All New Wilmott Jobs Board                     (g)

They're Bulldozing a Fifth of Detroit

Detroit’s Lafayette building - demolished in 2009

 

Bad news for fans of ruin porn: Detroit is hoping to rid itself of its unique collection of dilapidated buildings and elegantly rubbish-strewn abandoned lots, and all within the next five years.

In May, a group ominously titled the “Detroit Blight Removal Task Force” released a report claiming that around 22 per cent of the city’s properties were “blighted” – vacant, damaged or considered dangerous. They also found that, of the 84,000 properties owned by public entities, just over 5,000 were occupied by squatters, making the city of Detroit, the report’s authors noted, “a very large and inadvertent landlord”.

The task force’s proposed solution is to demolish it all over the next five years and start again. Unfortunately, the plan doesn’t extend to rebuilding the properties – it’ll be down to private companies and developers to buy up the land and rebuild.

Please read more here.

50% Of Detroit Residents Can't Pay Water Bills & United Nations Called In To Help

 

 

DETROIT (WWJ) – It’s a basic human right: water. But could the United Nations soon help the Detroit Water and Sewerage Department provide the service to struggling customers?

Water department spokeswoman Curtrise Garner says it’s a possibility — but for now, the water bills must be paid.

“We do have programs that do help those that are just totally in need; can’t afford it — but we also know that there are also people who can’t afford it would can not pay and we know this because, once we shut water off, the next day they are in paying the bill in full. So we do know that that has become a habit as well,” said Garner.

“At the DWAS Department — it’s not our goal to shut off water. We want people’s water on, just like they do; but you do have to pay for your water…That’s the bottom line.”

Garner said the reality is that nearly half of Detroit Water and Sewerage customers can’t pay their bills; and that has led activists to lobby the UN to step up and take action.

Please read more here.

Washington Post: U.S. Businesses Destroyed Faster Than Created

 

The American economy is less entrepreneurial now than at any point in the last three decades. That's the conclusion of a new study out from the Brookings Institution, which looks at the rates of new business creation and destruction since 1978.

Not only that, but during the most recent three years of the study -- 2009, 2010 and 2011 -- businesses were collapsing faster than they were being formed, a first. Overall, new businesses creation (measured as the share of all businesses less than one year old) declined by about half from 1978 to 2011.

The authors don't mince words about the stakes here: If the decline persists, "it implies a continuation of slow growth for the indefinite future." This lack of economic dynamism, particularly the steep drop since 2006, may be one reason why our current recovery has felt like much less than a recovery. As Matt O'Brien noted on Wonkblog last week, annual job growth rates have stubbornly refused to budge above 2 percent for the duration of the recovery.

Yay! Way to go America! smh

Please read more here.

Truthout: Detroit Should Become Part of Ukraine to Get US Aid It Needs to Survive

Detroit is a bankrupt American city in the state of Michigan.   Should Detroit annex itself to the Ukraine to receive US financial aid?

 

Biting satire, as The Daily Show and The Colbert Report so uproariously reveal, is often closer to the heart of reality than the "packaged reality" it mercilessly skews. 

In the BuzzFlash at Truthout e-mail this weekend, we received our weekly quips from Howard Albrecht, an octogenarian comic writer who staffed many of the top shows of the golden age of comedy during the '50s and '60s.  Retired now, Albrecht's audience is his list serve.  This Saturday, his package of one-liners included this one: "To help stabilize the region, the US is giving a billion dollars to Ukraine. In an effort to uplift their city, Detroit just declared war on Russia."

Please read more here.

Business Insider: Miami Is Wall Street South

Miami is attracting the LeBron James of Wall Street, the Dwyane Wade of Greenwich equity, and the Chris Bosh of Boston — financial titans who are relocating to pay less in taxes and maintain a luxury lifestyle with a glittering social scene. 

 

It's already the 2nd most popular financial hub in the country after NYC, and The Miami Downtown Development Authority is doing everything it can to make itself attractive to bankers through an initiative called the DWNTWN campaign.

Lloyd Blankfein and Leon Black are rumored to have bought Miami condos recently, and the latest hotshot to move his business there is Mark Spitznagel, founder of hedge fund Universa Investments.

“Florida’s business-friendly policies ... offer the perfect environment for us as we expand,” said Spitznagel. “I would expect to see more firms like Universa voting with their feet and relocating to a more hospitable business and tax environment, especially as many local governments are trying to tighten their grip on businesses.”

The nightlife and beaches don't hurt either.


Now you see. We don't just fool around in Miami Beach. We handle our business too. LOL!

Economist Kotlikoff: "US Hides Real Debt, In Worse Shape Than Greece"

International Business Times: How Much is NSA Spying Costing the U.S. Economy?

Privacy, Security And The Economy: Why The US Government Cares More About Spying On Your Email Than Getting You A Job

Associated Press: Declining Economic Security in the USA

 

WASHINGTON (AP) — Four out of 5 U.S. adults struggle with joblessness, near poverty or reliance on welfare for at least parts of their lives, a sign of deteriorating economic security and an elusive American dream.

Survey data exclusive to The Associated Press points to an increasingly globalized U.S. economy, the widening gap between rich and poor and loss of good-paying manufacturing jobs as reasons for the trend.

The findings come as President Barack Obama tries to renew his administration's emphasis on the economy, saying in recent speeches that his highest priority is to "rebuild ladders of opportunity" and reverse income inequality.

Hardship is particularly on the rise among whites, based on several measures. Pessimism among that racial group about their families' economic futures has climbed to the highest point since at least 1987. In the most recent AP-GfK poll, 63 percent of whites called the economy "poor."

"I think it's going to get worse," said Irene Salyers, 52, of Buchanan County, Va., a declining coal region in Appalachia. Married and divorced three times, Salyers now helps run a fruit and vegetable stand with her boyfriend, but it doesn't generate much income. They live mostly off government disability checks.

"If you do try to go apply for a job, they're not hiring people, and they're not paying that much to even go to work," she said. Children, she said, have "nothing better to do than to get on drugs."

While racial and ethnic minorities are more likely to live in poverty, race disparities in the poverty rate have narrowed substantially since the 1970s, census data show. Economic insecurity among whites also is more pervasive than is shown in government data, engulfing more than 76 percent of white adults by the time they turn 60, according to a new economic gauge being published next year by the Oxford University Press.

The gauge defines "economic insecurity" as experiencing unemployment at some point in their working lives, or a year or more of reliance on government aid such as food stamps or income below 150 percent of the poverty line. Measured across all races, the risk of economic insecurity rises to 79 percent.

"It's time that America comes to understand that many of the nation's biggest disparities, from education and life expectancy to poverty, are increasingly due to economic class position," said William Julius Wilson, a Harvard professor who specializes in race and poverty.

He noted that despite continuing economic difficulties, minorities have more optimism about the future after Obama's election, while struggling whites do not.

"There is the real possibility that white alienation will increase if steps are not taken to highlight and address inequality on a broad front," Wilson said.

___

Sometimes termed "the invisible poor" by demographers, lower-income whites are generally dispersed in suburbs as well as small rural towns, where more than 60 percent of the poor are white. Concentrated in Appalachia in the East, they are also numerous in the industrial Midwest and spread across America's heartland, from Missouri, Arkansas and Oklahoma up through the Great Plains.

More than 19 million whites fall below the poverty line of $23,021 for a family of four, accounting for more than 41 percent of the nation's destitute, nearly double the number of poor blacks.

Still, while census figures provide an official measure of poverty, they're only a temporary snapshot. The numbers don't capture the makeup of those who cycle in and out of poverty at different points in their lives. They may be suburbanites, for example, or the working poor or the laid off.

In 2011 that snapshot showed 12.6 percent of adults in their prime working-age years of 25-60 lived in poverty. But measured in terms of a person's lifetime risk, a much higher number — 4 in 10 adults — falls into poverty for at least a year of their lives.

The risks of poverty also have been increasing in recent decades, particularly among people ages 35-55, coinciding with widening income inequality. For instance, people ages 35-45 had a 17 percent risk of encountering poverty during the 1969-1989 time period; that risk increased to 23 percent during the 1989-2009 period. For those ages 45-55, the risk of poverty jumped from 11.8 percent to 17.7 percent.

By race, nonwhites still have a higher risk of being economically insecure, at 90 percent. But compared with the official poverty rate, some of the biggest jumps under the newer measure are among whites, with more than 76 percent enduring periods of joblessness, life on welfare or near-poverty.

By 2030, based on the current trend of widening income inequality, close to 85 percent of all working-age adults in the U.S. will experience bouts of economic insecurity.

"Poverty is no longer an issue of 'them', it's an issue of 'us'," says Mark Rank, a professor at Washington University in St. Louis who calculated the numbers. "Only when poverty is thought of as a mainstream event, rather than a fringe experience that just affects blacks and Hispanics, can we really begin to build broader support for programs that lift people in need."

Rank's analysis is supplemented with figures provided by Tom Hirschl, a professor at Cornell University; John Iceland, a sociology professor at Penn State University; the University of New Hampshire's Carsey Institute; the Census Bureau; and the Population Reference Bureau.

Among the findings:

—For the first time since 1975, the number of white single-mother households who were living in poverty with children surpassed or equaled black ones in the past decade, spurred by job losses and faster rates of out-of-wedlock births among whites. White single-mother families in poverty stood at nearly 1.5 million in 2011, comparable to the number for blacks. Hispanic single-mother families in poverty trailed at 1.2 million.

—The share of children living in high-poverty neighborhoods — those with poverty rates of 30 percent or more — has increased to 1 in 10, putting them at higher risk of teen pregnancy or dropping out of school. Non-Hispanic whites accounted for 17 percent of the child population in such neighborhoods, up from 13 percent in 2000, even though the overall proportion of white children in the U.S. has been declining.

The share of black children in high-poverty neighborhoods dropped sharply, from 43 percent to 37 percent, while the share of Latino children ticked higher, from 38 to 39 percent.

Please read more here and here.

Bilderberg 2013

 

 

The Grove Hotel

Hertfordshire, UK

June 6th-9th

http://bilderberg2013.co.uk/

MarketWatch: "What Do You Call An Economist With A Prediction? Wrong"

Robert Kuttner, author of the new “Debtors’ Prison: The Politics of Austerity Versus Prosperity” once wrote in BusinessWeek, “What do you call an economist with a prediction? Wrong.”

I love that quote - although I know lots of my economist friends won't find it funny!

Please read more here.

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