The situation there is grim, and the financial and social systems there are buckling:
The worst nightmares of [...] Euroskeptics have been exceeded. The United States carried the luxury-goods industries of France and Italy and the engineered-products industries of Germany on its back for decades, but it will not and cannot do it anymore. Decline is reversible; more complicated is a death wish as thoroughly installed in the attitudes and practices of whole peoples as that of most of Europe.
If Europe cannot spark a demographic renewal, with a work force comprising fully half the people, flexible labor markets, tax rates that encourage savings and investment, an end to stealthily galloping inflation, and a reactivation of the economic and military muscle that alone confer credibility, it will quietly perish.
These are the results of cradle-to-grave statism, and Euro-socialist economic policies. There is no reason why this cannot happen here in the United States, in fact it probably already is happening. The laws of economics and common sense apply in our country as well as in Europe.
So much for the “rich don’t pay taxes” meme:
The data tell a different story. On average, the wealthiest people in America pay a lot more taxes than the middle class or the poor, according to private and government data. They pay at a higher rate, and as a group, they contribute a much larger share of the overall taxes collected by the federal government.
There may be individual millionaires who pay taxes at rates lower than middle-income workers. In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service. That, however, was less than 1 percent of the nearly 237,000 returns with incomes above $1 million.
This year, households making more than $1 million will pay an average of 29.1 percent of their income in federal taxes, including income taxes and payroll taxes, according to the Tax Policy Center, a Washington think tank.
Households making between $50,000 and $75,000 will pay 15 percent of their income in federal taxes.
Lower-income households will pay less. For example, households making between $40,000 and $50,000 will pay an average of 12.5 percent of their income in federal taxes. Households making between $20,000 and $30,000 will pay 5.7 percent.
Facts are difficult for the left to embrace.
A dismal labor report Friday showed the economy added zero net workers in August, intensifying pressure on President Obama to unveil a major jobs initiative during his speech to Congress next week.
The Labor Department report showed the unemployment rate stuck at 9.1 percent. It was the weakest jobs report since September 2010.
In a nutshell, this is the great goose egg economy — a big zero, a big nothing — and this better be one hell of a speech next week. There is a plethora of bad news. You have what is going on in Greece, you have lawsuits potentially coming today or Tuesday against the banks. You have the Fed in a Wall Street Journal article overnight asking Bank of America if they are going to be OK if things get really bad. There are a lot of confidence issues in the marketplace, the jobs number only made things worse and people wonder about this jobs number and its correlation with Philly Fed. That is scary.”
Confidence among U.S. consumers plunged in August to the lowest level since May 1980, adding to concern that weak employment gains and volatility in the stock market will prompt households to retrench.
The Thomson Reuters/University of Michigan preliminary index of consumer sentiment slumped to 54.9 from 63.7 the prior month. The gauge was projected to decline to 62, according to the median forecast in a Bloomberg News survey.
The biggest one-week slump in stocks since 2008 and the threat of default on the nation’s debt may have exacerbated consumers’ concerns as unemployment hovers above 9 percent and companies are hesitant to hire. Rising pessimism poses a risk household spending will cool further, hindering a recovery that Federal Reserve policy makers said this week was already advancing “considerably slower” than projected.
“We’re really at the bottom of the barrel right now,” Lindsey Piegza, an economist at FTN Financial in New York, said before the report. “Americans are feeling an increasing level of frustration with their leaders in Washington. We’re also seeing a slew of weaker than expected economic reports.”
But don’t worry. President Obama’s just as frustrated and worked up about the economy that he and the Democrats have created as we all are. Doesn’t that make you feel sooo much better?
The report came out this morning, and while the media and the White House give it the expected fluff, it was actually not so good news:
The economy in July generated 117,000 jobs and the unemployment rate declined from 9.2 percent to 9.1 percent.
This is nice until you remember that the economy needs to create about 150,000 jobs just to keep pace with the growing work force. The decline in the unemployment rate was not due to the new jobs, but to people giving up searching for jobs. They are then not counted as unemployed, since they are not even looking.
Now, July was better than June, and the numbers were better than expected. But overall, we’re in worse shape than we were.
As we’ve seen again and again, it’s not so much that the administration is ambiguous and outright deceptive about these economic reports, it’s that the media is complicit in their deception. Par for the course from the left.
Even the dollar stores aren’t immune to the failures of Keynesianism on steroids, porkulus, Obamanomics and Decmocratic economic stewardship:
While the demand at stores like the 99-Cent Store or Dollar Tree is still relatively high, the biggest chains in the nation have fallen short of Wall Street’s expectations for several months, a trend that may prove even more ominous for the economy at large.
“I think what’s going on in those stores is that we are in a depression for 80 percent of Americans,” top retail analyst Howard Davidowitz told KNX 1070.
America’s three largest discount chains — Dollar General Corp., Family Dollar Stores Inc. and Dollar Tree Inc. — all recently missed their quarterly earnings targets.Davidowitz pointed to the weakness of the dollar and a gloomy consumer outlook as some of the factors behind the stores’ slump.“In other words, the economy is continuing to be worse, the Obama depression continues to explode,” he added.
Here’s hoping Peggy Joseph was able to get her mortgage and gas money before the cash runs out.