Category Archives: Economy

Trump Bypasses Congress to Approve 8 Billion in Arms Sales to Saudi Arabia, UAE

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Not long after he reportedly agreed to send another 1,500-2,000 troops to the Middle East in yet another show of strength to combat an increasingly belligerent Iran, President Trump steamrolled Congress on Friday to approve $8 billion in arms sales to the UAE and Saudi Arabia and expedite delivery, WSJ reports.

The administration invoked a rarely used provision of American arms control laws to bypass Congress and approve the weapons sales, citing the escalating tensions with Iran as justification. WSJ’s sources said the $8 billion figure encapsulates a package of 22 separate deals.

Zero Hedge

Four in 10 Americans Embrace Some Form of Socialism

Socialism

WASHINGTON, D.C. — Americans today are more closely divided than they were earlier in the last century when asked whether some form of socialism would be a good or bad thing for the country. While 51% of U.S. adults say socialism would be a bad thing for the country, 43% believe it would be a good thing. Those results contrast with a 1942 Roper/Fortune survey that found 40% describing socialism as a bad thing, 25% a good thing and 34% not having an opinion.

The Roper/Fortune survey is one of the oldest trend questions measuring attitudes on socialism in the U.S. Gallup’s update of the question in an April 17-30 survey finds Americans more likely to have an opinion on the matter now, as well as a smaller gap in the percentage calling socialism a bad thing vs. a good thing.

Previous Gallup research shows that Americans’ definition of socialism has changed over the years, with nearly one in four now associating the concept with social equality and 17% associating it with the more classical definition of having some degree of government control over the means of production. A majority of Democrats have said they view socialism positively in Gallup polling since 2010, including 57% in the most recent measure in 2018.

Gallup

Despite Booming Economy, Middle Class Still Shrinking

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Living on the edge, being dragged down by debt, and having little hope for the future is no way to live.

But that is precisely where most Americans find themselves in 2019.  Despite a supposedly “booming economy”, the middle class continues to shrink and most of the country is barely scraping by from month to month.  In fact, a brand new survey that was just released by Charles Schwab discovered that 59 percent of all Americans are currently living paycheck to paycheck

Overall, 59 percent of Americans live paycheck to paycheck, according to the survey of 1,000 U.S. adults by Charles Schwab.

However, the Millennial generation (people ages 23-38) was the most likely to struggle in between payday, at 62 percent, followed by Generation X (60 percent), Generation Z (55 percent) and Baby Boomers (53 percent).

End of the American Dream

USPS Losing Billions

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The U.S. Postal Service lost more than $2 billion during the second quarter of the fiscal year, putting it on track to finish the current year more than $7 billion in the red—way worse than the nearly $4 billion in losses it posted last year.

In its quarterly fiscal report, published today, the Post Office reported small decreases in mail volume and overall revenue compared to the same quarter of 2018. Its big losses are driven by a sharp increase in expenses, primarily workers’ compensation costs, pension liabilities, and payments for retirees’ health benefits.

For the fiscal year that ended on September 30, 2018, the Postal Service recorded a then-record loss of $3.9 billion. At the time, Postmaster General Megan Brennan bluntly declared that the agency “cannot generate revenue or cut enough costs to pay our bills” and predicted that the agency would continue to post losses at “an accelerating rate.”

Reason

Biden 2020: US Obligated to Give Healthcare to Illegals

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Democrat 2020 candidate and former vice president Joe Biden told reporters in Los Angeles on Wednesday that U.S. citizens are “obligated” to pay for healthcare for illegal immigrants – a position that’s evolved just a bit from the policies he proposed on the campaign trail just over a decade ago.

“Look, I think that anyone who is in the situation that they’re in need of healthcare, regardless of whether they’re documented or undocumented, we have an obligation to see that they’re cared for,” Biden said Wednesday.

Blaze TV noted that “during his 2008 campaign, he presented a MUCH different plan,” and posted a video to Twitter of the then presidential candidate laying out his conditions for accepting illegal immigrants and extending the government’s help.

American Mirror

Socialists Want to Regulate Credit Cards, Banking For Our “Protection”

AOC-Bernie

Rep. Alexandria Ocasio-Cortez is set to unveil a “radical” new policy proposal with Sen. Bernie Sanders on Thursday that will take on the “greed” of the banking and credit card industry.

“New policy proposal dropping tomorrow with a special Senate co-lead,” tweeted Ocasio-Cortez. “It’s radical, which I always love, and we’re keeping more coins in your pocket, which I also love.”

The proposal will be revealed in a Facebook livestream at 12 p.m. EST.

Fox News

San Francisco Bans Cashless Stores

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San Francisco has officially banned cashless stores, with city officials saying businesses that only accept payment by card or app exclude low-income people who may not have access to bank accounts or credit.

In a unanimous vote Tuesday, the city’s Board of Supervisors approved an ordinance that will require brick-and-mortar business to accept cash payment for goods and services.

The law makes an exception for internet-only businesses like ride-hailing companies, as well as for food trucks and pop-up stores.

HuffPost

SEC Endorses MasterCard Plan to Cut Off Conservatives

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Blocking payments to individuals or groups by financial service firms impedes freedom of speech in a free society, journalist Ben Swann has told RT, following reports that MasterCard is allegedly on course to censor the ‘far-right.’

The New York-based firm is reportedly being forced by left-leaning liberal activists to set up an internal “human rights committee” that would monitor payments to “white supremacist groups and anti-Islam activists.”

“The problem is that everyone has their own views and, in a free society, the idea of a free society is that you are free to have your belief systems, as long as you’re not harming anyone else physically,” Swann told RT America. “But your belief system belongs to you and you have the right be wrong. White supremacists have the right to be wrong.”

RT

Leftist Activists Force Mastercard to Vote on Banning Conservatives

Jobs Surge, Unemployment Falls to Lowest Since 1969

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The U.S. jobs machine kept humming along in April, adding a robust 263,000 new hires while the unemployment rate fell to 3.6%, the lowest in a generation, according to a Labor Department report Friday.

Nonfarm payroll growth easily beat Wall Street expectations of 190,000 and a 3.8% jobless rate.

Average hourly earnings growth held at 3.2% over the past year, a notch below Dow Jones estimates of 3.3%. The monthly gain was 0.2%, below the expected 0.3% increase, bringing the average to $27.77. The average work week also dropped 0.1 hours to 34.4 hours.

CNBC