[copious.abundance]

$this->bbcode_second_pass_quote('Loki', 'H')ow about you Oily, care to give up your disability check and do an honest day's work on the farm?

[Plantagenet]

$this->bbcode_second_pass_quote('copious.abundance', '
')As for your real median household income, we already discussed this: It's at mid-1990's levels. Last time I heard most folks don't think the mid-1990's were particularly bad times.

[copious.abundance]

$this->bbcode_second_pass_quote('Plantagenet', 'I')t would be great to have median household income at the same level as the mid 1990s if we were still in the mid 1990s. But we're not---two decades have gone by.

[Plantagenet]

$this->bbcode_second_pass_quote('copious.abundance', ' ')...real median income is as if it were 1995 all over again. Horrors!

[copious.abundance]

It looks like the bottom is in - or at least close. Notice after the 1990 and 2001 recessions it went down, then bottomed, then went back up again. Similar pattern is emerging now, it looks like.

[Loki]

$this->bbcode_second_pass_quote('copious.abundance', 'I')t looks like the bottom is in - or at least close. Notice after the 1990 and 2001 recessions it went down, then bottomed, then went back up again. Similar pattern is emerging now, it looks like.

$this->bbcode_second_pass_quote('Loki', 'I')'m glad you are being honest now and posting an inflation-adjusted chart.

[copious.abundance]

I doubt Loki understands the concept of a lagging indicator, and/or maybe he's not good at reading charts, so I did a bit of editing on the chart to help out.



Now, the predictable next question would be: "Why is the fall in real median income so much bigger this time than after the 1990 and 2001 recessions?" The answer to that should be obvious: Because the 2008-09 recession was a much worse recession than the 1990 and 2001 recessions. Bigger recession = bigger fall in real median income. And, possibly, a longer time for it to recover.

[Loki]

$this->bbcode_second_pass_quote('copious.abundance', '')$this->bbcode_second_pass_quote('Loki', 'I')'m glad you are being honest now and posting an inflation-adjusted chart.

[Loki]

$this->bbcode_second_pass_quote('copious.abundance', 'I') doubt Loki understands the concept of a lagging indicator, and/or maybe he's not good at reading charts, so I did a bit of editing on the chart to help out.

http://imagizer.imageshack.us/v2/800x600q90/811/oxfy.png

[Loki]

Speaking of declining real income, let's look at the role of energy.

$this->bbcode_second_pass_quote('', 'I')n 2001, families with gross annual incomes below $50,000 spent
an average of 12% of their average after-tax income of $21,834 on residential and
transportation energy. By 2005, energy costs rose to 16% of their average after-
tax income of $22,682. In 2012, these households are projected to spend 21% of
their average after-tax income of $22,390 on energy.

http://www.americaspower.org/sites/defa ... _FINAL.pdf

$this->bbcode_second_pass_quote('Loki', 'S')o no recovery yet. I'm glad we can agree on that.

[ralfy]

"Global unemployment rises above 200 million"

https://www.wsws.org/en/articles/2014/0 ... s-j21.html

[copious.abundance]

Home building back to historic levels in some cities
$this->bbcode_second_pass_quote('', '[')img]http://www.gannett-cdn.com/-mm-/e04eab324de5e9570c59feb258d1c20b69b952e6/c=108-0-2892-2094&r=490x368/local/-/media/USATODAY/test/2014/01/17//1389985099000-GTY-166751411.jpg[/img]

Home building is recovering faster in some cities than in others, just as home prices are.

Major cities in Texas are leading the way back in single-family home construction, while Western cities hit hard by foreclosures still lag, research shows.

Big cities back to 30-year average levels of single-family home building include Houston, Austin and Raleigh, N.C., show data from John Burns Real Estate Consulting. It compared permit activity for the 12 months ended in November to the 1980-2012 period.

Other major cities close to historic levels include Nashville, San Antonio, Dallas and Jacksonville, the data show.

If multifamily construction is counted, add San Francisco, New York, Seattle, Boston and Miami to the list of cities that are back to or beyond their historic building levels, according to a Trulia analysis of 2013 building permits, vs. historic averages.

The cities that are bouncing back the strongest tend to have land available for building, pent-up demand for housing, generally strong economies and good job growth, economists say.

[...]

[copious.abundance]

Remember that double-dip that was supposed to be here by now?



Most states to see surplus
$this->bbcode_second_pass_quote('', '[')b]As legislatures return to action and governors outline their budget plans, politicians in many states are facing a pleasant election-year challenge: What to do with all the extra money?

A slow but steady economic recovery is generating more tax revenue than many states had anticipated, offering elected officials tantalizing choices about whether to ply voters with tax breaks, boost spending for favorite programs or sock away cash for another rainy day.

[...]

The National Association of State Budget Officers projects that almost all states will see "fairly decent surpluses" in their 2014 budgets. For some, it might be the first extra cash since before the recession began in late 2007. In many states, the surpluses coincide with elections that mark the first opportunity for officials to be judged on the results of their economic policies.

[...]

[lasseter]

He who is convinced against his will, is of the same opinion still.

In other words you can't argue with a cornicopian, they usually have a large vested interest in the old dieing system. Perhaps they are property speculators, or have large share portfolios, or perhaps all their wealth is trapped in a business that would be hurt by further economic downturns. Perhaps it is their income from a job that is threatened. There is always a compelling reason though, one that overrides logical reason. Ego protection plays it's part too. Some people's egos just prevent them admitting error.

[copious.abundance]

He who is convinced against his will, is of the same opinion still.

In other words you can't argue with a doomer, they usually have an ingrained hatred of the current system and, often, civilization itself. Or a political ax to grind. Perhaps they are antisocial hermits who are inclined to hoard gold and guns, or perhaps all their wealth is trapped in a business that would be hurt by a growing economy. Perhaps it is their income from a job that is threatened. There is always a compelling reason though, one that overrides logical reason. Ego protection plays its part too. Some people's egos just prevent them admitting error.

[copious.abundance]

Kansas City Fed January Manufacturing Composite Index Rises to 5 Vs -3 in December
$this->bbcode_second_pass_quote('', '[')b]Manufacturers in the Plains states say activity is bouncing back this month, according to a regional Federal Reserve bank report released Thursday.

The Kansas City Fed's manufacturing composite index rebounded to 5 in January after it fell to -3 in December from 6 in November. Respondents blamed bad weather for the weak December reading, the Kansas City Fed said.

A reading below zero denotes contraction. The Kansas City Fed revised 2013 data to reflect new seasonal factors, but the new factors did not change the top-line composite number for December.

On a year-over-year comparison, the January composite index increased to 8 from 3 last month.

"We were encouraged to see overall regional factory activity grow in January after dropping last month," said Chad Wilkerson, an economist at the Kansas City Fed.

Even so, weather is still a factor this month, as the production index remained contractionary at -8, but better than -13 in December.

The new orders index increased to 5 in January from 1 in December. The backlog index improved to -1 from -5.
The shipments index increased to 3 from -10.

The employment index jumped to 11 from 0 in December. The January reading is the highest since October 2011.

"We have had to raise our starting wage at the first of the year to get a more qualified candidate," one respondent said. "We are still struggling for good help."

[...]

[copious.abundance]

Existing home sales finished a little soft near the end of the year, but the year as a whole did pretty good.

Home sales: Best year since 2006
$this->bbcode_second_pass_quote('', '[')img]http://i2.cdn.turner.com/money/dam/assets/140123102953-home-sales-012314-620xa.png[/img]

Homeowners sold 5 million homes in 2013, a rebound year for the industry that marked the highest level of sales since the housing boom year of 2006.

The report from the National Association of Realtors showed that there were 5.1 million previously owned homes sold in the year, up 9.2% from 2012 and up nearly 20% from 2011.

December sales were up slightly from November, the first month-over-month rise in the reading since July. Mortgage rates have been rising steadily since hitting record lows in May, raising the cost of purchases for home buyers.

The Realtors attributed the full-year gain to rising prices, lower unemployment, a drop in foreclosures and pent-up demand, as well as mortgage rates that are still low by historical standards, even with the steady increases most of the year.

The median price of a home sold in the year was $197,100, up 11.4% from the previous year. Rising prices have reduced the number of homeowners who owe more on their mortgage than their home is worth, helping to bring more buyers into the market. Tight supplies of homes for sale are keeping prices high, as the report showed less than a 5-month supply at the end of the year.

[...]

[lasseter]

lol, lipstick on a pig.

47 Million Food Stamp Recipients
70 Trillion in total obligations
13 Trillion in mortgage debt
3 trillion in CC debt.

No way to grow out of that hole lol.