Companies don't wish to hire until there is more consumer spending.
Consumers won't spend more because they fear losing what they have now.
As per capita income is reduced or eliminated entirely, who can blame consumers for spending less?
Businesses and consumers are looking for guaranteed stability, but are not finding any.
In these uncertain times, no one dares to blink first.
Consumers are not spending and businesses are not hiring.
Americans net worth declined by .3% in the 2nd quarter to $58.5 trillion, their stock portfolios fell .5% and home values dropped by .4%. Corporations held a new record $2 trillion in cash by the end of June, which is an increase of 4.5% from the 1st quarter. As a result of renewed fears of a prolonged recession, Americans are saving at unprecedented rates, with assets in bank deposits near $10 trillion. Banks are awash in cash, but are reluctant to lend, fearing the ongoing recession.
The Census Bureau reported that in 2010 the number of Americans in poverty hit a 52-year high.
Mitch McConnell said that any bill which ends tax credits for wealthy individuals and corporations faces bipartisan opposition. I wonder why that is?
Simplifying the tax code to spread taxes proportionately among all companies small and large and among all individuals, whether rich or poor, would go a long way towards improving tax collection in this country.
Who says that life is fair or should be fair? Why not encourage the dog-eat-dog attitude which already exists? At least half of the reasons given for the formation of our federal government by our founders were to establish justice, ensure domestic tranquility and to promote the general welfare. Looking around, with 1 out of 6 Americans living below the poverty line, would you say that we have achieved these goals? No less than financial guru Warren Buffett has stated that he and his rich friends have been coddled long enough by a billionaire-friendly Congress. John Boehner has reiterated in the past week his opposition to raising taxes for the purpose of balancing the budget. Republicans are opposed to raising taxes on the wealthy, claiming that it is the wealthy who are the job creators in this country. The problem is that these so-called "job creators" are not creating jobs, but are off-shoring jobs, eliminating jobs, lowering wages and generally not helping, but instead hurting our economy. John Boehner says that tax increases are not a viable option. What he should have clarified for us is that he doesn't want the wealthy to pay their fair share of taxes in this country. He further cites tax increases as the reason companies are not hiring.
Economy of the United States
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