The American people are experiencing financial death by a thousand cuts and most of them don’t even realize it. The U.S. government, state governments, local governments and the financial elite are draining us financially in dozens upon dozens of different ways, and yet we have become so programmed to accept it that it just seems normal to us. 2011 is rapidly approaching, and a whole slate of federal taxes is scheduled to go up, state taxes are being increased from coast to coast, local governments are finding new and creative ways to stick it to us and the financial elite are becoming more predatory than ever.
Meanwhile, the incomes of many average Americans are actually going down. According to the Census Bureau’s annual survey of income and poverty in the United States, of the 52 largest metro areas in the nation, only the city of San Antonio did not see a decline in median household income during 2009. Tens of millions of Americans are flat broke and they are getting pissed off. According to a new poll conducted by CNBC, 92 percent of Americans believe that the U.S. economy is either "fair" or "poor". The American people desperately want someone to fix the economy, but instead our "leaders" are trying to come up with new and creative ways to drain even more money out of us.
In no particular order, the following are 75 ways that the U.S. government, state governments, local governments and the financial elite will be sucking even more of the life blood out of the American people in 2011….
#1 State governments across the U.S. are raising fees and taxes in so many different ways it is staggering. A reader named Richard recently sent me an email in which he described the shock that he experienced when he recently received his license plate renewal notice in the mail….
I just got a license plate renewal notice from the Oregon Department of Motor Vehicles. When I opened the envelope and saw the amount of the renewal, I was shocked. The amount seemed much higher than usual.
I have a computerized record of all my financial transactions over the last many years. I looked up previous DMV license plate renewals and I saw
The pension crisis is affecting budgets in city after city and in ever increasing amounts. Please consider the latest in San Diego: Millions needed for city pensions.
Just when San Diego city officials thought they had closed a $179 million budget gap, another has opened up because more money will be needed to pay for employee pensions.
The city will have to contribute $231.7 million to the retirement fund in the fiscal year that starts in July. That’s up $19 million from the forecast used when the last budget gap was closed in December.
The increase is a result of the fund’s investment losses and more employees signing up for pension benefits because of fears they will be cut.
The higher payment most likely will be funded by cutting more services in the next few months, as opposed to the 18-month balanced budget promised when a deal was reached to reduce library hours, lay off 200 workers and end public-safety programs such as horse-mounted patrols.
“This cutting and reducing is going to go on until somebody takes seriously the solutions for solving the city’s pension mess,” Councilwoman Donna Frye said yesterday.
A new report from the city’s pension system indicates that the city has 66.5 percent of the money it needs to cover promised pensions — the lowest level since 2004. The amount the city lacks to meet its long-term pension liability is $2.1 billion as of June 30, up from $1.3 billion in June 2008.
Frye said she sees a trend of pension obligations gobbling up more of the city’s general fund, which pays for fire, police, parks, libraries and recreation centers. Unless labor unions and the city come together to find solutions, “I believe the city will someday go into bankruptcy,” she said.
Mayor Jerry Sanders has resisted any such suggestion.
San Diego Already Bankrupt
San Diego is already bankrupt, they just don’t know it yet. There is no way it can fund its pension liabilities.
I commend Councilwoman Donna Frye. She should run for mayor.
Tax hikes and fees are not the answer. The core issue is unsustainable pension benefits. The system is broke. Toying around with little cuts here and there will not help. And as bad as…
What was initially said to be a coordinated attack killing 9 and wounding 27, involving up to three gunmen has since been attributed to a lone, 18-year-old German-born male student with both German and Iranian citizenship, identified moments ago as David Ali Sonboly. As authorities try to piece together the motive behind the latest mass killing, the third one in Europe in the past 9 days, and one which targeted mostly other young people, the emerging picture is that of a mentally disturbed young man with an obssession for killing sprees, and who had undergone psychiatric treatment.
The global rally in equities Moderated last week. The average gain of the eight indexes on our world watch list was a respectable 0.41%, down from the previous week's steroidal 3.87% average. Hong Kong's Hang Seng was the top performer with a 1.41% advance. At the other end, the chronic laggard Shanghai Composite fell 1.36%.
A Closer Look at the Last Four Weeks
The tables below provide a concise overview of performance comparisons over the past four weeks for these eight major indexes. We've also included the average for each week so that we can evaluate the performance of a specific index relative to the overall mean and better understand weekly volatility. The colors for each index name help us visualize the compara...
U.S. stocks rose, sending the S&P 500 Index to a record, and the dollar strengthened as speculation mounted that central banks from Japan to Europe won’t be in a rush to add to unprecedented stimulus. Emerging-market assets and commo...
The Dow just scored 7 straight all-time highs; are there more on the way, or is the air getting too thin?
When the major U.S. stock averages broke out to new highs earlier this month, the key consideration became would the breakout fail or would the new highs stick? Well, 10 days later the breakout gets high marks for follow through. This is particularly so in the case of the Dow Jones Industrial Average (DJIA). As many averages have spent the past several days digesting recent gains, the DJIA has continued its ascent. In the process, the index has recorded 7 straight all-time highs.
While the streak is not unprecedented, it is just the 12th such run in the past 10...
By Jacob Wolinsky. Originally published at ValueWalk.
Relypsa Inc (NDAQ:RLYP) — to be acquired by Galenica AG (VTX:GALN) for $32 per share in cash is soaring this morning up about 58 percent at the time of this writing in early morning. On the other hand shares of Galenica are down on the announcement by about 8 percent. What are the details of the deal? Here is what the sell side analysts are saying about the pharma news.
Relypsa Inc (NDAQ:RLYP) bid – analysts react
Relypsa will be acquired by Galenica for $32 per share, a 59% premium over the last closing price. We have thought that Relypsa would likely be acquired at some point, given the opportunity to grow Veltassa to be a significant commercial brand, ...
Companies around the world are exploring blockchain, the technology underpinning digital currency bitcoin. In this Blockchain unleashed series, we investigate the many possible use cases for the blockchain, from the novel to the transformative.
Most people agree we do not need to know how a television works to enjoy using one. This is true of many existing and emerging technologies. Most of us happily drive cars, use mobile phones and send emails without knowing how they work. With this in mind, here is a tech-free user guide to the blockchain - the technology infrastructure behind bitcoin...
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After a three-year bull run that more than quadrupled its value by its peak last July, IBD’s Medical-Biomed/Biotech Industry Group plunged 50% by early February, hurt by backlashes against high drug prices and mergers that seek to lower corporate taxes.
This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible. Feel free to contact me directly at firstname.lastname@example.org with any questions.
Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts. After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.) Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.
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