Tuesday, April 30, 2013

How Dense Are We? ‘Obamacare’ Poll Finds 42% of Americans Unaware It’s Law


A new poll finds that many Americans are confused about the health care overhaul legislation commonly called “Obamacare.”
The Kaiser Family Foundation released results of a non-partisan study today finding more than 40 percent did not even know the law was in place.
“Four in ten Americans (42%) are unaware that the ACA [Affordable Care Act] is still the law of the land,” the report says, “including 12 percent who believe the law has been repealed by Congress, 7 percent who believe it has been overturned by the Supreme Court and 23 percent who say they don’t know enough to say what the status of the law is.”
The survey showed public opinion on Obamacare is at its second-lowest rating in the past two years.
Less than half – 40 percent – of adults viewed the ACA favorably, whereas 35 percent said they viewed it unfavorably. Another 24 percent said they did not know or refused to answer.
Democratic Sen. Max Baucus, one of the original crafters of the bill, earlier this month predicted a chaotic implementation process for the Affordable Care Act. “I just see a huge train wreck coming down,” Baucus, D-Mont., said.
The president today defended his health care plan against that claim.
“I think that any time you’re implementing something big, there is going to be people who are nervous and anxious about is it going to get done until it’s actually done,” he told reporters.
He went on to say those who would have trouble with implementation were the roughly 48 million Americans who are uninsured to begin with, a minority of the population.
“For the 85 to 90 percent of Americans who already have health insurance, this thing’s already happened, and their only impact is that their insurance is stronger, better, more secure than it was before,” President Obama said. “Full stop. That’s it. Now they don’t have to worry about anything else.”
Recognizing one confusing aspect of the law, the Department of Health and Human Services today made applying to enter the insurance market through the Affordable Care Act a little easier.
HHS  today released new applications for individuals and adults looking to get health insurance. Officials cut the forms down from 21 pages to seven pages for a family and three pages for an individual.
The applications ask nothing about medical history, beyond whether the applicant or a family member is pregnant and whether they have a condition that “causes limitations in activities … like bathing, dressing [and] daily chores.”
Instead, they resemble tax forms, inquiring about income, Social Security numbers and employment history. They also ask for contact information and race-ethnicity.
The application for families says members of the family who do not require health coverage do not have to list immigration status or Social Security numbers.
President Obama touted the new forms as one of the “refinements” his administration has made with respect to the Affordable Care Act in recent months.
“The challenge is that, you know, setting up a market-based system, basically an online marketplace where you can go on and sign up and figure out what kind of insurance you can afford and figuring out how to get the subsidies, that’s still a big complicated piece of business,” Obama told reporters at a news briefing the morning the new application was released.
“But having said all that, we’ve got a great team in place. We are pushing very hard to make sure that we’re hitting all the deadlines and the benchmarks.”
Three years after the president signed the bill into law, some Republicans continue to oppose it, holding steadfast in their promises to repeal it, while others have given up the fight.
House Majority Leader Eric Cantor, R-Va.,  introduced a bill last week that would have preserved some parts of Obamacare, but it died as other members of his party refused to support it.
“I want to repeal Obamacare completely,” Rep. Martha Roby, R-Ala., tweeted Monday night, “and I think efforts to exempt Congress are hypocrisy at its worst,” she added, referring to a Politico story suggesting that members of Congress might find a way to exclude themselves from the president’s health care overhaul, which they later rebutted.

Monday, April 29, 2013

20 Signs That The Next Great Economic Depression Has Already Started In Europe



20 Signs That The Next Great Economic Depression Has Already Started In EuropeThe next Great Depression is already happening - it just hasn't reached the United States yet.  Things in Europe just continue to get worse and worse, and yet most people in the United States still don't get it.  All the time I have people ask me when the "economic collapse" is going to happen.  Well, for ages I have been warning that the next major wave of the ongoing economic collapse would begin in Europe, and that is exactly what is happening.  In fact, both Greece and Spain already have levels of unemployment that are greater than anything the U.S. experienced during the Great Depression of the 1930s.  Pay close attention to what is happening over there, because it is coming here too.  You see, the truth is that Europe is a lot like the United States.  We are both drowning in unprecedented levels of debt, and we both have overleveraged banking systems that resemble a house of cards.  The reason why the U.S. does not look like Europe yet is because we have thrown all caution to the wind.  The Federal Reserve is printing money as if there is no tomorrow and the U.S. government is savagely destroying the future that our children and our grandchildren were supposed to have by stealing more than 100 million dollars from them every single hour of every single day.  We have gone "all in" on kicking the can down the road even though it means destroying the future of America.  But the alternative scares the living daylights out of our politicians.  When nations such as Greece, Spain, Portugal and Italy tried to slow down the rate at which their debts were rising, the results were absolutely devastating.  A full-blown economic depression is raging across southern Europe and it is rapidly spreading into northern Europe.  Eventually it will spread to the rest of the globe as well.
The following are 20 signs that the next Great Depression has already started in Europe...
#1 The unemployment rate in France has surged to 10.6 percent, and the number of jobless claims in that country recently set a new all-time record.
#2 Unemployment in the eurozone as a whole is sitting at an all-time record of 12 percent.
#3 Two years ago, Portugal's unemployment rate was about 12 percent.  Today, it is about 17 percent.
#4 The unemployment rate in Spain has set a new all-time record of 27 percent.  Even during the Great Depression of the 1930s the United States never had unemployment that high.
#5 The unemployment rate among those under the age of 25 in Spain is an astounding 57.2 percent.
#6 The unemployment rate in Greece has set a new all-time record of27.2 percent.  Even during the Great Depression of the 1930s the United States never had unemployment that high.
#7 The unemployment rate among those under the age of 25 in Greece is a whopping 59.3 percent.
#8 French car sales in March were 16 percent lower than they were one year earlier.
#9 German car sales in March were 17 percent lower than they were one year earlier.
#10 In the Netherlands, consumer debt is now up to about 250 percent of available income.
#11 Industrial production in Italy has fallen by an astounding 25 percent over the past five years.
#12 The number of Spanish firms filing for bankruptcy is 45 percenthigher than it was a year ago.
#13 Since 2007, the value of non-performing loans in Europe has increased by 150 percent.
#14 Bank withdrawals in Cyprus during the month of March were double what they were in February even though the banks were closed for half the month.
#15 Due to an absolutely crippling housing crash, there are approximately 3 million vacant homes in Spain today.
#16 Things have gotten so bad in Spain that entire apartment buildings are being overwhelmed by squatters...
A 285-unit apartment complex in Parla, less than half an hour’s drive from Madrid, should be an ideal target for investors seeking cheap property in Spain. Unfortunately, two thirds of the building generates zero revenue because it’s overrun by squatters.
“This is happening all over the country,” said Jose Maria Fraile, the town’s mayor, who estimates only 100 apartments in the block built for the council have rental contracts, and not all of those tenants are paying either. “People lost their jobs, they can’t pay mortgages or rent so they lost their homes and this has produced a tide of squatters.”
#17 As I wrote about the other day, child hunger has become so rampant in Greece that teachers are reporting that hungry children are begging their classmates for food.
#18 The debt to GDP ratio in Italy is now up to 136 percent.
#19 25 percent of all banking assets in the UK are in banks that are leveraged at least 40 to 1.
#20 German banking giant Deutsche Bank has more than 55 trillion euros (which is more than 72 trillion dollars) of exposure to derivatives.  But the GDP of Germany for an entire year is only about 2.7 trillion euros.
Yes, U.S. stocks have been doing great so far this year, but the truth is that the stock market has become completely and totally divorced from economic reality.  When it does catch up with the economic fundamentals, it will probably happen very rapidly like we saw back in 2008.
Our politicians can try to kick the can down the road for as long as they can, but at some point the consequences of our foolish decisions will hunt us down and overtake us.  The following is what Peter Schiff had to say about this coming crisis the other day...
"The crisis is imminent," Schiff said.  "I don't think Obama is going to finish his second term without the bottom dropping out. And stock market investors are oblivious to the problems."
"We're broke, Schiff added.  "We owe trillions. Look at our budget deficit; look at the debt to GDP ratio, the unfunded liabilities. If we were in the Eurozone, they would kick us out."
Schiff points out that the market gains experienced recently, with the Dow first topping 14,000 on its way to setting record highs, are giving investors a false sense of security.
"It's not that the stock market is gaining value... it's that our money is losing value. And so if you have a debased currency... a devalued currency, the price of everything goes up. Stocks are no exception," he said.
"The Fed knows that the U.S. economy is not recovering," he noted. "It simply is being kept from collapse by artificially low interest rates and quantitative easing. As that support goes, the economy will implode."
So please don't think that we are any different from Europe.
If the United States government started only spending the money that it brings in, we would descend into an economic depression tomorrow.
The only way that we can continue to live out the economic fantasy that we see all around us is by financially abusing our children and our grandchildren.
The U.S. economy has become a miserable junkie that is completely and totally addicted to reckless money printing and gigantic mountains of debt.
If we stop printing money and going into unprecedented amounts of debt we are finished.
If we continue printing money and going into unprecedented amounts of debt we are finished.
Either way, this is all going to end very, very badly.
European Central Bank, Frankfurt - by jpatokal

Saturday, April 6, 2013

21 Statistics About The Explosive Growth Of Poverty In America That Everyone Should Know


If the economy is getting better, then why does poverty in America continue to grow so rapidly?  Yes, the stock market has been hitting all-time highs recently, but also the number of Americans living in poverty has now reached a level not seen since the 1960s.  Yes, corporate profits are at levels never seen before, but so is the number of Americans on food stamps.  Yes, housing prices have started to rebound a little bit (especially in wealthy areas), but there are also more than a million public school students in America that are homeless.  That is the first time that has ever happened in U.S. history.  So should we measure our economic progress by the false stock market bubble that has been inflated by Ben Bernanke's reckless money printing, or should we measure our economic progress by how the poor and the middle class are doing?  Because if we look at how average Americans are doing these days, then there is not much to be excited about.  In fact, poverty continues to experience explosive growth in the United States and the middle class continues to shrink.  Sadly, the truth is that things are not getting better for most Americans.  With each passing year the level of economic suffering in this country continues to go up, and we haven't even reached the next major wave of the economic collapse yet.  When that strikes, the level of economic pain in this nation is going to be off the charts.
The following are 21 statistics about the explosive growth of poverty in America that everyone should know...
1 - According to the U.S. Census Bureau, approximately one out of every six Americans is now living in poverty.  The number of Americans living in poverty is now at a level not seen since the 1960s.
2 - When you add in the number of low income Americans it is even more sobering.  According to the U.S. Census Bureau, more than 146 million Americans are either "poor" or "low income".
3 - Today, approximately 20 percent of all children in the United States are living in poverty.  Incredibly, a higher percentage of children is living in poverty in America today than was the case back in 1975.
4 - It may be hard to believe, but approximately 57 percent of all children in the United States are currently living in homes that are either considered to be either "low income" or impoverished.
5 - Poverty is the worst in our inner cities.  At this point, 29.2 percentof all African-American households with children are dealing with food insecurity.
6 - According to a recently released report, 60 percent of all children in the city of Detroit are living in poverty.
7 - The number of children living on $2.00 a day or less in the United States has grown to 2.8 million.  That number has increased by 130 percent since 1996.
8 - For the first time ever, more than a million public school students in the United States are homeless.  That number has risen by 57 percent since the 2006-2007 school year.
9 - Family homelessness in the Washington D.C. region (one of the wealthiest regions in the entire country) has risen 23 percent since the last recession began.
10 - One university study estimates that child poverty costs the U.S. economy 500 billion dollars each year.
11 - At this point, approximately one out of every three children in the U.S. lives in a home without a father.
12 - Families that have a head of household under the age of 30 have a poverty rate of 37 percent.
13 - Today, there are approximately 20.2 million Americans that spend more than half of their incomes on housing.  That represents a 46 percent increase from 2001.
14 - About 40 percent of all unemployed workers in America have been out of work for at least half a year.
15 - At this point, one out of every four American workers has a job that pays $10 an hour or less.
16 - There has been an explosion in the number of "working poor" Americans in recent years.  Today, about one out of every fourworkers in the United States brings home wages that are at or below the poverty level.
17 - Right now, more than 100 million Americans are enrolled in at least one welfare program run by the federal government.  And that does not even include Social Security or Medicare.
18 - An all-time record 47.79 million Americans are now on food stamps.  Back when Barack Obama first took office, that number was only sitting at about 32 million.
19 - The number of Americans on food stamps now exceeds the entire population of Spain.
20 - According to one calculation, the number of Americans on food stamps now exceeds the combined populations of "Alaska, Arkansas, Connecticut, Delaware, District of Columbia, Hawaii, Idaho, Iowa, Kansas, Maine, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Rhode Island, South Dakota, Utah, Vermont, West Virginia, and Wyoming."
21 - Back in the 1970s, about one out of every 50 Americans was on food stamps.  Today, close to one out of every six Americans is on food stamps.  Even more shocking is the fact that more than one out of every four children in the United States is enrolled in the food stamp program.
Unfortunately, all of these problems are a result of our long-term economic decline.  In a recent article for the New York Times, David Stockman, the former director of the Office of Management and Budget under President Ronald Reagan, did a brilliant job of describing how things have degenerated over the last decade...
Since the S&P 500 first reached its current level, in March 2000, the mad money printers at the Federal Reserve have expanded their balance sheet sixfold (to $3.2 trillion from $500 billion). Yet during that stretch, economic output has grown by an average of 1.7 percent a year (the slowest since the Civil War); real business investment has crawled forward at only 0.8 percent per year; and the payroll job count has crept up at a negligible 0.1 percent annually. Real median family income growth has dropped 8 percent, and the number of full-time middle class jobs, 6 percent. The real net worth of the “bottom” 90 percent has dropped by one-fourth. The number of food stamp and disability aid recipients has more than doubled, to 59 million, about one in five Americans.
For the last couple of years, the U.S. economy has experienced a bubble of false hope that has been produced by unprecedented amounts of government debt and unprecedented money printing by the Federal Reserve.
Unfortunately, that bubble of false hope is not going to last much longer.  In fact, we are already seeing signs that it is getting ready to burst.
For example, initial claims for unemployment benefits shot up to385,000 for the week ending March 30th.
That is perilously close to the 400,000 "danger level" that I keep warning about.  Once we cross the 400,000 level and stay there, it will be time to go into crisis mode.
In the years ahead, it is going to become increasingly difficult to find a job.  Just the other day I saw an article about an advertisement for a recent job opening at a McDonald's in Massachusetts that required applicants to have "one to two years experience and a bachelor's degree".
If you need a bachelor's degree for a job at McDonald's, then what in the world are blue collar workers going to do when the competition for jobs becomes really intense once the economy experiences another major downturn?
Do not be fooled by the fact that the Dow has been setting new all-time highs.  The truth is that we are in the midst of a long-term economic decline, and things are going to get a lot worse.  If you know someone that is not convinced of this yet, just share the following article with them: "Show This To Anyone That Believes That 'Things Are Getting Better' In America".
So what are all of you seeing in your own areas?
Are you seeing signs that poverty is getting worse?
Please feel free to post a comment with your thoughts below...

Wednesday, April 3, 2013

U.S. sees highest poverty spike since the 1960s, leaving 50 million Americans poor as government cuts billions in spending... so does that mean there's no way out?


The number of Americans living in poverty has spiked to levels not seen since the mid 1960s, classing 20 per cent of the country’s children as poor.
It comes at a time when government spending cuts of $85 billion have kicked in after feuding Democrats and Republicans failed to agree on a better plan for addressing the national deficit.
The cuts will directly affect 50 million Americans living below the poverty income line and reduce their chances of finding work and a better life.
Success story: Before spending cuts kicked in, 49-year-old Antonio Hammond (pictured) became a success story for Catholic Charities of Balitmore and is now in employment
Success story: Before spending cuts kicked in, 49-year-old Antonio Hammond (pictured) became a success story for Catholic Charities of Balitmore and is now in employment
Before spending cuts kicked in on March 1st, 49-year-old Antonio Hammond became a success story for Catholic Charities of Baltimore - one of a multitude of organizations trying to haul people out of poverty.
In this Maryland port city, one of four residents is considered poor by U.S. government standards.
Hammond says he ended up in Baltimore three years ago, addicted to crack cocaine and snorting heroin, living in abandoned buildings where "the rats were fierce," and financing his addiction by breaking into cars and stealing copper pipes out of crumbing structures.
Eighteen months after finding his way to Catholic Charities via a rehabilitation center, the Philadelphia native is back in the work force, clean of drugs, earning $13 an hour cleaning laboratories for the Biotech Institute of Maryland and paying taxes.
Kicked his habit: Antonio Hammond (pictured) says he ended up in Baltimore three years ago, addicted to crack cocaine and snorting heroin
Kicked his habit: Antonio Hammond (pictured) says he ended up in Baltimore three years ago, addicted to crack cocaine and snorting heroin - while living in poverty
Catholic Charities, which runs a number of federally funded programs, spent $18,000 from privately donated funds to turn around Hammond's life through the organization's Christopher's Place program which provides housing and support services to recovering addicts and former prisoners.
Such success stories are in danger as billions in federal government spending cuts begin squeezing services for the poor nationwide.
They are hitting as the U.S. slowly climbs out of the deepest economic downturn since the Great Depression of the 1930s.
"All I wanted to do was get high," Hammond said. "I didn't even know any more how to eat or clean myself."
Now he lives with two other men in housing subsidized by the charity, got his driver's license and bought a car. What he marvels at the most is that he has been accepted after a 20-year absence by some of his nine children. That's the best part, he said. "At least I know now they might not hate me."
The U.S. Census Bureau puts the number of Americans in poverty at levels not seen since the mid-1960s when President Lyndon B. Johnson launched the federal government's so-called War on Poverty.
As President Barack Obama began his second term in January, nearly 50 million Americans — one in six — were living below the income line that defines poverty, according to the bureau. A family of four that earns less than $23,021 a year is listed as living in poverty. 
The bureau said 20 percent of the country's children are poor.
Although it is far from the country's poorest city, Baltimore's poverty rate far outstrips the national average of one in six.
Catholic Charities of Baltimore is a conduit for state and federal money for programs designed to help the poor. The charity plays a major role in administering Head Start, a federal program that provides educational services for low-income pre-school children and frees single mothers to find work without the huge expense of childcare.
The spending cuts, known as the sequester, are going to hit Head Start especially hard.
"Before the sequester only half of the need was being met. Now, after the cuts fully take effect, there will be 900 children already in the program who won't be able to take part," said William McCarthy, executive director of Catholic Charities.
The streets of Baltimore: Baltimore is far from the worst American city for poverty, but it faces all the problems of cities where vast numbers of the poor now live
The streets of Baltimore: Baltimore is far from the worst American city for poverty, but it faces all the problems of cities where vast numbers of the poor now live
There is no question the national belt-tightening "will deepen and increase poverty," said McCarthy, citing the cuts in long-term care for poor seniors including assisted living and nursing care, and fewer low-income housing spaces, among other ripple effects.
Under the spending cuts, Baltimore Housing Commissioner Paul T. Graziano said his agency faces a $25 million shortfall in funds to help poor people with housing. 
There are 35,000 people on the waiting list. He also lamented cuts that will hamper the city's efforts to clean up or demolish blighted neighborhoods.
Baltimore has 15,000 vacant and abandoned structures as a result of a steep population decline over the past half century.
"It's very, very disheartening. We take a couple of steps forward and then fall back at least one. The private sector isn't going to fix these neighborhoods. I view these things as investments, not expenditures. These things are an investment in the future that bring returns many times over," he said.
While the U.S. economy is slowly recovering, improvements for those deep in poverty do not keep pace with the cuts now in place. 
The spending reductions going into effect will hit hardest at Americans whose prospects are not directly tied to the economy — people like Antonio Hammond and children in the Head Start pre-school programs.
Kids on the streets: When President Obama started his second term in January, 20 per cent of America's children were classed as poor
Kids on the streets: When President Obama started his second term in January, 20 per cent of America's children were classed as poor
Mayor Stephanie Rawlings-Blake said Baltimore depends on federal grants and funding for 12 percent of its budget. 
The austerity cuts "to housing programs_as well as those to public safety, health, and education_will have an adverse effect on Baltimore and throughout the country," she said.
The cuts, which will also hit U.S. defense spending, were designed two years ago as an incentive for lawmakers to avoid a standoff over the federal debt and a potential government shutdown. 
The measures were seen as so onerous as to force Republicans and Democrats in Congress to reach a compromise spending plan. But compromise proved impossible before the March 1 deadline, and what were once seen as unthinkable cuts automatically went into effect.
Democrats want a deficit reduction plan that includes some spending cuts and tax increases on the wealthy. Republicans balk at any more tax increases and insist the problem should be addressed solely by reigning in spending. That feud continues as the two sides battle out future fiscal issues.
Republicans want to see even more cuts in next year's budget, reductions that would, by and large, return military spending to pre-sequester levels and provide big tax benefits to wealthy Americans.
A 2014 budget plan proposed by Rep. Paul Ryan, the vice presidential candidate on the unsuccessful Republican presidential ticket last year, would be particularly tough on social safety net programs. 
His plan would slash $135 billion over the next decade from the program that provides food aid for low-income Americans. Nearly three-quarters of households receiving help from the program include children, who, census figures show, are the group hardest hit by poverty.
Ryan's plan would also turn the government's Medicare health insurance program for Americans age 65 and over into a voucher system, providing direct government payments to seniors who would then try to buy insurance on the private market.
Derelict conditions: Baltimore has 15,000 vacant and abandoned structures as a result of a steep population decline over the past half century
Derelict conditions: Baltimore (pictured) has 15,000 vacant and abandoned structures as a result of a steep population decline over the past half century
Ryan defends his drive for austerity as necessary to begin shrinking the country's $16 trillion national debt.
"If we never balance the budget, if we keep adding deficit upon deficit we have a debt crisis like Europe has. 
That means seniors lose their health care benefit, that means the people in the safety net see the net cut and they go in the street. 
That means you have a recession. These are the things we prevent from happening by balancing the budget. 
Balancing the budget is but a means to an end. It's growing the economy, it's creating opportunity, it's getting government to live within its means," he said in an interview with Fox News.
Obama backs increasing taxes on the wealthy while instituting smaller government spending cuts, a plan that would reduce deficit spending but more slowly. He and most fellow Democrats argue that European-style austerity has not worked there and will harm the U.S. recovery from the Great Recession.
It's an ideological fight that dates back decades. Republicans work from the premise that by unleashing the private sector and removing government controls, all Americans will prosper along with the economy and benefits will flow down to lower-income earners. 
Democrats insist there is an essential role for government in putting a floor under the poor and helping local governments with problems that the private sector cannot or will not shoulder.
Some worry the gap between rich and poor in the U.S. will keep widening under the austerity measures.
According to a report by the non-partisan Congressional Research Service late last year, "U.S.
income distribution appears to be among the most unequal of all major industrialized countries and the United States appears to be among the nations experiencing the greatest increases in measures of income."
Mary Anne O'Donnell, director of community services at Catholic Charities of Baltimore, said increasing income inequality has shown itself dramatically during the U.S. downturn.
"In the last three years, there's been a great change in the kinds of people we are serving. There are increasing numbers of people who owned a home, lost their jobs, end up living in their car and are coming with children to our soup kitchen," she said.
Her organization spent $126 million in the last fiscal year feeding the poor, helping them find jobs and housing, running nursing homes and putting men like Hammond back on their feet.
Of that figure, $98 million came from various programs funded by the city, state and federal governments. Those now face the big cuts as politicians in Washington fail to find a compromise.


Read more: http://www.dailymail.co.uk/news/article-2302997/U-S-sees-highest-poverty-spike-1960s-leaving-50-million-Americans-poor-government-cuts-billions-spending.html#ixzz2PPSowr3q
Follow us: @MailOnline on Twitter | DailyMail on Facebook