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Austerity and Deficit Hawks Say, “Let Them Eat Cake,” The People Will Say, “Off With Their Heads”

AmpedStatus Report ))) By David DeGraw, AmpedStatus Report   The vultures are circling above the debt ceiling, along with the austerity and deficit hawks, ready to pounce on what little remains. Before I get into the tragic comedy that is the deficit debate, I must say that it is both fascinating and horrifying to watch the global financial elite incrementally destroy the United States. The American people remain passive while enduring ... Read more

Who Rules America? An Investment Manager Breaks Down the Economic Top 1%, Says 0.1% Controls Political and Legislative Process

Amped Status, July 23. 2011 Submitted by G. William Domhoff, author of Who Rules America? This article was written by an investment manager who works with very wealthy clients. I knew him from decades ago, but he recently e-mailed me with some concerns he had about what was happening with the economy. What he had to say was informative enough that I asked if he might fashion what he had told me into a document for the Who Rules America Web ... Read more

The US Tax Burden Falls Disproportionately On Individuals and Small Business

 Jesse’s Café Américain, July 20th, 2011 Although the nominal US corporate tax rate of 35% seems high, and especially so given all the corporate funded propaganda promoting more tax cuts and givebacks, in fact the realized corporate rates are relatively low both in terms of historical experience and other countries. This is because of the many loopholes, subsidies, and accounting gimmicks available to its corporate citizens from the ... Read more

Foreclosures Mount, Mediation Efforts Fail — Nation’s Wealthiest Black Suburb Points the Way

By Kat Aaron and Mary Kane New America Media, July 21, 2011 PRINCE GEORGE’S COUNTY, Md. – A widely touted strategy aimed at keeping Maryland residents from losing their homes by bringing banks and homeowners to the bargaining table has met with little success as the nation braces for another wave of foreclosures. Maryland passed a law a year ago that gave homeowners in foreclosure the right to mediation, if they ask for it. The Justice ... Read more

Healthcare law could leave families with high insurance costs

By Julian Pecquet The Hill, July 21, 2011 A major provision of the healthcare reform law designed to prevent businesses from dropping coverage for their workers could inadvertently leave families without access to subsidized health insurance. The problem is a huge headache for the Obama administration and congressional Democrats, because it could leave families unable to buy affordable health insurance when the healthcare law requires that ... Read more

Twenty-eight States and Washington, DC See Rising Unemployment, 8 States Increase Employment

Unemployment rates rose in most states in June By Derek Kravitz Associated Press, July 22, 2011 WASHINGTON — Unemployment rates rose in more than half of U.S. states in June, evidence that slower hiring is affecting many parts of the country. By Tony Gutierrez, AP Don Hudome, center, of National Tire & Battery with an attendee at a Job Fair in Dallas. The Labor Department said Friday that unemployment rates in 28 states and Washington, ... Read more

The TRUTH About Who Really Owns All Of America’s Debt

By Vincent Trivett Business Insider, Jul. 20, 2011 If you ever try comparing the debt situation in the US and Japan, someone will invariably say: Well, Japan can afford a lot more debt because it’s all domestically owned, whereas US debt is owned by the Chinese.It turns out this isn’t really true, though unfortunately this destructive myth continues to dominate political/economic debates.Yes, China holds a lot, but they’re ... Read more

Less Taxes Will Mean More Money Out of Your Pocket

No new taxes doesn’t mean no new fees Carla Marinucci, Joe Garofoli,Natalie Orenstein, Chronicle Staff Writers San Francisco, Chronicle, July 17, 2011 Brant Ward / The Chronicle A gallery called California People at the Oakland Museum of California lets visitors draw their own likeness to be included in the display. The Oakland Museum of California raised their admission price for adults from $8 to $12. Despite promises of no new taxes ... Read more

The Case for Defined Benefits and Retirement Security

Wednesday 20 July 2011 July 20, 2011, Truthou (Photo: itspaulkelly) In America, anybody who works for a living should be able to afford to retire. That’s why shunting newly hired and/or existing civil servants into defined contribution or 401(k)-style plans to save taxpayers money, as a new report by the Kellogg School of Management and the Simon School of Business suggests doing, is a bad idea. Doing this will actually cost taxpayers ... Read more

How the DoD Allows Contractors to Grade Themselves and Write Their Own Contract Terms

By Dina Rasor Truthout, July 20, 2011 (Image: JR / t r u t h o u t) The Department of Defense (DoD) Inspector General’s (IG) office recently found that the Marine Corps allowed their contractors for a vital troop protection system to act as government employees, including directing and evaluating government employees’ work, grading their own work and writing up requirements for the follow-on contract. The contractors then bid on ... Read more