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14 Facts That Prove That The Number Of Children Living In Poverty This Christmas Is At A Record High

Children - Public DomainDid you know that 65 percent of all children in the United States live in a home that receives aid from the federal government?  We live at a time when child poverty in America is exploding.  Yes, the U.S. economy is experiencing a temporary bubble of false stability for the moment, but even during this period of false stability the gap between the wealthy and the poor continues to rapidly expand and the middle class is being systematically destroyed.  And sadly, this is having a disproportionate impact on children.  This is happening for a couple of reasons.  First of all, poorer households tend to have more children than wealthier households.  Secondly, most people tend to have children when they are in their young adult years, and right now young adults are being absolutely hammered by this economy.  As a result, things just continue to get even worse for children living in this country.  Here are 14 facts that show that the number of children in America living in poverty this Christmas is at an all-time record high…

#1 The National Center for Children in Poverty says that 45 percent of all U.S. children belong to low income families.

#2 According to a Census Bureau report that was released just this week, 65 percent of all children in America are living in a home that receives some form of aid from the federal government…

“Almost two-thirds (65 percent) of children,” said the Census Bureau, “lived in households that participated in at least one or more of the following government aid programs: Temporary Assistance for Needy Families (TANF), the Supplemental Nutrition Assistance Program (SNAP), the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC), Medicaid, and the National School Lunch Program.”

#3 According to a report recently released by UNICEF, almost one-third of all children in this country “live in households with an income below 60 percent of the national median income”.

#4 When it comes to child poverty, the United States ranks 36th out of the 41 “wealthy nations” that UNICEF looked at.

#5 An astounding 45 percent of all African-American children in America live in areas of “concentrated poverty”.

#6 40.9 percent of all children in the United States that are living with only one parent are living in poverty.

#7 These days, a lot of single mothers are really, really struggling to survive.  A decade ago, the number of women in America that had jobs outnumbered the number of women in America on food stamps by more than a 2 to 1 margin.  But now the number of women in America on food stamps actually exceeds the total number of women that have jobs.

#8 It is hard to believe, but right now 49 million Americans are dealing with food insecurity.

#9 According to a report that was released last month by the National Center on Family Homelessness, the number of homeless children in the United States has reached a new all-time high of 2.5 million.

#10 There are more than half a million homeless children in the state of California alone.

#11 One recent survey found that about 22 percent of all Americans have had to turn to a church food panty for assistance.

#12 This year, almost one out of every five households in the United States will go through the holiday season on food stamps.

#13 One of the primary reasons why kids are suffering so much is because their parents are simply not making enough money.  This is especially true for parents of young children.  For example, check out the following numbers from the Atlantic

Since the Great Recession struck in 2007, the median wage for people between the ages of 25 and 34, adjusted for inflation, has fallen in every major industry except for health care.

These numbers come from an analysis of the Census Current Population Survey by Konrad Mugglestone, an economist with Young Invincibles.

In retail, wholesale, leisure, and hospitality—which together employ more than one quarter of this age group—real wages have fallen more than 10 percent since 2007. To be clear, this doesn’t mean that most of this cohort are seeing their pay slashed, year after year. Instead it suggests that wage growth is failing to keep up with inflation, and that, as twentysomethings pass into their thirties, they are earning less than their older peers did before the recession.

#14 Overall, the quality of the jobs in America continues to decline.  At this point, most Americans do not bring home enough income to support a middle class lifestyle for their families.  Below I have shared an excerpt from an article that I published a while back

The following are some statistics about wages in the U.S. from a Social Security Administration report that was recently released

-39 percent of American workers made less than $20,000 last year.

-52 percent of American workers made less than $30,000 last year.

-63 percent of American workers made less than $40,000 last year.

-72 percent of American workers made less than $50,000 last year.

In addition to all of these numbers, there is also a lot of anecdotal evidence that families with children are really struggling right now.

For example, McDonald’s has traditionally been a place where poor and middle class families have taken their children for a cheap meal.  But the restaurant chain just released the worst sales numbers that we have seen in more than a decade.

And the really bad news is that this is just the beginning of the economic pain for families with children.  The U.S. economy is in a bubble period right now, and the authorities have been trying with all of their might to keep the bubble inflated.

Just imagine a bodybuilder that is pressing with all of his might to do one more rep on the bench press.  That is essentially where we are at.  In a recent piece, Brian Pretti summarized some of the extraordinary measures that global central banks have taken to keep the economic bubble inflated…

Since early 2009, central banks globally have printed more than $13 trillion. In addition, governments across the planet have increased their borrowings at historic proportions (the US just crossed $18T – another new high!), all in an effort to stimulate economies and avoid deflationary pressures. Total US Federal debt has more than doubled in five years, an increase of $9.5 trillion and counting.

Despite all of these efforts, the best that we have achieved is economic stagnation.

And now it is becoming clear that the overwhelming deflationary forces around the globe are starting to win the battle.  The central banks have used up their ammunition and they still have not turned things around.  In fact, as Ambrose Evans-Pritchard so eloquently put it recently, what we see all around us is “evidence of a 1930s-style depression, albeit one that is still contained”…

What is clear is that the world has become addicted to central bank stimulus. Bank of America said 56pc of global GDP is currently supported by zero interest rates, and so are 83pc of the free-floating equities on global bourses. Half of all government bonds in the world yield less that 1pc. Roughly 1.4bn people are experiencing negative rates in one form or another.

These are astonishing figures, evidence of a 1930s-style depression, albeit one that is still contained. Nobody knows what will happen as the Fed tries to break out of the stimulus trap, including Fed officials themselves.

But will it still be contained once the next major financial crash strikes?

As I discussed yesterday, there has never been a time when conditions have been more ideal for a financial crisis since the last one happened in 2008.

So as bad as things are for the children of America right now, they are only going to get worse.

In the years ahead may we all have great compassion for these victims of our incredibly foolish economic mistakes.

Not Just Oil: Guess What Happened The Last Time Commodity Prices Crashed Like This?…

Financial Crisis - Public DomainIt isn’t just the price of oil that is collapsing.  The last time commodity prices were this low was during the immediate aftermath of the last financial crisis.  The Bloomberg Commodity Index fell to 110.4571 on Monday – the lowest that it has been since April 2009.  Just like junk bonds, industrial commodities are a very reliable leading indicator.  In other words, prices for industrial commodities usually start to move in a particular direction before the overall economy does.  We witnessed this in the summer of 2008 when a crash in commodity prices preceded the financial crisis in the fall by a couple of months.  And right now, we are witnessing what may be another major collapse in commodity prices.  In recent weeks, the price of copper has declined substantially.  So has the price of iron ore.  So has the price of nickel.  So has the price of aluminum.  You get the idea.  So this isn’t just about oil.  This is a broad-based commodity decline, and if it continues it is really bad news for the U.S. economy.

Of course most Americans would much rather read news stories about Kim Kardashian, but what is happening to the prices of these industrial metals at the moment is actually far more important to their daily lives.  For example, when the price of iron ore goes down that is a strong indication that economic activity is slowing down.  And that is why it is so troubling that the price of iron ore has almost sunk to a five year low.  The following comes from an Australian news source

The price of iron ore has held below $US70 a tonne in overnight trade, leaving its five-year low within reach.

At the end of the latest offshore session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US69.40 a tonne, down 0.4 per cent from its previous close of $US69.70 a tonne and only 2 per cent above the five-year low of $US68 reached a fortnight ago.

This week’s dip back under $US70 a tonne has followed revised forecasts from JPMorgan that suggest the commodity will average just $US67 a tonne next year, about $US20 below the investment bank’s previous expectation.

Copper is probably an even better economic indicator than iron ore is.  Economists commonly refer to it as “Dr. Copper”, and there is a really good reason for that.  Looking back over history, the price of copper often makes a significant move in one direction or the other before the economy does.  And now that the price of copper just hit the lowest level that we have seen since the last financial crash, alarm bells are going off.  The following comes from an article by CNBC contributor Ron Insana

Copper prices are now below $3 a pound and there’s an expression that “the economy is topped with a copper roof.” More simply put, copper tends to top out in price, before it becomes obvious that, in this case, the global economy is about to weaken.

So is the global economy heading for rough waters?

Could 2015 be a very rough year economically?

According to Insana, the signs are all around us…

We already have evidence that the commodity crash has ominous portents for the rest of the world:

* Japan’s recession is deeper than previously thought.

* China’s demand for basic materials, amid a glut of uneconomic construction projects, appears to be plummeting.

* Russia’s ruble has collapsed and the country is on the brink, if not already in, a recession.

* India’s economic recovery is beginning to look shaky.

* Europe’s growth rate and inflation rate, for the next two years, were just revised downward by the European Central Bank, suggesting that Europe’s economic crisis is far from over. In fact, at least one former European leader with whom I recently spoke, believes the crisis in Europe may just be in its early stages.

* Brazil and other emerging market nations are struggling with a variety of issues, from recessions at home, to the rising value of the dollar, which is complicating how emerging markets conduct economic policies at home, given how closely their currencies are tied to the greenback.

In addition, the Baltic Dry Index is now at the lowest point that we have seen at this time of the year since 2008

Simply put, with collapsing commodity prices (iron ore for instance) and massive fleets of credit-driven mal-investment-based vessels, it should surprise no one that the shipping index just plunged back below 1000, now at its lowest for this time of year since 2008. Furthermore, the seasonal bounce always seen in Q3 was among the weakest ever.

What does all of this mean?

It is commonly said that those that do not learn from history are doomed to repeat it.

So many of the exact same patterns that we witnessed leading up to the financial crash of 2008 are happening again.

Unfortunately, very few people saw the last crash coming, and this next crash will take most Americans by surprise as well.

I have written more than 1,200 articles about the economy on my website since 2009, and right now our financial system is more primed for a crash than at any other time since I started The Economic Collapse Blog.

Hopefully we have at least a couple more months of relative stability, but without a doubt 2015 is shaping up to be the most “interesting” year that we have seen in the financial world in a very long time.

All of the signs are there.  But most people choose to believe that everything is going to be okay somehow.  When the next crash comes, those people are going to be absolutely blindsided by it.

When you see storm clouds on the horizon, the logical thing to do is to prepare.  And the number one thing that most people should be working on is an emergency fund.  So don’t be frittering your money away on frivolous things.  In the early stages of this next crisis, you are going to need money to pay the mortgage, to put food on the table and to take care of your family.

Just remember what happened back in 2008.  A lot of middle class families were living on the financial edge every month, and because they didn’t have any cushion to fall back on, millions of those families ended up losing their homes when their jobs disappeared.

You need to have an emergency fund that can cover at least six months of expenses.  You don’t want a job loss or a major emergency to put you into a situation where your family could be put out into the street.

And for those that still have lots of money invested in the stock market – I really hope that you know what you are doing.

The market giveth, and the market taketh away.

And when the market taketh away, the consequences can often be exceedingly cruel.

 

10 Examples Of The Social Decay That Is Eating Away At America Like Cancer

Social Decay - Public DomainIt isn’t just our economy that is crumbling.  Something is happening to America that no amount of money will be able to fix.  Everywhere around us we can see evidence of the social decay that is systematically eating away at the foundations of our society.  It can be found on the streets of our inner cities, in dark basements in extremely rural communities, in the most prestigious boardrooms on Wall Street, and definitely in the halls of power in Washington.   Bringing in an entirely different crop of politicians or printing gigantic mountains of money is not going to solve this problem, because it exists in the hearts of millions of ordinary men and women.  The truth is that we really need to take a good, long look at ourselves in the mirror, because we need to take a 180 degree turn as a nation.  What we are doing now is clearly not working, and the longer that we take to address this problem the worse it is going to get.  The following are 10 examples of the social decay that is eating away at America like cancer.  Individually, they could be dismissed as isolated incidents.  But I could have easily listed 100 examples or 1000 examples.  Every single day, we are inundated with reports like these.  The symptoms of the decay of our society are all around us.  We just have to be willing to look at them…

#1 It seems like many of the most horrific crimes these days are happening in middle America.  For example, a woman was recently hit over the head, raped and set on fire in a park in Wichita Kansas

Wichita police say a woman was sexually assaulted, hit on the head, and set on fire Monday night in Fairmount Park.

According to police, the woman was on the ground, almost in a crawl, barely moving, and naked.

The woman was helped by a neighbor – Johnnye Marshall woke up her boyfriend Deon McPherson when she heard somebody scream for help.

“What if that was my daughter?  I’d want somebody to go in and get her,” McPherson told The Wichita Eagle.  “Where there wasn’t blood, there was a burn.”

The flames from the fire were about 2 to 4 feet high.  McPherson stayed with the woman until firefighters arrived.

#2 I have repeatedly written about how the United States is the most obese of all the major industrialized nations.  Well, now we are using our extreme obesity to try to hide things that we have stolen

A 350-pound Wal-mart shopper was arrested yesterday after he was found sitting atop five stolen rib eye steaks in the seat of a motorized scooter that he was riding around the South Carolina store.

Rodney Fowler, 43, was spotted Tuesday afternoon placing the steaks in his scooter by a Walmart loss prevention officer, according to a police report.

“Suspect sat on the steaks and exited the store passing all points of sale, without attempting to pay for said merchandise,” cops noted.

The 5’ 5” Fowler was then confronted by the Walmart worker and escorted back into the store, where he was later arrested by police for shoplifting. “Due to his size, the suspect was cuffed using two pairs of cuffs,” investigators noted.

#3 What would you do if a police officer pulled you over for a traffic stop and exposed his private parts to you when he came up to your vehicle?  Well, this actually has been happening in New Jersey

A Newton police officer was arrested Monday on accusations that he unzipped his pants and exposed himself to young male drivers during “numerous” traffic stops.

Jason R. Miller, 37, of Hampton Township, a patrolman since 2001, turned himself in at the Sussex County Prosecutor’s Office and has been indefinitely suspended without pay pending the outcome of the criminal case, according to a statement issued by Sussex County Prosecutor Francis Koch and Newton Police Chief Michael Richards.

Miller was charged with two counts of official misconduct, one count of a pattern of official misconduct and one count of lewdness, the statement said.

Miller would expose his genitals to motorists “to satisfy his prurient interests” and then let them leave without issuing traffic summonses, according to a police complaint.

#4 If someone was planning to “accidentally” kill his wealthy wife, you would think that he would be smart enough not to put an “X” on the map where he planned to do it.  But that is apparently precisely what one man in Colorado foolishly did…

A suburban Denver man charged with pushing his wife to her death off a cliff in Colorado’s Rocky Mountain National Park could not explain to investigators why he had a park map with an “X” drawn at the spot where she fell.

Newly unsealed court documents say Harold Henthorn denied using the map during the deadly September 29, 2012, hike.

But he told friends that he scouted out the park’s steep and craggy terrain at least six times, trying to find the perfect place to take Toni to celebrate their 12th year of marriage.

It also turns out that his first wife died in a “freak accident” too.

Some coincidence, eh?

#5 It is one thing to kill someone.  It is another thing to hack the dead body up with a saw and cook it.  I don’t know what in the world has happened to the state of Florida, but a lot of really weird stuff has been going on down there lately…

Angela Stoldt told officials she took a hacksaw to her neighbor’s body last year and tried to cook away evidence of James Sheaffer.

One leg went in the oven. Other parts went into pots.

Stoldt’s house in Deltona smelled of burning flesh, but she assured her daughter it was just a rat broiling in the oven, according to details made public last week after a grand jury charged her with first-degree murder.

“Thursday is when I was cooking him,” Stoldt told investigators. “Friday is when I was dumping him.”

The 42-year-old Deltona woman is accused of killing Sheaffer, 36, a limousine driver, in April 2013.

#6 In recent years, it seems like there has been a constant stream of news stories about twisted men locking up women in their basements and forcing them to be sex slaves.  The latest example comes from Cincinnati

A man pleaded guilty Friday to locking multiple women in his Cincinnati home and forcing them into prostitution.

Christopher Hisle, 45, was arrested on April 8, 2014, in Louisville, Kentucky after authorities said he drove a young woman from Cincinnati to Louisville to engage in prostitution at a nearby Red Roof Inn.

An FBI investigation later revealed Hisle was involved in forcing and compelling the women to engage in commercial sex for at least two years. He held the women at his Avondale home at 908 Lexington Ave., documents state .

It is unknown how many women Hisle held at one time and what their ages were. Authorities said at least 12 women are victims of his human trafficking operation.

#7 Why would a grown woman want to have sex with a 10-year-old boy?  You would have to be incredibly sick to try to do such a thing, but that is reportedly what one 25-year-old babysitter in Connecticut is charged with doing.  In fact, she is accused of doing this multiple times

A babysitter has been accused of repeatedly having sex with her friend’s 10-year-old son while she was looking after him and his other siblings.

Marybeth Rataic is facing 10 felony charges after allegedly having sex three times with the boy at his home in Meriden, Connecticut.

Police say that in one instance, the 25-year-old from Willimantic, had sex with the boy while his siblings slept in the room after creeping into the child’s room, which he shared with his brothers.

She is also accused of having sex with the 10-year-old while his mother was giving birth in hospital.

#8  A minor scuffle between two girls at a California high school erupted into a melee when a 400 pound police officer slammed his fist into the face of one of the girls.   Other students began to swarm the officer, and at that point things got wildly out of control

A lunchtime fight at a Central California high school Wednesday ended with police swarming onto campus, closing the school and putting six students under arrest, authorities said.

However, Ernest Righetti High School students say the initial fight was relatively minor, and that it was a Sheriff’s deputy striking one of the girls involved in the brawl that sparked the mass violence on campus.

That shocking moment was filmed by a bystander and has since been posted online by the Santa Maria Times.

The video shows the officer trying to break up a fight between two girls, only to hit one of the young women and drag her away. Students watching the altercation appear outraged by the act, and start to swarm the officer.

#9 When I was growing up, it seemed like almost everyone watched the Cosby Show on Thursday night.  Bill Cosby was “America’s Dad”, and he was universally respected.  Well, it turns out that now he is being accused of rape by 15 different women.  How is it possible that such horrific crimes could be covered up for so long, and what does that say about our society?  The following comes from Time Magazine

In Cosby’s story we find accusations of women being silenced for decades by threats, lawyers, fear and a generally defensive public, who until now were uninterested in being awakened from sweet dreams of their TV father.

The NPR audio interview released last week showcases Cosby’s clearly pre-determined response to the softest, almost nervous questions about the rape allegations: deafening silence.

This should not be viewed as the mature response of a well respected, integrity filled man (and in the case of his wife, a beloved, regal woman) attempting to maintain dignity and stay above the fray. It should be seen as what it is: A power move by a someone so arrogant that he thinks he shouldn’t even be asked about the fact that 15 women are accusing him of a horrific crime.

#10 As I have written about previously, the violence that we have seen in Ferguson, Missouri this year is a perfect example of how the streets of America can descend into chaos.  And now the upcoming grand jury decision threatens to rekindle that violence.

Instead of sober deliberation about this case and sincere attempts at peaceful reconciliation, both sides are preparing for mass civil unrest.  If the grand jury reaches “the wrong decision” we could see even more rioting, looting, violence and police brutality than we saw the first time around.

And this time, it may not be limited to Ferguson.  As the Daily Sheeple has pointed out, protest organizers have put up a Tumblr page for something called “The Ferguson National Response Network“.  According to that page,  “planned responses” are being organized in 82 cities throughout the United States.  In addition, protest organizers have released a list of 19 “Proposed Rules of Engagement” for confrontations with law enforcement authorities.  Needless to say, all of this sounds quite ominous.  The following are the 82 cities where “planned responses” are currently being organized…

Albany, NY
Albuquerque, NM
Atlanta, GA
Austin, TX
Baltimore, MD
Bangor, ME
Beavercreek, OH
Blacksburg, VA
Boston, MA
Buffalo, NY
Carbondale, IL
Chapel Hill, NC
Chattanooga, TN
Chicago, IL
Cleveland, OH
Columbia, MO
Columbus, OH
Dallas, TX
Denver, CO
Des Moines, IA
Detroit, MI
Durham, NC
Ferguson, MO
Gainesville, FL
Grand Rapids, MI
Greensboro, NC
Greenville, NC
Grinnell, IA
Houston, TX
Indianapolis, IN
Iowa City, IA
Jackson, MI
Kansas City, MO
Kennesaw, GA
Lawrence, KS
Lexington, KY
Longview, TX
Los Angeles, CA
Louisville, KY
Meadville, PA
Memphis, TN
Milwaukee, WI
Minneapolis, MN
Mobile, AL
Monpelier, VT
Monroeville, OH
Nashville, TN
New London, CT
New Orleans, LA
Newark, NJ
Northampton, MA
NYC, NY
Oak Ridge, TN
Oakland, CA
Olympia, WA
Oshkosh, WI
Phoenix, AZ
Philadelphia, PA
Pittsburgh, PA
Portland, OR
Providence, RI
Raleigh, NC
Rochester, NY
Rocky Mount, NC
San Diego, CA
Santa Barbara, CA
Seattle, WA
South Hadley, MA
Spring Valley, NY
Springfield, MA
St. Paul, MN
St. Petersburg, FL
Stroudsberg, PA
Tallahassee, FL
Tampa, FL
Toledo, OH
Toronto, Canada
Tucson, AZ
Washington, D.C.
West Hartford, CT
West Palm Beach, FL
Williamsburg, VA
Worcester, MA

Police in Ferguson are warning citizens that they better buy guns because they “will not be able to protect you or your family“.  And
CNN is reporting that gun sales in Ferguson are indeed surging.

Hopefully this grand jury decision will come and go and peace will prevail in Ferguson and elsewhere.

But without a doubt, the thin veneer of civilization that we all take for granted on a daily basis is disappearing.

The foundations of our society are steadily rotting and decaying, and our underlying problems are getting worse with each passing day.

How long will our nation be able to remain stable if this continues?

Obamacare = A Death Panel For The U.S. Economy

Obamacare LineDid you know that some Americans are being hit with health insurance rate increases of more than 500 percent?  Taking advantage of “the stupidity of the American voter”, the Democrats succeeded in ramming through one of the worst pieces of legislation that has ever come before Congress.  The full implementation of Obamacare has been repeatedly delayed, but now we are finally starting to see the true horror of this terrible law.  Thanks to Obamacare, millions of American families are losing health plans that they were very happy with, health insurance rates are skyrocketing, millions of workers are having their full-time hours cut back to part-time hours, rural hospitals all over the country are dying, and thousands of doctors are being driven out of the industry thus intensifying the greatest doctor shortage in U.S. history.  Obamacare is a slow-motion train wreck of epic proportions, and the full effect of this law is only beginning to be felt.  In the end, the economic impact of this law will likely be measured in the trillions of dollars.

One of the primary reasons why Democrats experienced so much pain during the recent elections was because millions of Americans are receiving some very disturbing letters from their health insurance providers.  At a time when U.S. incomes are stagnating, health insurance rates are rising to absolutely ridiculous levels.

As the New York Times recently reported, even the Obama administration is admitting that “substantial price increases” are on the way…

The Obama administration on Friday unveiled data showing that many Americans with health insurance bought under the Affordable Care Act could face substantial price increases next year — in some cases as much as 20 percent — unless they switch plans.

The data became available just hours before the health insurance marketplace was to open to buyers seeking insurance for 2015.

An analysis of the data by The New York Times suggests that although consumers will often be able to find new health plans with prices comparable to those they now pay, the situation varies greatly from state to state and even among counties in the same state.

Originally, Barack Obama promised that if we liked our current health plans that we could keep them.  Well, it turns out that was not true at all.  Instead, the vast majority of us will eventually have to move to new plans if we have not done so already.  This is particularly true for those that purchase health insurance individually.  The following is an excerpt from an NBC News investigation

Four sources deeply involved in the Affordable Care Act tell NBC News that 50 to 75 percent of the 14 million consumers who buy their insurance individually can expect to receive a “cancellation” letter or the equivalent over the next year because their existing policies don’t meet the standards mandated by the new health care law. One expert predicts that number could reach as high as 80 percent. And all say that many of those forced to buy pricier new policies will experience “sticker shock.”

This is something that actually happened to me.  I received a letter in the mail informing me that my new health insurance policy which meets the requirements of Obamacare will cost me nearly twice as much as my old one.

Needless to say, I was not too thrilled about that.

Other Americans are being hit even harder.  For instance, one family down in Texas got hammered with a 539 percent rate increase

Obamacare is named the “Affordable Care Act,” after all, and the President promised the rates would be “as low as a phone bill.” But I just received a confirmed letter from a friend in Texas showing a 539% rate increase on an existing policy that’s been in good standing for years.

As the letter reveals (see below), the cost for this couple’s policy under Humana is increasing from $212.10 per month to $1,356.60 per month. This is for a couple in good health whose combined income is less than $70K — a middle-class family, in other words.

These rate increases are coming at a time when the middle class in the U.S. is already steadily shrinking.  A lot of families that are already stretched to the breaking point are making the very painful decision to give up health insurance entirely.  At this point, there are millions of families that simply cannot afford it.

But Obama is not about to let those people off the hook.  In fact, huge tax penalties are on the way for those that do not participate in the new system…

Penalties for failing to secure a health-insurance plan will rise steeply next year, which could take a big bite out of some families’ pocketbooks.

The penalty is meant to incentivize people to get coverage,” said senior analyst Laura Adams of InsuranceQuotes.com. “This year, I think a lot of people are going to be in for a shock.

In 2014, Obamacare’s first year, individuals are facing a penalty of $95 per person, or 1 percent of their income, depending on which is higher. If an American failed to get coverage this year, that penalty will be taken out of their tax refund in early 2015, Adams noted.

While that might be painful to some uninsured Americans who are counting on their tax refunds in early 2015, the penalty for going uninsured next year is even harsher. The financial penalty for skipping out on health coverage will more than triple to $325 per person in 2015, or 2 percent of income, depending on whichever is higher.

Children will be fined at half the adult rate, or $162.50 for those under 18 years old.

No wonder so many people are so angry with the Democrats.

And as Massachusetts Institute of Technology professor Jonathan Gruber has so infamously observed, Obamacare never would have become law if the American people had been told the truth about what it would do to them.

It has been documented that Gruber has visited the White House about a dozen times since 2009, and he has been one of the leading intellectual proponents of Obamacare.  A video in which he states that “the stupidity of the American voter” was “really critical” to the passage of Obamacare has gone viral over the past week.  I have posted a copy of this video below…

What he is essentially saying is that the Democrats purposely deceived the American people because it was the only way that Obamacare was going to become law.

And this is a man that has become very wealthy advising government on healthcare matters.  According to an article in the Washington Post, he has made millions of dollars from “consulting” in recent years…

Not all of the contracts could be found on public Web sites, but here is a sampling. In some cases, Gruber worked with other consultants, so the fees were shared. These figures also might not represent the final payout, and of course these are gross figures, before expenses. But it’s safe to say that about $400,000 appears to be the standard rate for gaining access to the Gruber Microsimulation Model.

Michigan: $481,050

Minnesota: $329,000

Vermont: $400,000

Wisconsin: $400,000

Gruber has also earned more than $2 million over the last seven years for an ongoing contract with HHS to assess choices made by the elderly in Medicare’s prescription-drug plan.

If you are Gruber, life is quite good.

But for most of the rest of America, the economic pain continues.

For example, one recent study found that almost half of all Floridians cannot even afford “to pay for basic necessities”…

Nearly half of Florida households do not earn enough to pay for basic necessities, according to a report released Tuesday by the United Way that seeks to cast a light on the large group of state residents who struggle financially but do not meet the official criteria for being in poverty.

While 15 percent of Florida households are below the poverty level, another 30 percent are financially insecure — a figure that also applies to Sarasota and Manatee counties — based on a new measurement developed by the United Way.

If all those people cannot even afford the basics, how are they going to pay for Obamacare?

This law is going to financially cripple millions of American families.  It truly is a death panel for the U.S. economy.  And because Barack Obama can veto anything that the Republicans in Congress do, we are stuck with it for at least another two years (and probably longer).

So what about you?

Have your health insurance premiums gone up yet?

Please feel free to add to the discussion by posting a comment below…

24 Reasons Why Millennials Are Screaming Mad About Our Unfair Economy

Angry Woman - Public DomainDo you want to know why Millennials seem so angry?  We promised them that if they worked hard, stayed out of trouble and got good grades that they would be able to achieve the “American Dream”.  We told them not to worry about accumulating very high levels of student loan debt because there would be good jobs waiting for them at the end of the rainbow once they graduated.  Well, it turns out that we lied to them.  Nearly half of all Millennials are spending at least half of their paychecks to pay off debt, more than 30 percent of them are living with their parents because they can’t find decent jobs, and this year the homeownership rate for Millennials sunk to a brand new all-time low.  When you break U.S. adults down by age, our long-term economic decline has hit the Millennials the hardest by far.  And yet somehow we expect them to bear the burden of providing Medicare, Social Security and other social welfare benefits to the rest of us as we get older.  No wonder there is so much anger and frustration among our young people.  The following are 24 reasons why Millennials are screaming mad about our unfair economy…

#1 The current savings rate for Millennials is negative 2 percent.  Yes, you read that correctly.  Not only aren’t Millennials saving any money, they are actually spending a good bit more than they are earning every month.

#2 A survey conducted earlier this year found that 47 percent of all Millennials are using at least half of their paychecks to pay off debt.

#3 For U.S. households that are headed up by someone under the age of 40, average wealth is still about 30 percent below where it was back in 2007.

#4 In 2005, the homeownership rate for U.S. households headed up by someone under the age of 35 was approximately 43 percent.  Today, it is sitting at about 36 percent.

#5 One recent survey discovered that an astounding 31.1 percent of all U.S. adults in the 18 to 34-year-old age bracket are currently living with their parents.

#6 At this point, the top 0.1 percent of all Americans have about as much wealth as the bottom 90 percent of all Americans combined.  Needless to say, there aren’t very many Millennials in that top 0.1 percent.

#7 Since Barack Obama has been in the White House, close to 40 percent of all 27-year-olds have spent at least some time unemployed.

#8 Only about one out of every five 27-year-olds owns a home at this point, and an astounding 80 percent of all 27-year-olds are paying off debt.

#9 In 2013, the ratio of what men in the 18 to 29-year-old age bracket were earning compared to what the general population was earning reached an all-time low.

#10 Back in the year 2000, 80 percent of all men in their late twenties had a full-time job.  Today, only 65 percent do.

#11 In 2012, one study found that U.S. families that have a head of household that is under the age of 30 have a poverty rate of 37 percent.

#12 Another study released back in 2011 discovered that U.S. households led by someone 65 years of age or older are 47 times wealthier than U.S. households led by someone 35 years of age or younger.

#13 Half of all college graduates in America are still financially dependent on their parents when they are two years out of college.

#14 In 1994, less than half of all college graduates left school with student loan debt.  Today, it is over 70 percent.

#15 At this point, student loan debt has hit a grand total of 1.2 trillion dollars in the United States.  That number has grown by about 84 percent just since 2008.

#16 According to the Pew Research Center, nearly four out of every ten U.S. households that are led by someone under the age of 40 are currently paying off student loan debt.

#17 In 2008, approximately 29 million Americans were paying off student loan debt.  Today, that number has ballooned to 40 million.

#18 Since 2005, student loan debt burdens have absolutely exploded while salaries for young college graduates have actually declined

The problem developing is that earnings and debt aren’t moving in the same direction. From 2005 to 2012, average student loan debt has jumped 35%, adjusting for inflation, while the median salary has actually dropped by 2.2%.

#19 According to CNN, 260,000 Americans with a college or professional degree made at or below the federal minimum wage last year.

#20 Even after accounting for inflation, the cost of college tuition increased by 275 percent between 1970 and 2013.

#21 In the years to come, much of the burden of paying for Medicare for our aging population will fall on Millennials.  It is being projected that the number of Americans on Medicare will grow from 50.7 million in 2012 to 73.2 million in 2025.  In addition, it has been estimated that Medicare is facing unfunded liabilities of more than 38 trillion dollars over the next 75 years.  That comes to approximately $328,404 for every single household in the United States.

#22 In the years to come, much of the burden of paying for our exploding Medicaid system will fall on Millennials.  Today, more than 70 million Americans are on Medicaid, and it is being projected that Obamacare will add 16 million more Americans to the Medicaid rolls.

#23 In the years to come, much of the burden of paying for our massive Ponzi scheme known as Social Security will fall on Millennials.  Right now, there are more than 63 million Americans collecting Social Security benefits.  By 2035, that number is projected to soar to an astounding 91 million.  In 1945, there were 42 workers for every retiree receiving Social Security benefits.  Today, that number has fallen to 2.5 workers, and if you eliminate all government workers, that leaves only 1.6 private sector workers for every retiree receiving Social Security benefits.

#24 Our national debt is currently sitting at a grand total of $17,937,617,036,693.09.  It is on pace to roughly double during the Obama years, and Millennials are expected to service that debt for the rest of their lives.

Yes, there are certainly some Millennials that are flat broke because they are lazy and irresponsible.

But there are many others that have tried to do everything right and still find that they can’t get any breaks.  For example, Bloomberg recently shared the story of a young couple named Jason and Jessica Alinen…

The damage inflicted on U.S. households by the collapse of the housing market and recession wasn’t evenly distributed. Just ask Jason and Jessica Alinen.

The couple, who live near Seattle, declared bankruptcy in 2011 when the value of the house they then owned plunged to less than $200,000 from the $349,000 they paid for it four years earlier, just as the economic slump was about to start. Jason even stopped getting haircuts to save money.

“We thought we’d have a white picket fence, two kids, two dogs, and we’d have $100,000 in equity,” said Jason, 33, who does have two children. “It’s just really frustrating.”

Can you identify with them?

Most young Americans just want to work hard, buy a home and start a family.

But for millions of them, that dream might as well be a million miles away right now.

Unfortunately, most of them have absolutely no idea why this has happened.

Many of them end up blaming themselves.  Many of them think that they are not talented enough or that they didn’t work hard enough or that they don’t know the right people.

What they don’t know is that the truth is that decades of incredibly foolish decisions are starting to catch up with us in a major way, and they just happen to be caught in the crossfire.

Sadly, instead of becoming informed about what is happening to our country, a very large percentage of our young people are absolutely addicted to entertainment instead.

Below, I want to share with you a video that I recently came across.  You can find it on YouTube right here.  A student at Texas Tech University recently asked some of her classmates a series of questions.  When they were asked about Brad Pitt or Jersey Shore they knew the answers right away.  But when they were asked who won the Civil War or who the current Vice-President of the United States is, they deeply struggled.  I think that this video says a lot about where we are as a society today…

So what do you think about all of this?

Please feel free to add to the discussion by posting a comment below…

The Economy Of The Largest Superpower On The Planet Is Collapsing Right Now

Globe Earth World - Public DomainHow do you fix a superpower with exploding levels of debt, that has a rapidly aging population, that consumes far more wealth than it produces, and that has scores of zombie banks that could collapse at any moment.  You might think that I am talking about the United States, but I am actually talking about Europe.  You see, the truth is that the European Union has a larger population than the United States does, it has a larger economy than the United States does, and it has a much larger banking system than the United States does.  Most of the time I write about the horrible economic problems that the U.S. is facing, but without a doubt economic conditions in Europe are even worse at the moment.  In fact, there are many (including the Washington Post) that are calling what is happening in Europe a full-blown “depression”.  Sadly, this is probably only just the beginning.  In the months to come things in Europe are likely to get much worse.

First of all, let’s take a look at unemployment.  If the U.S. was using honest numbers, the official unemployment rate would probably be somewhere close to 10 percent.  But in many nations in Europe, the official unemployment rate is already above the ten percent mark…

France: 10.2%

Poland: 11.5%

Italy: 12.6%

Portugal: 13.1%

Spain: 23.6%

Greece: 26.4%

The official unemployment rate for the eurozone as a whole is currently 11.5 percent.  The lack of good jobs is causing the middle class to shrink all over Europe, and more people than ever are becoming dependent on government assistance.  European nations are well known for their generous welfare programs, but all of this spending is causing  debt to GDP ratios to absolutely explode…

Spain: 92.1%

France: 92.2%

Belgium: 101.5%

Portugal: 129.0%

Italy: 132.6%

Greece: 174.9%

At the same time, the value of the euro has been steadily declining over the last six months.  This is significantly reducing the purchasing power that European families have…

Dollar Euro Exchange Rate

Many believe that the euro will ultimately go much lower than this.  Nations such as Greece and Spain are already experiencing deflation, and the inflation rates in Germany and France are both currently below one percent.  If the European Central Bank starts injecting lots of fresh euros into the system to combat this perceived problem, that will lift the level of inflation but it will also further erode the value of the euro.

In the long run, it would not be a surprise to see the U.S. dollar at parity with the euro.

When it happens, remember where you heard it.

The Europeans are scared to death of a deflationary depression, but that is precisely where the long-term economic trends are taking them right now.  The following is from a recent Forbes article

Market consensus believes that the eurozone is edging toward that moment when the scourge of deflation actually becomes a crippling reality. Eurozone data is constantly reminding investors that the region’s economy is barely limping along, as companies slash selling prices in a vain attempt to improve sales in the face of a weakening economy and evaporating new orders. Corporate deflationary reactions like this only hurt a company’s bottom line by squeezing profit margins even further. The obvious knock-on effect will limit resources for hiring and investing, which in turn only dampens any chances of an economic rebound, again putting the region into a bigger hole.

In a desperate attempt to avoid widespread deflation in Europe, the ECB will inevitably take action at some point.

It may not happen immediately, but when it does it will be yet another salvo in the emerging global currency war.

Speaking of currencies, it is being reported that Russia is actually considering legislation that will ban the circulation of the U.S. dollar in that nation.  The following is from an article that was posted on Infowars

Russia may ban the circulation of the United States dollar.

The State Duma has already been submitted a relevant bill banning and terminating the circulation of USD in Russia, APA’s Moscow correspondent reports.

If the bill is approved, Russian citizens will have to close their dollar accounts in Russian banks within a year and exchange their dollars in cash to Russian ruble or other countries’ currencies.

Otherwise their accounts will be frozen and cash dollars levied by police, customs, tax, border, and migration services confiscated.

That is not good news for the U.S. dollar at all.

Expect wild shifts in the foreign exchange markets in the months and years to come.  Turbulent times are ahead for the dollar, the euro and the yen.

Getting back to Europe, let us hope that things stabilize over there – at least for a while.

But that might not happen.  In fact, things could take a turn for the worse at any moment.

Most people don’t realize this, but European banks are even shakier than U.S. banks, and that is saying a lot.

For example, the largest bank in the strongest economy in Europe is Deutsche Bank.  At this point, Deutsche Bank has approximately 75 trillion dollars worth of exposure to derivatives.  That amount of money is about 20 times the size of German GDP, and it is more exposure than any U.S. bank has.

And Deutsche Bank is far from alone.  All over Europe there are zombie banks that are essentially insolvent.  Many of them are being propped up by their governments.  Those governments know that if those banks failed that it would make their economic problems even worse.

Just like in the United States, most economic activity in Europe is fueled by debt.  So those banks are needed to provide mortgages, loans and credit cards to average citizens and businesses.  Unfortunately, bad debt levels and business failures continue to shoot up all over Europe.

The system is breaking down, and nobody is quite sure what is going to happen next.

So keep an eye on Europe.  In particular, keep an eye on Italy.  I have a feeling that big economic news is about to start coming out of Italy, and it won’t be good.

In 2014, we have been experiencing “the calm before the storm”.

But 2015 is right around the corner, and it promises to be extremely “interesting”.

National Economic Suicide: The U.S. Trade Deficit With China Just Hit A New Record High

Economics - Public DomainDid you know that we buy nearly five times as much stuff from the Chinese as they buy from us?  According to government numbers that were just released, we imported 44.9 billion dollars worth of stuff from China in September but we only exported 9.3 billion dollars worth of stuff to them.  And this is not happening because our economy is so much larger than China’s.  In fact, the IMF says that China now has the largest economy on the entire planet on a purchasing power basis.  No, the truth is that this is happening because our economy is broken.  Every month, we consume far more wealth than we produce.  Because the outflow of money is far greater than the inflow, we have to go to major exporting nations and beg them to lend our dollars back to us so that we can pay our bills.  Meanwhile, the quality of the jobs in this country continues to go down and our formerly great manufacturing cities are rotting and decaying.  We are committing national economic suicide, and most Americans don’t seem to care.

Barack Obama is constantly hyping a “manufacturing resurgence” in America, but the numbers don’t lie.  In September, our manufactured goods trade deficit with the rest of the world soared to a new all-time record high of 69.16 billion dollars.  For the year, we are nearly 12 percent ahead of last year’s record pace.

When we buy far more things than we sell, we get poorer as a nation.

How do you think that we ever got into a position of owing China more than a trillion dollars?

We just kept buying far more from them than they bought from us, and their money just kept piling up.  Now it has gotten to the point where our politicians literally beg them to lend our money back to us.  They are the head and we are the tail.

And we did this to ourselves.

Once upon a time, the United States was the greatest manufacturing powerhouse that the world had ever seen.  But now China manufactures more stuff than us and China also accounts for more total global trade (imports plus exports) than us.

This should never have happened.  Several decades ago, the Chinese economy was a complete joke.  But decades of incredibly foolish decisions by our politicians have resulted in the loss of tens of thousands of manufacturing facilities, millions of good paying jobs and the destruction of vast stretches of our economic infrastructure.

During the same time frame, gleaming new manufacturing facilities have gone up all over China.

China is literally wiping the floor with us on the global economic stage and most Americans don’t even understand what is happening.  Here is more on the trade deficit numbers that were just released from the RealityChek Blog

>The China goods deficit of $35.56 billion blew past the old mark of $30.86 billion, set in July, by 15.23 percent. The new deficit also represented a 17.77 percent increase over the August level of $30.20 billion.

>U.S. goods exports to the still strongly growing Chinese economy fell on month in September from $9.63 billion to $9.33 billion (3.12 percent). U.S. merchandise imports from China jumped by 12.70 percent over August levels, from $39.83 billion to $44.89 billion – itself an all-time high.

>The U.S. goods deficit with China this year is now so far running 5.62 percent ahead of 2014’s record pace.

>The longstanding U.S. manufacturing trade shortfall shot up from $59.10 billion in August to $69.16 billion in September. This 17.02 percent jump resulted in a beat of the old record of $67.33 billion, also set in July, by 2.72 percent.

And it isn’t just cheap plastic trinkets that China is selling to us.

In fact, their number one export to us is computer equipment.

Meanwhile, one of our main exports to them is “scrap and trash”.

For much more on how China is absolutely dominating us, please see my previous article entitled “Not Just The Largest Economy – Here Are 26 Other Ways China Has Surpassed America“.

Sadly, there are a couple of factors that will probably make our trade deficit with the rest of the world even worse in the months ahead.

Number one, the currency war that I wrote about earlier this week will probably push the U.S. dollar even higher against the yen and the euro.

You might think that a rising dollar sounds good, but the truth is that it will make our exports less competitive in the global marketplace.

Nations such as Japan devalue their currencies so that they can sell more stuff to us.  But that hurts our own domestic industries.  And when our own domestic industries suffer, that means less jobs for American workers.

Secondly, the collapse in the price of oil could have very serious implications for the shale oil industry.

In recent years, the shale oil revolution has caused local economic booms in states such as Texas and North Dakota.  But shale oil tends to be quite expensive to extract.  As I write this, the price of U.S. oil has fallen to about 77 dollars a barrel.  If it stays at that level or keeps going down, shale oil production in the United States will slow down dramatically.

In other words, a lot of these shale oil “boom towns” could go “bust” very rapidly.

If that happens, the amount of oil that we import will rise substantially and that will add to our overall trade deficit.

But of course the biggest factor fueling our trade deficit is that the vast majority of Americans simply do not care that we are committing national economic suicide.

When we buy products made in America, we support American businesses and American workers.

When we buy products made overseas, we hurt American businesses, we kill American jobs and we make ourselves poorer as a nation.

Of course there is nothing wrong with buying a foreign-made product once in a while.  But this holiday season, most people will fill their shopping carts to the brim with foreign-made goods without even thinking twice about it.

The next time that you go into a huge retail establishment such as Wal-Mart, start picking up products and look to see where they were made.

I think that you will be shocked at how few of them are actually made inside the United States.

When are Americans going to get sick and tired of making China wealthier at our expense?

We are willing participants in the destruction of the U.S. economy, and yet only a small minority of people seem to care.

What is it going to take for people to finally wake up?

Does This Look Like A Housing Recovery To You?

Homeownership Rate 2014We just learned that the homeownership rate in the United States has fallen to the lowest level in 19 years.  But of course this is not a new trend.  As you will see in this article, the homeownership rate in the United States has been in a continual decline for more than 7 years.  Obviously this is not a sign of a healthy economy.  Traditionally, homeownership has been one of the key indicators that you belong to the middle class.  When people define “the American Dream”, it is usually one of the first things mentioned.  So if the percentage of Americans that own a home has been steadily going down for 7 years in a row, what does that tell us about the health of the middle class in this country?

The chart that you are about to view is clear evidence that we are in the midst of a long-term economic decline.  It shows what has happened to the homeownership rate in the U.S. since the year 2000, and as you can see it has been collapsing since the peak of the housing market back in 2007.  Does this look like a housing recovery to you?…

Homeownership Rate 2014

So many people get caught up in what is happening on Wall Street, but this is the “real economy” that affects people on a day to day basis.

Most Americans just want to be able to buy a home and provide a solid middle class living for their families.

The fact that the percentage of people that are able to achieve this “American Dream” is falling rapidly is very troubling.

There are some that blame this stunning decline in the homeownership rate on the Millennials.

And without a doubt, they are a significant part of the story.  They are moving back home with their parents at record rates, and many that are striking out on their own are renting apartments in the big cities.

This is one area where the decline of marriage in America is really hitting the economy.  Back in 1968, well over 50 percent of Americans in the 18 to 31-year-old age bracket were already married and living on their own.  Today, that number is below 25 percent.

But that is not all there is to this story.

In fact, the homeownership rate for Americans in the 35 to 44-year-old age bracket has been falling even faster than it has for Millennials…

In the first quarter of 2008, nearly 67% of people aged 35-44 owned homes. Now the number is barely above 59%. The percentage of people under 35 owning homes only fell five percentage points, to 36% from 41%.

So why is this happening?

Well, it is fairly simple actually.

In order to buy homes, people need to have good jobs.  And at this point, the percentage of Americans that are employed is still about where it was during the depths of the last recession.

In addition, wages in the United States have stagnated and the quality of our jobs continues to go down.  As I wrote about the other day, half of all American workers make less than $28,031 a year.  Needless to say, if you make less than $28,031  a year, you are going to have a really hard time getting approved for a home loan or making mortgage payments.

Things have been changing for a long time in this country, and not for the better.  Our economic problems have taken decades to develop, and the underlying causes of these problems is still not being addressed.

Meanwhile, middle class families continue to suffer.  One very surprising new survey discovered that more than half of all Americans now consider themselves to be “lower-middle class or working class with low economic security”.  While Wall Street has been celebrating in recent years, economic pessimism has become deeply ingrained on Main Street…

Optimism may be harder to come by these days. More than half of Americans surveyed in a Harris poll released Tuesday identified themselves as being lower-middle class or working class with low economic security. And 75 percent said they’re being held back financially by roadblocks like the cost of housing (24 percent), health care (21 percent) and credit-card debt (20 percent).

And that’s not the kicker.

“The most disappointing aspect is that 45 percent think they’ll never get their finances back to where they were before the financial crisis,” said Ken Rees, CEO of the Elevate credit service company, which commissioned the survey. “And a third are losing sleep over it.”

The only “recovery” that we have experienced since the last recession has been a temporary recovery on Wall Street.

For the rest of the country, our long-term economic decline has continued.

When I was growing up, my father was serving in the U.S. Navy and we lived in a fairly typical middle class neighborhood.  Everyone that I went to school with lived in a nice home and I never heard of any parent struggling to find work.  Of course life was not perfect, but it seemed to me like living a middle class lifestyle was “normal” for most people.

How times have changed since then.

Today, it seems like we are all part of a giant reality show where people are constantly being removed from the middle class and everyone is wondering who will be next.

So what do you think?

Is there hope for the middle class, or are the economic problems that we are facing just beginning?

Please feel free to share your opinion by posting a comment below…

 

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