During the course of the last three decades a small group of people have changed laws, tweaked those left unchanged, emasculated attempts at regulating their actions, created falsely based wars and a fictional economy. In the process they transferred an unprecedented share of wealth from 95% of us to the top 5%, themselves. A false economy was created in which people were paid incredible sums for producing nothing more than imaginary money. Then the house of cards started a full on collapse and that 95% was forced at gunpoint to go in debt to bail the 5% out. It is time for reparations.
Big job losses and a spike in early retirement claims from laid-off seniors will force Social Security to pay out more in benefits than it collects in taxes the next two years, the first time that’s happened since the 1980s.
The deficits — $10 billion in 2010 and $9 billion in 2011 — won’t affect payments to retirees because Social Security has accumulated surpluses from previous years totaling $2.5 trillion. But they will add to the overall federal deficit.
Applications for retirement benefits are 23 percent higher than last year, while disability claims have risen by about 20 percent. Social Security officials had expected applications to increase from the growing number of baby boomers reaching retirement, but they didn’t expect the increase to be so large.
The Obama administration may claim the recession is over and offer glowing reports of growth in the housing and financial markets but those messages ring hollow to the millions of Americans out of work and facing a future with little chance for employment.
There are six people seeking jobs for every one that is open. That’s 14.5 million unemployed Americans trying to get hired for 2.4 million jobs.
And companies aren’t ready to start hiring again. With unemployment benefits running out, an increasing number of Americans will lose their homes, their savings and their future.
Unemployment stands at 9.7 percent natiowide. It’s expected to top 10 percent by the end of the year.
For these Americans, the recession is far from over.
Bill Clinton says a vast, right-wing conspiracy that once targeted him is now focusing on President Barack Obama.
The ex-president made the comment in a television interview when he was asked about one of the signature moments of the Monica Lewinsky affair over a decade ago. Back then, first lady Hillary Rodham Clinton used the term “vast, right-wing conspiracy” to describe how her husband’s political enemies were out to destroy his presidency.
Bill Clinton was asked on NBC’s “Meet the Press” whether the conspiracy is still there. He replied: “You bet. Sure it is. It’s not as strong as it was because America has changed demographically. But it’s as virulent as it was.”
Clinton said that this time around, the focus is on Obama and “their agenda seems to be wanting him to fail.”
Considering the turmoil about how to proceed in Afghanistan, perhaps it is time for the United States to cut its losses and leave this political and military swamp to its own fate. It certainly doesn’t take any genius to understand that current policy is in such disarray that hopes for achieving political stability and long-term defeat of the Taliban are greatly diminished.
The military’s advice to President Barack Obama seems clear enough: Deploy more troops to get the job done in Afghanistan.
Vice President Joe Biden has this to say: Enough is enough. Reduce the number of soldiers fighting the Taliban and go after al-Qaeda.
Inside the White House, there’s a different opinion for nearly every senior staffer.
Obama, who must decide what to do, is reviewing his options. They are poor. He already sent 21,000 more Americans to Afghanistan just six months ago.
We, the public, don’t want to “lose” another war; nor do we want more Americans dying for no purpose. We can be certain the British and Russians, who spent many futile years in that harsh land trying to pacify marauding tribes, do not wish they had stayed longer.
Regulators on Friday shut down Atlanta-based Georgian Bank, the 95th U.S. bank to fail this year as loan defaults rise in the worst financial climate in decades.
In coming months, more banks are expected to buckle under the weight of commercial real estate and other loans that go sour. Those failures could imperil the insurance fund for deposits, already at the lowest point in nearly 20 years.
The Federal Deposit Insurance Corp. took over Georgian Bank, with about $2 billion in assets and $2 billion in deposits as of July 24. First Citizens Bank and Trust Co., based in Columbia, S.C., agreed to assume the assets and deposits of the failed bank. Georgian Bank’s five branches will reopen Monday as offices of First Citizens Bank.