Thursday, May 26, 2011

Median Amount Saved in Retirement Accounts is $2,000?

Which would imply that half the population has less than that saved, and half the population has more than that saved.

The oft-repeated datum is pretty darn old already. A decade! It is based on a survey of about 3,400 people taken way back in 2001 and reported on the Bureau of Labor Statistics website in an "updated" posting dating to 2005, here:

The median amount held in retirement accounts--$2,000--provides another indication of the wide variation in the amounts held by households.

More recent surveys of somewhat smaller samples of Americans paint an only slightly less apocalyptic picture of the resources Americans may or may not have tucked away:

Just over a third (34 percent) of Americans have no retirement savings, up from 30 percent in 2009, according to a new Harris Poll of 2,151 adults. ... Some 42 percent of individuals age 45 and older have less than $25,000 saved for retirement, EBRI found. Only 11 percent of all current workers say they have $250,000 or more saved for retirement.

At a 4 percent per year drawdown rate in retirement, people with $250K can draw down roughly only $10K per year for 25 years, and then it's pretty much gone.

Pretty hard to live on that without Social Security and Medicare, which themselves are going bust.

Americans are not ready for the future, but the maw of the future sure is ready for them.

Statement of Q1 2011 GDP Unchanged at 1.8 Percent

Story here.

The expectation for the second statement of Q1 growth had been a revision up to 2.1 percent.

Wednesday, May 25, 2011

House Democrats' Insider Trading Easily Bests Republican Track Record

According to opensecrets.org, as reported here:

Despite the GOP’s reputation as the party of the rich, House Republicans fared worse than their Democratic colleagues when it comes to investing, according to the study. The Democratic subsample of lawmakers beat the market by 73 basis points per month, or 9 percent annually, versus 18 basis points per month, or 2 percent annually, for the Republican sample.

Average Wage Slave Uses 14 of 18 'Vacation' Days

Puritanism lives.

Story here.

Obama Conceded Government Spending is the Problem, not Tax Revenue, Nearly Two Years Ago

"Medicare and Medicaid are the single biggest drivers of the federal deficit and the federal debt by a huge margin."

-- Barack Obama, quoted here, June 24th, 2009, and affirmed as "mostly true" by the source.


Sen. Tom Coburn (R-OK) Wants To Deep Six Your Tax Deductions

Republicans should deep six Tom Coburn as soon as possible:

I’ve argued that Republicans should be willing to consider increases in revenue -- not through higher tax rates but through eliminating tax earmarks, such as that for ethanol, and other expenditure that misallocates capital.

"Tax earmarks ... and other expenditure that misallocates capital"?

Read "tax expenditures," better yet, "tax loss expenditures."

Like your mortgage interest deduction, your charitable contributions deduction, your property tax deduction, your state and local income taxes deduction, and so on. All these benefits of the tax code misallocate capital, if you're a politician running the business of government, and you are just its employee.

That's who Tom Coburn is, the boss. He wants more of your hide.

His complete remarks are here.

Nearly 50 Percent of Americans Can't Come Up with $2K for an Emergency

Story here. NBER paper here.

Tuesday, May 24, 2011

Radiation in Iitate, Japan, at 3.09 Microsieverts Per Hour as of May 25

As reported here, 39 km northwest of the Fukushima Nuclear Power Station 1.

Normal for the area would be more like 0.11 microsieverts per hour.

The long term repercussions of a nuclear accident such as this have faded from the news, but they are real, on-going, extremely difficult to mitigate, and costly.

Cheap, safe production of such electricity is cheap and safe until it isn't.

HooooooooooooooooooWee! That's Refreshing!

Radiation Conditions at Fukushima Nuclear Power Station on May 23rd

Radiation level: 389 microSv/h at the south side of the office building, 16 microSv/h at the West gate, as of 09:00, May 23rd, 42 microSv/h at the Main gate, as of 10:30, May 21st.

More here.

Because of water leaking from the containments, the fuel in reactors 1-3 continues to be fully or partially exposed to the air.

Peter Fonda Advocates Shooting Someone Important

Gee, he must be pretty upset about something:

Peter Fonda, the star of Easy Rider, suggested to Mandrake that he was encouraging his grandchildren to shoot President Barack Obama.

“I’m training my grandchildren to use long-range rifles,” said the actor, 71. “For what purpose? Well, I’m not going to say the words 'Barack Obama’, but …”

He added, enigmatically: “It’s more of a thought process than an actuality, but we are heading for a major conflict between the haves and the have nots. I came here many years ago with a biker movie and we stopped a war. Now, it’s about starting the world.

“I prefer to not to use the words, 'let’s stop something’. I prefer to say, 'let’s start something, let’s start the world’.

“There’s no room any more for a cissy and, like I said, don’t forget that I’ve got grandsons who I’ve trained with long-distance rifles. We have to run like mofos to change this world.”

Peter Fonda, right-wing fanatic. Who knew?

Monday, May 23, 2011

Obama Regime Can't Even Plan Its Way Out of One of Its Own Embassies

Today in Ireland (video here):

Justice Now Means Exposing the Public to Criminals Due to Overcrowding

Your Supremes in action.

Nothing could be more wrong than being treated without "dignity"? How about murder? Rape? Armed Robbery?

Reminds me of Draco. When he couldn't think of a more appropriate punishment, death was ordered.

The Supremes have just committed the analog to zero tolerance in the schools, but in reverse. No crime is too bad to have to suffer claustrophobia!

We are doomed.

Story here.

Banks are Overwhelmed with Real Estate Owned

More than 872,000 properties, almost double the number from before the housing catastrophe began in 2007, are owned by big banks and lenders, according to a story from The New York Times reproduced by CNBC here.

Another million foreclosures are expected this year, and millions more in years to come.

It not being their stock-in-trade, they say, the banks are finding it difficult to process them all in through foreclosure, as we're all too familiar, and processing them out through sales. Something about not having adequate staffing.

Gee, where would you think they could find people ready to work those jobs?

Meanwhile, Obama is enjoying being president. That's the important thing. He's drinking beer in Ireland today, reconnecting with his roots. Isn't that nice?

Sunday, May 22, 2011

US Senate: Den of Thieves

Trains for Transportation? Try Painful Transformation.

Patrick McIlheran for the Milwaukee Journal-Sentinel, here, describes a transportation policy being shoved down our throats as surely as was Obamacare, just saying No to which isn't going to stop them:

"Obama promised change, but it is you who will undergo it. In 2008, you were electing a whole new you."

Louis Woodhill Thinks Gold at $218 the Ounce is About Right

Here, based in large measure on what it can buy, in relative terms.

Here's a similar way to look at it from measuringworth.com, using the 1913 price of gold in dollars:










Either way you cut it, gold is presently overvalued.

Some Call This a Buying Opportunity

Friday, May 20, 2011

The Res Gestae Divi Obama: Chooser, Declarer, Charger, Believer, Promiser, Director, Memorializer, Giver of Thanks, Uniter, Interpreter of Events, Perserverer

Naw, we don't spike the football:

When I chose Leon Panetta as Director of the CIA, I said he was going to be a strong advocate for this agency and would strengthen your capabilities to meet the threats of our time.

And when I chose Jim Clapper as Director of National Intelligence, I charged him with making sure that our intelligence community works as one integrated team.

On my first visit, just months after taking office, I stood here and I said that this agency and our entire intelligence community is fundamental to America’s national security. I said that I believed that your best days were still to come and I pledged that you would have my full support to carry out your critical work. 

Soon after that visit, I called Leon into the Oval Office and I directed him to make the killing or capture of Osama bin Laden the top priority in our war to defeat al Qaeda.

My second visit, a year later, came under more somber circumstances. We gathered to pay tribute to seven American patriots who gave their lives in this fight at a remote post in Afghanistan. As has already been mentioned, their stars now grace this memorial wall. And through our grief and our tears, we resolved that their sacrifice would be our summons to carry on their work, to complete this mission, to win this war.

Today I’ve returned just to say thank you, on behalf of all Americans and people around the world, because you carried on. You stayed focused on your mission. You honored the memory of your fallen colleagues. And in helping to locate and take down Osama bin Laden, you made it possible for us to achieve the most significant victory yet in our war to defeat al Qaeda. 

I just met with some of the outstanding leaders and teams from across the community who worked so long and so hard to make that raid a success. And I’m pleased today that we’re joined by representatives from all of our intelligence agencies, and that folks are watching this live back at all of those agencies, because this truly was a team effort.

This is one of the few times when all these leaders and organizations have the occasion to appear together publicly. And so I thank all of you for coming -- because I think it’s so important for the American people to see all of you here today.

That’s why I came here.  I wanted every single one of you to know, whether you work at the CIA or across the community, at every step of our effort to take out bin Laden, the work you did and the quality of the intelligence that you provided made the critical difference -- to me, to our team on those helicopters, to our nation.   

After I directed that getting bin Laden be the priority, you hunkered down even more, building on years of painstaking work; pulling together, in some cases, the slenderest of intelligence streams, running those threads to ground until you found that courier and you tracked him to that compound.

In the months that followed, including all those meetings in the Situation Room, we did what sound intelligence demands:  We pushed for more collection.  We pushed for more evidence.  We questioned our assumptions.  You strengthened your analysis.  You didn’t bite your tongue and try to spin the ball, but you gave it to me straight each and every time.

And we did something really remarkable in Washington -- we kept it a secret.  (Laughter and applause.)  That’s how it should be. 

Of course, when the time came to actually make the decision, we didn’t know for sure that bin Laden was there.  The evidence was circumstantial and the risks, especially to the lives of our special operations forces, were huge.  And I knew that the consequences of failure could be enormous.  But I made the decision that I did because I had absolute confidence in the skill of our military personnel and I had confidence in you.  I put my bet on you.  And now the whole world knows that that faith in you was justified. 

That’s why I still believe in what I said my first visit here two years ago:  Your greatest days are still to come.  And if any of you doubt what this means, I wish I could have taken some of you on the trip I made to New York City, where we laid a wreath at Ground Zero, and I had a chance to meet firefighters who had lost an entire shift; police officers who had lost their comrades; a young woman, 14 years old, who had written to me because her last memory of her father was talking to him on the phone while her mother wept beside her, right before they watched the tower go down. 

And she and other members of families of 9/11 victims talked about what this meant.  It meant that their suffering had not been forgotten, and that the American community stands with them, that we stand with each other. 

Thursday, May 19, 2011

Liberal Senate Republicans Stand in the Way on Passage of Ryan Budget

As reported here.

They might as well switch parties:

Mitch McConnell
Susan Collins
Scott Brown
Olympia Snowe
Kay Bailey Hutchison
Dick Lugar
Chuck Grassley.