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Daily Digest 10/9 - The Case Against The Baby Boomers, Falling Off The Economic Cliff

Tuesday, October 9, 2012, 9:10 AM

Economy

Who Destroyed The Economy? The Case Against The Baby Boomers (jdargis)

Ultimately, members of my father's generation--generally defined as those born between 1946 and 1964--are reaping more than they sowed. They graduated smack into one of the strongest economic expansions in American history. They needed less education to snag a decent-salaried job than their children do, and a college education cost them a small fraction of what it did for their children or will for their grandkids. One income was sufficient to get a family ahead economically. Marginal federal income-tax rates have fallen steadily, with rare exception, since boomers entered the labor force; government retirement benefits have proliferated. At nearly every point in their lives, these Americans chose to slough the costs of those tax cuts and spending hikes onto future generations.

Cliffhangers (jdargis)

If the reality of these spending cuts is so awful, why didn’t pre-commitment work for Congress? For a start, there is no such thing as a single, unified “Congress” that can truly make a resolution—a fact that’s easily overlooked. Instead, there are lots of congressmen, all with slightly different incentives, and there are two political parties, with profoundly different views on the best way to cut the deficit. Then, too, the hopes for an agreement were built on Democrats’ expectation that, when push came to shove, Republicans would vote to raise taxes. This was never going to happen; in fact, most congressional Republicans have signed a no-taxes pledge, which is a kind of pre-commitment device in its own right.

IMF Sees ‘Alarmingly High’ Risk of Deeper Global Slump (Dana T.)

The IMF’s 188 member countries convene in Tokyo this week as low growth damped by fiscal consolidation in the richest economies hurts developing counterparts from China to Brazil. As the IMF urged measures to boost confidence, uncertainties out of Europe show no sign of abating, with leaders still divided over a banking union and Spain resisting a bailout.

Nine in ten Scots 'living off state's patronage' (adam)

Her strongly worded attack on state patronage follows David Cameron’s warning to the Scottish Tories last autumn that they had no excuse for their dismal election performances.

But Miss Davidson will tell the conference that Scotland’s “staggering” and “frightening” reliance on the public sector must be taken into account.

The World's Largest Money-Laundering Machine: The Federal Reserve (Thomas C.)

Let's next ask why the Central State and Central Bank should subsidize and bail out the mortgage industry, a major component of private banking. Once again we find losses are neatly distributed to the citizenry while the profits all flow to private hands. Given that 98% of all mortgages are backed or guaranteed by Federal agencies (Fannie Mae, Freddie Mac, Ginnie Mae, FHA, VA, FmHA, etc.), the mortgage market is already completely socialized: the taxpayers are on the hook for any and all losses, but the profits from originating and servicing the loans are all private.

What Is The Real Inflation Rate? (David B.)

So you might want to start clipping more coupons, because a trip to the supermarket is about to become even more painful on the wallet.

Water bills have also been steadily rising all over the country. According to a study conducted by USA Today, some Americans have seen their water bills triple over the past 12 years….

Strict New Procedures for Iran Currency Trading After Protest (jdargis)

The politician, Gholamreza Mesbahi-Moghaddam, also said that Parliament has been preparing to discuss the suspension of the second phase of President Mahmoud Ahmadinjead’s subsidy reform plan, Iran’s English-language state television channel Press TV reported. The lawmaker stressed that people would continue to receive a monthly cash payment, which the government is due to deliver in a week’s time.

Article suggestions for the Daily Digest can be sent to dd@peakprosperity.com. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

5 Comments

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saxplayer00o1
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Tall
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Science faces the fate of the sea

Since humans began spewing industrial-scale quantities of carbon into the air, oceanic surface pH has fallen by more than .1 point, to about 8.1 — faster than any past change uncovered in the geological record. If it falls by .3 points more it will reach what coral experts call a “critical threshold.” Below pH 7.8, one warned in Monterey, “reef development ceases.”

The effects extend beyond unlucky critters and imperiled ecosystems; they feed back to the climate itself. Through a chemical knock-on process, the ocean’s uptake of CO2 reduces its production of another compound, dimethylsulfide (DMS). This marine DMS is the largest natural source of sulfur in the atmosphere, and that sulfur screens out solar radiation. Less sulfur means more planetary warming—compounding the impact of carbon emissions.

Again and again, however, the assembled researchers noted one region where acidification is clear, present, and meticulously documented, with economic as well as ecological impacts: the Pacific Northwest. Here, upwellings of deep offshore water (where CO2 concentrates) push into shore in summer and fall, sending pH levels plummeting.Several speakers in Monterey noted the example of Dave Nisbet, a veteran grower on Willapa Bay, where oysters have failed to spawn successfully since 2005.

http://crosscut.com/2012/10/09/environment/110889/science-faces-fate-sea/

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Tall
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Tainted Water Wells Linked to Gas Fracking

Methane in two Pennsylvania water wells has a chemical fingerprint that links it to natural gas produced by hydraulic fracturing, evidence that such drilling can pollute drinking water.

The data, collected by the U.S. Environmental Protection Agency, are significant because the composition of the gas --its isotopic signature -- falls into a range Cabot Oil & Gas Corp. (COG) had identified as that of the Marcellus Shale, which it tapped through hydraulic fracturing, or fracking.

http://www.bloomberg.com/news/2012-10-02/cabot-s-methodology-links-tainted-water-wells-to-gas-fracking.html

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Organic Raw Veggies
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Boomers end 1961 to 1964

Some of us after 1961 are gen xers and never found common ground with boomers.

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saxplayer00o1
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