In 2014, the bottom fifth of Americans (incomes up to $24,200/year) earned 4.5% of income and paid -2.2% of income taxes (because of credits like EITC). The next quintile earned 9.3% of income and paid -1% of income taxes. The…
A dollar of government spending can create more than a dollar of tax revenue! About $60 billion/year of Medicare spending goes for “improper payments.” With a return of over $10 for each dollar spent, Congress should increase the Medicare fraud-busting…
Doctor Drupe The Friday File: Contrary to popular wisdom and after controlling for socioeconomic status, persons that eat an apple a day are just as likely to see the doctor or have an overnight hospital stay as those that do…
While the Fed struggles as to the timing of its first rate rise since 2004, this puts it in rarified company. Last quarter, Australia, Brazil, Canada, China, Denmark, India, Indonesia, Japan, South Korea, Thailand, the ECB, Hungary, Israel, Poland, Russia,…
The population of US counties that include large metropolitan cities grew just 0.7% between 7/13 and 7/14, down 0.9% Y-o-Y. Suburbs of the large metro areas grew by 1.2%, up from 1.1% Y-o-Y. The exurbs, (the suburbs of the suburbs)…
Sales of vacation homes are skyrocketing. Last year a record 1.13 million vacation properties sold, an amazing 21% of all sales and up 57.4% from 2013! Part of this is due to Boomers buying second homes to eventually retire to,…
The Fed wants to raise short-term rates, and the three most important labor market variables they’re looking at are payroll growth, the unemployment rate and the change in average hourly earnings. Last Friday’s employment report offered no good news. Payroll…
The Friday File: In the unlikely event of a zombie invasion, avoid northeastern Pennsylvania at all costs as it’s close to big cities where the outbreak is likely to start. Bakersfield is also bad, it’s close to LA, SF and…
While Q1 corporate profit growth will likely be flat due to bad weather, a strong dollar and weak exports, global growth and oil prices, corporate profits have been lackluster for some time. Following a Great Recession annualized low of $674.1…
While it’s obvious to all that the public debt, world population, and numbers of known galaxies, solar panels, divorces, live births, live economists all continually increase, there appears no concomitant decrease in anything. This goes against the plethora of conservation…