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Senior Advisor

Scary Numbers

Here are some numbers from CALT that give reason for concern:

 

"Available economic data indicates that the following has occurred since January of 2009:
Real median income has declined 4.3 percent.
The percentage of people in poverty has increased 13.6 percent and the number of people in poverty has increased 16.7 percent.
The percentage of people that have dropped out of the labor force has increased 10.7 percent.
The amount of unemployed workers has increased 52 percent.
The number of part-time jobs held by people that say they want full-time jobs has increased 62 percent.
The number of people on food stamps has increased 49.2 percent.
The amount of federal disability payments has increased 19.9 percent.
The total debt of the U.S. has increased 57.5 percent.

Those are some incredible numbers. Fortunately, agriculture has been spared largely from the downturn in the economy. However, we should always be prepared for times that may not be as good. Appropriate financial, estate and tax planning remain critical. Making sure that a client is flexible and well diversified in investments remains a critical aspect of appropriate financial planning. Estate and tax planning that takes a long term view of things is also the best approach. If we are correct in our projections based on the economic data, it would appear that many individuals are leveraging heavily at the present time and that financial distress issues (both tax and non-tax) will be significant in the coming months and years."

 

http://www.calt.iastate.edu/news.html

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13 Replies
Honored Advisor

Re: Scary Numbers

Jim, you are a bundle of good news tonight....

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Advisor

Re: Scary Numbers

Liberalism at work
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Honored Advisor

Re: Scary Numbers

What is truly terrifying is that when you read them right, these figures uncover a lot of the lie about real unemployment. If you didn't catch as many citizens with the safety net woven here, and kept counting people who used to have jobs that don't have jobs anymore, instead of dropping them off when enough time goes by and/or they have transitioned to permanent welfare subsistence, the percent unemployed would rival the Great Depression.
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Veteran Contributor

Re: Scary Numbers

Sobering statistics, but this audio is pretty revealing: indicates we the taxpayers are the suckers. 

Why would many want to work when they feel they've won the million dollar lottery.  There needs to be a lifetime maximum on those who can work but choose not to.

http://viralconservative.com/wow-32-year-old-welfare-recipient-on-why-she-sits-at-home-and-takes-wel...

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Honored Advisor

Re: Scary Numbers

And this is the system that prospective employers have to compete with for workers. The described lifestyle and program benefits outweigh what many can afford to pay, at least for a starting wage. I give the woman credit for being honest about her decision.
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Advisor

Re: Scary Numbers

L B J came up with a great society with his war on poverty didn't he

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Honored Advisor

Re: Scary Numbers

You ever see that documentary one of the Kennedy cousins did on the way Appalachia turned out, after the War on Poverty?

 

It basically boiled down to rather than sitting on their cabin porch drinking homemade corn whiskey, they sit on the porch of their trailer, taking government-supplied Prozac.  I fail to see much improvement there....

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Honored Advisor

Re: Scary Numbers

http://www.law.cornell.edu/uscode/text/40/15731

 

Access this and other info on the Southeast Crescent.  This is what I call Obama's Appalachia. 

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Advisor

Re: Scary Numbers

Lot of our potential workforce is on welfare so now we we have legalize immigration to get more potential workers
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