LIKE CLOCKWORK: Pension plans to be looted nationwide as Congress okays institutional theft of funds – NaturalNews.com

by Mike Adams

(NaturalNews) On April 2, 2013, in an article entitled Economics 101: Production, coercion and theft, I wrote about the coming looting of pension plans, stating:

When societies approach collapse, coercion shifts to outright theft: Stealing money right out of your bank account, for example, like we recently witnessed in Cyprus. Government also routinely target pension funds and even private retirement accounts, attempting to keep itself afloat by any means necessary.

Just like clockwork, that looting of pension plans is now about to commence. “Congress could soon allow the benefits of current retirees to be cut as part of an agreement to address the fiscal distress confronting some of the nation’s 1,400 multi-employer pension plans,” writes Michael Fletcher of the Washington Post. [1] The Post continues:

“This proposal would devastate retirees and their surviving spouses,” said Karen Friedman, executive vice president of the Pension Rights Center, a nonprofit group. “The proposal would also torpedo basic protections of the federal private pension law … that states that once benefits are earned, they can’t be cut back.”

All the pension benefits that have been promised government retirees, in other words, are about to be stolen back from retirees.

This is precisely what I’ve long warned Natural News readers was coming. And this is merely the very beginning of the true destruction of the financial collapse headed our way. When the next market crash arrives, billions of dollars in retirement funds will be destroyed virtually overnight, and pension funds nationwide will be wiped out.

via LIKE CLOCKWORK: Pension plans to be looted nationwide as Congress okays institutional theft of funds – NaturalNews.com.

Why Millennials Are Not Buying Houses Or Cars |

“Since World War II, new cars and suburban houses have powered the economy and propelled recoveries. Millennials are not buying houses or cars, and may have lost interest in both.”

You mean the generation that paid three times as much for college to enter a job market with triple the unemployment isn’t interested in purchasing the assets of the generation who just blew an enormous housing bubble and kept it from popping through quantitative easing and out-and-out federal support? I’m curious as to how they have rationalized we have simply “lost interest”.

Let’s face facts. Unless you are independently wealthy, houses are a financial deathtrap. This is something I think a lot of people routinely overlook. Many young people would rather rent an apartment, or better yet purchase a more readily mobile ‘tiny house‘, than live in a permanently fixated on-the-grid home.

– See more at: http://www.ingeniouspress.com/2014/10/29/millennials-not-buying-houses-cars/#sthash.ytQyRvvv.dpuf

“Since World War II, new cars and suburban houses have powered the economy and propelled recoveries. Millennials are not buying houses or cars, and may have lost interest in both.”

 

You mean the generation that paid three times as much for college to enter a job market with triple the unemployment isn’t interested in purchasing the assets of the generation who just blew an enormous housing bubble and kept it from popping through quantitative easing and out-and-out federal support? I’m curious as to how they have rationalized we have simply “lost interest”.

Let’s face facts. Unless you are independently wealthy, houses are a financial deathtrap. This is something I think a lot of people routinely overlook. Many young people would rather rent an apartment, or better yet purchase a more readily mobile ‘tiny house‘, than live in a permanently fixated on-the-grid home.

via Why Millennials Are Not Buying Houses Or Cars |.

Looting Operation: Corporate Elite Divvies up Detroit as Bankruptcy Plan Confirmation Looms | Global Research

By Thomas Gaist

As the Detroit bankruptcy moves into its final stage, it becomes ever more clear that the corporate-financial oligarchy is implementing the wholesale privatization of an entire US city.

With the full backing of a federal court acting on behalf of powerful corporate and financial interests, a cabal of capitalist politicians and legal and financial bagmen are looting virtually all of Detroit’s basic public infrastructure—including street lights, garbage collection, the water and sewerage department, as well as the city’s world class art museum, the Detroit Institute of Arts (DIA).

The last portion of the bankruptcy follows the crafting of a “grand bargain” supported by the major creditors and the unions, along with a deal with one of the main bond insurers, Syncora. Last month, the political establishment in Detroit and Michigan agreed to another arrangement to keep Emergency Manager Kevyn Orr in power until after the bankruptcy is completed, followed by a transfer of control to Mayor Mike Duggan and the City Council. The city will be overseen by a new Financial Review Commission (FRC), which will retain many of the powers now held by Orr.

With these measures in place, the ruling class is moving forward with parceling out Detroit into private fiefdoms allotted to individual billionaires and corporations, while entire sections of the city will be shut down or cut off from basic services.

via Looting Operation: Corporate Elite Divvies up Detroit as Bankruptcy Plan Confirmation Looms | Global Research.

The American Middle Class Hasn’t Gotten A Raise In 15 Years | FiveThirtyEight

In 1988, the typical American adult was 40 years old, white and married, with a high school diploma. If he was a man, he probably worked full time. If she was a woman, she probably didn’t.

Twenty-five years later, Americans are older, more diverse and more educated. We are less likely to be married and more likely to live alone. Work is divided more evenly between the sexes. One thing that hasn’t changed? The income of the median U.S. household is still just under $52,000.

The government’s release last week of income and poverty data for 2013 brought renewed attention to the apparent stagnation of the American middle class — not just since the financial crisis hit six years ago this month, but for much of the decade that preceded the crash. The report showed that the economic recovery has yet to translate into higher incomes for the typical American family. After adjusting for inflation, U.S. median household income is still 8 percent lower than it was before the recession, 9 percent lower than at its peak in 1999, and essentially unchanged since the end of the Reagan administration.

“As a country,” New York magazine’s Annie Lowrey wrote Friday, “we peaked in the late 1990s.”

There’s little doubt that the past 15 years have been hard ones for the middle class. But median income isn’t necessarily the best way to show that. The problem is that changes in median income reflect several trends all jumbled together: the aging of the population, changing patterns in work and schooling, and the evolving makeup of the American family, as well as long- and short-term trends in the economy itself. Understanding the state of the American middle class requires digging a bit deeper than median income alone.

via The American Middle Class Hasn’t Gotten A Raise In 15 Years | FiveThirtyEight.

Americans have no idea how regressive their state and and local taxes are with the poor paying a much higher rate than the rich do ~ Orrazz

by Orraz Team

When policymakers discuss reforming the U.S. tax system, they generally are referring to the federal tax code. One of the great things about the federal income tax is that it is progressive. The more money you make the higher tax rate you pay, up to a top rate of 39.6 percent. And Americans generally approve of this system; they think the rich should pay more in federal income taxes.
Those feelings aren’t limited to federal income taxes. The vast majority of Americansboth liberals and conservativesbelieve that state and local taxes should also be progressive. That’s the finding of a new report released by WalletHub Monday. The researchers surveyed 1,050 Americans on what they thought the combined rate of state and local taxes should be at various income levels. Not surprisingly, liberals want the rate structure to be a bit more progressive than conservatives do, but their responses were relatively similar:
WalletHub taxes

via Americans have no idea how regressive their state and and local taxes are with the poor paying a much higher rate than the rich do ~ Orrazz.

Wall Street Declares Victory Against the American People: The Banking Elites are Now Waging War against One Another | Global Research

By Eric Zuesse

On August 31st, the Republican political site Politico bannered “Wall Street Republicans’ Dark Secret: Hillary Clinton 2016,” and Ben White and Maggie Haberman delivered a blockbuster report about the big-money Republican donors they had talked to, who confided (not for specific attribution, though) that they might finance Hillary Clinton to become President, if Jeb Bush announces after November’s mid-terms that he won’t run for the Republican Presidential nomination. Ms. Clinton is so appealing to Republican aristocrats, many of them will back her if Republicans won’t nominate Bush. 

Of course, virtually all Democratic aristocrats are already pouring money into the place-holding fundraising campaign for Clinton’s expected entrance into the Democratic Presidential contest.

This means that virtually the entire aristocracy will be flooding Clinton’s Presidential war-chest, unless Jeb Bush seeks the Republican nomination.

via Wall Street Declares Victory Against the American People: The Banking Elites are Now Waging War against One Another | Global Research.

The war breaks the spine of Ukraine’s economy — Medium

By Maxim Eristavi

What you need to know:

  • Ukraine’s hryvnia is in freefall, now the second-worst performing currency in the world
  • Ukrainian economy is in the middle of a two year-long recession that is expected to deepen later this year
  • Ukraine was already limping along, but the Russia-backed separatist rebellion in the east has crippled its economy. The country struggles to afford paying its war bills

In Kyiv, barely a day passes by without hearing of someone being laid off or getting their paycheck cut. Usual traffic jams have almost vanished, and on Saturday nights bars and restaurants are half-empty.

via The war breaks the spine of Ukraine’s economy — Medium.