Chart of the Day...

[redrocket190]

Gut-wrenching stuff. I cannot think of any faster way to destroy a man than to remove the opportunity to provide for himself and his dependents.



This will not get better because even now as the economy slowly starts to turn around, the Government has created so much uncertainty (deficits and tax increases, health care, cap and trade) that any business would be mad to hire unless it was absolutely necessary.

But worry not, Obama's having a "jobs summit"....

[redrocket190]

My kids will go to college or post-grad school overseas and be learning at least two foreign languages so they can get out of America before this crap hits the fan.

[thestuz]

My kids will go to college or post-grad school overseas and be learning at least two foreign languages so they can get out of America before this crap hits the fan.

wow,how they can predict 2082? lol
think they might be getting a bit paranoid, bush blew funds left right and centre and the graph didnt blip too much. im sure obummer and the next 20 presidents will keep that graph down.

if they pull out of iraq 8 hours earlier they should be able to cover it

[thestuz]

australias unemployment never gets below 4% even in economic boom times. youve either gotta have a well off family or spend half your life working in the mines to get ahead around here. our pension age is 70. but the pension is not enough to even survive unless you dont mind living on baked beans n toast pretty sure america will pull through. always has, always will.

[iggys-amsoil]

In that first chart I was laid off for 82 83 and most of 84. From what was then McDonnell Douglas.

[xtremeslide]

[quote="redrocket190"]My kids will go to college or post-grad school overseas and be learning at least two foreign languages so they can get out of America before this crap hits the fan.


Foreign languages and an education in something you'll could

work independently of the country,it's a must



At least in the European zone from Portugal to Poland...

Michael you know that

there's enough post-grads,two degrees +MBA,and more....



All the others who'll try to find jobs overseas will be statistics


Africa is not an option because they emigrate everyday in boats

to europe like the cubans do in Miami,South america as well,

Russia,ufff...maybe China

if the comunist government will not close the frontiers and the 50%

will go to the U.S


or Aussieland


The money of the countries?

Well it travel everyday around the world,so with a "STOP" order

the money keeps safe and never returns to a country



Money have fear,more than the people,and the money needs security


Where?who knows....

[gregrobo]

come to Australia its not as bad a r7 makes out our recession is suposed to be over and bussiness has remained steady and unemloyment is reasonably low.

[thestuz]

come to Australia its not as bad a r7 makes out our recession is suposed to be over and bussiness has remained steady and unemloyment is reasonably low.

just dont go to south australia,
queelsland and western australia are still pumping though,despite the downturn in mining.

you can try sydney but it helps if you speak fluent chinese

stay away from northern territory or youll end up on the piss

try queensland, but youll need a japanese passport

stay away from adelaide, youll see why when you get here

[redrocket190]

australias unemployment never gets below 4% even in economic boom times. youve either gotta have a well off family or spend half your life working in the mines to get ahead around here. our pension age is 70. but the pension is not enough to even survive unless you dont mind living on baked beans n toast pretty sure america will pull through. always has, always will.

2% is considered full employment because you'll always catch some people between jobs. If the economy is booming higher % reflect inflexibility in the labor market or government regulations that deter companies from employment. The extra protections provided in Europe mean that those countries nearly always have a higher % unemployment rate than America. Regarding the retirement age and pension amount - the central government system served the population well didn't it? My Mom makes the same complaint in the UK. Her generation all paid in expecting to be taken care of and now the payout is paltry. Also the Bank of England keeps the bank rate low and erodes the growth in what she has saved.

America will "pull through" but the un-answered questions are a) is there a double-dip recession coming and b) what will America look like in 20 years if its unique characteristics (liberty, entrepreneurial approach, smaller government, lower taxes etc.) continue to be taken away.

[redrocket190]

The point of the chart was to make a dramatic point. Based on current government behavior, the debt will grow to unsustainable levels. The graying of the population cannot be avoided and only offset by large-scale immigration to provide a skilled labor pool for economic growth. The lunacy of the current health care debate is that taxes will be raised in the short-term but benefits (costs) don't fully kick in until 2013. When you map tax to cost the program will cost >$1.4 trillion USD over the first 10 years. Then it explodes. Planned cuts in existing Medicaid will never be made, because they're already years overdue.

Now as the crunch happens there will be few "ways out" all of them ugly. Reduce entitlements (raise the retirement age, ration health care), raise taxes (kills economic growth, raises unemployment), reduce other spending (defense, education), let inflation reduce the value of the debt (my personal favorite!), or default on the debt.

The bottom line is that some political party needs to step up and educate the electorate on some basic economic realities or we are all on a not so gentle slide into the mire.

[redrocket190]

What are the implications of a rising number and percentage of “non-payers”?

1. American Enterprise Institute economist Alan Viard commented on Fox News that “there’s concern that when you have so many people not paying the most visible tax—the individual income tax—you might lose a certain check that otherwise would be in place on government spending.”



2. It also means that the burden of income taxes is falling on a shrinking percentage of income tax filers who actually pay taxes, especially higher income groups. As the chart below shows (data here), the top 1 percent of taxpayers paid 40.42 percent of all income taxes collected in 2007 ($451 billion), the highest share in modern history for that group, and more for the first time ever than the entire bottom 95 percent of taxpayers, who paid $439 billion, or 39.4 percent of the total.

http://blog.american.com/?p=7951