Goldman Sachs: This is "as good as it gets"
I hope you are satisfied with the current state of the U.S. economy, because it'll get worse from here on.
"The current pace is probably as good as it gets because we expect the impulse from financial conditions to gradually turn more negative," Hatzius said.
If this is as good as it gets then we're in deep doo-doo.
In this so-called "booming economy", real average hourly earnings fell 0.1 percent from a year earlier. What do you think will happen to wages when the recession hits?
Even more important, what do you think people will do when their shitty job goes away?
Since 62% of people are very or somewhat comfortable with their level of emergency savings, including about one in five Americans with no emergency savings at all, this crappy savings rate isn't going to go up.
Put another way, 4 in 10 couldn't come up with $400 if their car needed major repairs, or someone broke an arm.
All this lack of savings adds up to lack of any possible retirement.
A Boston College professor took to Politico on Thursday with advice for younger workers concerned about their future financial prospects: Millennials needn't worry about retirement, Alicia Munnell, 75, writes, as long as they "are willing and able to work longer than their parents and grandparents did."
"Just work longer" is not just an insufficient answer, it also is increasingly impossible because people's health is deteriorating.
University of Michigan economists HwaJung Choi and Robert Schoeni used survey data to compare middle-age Americans’ health. A key measure is whether people have trouble with an “activity of daily living,” or ADL, such as walking across a room, dressing and bathing themselves, eating, or getting in or out of bed. The study showed the number of middle-age Americans with ADL limitations has jumped: 12.5 percent of Americans at the current retirement age of 66 had an ADL limitation in their late 50s, up from 8.8 percent for people with a retirement age of 65.At the current retirement age of 66, a quarter of Americans age 58 to 60 rated themselves in “poor” or “fair” health. That’s up 2.6 points from the group who could retire with full benefits at 65, the Michigan researchers found.
Cognitive skills have also declined over time. For those with a retirement age of 66, 11 percent already had some kind of dementia or other cognitive decline at age 58 to 60, according to the study. That’s up from 9.5 percent of Americans just a few years older, with a retirement age between 65 and 66.
While death rates can be volatile from year to year, Choi and Schoeni’s study is part of a raft of other research showing the health of Americans deteriorating.
Why are American's health getting worse? Look no further than our privatized health care system.
A full 25% of people skipped needed medical treatment because they can't afford it.
Even without people losing their health insurance from losing their jobs, premiums and deductibles will keep people from getting needed health care.
Some states could see as much as a 90 percent increase in premiums between 2019 and 2021, the analysis indicated.
The thing to keep in mind is that all of these numbers are from now - as good as it gets.
What we are facing in the near future is a dramatic rise in unemployment, and yet another decline in wages.
Perhaps it’s a statistical blip. If not, the U.S. faces an almost dystopian future—one of hyper class-stratification in which the few are rich and living longer while the many postpone retirement, struggle to get by and ultimately die younger.
It's not "almost" dystopian. It IS dystopian.
What's more, the political establishment thinks you have it too good.
After enormous giveaways to defense contractors and the wealthy elite, the budget deficit has been pushed up to critical levels.
When the recession hits in the next year or two, that deficit will explode higher.
So who'll pay for it? The wealthy elite who have never been richer? Of course not.
You peasants will pay for it. After all, having a full belly and a roof over your head is indeed too much to ask.
The thing is that an empty belly has a way of getting someone to focus.
When everyone is hurting, blaming immigrants, Hollywood liberals, Russians, and the impoverished, white working class doesn't sound credible. The typical scapegoats don't make logical sense.
So more and more angry people will finally consider blaming the people who were responsible all along - the political and economic establishment.
Comments
Tomorrow already arrived in NYC
https://harpers.org/archive/2018/07/the-death-of-new-york-city-gentrific...
"The things we have lost will never be found again, and the new things we have received are literally empty and spiritually devoid of meaning."
In related news
home affordability rates
Thanks for that obituary
of the city where I lived till 1973. While at a smaller scale my town in the PNW is bursting with pride in its explosive growth as it becomes "a place increasingly devoid of the idiosyncrasy, the complexity, the opportunity, and the roiling excitement that make a city great." Any future Dylan would never consider heading to NYC or here.
Yah
R.I.P
I think I'll get this in before someone else does
On to Biden since 1973
The poor are a better food source.
There's far more of us for the rich to feed on.
But poor people are so bitter and tough /nt
The secret to tender peasant is slow cooking. :-)
I think they've been using
the slow boil method, where the meat floats off the bone before most of us notice in time to object.
Psychopathy is not a political position, whether labeled 'conservatism', 'centrism' or 'left'.
A tin labeled 'coffee' may be a can of worms or pathology identified by a lack of empathy/willingness to harm others to achieve personal desires.
There's only so far you can cut...
When
The circus cannot feed you,
the salesman cannot heal you,
the politician cannot lead you,
and the priest cannot appease you,
the cop can no longer oppress you.
I do not pretend I know what I do not know.
A headline for the ages
Do they win a prize for this?
REPORT: Deutsche Bank lost 12 times more than it thought was possible in one day of trading
Banks are fine, no worries
Fed Finds All 35 Banks Will Be Fine If Stocks Crash by 65%, VIX Hits 60
According to the Fed's stress test, if stock prices drop 65% and VIX soars above 60, all 35 banks will be ok...
10321
JUN 21, 2018 4:37 PM
https://www.zerohedge.com/
I never knew that the term "Never Again" only pertained to
those born Jewish
"Antisemite used to be someone who didn't like Jews
now it's someone who Jews don't like"
Heard from Margaret Kimberley
"It's very unusual."
What delicate phrasing! Y'know, the only people who would call a massive financial loss "unusual" would be those whose own comfort is not endangered by it.
They need to be endangered. They need to feel what those on the bottom rungs know is danger.
And yet those at the top CEO's/Pol's
gatekeepers etc.etc. think they'll magically
escape the carnage
Denial ain't just a river in Egypt.
I never knew that the term "Never Again" only pertained to
those born Jewish
"Antisemite used to be someone who didn't like Jews
now it's someone who Jews don't like"
Heard from Margaret Kimberley
@ggersh
They're probably set up to profit from it; the money has to go somewhere, doesn't it? They don't call them disaster capitalists for nothing.
Psychopathy is not a political position, whether labeled 'conservatism', 'centrism' or 'left'.
A tin labeled 'coffee' may be a can of worms or pathology identified by a lack of empathy/willingness to harm others to achieve personal desires.
"the sky is falling"
Fox Business Report's typical right-wing view of the Federal debt is ridiculous in many ways.
Like all other nations which create and use their own fiat currency, the national debt includes the "M1" money supply. In other words, no debt == no money.
The demands for debt reduction are typical 0.1% bullshit, taking all money from us peasants to increase the power those possessing money to play with have over the rest of us. And all sectors of the Fox Lies empire speak for the 0.1% -- enthusiastically.
"US govt/military = bad. Russian govt/military = bad. Any politician wanting power = bad. Anyone wielding power = bad." --Shahryar
"All power corrupts absolutely!" -- thanatokephaloides
Time for tRumps' Cat Food Commissions?
However I doubt that as tRump is more blatant about what he is doing and won't see a need for a bogus panel to do the dirty deeds unlike the Democrats he will stab you in the front not the back.
All this reminds me of the 'deficit fever' under Obama and his 'Deficit Commission' more accurately called The Cat Food Commissions.The same guy that wouldn't let GWB's tax cuts which added trillions of dollars to the deficit, to just 'sunset' as scheduled. No debates no Republican nor Democrat votes needed just allow them to expire but Obama wouldn't let that happen and got over 80% of them made permanent and then later on he starts preaching about the deficit and creates those Cat Food Commissions.
"it only gets worse from here"
It occurs to me that "it's as good as it gets" means that things are as good as they get for Goldman Sachs and its ilk.
The Serf demand for a bigger slice of the wealth that is produced by them alone would not be good for Goldman Sachs and its ilk. The Serf demand for a real (i.e., other than Finance, Insurance and Real Estate or FIRE) economy in the USA would not be good for Goldman Sachs and its ilk. The Serf demand for a publicly regulated and taxed corporate securities market would not be good for Goldman Sachs and its ilk.
We need to make sure that it is this so-called "deterioration" of the economy that is visited upon Goldman Sachs and its ilk.
"US govt/military = bad. Russian govt/military = bad. Any politician wanting power = bad. Anyone wielding power = bad." --Shahryar
"All power corrupts absolutely!" -- thanatokephaloides
Are the frogs ready to jump out yet
or does the water need to get harder first? This is my question.
sorry, I just love this:)
Scientists are concerned that conspiracy theories may die out if they keep coming true at the current alarming rate.
Jeff Sessions
To: Adonai Yahweh Elohim Hashem
Supreme Suite
Celestial Palace Complex
Heaven
From: Satan Baalzebub Asmodeus Demogorgon de Belial
Central Citadel Facility
666th level
Hell
My Lord:
I am writing to You in regards to one Jefferson Beauregard Sessions III, currently dis-serving humanity as the Attorney General of the United States of America in the Middle Realm of Earth.
I dread the day of his death, as I have no doubt whatsoever that You will visit his lack of Mercy upon him and thus he will come My way. I frankly have no berth foul enough to satisfy Your Justice with the karma I already know he's got coming! And many of the inhabitants I've already got are raising Hell, too. I can only handle so many of this ilk, and I've already got Hitler, Mussolini, Tojo, Pol Pot, and many others like them to deal with.
And if you think my problems are bad with Jeff Sessions, consider what I'll be facing when Martin Shkreli dies! I don't think I can even get Sessions to berth with him!
I need You to grant me some new facilities down here, pronto. I mean You no offense or ill will, but it does appear that We both have seriously underestimated the capacity of human beings to deliberately choose evil over good. So I would appreciate it if You, the Creator, would Create for me an expansion of Hell. I desperately need the space!
Thank You for Your consideration!
Respectfully,
Satan de Belial
"US govt/military = bad. Russian govt/military = bad. Any politician wanting power = bad. Anyone wielding power = bad." --Shahryar
"All power corrupts absolutely!" -- thanatokephaloides
Ayup, Hell is filling up quickly lately
I'm sure that it's already quite full already, but with this current batch of miscreants it's going to get much fuller. I'm looking at you, Paul Ryan!
Scientists are concerned that conspiracy theories may die out if they keep coming true at the current alarming rate.
Hell is exothermic!
Hell is known to be exothermic! (Proof at the link!)
"US govt/military = bad. Russian govt/military = bad. Any politician wanting power = bad. Anyone wielding power = bad." --Shahryar
"All power corrupts absolutely!" -- thanatokephaloides
Laughing too hard to say thanks for the giggle!
Psychopathy is not a political position, whether labeled 'conservatism', 'centrism' or 'left'.
A tin labeled 'coffee' may be a can of worms or pathology identified by a lack of empathy/willingness to harm others to achieve personal desires.
"A Humane Word From Satan"
One of Clemens's best, satirizing a defense of Rockefeller and his charities.
Every time I see Goldman Sachs, or any of the other Economic Terrorists, as underwriters of this or that philanthropic effort I wanna puke and get into a fit of rage.
I'll say it again, fuck philanthropy. If we just had fundamental socialism we wouldn't ever have to grovel for their blood money (see NPR, PBS, etc).
"If I should ever die, God forbid, let this be my epitaph:
THE ONLY PROOF HE NEEDED
FOR THE EXISTENCE OF GOD
WAS MUSIC"
- Kurt Vonnegut
we're groveling
Especially in the cases you mention. The so-called "philanthropy" with NPR and PBS is really a very successful effort to make sure neither one gets tempted to obey its charter and engage in independent journalism!
Never forget that all wealth is created by labor (us!), and labor is entitled to everything it creates! The money used to buy control of "public" broadcasting is stolen.
I have nothing against genuine philanthropy. (Examples: St. Jude Children's Hospital in Memphis; National Jewish Health in Denver) However, the phony kinds make my blood boil.
One clue that a philanthropy is genuine: ordinary working-class people voluntarily take part in it. In Denver, PBS (KRMA, Channel 6) seems to be in some fundraising mode or other all the time. Meanwhile, ordinary working folks volunteer to give to National Jewish Health without even being asked to. (As I would myself, if I had money!)
And you're right: if we had basic democratic socialism in place`like all civilized nations do, there'd be no need or desire for these phony "philanthropies" which are really scams to keep the money of the monied producing power for them while incurring few or no taxes.
"US govt/military = bad. Russian govt/military = bad. Any politician wanting power = bad. Anyone wielding power = bad." --Shahryar
"All power corrupts absolutely!" -- thanatokephaloides
been making that point over & over to anyone who will listen
If Bill Gates, Zuckerberg, and the rest of the billionaires paid their fair share of taxes, they wouldn't have all that money to buy influence over things they know absolutely nothing about.
"Religion is what keeps the poor from murdering the rich."--Napoleon
Thanks for my 3rd giggle on this thread.
I needed those.
Edited to correct the actual number of giggles.
Psychopathy is not a political position, whether labeled 'conservatism', 'centrism' or 'left'.
A tin labeled 'coffee' may be a can of worms or pathology identified by a lack of empathy/willingness to harm others to achieve personal desires.
ROFLMAO
You've just written a classic - unless this was a Wikileaks entry, perchance?
Psychopathy is not a political position, whether labeled 'conservatism', 'centrism' or 'left'.
A tin labeled 'coffee' may be a can of worms or pathology identified by a lack of empathy/willingness to harm others to achieve personal desires.
Goldman sachs can die in a
Goldman sachs can die in a raging fire
So long, and thanks for all the fish
this is as good as it gets with capitalism.
The true greater evil. Time for Democratic Socialism and a return to the successful FDR way.
I am getting so radicalized that even FDR is too tame.
We are so far down the rat hole, nothing short of a public hanging of capitalists and their owned politicians will do.
"Religion is what keeps the poor from murdering the rich."--Napoleon
Hanging by which body-parts?
We could let the victims of Gitmo and other such torture-chambers decide.
Psychopathy is not a political position, whether labeled 'conservatism', 'centrism' or 'left'.
A tin labeled 'coffee' may be a can of worms or pathology identified by a lack of empathy/willingness to harm others to achieve personal desires.