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“$1MM Per Minute In Salaries, $22BN Per Year In Vacation Pay” And Other Fun Facts About The Federal Workforce

The folks at Open The Books decided to take a deep dive into the salaries of 1.97 million federal employees, using data collected from the Office Of Personnel Management and the USPS via FOIA requests, and the endless examples of excessive pay and pure waste are sure to make you sick, if not downright suicidal.  […]


China’s Raging Against Dying Of The Light (Or Why Peak Employment Is Imminent)

Authored by Chris Hamilton via Econimica blog, China's working age population is clearly defined as those aged 16 to 50 years old for females (55 for "white collar" females) and 16 to 60 years old for males.  China mandates retirement at these outer age limits.  Perhaps of some interest should be that this working age population peaked in 2011 and has […]


A Radical Critique Of Universal Basic Income

Authored by Charles Hugh Smith via OfTwoMinds blog, This critique reveals the unintended consequences of UBI. Readers have been asking me what I thought of Universal Basic Income (UBI) as the solution to the systemic problem of jobs being replaced by automation. To answer this question, I realized I had to start by taking a […]


“Excessive Pockets Of Gluttony”: Meet PA’s Public Pensioners Making $500,000 A Year Courtesy Of Taxpayers

Liberal politicians in Washington D.C. often complain about the federal tax code being too regressive and thus placing too large a burden on low-income families while allowing “millionaire, billionaire, private jet owners” to get a free pass (one must to be willing to ignore actual statistics to reach this conclusion but lets just take the […]


The Great Retirement Con

Authored by Adam Taggart via PeakProsperity.com, Frankly put: retirement is now a myth for the majority…   The Origins Of The Retirement Plan Back during the Revolutionary War, the Continental Congress promised a monthly lifetime income to soldiers who fought and survived the conflict. This guaranteed income stream, called a "pension", was again offered to […]


The Ponzi Scheme That’s Over 100x The Size Of Madoff

Authored by Simon Black via SovereignMan.com, By January 1920, much of Europe was in total chaos following the end of the first World War. Unemployment soared and steep inflation was setting in across Spain, Italy, Germany, etc. But an Italian-American businessman who was living in Boston noticed a unique opportunity amid all of that devastation. […]


Will Americans Die Young Enough To Save Pension Plans?

Authored by Doug French via The Mises Institute, “Pension fund problems worsen in 43 states” says the Bloomberg headline. Laurie Meisler writes, New Jersey, Kentucky and Illinois continue to lose ground and now have only about one third of the money they need to pay retirement benefits. And three states had double-digit declines in their pension funding […]


America’s Extreme Social Fragmentation Exposed In 3 Simple Charts

Via MauldinEconomics.com, Analysts have been conducting studies since 1994, trying to discern political polarization. These three charts look at the years 1994, 2004, and 2017. Even as late as 2004, notice the broad crossover between the median Democrat and median Republican. And then notice how wide the divide is today. Not only are the median […]


The US Government Quietly Added $200 Billion To The National Debt This Month Alone

Authored by Simon Black via SovereignMan.com, There’s been something happening this month that very few people have noticed. It’s been lost beneath all the other headline-dominating news, from the Las Vegas shooting to Harvey Weinstein to the Mueller investigation. But very quietly behind the scenes there’s been an extremely rapid uptick in the US national […]


Initial Jobless Claims Crash To Lowest Since 1973

So much for the hurricane distortions of the US labor market… Just a few short weeks after initial unemployment claims jumped in the aftermath of Hurricanes Harvey and Irma, in the latest week the DOL reported that filings for unemployment benefits tumbled to the lowest level in 45 years, or since 1973, as all those […]


“I’m Going To Work Until I Die”: A Look At How Unprepared Boomers Are For Retirement

Authored by Patrick Watson via Mauldin Economics, Wall Street endlessly gushes about retirement. Its TV commercials show how wonderful life will be in our golden years—when we are old, yet still healthy and wealthy enough to go hang-gliding every day. Meanwhile, out here in the real world, most working-age Americans don’t want to talk or […]


Social Security Means-Testing Looms: “It’s Impossible Without A 50% Income Tax Hike”

Authored by John Mauldin via MauldinEconomics.com, The projected total US debt will be $30 trillion within 10 years, using the CBO’s own numbers. But the CBO also makes the rosy assumptions that there will be no recessions and that GDP will grow at a 4% nominal rate. Now, that’s possible; I'm inclined to haircut it […]


Your Pension Is A Lie: There’s $210 Trillion Of Liabilities Our Government Can’t Fulfill

Authored by John Mauldin via MauldinEconomics.com, In the US, we have two national programs to care for the elderly. Social Security provides a small pension, and Medicare covers medical expenses. All workers pay taxes that supposedly fund the benefits we may someday receive. The problem is that's not actually true. Neither of these programs is […]


“You May Be Hopping Mad When You Finish Reading This”

Submitted by John Mauldin of Mauldin Economics Uncle Sam’s Unfunded Promises Here’s a surprisingly profound question: What is a promise? Dictionaries offer various definitions. I like this one: “An express assurance on which expectation is to be based.” That definition captures the two-sided nature of a promise. One party offers an assurance, which the other […]


A $210 Trillion Problem: “You May Be Hopping Mad When You Finish Reading This”

Submitted by John Mauldin of Mauldin Economics Uncle Sam’s Unfunded Promises Here’s a surprisingly profound question: What is a promise? Dictionaries offer various definitions. I like this one: “An express assurance on which expectation is to be based.” That definition captures the two-sided nature of a promise. One party offers an assurance, which the other […]