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Paul Merrell

ClubOrlov: Whiplash! - 0 views

cluborlov.blogspot.com/...whiplash.html

oil-market forecast pipelinestan-wars geopolitics

shared by Paul Merrell on 21 Jan 15 - No Cached
  • Over the course of 2014 the prices the world pays for crude oil have tumbled from over $125 per barrel to around $45 per barrel now, and could easily drop further before heading much higher before collapsing again before spiking again. You get the idea. In the end, the wild whipsawing of the oil market, and the even wilder whipsawing of financial markets, currencies and the rolling bankruptcies of energy companies, then the entities that financed them, then national defaults of the countries that backed these entities, will in due course cause industrial economies to collapse. And without a functioning industrial economy crude oil would be reclassified as toxic waste. But that is still two or three decades off in the future.
  • An additional problem is the very high depletion rate of “fracked” shale oil wells in the US. Currently, the shale oil producers are pumping flat out and setting new production records, but the drilling rate is collapsing fast. Shale oil wells deplete very fast: flow rates go down by half in just a few months, and are negligible after a couple of years. Production can only be maintained through relentless drilling, and that relentless drilling has now stopped. Thus, we have just a few months of glut left. After that, the whole shale oil revolution, which some bobbleheads thought would refashion the US into a new Saudi Arabia, will be over. It won't help that most of the shale oil producers, who speculated wildly on drilling leases, will be going bankrupt, along with exploration and production companies and oil field service companies. The entire economy that popped up in recent years around the shale oil patch in the US, which was responsible for most of the growth in high-paying jobs, will collapse, causing the unemployment rate to spike.
  • The game they are playing is basically a game of chicken. If everybody pumps all the oil they can regardless of the price, then at some point one of two things will happen: shale oil production will collapse, or other producers will run out of money, and their production will collapse. The question is, Which one of these will happen first? The US is betting that the low oil prices will destroy the governments of the three major oil producers that are not under their political and/or military control. These are Venezuela, Iran and, of course, Russia. These are long shots, but, having no other cards to play, the US is desperate. Is Venezuela enough of a prize? Previous attempts at regime change in Venezuela failed; why would this one succeed? Iran has learned to survive in spite of western sanctions, and maintains trade links with China, Russia and quite a few other countries to work around them. In the case of Russia, it is as yet unclear what fruit, if any, western policies against it will bear. For example, if Greece decides to opt out of the European Union in order to get around Russia's retaliatory sanctions against the EU, then it will become entirely unclear who has actually sanctioned whom.
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  • The US is making a desperate attempt to knock over a petro-state or two or three before its shale oil runs out, with the Canadians, their tar sands now unprofitable, hitching a ride on its coat-tails, because if this attempt doesn't work, then it's lights out for the empire. But none of their recent gambits have worked. This is the winter of imperial discontent, and the empire is has been reduced to pulling pathetic little stunts that would be quite funny if they weren't also sinister and sad.
  • But a bunch of deluded people muttering to themselves in a dark corner, while the rest of the world points at them and laughs, does not an empire make. With this level of performance, I would venture to guess that nothing the empire tries from here on will work to its satisfaction.
  • Because it will recover. The fix for low oil prices is... low oil prices. Past some point high-priced producers will naturally stop producing, the excess inventory will get burned up, and the price will recover. Not only will it recover, but it will probably spike, because a country littered with the corpses of bankrupt oil companies is not one that is likely to jump right back into producing lots of oil while, on the other hand, beyond a few uses of fossil fuels that are discretionary, demand is quite inelastic. And an oil price spike will cause another round of demand destruction, because the consumers, devastated by the bankruptcies and the job losses from the collapse of the oil patch, will soon be bankrupted by the higher price. And that will cause the price of oil to collapse again. And so on until the last industrialist dies. His cause of death will be listed as “whiplash”: the “shaken industrialist syndrome,” if you will. Oil prices too high/low in rapid alternation will have caused his neck to snap.
  • Paul Merrell on 21 Jan 15
     
    Dmitry Orlov with a humorous yet inscisient take on the state and future of the oil market. Spoiler: He sees signs of desperation amongst the leaders of the American Empire, reduced to no viable options. 
  • Paul Merrell on 21 Jan 15
     
    "inscisient"? Make that "incisive." Follow reading Orlov's piece by reading Mike Whitney's latest at http://www.counterpunch.org/2015/01/20/are-plunging-petrodollar-revenues-behind-the-feds-projected-rate-hikes/ A lot of confirmation of what Orlov said in Whitney's article, citing hard numbers. Mass layoffs in the U.S. and Canadian oil industry; the petrodolar has stopped providing liquidity for the dollar; and the Fed plans to raise interest rates to force an influx of dollars from developing nations, in order to replace the petrodollar liquidity crisis. Whitney makes a strong case that it's a plot by the big banksters to steal another huge pile of cash at the expense of a huge number of jobs in the U.S. Both Orlov and Whitney say that it's going to be a very rough ride for the 99 per cent and for the population of developing nations. Indeed, Whitney's numbers say we are already over the precipice on jobs and well into free-fall.
  • Paul Merrell on 21 Jan 15
     
    But last night, Obama had the gall to claim that all is just peachy-k een on the jobs front. As he helps the banksters offshore another huge number of U.S. jobs.
Paul Merrell

Goodbye Middle Class: 51 Percent Of All American Workers Make Less Than 30,000 Dollars ... - 0 views

endoftheamericandream.com/...less-than-30000-dollars-a-year

U.S. economy jobs income inequality unemployment stats

shared by Paul Merrell on 26 Oct 15 - No Cached
  • We just got more evidence that the middle class in America is dying.  According to brand new numbers that were just released by the Social Security Administration, 51 percent of all workers in the United States make less than $30,000 a year.  Let that number sink in for a moment.  You can’t support a middle class family in America today on just $2,500 a month – especially after taxes are taken out.  And yet more than half of all workers in this country make less than that each month.  In order to have a thriving middle class, you have got to have an economy that produces lots of middle class jobs, and that simply is not happening in America today. You can find the report that the Social Security Administration just released right here.  The following are some of the numbers that really stood out for me… -38 percent of all American workers made less than $20,000 last year. -51 percent of all American workers made less than $30,000 last year. -62 percent of all American workers made less than $40,000 last year. -71 percent of all American workers made less than $50,000 last year.
  • That first number is truly staggering.  The federal poverty level for a family of five is $28,410, and yet almost 40 percent of all American workers do not even bring in $20,000 a year. If you worked a full-time job at $10 an hour all year long with two weeks off, you would make approximately $20,000.  This should tell you something about the quality of the jobs that our economy is producing at this point. And of course the numbers above are only for those that are actually working.  As I discussed just recently, there are 7.9 million working age Americans that are “officially unemployed” right now and another 94.7 million working age Americans that are considered to be “not in the labor force”.  When you add those two numbers together, you get a grand total of 102.6 million working age Americans that do not have a job right now.
  • So many people that I know are barely scraping by right now.  Many families have to fight tooth and nail just to make it from month to month, and there are lots of Americans that find themselves sinking deeper and deeper into debt. If you can believe it, about a quarter of the country actually has a negative net worth right now. What that means is that if you have no debt and you also have ten dollars in your pocket that gives you a greater net worth than about 25 percent of the entire country.
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  • As a nation we are flat broke and most of us are living paycheck to paycheck.  It has been estimated that it takes approximately $50,000 a year to support a middle class lifestyle for a family of four in the U.S. today, and so the fact that 71 percent of all workers make less than that amount shows how difficult it is for families that try to get by with just a single breadwinner. Needless to say, a tremendous squeeze has been put on the middle class.  In many families, both the husband and the wife are working as hard as they can, but it is still not enough.  With each passing day, more Americans are losing their spots in the middle class and this has pushed government dependence to an all-time high.  According to the U.S. Census Bureau, 49 percent of all Americans now live in a home that receives money from the government each month. Sadly, the trends that are destroying the middle class in America just continue to accelerate.
  • With a huge assist from the Republican leadership in Congress, Barack Obama recently completed negotiations on the Trans-Pacific Partnership.  Also known as Obamatrade, this insidious new treaty is going to cover nations that collectively account for 40 percent of global GDP.  Just like NAFTA, this treaty will result in the loss of thousands of businesses and millions of good paying American jobs.  Let us hope and pray that Congress somehow votes it down. Another thing that is working against the middle class is the fact that technology is increasingly taking over our jobs.  With each passing year, it becomes cheaper and more efficient to have computers, robots and machines do things that humans once did. Eventually, there will be very few things that humans will be able to do more cheaply and more efficiently than computers, robots and machines.  How will most of us make a living when that happens?…
  • For decades, we have been training our young people to have the goal of “getting a job” once they get out into the real world.  But in America today there are not nearly enough good jobs to go around, and this crisis is only going to accelerate as we move into the future. I do not believe that it is wise to pin your future on a corporation that could replace you with a foreign worker or a machine the moment that it becomes expedient to do so.  We need to start thinking differently, because the paradigms that worked in the past are fundamentally breaking down.
  • Paul Merrell on 26 Oct 15
     
    From a website with the same title as this Diigo group.
Paul Merrell

The Money Changers Serenade: A New Bankers' Plot to Steal Your Deposits | Global Research - 0 views

www.globalresearch.ca/...5359018

banksters fraud electronic-currency Summers

shared by Paul Merrell on 25 Nov 13 - No Cached
  • Writing in the Wall Street Journal (“Confessions of a Quantitative Easer,” November 11, 2013), Andrew Huszar confirms my explanation to be the correct one. Huszar is the Federal Reserve official who implemented the policy of QE. He resigned when he realized that the real purposes of QE was to drive up the prices of the banks’ holdings of debt instruments, to provide the banks with trillions of dollars at zero cost with which to lend and speculate, and to provide the banks with “fat commissions from brokering most of the Fed’s QE transactions.” (See: www.paulcraigroberts.org) This vast con game remains unrecognized by Congress and the public. At the IMF Research Conference on November 8, 2013, former Treasury Secretary Larry Summers presented a plan to expand the con game. Summers says that it is not enough merely to give the banks interest free money. More should be done for the banks. Instead of being paid interest on their bank deposits, people should be penalized for keeping their money in banks instead of spending it. To sell this new rip-off scheme, Summers has conjured up an explanation based on the crude and discredited Keynesianism of the 1940s that explained the Great Depression as a problem caused by too much savings. Instead of spending their money, people hoarded it, thus causing aggregate demand and employment to fall.
  • Summers says that today the problem of too much saving has reappeared. The centerpiece of his argument is “the natural interest rate,” defined as the interest rate at which full employment is established by the equality of saving with investment. If people save more than investors invest, the saved money will not find its way back into the economy, and output and employment will fall. Summers notes that despite a zero real rate of interest, there is still substantial unemployment. In other words, not even a zero rate of interest can reduce saving to the level of investment, thus frustrating a full employment recovery. Summers concludes that the natural rate of interest has become negative and is stuck below zero. How to fix this? The way to fix it, Summers says, is to charge people for saving money. To avoid the charges, people would spend the money, thus reducing savings to the level of investment and restoring full employment. Summers acknowledges that the problem with his solution is that people would take their money out of banks and hoard it in cash holdings. In other words, the cash form of money provides consumers with a freedom to save that holds down consumption and prevents full employment. Summers has a fix for this: eliminate the freedom by imposing a cashless society where the only money is electronic. As electronic money cannot be hoarded except in bank deposits, penalties can be imposed that force unproductive savings into consumption.
  • for Summers, the plight of the consumer is not the problem. The problem is the profits of the banks. Summers has the solution, and the establishment, including Paul Krugman, is applauding it. Once the economy officially turns down again, watch out.
  • Paul Merrell on 25 Nov 13
     
    Paul Craig Roberts exposes Larry Summers formula for the banksters to grab money from everyone: eliminate all but electronic-currency and penalize savings. Not mentioned by Roberts, but much of the infrastructure for this is already in place. For example, late last year all recipients of Social Security and VA benefit checks were notified that after March 1, 2013, they would be in violation of the law if they continued to receive paper checks. They were required to enroll in approved electronic deposit programs, all of which are offered by banks. Until about two years ago, people could merely state in writing that they didn't want it and could continue receiving paper checks. But Congress closed that loophole.  (I remain out of compliance.) Debit card is now mandatory, although they have not yet enacted penalties for non-compliance.  So the banksters now get the "float" on virtually all federal SS and VA benefit payments until spent. That's as opposed to the prior Treasury Department drafts whose funds were not in the banking system.   More to the point, the web portal for the federal "Go Direct" program to sign up for direct deposit is in place and debugged. It wouldn't take much beyond a bigger data set to issue debit cards for everyone in the U.S. during a transition to a cashless economy.  The Constitution says gold and silver only for payment of debts; paper currency paved the way for financial abuse of the economy by banksters. Now Summers wants to do away with cash entirely in favor of digital currency with penalties for saving? My life savings must be surrendered to a bank so I can be penalized for saving? And of course moving to all-digital currency would give the spy agencies a much more detailed record of your purchases to work with. The location where you bought that last cup of coffee is instantly available to the NSA? Gimme a break!    
Paul Merrell

Time for the Nuclear Option: Raining Money on Main Street | WEB OF DEBT BLOG - 0 views

ellenbrown.com/...n-raining-money-on-main-street

economy financial-stimulus printing-press

shared by Paul Merrell on 24 Sep 15 - No Cached
  • Predictions are that we will soon be seeing the “nuclear option” — central bank-created money injected directly into the real economy. All other options having failed, governments will be reduced to issuing money outright to cover budget deficits. So warns a September 18 article on ZeroHedge titled “It Begins: Australia’s Largest Investment Bank Just Said ‘Helicopter Money’ Is 12-18 Months Away.” Money reformers will say it’s about time. Virtually all money today is created as bank debt, but people can no longer take on more debt. The money supply has shrunk along with people’s ability to borrow new money into existence. Quantitative easing (QE) attempts to re-inflate the money supply by giving money to banks to create more debt, but that policy has failed. It’s time to try dropping some debt-free money on Main Street. The Zerohedge prediction is based on a release from Macqurie, Australia’s largest investment bank. It notes that GDP is contracting, deflationary pressures are accelerating, public and private sectors are not driving the velocity of money higher, and central bank injections of liquidity are losing their effectiveness. Current policies are not working. As a result:
  • There are several policies that could be and probably would be considered over the next 12-18 months. If private sector lacks confidence and visibility to raise velocity of money, then (arguably) public sector could. In other words, instead of acting via bond markets and banking sector, why shouldn’t public sector bypass markets altogether and inject stimulus directly into the ‘blood stream’? Whilst it might or might not be called QE, it would have a much stronger impact and unlike the last seven years, the recovery could actually mimic a conventional business cycle and investors would soon start discussing multiplier effects and positioning in areas of greatest investment.  Willem Buiter, chief global economist at Citigroup, is also recommending “helicopter money drops” to avoid an imminent global recession, stating: A global recession starting in 2016 led by China is now our Global Economics team’s main scenario. Uncertainty remains, but the likelihood of a timely and effective policy response seems to be diminishing. . . . Helicopter money drops in China, the euro area, the UK, and the U.S. and debt restructuring . . . can mitigate and, if implemented immediately, prevent a recession during the next two years without raising the risk of a deeper and longer recession later.
  • In the UK, something akin to a helicopter money drop was just put on the table by Jeremy Corbyn, the newly-elected Labor leader. He proposes to give the Bank of England a new mandate to upgrade the economy to invest in new large scale housing, energy, transport and digital projects. He calls it “quantitative easing for people instead of banks” (PQE). The investments would be made through a National Investment Bank set up to invest in new infrastructure and in the hi-tech innovative industries of the future. Australian blogger Prof. Bill Mitchell agrees that PQE is economically sound. But he says it should not be called “quantitative easing.” QE is just an asset swap – cash for federal securities or mortgage-backed securities on bank balance sheets. What Corbyn is proposing is actually Overt Money Financing (OMF) – injecting money directly into the economy. Mitchell acknowledges that OMF is a taboo concept in mainstream economics. Allegedly, this is because it would lead to hyperinflation. But the real reasons, he says, are that: It cuts out the private sector bond traders from their dose of corporate welfare which unlike other forms of welfare like sickness and unemployment benefits etc. has made the recipients rich in the extreme. . . . It takes away the ‘debt monkey’ that is used to clobber governments that seek to run larger fiscal deficits.
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  • Tim Worstall, writing in the UK Register, objects to Corbyn’s PQE (or OMF) on the ground that it cannot be “sterilized” the way QE can. When inflation hits, the process cannot be reversed. If the money is spent on infrastructure, it will be out there circulating in the economy and will not be retrievable. Worstall writes: QE is designed to be temporary, . . . because once people’s spending rates recover we need a way of taking all that extra money out of the economy. So we do it by using printed money to buy bonds, which injects the money into the economy, and then sell those bonds back once we need to withdraw the money from the economy, and simply destroy the money we’ve raised. . . . If we don’t have any bonds to sell, it’s not clear how we can reduce [the money supply] if large-scale inflation hits.
  • The problem today, however, is not inflation but deflation of the money supply. Some consumer prices may be up, but this can happen although the money supply is shrinking. Food prices, for example, are up; but it’s because of increased costs, including drought in California, climate change, and mergers and acquisitions by big corporations that eliminate competition. Adding money to the economy will not drive up prices until demand is saturated and production has hit full capacity; and we’re a long way from full capacity now. Before that, increasing “demand” will increase “supply.” Producers will create more goods and services. Supply and demand will rise together and prices will remain stable. In the US, the output gap – the difference between actual output and potential output – is estimated at about $1 trillion annually. That means the money supply could be increased by at least $1 trillion annually without driving up prices.
  • If PQE does go beyond full productive capacity, the government does not need to rely on the central bank to pull the money back. It can do this with taxes. Just as loans increase the money supply and repaying them shrinks it again, so taxes and other payments to the government will shrink a money supply augmented with money issued by the government. Using 2012 figures (drawing from an earlier article by this author), the velocity of M1 (the coins, dollar bills and demand deposits spent by ordinary consumers) was then 7. That means M1 changed hands seven times during 2012 – from housewife to grocer to farmer, etc. Since each recipient owed taxes on this money, increasing M1 by one dollar increased the tax base by seven dollars. Total tax revenue as a percentage of GDP in 2012 was 24.3%. Extrapolating from those figures, $1.00 changing hands seven times could increase tax revenue by $7.00 x 24.3% = $1.70. That means the government could, in theory, get more back in taxes than it paid out. Even with some leakage in those figures and deductions for costs, all or most of the new money spent into the economy might be taxed back to the government. New money could be pumped out every year and the money supply would increase little if at all.
  • Besides taxes, other ways to get money back into the Treasury include closing tax loopholes, taxing the $21 trillion or more hidden in offshore tax havens, and setting up a system of public banks that would return the interest on loans to the government. Net interest collected by U.S. banks in 2014 was $423 billion. At its high in 2007, it was $725 billion. Thus there are many ways to recycle an issue of new money back to the government. The same money could be spent and collected back year after year, without creating price inflation or hyperinflating the money supply. This not only could be done; it needs to be done. Conventional monetary policy has failed. Central banks have exhausted their existing toolboxes and need to explore some innovative alternatives.
  • Paul Merrell on 24 Sep 15
     
    Debt having failed as a method of money creation leads us back to the printing press method. But on whom are those helicopters to drop their new money? And how to we ensure that the banksters are not among them?
Gary Edwards

MAULDIN: It's All About The Jobs -- And Gold - 0 views

www.businessinsider.com/s-all-the-jobs-and-gold-2011-9

John-Mauldin financial-collapse JOBS Unemployment-U6 gold

shared by Gary Edwards on 04 Sep 11 - No Cached
  • Gary Edwards on 04 Sep 11
     
    But as I live in the real world, I buy gold, even though I am optimistic we'll get through this rough patch; because I simply don't trust the bas*%*ds who are driving this ship with 100% of my money in dollars, or any fiat currency, for that matter. Gold to me is a neutral currency. While the metal looks good over the last ten years (and I became bullish on it in 2002 in this letter), over the last 32 years it has not had all that much luster. Bonds have been much better as an investment. It is all about timing. If I wanted to buy gold for investment or trading, I would simply buy GLD. (It is an excellent vehicle for traders; however, GLD is not what I think of as insurance.) And if I were buying gold as a trade, I would buy it in terms of the euro or yen, which I think are both going down against the US dollar. For those who want to buy larger sums of gold, there is a program that I like backed/sponsored by the state government of Western Australia, called the Perth Mint. You can buy gold certificates that represent actual bullion in vaults in Perth at reasonable prices. While your gold is stored in Perth, you can take delivery if you want and leave the country with no taxes owed. Or you can sell the gold and get cash. You diversify your country risk, have excellent and safe storage facilities, diversify your currency risk (if, like me, you think of gold as a currency), and have a different asset class than traditional portfolios. You can learn more about the Perth Mint at www.perthmint.com. And one of their dealers is an old friend of mine, Mike Checkan of Asset Strategies International. I have known Mike for about 30 years, and he does what he says and shoots straight. He is well-known in the investment information world, with lots of endorsements. You can learn more about his outfit at www.assetstrategies.com or call them toll-free at (800) 831-0007 in the U.S. and Canada, or direct at (301) 881-8600. You can also email them from their web site. Where to buy
Paul Merrell

Ebola Debuts on Americans' List of Top U.S. Problems - 0 views

www.gallup.com/...ericans-list-top-problems.aspx

ebp;a polls

shared by Paul Merrell on 21 Oct 14 - No Cached
  • As the quarantine period ends for people exposed to the first person in the U.S. to be diagnosed with Ebola, the virus for the first time ranks among the top 10 issues Americans consider to be the most important ones facing the country. However, Ebola still ranks behind five other issues, including the economy (17%), dissatisfaction with government (16%) and unemployment (10%), and ties several others.
Paul Merrell

Obama's Ukrainian Coup Triggered the Influx of 2.5 Million Ukrainian Refugees into Russ... - 0 views

www.globalresearch.ca/...5579719

war & peace U.S.-foreign-policy Ukraine stats refugees

shared by Paul Merrell on 16 Mar 17 - No Cached
  • On Tuesday, March 7th, Russia’s top parliamentarian dealing with the Ukrainian refugee influx into Russia — dealing, that is, with the people who have fled Ukraine as a result of U.S. President Barack Obama’s 2014 coup overthrowing Ukraine’s democratically elected President Viktor Yanukovych — presented the first-ever comprehensive number of asylum-applicants from Ukraine who have received asylum there after that February 2014 coup. The Russian government had never before publicly provided a number, but does have an established system of processing refugees, including assignment of official refugee status, which «allows the recipient various social benefits, including unemployment compensation» and so each Ukrainian refugee has a file with the government. As reported by Tass:  Russia has received more than 2,500,000 refugees since the outbreak of the conflict in eastern Ukriane, Yuri Vorobyov, Deputy Speaker of Russia’s Federation Council (upper house of parliament) and Chairman of the Committee for Public Support to Residents of Southeastern Ukraine, said on Tuesday.
Paul Merrell

Economic Recovery Is Mostly A Myth For The 99 Percent - 0 views

shadowproof.com/...y-mostly-a-myth-for-99-percent

economy income-inequality stats

shared by Paul Merrell on 29 Dec 16 - No Cached
  • So, the rich have genuinely and thoroughly recovered from the crash of 2008. But what about everyone else? * 93 percent of U.S. counties haven’t recovered from the Great Recession according to the National Association of Counties. * According to Pew, the middle class is now no longer the majority in America. * The “recovery gap” has more than 50 million Americans living in economically distressed regions plagued by high levels of unemployment, poverty and fiscal anxiety. * Nearly 95 percent of all new jobs under President Barack Obama were part-time, or contract, which pay less and are precarious. * Due to unprecedented and often illegal home foreclosures by banks, the wealth gap between whites and blacks grew during the era of Obama. * 63 percent of Americans do not have enough savings to cover an unforeseen $500 bill. The only serious counterargument to this narrative is to note many of these trends preceded the Great Recession. That is sadly true. Workers have seen stagnant wages for decades and a decreasing share of income and wealth. As the Institute for Policy Studies notes, between 1983 and 2009, over 40 percent of all wealth gains flowed to the 1 percent and 82 percent of wealth gains went to the top 5 percent. President Obama said in 2013 that economic inequality was “the defining issue of our time.” If so, Obama largely failed to do anything meaningful to address this issue.
Paul Merrell

Boycott, Divest and Sanction Corporations That Feed on Prisons  :    Informat... - 0 views

www.informationclearinghouse.info/article41455.htm

incarceration-nation for-profit-prisons boycott

shared by Paul Merrell on 09 Apr 15 - No Cached
  • All attempts to reform mass incarceration through the traditional mechanisms of electoral politics, the courts and state and federal legislatures are useless. Corporations, which have turned mass incarceration into a huge revenue stream and which have unchecked political and economic power, have no intention of diminishing their profits. And in a system where money has replaced the vote, where corporate lobbyists write legislation and the laws, where chronic unemployment and underemployment, along with inadequate public transportation, sever people in marginal communities from jobs, and where the courts are a wholly owned subsidiary of the corporate state, this demands a sustained, nationwide revolt. “Organizing boycotts, work stoppages inside prisons and the refusal by prisoners and their families to pay into the accounts of phone companies and commissary companies is the only weapon we have left,” said Amos Caley, who runs the Interfaith Prison Coalition, a group formed by prisoners, the formerly incarcerated, their families and religious leaders.
  • These boycotts, they said, will be directed against the private phone, money transfer and commissary companies, and against the dozens of corporations that exploit prison labor. The boycotts will target food and merchandise vendors, construction companies, laundry services, uniforms companies, prison equipment vendors, cafeteria services, manufacturers of pepper spray, body armor and the array of medieval instruments used for the physical control of prisoners, and a host of other contractors that profit from mass incarceration. The movement will also call on institutions, especially churches and universities, to divest from corporations that use prison labor. The campaign, led by the Interfaith Prison Coalition, will include a call to pay all prisoners at least the prevailing minimum wage of the state in which they are held. (New Jersey’s minimum wage is $8.38 an hour.) Wages inside prisons have remained stagnant and in real terms have declined over the past three decades. A prisoner in New Jersey makes, on average, $1.20 for eight hours of work, or about $28 a month. Those incarcerated in for-profit prisons earn as little as 17 cents an hour. Over a similar period, phone and commissary corporations have increased fees and charges often by more than 100 percent. There are nearly 40 states that allow private corporations to exploit prison labor. And prison administrators throughout the country are lobbying corporations that have sweatshops overseas, trying to lure them into the prisons with guarantees of even cheaper labor and a total absence of organizing or coordinated protest.
  • Corporations currently exploiting prison labor include Abbott Laboratories, AT&T, AutoZone, Bank of America, Bayer, Berkshire Hathaway, Cargill, Caterpillar, Chevron, the former Chrysler Group, Costco Wholesale, John Deere, Eddie Bauer, Eli Lilly, ExxonMobil, Fruit of the Loom, GEICO, GlaxoSmithKline, Glaxo Wellcome, Hoffmann-La Roche, International Paper, JanSport, Johnson & Johnson, Kmart, Koch Industries, Mary Kay, McDonald’s, Merck, Microsoft, Motorola, Nintendo, Pfizer, Procter & Gamble, Quaker Oats, Sarah Lee, Sears, Shell, Sprint, Starbucks, State Farm Insurance, United Airlines, UPS, Verizon, Victoria’s Secret, Wal-Mart and Wendy’s.
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  • “Prisoner telephone rates in New Jersey are some of the highest in the country,” Caley said. “Global Tel Link charges prisoners and their families $4.95 for a 15-minute phone call, which is about two and a half times the national average for local inmate calling services.”
  • Prison phone services are a $1.2-billion-a-year industry. Prisoners outside New Jersey are charged by Global Tel Link, which makes about $500 million a year, as much as $17 for a 15-minute phone call. A call of that duration outside a prison would cost about $2. If a customer deposits $25 into a Global Tel Link phone account, he or she must pay an additional service charge of $6.95. And Global Tel Link is only one of several large corporations that exploit prisoners and their families. JPay is a corporation that deals in privatized money transfers to prisoners. It controls money transfers for about 70 percent of the prison population. The company charges families that put money into prisoners’ accounts additional service fees of as much as 45 percent. JPay generates more than $50 million a year in revenue. The Keefer Group, which controls prison commissaries in more than 800 public and private prisons, and which often charges prisoners double what items cost outside prison walls, makes $41 million a year in profit.
  • Prisons, to swell corporate profits, force prisoners to pay for basic items including shoes. Prisoners in New Jersey pay $45 for a pair of basic Reebok shoes—almost twice the average monthly wage. If a prisoner needs an insulated undergarment or an extra blanket to ward off the cold at night he must buy it. Packages from home, once permitted, have been banned to force prisoners to buy grossly overpriced items at the commissary or company-run store. Some states have begun to charge prisoners rent. This gouging is burying many prisoners and their families in crippling debt, debt that prisoners carry when they are released from prison. The United States has 2.3 million people in prison, 25 percent of the world’s prison population, although we are only 5 percent of the world’s population. We have increased our prison population by about 700 percent since 1970. Corporations control about 18 percent of federal prisoners and 6.7 percent of all state prisoners. And corporate prisons account for nearly all newly built prisons. Nearly half of all immigrants detained by the federal government are shipped to corporate-run prisons. And slavery is legal in prisons under the 13th Amendment of the U.S. Constitution. It reads: “Neither slavery nor involuntary servitude, except as punishment for crime whereof the party shall have been duly convicted, shall exist within the United States.”
  • Vast sums are at stake. The for-profit prison industry is worth $70 billion. Corrections Corporation of America (CCA), the largest owner of for-profit prisons and immigration detention facilities in the country, had revenues of $1.7 billion in 2013 and profits of $300 million. CCA holds an average of 81,384 inmates in its facilities on any one day. Aramark Holdings Corp., a Philadelphia-based company that contracts through Aramark Correctional Services to provide food to 600 correctional institutions across the United States, was acquired in 2007 for $8.3 billion by investors that included Goldman Sachs. And, as in the wider society, while members of a tiny, oligarchic corporate elite each are paid tens or even hundreds of millions of dollars annually, the workers who generate these profits live in misery.  “It is an abomination that prisoners are paid 22 cents an hour, $1.20 cents a day,” Larry Hamm told the Newark meeting. “Every prisoner should get the minimum wage of New Jersey, $8.38 per hour.”
  • Paul Merrell on 09 Apr 15
     
    Why pay a liveable wage to American workers if you can get prison labor for less than market prices in Bangla Desh? The prison telephone racket has bothered me for many years. The FCC authorized no-limit telephone charges for prisoners and their families on the simplistic grounds of, "well, they prisoners who have reduced civil rights anyway. But it ignored that most prison phone calls are collect calls to families on the outside, who are not prisoners and still have their full civil rights. The for-profit prison industry is a prime example of not thinking things through before privatizing a formerly government function. Privatization creates a lobby for the industry, as Americans have learned all to well with the privatization of most Dept. of Defense work other than actual combat.   Already, for profit prison industries are showing up in state legislatures to demand longer prison sentences. They were the prime movers behind the "mandatory minimum sentence" movement, which has stuffed prisons to overflowing. 
Joseph Skues

http://www.cafrman.com/Articles/Art-MI-S1.htm - 0 views

www.cafrman.com/...Art-MI-S1.htm

cafrman MICH 2003

shared by Joseph Skues on 30 Jul 10 - Cached
  • $1,009 for every man, woman and child
  • This does not include all the additional surpluses that exist in the school districts, cities, or counties in Michigan.
  • funds that are not required or needed
  • ...23 more annotations...
  • But what we have found is that most governments have huge amounts of cash and investments on hand at the end of the fiscal yea
  • not being recycled back through the budget process the next year,
  • The budget only covers a small portion of the State's financial condition
  • The CAFR usually has four categories. Governmental FundsProprietary FundsFiduciary FundsComponent Units
  • Enterprise Funds, a component of proprietary funds,
  • charges for services or goods, assessments, fines, licenses, etc
  • are legally separated organizations for which the government is financially accountable.
  • The remainder of the Funds shown above are not part of the budget and are commonly called "off-budget" items
  • but should be
  • Although taxation is legitimate, running a government surplus isn't.
  • it exceeds the government's contract with the community
  • Excess taxation isn't what the people bargained for.
  • This system is covered in the CAFR Budget System. This system needs to be implemented in all governments. If the State holds the excesses/surplus, it will earn 4% to 5% on that money. If the State returns the money to the people it will receive 20% in revenue because of the increased economic activity. This is elementary economics.
  • Total Benefits...   2,282 9,129  
  • In FY 2002 there were 310,000 unemployed in Michigan, If the $10.13 billion is returned to the people 203,395 jobs are created. This is why it is disastrous for governments to hold excesses/reserves of the taxpayers money.
  • The business community suffers the most.
  • That is 5 times the amount the Federal government used to stimulate the U.S. economy
  • That represents 4 years of reserves.
  • Bottle Deposits Fund, another Special Revenue Fund had net expenditures of $3.3 million. But it also had cash and investment reserves of $125 million. The reserves represent almost 37 years of expenditures.
  • Michigan Unemployment Compensation Fund, an Enterprise Fund, had net expenses of $665 million. It also had reserves of $1.7 billion. That represents 3 years of reserves.
  • These only represent four of the 81 funds shown below that had cash and investment reserves not being used.
  • The following items are not included in the amount of surplus shown:
  • -Retirement/Pension Funds - only included are 1/2 of the actuarially determined excesses, the taxpayers portion. The other 1/2 is the government employees portion.
Paul Merrell

NATO Finds Arab Backdoor to Arm Kiev | nsnbc international - 0 views

nsnbc.me/...inds-arab-backdoor-to-arm-kiev

war & peace U.S.-foreign-policy Ukraine UAE weapons-transfers

shared by Paul Merrell on 28 Feb 15 - No Cached
  • The announcement this week that the Kiev regime struck a major deal with the United Arab Emirates for military weapons raises strong suspicions that the US-led NATO alliance has found a new backdoor into Ukraine. We say «new» because it is believed that the US and its NATO allies, Poland and Lithuania, are already covertly supplying weapons to the Kiev regime. 
  • Kiev President Petro Poroshenko hailed the new strategic partnership with the Persian Gulf kingdom while attending the International Defence Exhibition (IDEX) in the UAE capital, Abu Dhabi. Poroshenko, who was royally received by UAE Crown Prince Mohammed bin Zayed al Nayhan, declared himself a «president of peace» but that Ukraine, or rather the rump state that his regime commands, needed strong defence because of its «Russian enemy». A giveaway to the real significance of the surprise development is that Poroshenko and his Arab hosts also reportedly held discreet meetings with Pentagon officials and US weapons manufacturing executives during the weapons exhibition. That indicates that Washington is coordinating the expected arms transfers.
  • Although the Kiev-UAE partnership lacked any public detail, one can safely assume that the Arab supply of weapons to Ukraine is simply a conduit for American and NATO military support to the Western-backed junta, which seized power in Ukraine last year in an illegal coup. Its war of aggression on the separatist eastern Ukraine has inflicted at least 6,000 deaths, mainly among the ethnic Russian civilian population. Earlier this month it soon became clear that Washington and its NATO allies would pay a heavy political price for an audacious move to openly increase their military involvement in the Ukraine conflict. When Washington announced that it intended to go ahead with Congressional provisions to send «lethal aid» to Kiev there was much international consternation over such a reckless move. Moscow warned Washington that any further military support to the reactionary, anti-Russian Kiev regime on its western border would constitute a «disastrous escalation». US President Barack Obama then appeared to back off from the proposal to supply lethal munitions. America’s normally servile European allies also baulked at the Washington arms move. Germany, France and even Britain indicated disproval by stating that they would not be following suite by sending arms to Ukraine. Germany’s Chancellor Angela Merkel was perhaps the most forthright in her reservations. While on an official visit to Washington she reiterated her «no weapons» position to US media while being received in the White House by Obama.
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  • No doubt a disgruntled European public reeling from economic austerity, unemployment and seething contempt for unaccountable EU leaders had a concentrating effect on the various political capitals to not throw more fuel on an already raging Ukrainian fire. The idea of going along with incendiary American militarism in Ukraine and further antagonising Russia would provoke a political storm across Europe. Hence the usually trusty European «yes men» had to defy Washington’s recklessness. That incipient divergence between the US and EU appeared to unnerve Washington, with the latter fearing that its anti-Russian axis and sanctions tactics might be unravelling. President Obama and his Secretary of State John Kerry were at pains to emphasise American-European «unity» over Ukraine and alleged «Russian aggression» – in spite of the fact that European leaders were, publicly at least, repudiating Washington’s weapons policy. So, rather than risking an open split in the NATO ranks, Washington and its allies seem to have found an ingenious way around that problem – by getting the UAE to be the front end for weapons supplied to the Kiev regime.
Paul Merrell

A year after Euro-Maidan, Ukraine coming apart at the seams | New Eastern Outlook - 0 views

journal-neo.org/...aine-coming-apart-at-the-seams

war & peace U.S.-foreign-policy Ukraine economy hyper-inflation

shared by Paul Merrell on 02 Mar 15 - No Cached
  • The Ukrainian economy is bleeding out and rapidly approaching insolvency. The national currency, the hryvnia, has depreciated 68 percent in the past 12 months. Reports from Kiev indicate an ongoing disagreement between the central bank, which has tightened controls on capital movement to suppress capital flight, and Ukrainian Prime Minister Arseniy Yatsenyuk, who reportedly opposed capital control measures. The central bank lifted restrictions on capital movements on Yatsenyuk’s orders, sparking a further free-fall of the hryvnia, making it the world’s worst performing currency, according to Bloomberg. Ukrainian bonds have become the worst performing among 58 nations on Bloomberg’s Emerging Market Sovereign Bond Index, having plunged by 25 percent this year. Ukraine is now in the throes of a hyper-inflationary crisis, kept afloat by IMF loans that require gauging structural adjustments and austerity measures. GDP figures have dropped 6.5 percent in the last year, while the unemployment rate has climbed to 9.3 percent in 2014. The minimum wage has hit an all-time low of $43 USD, considerably below the wage equivalents of Bangladesh, Lesotho or Chad. According to reports, residents are considerably panicked as they stock up on foodstuffs in preparation for further economic turbulence. While a lull in fighting has taken place in the eastern regions of Donetsk and Luhansk, the ceasefire remains extremely fragile. The new authorities in Kiev would likely impose martial law across the country if further fighting breaks out between separatist militias and government forces, backed by quasi-fascist volunteer battalions.First appeared: http://journal-neo.org/2015/03/02/a-year-after-euro-maidan-ukraine-coming-apart-at-the-seams/
Paul Merrell

Israel Banned Renowned Doctor and Human Rights Activist Mads Gilbert from Entering Gaza... - 0 views

www.globalresearch.ca/...5414027

war & peace Gaza Israel U.S.-foreign-policy Mads-Gilbert

shared by Paul Merrell on 14 Nov 14 - No Cached
  • Israel has banned Norwegian doctor and human rights activist Mads Gilbert from entering Gaza for life. Gilbert, a professor at the University Hospital of North Norway, where he has worked since 1976, earned international renown for his philanthropic work in late 2008, during Israel’s Operation Cast Lead, an attack that, according to Israeli human rights organization B’Tselem, killed roughly 1,400 Gazans, including almost 800 civilians, 350 of whom were children. The aid worker, along with fellow Norwegian doctor Erik Fosse, decided to volunteer in Gaza as soon as he heard that bombing had started, on 27 December 2008. Thanks to diplomatic and economic support (in the sum of $1 million dollar of emergency funding from the Norwegian Ministry of Foreign Affairs), the two physicians managed to arrive in the strip by 30 December.
  • The Israeli government prevented all international press from entering Gaza during Cast Lead (a documentary, The War Around Us, was made about the only two foreign reporters in the strip at the time), in what Gilbert called Israel’s insidious “PR plan.” The doctor, as one of the only international aid workers in Gaza, thus devoted considerable time to speaking with local Palestinian news outlets, some of whom were reporting on behalf of foreign networks including BBC, CNN, ABC, and Al Jazeera. BBC aired an interview with Gilbert, conducted in the hospital. The questions asked, and the answers garnered, were eerily similar to those he would give just five years later, during Operation Protective Edge. The interviewer began asking him to respond to Israel’s claims that it was not targeting civilians, that it was only attacking Hamas militants. Gilbert called the claim “an absolutely stupid statement” and explained that, among the hundreds of patients he had seen at that point, only two had been fighters. The “large majority” were women, children, and men civilians. “These numbers are contradictory to everything Israel says,” he reported.
  • The doctor directed one heart-wrenching passage to President Obama, writing “Mr Obama – do you have a heart? I invite you – spend one night – just one night – with us in Shifa. I am convinced, 100 per cent, it would change history. Nobody with a heart and power could ever walk away from a night in Shifa without being determined to end the slaughter of the Palestinian people.” Israel later attacked Shifa hospital. Doctors Without Borders (MSF) “strongly condemn[ed]” the incursion, saying it “demonstrate[d] how civilians in Gaza have nowhere safe to go.” MSF director Marie-Noëlle Rodrigue stated, in an official statement, “When the Israeli army orders civilians to evacuate their houses and their neighborhoods, where is there for them to go? Gazans have no freedom of movement and cannot take refuge outside Gaza. They are effectively trapped.” Shifa was one of the over 10 medical facilities Israel bombed in its 50-day offensive.
  • ...5 more annotations...
  • Gilbert drew attention to the fact that the overflowing hospital did not have enough supplies to treat all of its patients, and censured the international community for doing nothing to assist them. Israel would not let in foreign doctors, and yet Palestinians were “dying waiting for surgery.” “This is a complete disaster,” he remarked, calling it “the worst man-made disaster” he could think of. “There are injuries you just don’t want to see in this world.” Operation Protective Edge In 2008 and 2009, Gilbert treated Palestinians who had been grievously wounded by Israel’s use of experimental and illegal chemical weapons, including white phosphorous, dense inert metal explosives (DIME) munitions, and flechette shells. In July 2014, in the midst of Israel’s most recent attack on Gaza, Gilbert spoke with Electronic Intifada, revealing that he saw indications of renewed use of DIME weapons and flechettes. While volunteering in Shifa hospital, Gaza’s principal medical facility, Gilbert penned an open letter, lamenting the unspeakable horrors the Israeli military was instigating.
  • Before Operation Protective Edge commenced in early July 2014, Gilbert toured medical and health facilities and individual homes in Gaza, researching for a United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) report on the dire state of the strip’s health sector. He wrote of “overstretched” health facilities, widespread physical and psychological trauma, “a deep financial crisis,” a lack of needed medical supplies, and a “severe energy crisis.” He also noted the “devastating results of the blockade imposed by the Government of Israel,” with rampant poverty, a 38.5% unemployment rate, food insecurity in at least 57% of households, and inadequate access to clean water. All of these already extreme ills were only exacerbated by the July-August Israeli assault on Gaza, an onslaught that left roughly 2,200 Palestinians dead, including over 1,500 civilians, more than 500 of whom were children. Gilbert is not the only one Israel has recently prevented from entering Gaza. In August, just after the end of its military assault, Israel refused to allow Amnesty International and Human Rights Watch, the world’s leading human rights organizations, from entering the strip, impeding them from conducting war crimes investigations. The organizations had been requesting access for over a month, before Israel had even begun its ground invasion of Gaza, yet were continuously prevented from doing so, Israeli journalist Amira Hass reported in Haaretz, “using various bureaucratic excuses.”
  • Other aid workers and medical professionals have faced even worse consequences for volunteering to help Palestinians. In August, Israeli occupation forces killed a social worker. In the same month, as the Israeli military engaged in a campaign to target and openly murder Palestinian civilians who spoke Hebrew, Israeli forces assassinated volunteers working with the Palestine Red Crescent, a non-profit humanitarian organization, part of the International Red Cross and Red Crescent Movement. A common myth suggests that Israel ended its occupation of Gaza with its 2005 disengagement. The state’s ability to ban, and even kill, internationally recognized human rights organizations and doctors—not to mention food,construction equipment, and medical supplies—from entering Palestinian territory, however, demonstrates that Gaza is by no means autonomous. Israel’s siege of the strip is clearly a continuation of its 47-year-long illegal military occupation. As legal scholar Noura Erakat explains
  • Despite removing 8,000 settlers and the military infrastructure that protected their illegal presence, Israel maintained effective control of the Gaza Strip and thus remains the occupying power as defined by Article 47 of the Hague Regulations. To date, Israel maintains control of the territory’s air space, territorial waters, electromagnetic sphere, population registry and the movement of all goods and people. … Palestinians have yet to experience a day of self-governance. Israel immediately imposed a siege upon the Gaza Strip when Hamas won parliamentary elections in January 2006 and tightened it severely when Hamas routed Fatah in June 2007. The siege has created a “humanitarian catastrophe” in the Gaza Strip. Inhabitants will not be able to access clean water, electricity or tend to even the most urgent medical needs. The World Health Organization explains that the Gaza Strip will be unlivable by 2020. Not only did Israel not end its occupation, it has created a situation in which Palestinians cannot survive in the long-term.
  • In a late October discussion with the Daily Targum, Gilbert encouraged Americans to do what they can to speak out against Israel’s illegal occupation and blockade of the Palestinian territories, and to pressure their government to stop its indefatigable support for Israeli crimes. At present, the US provides Israel with over 3.1$ billion of military aid per year. In the past 52 years, over $100 billion US tax dollars have been given to the country in military aid alone. “You are the change-makers,” Gilbert told American readers. “The key to the change when it comes to the occupation of Palestine lies in the United States.” “Solidarity, not pity,” he said, is the solution.
Paul Merrell

Survey: One in four US adults burdened by medical debt - World Socialist Web Site - 0 views

www.wsws.org/...kais-j08.html

economics stats U.S. medical-debt income inequality socialized-medicine

shared by Paul Merrell on 27 Feb 16 - No Cached
  • A new survey shows that 26 percent of US adults ages 18-64 say they or someone in their household had problems paying their medical bills in the past 12 months. The Kaiser Family Foundation/New York Times Medical Bills Survey shows that those from all walks of life are saddled with medical debt, with the uninsured and low-income households carrying the heaviest burden.
  • Being uninsured has a strong correlation with medical bill difficulties, with 53 percent of the uninsured reporting problems paying household medical bills in the past year. However, as the survey’s findings point out, “insurance is not a panacea against these problems.” About one in five of those with insurance—either through an employer, Medicaid or purchased on their own—also report problems paying medical bills. Among those with private insurance, the prevalence of high-deductible health coverage significantly impacts the financial burden on households, with 26 percent of those with high-deductible coverage reporting difficulties paying their medical bills. Although the survey does not indicate which of those interviewed purchased their coverage through the Affordable Care Act (ACA), it is clear that the high deductible plans dominating the ACA marketplace are becoming increasingly common among plans sold by private insurance companies.
  • Not surprisingly, households with lower or moderate incomes are more likely to report problems paying their medical bills. Nearly four in 10 (37 percent) of those with household incomes below $50,000 report these problems, compared with 26 percent of those with incomes between $50,000 and $100,000, and 14 percent of those with household incomes greater than $100,000. Women are slightly more likely than men to experience problems paying medical bills (29 percent versus 23 percent), as are adults under age 30 compared with those ages 30-64 (31 percent versus 24 percent). Residents in the South reported the highest share of medical bill problems (32 percent), while those in the Northeast reported the lowest (18 percent). At 24 percent, whites reported slightly less difficulty pay their bills than blacks (31 percent) and Hispanics (32 percent). People with the greatest medical needs are also more likely to face problems paying their medical bills. Of those who say they have a disability that prevents them from participating fully in daily activities, 47 percent report medical bill problems. Among those who rate their own heath as fair or poor, 45 percent report these problems, while 34 percent of those who say they receive regular treatment for a chronic condition report problems.
  • ...4 more annotations...
  • When asked to describe their financial situation, 43 percent of those who have experienced problems paying medical bills say they just scrape by covering their basic household expenses, while 18 percent say they don’t have the financial resources to cover them. The survey also shows that compared to those without medical debt, those with medical bill problems are less likely to have a credit card or a retirement savings account. Of those with difficulties paying bills, the total amount owed ranged from 10 percent owing $500 or less, to 24 percent owing $2,500 to less than $5,000, to 13 percent owing in excess of $10,000. For an individual or family living paycheck to paycheck, or facing unemployment, even a $500 unpaid medical bill—accompanied by calls from health providers’ offices or their bill collectors—can become an overwhelming burden. In a further cruel twist, those facing medical bill problems also often face the complicating factor of income loss due to an illness. Three in 10 respondents say someone in their household had to take a cut in pay or hours as a result of the illness that led to the medical bills, either due to the illness itself or in order to care for the person who was sick.
  • The medical bills burdening households are for a wide variety of medical services, both one-time events and chronic conditions. Of those surveyed, bills incurred included those for doctor visits (65 percent), diagnostic tests (65 percent), lab fees (64 percent) and emergency room visits (61 percent). About half say they had problems paying for prescription drugs, hospitalizations or dental care. Those surveyed were asked to briefly describe the illness or injury that led to their medical bills. Respondents describe the nightmare scenario in which they face the double impact of serious medical conditions and the inability to pay the bills incurred to treat them.
  • The ACA is contributing to and compounding these devastating financial conditions for millions of Americans. The program, popularly known as Obamacare, forces uninsured individuals to purchase coverage from for-profit insurers under threat of penalty, offering only modest subsidies to those who qualify. The most affordable of these plans come with deductibles in excess of $5,000 and other high out-of-pocket costs and there are no meaningful restraints on the premiums insurance companies can charge. These Obamacare plans are serving as a model for employer-sponsored coverage, where high-deductible plans are becoming more and more the norm. Architects of the ACA further predict that employer-sponsored coverage will largely be done away with by 2025.
  • The solution to the financial crisis ordinary Americans face paying their medical bills—along with the other scourges of the US for-profit medical system—lies in putting an end to the privately owned insurance companies, pharmaceuticals and giant health care chains and establishing socialized medicine.
Paul Merrell

For most Americans, real wages have barely budged for decades | Pew Research Center - 0 views

www.pewresearch.org/...have-barely-budged-for-decades

wages stats economy income-inequality

shared by Paul Merrell on 02 Oct 19 - No Cached
  • On the face of it, these should be heady times for American workers. U.S. unemployment is as low as it’s been in nearly two decades (3.9% as of July) and the nation’s private-sector employers have been adding jobs for 101 straight months – 19.5 million since the Great Recession-related cuts finally abated in early 2010, and 1.5 million just since the beginning of the year. But despite the strong labor market, wage growth has lagged economists’ expectations. In fact, despite some ups and downs over the past several decades, today’s real average wage (that is, the wage after accounting for inflation) has about the same purchasing power it did 40 years ago. And what wage gains there have been have mostly flowed to the highest-paid tier of workers.
  • The disconnect between the job market and workers’ paychecks has fueled much of the recent activism in states and cities around raising minimum wages, and it also has become a factor in at least some of this year’s congressional campaigns.
  • After adjusting for inflation, however, today’s average hourly wage has just about the same purchasing power it did in 1978, following a long slide in the 1980s and early 1990s and bumpy, inconsistent growth since then. In fact, in real terms average hourly earnings peaked more than 45 years ago: The $4.03-an-hour rate recorded in January 1973 had the same purchasing power that $23.68 would today.
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