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#Post#: 531--------------------------------------------------
Good News News for Passage of a long Overdue Bill (i.e.
overcoming SABOTAGE BY 👿 Pelosi + Her Staffer 🐍
Primus)
DIR By: AGelbert
Date: September 23, 2022, 1:33 pm
---------------------------------------------------------
[move]Good News News for Passage of a long Overdue Bill (i.e.
overcoming SABOTAGE by 👿 Pelosi + Her Chief of Staff
🐍 Primus)
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-050422144605.png[/move]
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-080822141004-17202295.gif<br
/>AGelbert NOTE: After the quote below, that I placed here
because
it contains "how it works" info for Bills to get to a floor vote
in Congress (and my :-[ correction), Good News news for another
Bill that, though not anywhere near as needed for some semblance
of justice for pensioners, is a step in the right direction.
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-050422145549-5701455.gif
HTML http://renewablerevolution.createaforum.com/gallery/renewablerevolution/3-130418201112.png<br
/>Friendly warning to those easily board: Righteous indignation
rant on inflation theft included further down.
--- Quote ---
> My Federal Retirement
>
> September 15, 2022
>
> [center]Proposed Bill Would Repeal Federal Taxes on Social
Security Benefits[/center]
>
> Representative Angie Craig 🗽 (D-MN)
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-110422180553-643238.gif<br
/>introduced last month legislation that would repeal federal
taxes on Social Security benefits for retirees.
>
> If passed, the You Earned It, You Keep It Act (HR 8717)
HTML https://www.congress.gov/bill/117th-congress/house-bill/8717<br
/>would repeal all of the federal taxation on Social Security
retirement benefits beginning in 2023.
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-050422180949.png
>
> Craig claims the tax repeal would be fully paid by
implementing an extension of the payroll tax wage cap to over
$250,000 a year.
HTML http://renewablerevolution.createaforum.com/gallery/renewablerevolution/3-250817121649.png
<br
/>Under current law, wages over $147,000 are exempt from the
Social Security payroll tax.
HTML http://renewablerevolution.createaforum.com/gallery/renewablerevolution/3-250817121649.png
>
> “Social Security 🗽 is a promise we have made to the
American people – if you work hard and play by the rules, the
dignity of a secure retirement will be within your reach,” said
Craig 🗽.
>
> “But taxing the very benefits American workers have earned
after decades on the job diminishes our promise and threatens to
undermine the financial security of retirees already struggling
with rising prices, “Craig said. “Eliminating this tax will help
Social Security benefits go further and ensure that American
retirees have all the resources they need after a lifetime of
hard work.”
HTML http://renewablerevolution.createaforum.com/gallery/renewablerevolution/1/3-120818180835-1624479.gif<br
/>
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-120422122257-657398.pnghttps://soberthinking.createaforum.com/gallery/soberthinking/1-090422150144.png
>
> Craig said that according to non-partisan analysis the
proposed legislation would also improve the long-term solvency
of Social Security compared to current law.
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-050422145344-560693.png
>
> To read the full text of the bill, go here
HTML https://www.congress.gov/bill/117th-congress/house-bill/8717/text/ih?overview=closed&format=txt.
>
>
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-040422164616-5368.jpegAGelbert<br
/>NOTE: Below, if you are good at reality based interpretations
of
the Congressional 'how it works' for New Bills, such as the
"You Earned It, You Keep It Act (HR 8717)" Bill submitted August
16, 2022 by Representative Angie Craig 🗽 (D-MN), you
will learn 👀 how 😈 Pelosi, aided and abetted by
her Chief of Staff, 👿 Primus (a neoliberal, Wall Street
worshipping sworn enemy of ANY improvement of Social Security
and/or Medicare - which is why Pelosi made him Chief of Staff),
will do all these two 😈👿 enemies of
we-the-people can to keep HR 8717
HTML https://www.congress.gov/bill/117th-congress/house-bill/8717/text/ih?overview=closed&format=txt<br
/>from EVER coming to the House Floor for a vote. A Floor Vote
would expose the FACT that Pelosi, and too many other so-called
"Democrats", are AGAINST improving Social Security. They don't
want most Americans to learn that they are FRAUDS. So, Primus
and Pelosi, on behalf of the 1% American Oligarchy Social
Darwinist GREEDBALLS, will 'play' with the Scheduling Calendar
to kill the HR 8717
HTML https://www.congress.gov/bill/117th-congress/house-bill/8717/text/ih?overview=closed&format=txt.<br
/>🤦‍♂️😡
>
> However, if more than 226 Reps ( :-[ CORRECTION: there must be
at least 290) 🗽 push for a 🦅 floor vote, the
corrupt Scheduling 'fun and games' will be thwarted and we
MIGHT get some justice, for a welcome change. May God Hear the
🙏🏼 prayers of all the humble Social Security
pensioners and force Pelosi to bring HR 8717
HTML https://www.congress.gov/bill/117th-congress/house-bill/8717/text/ih?overview=closed&format=txt<br
/>to a floor vote 🕊️ THIS MONTH.
>
> [center]Congress.gov: Calendars and Scheduling[/center]
>
> [center]
HTML https://youtu.be/aCFf3o4bhgs[/center]
>
> Library of Congress 257K subscribers
>
> Congress.gov Legislative Process videos were produced by the
Library of Congress (LOC). In service to Congress, analysts in
the LOC Congressional Research Service (CRS) authored (Valerie
Heitshusen) and narrated (Walter J. Oleszek) the videos for
Congress.gov. Video also available here
HTML https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa3o3b1hLd0VJSV9scUxXcy14aTcxa09KVUo2QXxBQ3Jtc0tub1JzU2lkSXg0S3o1bklRVUZMQ0VtUC05Y2oxWlNYQlJ1RHgzVHotTTVEYmt4QlFXNGRyT21yX3JGZjlmNUxZMnVfcHpsczhNUTNydU5kcjlHeVhEMWYxNVg1a2l3RVI1eTBxQkhHcXIyUDVuTy1XSQ&q=http%3A%2F%2Fbeta.congress.gov%2Flegislative-process%2F&v=aCFf3o4bhgs.
--- End Quote ---
September 22, 2022 My Federal Retirement
[center]Bill Repealing Social Security’s WEP and GPO Advances in
House
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-040622202614-14002059.gif[/center]
Reaching more than 290 cosponsors, the Social Security Fairness
Act (HR 82) entered an important stage in its path toward a
possible full floor vote after the House Ways and Means
Committee advanced the bill by voice vote on Tuesday.
The proposed legislation would repeal the windfall elimination
provision (WEP) and the government pension offset (GPO). The WEP
and GPO provisions reduce or eliminate Social Security benefits
for those who are covered by a government (federal, state or
local)-sponsored guaranteed pension plan, such as federal
employees who are covered by the Civil Service Retirement System
(CSRS).
The bill’s sponsor, 🐘 Rep. Rodney Davis (R-IL)
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-120422122505-6702373.gif,<br
/>secured 299 co-sponsors which now allows it to be considered
for
a 🦅 floor vote under the Consensus Calendar process in
the House rules.
A member of Congress may file a motion with the House Clerk to
place their legislation on the Consensus Calendar once their
legislation has accumulated at least 🦅 290 cosponsors.
If the legislation maintains at least 290 cosponsors for 25
legislative days, and the committee of jurisdiction does not
report the legislation, it will be placed on the Consensus
Calendar. House Speaker Nancy Pelosi has the authority to bring
legislation on the Consensus Calendar to the floor for a vote
before the full House of Representatives.
Davis filed a motion on July 15, 2022, to place the Social
Security Fairness Act on the Consensus Calendar. The
25-days-on-the-Calendar requirement for the legislation was met
Tues, Sept. 22, 2022.
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-050422144605.png<br
/>Davis is urging Speaker Pelosi and House leadership to allow
an
immediate vote on this legislation.
“Our bipartisan ‘Social Security Fairness Act’ has reached
another important legislative milestone,” said Davis on Tuesday.
“In the next few days, we will have met the Consensus Calendar
requirements outlined in the House. Speaker Pelosi
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-050422155724.png<br
/>must allow a vote.
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-050422145533-5682069.png<br
/>The millions of public service workers across this country who
are being unfairly punished by the Social Security Act deserve
it. That’s why a bipartisan supermajority of the House is
cosponsoring our bill. Let’s get this done.” 🙏🏼
NARFE Support
The National Active and Retired Federal Employees Association
(NARFE) this week issued a statement of support for the
legislation.
WEP and GPO have deprived public servants of their full Social
Security benefits for far too long. Federal workers, teachers,
police officers, firefighters and others earned pensions through
their service, and earned Social Security benefits separately
through their or their spouses’ private-sector—or other
covered—employment,” said NARFE National President Ken Thomas.
“Yet those earned Social Security benefits are reduced simply
because they earned their public sector pension.”
“NARFE has pressed for repeal of these onerous penalties for
decades, ” Thomas said. “Bills have been introduced each
Congress, often accumulating cosponsors from a majority of House
members. Yet not once has the bill been considered by
committee—until today. By approving the Social Security Fairness
Act, the House Committee on Ways and Means has made more
progress on this issue than has ever occurred. That is a real
achievement.”
HTML http://renewablerevolution.createaforum.com/gallery/renewablerevolution/1/3-020818221632-1610966.gif
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-040422164613-5332481.jpeg
The full text of the bill can be found here
HTML https://www.congress.gov/bill/117th-congress/house-bill/82.
[center]
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-040422164555-532108.png[/center]
There is a similar bill 👉 S. 1302: Social Security
Fairness Act)
HTML https://www.govtrack.us/congress/bills/117/s1302
in the Senate
proposed by Senator Sherrod Brown (D-OH) with 42 cosponsors.
Agelbert additional NOTE: I've been a retired FAA Air Traffic
Controller for decades. The above Bill, if 👿 Pelosi
doesn't manage to kill it with some 🐍 procedural
legerdemain, and it makes it through the Senate to President
Biden, AND he signs it into LAW, will do absolutely nothing to
increase the size of my pension because it only applies to those
who retired before AFTER December 2021.
I am celebrating this Bill because it makes EVERY Federal
Employee out there an advocate of strengthening Social Security.
Federal employees have a powerful effect on political campaigns
because they mostly vote their wallet. The Social Darwinist
enemies of Social Security, which incude a LOT of Democrats, as
well as almost ALL the Republicans, will then lose 90% PLUS
votes from Federal employees.
This is good for all those who need a livable Social Security
pension instead of the watered down by Greenspan authored BLS
low balled inflation, and unfairly taxed above $32,000 a year on
top of that, present Social Security "benefit" amount. Social
Security needs to be DOUBLED, not just slightly "improved",
simply because the low balling of inflation has annually
whittled away at the purchasing power of people on Social
Security pensions for over 40 YEARS. If you think that is a bit
"extreme", just look CLOSELY at that $32,000 max not taxed
figure. That was put in the IRS TAX LAW in 1983, and has not
been changed since then. >:(
[center]This graphic is not up to date (i.e. the numbers are for
2019, not 2022), but it gives you the right idea:[/center]
[center]
HTML https://renewablerevolution.createaforum.com/gallery/renewablerevolution/2/3-301219173646.png[/center]
📢 Even with the low-balled COLA numbers, $32,000 1983
dollars EQUALS $95,155.34 in 2022 dollars! And THAT is just the
unfair taxation part! The LOSS of buying power massively above
and beyond the COLA "increase adjustments" since 1983 (i.e.
197.4%) add Government sponsored THEFT to the Government
sponsored unfair taxation. HOW? There are many, many goods and
services we all require to live. They are NOT "luxuries". They
are NOT "optional". THAT is what the Cost Of LIVING formula is
supposed to be all about, but after Greenspan and his pals in
the Federal Reserve corrupted the formula, is a Wall
Street
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-010922192452.gifpleasing<br
/>shadow of REALITY BASED COLA prior to 1980.
REALLY? HOW can that be? For the eye opening details on how
we-the-people have been steadily defrauded, year after year
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-050422182057.gif,<br
/>just check out the Chapwood Index
HTML https://chapwoodindex.com/
and/or Shadow Stats.
In this post I will only point to one cost that affects
everybody, whether they own a home or not. That cost is the
Median Sales Price for New Houses Sold in the United States. If
you don't own, you have to rent. The more houses are valued at,
the more you will end up paying for rent. Yes, food, water,
clothing, transportation, etc. are all costs we cannot avoid,
but the Chapwood Index will show you everything you need to know
about that sine qua non basket of goods and services to evidence
the FACT that BLS COLA numbers are ridiculously low-balled. I
bring up housing cost, because THOSE are even MORE DELIBERATELY
(see below) low-balled :o than those items I just listed.
[center] SOURCE: Median Sales Price for New Houses Sold in the
United States
HTML https://fred.stlouisfed.org/series/MSPNHSUS[/center]
February 1983: $ 73,800
July 2022: $439,400
Do the REALITY BASED inflation math:
$439,400 - $73,800 = $365,600
$365,600 = [(365,600/73,800) x 100] = % increase of $73,800 =
495.4% INCREASE
197.4% BLS CPI Published minus 495.4% PRESENT = 298% LESS than
REAL INFLATION
The REAL INFLATION in the USA is Two Hundred and Ninety Eight
percent MORE than the BLS published inflation. What that means
for a person on Social Security is that they have been ROBBED of
the 298% INCREASE they were entitled to had the BLS not
Greenspan gamed the CPI "Owners Equivalent Rent" numbers to
provide a "wealth effect" ILLUSION.
Yes, it is hard to believe, but for a Social Security pension of
$1,000 a month in 1983 to have kept up with REAL inflation, it
would now have to be $4,954 a month. YET, that $1,000 a month
1983 pension is at $1,974 a month. 🥺
For anyone that is getting cross eyed with the math, my point is
that this example (which applies to ALL Social Security
pensioners, more or less, but usually MORE SO) means that
pension of $1,974 is getting SHORT CHANGED
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-050422182057.gif<br
/>by $2,980❗
Now I hope you see why all Social Security pensions need to be
DOUBLED, at MINIMUM, AND not subject to taxes below, at MINIMUM
(i.e. using the BLS published 197.4% increase from 1983 to 2022
COLA numbers), any amount less than $95,168.
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-090422150144.png<br
/>
[center]
HTML http://renewablerevolution.createaforum.com/gallery/renewablerevolution/3-301216162944.png[/center]
#Post#: 538--------------------------------------------------
The Reptilian Conscience Challenged (i.e. Social Darwinist)
HISTORICAL Consistency of the Supreme Court
DIR By: AGelbert
Date: September 26, 2022, 3:10 pm
---------------------------------------------------------
[center]The Reptilian Conscience Challenged (i.e. Social
Darwinist) HISTORICAL Consistency of the Supreme Court[/center]
AGelbert NOTE: This November 03, 2013 Post :o
HTML https://renewablerevolution.createaforum.com/geopolitics/key-historical-events-that-you-may-have-never-heard-of/msg253/#msg253,<br
/>as anyone who experienced the Reptilian Conscience Challenged
Consistency of the Supreme Court from 2013 to 2022 can see,
clearly evidences that the (supremely Social Darwinist) Supreme
Court of the present is even WORSE than that of the 1920 - 1940
period, as bad as that one was, because. besides the fact that,
unlike what FDR accomplished in the 1930's, ZERO reforms have
occurred since 2013, back then preventing polluters from facing
legal accountability for causing Catastrophic Climate Change was
not on MUST-DO list of the 1%.
IOW, we have gone from Frying Pan into the FIRE. Have a nice
day.
November 03, 2013, 07:13:12 by AGelbert
[center][I] >:( Please observe the Reptilian Conscience
Challenged Consistency of the Supreme Court during the 1920 -
1940 period. [/I][/center]
When you look at the following timeline and compare it with the
1994 -2013 period, the later period of history LACKS ANY of the
reforms that pulled us out of the earlier Depression even though
the causes (Government blind eye to predatory business greedfest
and human needs and dignity of the average worker) were EXACTLY
THE SAME! ??? :( :P >:(
TIMELINES OF THE GREAT DEPRESSION:
1920s (Decade)
• During World War I, federal spending grows three times larger
than tax collections. When the government cuts back spending to
balance the budget in 1920, a severe recession results. However,
the war economy invested heavily in the manufacturing sector,
and the next decade will see an explosion of productivity...
although only for certain sectors of the economy.
• An average of 600 banks fail each year. :o
• Organized labor declines throughout the decade. The United
Mine Workers Union will see its membership fall from 500,000 in
1920 to 75,000 in 1928. The American Federation of Labor would
fall from 5.1 million in 1920 to 3.4 million in 1929.
• Over the decade, about 1,200 mergers will swallow up more than
6,000 previously independent companies; by 1929, only 200
corporations will control over half of all American industry.
• By the end of the decade, the bottom 80 percent of all
income-earners will be removed from the tax rolls completely.
Taxes on the rich will fall throughout the decade. >:(
• By 1929, the richest 1 percent will own 40 percent of the
nation's wealth. The bottom 93 percent will have experienced a 4
percent drop in real disposable per-capita income between 1923
and 1929.
• Individual worker productivity rises an astonishing 43 percent
from 1919 to 1929. But the rewards are being funneled to the
top: the number of people reporting half-million dollar incomes
grows from 156 to 1,489 between 1920 and 1929, a phenomenal rise
compared to other decades. But that is still less than 1 percent
of all income-earners.
1922
•The conservative Supreme Court strikes down federal child labor
legislation. >:(
1923
• President Warren Harding dies in office. Calvin Coolidge,
becomes president. Coolidge is no less committed to
laissez-faire and a non-interventionist government.
•Supreme Court nullifies minimum wage for women in District of
Columbia. >:(
1924
• The stock market begins its spectacular rise. Bears little
relation to the rest of the economy.
1925
•The top tax rate is lowered to 25 percent >:( - the lowest
top rate in the eight decades since World War I.
1928
• Between May 1928 and September 1929, the average prices of
stocks will rise 40 percent. The boom is largely artificial.
1929
• Herbert Hoover becomes President.
• Annual per-capita income is $750. More than half of all
Americans are living below a minimum subsistence level.
• Backlog of business inventories grows three times larger than
the year before.
• Recession begins in August, two months before the stock
market crash. During this two month period, production will
decline at an annual rate of 20 percent, wholesale prices at 7.5
percent, and personal income at 5 percent.
• Stock market crash begins October 24. Investors call October
29 Black Tuesday. Losses for the month will total $16 billion,
an astronomical sum in those days.
1930
• By February, the Federal Reserve has cut the prime interest
rate from 6 to 4 percent. Treasury Secretary Andrew Mellon
announces that the Fed will stand by as the market works itself
out: 'Liquidate labor, liquidate real estate... values will be
adjusted, and enterprising people will pick up the wreck from
less-competent people'.
• The Smoot-Hawley Tariff passes on June 17. With imports
forming only 6 percent of the GNP, the 40 percent tariffs work
out to an effective tax of only 2.4 percent per citizen. Even
this is compensated for by the fact that American businesses are
no longer investing in Europe, but keeping their money
stateside. The consensus of modern economists is that the tariff
made only a minor contribution to the Great Depression in the
U.S., but a major one in Europe.
•Supreme Court rules that the monopoly U.S. Steel does not
violate anti-trust laws as long as competition exists, no matter
how negligible. >:(
• The GNP falls 9.4 percent from the year before. The
unemployment rate climbs from 3.2 to 8.7 percent.
1931
• No major legislation is passed addressing the Depression.
• The GNP falls another 8.5 percent; unemployment rises to 15.9
percent.
1932
• This and the next year are the worst years of the Great
Depression. For 1932, GNP falls a record 13.4 percent;
unemployment rises to 23.6 percent.
• Industrial stocks have lost 80 percent of their value since
1930.
•10,000 banks have failed since 1929, or 40 percent of the 1929
total.
• GNP has also fallen 31 percent since 1929.
• Over 13 million Americans have lost their jobs since 1929.
• International trade has fallen by two-thirds since 1929.
Congress passes the Federal Home Loan Bank Act and the
Glass-Steagall Act of 1932.
•Top tax rate is raised from 25 to 63 percent.
• Popular opinion considers Hoover's measures too little too
late. Franklin Roosevelt easily defeats Hoover in the fall
election. Democrats win control of Congress.
1933
• Roosevelt inaugurated; begins 'First 100 Days'; of intensive
legislative activity.
• A third banking panic occurs in March. Roosevelt declares a
Bank Holiday; closes financial institutions to stop a run on
banks.
• Alarmed by Roosevelt's plan to redistribute wealth from the
rich to the poor, a group of millionaire businessmen, led by the
Du Pont and J.P. Morgan empires, plans to overthrow Roosevelt
with a military coup and install a fascist government modelled
after Mussolini's regime in Italy. The businessmen try to
recruit General Smedley Butler, promising him an army of
500,000, unlimited financial backing and generous media spin
control. The plot is foiled when Butler reports it to Congress.
• Congress authorizes creation of the[ Agricultural Adjustment
Administration, the Civilian Conservation Corps, the Farm Credit
Administration, the Federal Deposit Insurance Corporation, the
Federal Emergency Relief Administration, the National Recovery
Administration, the Public Works Administration and the
Tennessee Valley Authority.
• Congress passes the Emergency Banking Bill, the Glass-Steagall
Act of 1933, the Farm Credit Act, the National Industrial
Recovery Act and the Truth-in-Securities Act.
• Roosevelt does much to redistribute wealth from the rich to
the poor, but is concerned with a balanced budget. He later
rejects Keynes' advice to begin heavy deficit spending.
• The free fall of the GNP is significantly slowed; it dips only
2.1 percent this year. Unemployment rises slightly, to 24.9
percent.
1934
• Congress authorizes creation of the Federal Communications
Commission, the National Mediation Board and the Securities and
Exchange Commission.
• The economy turns around: GNP rises 7.7 percent, and
unemployment falls to 21.7 percent. A long road to recovery
begins.
• Sweden becomes the first nation to recover fully from the
Great Depression. It has followed a policy of Keynesian deficit
spending.
1935
•The Supreme Court declares the National Recovery Administration
to be unconstitutional. >:(
•Congress authorizes creation of the Works Progress
Administration, the National Labor Relations Board and the Rural
Electrification Administration.
• Congress passes the Banking Act of 1935, the Emergency Relief
Appropriation Act, the National Labor Relations Act, and the
Social Security Act.
HTML http://www.websmileys.com/sm/violent/sterb029.gif
• Economic recovery continues: the GNP grows another 8.1
percent, and unemployment falls to 20.1 percent.
1936
•Top tax rate raised to 79 percent.
• Economic recovery continues: GNP grows a record 14.1 percent;
unemployment falls to 16.9 percent.
1937
•The Supreme Court declares the National Labor Relations Board
to be unconstitutional. >:(
• Roosevelt seeks to enlarge and therefore liberalize the
Supreme Court ;D. This attempt not only fails, but outrages the
public. ???
• Economists attribute economic growth so far to heavy
government spending that is somewhat deficit. Roosevelt,
however, fears an unbalanced budget and cuts spending for 1937.
That summer, the nation plunges into another recession. Despite
this, the yearly GNP rises 5.0 percent, and unemployment falls
to 14.3 percent.
1938
• No major New Deal legislation is passed after this date, due
to Roosevelt's weakened political power.
• The year-long recession makes itself felt: the GNP falls 4.5
percent, and unemployment rises to 19.0 percent.
1939
• The United States will begin emerging from the Depression as
it borrows and spends $1 billion to build its armed forces. From
1939 to 1941, when the Japanese attack Pearl Harbor, U.S.
manufacturing will have shot up a phenomenal 50 percent!
• The Depression is ending worldwide as nations prepare for the
coming hostilities.
Roosevelt began relatively modest deficit spending that arrested
the slide of the economy and resulted in some astonishing growth
numbers. (Roosevelt's average growth of 5.2 percent during the
Great Depression is even higher than Reagan's 3.7 percent growth
during his so-called 'Seven Fat Years!') When 1936 saw a
phenomenal record of 14 percent growth, Roosevelt eased back on
the deficit spending, worried about balancing the budget. But
this only caused the economy to slip back into a recession in
1938.
• World War II starts with Hitler's invasion of Poland.
1945
• Although the war is the largest tragedy in human history, the
United States emerges as the world's only economic superpower.
Deficit spending has resulted in a national debt 123 percent the
size of the GDP. By contrast, in 1994, the $4.7 trillion
national debt will be only 70 percent of the GDP!
• The top tax rate is 91 percent. It will stay at least 88
percent until 1963, when it is lowered to 70 percent. During
this time, America will experience the greatest economic boom it
had ever known until that time.
The above timeline has been complied by Steve Kangas from the
Resurgence Magazine.
HTML http://www.hyperhistory.com/online_n2/connections_n2/great_depression.html
See also cycle of past depressions
HTML http://www.hyperhistory.com/online_n2/connections_n2/depressions.html.<br
/>
#Post#: 549--------------------------------------------------
The official COLA numbers are deliberately gamed to produce a
"Wealth Effect" ILLUSION
DIR By: AGelbert
Date: September 29, 2022, 1:38 pm
---------------------------------------------------------
. AGelbert NOTE I just posted this at Wolf Street. Enjoy. ;D
--- Quote ---
> Steve Sep 27, 2022 at 12:12 am
> Inflation is just wealth transfer.
HTML http://renewablerevolution.createaforum.com/gallery/renewablerevolution/1/3-020818221632-1610966.gif
> Yort > Steve Sep 27, 2022 at 4:03 am
> It used to be nearly impossible to accumulate insane amounts
of wealth when the top Federal Tax rate was 94%. In 1981 an
actor became President and slashed taxes and dropped the
marginal tax rate from 70% when he was inaugurated to just 28%
when his term ended, and had a 74% top approval rating so it
seems giving out free money worked better in the 80s vs 2022…
>
> Yet today if the top capital gains rate for billionaires was
say 60%, they could simply borrow off their shares and never pay
a dime like the current scheme to avoid taxes today. The
proposed billionaire taxes are not going to pass as the
billionaires buy out Congress via lobby funds. And lobby reform
is not going to happen as it takes tens to hundreds of millions
to win elections. Catch-22…
--- End Quote ---
AGelbert > Yort
You are exactly right in absolutely everything you said. Thank
you for saying it.
Let me add some (i.e. 1% caused corruption of government for the
purpose of continuous wealth transfer from the poor and middle
class to the Wall Street wealthy) details.
I am certain that the CPI, since 1983 when Reagan put Greenspan
in there to corrupt the BLS CPI formula in order to short change
all those who rely on the annual COLA adjustment to pensions or
wages, has been consistently lower than the actual rate of
inflation.
It is my studied view that the actual inflation since 1983 is
not 197.4% like the Greenspan gamed BLS COLA numbers claim, but
495.4%.
197.4% BLS CPI Published minus 495.4% PRESENT = 298% LESS than
REAL INFLATION.
I am not making those numbers up. That 495.4% increase is the
result of using the Median Sales Price for New Houses Sold in
the United States as proxy for overall inflation.
February 1983: $ 73,800
July 2022: $439,400
SOURCE:
HTML https://fred.stlouisfed.org/series/MSPNHSUS
Yes, of course it is true that food, water, clothing,
transportation, etc. are all costs we cannot avoid that, in a
reality based world, not the "core Inflation" Wall Street
favoring fictitious world the Fed mendaciously pushes, must be
part of the overall CPI formula. There are many, many goods and
services we all require to live. They are NOT "luxuries". They
are NOT "optional". THAT is what the Cost Of LIVING formula is
supposed to be all about, but after Greenspan and his pals in
the Federal Reserve corrupted the formula, is, with Malice
Aforethough, a Wall Street pleasing shadow of REALITY BASED COLA
prior to 1980.
I bring up housing cost because THAT is even MORE DELIBERATELY
low-balled than those items I just listed.
Now some will read this and claim I am being irrationally
reductionist. They will say I am "cherry picking" the Median
Sales Price for New Houses Sold in the United States from 1983
to 2022 to come up with an inflation number 298% higher than
published.
I agree that, when all items in a reality based basket of goods
and services are computed, using the Government formula prior to
1980, the inflation number perhaps will not be as high as
495.4%, but you can bet your inflation ravaged dollar that it
will be at least 100% higher than the official 197.4%
(explanation for that charitable assumption below).
To those who cling to the view that the official 197.4% COLA
increase from 1983 to 2022 is "reality" based, I ask a simple
question: How much do you think a home, with no improvements, in
still the same condition, with the same lot size, etc. as that
home sold in 1983 for $73,800 is "worth" in 2022? According to
Greenspan's gamed CPI (SEE: Owner's Equivalent Rent "weighting"
fun and games), it is "worth" $132,681.20. The difference
between that price and the actual sales price of that house, and
houses like it all over the United States, is the alleged
"wealth effect" of ($439,400.00 - $132,681.20) 306,718.80. That
is baloney and you know it. However, if we allow for a 100%
greater inflation than the Government's 197.4%, that 1983
$73,800 home is worth $219,48.00 in 2022.
If you are wagging your head saying that is much less than said
home is actually worth, as proven by the actual sales figures
quoted above, then I hope you can agree that it is rational to
conclude that the CPI computation by the BLS to arrive at annual
COLA percentage is NOT reality based.
For those who say, "this is complicated and everybody comes up
with their own version of the cost of living, so it is a joke to
use any other numbers", I respectfully state that you are
suffering from Endowment Bias, a type of Confirmation Bias. IOW,
you are cognitively "invested" in believing the BLS's Greenspan
gamed COLA numbers, so you irrationally block any other view, no
matter how well reasoned with ACTUAL cost numbers from 1983 to
2022.
For those who agree that the "problem" is the weighting math for
the different goods and services in the CPI basket formula used
to compute the COLA adjustment, BINGO!
So tell me, what should the WEIGHT of "Owner's Equivalent Rent"
BE? And while we are at it, is that term anything but BLS
legerdemain? How hard is it to come up with a responsible term
(e.g. COST Of Shelter) for the stats on home costs and how they
relate to rent prices? I'm sure Wolf, who has exposed the
"Owner's Equivalent Rent" low balling more than once here at
Wolf Street, could come up with a reality based term AND a
reality based weighting. My back of the envelope COST Of Shelter
weighting is around 45% of the overall CPI basket. What say ye?
At any rate, anyone that thinks the published numbers are
"close" to reality is in Wall Street favoring La-la-land. Have a
nice day.
HTML https://wolfstreet.com/2022/09/26/my-wealth-disparity-monitor-september-update-qt-rate-hikes-dropping-stocks-bonds-reduce-outrageous-us-wealth-disparity/
Learn more:
HTML https://soberthinking.createaforum.com/geopolitics/money/msg531/#msg531<br
/>
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-040422164615-5351419.gif
September 30, 2022 UPDATE:
Wolf couldn't handle reality so he 🗑️ my post.
HTML https://i.pinimg.com/736x/06/ab/a5/06aba53f54b873b730b842f3fc97aa9c--nuest-jr-wise-words.jpg<br
/>That is par for the course (i.e.
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-110822211802-18571793.png)<br
/>with Wall Street worshipping
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-080822134118-17091258.gif$<br
/>Capitalists. They live in their own echo chamber and are quite
efficient at blocking any irrefutable evidence that they are
sufferning from Endowment Bias.
Experience is the best teacher and boy are they going to NOW get
a MEGA-HARD LESSON in inflation caused Wall Street cratering
REALITY
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-050422155724.png❗<br
/>
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-130922212828-19791483.pnghttp://renewablerevolution.createaforum.com/gallery/renewablerevolution/3-250815185137.pnghttp://renewablerevolution.createaforum.com/gallery/renewablerevolution/3-251117173905.jpeg<br
/>
Reality based comments:
September 30, 2022
Macho Latte
My old cheap ironing board broke at the place where the
mechanism locks the legs into a standing position, the only real
place where there is any stress at all. That board cost me
around $20 in 2018. The replacement, the same identical board,
cost me $90. That's a 350% increase.
Mushytoe
We trimmed everything out except for food and fuel. No new
clothes, no going out...zilch. spending less overall. Wages
haven't risen so I have no idea where all this excess spending
is coming from. Unless it is from debt.
Sardonicus
Everything you need costs 20-30% more than a year ago.
Of course spending is up massively.
The only thing that went down is what you get for your money.
Which is why the economy is cratering.
[center]
HTML https://renewablerevolution.createaforum.com/gallery/renewablerevolution/2/3-270220160728.jpeg[/center]
Hal n back > [b]Sardonicus[/b]
Is this spending data inclusive of inflation?
HTML http://renewablerevolution.createaforum.com/gallery/renewablerevolution/1/3-120818185040-16582181.gif
i have noticed grocery prices when on sale have increased
substantially the last couple of months.
i have little faith in govt data, just like many others here.
BANNED Phil McCoxwell
One of my favorite stupid sayings the “experts” always away say:
“the market has priced in…..”. Nobody is pricing in anything.
Just trying to figure out what’s side of the bet to be on. The
markets no longer reflect the economy. Haven’t for a long time.
All speculation based on fake money. That is why all these
authors care about is what the fed will do. The federal reserve
should not be at the center of our financial world. If the
markets were truly free, risk would be priced by the bond
markets and the stock market could use it as a risk reference
for real valuations. Like our government, it should be
transparent and not interfere in our daily lives. Like that will
ever happen again.
gunsfromthegrave > BANNED Phil McCoxwell
Always perplexed me too. How do you price in large parts of the
population starving or freezing to death or foreign countries
embargoing you of goods you are entirely dependent on them for.
For instance how does europe price in all of their industry
shutting down due to no fuel to run it on. Seems like the only
value reasonable to go to in that case is 0.
Texas Cattle Man
The University of Michigan Sentiment indicators are worthless
garbage. They are of no use in calculating or pre-positioning
purposes. A better index is one I saw in a Youtube video
yesterday. It's call the CBI (Cracker Barrel Index). Supposedly,
Cracker Barrel has reported their business softening, as it
appears that a lot of their customers, to a large extend
Boomers, are battening down the hatches also. The Boomers Social
Security and retirement benefits, are not keeping up with
inflation, so they are turning the burners down on their
spending. The Boomers are big holders of real estate, and have
been big spenders historically, but as more and more of them
that reach retirement age, that spending will be reduced. Things
are not going back to what they used to be.
DavosSherman PREMIUM
With inflation greater than 18%
HTML http://www.shadowstats.com/alternate_data/inflation-charts
and
the "Fed" fighting it with 4%, inflation running red hot would
be the result.
mtl4 PREMIUM
... the uniparty is all in on the pork trough. Try and name one
president in the last 30 years that actually cut spending (even
Clinton’s deficit miracle was an accounting gimmick). Bush
kicked off a deficit explosion with the endless war or terror ,
Obamaroid carried out the Great Recession bailouts and kicking
off the EU immigration nightmare, Trump kept the rates
excessively low while failing to drain the swamp and Joe Xiden
has been busy playing Manchurian Candidate and caving in
whatever’s left. Notice, surprise surprise, not a single one has
reversed anything. The Republic is toast.
Agelbert NOTE: Article source of the above comments (The
"Inflation Indicator" the Fed loves is the fictitious "Core"
Inflation PCE. Even THAT ridiculously low-balled indicator is
SURGING!):
Fed's 😈 Favorite
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-040622202527-13931485.png<br
/>Inflation Indicator Unexpectedly
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-040622202556-13982337.gif<br
/>Surges As Personal Spending Jumps
HTML https://www.zerohedge.com/markets/feds-favorite-inflation-indicator-unexpectedly-surges-personal-spending-jumps
[move]Plutarch was, and still is, right.
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-240422195014-939847.png<br
/>💣 👉💥[/move]
#Post#: 551--------------------------------------------------
"Panic Seems To Be In The Air"
DIR By: AGelbert
Date: September 30, 2022, 3:59 pm
---------------------------------------------------------
AGelbert NOTE: Reality continues to assert itself at Wall
Street. It's about time it did. I recently read a quote from
then Treasury Secretary Andrew Mellon, way back when the Great
Depression got started after the 1929 Stock Market Crash:
--- Quote ---
> 1930 Treasury Secretary Andrew Mellon announces that the Fed
will stand by as the market works itself out: 'Liquidate labor,
liquidate real estate... values will be adjusted, and
enterprising people will pick up the wreck from less-competent
people'.
--- End Quote ---
If Powell thinks the same way that Mellon did, this crash will
make the 1929 Crash look like a walk in the park.
FRIDAY, SEP 30, 2022 - 03:10 PM By Ven Ram, Bloomberg Markets
Live reporter and strategist
[center]
HTML http://renewablerevolution.createaforum.com/gallery/renewablerevolution/1/3-020818215732-1575138.jpeg[/center]
[center]"Panic Seems To Be In The Air"
HTML http://renewablerevolution.createaforum.com/gallery/renewablerevolution/3-251117173905.jpeghttps://media.tenor.com/images/8714e6aa996c682f95c9cfd09d64fdf7/tenor.gif
HTML https://www.zerohedge.com/markets/panic-seems-be-air
[/center]
[center]
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[center]
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#Post#: 577--------------------------------------------------
More 🌠 EVIDENCE 🧐 that GREED is BAD!
DIR By: AGelbert
Date: October 7, 2022, 3:53 pm
---------------------------------------------------------
FRIDAY, OCTOBER 7, 2022 🌠
[center]
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-130922212828-19791483.pnghttps://soberthinking.createaforum.com/gallery/soberthinking/1-130922212836-1981317.gif[/center]
[center]
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-071022164659.png[/center]
#Post#: 588--------------------------------------------------
More proof that the Financial system is in as severe a crisis
🚨 NOW as in 🚨 2008:
DIR By: AGelbert
Date: October 11, 2022, 5:35 pm
---------------------------------------------------------
AGelbert OBSERVATION: These Financial "Experts" either have no
idea what they are doing or they know exactly what they are
🎩😈 doing. Both of those prospects are
terrifying.
[move]May 17, 2007 Forbes 👉 Federal Reserve Chairman
Bernanke Believes Housing Mess Contained [/move]
Bernanke telling us not to worry about housing, mortgages, or
car companies in the years before the recession, like denying a
train wreck that is coming down the tracks.
[center]
HTML https://youtu.be/INmqvibv4UU[/center]
[move]October 11, 2022 US Treasury Secretary Yellen: 👉
"I'm not seeing anything in the markets that cause me to be
concerned."
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-040622202533-1394275.gif[/move]
[center]
HTML http://www.createaforum.com/gallery/renewablerevolution/3-060714185706.gif[/center]
THE WOLF STREET REPORT
Oct 9, 2022 by Wolf Richter
[center] Something Big Has Already Broken: Price
Stability[/center]
[center]
HTML https://youtu.be/m9SIdAVIgeg[/center]
TUESDAY, OCT 11, 2022 - 06:00 PM
--- Quote ---
> Bank of America analysts warned in a note this month that
shrinking trading volumes in the US Treasury market may be one
of the greatest threats to global financial stability.
--- End Quote ---
Nobody Has Traded 10Y Japanese Govt Bonds For 3 Days!
HTML https://www.zerohedge.com/markets/nobody-has-traded-10y-japanese-govt-bonds-3-days
nsa Oct 12, 2022 at 8:39 am
The elites and their (not your) central bank know exactly what
they are doing…..to think otherwise is delusional. The central
bank has published numerous papers on the subject of
inflation…..even quoting Keynes extensively: “inflation is just
another method of taxation which the government uses to obtain
real resources”. Let’s hear from a former central banker and
nobel laureate, the Helicopter Man, himself: “The US government
has a technology called a printing press, which allows it to
produce as many dollars as it wishes at zero cost…..a determined
government can always generate inflation….”. Your rulers know
exactly what they are doing…..stealing what little you have.
Oct 9, 2022 at 6:06 pm
Wolf Richter
Read the section “Housing costs surge: part of services CPI”
about halfway down, with lots of charts:
The CPI for “rent of shelter” accounts for 31.9% of total CPI.
It measures housing costs as a service – “shelter” – not as an
investment asset to be purchased.
Its major components:
“Rent of primary residence” (accounts for 7.2% of total CPI)
jumped by 0.7% in August from July, and by 6.7% year-over-year
(red in the chart below). It’s based on actual rents paid by a
large panel of tenants, including in rent-controlled apartments.
“Owner’s equivalent rent of residences” (accounts for 23.7% of
total CPI) jumped by 0.7% for the month and by 6.3%
year-over-year (green line). It measures the costs of
homeownership as a service, based on what a large panel of
homeowners report their home would rent for.
Both measures are still below overall CPI and are therefore
still 🎩😈 holding down overall CPI, but are
holding it down less each month. And this is where a big part of
the
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-040622202719-1406786.gif<br
/>action is, going forward: ... ...
“Core”
HTML http://renewablerevolution.createaforum.com/gallery/renewablerevolution/1/3-250718202127.gif<br
/>CPI.
The “core” CPI, which excludes the volatile
commodities-dependent food and energy components, jumped to 6.3%
on a year-over-year basis, and to 0.6% on a monthly basis. This
index is designed
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-260322170319.png<br
/>to measure inflation in the broader economy
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-040622202551-13971996.gif<br
/>... ...
Sep 13, 2022 Services Inflation Spikes, Core CPI Jumps, Food
Inflation Worst since 1979, Durable Goods Rise, but Gasoline &
Airfares Plunge
HTML https://wolfstreet.com/2022/09/13/services-inflation-spikes-core-cpi-jumps-food-inflation-worst-since-1979-even-durable-goods-rise-but-gasoline-airfares-plunge/
Oct 12, 2022 at 10:59 am
AGelbert Your comment is awaiting 🗑️ moderation.
🤦‍♂️
All true and accurately stated. I agree 100%. I just wish you
would not deep six my comments on the disingenuous gaming of the
CPI. Your post makes it crystal clear to anyone with critical
thinking skills that the CPI is thoroughly gamed, and not just
in “Owners Equivalent Rent” legerdemain.
The CPI will be down tomorrow. Why? Because this is the last
month of the three months that is 🎩😈 used for
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-040622202719-1406786.gif<br
/>calculating the COLA for next year's SS increase…
Oct 12, 2022 at 11:05 am
AGelbert Your comment is awaiting 🗑️ moderation.
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-090822164302.gif
The inflation rate isn’t bad at all, if you
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-040622202719-1406786.gif<br
/>don’t count the things that people buy…
#Post#: 598--------------------------------------------------
Billionaires Spend Millions to Hide Trillions!
DIR By: AGelbert
Date: October 14, 2022, 1:49 pm
---------------------------------------------------------
October 14, 2022
The Real News Network
The workers’ struggle can’t take a break—not with the way the
ruling class maneuvers! This week we take a special look at the
US states aiding and abetting billionaire tax evasion, the fight
against “right to work” laws, where things stand in the railroad
workers’ struggle, and the battle to free Julian Assange.
A new report from the Institute for Policy Studies is naming and
shaming the US states most responsible for providing tax
shelters to the uber-wealthy. South Dakota, Nevada, Delaware,
and Alaska top the list as the worst offenders, but are joined
by over a dozen other states whose lax laws leave loopholes for
lavish laundering. These states are a key element of the story
of expanding wealth inequality. Total billionaire wealth peaked
at $5 trillion after the COVID-19 pandemic started, and it is
likely that there are untold trillions that remain uncounted.
Where has all this money gone? It’s been holed away in trusts
headquartered in states friendly to billionaire tax evasion.
As the federal government reiterates that it
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-040622202527-13931485.png<br
/>doesn’t have money for student loan debt forgiveness,
universal
healthcare, or free college—while billions of people around the
world suffer from needless hunger, lack of clean water,
sanitation, and education—untold trillions are sitting in
🎩😈
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-110422205132-6451602.gif<br
/>trusts, doing nothing but further amassing private wealth.
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-080422121331.gif
HTML https://therealnews.com/these-us-states-are-billionaire-tax-havens
Billionaires would have us believe they are “job and wealth
creators,” but we know the truth is that workers produce the
wealth capitalists take for themselves.
On the railroad front, the shoddy deal patched together between
rail workers and Wall Street by Biden’s Presidential Emergency
Board is showing signs of falling apart. On Oct. 10, the
Brotherhood of Maintenance of Way Employees (BMWE) rejected the
deal by a majority of 56%.
Union officials said workers rejected the deal out of a sense
that “management holds no regard for their quality of life,
illustrated by their stubborn reluctance to provide a higher
quantity of paid time off, especially for sickness.” While other
unions have ratified the deal, BMWE’s rejection could set a
precedent for others to follow. For now, BMWE is delaying a
potential strike until Nov. 19 at the earliest.
HTML https://therealnews.com/we-are-not-done-yet-railroad-track-workers-reject-deal
#Post#: 609--------------------------------------------------
Inflation continues to RISE in the United States.
DIR By: AGelbert
Date: October 20, 2022, 1:22 pm
---------------------------------------------------------
CLASS STRUGGLE
Wednesday, October 19, 2022
[center]What Social Security Should Really Be Paying to Survive
in This
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-050422182057.gif<br
/>Economy ~~ SONALI KOLHATKAR[/center]
SNIPPET:
Inflation continues to rise in the United States. Although gas
prices have recently fallen since their record high over the
summer, the cost of groceries rose by 11.4 percent over the last
year, and there is no expectation that they will fall back to
reasonable levels. Prices overall have risen by 8.2 percent,
according to the U.S. Bureau of Labor Statistics’ Consumer Price
Index report covering September 2022 as compared to the same
month last year. While most working Americans are not getting
hefty wage raises to compensate for inflation, seniors will see
their Social Security benefits—which are pegged to
inflation—rise next year. Starting in January 2023,
beneficiaries will see an 8.7 percent cost-of-living adjustment
(COLA) bump in their Social Security checks.
Conservatives are scoffing at this automated increase, as if it
were a special treat that the Biden administration has cooked up
to bribe older voters. Fox News reported that there was a
“social media backlash” against White House Chief of Staff Ron
Klain’s tweet lauding the upcoming increased COLA benefits for
seniors. The outlet elevated comments by the conservative
America First Policy Institute’s Marc Lotter, who retorted to
Klain, “Nice try Ron. Raising benefits next year does not help
seniors with the higher prices they are paying today or the
higher prices they’ve been paying since you took office.”
But Social Security benefits have risen automatically with
inflation since 1975 by design, precisely so that the
livelihoods of seniors are not beholden to partisanship. This is
an imminently sensible way to ensure that retired Americans, who
spent their working lives paying Social Security taxes, can have
a basic income.
If conservatives are complaining that an 8.7 percent bump is not
enough to counter inflation, one might expect them to demand an
even greater increase to Social Security benefits.
But, as is often the case with conservative economic logic,
hypocrisy abounds.
Full article:
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-040422164613-5332481.jpeg
HTML https://ongoingclassstruggle.blogspot.com/2022/10/what-social-security-should-really-be.html
AGelbert COMMENT: The euphemistic label the "conservatives"
favor is Orwellian codespeak. People who advocate "creative"
(LOL!) destruction want ONLY to conserve the cruel exploitation
of the underclass, NOT "ethics based values", as their
propaganda disingenuously claims.
I just read news about a new Scientific Study on 🦕 Gas
Stove ☠️ Leaks
HTML https://soberthinking.createaforum.com/catastrophic-climate-change/pollution/msg608/#msg608.<br
/>I'll bet you dollars to donutes that the "conservatives" will
whine and moan about "Government attacks on liberty and freedom
to use gas stoves" that this study may result in. As usual,
"conservatives" (all Social Darwinists = Capitalists to the ends
of their chinny chin chins) will studiously deny any
responsibility for causing thousands of cancers because of their
😈 inveterate 💰 kotowing to the 🦖
Hydrocarbon Fuels "Industry". All these "conservatives" want to
conserve is the "freedom" to be irresponsible with impunity.
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-050422142505.gif
#Post#: 623--------------------------------------------------
Comment of the DECADE
DIR By: AGelbert
Date: October 28, 2022, 3:06 pm
---------------------------------------------------------
--- Quote ---
> allfactsmatter
> Ironically, this may actually be the moment when the best
thing for the Fed to do is....nothing.
>
> They've already proven that inflation is not tamed by interest
rates (Volcker actually proved that in 1980 but to acknowledge
that would eviscerate the myth of Tall Paul and end the image of
the omniscient Fed Chairman who can guide the US economy through
any crisis of any kind).
>
> As a means to reduce the bloated money supply interest rates
have had all the efficacy of using a teaspoon to empty a
swimming pool.
>
> If there has to be a pivot, let the Fed pivot towards actual
banking regulation, using its statutory authorities, and use a
regulatory cudgel to get Wall Street to address its glaring
vulnerabilities from rising interest rates. The one thing all
the hoopla about the Fed "pivoting" shows is that there is an
interest rate inflection point at which either defaults or
margin calls (or both) trigger a mass market meltdown in which
all the buyers suddenly turn into sellers and all the sellers
run for the hills--i.e., a liquidity crisis.
>
> Wall Street knows that inflection point is out there, and has
been shrieking for the Fed to not cross it--but won't take any
preventative measures to unwind exposed positions to get ahead
of a crisis (that would mean less profit, and we can't have
that). The markets are convinced the government/the Fed will
bail them out when the crisis hits, mainly because between the
S&L crisis of the late 1980s and the derivatives crisis of
2007-2008 the precedent has been well and truly set. As a
result, they are content to ride the rollercoaster until it
crashes, and let the government clean up the wreckage.
>
> The Fed has the regulatory tools to both identify (and even
quantify) those interest rate vulnerabilities and to require
banks to establish "living will" plans to unwind those positions
in the event of a crisis. They have the capacity to get ahead of
any liquidity crisis. They just need to use it.
>
> That's what the Fed "should" do. Which means it's the one
thing the Fed absolutely positively will not do.
>
HTML https://www.zerohedge.com/markets/nomura-warns-another-rug-pull-imminent-due-premature-pause-mini-pivot-step-down-hopes
--- End Quote ---
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"Irony"? 🤷‍♂️
"surprisingly?" 🤦‍♂️ YOU
HAVE GOT TO BE KIDDING. 🥵
DIR By: AGelbert
Date: October 29, 2022, 5:05 pm
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HTML https://ci6.googleusercontent.com/proxy/bMi5K4CDjFlORKNzbtb8lit774Y1msNFvqsbSgXnjuUWN_dpHltajASyKjxYyLW_EG-St1vg9JhrJR1vAL8SwjJmNeDervxCdhNS7cu1ZyWAx3J0=s0-d-e1-ft#https://truthout.org/wp-content/uploads/2018/11/truthout_logo.jpg
October 28, 2022 by Liz Theoharis, TomDispatch
AGelbert NOTE: The only adjective in the following reality based
statement that is worthy of Orwell is, "surprisingly".
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-040622153115-13851380.png<br
/>
"To address the problems of our surprisingly
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-050422145218.gif<br
/>impoverished democracy, policymakers would have to take
seriously the realities of those tens of millions of poor and
low-income people, while protecting and expanding voting rights.
After all, before the pandemic hit, there were 140 million
🥵 of
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-050422182057.gif<br
/>them: 65% of Latinx people (37.4 million), 60% of Black people
(25.9 million), 41% of Asians (7.6 million), and 39.9% of White
people (67 million) in the United States. Forty-five percent of
our women and girls (73.5 million) experience poverty, 52% of
our children (39 million), and 42% of our elders (20.8 million).
In other words, poverty hurts people of all races, ages,
genders, religions, and political parties."
Read more:
HTML https://media.tenor.com/images/5423e809b1a22096b6925bf9bc3fd1cb/tenor.gif
[center]Poverty Is at Emergency Levels in the US. Why Isn’t It a
[color=navy]Midterm Election [glow=red,2,300]Issue[/glow]
HTML https://soberthinking.createaforum.com/gallery/soberthinking/1-040622202747-1412965.gif
HTML https://truthout.org/articles/poverty-is-at-emergency-levels-in-the-us-why-isnt-it-a-midterm-election-issue/[/center]
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