Press "Enter" to skip to content

It’s Over: The Democrats And The Republicans Are Both Conspiring To Bankrupt America And Destroy Our Future

Both major political parties are working together to destroy America’s financial future, and most Americans don’t seem to care. Once upon a time, the Republicans were considered to be “the party of fiscal responsibility”, but now they are just as bad as the “free spending” Democrats. As you will see below, a “compromise” budget deal was just reached which will dramatically increase federal spending and will suspend the federal debt limit until after the next election. In other words, both sides are conspiring to make our debt problem much, much worse over the next year and a half, and this…

Elizabeth Warren Warns Of ECONOMIC CRASH, Her Policies Will Make It Worse!

Democratic presidential hopeful Elizabeth Warren says that some warning signs are flashing that we will have an upcoming economic crash. While the crash is imminent and the signs are obvious, Warren’s own policies will demolish the middle class and impoverish everyone in the United States. Warren has literally just given anyone with a few brain cells a reason to never vote for her and reject her socialist policies. “Warning lights are flashing. Whether it’s this year or next year, the odds of another economic downturn are high — and growing,” Warren said according to CNBC. And what, pray tell, does…

“I don’t know how I can maintain this face of joy and warmth when I have to go home and forage for food in other people’s garbage”

Despite all the bragging that the mainstream media is constantly doing about the U.S. economy, the truth is that most Americans are deeply struggling right now.  59 percent of us are living paycheck to paycheck, and nearly 50 million Americans are living in poverty.  Sadly, most of those that are living in poverty actually come from a home where at least one person is currently employed.  Millions upon millions of Americans are working as hard as they can, but it simply is not enough to pull them above the poverty line, and it is a very serious national crisis.  Even…

U.S. Manufacturing Is Officially In Recession

The manufacturing industry in the United States has officially sunk into a recession. The once-booming industry is struggling to stay alive amid the trade war as production slumped in the second quarter. Data from the Federal Reserve shows that production in June fell flat. In fact, the numbers were below the expectations of a meager 0.1% gain predicted by Wall Street economists. The U.S. factory sector declined in the three months ended in June, the second straight quarterly decline, the Federal Reserve said Tuesday. For the second quarter, production was down 1.2% after a 1.9% decline in the first three months…

Foreign purchases of American homes plunge 36% as Chinese buyers flee the market

Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, caused a stunning drop in foreign demand for American homes. The dollar volume of homes purchased by foreign buyers from April 2018 through March 2019 dropped 36% from the previous year, according to the National Association of Realtors. The decline was due to a drop in the number and average price of purchases. Foreigners bought 183,100 properties with a total value of about $77.9 billion, down from 266,800 valued at $121 billion in the previous period. They paid a median price of $280,600, which…

New Multi-year Gold Rally Has Emerged

The dollar price of gold has been on a roller-coaster ride for the past six years. But the past six weeks have been a turbocharged version of that. Investors should expect more of the same for reasons explained below. The six-year story is the more important for investors and also the more frustrating. Gold staged an historic bull market rally from 1999 to 2011, going from about $250 per ounce to $1,900 per ounce, a 650% gain. Then, gold nose-dived into a bear market from 2011 to 2015, falling to $1,050 per ounce in December 2015, a 45% crash from…

Fed chairman warns of ‘unthinkable’ harm if debt ceiling isn’t raised

Federal Reserve Chairman Jerome Powell said Thursday that the global economy could suffer “unthinkable” damage if the White House and Congress fail to raise the federal debt limit. Testifying before the Senate Banking Committee, the Fed chairman said it was “essential” for Congress to raise the legal limit on the federal debt before the U.S. government defaults on its loans. “We’ve always paid our bills, and it simply must happen that Congress raises the debt ceiling in time to allow that to happen,” Powell said. The consequences of inaction “would be highly unpredictable,” Powell added, warning that “no one should…

Amazon Is Giving Workers A Chance To Learn To Code Before Robots Take Their Jobs

Amazon is grooming its vast workforce for the automation job apocalypse that the company itself is helping to bring about thanks to its robotics division. As the company introduces more robots and automated systems to sort goods and fill orders at its warehouses, making more of its increasingly better-paid workforce redundant, the company apparently wants to be seen as giving them a chance to learn new skills – like, for example, how to code – before shunting them aside. As WSJ reports, Amazon is planning to spend $700 million – a drop in the bucket compared with the company’s $240…

CBO Analysis Shows $15 Federal Minimum Wage Would Raise Pay for 27 Million Workers and Lift 1.3 Million Out of Poverty

A Congressional Budget Office analysis published Monday showed that raising the federal minimum wage to $15 an hour by 2025 would significantly increase pay for over 27 million workers and lift 1.3 million people—including hundreds of thousands of children—out of poverty. The CBO also found that more than doubling the federal minimum wage would boost the income of families earning less than three times the poverty rate by nearly $22 billion. While corporate media headlines emphasized the CBO’s estimate that a $15 minimum wage could wipe out over a million jobs, economists disputed this finding as overly pessimistic and noted…

Milk Sales Plummeted By $1.1 Billion In 2018

Good news! Dairy sales dropped by $1.1 billion in 2018! You may not know why this is good news just yet, but we’ll get there! Dairy Farmers of America during released the new statistics during an annual meeting in 2018. Sales dropped 8% from $14.7 billion in 2017 to $13.6 billion in 2018. This was due to low milk prices and a massive consumer shift toward plant-based alternatives like cashew milk, almond milk and soy milk. In response to the losses, dairy lobbyists have been pushing to ban marketable terminology like ‘milk,’ ‘cheese’ and ‘dairy free’ from being used by…

US Warned About Risk of Default in September

The Bipartisan Policy Center (BPC), a Washington-based think tank and advocacy group, in its latest report has warned that the United States may default on government debt in the first half of September. “The Bipartisan Policy Center now forecasts a risk that the debt limit ‘X Date’ — the date when the federal government can no longer pay all of its bills in full and on time — could occur in the first half of September”, the think tank said on Monday. The report’s authors stressed that in July and August, the US Treasury would continue to spend funds on…

Amazon staff will strike during Prime Day over working conditions

While Amazon is busy hyping up this year’s Prime Day extravaganza, its workers will be drawing attention to more serious issues than price cuts. Staff at a warehouse in Shakopee, Minnesota will hold six hours of strikes on July 15th (the start of Prime Day) to demand less stringent quotas and the conversion of more temporary workers into permanent employees. The quotas make the work dangerous and unreliable, according to the workers, and permanent work will help create a “livable future.” Workers in the US have protested before (including a December protest in Minnesota over support for East African workers),…

Landlords can’t ask for ‘last month’s rent’ plus security deposit, thanks to new rent laws

As of July 14th, it will be illegal for landlords to require you to pay last month’s rent in addition to a month’s security deposit when you sign a lease. New rent reforms clearly state that in nearly all cases, “no deposit or advance shall exceed the amount of one month’s rent.”  Nor can landlords require renters with bad credit histories or annual salaries less than 40 to 45 times the monthly rent to pay multiple months of rent up front. In the past, they’ve typically asked for anywhere from three to 12 months worth of rent. The new law…

Deutsche Bank will exit global equities business and slash 18,000 jobs in sweeping overhaul

Deutsche Bank announced Sunday that it will pull out of global equities sales and trading, scale back investment banking and slash thousands of jobs as part of a sweeping restructuring plan to improve profitability. Deutsche will cut 18,000 jobs for a global headcount of around 74,000 employees by 2022. The bank aims to reduce adjusted costs by a quarter to 17 billion euros ($19 billion) over the next several years. The German bank’s decision to scale back investment banking comes just two days after investment banking chief Garth Ritchie stepped down by “mutual agreement.” Deutsche expects its restructuring plan to…

1 in 4 Americans have no plans to retire

Nearly one-quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals’ retirement plans and the realities of aging in the workforce. Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they’d like. According to the poll from The Associated Press-NORC Center for Public Affairs Research, 23% of workers, including nearly 2 in 10 of those over 50, don’t expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday. According to government data, about 1…

Over 25% Of All June Job-Cuts Came From The Auto Sector

More than 25% of June’s 41,977 announced job cuts came in the automotive industry, according to Managing Economist for Refinitiv Jeoff Hall. Hall commented on Twitter that the industry’s 10,904 redundancies were the most in seven months and the second most in seven years. Hall also noted that excluding autos, there were only 31,073 job cuts in June, the fewest in 11 months, in low-normal range. About a month ago we focused on layoffs in the auto industry, noting that China, the United Kingdom, Germany, Canada and the United States have all seen at least 38,000 job cuts over the last six…

Carmageddon Continues: New Vehicle Sales Plunge To “Horribly Mature” 1999 Levels

The auto industry continues to look like a bursting bubble in progress and all around sad state of affairs, despite low rates and the “prosperity” of the stock market hitting new all time highs. Meanwhile, under the surface of those numbers, the actual economy – especially in autos – is telling a different story. New vehicle deliveries, combining fleet sales and retail sales, were down 1.5% in Q2 to 4.5 million vehicles, according to Wolf Street. For the first half of the year, vehicle deliveries fell 2.4% to 8.4 million vehicles. This puts the pace for new vehicle sales on track to…

Wall Street Beware: The Public Banking Movement Is Coming for You

It may not come as a surprise to hear that the majority of Americans don’t trust the banking system in this country. Only 27 percent of those surveyed in a 2016 Gallup poll said they had “a great deal” or “quite a lot” of confidence in the institution — less than half of the record high set in 1979. And the lack of trust is spread relatively evenly across the political spectrum — it’s not just liberals or those on the left: Almost everyone is fed up with the banks. And if banking institutions don’t exactly spark joy, their lead…

Still Planning Your Estate? Why You Shouldn’t Wait Another Day

Perhaps you’ve spent hours upon hours and a chunk of money to have your attorney draft documents so your assets will pass to your loved ones with minimal delay and expense. These might include a will, revocable living trust, durable power of attorney, durable financial power of attorney, and health care surrogate. You’ve even detailed who will receive each of your cherished mementos. Now that you’ve taken care of the financial and healthcare details in your life, there’s one more document you might want to add… and you don’t need your attorney to draw it up. Begin with this… Visualization…

Social Security benefits go furthest in these 25 countries

Senior citizens in the U.S. seeking adventure after retirement Opens a New Window. may want to consider fleeing the country, particularly to parts of the world where Social Security benefits Opens a New Window. last the longest. There are plenty of ways to boost Opens a New Window. your retirement income Opens a New Window.  — from delaying retirement past the age of 65 to ensuring you work a full 35 years — but moving is one of the best options, especially if you live in a state that taxes Social Security benefits. So far, at least 13 states impose taxes on Social…

The US labor market rebounds in June, adding far more jobs than expected

In the latest snapshot of the US economy, government data out on Friday showed that hiring rebounded in June and that wage growth accelerated at a slower rate than expected. The Labor Department said the US added 224,000 nonfarm payrolls last month, a healthy recovery from a surprisingly weak reading of 72,000 jobs in May. Economists had expected a gain of about 164,000.  “The jobs growth number this month is comforting after a few months of uncertainty,” said Martha Gimbel, an economist at Indeed, a career site. “While job growth may be slowing down from its astonishing rate last year,…

A World without Dollars? Are We Approaching the End of America’s Financial Order?

First published on February 1, 2019 For Washington, the U.S. dollar is leverage, a financial weapon to dominate the world economy, to impose its foreign policy agendas and to secure a steady flow of natural resources over sovereign countries who use the currency. In the last decade or so, the reputation of the U.S. dollar has been widely discredited because it is viewed by many governments around the world as a risky asset since the U.S. economy holds more than $21 trillion in debt and if you add the unfunded liabilities in the form of promises to ensure payments to…

“Raise My Taxes” Really Just Means “Raise Others’ Taxes”

As has happened during every recent presidential campaign that might result in higher taxes on “the rich” (i.e., every one with a Democratic candidate), some of the 1 percent (or the .1 or .01 percent) have come out in favor of “taxing me more,” in the name of paying what they think is their fair share and generating government funds to address poverty, wealth inequality, or the latest in progressive proposals. While the list of supporters changes, whoever is among the latest “raise our taxes” promoters get widely lauded for their altruism. However, there have always been serious problems with…

Phony Economic Growth Stats Conceal Deep Problems on Main Street

We live not only in a time of fake news but also in the era of fake economic growth. The performance of the economies of the industrialized countries since 2010 is a prominent case of deceptive economic growth. This economic recovery is not the result of a strengthening of the productive forces of the economy, but is due to a massive expansion of liquidity. Central banks created a monetary avalanche that has gone mainly into the financial markets and has become a source of deception for investors. In real terms, the economy has not advanced very much since the financial…

U.S. Stock Market Hits A New Record High, But What’s Really Going On?

As Americans head off to Independence Day celebrations, they’ll be greeted with a plethora of headlines about record highs in the U.S. stock market. What I find most interesting about the latest bout of exuberance is the fact that priced in gold, stocks remain far below last fall’s peak. From my perspective, a real equity bull market is one where the stock market, in this case the S&P500, consistently hits new highs relative to what’s historically been the world’s politically-neutral monetary asset, gold; and the U.S. stock market did exactly that from August 2011 until September 2018. Though equities in…

Trump Says US Should Join “Great Currency Manipulation Game” By Devaluing Dollar

President Trump has never been a fan of the strong dollar. And after beating around the bush for months by demanding a 50 bp rate cut and more QE from the Fed, it seems the president is now explicitly calling on the US to artificially weaken the greenback by any means necessary. In a tweet, Trump blasted China and Europe for playing a ‘big currency manipulation game’ and recommended that the US “MATCH” or risk being “the dummies who sit back and politely watch as other countries continue to play their games.” Notably, the tweet calling for even more easing…

The 7 Biggest Regrets for Retirees

More than half of retirees have retirement regrets. And, as you can imagine the regrets range from “I wish I started saving earlier” to “I wish I traveled more when my health was good.” But, the number one biggest regret most retirees have is claiming Social Security too early. As many as 57% of recent retirees chose to claim Social Security before their full retirement age, locking themselves into a lifetime of 25%-30% smaller Social Security payments. The National Bureau of Economic Research also found that early Social Security claims are linked to increased likelihood of living in poverty in…

New Chicago Mayor Wants State Taxpayer Bailout Of Chicago Pension Debts

It didn’t take long for new Chicago Mayor Lori Lightfoot to propose a plan that would wash her hands of Chicago’s pension crisis altogether. According to a recent report in Crain’s, Lightfoot wants the state to take over Chicago’s pension debts and merge them with the other pension plans throughout the state. The move would make all state taxpayers responsible for paying down the city’s debts.  The plan to shift city debts to the state would bail out the mayor from having to raise about $1 billion in additional taxes to pay for increasing pension costs by 2023. A massive…

Three Steps to Save America from Collapse (I say let it collapse)

Our monetary system is broken. It’s given us low growth, a shrinking job force, inequality beyond what a healthy economy would produce, inefficiency, and the unnatural growth of finance as a portion of the economy. Our aging Federal Reserve System starves both small businesses and Silicon Valley of the capital needed to grow jobs and wages. Fed policy translates into zero-interest-rate loans for the government and its cronies, and little or nothing for savers or small businesses. And it has transformed Wall Street from an engine of innovation into a servant of government power. But I believe America can be…

A New Tax Warning for Business Owners

I’ve been self-employed for the last decade and I’ve been doing my own taxes for as long as I’ve had income so I’ve learned an awful lot about both things over the years. Now, after recently getting a letter from the IRS regarding my 2018 return, I have some new insights to share with you about where the two areas intersect – specifically why the advantages of a special retirement plans for business owners have just gotten a bit less attractive under the new tax laws that went into effect for 2018. Here’s the Background… As a self-employed person, I’ve…

One-third of Americans have cut their spending this year, and some fear a recession is coming

Money may have potential, but there are only so many things you can do with a dollar. Spend it. Save it. Donate it. Invest it. Mostly we seem to want to spend it. Or do we? Contrary to what you might think, the real minority is spenders. That’s good news, since some people save so they can invest for their future financial stability. At least, when answering questions for the Invest in You Spending Survey, more people described themselves as savers, at 54%. The national survey of 2,800 Americans was conducted June 17–20 by CNBC + Acorns in partnership with SurveyMonkey.…

Saudi Buying of U.S. Treasuries Has Soared Since Trump Election

By now, President Donald Trump’s bromance with Mohammed bin Salman of Saudi Arabia is well documented. The platitudes and chummy photo-ops. The billions of dollars in U.S. arms sales. And, of course, the willingness to brush aside evidence implicating the crown prince in the murder of journalist Jamal Khashoggi. But what’s gone largely unnoticed is just how enthusiastic the kingdom has been in snapping up America’s debt. After aggressively culling its holdings of U.S. government debt for most of 2016, Saudi Arabia has amassed an even larger position since Trump’s election in November that year. Based on the latest reported figures,…

The ridiculous return of the Zimbabwe dollar

Here’s our Friday roll up of the most absurd and concerning articles we came across this week. Jail time for offensive image in Great Britain Recently some idiot teenager in Britain edited an image of Prince Harry into something that was stupid and racist. This moron clearly intended to be offensive. His photo depicts the prince (who married Meghan Markle) with a gun to his head and the caption, “see ya later race traitor.” It was such a primitive thing to do, and an even worse thing to believe. But does his stupidity actually constitute a ‘crime’? In the UK…

California to have highest gas prices in nation when new gas tax kicks in July 1

When the new gas tax kicks in July 1, California will have the highest gas tax in the country. The new gas tax will add an additional 5.6 cents per gallon of gas. Consumer Watchdog President Jaime Court argues even though the new gas tax is expected to generate more than $50 billion over the next decade for much-needed road repairs, road infrastructure and transit upgrades, consumers shouldn’t be stuck with the bill. “I had an issue with the tax increase when it went into effect because I felt that it should be paid for by the oil refineries excessive…

Pension “Death Spiral” Crisis Reaching Fever-Pitch In The US

Pensions across the U.S. are falling deeper into a crisis, as the gap between their assets and liabilities widens at the same time that investment returns are falling, according to Bloomberg.  Chief Investment Officer Ben Meng told the board of the California Public Employees’ Retirement System last week: “For the next 10 years, our expected returns are 6.1%, not 7%.” And if you think you’ve seen panic now, just wait until he finds out that Calpers’ target of 7% – lowered in 2016 – is still a pipe dream. Put simply: the record, decade long bull market hasn’t been enough to…

No, Your Student Loans Should Not Be Forgiven!

Loan forgiveness doubles down on the failed federal policies that led to the $1.6 trillion student loan crisis… Senators Bernie Sanders of Vermont and Elizabeth Warren of Massachusetts are making headlines with their plans to forgive student loan debt and make public colleges tuition-free. While many agree removing financial responsibility on the part of the student is bad policy, the 45 million Americans holding student loans undoubtedly see debt forgiveness as attractive. Burdensome student loan debt is indeed problematic. Studies show it has discouraged desirable economic activity such as starting a business or buying a home. But loan forgiveness will cause…

Sanders admits he would raise taxes on the middle class to pay for programs

Sen. Bernie Sanders, challenged at Thursday night’s Democratic presidential debate on how he would pay for universal health care and his other proposed programs, admitted income taxes on the middle class would have to go up — but maintained that the savings in medical expenses would more than offset the tax hike. Sanders, who took the first question from NBC correspondent Savannah Guthrie, talked about his Medicare for All proposal for his allotted minute. But when Guthrie followed up and pressed him about taxes on the middle class, he conceded, “Yes, they will pay more in taxes.” “We have a…

Deutsche Bank To Fire Up To 20,000: One In Six Full-Time Positions

While Deutsche Bank finally delivered some good news for a change to its long-suffering investors, when it miraculously failed to fail the latest Fed stress test, on Friday the chronically sick bank reverted to its “cutting into muscle” baseline when the largest German lender with the €45 trillion notional derivatives was said to be preparing “to cut as much as half its global workforce in equities trading as part of a broad restructuring to boost profitability”, according to Bloomberg with the WSJ adding that the total number could be between 15,000 and 20,000 job cuts, or more than one in…

Pier 1 Imports plans to close 57 stores, and more closures could be coming, interim CEO says

Pier 1 Imports is increasing the number of stores expected to shutter this year. The Texas-based home goods retailer said Wednesday it was looking to close 57 stores in the fiscal year, up a dozen from the April estimate of 45 stores. “We are in active discussions with our landlords” interim CEO Cheryl Bachelder said during the company’s quarterly earnings call with analysts. “Where we have not seen landlord participation, we have begun our store closing program as we said we would.” Bachelder reiterated what she said in April – more closings could follow. “If we are unable to achieve our performance goals, sales…

The Pain Of This New Economic Downturn Is Starting To Show Up All Over The Country

It is going to take a miracle for the U.S. economy to pull out of this tailspin, because the economic numbers are really starting to deteriorate very rapidly now.  On Tuesday we got some more new numbers, and they were just as bad as we thought they might be.  But even before today’s numbers all of the data were telling us the exact same thing.  The New York Fed’s Empire State manufacturing index just suffered the worst one month decline in U.S. history, Morgan Stanley’s Business Conditions Index just suffered the largest one month decline that we have ever seen,…

Bitcoin Explodes 20% Overnight, Rises Just Shy Of $13,000 And Everyone Wants To Know Why

After breaching $10K over the weekend for the first time since March 2018, bitcoin has accelerated its sharp move higher and, trading close to $13,000 on Wednesday, up almost 20% in the past 24 hours. It is now up 240% since the start of the year, and even though it remains below its all-time high of nearly $20,000, at the current pace, it will surpass its all time high in just a few days. The last time Bitcoin rose above $12,000 was in December 2017, when it continued to rally, on some days moving several thousand dollars inhours, eventually reaching…

The ECB’s Renewed Attack on Free Markets

Since March 2016, the main refinancing interest rate of European Central Bank (EZB) is zero, and since June 2014 the ECB’s deposit interest rate is in negative territory; it currently stands at –0.40 percent. This means that euro area banks get zero funding from the ECB, and that they are charged a fee on excess reserves they hold with the central bank. The ECB’s unprecedented lowering of interest rates flowing the crisis 2008/2009 was accompanied by a huge bond purchasing program (through which the base money supply was ramped up by close to 2.8 trillion euro), and euro area banks…

“It Would Be An Earthquake” – Three Chinese Banks Tumble After US Threatens To Cut Them Off From SWIFT

In news that initially did not receive much prominence, on Monday a US judge found three large Chinese banks — reportedly the state-owned Bank of Communications, China Merchants Bank, and Shanghai Pudong Development Bank — in contempt for refusing to comply with subpoenas in an investigation into North Korean sanctions violations. This could open the door for them to be cut off from the US financial system, i.e. SWIFT. “Should it occur, to say that China will not take that well is as large an understatement as one can conceive of. It would be an earthquake”, commented Rabobank’s Michael Every.…

With The Most Important Industry In The Country Now In Big Trouble, Truckers Warnings Of ‘A Bloodbath Ahead’ Are An Ominous Alarm To America

In the searches we make of news online when determining what story we might write about next on ANP, if suddenly we run across several different stories on practically the same subject matter from several different sources, we often look at such a ‘revealing‘ as a call to us to write a story on that particular subject and sure enough, while researching on Saturday and Sunday, I suddenly was hit by a slew of stories and notices about one of the most important industries in America, the trucking industry.   As Business Insider reported within this June 18th story titled “Truckers…

Black Markets Show How Socialists Can’t Overturn Economic Laws

If we consider economics to be an objective science, its rules should also have universal significance and use, despite differences in societal order. However, socialists of the materialist camp are committed to the idea that common ownership of the means of production would change the way economic laws unfold under socialism. Basically, they reject the notion of the universality and objectivity of economic rules by suggesting that the laws would change along with a change to the social formation. Thus, communists adhered to the Marxian idea that socialism would rectify a “surplus value” law, end the “exploitation” of workers, and…

Russia Bought Another 200K Ounces Of Gold Right Before The Rally

Russia continues to add gold to its reserves, buying another 200,000 ounces or 6 tonnes of gold in May, according to the country’s central bank. This put the total of Russia’s total gold holdings at 2,190 tonnes as of June 1, up by 0.3% from May, Russian central bank said in the latest press release. The latest purchase was made right before the latest gold rally shook the markets and the yellow metal surged to six-year highs and breaching the $1,400 an ounce level last week. At the time of writing, August Comex gold futures were trading at $1,410.00, up…

Sanders to propose canceling entire $1.6 trillion in US student loan debt

Sen. Bernie Sanders, I-Vt., will propose on Monday eliminating all $1.6 trillion of student debt held in the United States, a significant escalation of the policy fight in the 2020 Democratic presidential primary two days before the candidates’ first debate in Miami. Sanders is proposing that the federal government pay to wipe clean the student debt held by 45 million Americans – including all private and graduate school debt – as part of a package that also would make public universities, community colleges and trade schools tuition-free. Sanders is proposing to pay for these plans with a tax on Wall…

Trucker of 32 years warns the industry is on the verge of collapse

As you know, I have been in trucking for 32 years, and I was just reading an article you posted about trucking. That article is 95% spot on. Although, I think the economy isn’t entirely to blame. When the ELD mandate kicked in, it caused a dramatic slow down and in turn a capacity problem. There were not enough trucks to cover all the freight of a growing economy, that drove rates to an all time high. The response was that companies and owner operators expanded substantially. Every one bought loads of new equipment. Too much to fast. (one of…

US Manufacturing Activity Slows in June Amid Soft Demand, Tight Credit

US factory output appears to be slowing amid rising commodity costs, mounting international headwinds, as well as wobbly consumer sentiment at home. Kristian Rouz – The US manufacturing sector has lost some of its momentum at the beginning of this month, coinciding with a slowdown in the services sector, as insufficient growth in disposable household incomes and elevated borrowing costs weighed on consumer demand. International trade woes played a role as well, but economists believe higher wages could solve part of the problem. According to a new report from London-based information provider IHS Markit, US factory output slowed in June,…

The Dow is now on pace for its best June return in 80 years

U.S. stock benchmarks enjoyed a nearly unfettered run-up toward records on the week — with the rally pausing briefly Friday — on the back of the Federal Reserve’s easier monetary-policy stance. Recent gains have put the Dow Jones Industrial Average DJIA, -0.13% in position to ring up its best June gain of 7.7% since 1938 when the blue-chip benchmark surged an eye-popping 24.3% on the month, according to Dow Jones Market Data. The S&P 500 index SPX, -0.13% is on track for its best June return, with a gain of about 7.2%, since 1955 when the broad-market benchmark rose 8.2%,…

The Silver Lining of Having an Empty Nest

Since the 1970s, relationship experts have popularized the notion of “empty nest syndrome,” a term used to characterize feelings of deep sadness, angst, and loneliness parents sometimes feel when the last child leaves home. Several books and blogs have been written to help parents deal with the transition. Simon & Schuster even published a “Chicken Soup for the Soul” dedicated to empty nesters. But a growing body of research suggests that the phenomenon has been misunderstood. While you may clearly miss your kids when they leave home for good, the empty nest is not necessarily an unhappy place. Improving Your…

4 Reasons to Oppose a Universal Basic Income

Most of us have heard the arguments from the Left on the emancipatory power of the Universal Basic Income Guarantee to free us from the chains of work, stress and poverty, and to liberate the creative impulses of man. We also hear from conservatives like Charles Murray, who stress that welfare cliffs under the current system create a poverty trap, where by earning more people will take home less, creating a permanent disincentive to work which the UBI would partially solve. There is a contingent of libertarians who also hold the view that the UBI is better than the current…

U.S. Steel Plants Are Going Idle, But The Fed Continues To Perpetuate The Myth That Everything Is Just Fine

Even though there is a tremendous amount of evidence to the contrary, the Federal Reserve continues to insist that the U.S. economy is in good shape.  On Wednesday, Federal Reserve Chair Jerome Powell told the nation that “the economy has performed relatively well” in 2019 and he insisted that “the baseline outlook is a good one.”  Of course he didn’t say anything about our collapsing manufacturing numbers, the worst global trade numbers since the last recession or the “bloodbath” in the U.S. trucking industry.  Powell did concede that “the risk of less favorable outcomes has risen”, but other than vague…

5 Things You’re Probably Spending Too Much On…

When planning on how much to save for retirement, you first need to know how much you’ll spend. The general rule is that you’ll need 70% to 80% of your pre-retirement income to maintain your standard of living. However, a recent study found that nearly two in five (39%) retirees are spending more than they had expected. With that in mind, there are at least five things you might spend more on once you retire. #1—Travel Many retirees love to travel, especially on the kind of trips they could only dream about while working. Cruises are a favorite. In fact,…

Tiny houses take over America…

In a country that nearly always believes bigger is better — think supersize fries, giant cars and 10-gallon hats — more and more Americans are downsizing their living quarters. Welcome to the world of tiny homes, most of them less than 400 square feet (less than 40 square meters), which savvy buyers are snapping up for their minimalist appeal and much smaller carbon footprints. The tiny homes revolution, which includes those on foundations and those on wheels, began a few decades ago, but the financial crisis of 2008 and the coming-of-age of millennials gave it a new impetus. The proliferation…

Truckers sound the alarm as shipping companies hit the skids

This year has been rocky for the $800 billion trucking industry. After a raucous 2018, 2019 has seen retailers and manufacturers moving less, according to the Cass Freight Index. Freight rates have dipped year over year for six months straight. Loads on the spot market, in which retailers and manufacturers buy trucking capacity as they need it rather than through a contract, have fallen by a chilling 62.6% in May year over year. And that means rates have dipped for independent truckers as well as major companies. Rates for van loads sank 20% in May year over year, according to…

How the Coup in Venezuela and the US Housing Crisis are Inextricably Connected

The United States economy is organized such that all commodities, including both weapons and housing, drive the lion’s share of profits upward, into the pockets of a wealthy elite class, at the expense of the masses of working people who generate those profits through their labor power. The functioning of this system in the interest of a tiny few at the expense of the many is made equally apparent by the orchestration of war against Venezuela by the U.S. ruling class and the orchestration of a massive housing crisis within U.S. borders by wealthy developers. The smallest minority in the…

Torrential Rain Of Biblical Proportions Is Causing Immense Devastation For Midwest Farmers

The wettest 12 months in all of U.S. history was followed by the second wettest May on record, and for some parts of the Midwest the month of June will be even worse.  Some portions of Ohio and Indiana have gotten 10 more inches of rain since Friday, and more rain is literally falling on the Midwest as I write this article.  When I describe what we have witnessed as “torrential rain of Biblical proportions”, I am not exaggerating even a little bit.  Even before we got to the month of June, farmers in the middle of the country were…

They Are Calling This A “Bloodbath” For The $800 Billion Trucking Industry As U.S. Economic Activity Dramatically Declines

The U.S. trucking industry has not experienced a downturn of this magnitude since the last financial crisis, and this is one of the clearest signs yet that the U.S. economy is steamrolling into a severe economic downturn.  When economic activity is increasing, the trucking industry sees rising demand for their services and freight rates tend to go up.  That is precisely what we witnessed in 2018, and truckers were hoping for more of the same in 2019.  But when economic activity is on the decline, the trucking industry sees decreasing demand for their services and freight rates tend to go…

4 Regional New York Newspapers to Fold…

Tight times are driving serious consolidation at the North Country’s largest newspaper company. The Northern New York Newspapers group announced Thursday that it’s closing four newspapers in this region — the biweekly Ogdensburg Journal and the weekly Carthage Republican Tribune, St. Lawrence Plaindealer and South Jeff Journal — and dropping the Monday print edition of its flagship Watertown Daily Times. The company also launched a consolidated news website called NNY360. Northern New York Newspapers will now focus on NNY360, the WDT and its four other newspapers in the region: the Malone Telegram and the daily Courier Observer in Massena and…

Fifth Third to close 44 Chicago-area branches in July after completing MB bank merger

Fifth Third Bank is closing 44 branches in the Chicago area next month in the wake of its $4.7 billion acquisition of MB Financial. Nearly 1 in 5 locations of the combined bank will close on July 9 and 10, Fifth Third spokesman Larry Magnesen said Monday, a cost-saving move aimed at eliminating branch overlap. Customers of the closing branches, which include both Fifth Third and former MB locations, have already been notified, with 26 of the 44 locations less than a mile from another branch, Magnesen said. “We picked the ones that were better, newer, with better lobby space,…

How to Retire Rich Without Social Security

It’s no secret that our country’s Social Security program is running out of money. The Social Security system is paying out in benefits more than it’s collecting in tax revenue and as a result they’re dipping into the Social Security trust fund to make up the difference. If Congress takes no action to fix the problem, starting in 2034 retirees are going to see a 23% cut in social security payments. Today, the average retiree receives about $1,300 per month from SS. If this massive cut happens, your SS cheque will drop to about $1,000. This will lead to an…

Grim New Report Shows Rent Is Unaffordable In Every State

Plenty of evidence shows how widespread and devastating America’s housing crisis is, but perhaps none quite as starkly as this: There’s not a single state, metropolitan area or county in the U.S. where a full-time worker earning the minimum wage can afford the rent for a modest two-bedroom apartment. Affordable housing is fundamental to a safe, healthy, stable life. It brings a host of advantages, including better physical and mental health outcomes, better access to education for children, and a better chance at upward economic mobility. Yet, for a huge swath of the population, it remains completely out of reach.…

Evidence That The U.S. Economy Could Be Plunging Into A Very Deep Recession Is Rapidly Mounting

Not since 2008 have we seen so much bad economic data come rolling in all at the same time.  Even without a war with Iran, which by the way is looking increasingly likely with each passing day, it definitely appears that the U.S. economy is steamrolling toward recession territory.  The employment numbers for last month were abysmal, global trade has collapsed to the lowest level that we have seen since the last recession, and manufacturing numbers just keep getting worse and worse.  In fact, the New York Fed’s Empire State manufacturing index just suffered the worst one month decline in…

Boeing records zero new plane orders…

Boeing knew the Paris Air Show would be slow, but this may have been worse than they expected. On day one of the show, Boeing did not announce a single new order for any of its airplanes, while Airbus recorded orders and options for 123 planes, according to the aviation consulting firm IBA.iQ. Boeing CEO Dennis Muilenburg admitted to CNBC that this air show would not be about orders, but instead be an opportunity for his company to reassure customers and suppliers that Boeing is making progress getting the grounded 737 Max back in the air. “We’ll get it back…

CALI DOOM: The California exodus is speeding up due to taxes and skyrocketing housing costs…

People have long dreamed of moving to California, but increasingly the people in the state are looking to get out. According to recently released data from the US Census, about 38,000 more people left California than entered it in 2018. This is the second straight year that migration to the state was negative, and it’s a trend that is speeding up. Every year since 2014, net migration has fallen. California’s population did still increase in 2018 by almost 160,000 people, largely due to the 480,000 people born in the state. But while migration out of the state has accelerated over…

Misplaced Pride: Most of the “Middle Class” Is Actually Working Class

The conventional definition of working class is based on income and education:the working class household earns between $30,000 and $69,000 annually, and the highest education credential in the household is a two-year community college degree or trade certification. The definition of the middle class is also based on on income and education, but adds financial security as a metric: the middle class household earns $80,000 or more, holds 4-year college diplomas or graduate degrees, owns a home, has a 401K retirement account and so on. (My own definition is much more rigorous, as I reckon “middle class” today should have the same basic assets as…

CA Pension Fund Faces Crisis After Shunning Guns, Tobacco

California’s public pension fund is facing an internal crisis over its past decisions to restrict its investments to socially conscious causes. A report from the Wall Street Journal indicates it is considering pivoting away from its socially conscious divesting to address its increasing budget crisis. The California Public Employees Retirement System, simply known as Calpers, is wrestling with a budget deficit that is partially a result of the fund’s decision to ban investments in tobacco companies, the report states. The fund missed out on more than $3.5 billion due to its divestment from tobacco stocks, a December 2016 recommendation found. The Journal…

Econ Professor: “The Growing Risk of a 2020 Recession” Could Be Triggered By “Shock To Markets”

An economics professor at NYU and perhaps the media’s favorite permabear, Nouriel Roubini, is now saying that the world “has an even bigger problem on its hands.” Roubini says that a 2020 recession could likely be triggered by a “shock to the markets.” The Federal Reserve is once again going dovish on the economy too.  The central bank has signaled that there could be another rate cut as early as July and according to Market Watch, 40% of economists are expecting the Fed to cut interest rates again. While most believe the central banks won’t be able to do anything…