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For months the story of the uninsured has been circulating in the media. 45 million uninsured Americans.
The latest sobering figure is that 17 million Americans had trouble putting food on the table in the past year. That was an increase from 13 million last year. This is from a report by the Agriculture Department.
The greatest nation on earth does not provide health insurance coverage for many of its citizens while others are going hungry.
This is a very sad reflection of who we are as a people.
And the news may be worse than reported. In an article in the New York Times “Vicki Escarra, president of Feeding America, a nonprofit organization with a national network of more than 200 food banks, said that the Agriculture Department probably understated the problem. With unemployment and other economic indicators continuing to worsen in 2009, she said, “there are likely many more people struggling with hunger than ..continue reading
This morning I read an article in the New York Times about the windfall coming to many bankers.
While the government is trying to enact regulations to control Wall Street many bankers will see a substantial increase to their bottom line.
This is a result of financial institutions turning to larger percentage of compensation by distributing stock and stock options. This was partially due to a reaction by Washington “demanding that a greater portion of pay be made in stock in hopes of rewarding long-term performance rather than short-term bets.” This appears to have backfired.
The stock grants and options were distributed when most financial stocks were at all time lows.
The recent meteoric recovery of the markets has assured bankers of hefty returns in a very short period of time and totally unrelated to their performance.
In lieu of a large bonus Goldman Sachs “gave its general counsel 104,868 stock options and 14,117 shares in December, when ..continue reading
What will the Republicans say now?
USA Today reports
“States have reported using stimulus money to create or save more than 388,000 jobs so far this year, buttressing the Obama administration’s claim that the $787 billion plan has had a significant impact on the economy.”
“That total, based on a USA TODAY review of reports from 33 states and Puerto Rico, includes teachers, construction workers, and others whose jobs were funded by stimulus money awarded to states. The administration plans Friday to release reports from all 50 states, providing the broadest accounting yet of the stimulus plan’s impact.”
“Frank Lichtenberg of the Columbia Business School says the figures show a significant economic impact. Obama’s Council of Economic Advisors estimated that the stimulus had saved or created 600,000 to 1.1 million jobs.”
Several two-faced Republicans who vigorously opposed the stimulus have used the stimulus money and in some cases did not acknowledge its origins. These include Governor Bobby Jindal (R-LA), Sen. Richard Burr (R-NC), Rep. ..continue reading
There was a depressing article in the NY Times a few days ago.
The United Nations Human Rights Council appointed Raquel Rolnik, a professor of urban planning at the University of Sao Paulo in Brazil, to tour areas of NYC to determine if affordable housing is so hard to find that it actually violates human rights.
She will check out neighborhoods in NYC and six other locations in the United States. She will then report back to the United Nations General Assembly about housing rights violations and advances and a letter will be sent to government agencies to confirm her findings and try to resolve the issues.
Professor Rolnik’s review and tour is to include the results of the government’s use of eminent domain to seize property; to the New York City Housing Authority’s Grant Houses in Harlem to see how public housing residents live; and to the Bronx to meet residents whose landlords are in foreclosure.
At a town ..continue reading
Thursday, October 22nd, 2009   2:11 pm | Author: SJB | Economy, Money
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It is no surprise that there are some who are trying to take advantage of the government’s offer of an $8000 credit to first time home buyers.
The NYT reports that the Treasury department has detected fraud by supposed “first time buyers”.
They explain that some of these may just be errors but there is one striking number that points to possible extensive fraud.
Of 1.4 million claimants to nearly $10 billion in credits, 60 percent had incomes below $50,000, raising questions about whether some of them could afford a home.
If you have an income of under $50,000 it is highly unlikely that you can afford to buy a home unless it is way out in the sticks.
The Treasury Department’s inspector general said that as of Sept. 30 the Internal Revenue Service had identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations.
All this comes amid the debate to extend the credit beyond ..continue reading