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US Economy - Page 11

Saving the Rich and Losing the Economy
By Paul Craig Roberts

Americans are getting by, maintaining living standards, by consuming their capital. Even those with a cushion are eating their seed corn. The path that the US economy is on means that the number of Americans without resources to sustain them will be rising. Ref. Source 1

Economy US

The two neighborhoods illustrate the growing divide between the rich and the poor in America.

The country's 400 wealthiest families enjoy a higher net worth than the bottom 60 percent of all U.S. households, economists at Politifact reported. At the same time, more Americans are living in poverty than ever before recorded, according to the most recent census statistics. Ref. Source 6

US Economy History & Civil Business Politics

Do you know what comes after trillion?

Better start getting used to it because we are close to breaking through the trillion barrier and into the quadrillion realm. Economists now report that we've got a $1.5 Quadrillion derivatives bubble heading our way. Don't think that can be a good thing considering how this bubble dwarfs the ENTIRE GLOBAL ECONOMY! Ref. Source 2

Page 11 Economy US

US Economy Growing

The Commerce Department said the economy expanded at an annual rate of 2.5% in the July-September quarter. Ref. USAToday

Economy US

Members of the "super committee" charged with coming up with $1.2 trillion in budget cuts are focused on how to announce failure to reach a deal, Democratic and Republican aides confirmed to CNN Sunday.

While aides said no final decision had been made, they acknowledged that barring an unforeseen development, an announcement of no deal is likely.

Talks on trying to reach a deficit reduction agreement are essentially over and discussions are focused on a Monday announcement, a senior Democratic aide said.

To stave off automatic spending cuts known as a sequester, the super committee was tasked with proposing ways to reduce deficits by at least $1.2 trillion over 10 years. At least seven of its 12 members would have to approve a plan in order to send it to the House and Senate in the form of legislation.

Then, both chambers would vote on the bill without amendment by December 23. For the plan to pass, a simple majo rity in each chamber would have to vote in favor.

Failure to pass any agreement could result in $1.2 trillion in automatic spending cuts across much of the federal budget starting in 2013, evenly divided between defense and nondefense spending. Defense Secretary Leon Panetta warned Congress this week that such cuts could cripple the American military establishment.

Since Congress made the law governing the sequester, it can also amend or repeal it, as some lawmakers are suggesting.

US Economy

A new CNN poll shows that the same partisan divide that's keeping the congressional super committee from reaching a deficit reduction deal also exists among Americans who identify with a political party.

The CNN/ORC International poll released Monday shows that 59% of those surveyed who identify themselves as Republicans oppose tax increases, while 57% of Democrats polled say they oppose spending cuts. The super committee that was charged with coming up with a long-term deficit reduction plan by Wednesday remains split along party lines over those issues, say congressional aides familiar with the discussions.

Independent voters surveyed somewhat mirror the overall public attitudes toward taxes and spending - nearly seven in 10 independents favor raising taxes on the wealthy and corporations, which Republicans oppose, and support cuts on domestic spending, which Democrats oppose.

The poll also found that cuts to defense programs, triggered if the comm ittee can't reach a deal, have become less popular. About half of those surveyed in August, when the super committee was formed, favored defense cuts; but the Monday poll shows that about six in 10 are now against defense cuts. Ref. CNN

US Economy - Page 11

The congressional super committee negotiating a possible deficit reduction agreement announced Monday it has failed to reach a deal.

The announcement came after last-minute talks on what one participant billed as a "new idea" in an effort to salvage an agreement.

Markets dropped as news spread of the panel's expected failure. The Dow Jones industrial average fell 248 points Monday, with a minor recovery after being down more than 300 points earlier in the afternoon.

To stave off automatic spending cuts starting in 2013, the super committee had been tasked with finding ways to cut deficits by at least $1.2 trillion over 10 years. Ref. CNN

US Economy Politics Business Civil & History - Page 11

Economy is So Good People are Living in Cars:

The true unemployment rate is nearly 23% (according to Shadowstats.com) if it was calculated the way Bureau of Labor and Statistics reported it in 1994 and earlier. Ref. Source 5