Economy

Hey Paul Ryan, Your Budget Doesn’t Work for Families

I think everyone here comes together around the Ryan budget, which makes cuts to programs that have worked as safety nets for years. Cutting Medicare hurts seniors. It cuts Pell grants for college students. Repealing the Affordable Care Act makes cuts to all the programs in place that are helping women now. A million women in Missouri are now be helped by no-costs mammograms, cervical screenings, and pre-natal visits.
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REPORT: Between ’01 and ’11, Trade Deficit With China Eliminated or Displaced 2.7 Million US Jobs

A new report from the Economic Policy Institute (EPI) reveals the effect that China’s admittance to the World Trade Organization (WTO) has had on U.S. workers and the domestic economy.
According to Robert E. Scott, researcher of The China Toll, “between 2001 and 2011, the trade deficit with China eliminated or displaced more than 2.7 million U.S. jobs, over 2.1 million of which (76.9 percent) were in manufacturing.”
Nearly 2.7 million jobs have been lost to China. 662,100 of these losses came between 2008-2011 according to the study. The computer and electronics industry has been hit particularly hard with 1,064,800 jobs displaced, 38.8 percent of the 2001–2011 total.
Wages of workers with less than a four year college degree have been driven down by competition from less developed countries. Roughly 70 percent of that workforce, nearly 100 million workers, have felt the chilling effect.
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Bill Moyers: 'Invisible Americans Get the Silent Treatment'

"It's just astonishing to us how long this campaign has gone on with no discussion of what's happening to poor people. Official Washington continues to see poverty with tunnel vision - "out of sight, out of mind," says Moyers.
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40% of America’s Workers Live Paycheck to Paycheck

America’s workers are existing on the edge of financial disaster: 40 percent say they live paycheck to paycheck, according to a recent CareerBuilder survey. Worse, 37 percent say they sometimes need to rely on the next payday to make ends meet. Although the percentage of those literally living for payday has decreased from 42 percent in 2011 and from 46 percent in 2008, the height of the recession, this not good news.
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Ed DeMarco, Economic Saboteur, Needs To Go

Federal Housing Finance Agency (FHFA) Acting Director Ed DeMarco has time and again stood in the way of implementing principal reductions as a solution. DeMarco is in charge of regulating Fannie Mae and Freddie Mac, where most of the nation's home loans are held, and until he concedes, many families will continue to fall into needless foreclosure.
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Delaware Tax Haven: The Other Shale Gas Industry Loophole

Most people think of downtown Houston, Texas as ground zero for the oil and gas industry. Houston, after all, serves as home base for corporate headquarters of oil and gas giants, including the likes of BP America, ConocoPhillips, and Shell Oil Company, to name a few.
Comparably speaking, few would think of Wilmington, Delaware in a similar vein. But perhaps they should. Utilization of the "Delaware Loophole" is far from the story of a few bad apples gone astray for the industry. Tax cheating in Delaware goes far above and beyond the Marcellus Shale. All of the oil and gas majors, with operations around the world, take full advantage of all Delaware has to offer.
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Income Inequality in New Jersey

More than 75 percent of the additional income generated in New Jersey went to the top 20 percent of households, with the richest 1 percent receiving the bulk of the increase. The bottom 40 percent lost income and everyone else experienced stagnate income or minimal growth that failed to keep pace with inflationary costs.
According to the report this growing divide has hurt the vulnerable the most, including single mothers, ethnic minorities and those with less education.
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POLL: 88% of Americans Think the U.S. Can Regain 'the Strongest Position in the World Economy'

According to a new poll, Americans believe the government should be doing all it can to rebuild our nation’s manufacturing base, regardless of party affiliation.
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Are 'Job Creation' Giveaways Money Well Spent?

Every year Alabama spends millions on subsidies to businesses. Are they worth it in terms of creating jobs?
Yesterday countrycat noted that Toyota is receiving millions in giveaways and incentives -- ultimately paid for by the rest of us -- to help them expand and, so the story goes, create jobs. Among those incentives is a break on utility rates:
In addition, the city will seek a $150,000 state site development grant and ask Huntsville Utilities to give Toyota an "investment initiative" credit worth $974,000.
Is anybody measuring the effectiveness of these giveaways in terms of creating jobs? How much public and communal money are we spending per job created? Is it worth it or are we getting taken to the cleaners? And when did utilities get involved?
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Google Antitrust Settlement in Europe Would Impact US

In May, the European Commission said it was concerned that Google was favoring its own services in search, copying material from websites of competitors without permission, shutting out advertising competition and placing restrictions on the portability of online search advertising campaigns from its platform, AdWords, to the platforms of competitors. Commissioner Almunia told the company to offer changes or face a formal statement of objections with the risk of fines in the billions of dollars. In Europe antitrust penalties can be imposed before a court proceeding.
Besides the the European antitrust investigation, the Internet giant faces antitrust investigations by the U.S. Federal Trade Commission and several states. Antitrust officials in Korea, India and Brazil are also looking into Google's business practices. A European deal could well serve as a blueprint for settlements with other authorities.
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