineteen states show their payrolls shrank from June 2012.
The Manufacturing and Trade Sales and Inventories report shows a -1.1% decrease in sales and an +0.1% increase in inventories for June 2012. Sales declined -1.1% for manufacturers, -0.8% for retailers and -1.4% for wholesalers. This is the 3rd month in a row for declining sales and this is the largest monthly percentage decrease since March 2009.
The July 2012 Residential construction report showed Housing starts decreased, -1.1%, from June's revised 754,000, to a level of 746,000. In June, housing starts increased by a revised +6.8%. Housing starts have increased +21.5% from a year ago, outside the ±14.2% margin of error. For the month, single family housing starts decreased -6.5%.
The July Consumer Price Index, which measures inflation, was unchanged from June, the 2nd month in a row. The reason was electricity costs which dropped -1.3%. Gasoline increased 0.3% for July. Removing food and energy, inflation increased 0.1% for the month. Below is CPI's monthly percentage change.
The Federal Reserve's Industrial Production & Capacity Utilization report, G.17, shows a 0.6% increase in industrial production for July 2012, an improvement from recent months. Manufacturing increased 0.5%, mining 1.2% and utilities 1.3%. June industrial production was revised down, from 0.4% to 0.1% and May revised up from -0.1% to 0.2%. This report is also known as output for factories and mines.
Every month we show a graph of the counted long-term unemployed, currently at 5.2 million. Behind every data point on this line is a real live person, with ability, skills, promise, knowledge and capability who desperately needs someone to hire them.
It there was ever a message from our government, it's this. If someone has enough money and power, they can get away with anything. There will be no consequence and no punishment for the rich and powerful.
Once again, Goldman Sachs gets completely away with it. The Department of Justice, closed the books on pursuing Goldman Sachs. Now this is most interesting, you cannot find the statement, press release, nothing on the DOJ website or anywhere. Some claim the DOJ statement is in Goldman Sachs 10-Q, but no, not there either.
About the only place you can get the DOJ statement, it appears, is ABC News, second hand and not directly uploaded.
Based on the law and evidence as they exist at this time, there is not a viable basis to bring a criminal prosecution with respect to Goldman Sachs or its employees in regard to the allegations set forth in the report.”
The election of Worse and Worser continues. We now know Romney's VP pick, Paul Ryan. Wisconsin Congressman Paul Ryan managed to get the House Budget Committee chair, and has been on a quest to destroy Social Security and Medicare.
What a gift to Obama. Face it folks, we're now stuck with Obama for four more years. AARP alone will surely mount their legions to vote against the Galt/Gekko Replication ticket. Most people know election 2012 is the battle of the billionaires, we sure don't have a say. But now the choice has become astounding. We don't think even the Koch Brothers, with their propaganda armies can turn this tide around.
The Q2 2012 Productivity & Costs report shows Labor productivity increased +1.6% from Q1 2012, annualized. Output increased +2.0% and hours worked increased +0.4%. This report shows more bad news for workers, more output for less hours means worker squeeze and less hires. Graphed below is business, nonfarm labor productivity per quarter.
A most interesting study came out of the left leaning 
It there was ever a message from our government, it's this. If someone has enough money and power, they can get away with anything. There will be no consequence and no punishment for the rich and powerful. 
The election of Worse and Worser continues. We now know Romney's VP pick,
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