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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.
Gary Edwards

75 Economic Numbers From 2012 That Are Almost Too Crazy To Believe - 0 views

theeconomiccollapseblog.com/...re-almost-too-crazy-to-believe

economic-collapse Obammunism Obamanomics

shared by Gary Edwards on 13 Jan 13 - No Cached
  • Gary Edwards on 13 Jan 13
     
    Thanks to Marbux we have this extraordinary collection of facts and figures describing the economic catastrophe that has hit the USA.  excerpt: "What a year 2012 has been!  The mainstream media continues to tell us what a "great job" the Obama administration and the Federal Reserve are doing of managing the economy, but meanwhile things just continue to get even worse for the poor and the middle class.  It is imperative that we educate the American people about the true condition of our economy and about why all of this is happening.  If nothing is done, our debt problems will continue to get worse, millions of jobs will continue to leave the country, small businesses will continue to be suffocated, the middle class will continue to collapse, and poverty in the United States will continue to explode.  Just "tweaking" things slightly is not going to fix our economy.  We need a fundamental change in direction.  Right now we are living in a bubble of debt-fueled false prosperity that allows us to continue to consume far more wealth than we produce, but when that bubble bursts we are going to experience the most painful economic "adjustment" that America has ever gone through.  We need to be able to explain to our fellow Americans what is coming, why it is coming and what needs to be done.  Hopefully the crazy economic numbers that I have included in this article will be shocking enough to wake some people up. The end of the year is a time when people tend to gather with family and friends more than they do during the rest of the year.  Hopefully many of you will use the list below as a tool to help start some conversations about the coming economic collapse with your loved ones.  Sadly, most Americans still tend to doubt that we are heading into economic oblivion.  So if you have someone among your family and friends that believes that everything is going to be "just fine", just show them these numbers.  They are a good summary of the problems that the U
Paul Merrell

A Quarter Of American Adults Can't Pay All Their Monthly Bills; 44% Have Less Than $400... - 0 views

www.blacklistednews.com/...M.html

stats economy economic-wellbeing

shared by Paul Merrell on 23 May 17 - No Cached
  • There was some good news and some not so good news in the Fed's latest annual Report on the Economic Well-Being of U.S. Households. First the good news. The report, based on the Board's fourth annual Survey of Household Economics and Decisionmaking conducted in October 2016, presents a "picture of improving financial well-being among Americans", at least according to the report (read on to see if this is merited). Overall, 70% of the more than 6,600 respondents said they were either "living comfortably" or "doing okay," up 1% from 2015 and up 8% from the first survey results in 2013.
  • Now, the not so good news. Nearly eight years into an economic recovery, nearly half of Americans didn’t have enough cash available to cover a $400 emergency. Specifically, the survey found that, in line with what the Fed had disclosed in previous years, 44% of respondents said they wouldn’t be able to cover an unexpected $400 expense like a car repair or medical bill, or would have to borrow money or sell something to meet it. Troubling as this statistic remains, the overall share of adults who would struggle to come up with $400 in a pinch has declined by 2% from the last survey conducted in 2015, and down 6% since 2013. Of the group that could not pay in cash, 45% said they would go further in debt and use a credit card to pay off the expense over time. while a quarter would borrow from friends of family, and another 27% just couldn’t pay the expense. Others would turn to selling items or using a payday loan.
  • The breakdown was largely by education attainment: 79% of those with at least a bachelor’s degree said they would still be able to pay all of their other bills in full if hit with a $400 charge. Just 52% of those with no more than a high school diploma said the same. Just as concerning were other findings from the study: just under one-fourth of adults, or 23%, are not able to pay all of their current month’s bills in full while 25% reported skipping medical treatments due to cost in the prior year. Additionally, 28% of adults who haven’t retired yet reported to being grossly unprepared, indicating they had no retirement savings or pension whatsoever.
  • ...2 more annotations...
  • The median out-of-pocket cost for an unexpected, major medical expense was $1,000, and 42% of those with such an expense in the past year either had debt relating to that expense or unpaid balances. The Fed reported that 24 million adults are in debt from medical expenses incurred over the previous year.  As a result, many respondents went without some type of care - dental care in particular - because they could not afford it, though the 25% who reported such a situation was down from 27% in 2015.
  • The biggest differentiator appears to be education: the Fed reported that 82% of adults with a bachelor’s degree or more in education said last year they were “living comfortably” or “doing okay,” up from 80% the year before, as well as 69% of those with some college or an associate degree, up from 66%. Furthermore, 79% of those with at least a bachelor’s degree said they would still be able to pay all of their other bills in full if hit with a $400 charge. Just 52% of those with no more than a high school diploma said the same. Americans’ sense of economic health also varied among racial and ethnic groups. Of the respondents with no more than a high-school diploma, a greater portion of non-Hispanic whites—20.5%-- reported being worse off than a year before than did non-Hispanic blacks, at 18.6%, or Hispanics, at 20.2%.
Gary Edwards

The Daily Bell - Catherine Austin Fitts on Moral Investing and the Coming Equity 'Crash... - 1 views

www.thedailybell.com/...and-the-Coming-Equity-Crash-Up

Banksters Federal-Reserve-Bankster-Cartel Catherine-Austin-Fitts

shared by Gary Edwards on 16 Oct 13 - No Cached
  • If you talk about legacy systems and then a breakaway civilization, the legacy systems were financed with debt and if the resources have basically been shifted out and over into "NewCo" then that's going to be an equity model. We're literally coming into what I consider to be a planetary debt for equity swap. So the question for all of us is how do we navigate the turn? When do you leave the bond market and when does the equity increase occur? We've seen North America equity markets rising and the emerging markets falling this year.
  • We're seeing a tremendous divergence in the economy in North America between those portions of the economy that are adapting new technology and growing and the rest of the economy.
  • The other thing I watch is what the divergence means to bond credits and to equity valuations. If you look at the indices you don't really see it. If you look inside the indices you see some enormous splits in quality and value going on.
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  • The slow burn is a world in which for most people income is flat or falling and expenses are steadily rising. It's a debasement scenario. And the reality is the central banks have been able to have a quite liberal monetary policy because we've been able to offset that with labor deflation. So by globalizing labor and instituting technology you have tremendous deflationary pressures, which offset very generous monetary policy.
  • Starting in the '90s a decision was made to move significant amounts of capital out of existing systems in  the developed world and literally trillions of dollars of financial fraud was engineered to do that. As a financial phenomenon it was quite clever and trillions have literally been moved out between the fraud and the bailouts. I think what the Fed has been doing with quantitative easing is running a shredding operation where they buy up the fraudulent mortgage securities paper and are shredding it.
  • If you look at the Treasury, they've run a very tight regulatory process where that money doesn't seep out on Main Street. It's quite phenomenal the way they've managed to control it. I think one of the big questions is where is that money going to go now? It certainly looks to me like a great effort is being made to make sure it goes into equities, sort of keeps the bond market afloat and goes into equities. So I look it as a very political move.
  • You can balance the budget with fiscal measures or you can balance the budget by the Fed just buying bonds and if you look at the Fed's balance sheet, I think they have a much greater capacity to buy bonds. If you look at all the money that was stolen, the breakaway civilization has plenty of money to buy bonds.
  • I would say so far the Fed's policies have worked for what they're intended to do. We've moved a tremendous amount of money out of the economy. We've now basically run through the statute of limitations or done whatever management needed to cut the cords so that what I call the legacy systems can't get the money back. So the financial coup d'état has been successful and now the cover-up is pretty much over and successful.
  • So now you have big decisions. You have two economies. Before this started what I call the legacy systems had $100 trillion of liabilities and $100 trillion of assets – now, I'm just pulling those numbers out of the air – and
  • the coup moved $40 trillion of assets over into NewCo
  • if you will. Now we've got the legacy systems trying to reconcile $60 trillion of assets to $100 trillion of liabilities and there is a long, drawn-out, grinding process by which some people will get 50 cents on the dollar, some people will get zero cents on the dollar, some people will get 100 cents on the dollar. It's just a very difficult, complex and tangled political scene as to how that's going to all happen. Meantime, NewCo, with $40 trillion dollars, is investing and going gangbusters. NewCo is enjoying an unprecedented boom, investing in lots of new technology and new frontiers, including space. So I think the next step is to manage the lowering of expectations in the legacy systems. That's basically what the administration and the Fed are going to be doing for the next couple years, is just gutting their way through retirees' disappointment.
  • There are three things
  • Number one, Obamacare was created to create a framework that would allow significant reduction of costs and benefits under Medicare over time and healthcare over time;
  • Well, the goal of Obamacare is to control.
  • number two, Obamacare was to provide much more control over both the medical establishment and the population at large;
  • and then, three, to do it in a way that will protect corporate profits.
  • in a relatively short period of time US Medicare expenses would be several multiplicities of the GNP.
  • It's clearly a system that makes no economic sense. It's not just that people are aging. If we eat food that has little nutrition and provide healthcare in which pharmaceutical companies are allowed to charge many multiples of what they charge in other countries you're going to get a financial train wreck, which is where we're headed.
  • So I think the goal was to reconcile that and do it in a way that favors corporations and control.
  • If you go around the entire financial ecosystem, they're getting hit within every line by the same pro-centralization policies that ultimately go up to the same people.
  • Do I think it will snuff out the recovery? No. I think it will simply destroy the economics for a whole world of people who were productive.
  • I don't think the banks are fragile. What happened was they were asked to do a job, they did it and now they've taken all the fraudulent paper and sold it to the Fed or torn it up because they had so much in federal credit arbitrage earnings during this period. So I don't think they're fragile.
  • So it certainly puts us in a position where the creditworthiness of a lot of sovereign debt depends on government military might and the ability to debase a variety of players.
  • There's been a lot of regulation to make it easy for Wall Street to control and make it difficult for small businesses to raise and circulate liquid equity. It's one of the areas in the economy where there really has been a very serious conspiracy.
  • if you want to go really fast and prototype and build out infrastructure, the best way to do it is to make capital available to early venture and start-ups.
  • we, as a society, have stopped the markets from working in the start-up and the small business space.
  • If you look at it across all the different tools, from fabrication technology to new composite materials to robotics to lasers, we're reaching a critical mass of the economic costs dropping and the speed of learning accelerating.
  • If you look back at the history of the US stock market you'll see two huge spikes, one in the '20s, one in the '90s, both when very profound new communication and information technology came out.
  • I think we're in danger of another tech bubble. If you look at who's interested in putting money in this and getting lots of prototypes, the last time they did this was in the '90s. They made a fortune on fraud and they used it not only to serve some fundamental economic purposes but they used it to drain out the pension funds and the retail investors.
  • securities convertible into store credits
  • Wall Street doesn't understand about crowdfunding, are the new alignments that are going to be created in terms of circulating knowledge and purchases and money between consumers and entrepreneurs and companies. It's going to create a whole new level of intimacy.
  • I recommend the documentary, "The Naked Brand." It gives a good sense of the worth of that intimacy and the change from a mass media model to much more intimate relationships
  • awakening of global consciousness.
  • in North America there is almost an astonishing lack of transparency about how government money works within the jurisdiction for which we vote for political representation.
  • So if you were going to have proper transparency in America you would have annual financial statements for your congressional district as well as for the whole country.
  • Now, the government has refused since 1995, as required by law, to produce annual financial statements let alone for the places in which you're voting for jurisdiction. And if you're going to have any kind of citizenry accountability or legislator accountability you have to have that kind of transparency and the government has gone to enormous lengths to prevent that kind of transparency while pretending that we're very transparent. So the Internet is going to make it more and more difficult for that absence of transparency to continue or be justified, and that's good.
  • if you have all your assets in the legacy economy and none in the growing economy you're going to suffer.
  • That's number one.
  • Number two, a lot of households have assets which represent liabilities of the legacy economy, whether Social Security, Medicare or others, and one of the things you have to understand is the politics – you need to not get trapped in the politics of stringing people out for those benefits. Do the best you can but don't get lost in the treadmill of trying to get promised benefits that may or may not come true. And to the extent that you can not get financially dependent on those benefits it would be very good.
  • The final thing is, of course, and readers know this if they're reading The Daily Bell, you're dealing in a system that includes a significant amount of corruption and fraud so you just need to be extremely careful about the quality of the people or the enterprises in which you invest or do business with and keep your assets fairly diversified in terms of both areas of the economy, or sectors, and places.
  • Take a look at different predictions that gold is going to increase significantly in value. All those predictions assume that the monetary inflation is going to spill into commodities. And what you're watching instead is the G-7 have been essentially building a corral that forces the horses to run out through the stock market. That's why I call it a crash-up.
  • I think one scenario we're looking at is the possibility of a crash-up scenario where that monetary increase is funneled into the equity markets. One of the most important questions there is, can you get the global population interested in investing in equities? Because the long bond market bull is coming to a close.
  • We have two choices. We can basically write down the debt and go through a huge crunch period or we can have a crash-up in the equity markets.
  • Right after 9/11 – and General Wesley Clark has said this and I experienced it in my tiny little community in Tennessee – we were basically given what the battle plan was going to be – the US military taking over Eurasia. First we were going to go to Afghanistan, then we were going to go to Iraq, then we were going to go to Libya, then we were going to go to Syria and then we're going to Iran. It was all laid out for us and we seem to be following that battle plan, albeit slower than predicted at that time.
  • If we're going to create a global financial system and a one-world currency, you need everybody in the central banking model. You have outliers. We seem to be bringing in all the outliers. As we do, we are trying to checkmate Russia and China within Eurasia, because I think control of Eurasia is essential for maintaining global empire.
  • what we're watching is an effort to bring everybody into a centrally controlled central banking model.
  • Gary Edwards on 16 Oct 13
     
    Catherine is a frequent guest on CoastToCoastAM.com, so I've come to know her well.  Although this interview doesn't discuss her ability to see into the future, I know from experience that she is a real visionary hitting the mark at an astounding clip.  Chalk this interview up as a must read.
Gary Edwards

The Perfect Storm: ObamaCare and DemoDebt - The Patriot Post - 0 views

patriotpost.us/20184

ObamaCare

shared by Gary Edwards on 19 Sep 13 - No Cached
  • Gary Edwards on 19 Sep 13
     
    Good summary of where we're at in the ObamaCare - Massive Debt debate. excerpt: "The DemoDebt showdown on September 30 and the implementation deadline for the next major phase of Obama's UNaffordable Care Act on October 1 are combining to create the "perfect storm," a formula for extended economic stagnation and, consequently, the greatest domestic threat to American Liberty and free enterprise since Franklin Roosevelt's despotic administration. To summarize, in 2010, under Democrat majorities in the House and Senate, Barack Hussein Obama obtained one of the Left's most coveted political prizes - a plan to nationalize health care. This had long been the "crown jewel" of socialist governments, having also been proposed by Hillary Clinton during her husband's regime. The stated rationale for the so-called "Patient Protection and Affordable Care Act," now ubiquitously called "ObamaCare" (but perhaps more aptly called ObamaCareless"), was to "control health care costs" and "provide insurance coverage for the uninsured," approximately 15% of Americans with no medical coverage - which is not to say no medical care. Of course, the real rationale for ObamaCare is the implementation of a scheme that will ultimately give the central government authoritarian regulatory control over more than 20% of the U.S. economy. Obama and his NeoCom cadres of statists on the Left have effectively hijacked the once-noble Democrat Party and converted it into their own socialist party tool in their ongoing effort to pull the plug on our Constitution. Ultimately, the objective of ObamaCare is to implement a massive single-payer system, in effect, placing the management and rationing of health care services under the thumb of a bloated and inefficient central government, with the objective of using that "achievement" as a major political stepping stone to implement a much broader socialist agenda in the coming years. Our nation is about to take a great
Gary Edwards

American Thinker: Obamacare - The Perfect Constitutional Storm - 0 views

www.americanthinker.com/...erfect_constitutional_sto.html

obamacare Obammunism constitution constitutional-challenge

shared by Gary Edwards on 06 Apr 10 - Cached
  • Gary Edwards on 06 Apr 10
     
    Much has been made of several states suing the federal government over the passage of ObamaCare. The argument is, essentially, that the new law violates the 10th Amendment and infringes on the "commerce clause" of the Constitution. In this article, I will argue that this approach by the states will probably fail (in and of itself) -- but that the suits brought by the states could play a role in a more comprehensive strategy to challenge the constitutionality of ObamaCare. Let's make one thing clear up front. The states are motivated to take legal action to stop the recently passed health care bill because of one primary factor: political pressure. Around 60% of the people in America are mad as hell about the passage of ObamaCare -- and any local or state elected official with a lick of sense knows it. There are some governors and state legislators who have figured out that ObamaCare may amount to the final nail in the coffins of their financially deceased states' treasuries. But few politicians worry about their states' debts; most agonize over being reelected. States have ceded power, with few complaints, to the federal government for highway funding, control of education, Medicare and Medicaid mandates, management of waterways, etc., etc., ad nauseam, for over fifty years. The states, acting alone in a constitutional challenge of the new health care legislation, will have some difficult hurdles to overcome: A) Article VI of the Constitution states in part: This Constitution, and the Laws of the United States which shall be made in Pursuance thereof ... shall be the supreme Law of the Land; and the Judges in every State shall be bound thereby, any Thing in the Constitution or Laws of any State to the Contrary notwithstanding. States can pass all the laws that they want "nullifying" ObamaCare. But they can't nullify the Constitution. Article VI is a huge obstruction for the states because, like it or not, ObamaCare is now the "law of the land." B) The "comme
kiranmatkar

Jayalalithaa's Legacy: Industrial, Social, Crime Rankings Among India's Best - 1 views

http://www.indiaspend.com/cover-story/jayalalithaas-legacy-industrial-social-crime-rankings-among-indias-best-21065 Tamil Nadu's 19th chief minister (she was also the 11th, 14th, 16th and 18th) J ...

Jayalalithaa Jayalalithaa-news Tamil-Nadu's-19th-chief-minister

started by kiranmatkar on 06 Dec 16 no follow-up yet
Paul Merrell

Crimean leaders blame Kiev for selling Ukraine off for IMF loans - News - World - The V... - 0 views

voiceofrussia.com/...Ukraine-off-for-IMF-loans-1082

war & peace Ukraine IMF banksters

shared by Paul Merrell on 12 Mar 14 - No Cached
  • Crimea's deputy prime minister, Olga Kovitidi, described as predatory the terms of an agreement Kiev is ready to accept from the International Monetary Fund. The tentative agreement with the IMF which the Ukrainian authorities signed with the IMF on March 2, says that the country's entire gas pipeline system will be handed over for free in the American company Chevron's ownership the moment the basic agreement is signed, while the owners of the Mariupol, Zaporizhzhya and Dnipropetrovsk steel mills will be obliged to surrender their 50% stakes to Germany's Ruhr.
  • The Donbass coal industry will be handed over to Ruhr's subsidiary in Finland, she told Interfax on Sunday, citing media reports. It emerged recently that Kyiv has pledged to make territory available near Kharkiv to host US missile defense systems and a wing of American fighter jets to provide cover for the missile defense installations, she also said. Ukraine's interim prime minister Arseniy Yatsenyuk has assured the West that Kiev will fulfill all of the IMF's terms in order to secure a loan, Kovitidi said. The Crimean leaders have also learned that Kyiv promised the West to take a package of unpopular measures in order to fill gaps in the Ukrainian budget, she said. Gas prices for municipal companies will have to be increased by 50% and for private will double.
  • Electricity tariffs will be raised by 40%, housing utility tariffs will be raised, too, gasoline excises will go up 60% and transportation tariffs 50%, while state support for childbirth will be cancelled, the free distribution of textbooks will be annulled at schools and the VAT relief will be scrapped in rural regions, she said. Concurrently, VAT will be introduced on medications, which will push up prices and bring citizens' living standards down," Kovitidi said. "The planned annulment of the moratorium on the sale of farmland looks appalling. The selloff of Ukraine's black soil zone, including to foreign countries, may have disastrous economic and social consequences," she said. Kovitidi said that the Crimean legislature's decision to hold a referendum on March 16 was correct. "The recent developments in Ukraine and the decisions being made have a direct bearing on the people of Crimea, who must know the truth and decide their own and their children's future in a referendum," she said.
  • Paul Merrell on 12 Mar 14
     
    Cute. The Ukrainian government needs $17 billion to service its debt to the banksters. The IMF agrees to hand over another $3 billion loan, while Obama promises another $1 billion, not nearly what is needed (Russia had offered $15 billion, an offer withdrawn in light of the coup instigated by the U.S. Now the austerity measures and privatization that always accompanies IMF loans begin. One of the first announced was to cut pensioners' monthly checks in half. Meanwhile, Iceland's economy continues to rebound after having refused to bail out its banksters and putting them in prison instead.
Paul Merrell

Making America Mediocre Again « LobeLog - 0 views

lobelog.com/making-america-mediocre-again

U.S. stats health

shared by Paul Merrell on 03 Mar 17 - No Cached
  • The first signs of decline are physical. Citizens don’t grow as tall. They don’t live as long. They start killing each other in large numbers. Sounds like the post-mortem for a society that disappeared long ago, a conclusion that archaeologists deliver after sifting through bone fragments and pottery shards. Why, the puzzled scholars ask, did such a vibrant society, which produced beautiful art and remarkable scientific advances, fall apart so rapidly and leave so little behind in the unforgiving rainforest? This time, however, the diagnosis is being provided in real time. And the society in decline is the most powerful country in the world. According to the most recent global health surveys, the United States is witnessing a decline in life expectancy for the first time in nearly a quarter century. America is also the first high-income country to see its adults, on average, no longer growing taller. Writes Lenny Bernstein in The Washington Post: The reasons for the United States’ lag are well known. It has the highest infant and maternal mortality rates of any of the countries in the study, and the highest obesity rate. It is the only one without universal health insurance coverage and has the “largest share of unmet health-care needs due to financial costs,” the researchers wrote. I’d like to pin this one on Donald Trump. But U.S. decline has been ongoing for some time.
  • For instance, the United States ranked 16th in the 2014 Social Progress Index developed by Michael Porter at the Harvard Business School. Two years later, the United States slipped to 19th place, with particularly mediocre scores in environmental quality (#36), nutrition and basic medical care (#37), and access to basic knowledge (#40). Let’s compare that to Canada, which sat near the top of the rankings at number two in the SPI. Canada was a little better on environmental quality (#32), quite a bit better on basic medical care (#26), and a whole lot better on access to basic knowledge (#2). Even though Trump can’t be blamed for these mediocre social indicators, his party’s steadfast opposition to spending on social welfare and the environment certainly contributed to the problem. And Trump’s promise to “replace” Obamacare, cut social spending even further, and roll back regulatory oversight — all while boosting the Pentagon budget by an extraordinary 10 percent — will send the United States into free fall. The violent crime rate, which dropped nearly in half over the last 20 years despite what Trump claims, may well start to edge up as our pro-gun president makes firearms even more widely available and the economy takes a turn for the worse.
  • Predictions of the eclipse of American power have been around since Donald Trump was a 30-something playboy. It’s not just the overall health of the population and the toxicity of the environment. The United States has been hobbled by an enormous federal debt, an overextended global military presence, our failing infrastructure, and a paralyzed political system. It’s no wonder that so many Americans were sufficiently fed up in November to vote for anyone who promised to shake up the status quo.
Paul Merrell

HKS Research Administration Office - 0 views

research.hks.harvard.edu/...citation.aspx

war & peace Iraq Afghanistan cost of foreign wars

shared by Paul Merrell on 04 Apr 13 - No Cached
  • The Financial Legacy of Iraq and Afghanistan: How Wartime Spending Decisions Will Constrain Future National Security Budgets Bilmes, Linda J. "The Financial Legacy of Iraq and Afghanistan: How Wartime Spending Decisions Will Constrain Future National Security Budgets." HKS Faculty Research Working Paper Series RWP13-006, March 2013.
  • Abstract The Iraq and Afghanistan conflicts, taken together, will be the most expensive wars in US history – totaling somewhere between $4 to $6 trillion. This includes long-term medical care and disability compensation for service members, veterans and families, military replenishment and social and economic costs. The largest portion of that bill is yet to be paid. Since 2001, the US has expanded the quality, quantity, availability and eligibility of benefits for military personnel and veterans. This has led to unprecedented growth in the Department of Veterans Affairs and the Department of Defense budgets. These benefits will increase further over the next 40 years. Additional funds are committed to replacing large quantities of basic equipment used in the wars and to support ongoing diplomatic presence and military assistance in the Iraq and Afghanistan region. The large sums borrowed to finance operations in Iraq and Afghanistan will also impose substantial long-term debt servicing costs. As a consequence of these wartime spending choices, the United States will face constraints in funding investments in personnel and diplomacy, research and development and new military initiatives. The legacy of decisions taken during the Iraq and Afghanistan wars will dominate future federal budgets for decades to come. Attachment pdf  
Gary Edwards

The Purchase Of Our Republic | Zero Hedge - 0 views

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  • The massive consolidation of wealth, combined with the removal of any limits on money in campaigns, has allowed for the purchase of our government. Today I am publishing a comprehensive and important guest essay, The Purchase of Our Republic, by longtime correspondent Y. Falkson.
  • Americans know that something is wrong, deeply wrong. They see signs of the problem everywhere: income inequality, growing concentration and power of mega corporations, political donations/corruption, the absence of jobs with decent salaries, the explosion of the US prison population, healthcare costs, student loan debt, homelessness, etc. etc.  However, the true causes and benefactors behind these problems are purposely hidden from view. What Americans see is Kabuki Theater of a functioning form of capitalism and democracy, but beyond this veneer our country has devolved into the exact opposite. Those who benefit from this crony capitalist state go to extreme lengths to paper over the reality and convince Americans that the system works, the American Dream is still a reality and that American democracy is in fact democratic. Below I hope to begin to outline some of the underlying dynamics and trends that have evolved in recent decades and led us so far from what we once were. As fun as it would be, the answer is not some evil conspiracy by the Illuminati, but rather the unfortunate result of three long term and mutually reinforcing components that have been attacking the fundamental roots of the structure of our Republic. The first is the increased concentr
  • ation of corporate and private wealth. Both of which are quickly yelled down in the media as anti-free market and class war hysteria. The second is the use of this wealth to capture all three branches of government in order to ensure the continued extraction of capital from the many and to the few.The rich might have climbed the ladder because they earned it, but they have then purchased government to pull up the ladder behind them. The consequence of the first two components is a democracy in name only that represents the very few.
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  • 1. Faux Capitalism = Wealth Consolidation / Income Inequality
  • While there is no true beginning to the story, we can start with the incredible build up and concentration of wealth among corporations in recent decades. The USA now boasts a cartel-like set of corporate titans in almost every industry. It goes beyond, but certainly includes, our Too Biggerer To Fail banks, merged from what was 37 banks in 1995 into a Frankenstein’s monster like 5 (Citigroup, JP Morgan-Chase, Bank of America, Wells Fargo and Goldman Sachs). In agriculture, Monsanto alone controls over 85% of all corn and soy bean crops, four companies control 83% of the beef market, 66% of the hog market and 58% of the chicken market. So while shopping at the grocery store might appear to be the manifestation of capitalism at its finest, it doesn’t take much digging to look behind the curtain to see how little competition truly exists.
  • When the average American goes to pick up some groceries, they are shopping at Walmart and buying something from P&G that is mostly made of Monsanto corn. Is that true choice? The same story plays out with our news and media (and other industries) where we have gone from 50 companies in 1983 to the big 6 which control over 90% of all media. Is choosing to watch one of 30 news channels, all of which are owned by News Corp (Rupert Murdoch) a real choice? This is not capitalism and they are not competing, not in the true sense of the word. Along with this consolidation of corporations in recent decades, their senior leaders have taken up a larger and larger piece of the pie at the expense of their employees. In particular, the ratio of CEO-to-worker pay has increased 1,000 percent since 1950. Unsurprisingly, Walmart is both the largest employer in the country and the worst CEO pay offender with a ratio of over 1000:1. This is at a time where worker productivity has increased significantly, something that historically correlated with increased pay. But no more. It’s a new twist on the old Soviet saying “we pretend to work and they pretend to pay us”, but now it’s closer to “we do all of the work and they pretend to pay us”.
  • Private Wealth: As a consequence of the royal tribute we pay to the C-suite class these days, we have likely surpassed the pre-Depression Roaring Twenties in terms of inequality.
  • This, amazingly, has only accelerated since the crisis in 2008 in thanks to bailouts, Quantitative Easing and other gifts from Congress and the Fed. The wealthy 1% and in particular the .01% have now grown their fortunes to levels that tax comprehension and even their ability to spend it (the decisions by a few billionaires such as Bill Gates to essentially donate his fortune is a tacit acknowledgement that our current system over provides wealth to a select few).
  • So what is an incredibly wealthy capitalist CEO of a mega-corporation do once they control their industry and have essentially limitless wealth? Well in a competitive market, the only way to go from the top is down and the only thing that can make that happen is competition. Consequently, competition must be avoided whenever possible.
  • To squash or prevent competition, the oligopolies and oligarchs target their resources on the one place that can make competition illegal, our government.Something to keep in mind the next time you see a corporate billionaire grandstanding about the importance of “Free Markets” when their strategy is quite the opposite. As this capture of the government has taken place we have essentially shifted from capitalism and to crony capitalism. So we now have industries that have mastered the art of faking capitalism by turning our government into one that fakes democracy. This government takeover took time, but the purchase of all 3 branches of government has almost been completed by 2014. You don’t have to take my word for it, luckily that has now been empirically proven in an analysis of over 20 years of government policy where the clear conclusion was that policy makers respond solely to those in the top 90th percentile and essentially ignore the large majority of Americans.
  • 2. Wealthy Purchase of Government Institutions / Elections
  • Purchase of the Executive Branch:
  • Let’s take a step back and take a glimpse at how the government was purchased, beginning with the executive branch. In 1980, Reagan’s election cost less than $300 million. When Bush beat Kerry in 2004, it cost almost 3x times as much, almost $900 Million. 4 years later, the 2008 election cost a record $1.3 Billion. It was in this election where Obama hammered the final nail in the coffin for government funded for elections. Obama, more so than any other candidate in recent decades had the widespread support of millions of small donors, but in the end I guess it wasn’t enough. So when Obama “leaned to the green”, it forever set the precedent that you can’t win without the backing of our nation’s oligarchs. Consequently, the money has only gushed in since as the cost of Obama’s reelection in 2012 skyrocketed to an unfathomable $7 billion. Needless to say this is slightly above the rate of inflation. Our Presidents are now preselected exclusively by a tiny fraction of Americans can have the money to fund what has become necessary for a legitimate run. Summary: Candidates spend years courting the super-rich to build up a multi-billion dollar war chest. Only those who succeed can actually run a campaign that an average American will be aware of. Then Americans get to choose one of the pre-selected “candidates”. No wonder voter turnout is so low… Executive branch, check!
  • – Note that media corporations benefit doubly as they can use their cash to fund elections, but are also the beneficiary of all that money as it is used for campaign spending.
  • Purchase of the Legislative Branch:
  • The process has progressed similarly in Congress. In 1978, outside groups spent $303,000 on congressional races. In 2012 that was up to $457,000,000. That is over 1,500 times the level in 1978. It would be funny, if it was so blatant and terrifying. By many accounts, our “leaders” in Congress spend 50% or more of their time working the phones or fundraisers rather than trying (and failing) to actually do the “people’s business”. Let’s also take a minute to appreciate the hypocrisy of anyone that pretends that the money doesn’t influence our government. Businesses do not give to politicians for charity. This is a payment for services that has proven exceedingly reliable and profitable. The ROI for money invested in purchasing Congressman is what CEO dreams are made of. No wonder the incentive is to invest in Congress rather than R&D or marketing. There are very few places in the world or times in history where you can find ROI’s in the thousands, or even the tens of thousands.
  • Review: Congressmen beg for money to get elected, make sure to vote the way your benefactors would like, consequently get more money to get elected again. If at any point they do lose or quit, they take the big payday to work for those who have been paying them all along. Legislative Branch, Check!
  • In addition, increasingly those who work on Congress (and regulators) were previously employed by these large corporations or expect to work there later. A recent example is Chris Dodd who left the Senate the head lobbyist for Hollywood at the MPAA, the guys behind SOPA and PIPA, but there are many many others.
  • Judicial Branch Endorsement of the Purchase of Government:
  • Last but not least, we have the enabling Judicial Branch. It only took a few purchased presidents to ensure the appointment of a majority of “free market” and “pro-business” judges. For instance, and disgracefully, Clarence Thomas was once legal counsel for Monsanto, but has not once recused himself from any cases involving Monsanto and always votes in their favor. These radicals have now fully endorsed and enabled the influx of money used to purchase the other branches. Specifically, 2 major decisions have completely opened the floodgates, Citizens United and McCutcheon. The first allowed unlimited contributions of corporate money into elections and brought us the notorious declaration that “corporations are people” and that “money is free speech”. This was more recently followed up with the private wealth equivalent in McCutcheon. In this ruling, Supreme Court Chief Justice John Roberts said as part of his majority opinion (presumably with a straight face) “… nor does the possibility that an individual who spends large sums may garner influence over or access to elected officials or political parties”. And with this, the Supreme Court has fully endorsed both major sources of immense wealth to purchase our elections and consequently our government. Review: The rich fund Presidential elections, Presidents nominate “business-friendly” judges and then the bought Congress approves their nominations. New judge then votes to ensure even more money is allowed to purchase elections. Judicial Branch, CHECK!
  • 3. A Faux Republic Dependent Upon the Funders and Not the Voters
  • The Founder’s Hope and the Sad Reality:
  • Acknowledging where we are as a country, it is often helpful to look to where we started for some perspective. Unsurprisingly, this type of problem was not overlooked back in the 18th century. In 1776, James Madison stated that his goal was to design a republic in which “powerful interest groups would be rendered incapable of subdoing the general will”. Madison hoped, perhaps naively, that factions would be thwarted by competing with other factions. Sadly, we are now in a time where factions (aka wealthy special interests) subdue the will of the people and ensure the government responds to them alone on those issues where they have a “special interest” and consequently asymmetric stakes in the game (Charles Hugh Smith). As a result, these groups essentially collude to allocate their resources to their own issues, but do not “thwart” or compete with other factions as they do the same. It’s a pretty great system, as long as you’re one of the wealthy few who can use their money to drown out the poor and voiceless many. And just like that, what was once a Republic has become a corrupt shell of its past self. All the signs are still there; votes, elections, campaigns, branches of government, etc., but behind the scenes the only ones represented are those who can afford to be heard.
  • Summary: This massive consolidation of wealth, combined with the removal of any limits on money in campaigns, has allowed for the purchase of our government, or as Dick Durban once stated, “frankly they [the banks in this case] own the place”. If money = free speech, then those with all the money, have all the free speech.
  • What Might Help? Now that I have likely and thoroughly depressed the reader, let’s bounce around some ideas for what can be done. As stated in the beginning, this is not an unknown problem and many people are promoting a number of ways to fix or at least ameliorate the problem. I will briefly describe just a few which I think provide some direction any of us could easily implement or support.
  • Change the Rules: Laurence Lessig of Harvard Law has put forward a visionary proposal for re-writing the way that campaigns are financed in his book, Republic, Lost: How Money Corrupts Congress--and a Plan to Stop It. Put simply, he would like to empower every voter with a stipend, say $150 per election to give to whatever candidate or candidates they prefer. If you would like to accept this money, you would need to forgo any other contributions or support (one would hope including the indirect PAC kind). This would actually provide even more money than is used in current elections, but would effectively democratize the funding process. While there would still be a “funding election” that takes place before the actual election, the funding would not be unequally provided. Lessig’s work has only begun, as this sort of bill or likely constitutional reform is nearly impossible to achieve, but he has undertaken and I assume will continue to implement many brave and creative ways of bringing about the change all American’s should support. Most recently he has suggested we begin to fund, ironically enough, a Super PAC to end all Super PACs. It would be funded with the solitary goal of changing how money impacts our elections. Please support them here: www.mayone.us/
  • Change Our Day-to-Day: At the more micro level, Charles Hugh Smith believes that we will inevitably see our overly centralized and inefficient system erode away as it is replaced by more resilient, local and efficient businesses and societies outside of the current system. With that in mind, he recommends that “all anyone can do is the basic things--lower our energy footprint, stay healthy and avoid unnecessary medications and procedures, support local businesses, organic food growers, etc. In other words, what we can do is support local businesses that are part of the emerging economy rather than support corporate cartels.” Your Vote Does Matter: Do you live in Ohio, Florida or New Hampshire? Probably not. Despite what we are told every 4 years, there are actually states outside of the “swing states”, and even more surprising, the very large majority of Americans live in those states where your “vote doesn’t matter”. New Yorkers an Californians all know their state will turn Blue no matter who the candidates are and either don’t vote at all, or often vote for the Blue team in order to feel like they are on the winning side.
  • The truth is that if you see the election as Red vs. Blue, you vote probably doesn’t matter. But here is the trick, if all the people who think their vote didn’t matter decided to vote for whom they might actually believe in, then their votes just might matter.
  • What if all the growing number of “Independents” (who usually still vote Blue), chose to vote for a third party? What if a third party candidate won a state like New York or California? What if that candidate was one whose primary promise to the voters was to champion a change to the role of money in government (perhaps in line with what Lessig proposes)? Would you vote for such a person?I would argue you should. If California alone (with 55 electoral votes) were to vote for a 3rd party that would likely prevent either Red or Blue candidate from winning the requisite 270 electoral votes.
  • Think about the message that would send to both parties. I would predict that both sides would start to bend over backwards for an endorsement from that 3rd party and they would have to get it by taking up the same primary cause for reforming money in government. Consequently, at the root of our corrupted system which is perpetually ignored as both sides might suddenly become the big issue of the election. Then maybe we might begin to turn things around.
  • Sources: Charles Hugh Smith (oftwominds, Surivival+, etc.), Yves Smith (Naked Capitalism, Econned), Laurence Lessig (Republic Lost, multiple TED Talks), Matt Taibbi (blog at Rolling Stone and now at The Intercept), Zero Hedge, John Robb, Max Keiser, Clay Shirky (Cognitive Surplus), Aldous Huxley (Brave New World, Brave New World Revisited), George Orwell (1984), Michael Lewis, Daniel Kahneman (Thinking Fast and Slow), James Richards (Currency Wars), Han Joon Chang (23 Things They Don’t Tell You About Capitalism) and Joseph Stiglitz (Mismeasuring Our Lives) 
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