The 99ers

How much have things changed in America when we have to invent a new word to describe the hordes of Americans that have exhausted two years of unemployment benefits and yet still have not been able to find a new job?  In America today, there are at least 1.5 million “99ers” – American workers that have completely exhausted all of their long-term unemployment benefits and that still do not have jobs.  Some say that the true number of 99ers is actually much higher than that.  In any event, almost everyone agrees that we have a huge problem on our hands.  Unfortunately for the 99ers, the tax cut deal that Barack Obama has reached with the Republicans only extends the existing structure of long-term unemployment benefits.  It does not include additional weeks of benefits for the 99ers. (Read More...)

12 Simple Things You Can Start Doing Right Now To Prepare For The Coming Financial Apocalypse

It is becoming increasingly apparent that the U.S. economy is heading for complete and total disaster.  State and local governments across the nation are uncontrollably bleeding red ink.  The federal government has accumulated the largest debt in world history.  Every year we buy hundreds of billions of dollars more from the rest of the world than they buy from us.  That means that we are getting hundreds of billions of dollars poorer as a nation every single year.  Meanwhile, thousands of factories and millions of jobs continue to be sent overseas as American cities turn into post-industrial wastelands.  Incomes are down, unemployment remains at depressingly high levels and very few of our politicians seem to have any idea how to fix things.  Yes, things are really, really bad.  So what are some things that we can all be doing to prepare for the coming financial apocalypse? (Read More...)

21 Reasons Why Donald Trump Is Right – China Is Just Ripping This Country Like Nobody Has Ever Ripped Us Before

Earlier this week, an interview with Donald Trump on Fox & Friends made headlines all over the world.  During that interview, Trump stated that he was “absolutely thinking about” running for president in 2012.  But what didn’t get as much attention is why Donald Trump is so motivated to possibly run for president.  It turns out that Donald Trump is horrified by how China (and other nations as well) are absolutely taking advantage of the United States in global trade.  Trump put it this way during the interview: “China is just ripping this country like nobody has ever ripped us before.”  And you know what?  Donald Trump is absolutely right about this.  You see, China has been openly manipulating its currency for years and years so that their products are far cheaper than those produced in America.  This has put entire industries out of business in the United States.  Not only that, but China also openly subsidizes many of their industries, thus giving them a competitive advantage over U.S. businesses and our government does nothing about it.  In addition, China has exploited the fact that they allow their workers to be paid near slave labor wages to attract thousands upon thousands of factories and manufacturing facilities to their shores.  China dumps massive amounts of cheap goods on our shores while openly discriminating against many U.S. good and services.  This kind of unfair trade has enabled the Chinese government to pile up hundreds of billions of dollars in excess currency reserves which it ends up lending back to the U.S. government.  Basically, China is running a massive scam on us and is getting tremendously wealthy in the process. (Read More...)

Inflation Or Deflation? It Is The Fourth Branch Of Government (The Federal Reserve) That Will Make That Decision For Us

Today there is a great debate in the economic community about whether we are going to have crippling deflation or unprecedented inflation in the years ahead.  For decades, a never ending spiral of debt has fueled the almost unbelievable prosperity that Americans have enjoyed.  We have lived way beyond our means, and in the process we have piled up the biggest mountain of debt in the history of the world.  Now, the fourth branch of the U.S. government (the Federal Reserve) has a  decision to make.  Will the Federal Reserve allow the U.S. economy to deleverage, thus setting off a deflationary nightmare worse than the Great Depression, or will the Federal Reserve attempt to crank up the debt spiral one more time by flooding the U.S. economy with another giant wave of paper money? (Read More...)

One Out Of Every Six U.S. Taxpayers Will Be Hit By A Tax Increase Averaging $3,900 This Year And Most Of Them Don’t Even Realize It

Did you know that there are two different sets of federal income tax rules in the United States?    It’s true.  Each year, most U.S. taxpayers either pay income tax under the system that most of us are familiar with or they pay the “Alternative Minimum Tax” – whichever amount ends up being greater.  For years, the U.S. Congress has passed one year “fixes” that have exempted millions of middle class American families from the Alternative Minimum Tax.  This has essentially been a huge tax cut each year for those millions of American families.  But this year, the Democrat-controlled Congress has not passed a “patch” for the Alternative Minimum Tax.  So now one out of every six U.S. taxpayers is going to be hit by the Alternative Minimum Tax.  The taxpayers most likely to be affected are married couples, very large families, home owners and taxpayers in states that have high state and local taxes.  The average tax increase that these taxpayers will be facing is going to be approximately $3,900 and most of them have no idea that it is coming.  At a time when an increasing number of families is barely getting by, a tax increase of this magnitude is simply going to crush the American Dream for literally millions of families.  Talk about a cruel surprise for tens of millions of Americans this upcoming tax season!  (Read More...)

Money Crunch! How Can An Economy Built On Debt Function If Nobody Can Get Loans?

Over the past several decades, the U.S. economy has become increasingly reliant on debt.  The vast majority of people take out a mortgage when they purchase a home, the vast majority of people require a big loan in order to buy a vehicle, and the number of Americans who use credit cards to make purchases at retail stores has skyrocketed over the years.  It has gotten to the point where credit is the life blood of the U.S. economic system.  Unless your business is a convenience store or a fast food joint, being able to accept credit cards or arrange credit for your customers is absolutely crucial.  In fact, the economic boom that the United States has experienced over the last 30 years has been largely due to a rapidly expanding pool of credit.  Americans have gone deeper and deeper in debt with each passing year as they pursue the American Dream.  But now that so many lending institutions have substantially tightened their lending standards and now that so many Americans have such low credit scores, how is the U.S. economy going to function? (Read More...)

The Federal Reserve And U.S. Treasury Unveil The New 100 Dollar Bill

The Federal Reserve and the U.S. Treasury have unveiled the new 100 dollar bill which will go into circulation starting on February 10th, 2011. Officials from the U.S. Department of the Treasury, the Federal Reserve System and the United States Secret Service held a press conference in Washington D.C. today to show off the new security features which they hope will reduce the threat of counterfeiting.  The 100 dollar bill is the highest denomination of all Federal Reserve notes currently being produced, and circulation of the 100 dollar Federal Reserve note in the past 25 years has grown from $180 billion to approximately $650 billion, so maintaining the integrity of the note is absolutely critical. (Read More...)

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