Who Really Built America’s Massive Pyramid Of Debt?
Ernest Hemingway once wrote, “How did you go bankrupt? Two ways. Gradually, then suddenly.” Howmuch.net, a website that provides visualizations about money, recently published a new report that shows a unique perspective, breaking down debt into the deficits of each U.S. President has added throughout history. Hemingway’s warning looks strikingly similar when it comes to the U.S. national debt, which now stands at a whopping $21 trillion. Read more
Why Tax Cuts Without Spending Cuts Won’t Bring Economic Growth
On Monday October 15 2018, the US Treasury Department released figures showing that the federal budget deficit had widened by 17% in the 2018 fiscal year, to $779 billion. Most experts see this widening in the deficit as the result of the tax cuts, which went into effect in January this year. Read more
Cheers to the Peddler Class
As a vocation, peddling has long since gone out of style in this country, and the image of the peddler that has remained is not a glamorous one. Yet, the peddler must be given credit for helping to build the great American economy. He began his enterprise by bringing to the hinterland a modest pack on his back, as much as he had capital for, selling the contents and returning to his distributing point as soon as possible. He lived frugally, saved much of the proceeds of his sales, and invested his savings in a larger pack. He continued this process until he had saved enough to buy a horse and wagon, which enabled him to go more deeply into the sparsely settled areas and distribute more merchandise. Read more
The American Dream Shatters
Middle-class families, which used to be the backbone of the United States economy are becoming poorer. Despite the constant bombardment of news of a “healthy economy,” 62% of middle-class families struggle to afford a basic middle-class lifestyle. Read more
250,000 US Jobs Created in October!
Nonfarm payrolls increased by 250,000 for October, well ahead of Refinitiv estimates of 190,000. Average hourly earnings increased by 5 cents an hour for the month and 83 cents year-over-year, representing a 3.1 percent gain, the best pace since 2009. The unemployment rate stayed at 3.7 percent, the lowest since December 1969. Read more
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