economics politics

the rich really do pay lower taxes than you

For the first time on record, the 400 wealthiest Americans last year paid a lower total tax rate — spanning federal, state and local taxes — than any other income group, according to newly released data.

…so how’s that swamp draining going?

The New York Times

economics politics

This is going to hurt you more than it’s going to hurt me…

From our Commander In Chief about the recent increases in tariffs for Chinese products…

“Our country can take in $120 billion a year in tariffs, paid for mostly by China, by the way, not by us,” he said. “A lot of people try to steer it in a different direction. It’s really paid — ultimately, it’s paid for by — largely, by China.

Either he’s an incredibly incompetent businessman who has no idea how businesses (or tariffs, for that matter) work, or…???

Anybody who thinks *American* businesses who pay the increased tariffs *won’t* turn around and increase their prices to *consumers* is living in a dreamworld.

via MarketWatch

economics human nature humor

well that would explain a lot…

via GoComics

economics human nature humor

the cycle of poverty…



via gocomics

economics personal finances

global salaries & expenses: India

Salary of a 21 yr-old bellhop at the Shangri-La hotel: $274/month
Cost of one night at the Shangri-La hotel: from $255
Average annual salary in India: $1,000
Cell phone service: $2/month
One liter of milk: $0.40
Loaf of bread: $0.20
Cost of a 2-yr MBA program: $6,000 to $10,000

(All amounts in US dollars)

Source: Condé Nast Traveler, Sept 2009

economics personal finances

more on the FDIC in the media

fdic sign
I continue to see somewhat misleading wording about FDIC insurance in media everywhere: newspapers, magazines, TV, web sites, and it really really bugs me. Compare what typical newspapers and TV news state: “the FDIC insures bank accounts up to $100,000” with what FDIC’s own signage says: “Each depositor insured to at least $100,000″ (emphasis mine). See the difference?

As I pointed out in my last article, it’s relatively easy to structure accounts so that an individual is insured by the FDIC for one or more accounts totalling over $100,000 at a single bank.

I’m begging everyone in the media. All you have to do is make one minor change when you’re talking about how FDIC insurance works. Please stop fanning the flame! There’s enough panic as it is without you fueling the fire!