More Obama Economy News: Half of Americans Have No Savings

From CNBC: “Nearly half of Americans have no savings: Survey.” Short on savings? You’re not alone. Twenty-eight percent of Americans have nothing in their savings accounts and another 21 percent don’t even have a savings account, according to a new survey from GOBankingRates. The rate comparison website surveyed 5,000 people and found just 29 percent of them had $1,000 or more in savings account. The article produces another group that has a slightly more optimistic outlook, but even if Read more […]

Federal Addiction to Short-Term Debt Will Not End Well

Short-Term Debt Means a Sudden Rise in Interest Rates Will Crush Us. The short-term picture looks deceptively stable. The long-term picture is not so good. On David Stockman’s website: “Uncle Sam’s $8 Trillion Annual Debt Churn: Why Washington Is Pertrified Of Honest Interest Rates.” When discussing the national debt, most people tend to only focus on the amount that it increases each 12 months.  And as I wrote about recently, the U.S. national debt has increased by more than Read more […]

Raise Interest Rates? You Must Be Joking!

The idea that Janet Yellen would raise interest rates was nothing more than a useful deception. The Federal Reserve doesn’t want to publicly admit that they have absolutely no idea about how to help the economy other than shove interest rates to zero and beyond. So we get contradictory statements. On the one hand, Yellen assures us that we are going to keep pumping out new money and keep interest rates zero and sub-zero. But to seem like they are thoughtful, intelligent people who are implementing Read more […]

One Fifth of Seniors Have Nothing Saved for Retirement; Almost One Third of Everyone Have Nothing Saved

Twenty percent of people fifty-five years of age and older have nothing saved for retirement. Thirty-one percent of adults of all ages have no retirement savings. According to the Washington Post: The sobering statistic was one of many released by the Federal Reserve on Thursday as part of its report on the economic well-being of U.S. households, which surveyed more than 4,100 people online last year between mid-September and early October. The study offered a stark reminder that as more Read more […]