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cut 1 35 billion in education spending from the state budget today workers with just a college degree and no further degrees are less likely to get work place health coverage than workers with only a high school degree were in 1979 in 1979 the average college graduate made 38 more than the average high school graduate today the average college graduate makes more than 75 than the average high school graduate from 2004 2009 85 of growth in research and development workers employed by us based companies has been abroad 56 of the world s engineering degrees awarded in 2008 were in asia compared with 4 in the us 57 of us doctoral degrees in engineering in 2009 went to foreigners mostly from east asia and india more than 40 of fortune 500 companies were founded by immigrants or their children these companies generate more than 4 trillion in annual revenue the us awards annually only 85 000 h 1b visas for highly skilled workers more than that number have been know to apply on the first day of application 1 1 million deportations have occurred since president obama took office this is the highest number in 6 decades there are 21 3 million latino voters in the us more than 1 in 10 americans lack a government issued id as many as 5 million americans will find it significantly more difficult to cast a ballot this election ronald regan won relelection in 1984 with 7 4 unemployment more than 220 000 iraq and afghanistan veterans are out of work total cost of iraq war 4 400 american lives and 800 billion less than 1 of american population is in active military duty 18 war veterans commit suicide everyday 1 every 80 mins 22 of all suicides in the us are former service members with facebook s ipo the company has been valued at 100 billion facebook has 3 200 employees mcdonald s stock is also valued at 100 billion with 400 000 employees according to labor statistics if all current jobs openings were filled tomorrow nearly 10 million americans would still be jobless average after tax income for the top 1 of us households has increased 275 from 1979 to 2007 while those in the bottom 20 income grew only 18 annual income of 343 000 or more qualifies as the 1 in 2010 the top 1 5th of us households collected 50 3 of all the nation s income the lowest 1 5th collected just 3 3 of the nation s income the richest 20 of americans own more than 80 of the country s wealth while the poorest 20 own 1 10th of the country s wealth 49 million american are living in poverty the highest number in the 52 years the census bureau has been publishing figures on poverty nearly 97 3 million americans fall into the low income category defined as earning 100 199 of poverty level 11 282 for an individual and 24 343 for a family of four combined 146 4 million americans 48 of us population are poor either living in poverty or classified as low income us population 312 million 25 million americans are unemployed or without full time work unemployment benefits last 99 weeks and cost the us 156 billion in 2010 average duration of unemployment is 41 weeks the highest in 60 years from 2005 2009 millionaires collected 74 million in unemployment benefits unemployment in spain is 22 8 unemployment in germany is 6 8 eurozone countries account for 40 of germany s exports china only consumes 7 youth unemployment in the european union is 22 1 youth without education employment or training cost countries in the eu 2 billion per week youth unemployment in spain is 48 7 black youth unemployment in america is 46 5 median household income in the us has fallen 6 4 since 2007 the year before the recession the chinese save 40 of their incomes germans save 11 americans save below 4 152 million americans shop in the 3 days following thanksgiving american holiday shoppers both retail and online spent a record 52 4 billion on thurs sun thanksgiving weekend credit card balances crept up to 798 3 billion in november 1 of small business owners have an adjusted gross income over 1 million a year china has the second largest amount of billionaires in the world the us is first china invests 46 of its gdp in its future while the us invests 12 in the early 1950s us government devoted about 1 2 of gdp to infrastructure by 2010 that amount had fallen to just 0 2 federal spending on research and development dropped from a high of nearly 2 in 1964 to 0 9 in 2009 the current federal income tax rate for the 400 wealthiest taxpayers aka the 0 000258 fell from 30 in 1995 to 18 in 2008 for the past 30 years health care spending costs grew 2 faster than the us overall economy in 2009 50 million americans under 65 were without health insurance in 2010 the us spent 2 6 trillion on health care medicaid accounted for 22 3 of state spending in 2010 10 000 americans retire everyday by 2030 there an estimated 80 million people to be on medicare baby boomers born in 1946 turned 65 in 2011 baby boomers born 1946 1964 in 2010 ceos at the largest us companies made on average 343 times the pay of the average worker in 1978 ceos made 35 times the pay of the average worker in germany ceos make on average 11 times the pay of the average worker the financial services industry spent 2 3 billion on federal campaign contributions from 1990 2010 this is more than what the health care energy defense agriculture and transportation industries combined spent on campaign contributions wall street has spent 5 billion on lobbying efforts to deregulate the banking industry 28 of american mortgages are underwater in 2010 there are 10 million vacant properties in america up from 7 million in 2000 only 11 6 of americans moved between 2010 2011 the number of americans who moved in 1985 was 20 households with more than 1 million in income claimed more than 27 billion in mortgage interest deductions 90 of the 115 9 million homes with tv in the us subscribe to basic cable 12 5 million was spent on iowa caucus television ads rick perry and his super pac spent 4 23 million on television ads in the month of december perry earned 10 3 of votes in the iowa caucus costing him 332 a vote minimun wage in iowa is currently 7 25 a 40 hour work week before taxes at this rate is 290 the average american collected 295 in weekly unemployment benefits in 2010 global emissions of carbon dioxide from fossil fuel burning rose by 5 9 in 2010 the largest amount on record land temperatures have risen 1 8 degrees since 1950 the total economic loss of global natural disasters in 2011 was a record 380 billion house republicans voted 168 times as of oct 15 2011 this year to undercut clean air and water laws while blocking efforts to limit global warming protect public lands and guard against future oil spills they have been called the most anti environment congress in history the cost of 100 senators and 435 house of representatives is about 2 2 billion a year 7 per capita there are 249 millionaires in congress and the estimated median net worth of a current us senator stood at an average of 2 56 million 76 of americans say 2011 was the worst year of their lives 69 of americans say the country is headed in the wrong direction congress has a 9 approval rating 10 31 11 newspapers the voice of the people 10 28 11 the bumpy road to fiscal sustainability so i was wrong about europe my doubts about the ability of europe s leaders to actually come up with a realistic debt solution were averted yesterday with the announcement of a plan to take the necessary steps to avoid a greek default with immediate yet temporary and uncertain relief by ordering europe s weak banks to raise more capital to protect against future payouts to investors via credit default swaps and ease fears for the time being about the possibility of bailouts for italy and spain with the 625 billion bailout fund called european financial stability facility the stock market was eagerly awaiting the outcome of this decision and the announcement of hard numbers to be thrown on the debt crisis fire which in recent weeks was verging on an uncontrollable wildfire all a result of bickering amongst europe s leaders about which wealthy country would bare the brunt of rescuing its debt crisis and investing in the e u s future sound familiar and boy did the market respond upon hearing the numbers that came within earshot of what every economist and financial reporter said were needed as better than expected third quarter reports from american businesses recording unexpected profits and exceeding quarterly expectations coupled with signs that our economy was growing amidst recession fears gdp grew 2 5 consumer spending rose 2 4 in 3q as jobless benefit claims declined last week the dow jones industrial average rose 339 points and october is on pace to be the biggest monthly percentage gain in nearly 25 years the very definition of bear to bull the euro also rose yesterday to 1 41 on the dollar from a low of 1 31 earlier this month but here is the biggest news and most important thing to be aware of private sector big banks who originally agreed to 21 haircut agreed on thursday to accept a 50 loss on their credit default swap holdings of greek government bonds this is fucking huge big banks actually being held accountable by european leaders and agreeing to take a loss while greek losses are relatively small in comparison of other credit default swaps this is still very significant and one can make many broad conclusions of where things can go from here for one this will cause investors to seriously consider the value of european bonds and the security of payouts should they default which in turn if our congress with a 9 approval rating and the super committee can actually put country over politics in a lame duck season and come up with a bold debt plan by the nov 23 deadline the implications of its success take on a whole new meaning and coincide with the momentum of the european debt plans and could potentially be turning point for our own economic recovery here s why the result of these actions abroad will now cause the default insurance market to plunge vindicating our own 2008 predatory sub prime mortgage housing crisis which was the result of big banks like citibank goldman sachs and jpmorgan chase selling investments made out of mortgage securities to their own customers and then in turn betting against them via derivatives and making huge profits when the housing bubble burst and homeowners defaulted on loans as the taxpayer picked up the tab on the bailout payments this whole system is flawed and the sec thanks to congress has barely been able to implement any real regulations on the banking industry so by the simple act of the big banks agreeing to the 50 loss which i assume was made because the result of that minor loss would be negated by the profits made with the success of euro bailout news and plugging the hole in the dam of continued greek debt losses which would only grow larger all in the name of a short term solution this will have a profound impact for months to come and i imagine send the market back down soon enough and will end resulting in a symbolic self regulation domino effect ultimately making these investments no longer profitable and eventually fade away into a long list of financial crimes of the past however in the short term before the flame completely extinguishes i imagine a quick flood of investors flocking to 10 and 30 year u s government issued bonds which are at all time interest lows despite the recent downgrade u s bonds are still a gold standard even if inflation rises in the aftermath of this recession the long term yields and profits will out weigh any inflation caused by further potential government stimulus as many foresee a third round of quantitive easing and this is a great source of much needed revenue for the u s government but pulling back it s a bit troubling that the only way our government seems to be able to generate new revenue is by selling its own debt so the fourth quarter has a lot to offer and surely will impact not only the 2012 election but also the pace of our economic recovery like there actually is a difference between the two we shall see how this affects american companies 4th quarter holiday season profits jobless numbers 2012 gdp forecasts how banks react to finding themselves caught between a rock and hard place but most importantly we get to witness how this impacts our politicians the actions of europeans leaders calling the banks bluff and playing hardball refusing to bail out the banks and call for further measures of austerity is a source of great promise and hope for the prosperity of the taxpayer and middle and working class families their actions will surely fire up the occupy movements at home and hold our own leaders to a new standard as europe s leaders flirted with the high bar of ineptitude firmly established by our politicians this summer the great seed of fear was planted in the garden of nightmares not of a double dip recession or tumbling stocks but something far worse a rapid spiraling downfall of medieval proportions into the depths of our own ignorance and selfishness human beings not being to learn from their own mistakes repeating failure after failure and allowing cannibalistic human greed to consume our own future as we merge into the fast lane on the highway to hell left turn merge diverted for now but we still cruise along in the middle lane well over the speed limit as the holes in europe s sovereign debt solution remain to be filled with plans to reduce greek debt to only 120 of gdp by 2020 we shall see what curves and bumps remain ahead on the road to fiscal sustainability 9 28 11 perception is reality 9 28 10 and our disconnect as a society grows deeper if you are reading this blog i will go ahead and assume that it s probably pretty safe to say you read several other blogs on your google reader or whatever feeder you have a facebook page flickr account and maybe even a twitter account depending on the commas in your bank account and what kind of pictures you take you probably have a 5d or at least some kind of digital point and shoot iphone for sure do you have an ipad yet now i ask as i get to the heart of this blabbering tirade how do you access your information and with the seemingly infinite and over saturated amount of information that is just a mouse click away what do you filter through and actually read on a daily basis there is a lot to sift through these days at times it seems despite the twitter updates and breaking news text messages that no matter how connected we all are we are never really up to date with anything except a headline the world is broadcast in nearly real time boom earthquake in haiti 20 minutes later there are pictures on some refreshed website of people hurt and the massive destruction at what point has the internet destroyed us at what point has new online media and technological advances made the news abstract are images today of so called news ultimately abstract as the stor...
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