Tag Archives: economy

Business/Economics, International

What Economic Recovery? Japanese needing welfare help hits record levels: 2.05 million

The number of people in Japan, who need help with basic needs keeps going up month after month.  The Japanese Welfare Ministry reports that in July welfare recipients hit a record 2.05 million.

A big jump is in ‘working age households’ (people who’re less than 65 years of age).  That category receiving welfare is now four times higher than 10 years ago.

The Welfare Ministry says since 1995 more people are needing welfare help. However, current increases in welfare recipients are due directly to the 2007/08 credit crisis.  Japanese officials say for the past three years welfare rolls have been increasing by an average of 10,000 people per month!

Business/Economics, Idaho, U.S.

What Economic Recovery? Government Incompetence: Confusing & conflicting plans to “save” United States Postal Service, thousands will still lose their jobs

On November 2 the U.S. Senate presented a plan to “save” the USPS.

That plan would pay back U.S.$7 billion of the funds Congress stole, I mean, that Congress forced the USPS to overpay in retirement funds.  However, the $7 billion is to be used to buy out employees (a nice way of laying people off, as many as 100,000 employees will lose their jobs in the buy out).  It would also require a two year study before ending Saturday deliveries. The draconian retirement fund payment schedule would be ended as well (it’s the main reason the USPS is in financial trouble).

Then on November 7, the U.S. Postmaster General announced that he will officially present plans to “save” the USPS on November 21!

His plan will include laying off thousands of workers, closing offices and sorting facilities, and ending Saturday deliveries.  He’ll make his official announcement at the November 21, National Press Club Speakers luncheon in Washington DC.

Local Idaho postal workers told me what ever plan is official announced that it’s basically a sham, what’s going down with the USPS is a “done deal”.

 

 

International, Technology, U.S.

World War 3: Ron Paul says U.S. claims against Iran are overblown, sanctions are acts of war

“For them to be a threat to us and to anyone in the region, I think it’s blown out of proportion.”-Ron Paul, U.S. Congressman from Texas

The International Atomic Energy Agency (IAEA) is scheduled to come out on November 8 with a new report on Iran.  Some sources say it will accuse Iran of making nuclear weapons.

One week ago, the U.S. House Foreign Affairs Committee asked to intensify sanctions against the Islamic Republic of Iran.  Ron Paul says that proves we are at war with Iran: “When you put on strong sanctions, those are acts of war.”

If you take some college courses on warfare you’ll discover that economic sanctions really are part of the war making arsenal (that’s why the Japanese say they were justified in attacking the U.S. Navy at Pearl Harbor in 1941).




 

Idaho, U.S.

It’s official; Idaho State University sucks! Carnegie ranks ISU second to worst in the West!

The Center for College Affordability and Productivity recently released the latest rankings of U.S. colleges and universities.

They include the 2011 rankings by Forbes/CCAP, using the Carnegie Classification (by geographic region).  Idaho State University ranked 111, out of 112!

Portland State, in Oregon, came in dead last.  Who’s number one in the West?  Stanford, in California.

By the way, Boise State didn’t do much better, coming in at 109 out of 112!

Business/Economics, Idaho, U.S.

What Economic Recovery? Idaho tax revenues for October fall short

The Idaho Division of Financial Management reported that October tax revenues were $1.6 million short of what was needed.

State officials were hoping for $210.6 million.  So far for the fiscal year 2012, overall tax revenues are $10.8 million below what’s hoped for!  Amazingly officials still think they’ll finish the 2012 fiscal year with a surplus!?

The biggest drop was seen in sales tax revenues, to the tune of $4.1 million!  So far Idaho sales tax revenues are short by $14 million!  Sales taxes are a good way to gauge how well your economy is doing, and it doesn’t look too good.

 

 

 

Business/Economics, Idaho, U.S.

Occupy America: November 5, Operation Bank Transfer Day a success, $4.5 billion pulled from U.S. banks!

“The 99% movement is all about finding ways for people to change the economy that is benefiting only the 1%. Bank Transfer Day is about the power of individuals to take their money out of institutions whose profits go almost entirely to Wall Street and keep that money in our community, where we can control it.”-Courtney Yax

The main stream media has their head in a hole.  Occupy Wall Street has some power!

On November 5, operation Bank Transfer Day took place.  So many people have moved money from banks into credit unions, that by November 5 U.S.$4.6 billion had been taken out of the big for profit banks!

ABC News did report that credit unions have gained 650,000 new members, just in the month of October!

“Regardless of how many people joined credit unions Saturday, there is a big new awareness of credit unions as not for profit financial cooperatives owned by their members. That is the credit union difference we’ve worked to let people know about all along.”- Mary Beth King, Credit Union Association of New Mexico

Credit unions in California gained around 90,000 new members, and $624 million in new accounts.

Here in Idaho (with only a fraction of the population of California), credit unions gained 3,400 new accounts!  Alan Cameron, Idaho Credit Union League president, says one credit union gained $1.2 million in new deposits!  Corporate bank Wells Fargo (which dominates Idaho banking, with 23% of the market), denies that Idahoans have fled the big banks.  Wells Fargo representative Amy McDevitt, says withdrawals were “…very minimal.”

The big banks tried to stop such acts: In New York City last month, dozens were arrested for trying to close their accounts, en masse, at a CitiBank branch.

Business/Economics, International, Technology, U.S.

What Economic Recovery? Toyota to cut production by at least 30%, blaming floods

First the March 11 disasters in Japan, now the floods in Thailand.  Toyota says they can’t get enough parts to build their cars.

Toyota and Honda are suffering major parts supply problems (Honda already cut North American production by 50%).

Toyota is cutting back on worldwide production.  November 7, according to NHK, Toyota will be forced to cut production by at least 30%.

Toyota was trying to recover from the March 11 disasters, and had hoped to produce 330,000 vehicles in Indonesia, for the month of November.  Now they are hoping they can produce 230,000.

Blame it on the incompetent ‘just in time’ parts supply policy.

 

 

Business/Economics, International, Technology, U.S.

Occupy the World, Corporate Incompetence: Camera maker Olympus never reported losses, for at least a decade!

November 8, scandal for Japanese owned camera and industrial equipment maker Olympus: They deliberately kept losses off their finance books since the 1990s.

More proof that corporations can’t be trusted. The scandal wasn’t the result of Olympus officials confessing, it was the result of a third party investigation!

The losses come from securities investments.  Company officials tried to cover up the losses by blaming it on consulting fees, and the purchase of three smaller companies.

Olympus stock is now crashing on the Japanese stock market.  Olympus Vice President Hisashi Mori was fired for his involvement in the cover up.

 

Business/Economics, International, U.S.

Occupy Wall Street, Class War: Latest study says Big Corporations do not pay their fare share of taxes

Not only are many of the biggest corporations reporting big profits, they’re paying small taxes.  The official tax rate for corporations is supposed to be 35%, but the latest study shows the average effective tax paid is about 18.5%.

Some corporations pay no taxes, and a handful actually have negative taxes!

280 companies in the Fortune 500, that were profitable for all three years between 2008 and 2010, were studied.

111 companies paid effective tax rates of less than 17.5% over the three-year period.  98 paid a rate between 17.5% and 30%.

The average rate is 18.5%.  But wait, there’s more.  Some companies paid zero taxes!  30 actually owed less than nothing over the three years!

Two of those corporations are Pepco Holdings and General Electric.  Over the 2008 to 2010 period Pepco made $882 million in profits, but had a tax rate of -57.6% (yes, put a negative sign in front of that)!   But here’s a bigger shocker: GE earned $10.5 billion, with a tax rate of –45.3%!   How do you make big corporate profits, and then effectively have the government owe you money?

Lobbyists hired by Corporate America convince your elected lawmakers to create more corporate tax breaks.

The study was done by Citizens for Tax Justice, and the Institute on Taxation and Economic Policy.

Business/Economics, International, U.S.

Corporate Incompetence: WalMart refuses to pay rent in China, since 2002, gets shut down for selling bad meat. Think your U.S. WalMart stores are bad?

WalMart is in trouble in China, because it hasn’t paid rent since 2002, and it lies about what it sells.

According to Chinese media, in 2002 WalMart signed a 15 year lease contract with the Wanguo Shopping Plaza in the northeastern coastal city of Dalian.  Problems occurred with the timely development of the property, and WalMart decided to move across the street.  The problem is that they signed a 15 year contract.

Wanguo Shopping Plaza has sued WalMart for back due rent.  Chinese courts have ruled that the lease contract is still binding.

WalMart had claimed that Wanguo Shopping Plaza lost its business license, and that the contract was terminated in 2007.  WalMart also claimed they paid about two years worth of rent.  The courts found that Wanguo Shopping Plaza never lost its license, there is no evidence the contract was terminated, and that WalMart paid a little more than one year of rent.

This is just the latest in bad things happening to WalMart in China.  In October, 13 Wal-Mart stores were shut down for 15 days for selling incorrectly labelled pork products.  WalMart had previously been penalized 21 times since 2006 for false advertising and selling expired food!