The text of the GOP tax complication legislation The Republicans, after holding one sham “public hearing” on their conference bill (without any text released) have on late Friday released the text of their (Republicans only) agreed-upon final bill that will be put to a House and Senate vote as early as Tuesday, December 19, even […]
The Republican Party’s Heartlessness–the Casualty Loss Provision of the purported “tax reform” legislation The GOP is cruising towards passage of its class warfare tax legislation that continues the long trend of Republican tax policy to redistribute upwards to the very rich. The legislation, however, is supported by a small minority of the American public (latest […]
Hope Lives: Pressing Collins and Corker and Flake on Tax Bill The Republicans’ proposed tax legislation–whether the House or Senate version–is despicable. It will exacerbate the already devastating income and wealth inequality in this country, leave the federal government without adequate funds for real infrastructure and social safety net needs, and place in almost inviolable […]
Real wages stagnate YoY, decline significantly since July So lackluster has wage growth been that even the modest uptick in consumer inflation to 2.2% YoY in November means that non-managerial workers have seen virtually no real growth in their paychecks over the last 12 months. With yesterday’s +0.4% increase in consumer prices, here’s what YoY […]
by Hale Stewart (originally published at Bonddadd blog) The Ugly Picture of US Wage Growth The chart above shows the Y/Y percentage change in the average hourly earnings of nonsupervisory employees. We can break this data down into two sections. Due to higher inflation and stronger unions, the pace of growth was far stronger before […]
The Utterly Terrible GOP Tax “Reform” Scam The Republicans in the House and Senate continue on their downhill rush to pass their so-called “tax reform” plan before the holiday break. It’s a mad rush to nowhere, a corrupt process of “please the oligarch” that will cause a huge deficit increase (on the scale of $1 […]
October JOLTS report: a good post-hurricane rebound The August and September hurricanes continue to make their impacts felt in the economic data. Yesterday’s JOLTS report for October, like the October and November jobs reports, shows a rebound from those impacts. The best way to look at the data is to average the last two months […]
The wage – debt deflation dynamic and the next recession One of the important dynamics why recessions end is that inflation decelerates more than wage growth. Thus, for the 90% or so of people who still have jobs, there are some compelling bargains, enough to jumpstart more spending. That all gets short-circuited if wages actually […]
Via the International Monetary Fund: Income inequality among people around the world has been declining in recent decades. But the news is not all good. Inequality within many countries has increased, particularly in advanced economies. In addition to income inequality, wealth inequality—what you have accumulated, as opposed to what you earn—is closely related, and reflects differences in […]
Lifted from comments Denis Drew points us to: Americans are drowning in debt. Here’s where they have it the worst. By Christopher Ingraham, December 8 at 1:58 PM https://www.washingtonpost.com/news/wonk/wp/2017/12/08/americans-are-drowning-in-debt-heres-where-they-have-it-the-worst/?utm_term=.45e91dd1c24f “Nationwide the data shows that 33 percent of Americans hold debt that is currently in collection. The median amount of debt in collections is $1,450.” “At […]