Don't like the trade deficit, low GDP and the public outrage over the offshore outsourcing? Change the accounting method to make it go away! Such is the agenda of government statisticians it appears. How they are going to incorporate statistical lies into national accounts is shocking. Production location no longer matters, the thing that will count is ownership of the final product.
Did you know the United States has the worst income inequality of any industrialized nation? So says the OECD in this study. Globally, income inequality has increased more from 2007 to 2010 than during the twelve years previous and America is sure enough #1.
The opposition to Larry Summers as Federal Reserve Chair is growing. There is new petition demanding Obama not appoint Larry Summers and already has almost 100,000 signatures. Yet that doesn't seem to phase President Obama who some say seems bound and determined to nominate Summers to the post.
President Obama gave a speech on winding down Freddie Mac and Fannie Mae, the GSEs often blamed for the housing crisis and a darling of conservative ire. Government sponsored enterprises, or GSEs buy up mortgages from private lenders and the theory is to loosen up funds to stir additional lending.
Welcome to this week in economic outrage. Every day there are thousands of economic horror stories where one just shakes their head in disbelief at the incessant injustice. To combat the information overload, we give you a financial follies reader's digest and how those in power could care less about any of it.
The headlines blaze criminal charges for SAC Capital Advisors, a wayward hedge fund. Yet if one reads the Southern district of New York indictment, it is fairly obvious the owner is getting off the hook.
Food stamp usage has leveled off in growth yet is still alarmingly high. As of April 2013, 47,548,694 people were on food stamps. That is 1 out of every 6.64 persons in the United States. This means that 15.05% of all people living in America are on food assistance. The United States population in middle of April 2013 was 315,928,000 and this figure includes everyone, including Americans overseas. Food stamp usage has increased 2.8% from April 2012.
Detroit lost a quarter-million residents between 2000 and 2010. A population that in the 1950s reached 1.8 million is struggling to stay above 700,000. Much of the middle-class and scores of businesses also have fled Detroit, taking their tax dollars with them.
This week in economic outrage has some real winners. Everyday there are so many injustices it is hard to keep up. Here are some cut to the chase boil downs of news and events you might have missed. As usual, corporations are running the government while the American people and labor be damned.
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