State employment rates lower in 2014 than 2007, Pew Charitable Trust Aug 19, 2014, Employment rates for 25 to 54 year olds lower, 3.7 percent drop, Safety net programs strained

State employment rates lower in 2014 than 2007, Pew Charitable Trust Aug 19, 2014, Employment rates for 25 to 54 year olds lower, 3.7 percent drop, Safety net programs strained

“11.4%: What the U.S. unemployment rate would be if labor force participation were back to January 2008 levels.” …James Pethokoukis, American Enterprise Institute, June 2013

“For now, the absence of young adults from the housing market continues to put a dent in the homeownership rate, which dropped to 64.8% in the first quarter, compared with 65.2% in the fourth quarter of 2013, according to U.S. Census statistics. The rate was as high as 69.2% in the fourth quarter of 2004. For those younger than 35, the rate has fallen noticeably faster. It slipped to 36.2% in the first quarter, from 36.8% in the fourth. The homeownership rate for this group was as high as 43.6% in the second quarter of 2004.”…Market Watch May 12, 2014

“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″

 

 

From the  Pew Charitable Trust August 19, 2014.

“Percentage-point Change in Employment Rate, CY 2007 to FY 2014″

StateEmployment

“In 2007, leading up to the Great Recession, 79.9 percent of people ages 25 to 54 in the United States had a job. In the 12 months ending June 2014, five years after the recession ended, only 76.2 percent of people in that age group were working.

The latest rates show a slight improvement from fiscal 2013, when 75.9 percent of people in their prime working years had a job nationally. At that time, employment rates were below prerecession levels in 35 states.

Still, at 3.7 percentage points lower than before the recession, the employment to population ratio for prime-age workers shows that the U.S. labor market remains weak. This finding has significant budgetary consequences for states:

Without paychecks, people pay less income tax and tend to buy less, reducing sales and business income tax revenue.
Unemployed people frequently need more services, such as Medicaid and other safety-net programs, increasing costs at a time when state governments may have less tax revenue.
A state-by-state comparison of calendar year 2007 with fiscal 2014 shows:

No state reported employment rate gains for 25- to 54-year-olds.
29 states had statistically significant decreases.
The largest decline in the employment rate was in New Mexico, where 69.9 percent of prime-age workers had jobs in fiscal 2014 — 9.2 percentage points lower than in 2007.
Among the least affected were Vermont and Nebraska, which recorded the smallest observed changes in their current employment rates of 83.3 and 85.2 percent, respectively.
Although unemployment figures receive more media attention, the employment rate is a preferred index for many economists because it provides a sharper picture of changes in the labor market. The unemployment rate, for example, fails to count workers who stopped looking for a job. By focusing on 25- to 54-year-olds, trends are less distorted by demographic effects such as older and younger workers’ choices regarding retirement or full-time education.”

Read more:

http://www.pewtrusts.org/en/multimedia/data-visualizations/2014/fiscal-50#ind3

 

Thanks to commenter bob strauss.

 

Blagojevich appeal update August 19, 2014, US court of appeals seventh circuit decision, Empress Casino Joliet Corp v John Johnston et al, Quid pro quo between racetracks and Governor Blagojevich

Blagojevich appeal update August 19, 2014, US court of appeals seventh circuit decision, Empress Casino Joliet Corp v John Johnston et al, Quid pro quo between racetracks and Governor Blagojevich

“Why wasn’t Rod Blagojevich, Governor of IL, prosecuted before Tony Rezko, a businessman?”…Citizen Wells

“Why was Tony Rezko’s sentencing delayed?”…Citizen Wells

“I believe I’m more pristine on Rezko than him.”…Rod Blagojevich

 

 

We are still awaiting a decision from the US Court of Appeals Seventh Circuit on the Blagojevich appeal.

Yesterday the court of appeals presented their decision on Empress Casino Joliet Corp v John Johnston, et al.

Some of the most damning wording for Blagojevich is the following:

“The summary judgment record contains considerable evidence that, if credited, would support the allegation of a quid pro quo between the Racetracks and Governor Blagojevich. When Blagojevich did not immediately sign the ’08 Act into law, Racetracks executive Johnston stated to a colleague in an email: “We are going to have to put a stronger bit in his mouth!?!” Johnston complained to Blagojevich’s chief of staff Monk that the delays in signing the bill were costing Johnston $9,000 per day. A factfinder could conclude that Blagojevich was talking about Johnston’s commitment to pay $100,000 when he informed Monk that he would “like some separation between that and signing the bill.” After the FBI recorded Monk and Blagojevich scheming about getting Johnston to pay, Monk met with Johnston and, according to Monk, delivered the message that the bill would not be signed until he paid.”

http://media.ca7.uscourts.gov/cgi-bin/rssExec.pl?Submit=Display&Path=Y2014/D08-15/C:13-2972:J:Wood:aut:T:fnOp:N:1400418:S:0

From Chicago Law Bulletin August 18, 2014.

“Reviving a lawsuit accusing racetrack owners of offering a bribe to then-Gov. Rod Blagojevich, a federal appeals court has addressed when political horse-trading crosses the line “from the merely unseemly to the unlawful.”
The 7th U.S. Circuit Court of Appeals did not rule on the merits of the claim that Blagojevich in 2008 signed legislation favored by the racetrack industry in return for the promise of a $100,000 campaign contribution.
But the court ruled there is enough evidence — if true — to support a finding of a quid pro quo exchange between Blagojevich and the industry.
And assuming such an exchange took place, the court continued, it directly harmed four riverboat casinos in northern Illinois by leading to the implementation of the Horse Racing Act.”
“The casinos do not allege that members of the Illinois General Assembly were offered or took any bribes to pass the bill, the panel wrote.
And deeming officials’ support of legislation to be illegal merely because campaign contributions were solicited and received about the time the legislation was enacted, the panel wrote, would leave the officials open to prosecution for conduct long thought legal.
Such an action, the panel continued, quoting McCormick v. United States, 500 U.S. 257 (1991), also would lead to prosecutions for conduct “that in a very real sense is unavoidable so long as election campaigns are financed by private contributions or expenditures, as they have been from the beginning of the nation.”
It’s a different story, the panel wrote, when it comes to the 2008 renewal legislation.
Evidence that Blagojevich signed the bill in exchange for the promise of a $100,000 contribution included the criminal trial testimony of Blagojevich’s former chief of staff, Alonzo Monk, and Johnston’s admission that he offered the bribe, the panel wrote.
Johnston received immunity from prosecution, and Monk pleaded guilty to corruption charges.”
Read more:
This transaction is the only time I recall the appeals court judges stating that Blagojevich was clearly involved in a quid pro quo activity. During the initial oral arguments phase and in the lastest decision they otherwise question whether or not he was involved in traditional political activities.
This fact coupled with the earlier irregularities in the Blagojevich trials and subsequent delays in producing the transcripts leads me to believe that Blagojevich will get a reduced sentence.

 

NC unemployment rate up to 6.5 percent and labor force drops .3, Labor force participation rate plummets 4.1 percent since Jan 2009, How are dropouts paying bills?

NC unemployment rate up to 6.5 percent and labor force drops .3, Labor force participation rate plummets 4.1 percent since Jan 2009, How are dropouts paying bills?

“11.4%: What the U.S. unemployment rate would be if labor force participation were back to January 2008 levels.” …James Pethokoukis, American Enterprise Institute, June 2013

 

“Nearly half of U.S. companies are reluctant to hire full-time employees because of the ACA. One in five firms indicates they are likely to hire fewer employees, and another one in 10 may lay off current employees in response to the law.

Other firms will shift toward part-time workers. More than 40 percent of CFOs say their companies will consider switching some jobs to less than 30 hours per week or targeting part-time workers for future employment.”…Duke University Fuqua School of Business December 11, 2013

 

“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″

 

 

I rarely watch News 2 News out of Greensboro, NC. Yesterday, at a family member’s house I heard Julie Luck of News 2 describe the recent news about the NC unemployment rate for July. I was reminded of the Valley Girl speak of years ago.

The News Record did a little better.

“North Carolina’s unemployment rate inched higher for July as the state’s labor force declined by nearly 15,000 over the course of a month, state officials said Monday.

The jobless rate increased by 0.1 percentage points to 6.5 percent in July after being flat for two months, according to a report by the Commerce Department. North Carolina’s unemployment rate was higher than the national rate of 6.2 percent.”
“”The number of employed decreased almost 20,000, when it’s seasonally adjusted, which is quite a bit,” said Kurt, an associate professor of economics at Elon University.

Still, Kurt noted the numbers look better than they did a year ago when the unemployment rate was 1.6 percentage points higher. Total private sector jobs have grown by about 94,000 since July 2013.

“When you compare it year to year, it’s not a bad report,” he said. “Overall, the last year has been good for North Carolina.””

Read more:

http://www.news-record.com/news/n-c-jobless-rate-inches-up-to-percent-for-july/article_16f57002-26fc-11e4-a89d-001a4bcf6878.html

From above:

“Overall, the last year has been good for North Carolina.”

Really?

The labor force participation dropped 1 percent in the past year.

It dropped .3 percent the past month.

The labor force participation rate in NC plummeted 4.1 percent since January 2009.

Obama interrupts vacation for Ferguson MO riots, Where was Obama past 6 years, Ferguson poverty levels reflect national impact of Obama policies, Blacks hurt by economy and illegal aliens

Obama interrupts vacation for Ferguson MO riots, Where was Obama past 6 years, Ferguson poverty levels reflect national impact of Obama policies, Blacks hurt by economy and illegal aliens

“The share of families with an employed member was unchanged at 80.0 percent in 2013. The likelihood of having an employed family member rose in 2013 for Asian families (to 88.8 percent) and for Hispanic families (to 85.1 percent). The likelihood for white and black families showed little or no change (80.1 percent and 75.7 percent, respectively).”…BLS report, April 25, 2014

“11.4%: What the U.S. unemployment rate would be if labor force participation were back to January 2008 levels.” …James Pethokoukis, American Enterprise Institute, June 2013

“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″

 

 

Barack Obama has interrupted his perpetual vacationing due to the situation in Ferguson, MO. This supposedly shows that he cares about the citizens there. Or is it just another diversion away from the impact of his policies on the country.

For example.

The labor force participation rate for blacks has dropped 1.5 percent since Obama took office.

The unemployment rate for blacks just increased .7 percent in July to 11.4 percent.

And the increase in illegal aliens working in this country, taking jobs away from everyone, God only knows.

From Zero Hedge August 17, 2014.

“Charting Poverty In Ferguson: Then And Now

While there have been many socio-economic ‘explanations and justifications’ for the recent events in Ferguson, many of which have exceeded the realm of the factual and have brazenly encroached on feelings, emotions, heartstrings, and various other of the media’s favorite manipulative mechanisms to achieve a desired outcome, the unpleasant reality is that much of what has transpired not only in the small 21,000-person St. Louis suburban community, but what is taking place across all of America has to do with a far simpler phenomenon: the rise of poverty and the destruction of America’s middle class.

Here are some facts:

Ferguson has been home to dramatic economic changes in recent years. The city’s unemployment rate rose from less than 5 percent in 2000 to over 13 percent in 2010-12. For those residents who were employed, inflation-adjusted average earnings fell by one-third. The number of households using federal Housing Choice Vouchers climbed from roughly 300 in 2000 to more than 800 by the end of the decade.

Amid these changes, poverty skyrocketed. Between 2000 and 2010-2012, Ferguson’s poor population doubled. By the end of that period, roughly one in four residents lived below the federal poverty line ($23,492 for a family of four in 2012), and 44 percent fell below twice that level.

These changes affected neighborhoods throughout Ferguson. At the start of the 2000s, the five census tracts that fall within Ferguson’s border registered poverty rates ranging between 4 and 16 percent. However, by 2008-2012 almost all of Ferguson’s neighborhoods had poverty rates at or above the 20 percent threshold at which the negative effects of concentrated poverty begin to emerge. (One Ferguson tract had a poverty rate of 13.1 percent in 2008-2012, while the remaining tracts fell between 19.8 and 33.3 percent.)”

Read more:

http://www.zerohedge.com/news/2014-08-17/charting-poverty-ferguson-then-and-now

From Citizen Wells May 4, 2014.

“Obama hope and change decimates blacks.

Two of the demographic groups who were the biggest supporters of Obama have taken the hardest hits in employment. Blacks and the young.

Democrats and the left continue to use blacks and the poor as “exploited units of human capital, rather than as human beings .“

When will the black community in the US wake up, boot the demogogues out and embrace candidates of all ethnic and political backgrounds?

Soon I hope.

“The truth shall set you free.”

Here are some numbers, straight from the US Labor Dept. BLS.

They are from January 2007 when the Democrats took control of both houses of congress, January 2009 when Obama took the White House and April 2014.

 

______________________Jan 2007______Jan 2009______April 2014
Participation Rate____________64.6__________63.2__________60.9
Employment to Population______59.4__________55.2__________53.8
Unemployment Rate____________7.9__________12.7__________11.6
Not in labor force___________9,666,000___10,312,000____12,035,000

 

39.8 percent of food stamp recipients are black.

Blacks are 13 percent of the US population.

Is it working for you?”

http://citizenwells.wordpress.com/2014/05/04/obama-economy-devastates-black-employment-black-unemployment-rate-11-6-percent-1-7-million-more-not-in-labor-force-employment-to-population-ratio-plummets-5-6-percent-since-democrats-took-congress/

 

Obama puppeteer Valerie Jarrett Obamacare insuror bailout increases, House oversight committee report July 28, 2014, Large backdoor bailouts of insurance companies

Obama puppeteer Valerie Jarrett Obamacare insuror bailout increases, House oversight committee report July 28, 2014, Large backdoor bailouts of insurance companies

“Obama’s introduction into the “Combine” came when his wife Michelle was hired by Jarrett in the early 1990s, and served as Jarrett’s assistant in Daley’s office and followed her to the Department of Planning and Development.
Jarrett was appointed chairman of the University of Chicago Medical Center Board in June 2006. She was also made chairman of a newly created Executive Committee of that Board, according to a June 13, 2006 University announcement. In addition, Jarrett was named vice-chair of the University’s Board of Trustees, the announcement states.
Michelle landed a high paying job at the University of Chicago Hospitals. Two months after Obama became a US senator, she was appointed vice president for community and external affairs. Tax returns show the promotion nearly tripled her pay to $317,000 in 2005, from $122,000 in 2004.”…Evelyn Pringle

“What about those rumored billions of dollars the oil rich Arab nations are
supposed to unload on American black leaders and minority institutions?
“It’s not just a rumor. Aid will come from some of the Arab states,”
predicted a black San Francisco lawyer who has close ties to officials of
the Organization of Petroleum Exporting Countries (OPEC).

“The first indications of Arab help to American blacks may be announced in
December.” said Khalid Abdullah Tariq Al-Mansour, formerly known as Donald
Warden, of the Holmes and Warden law firm.”…Vernon Jarrett November 6, 1979

“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″

 

 

Valerie Jarrett, one of the puppeteers of Barack Obama, for the most part, flies under the radar and escapes scrutiny.

Many people are still unaware of who she is, her long time envolvement with the Obamas and her involvement in Chicago corruption.

I was reminded of this at a gathering Saturday evening when I mentioned her name and the otherwise informed person said “Who is she?”

Many have asked who are the puppeteers controlling Obama. Some, including myself believe that the Saudis are.

Whether Obama is in the Oval Office or on one of his numerous vacations or golf outings, Jarrett is running the White House.

From the House Oversight Committee July 28, 2014.
“In making the case for ObamaCare prior to its passage in Congress, President Obama often vilified insurance companies and decried their large profits. For example, in July 2009, President Obama remarked that “health insurance companies and their executives have reaped windfall profits from a broken system.”1 One month later, he remarked that “nobody is holding these insurance companies accountable.”2 The President’s public criticism of large health
insurance companies was good politics for him and likely contributed to the law’s passage. The text of the law passed by Congress and the White House’s recent actions to protect insurance company profits, however, show the hypocritical nature of the President’s arguments in selling the law.”

“ObamaCare benefited health insurance companies with its unprecedented mandate that individuals purchase government-approved health insurance coverage and with expensive subsidies to assist individuals in purchasing that coverage through ObamaCare exchanges. In addition to providing health insurance companies with a mandate for individuals to purchase their product as well as creating these subsidies, ObamaCare contains large backdoor bailouts of
insurance companies offering ObamaCare-compliant coverage in the individual and small group health insurance market. Essentially, ObamaCare contains two types of bailouts for insurance companies offering ObamaCare-compliant coverage – one bailout transfers money from the vast majority of people with health insurance, and another bailout transfers money directly from
taxpayers.”

“At least one insurance company appealed directly to Valerie Jarrett, Senior Advisor to President Obama and Assistant to the President for Public Engagement and Intergovernmental Affairs, after the Administration signaled its intent in March 2014 to implement the Risk Corridor program in a budget neutral manner. Chet Burrell, the President and CEO of Care First Blue Cross Blue Shield, wrote to Ms. Jarrett that insurers would likely require Risk Corridor payments on net and that budget neutrality would lead insurers “to increase rates substantially (i.e., as much as 20% or more…).””

“Ms. Jarrett intervened and wrote to Mr. Burrell that “the policy team is aggressively pursuing options.” After the Administration explained how it would implement the Risk Corridor program in April 11, 2014 guidance, Ms. Jarrett wrote to Mr. Burrell that the Administration had given insurance companies 80 percent of what they sought.”

“It appears that several companies, including Care First Blue Cross Blue Shield,
underpriced their exchange plans in 2014 due to their expectation of a taxpayer bailout through the Risk Corridor program.”

“Essentially, ObamaCare contains two types of bailouts for insurance companies offering ObamaCare-compliant coverage in the individual health insurance markets throughout the country. The first bailout, ObamaCare’s Reinsurance program, transfers money from the vast majority of people with health insurance to individuals who have purchased ObamaCarecompliant
coverage in the individual market. The amount of this bailout was set by statute and will equal $10 billion in 2014, $6 billion in 2015, and $4 billion in 2016.

The second bailout, ObamaCare’s Risk Corridor program, transfers money directly from taxpayers to insurance companies. There is no statutory limit on the amount of taxpayer exposure for this bailout. According to the information obtained by the Committee, health insurance companies and the co-ops expect a taxpayer bailout of the magnitude of about $1 billion this year alone. Moreover, the information provided by insurers shows that the expected size of the taxpayer bailout has increased by more than 33 percent since October 1, 2013, partly because the Administration ceded to industry demands and unilaterally altered numerous bailout provisions, making them more generous to insurers.”

“ObamaCare’s mix of taxes, subsidies, regulations, and mandates significantly increased the cost of insurance in the individual market. For example, in its rate filings for the 2014 plan year, one of the insurers that provided information to the Committee planned to increase average premiums by 55 percent for its ObamaCare eligible individual members, with a much larger increase for younger individuals.13 The insurer referred to these increases as “dramatic ‘shocks’ on premium rates, out of pocket expenses and reduction in plan choice.”14 The insurer further stated that “only a relatively small percentage (approximately 7 percent) of our members may be eligible for meaningful subsidies to help offset the higher premiums or obtain lower out of
pocket expenses. This means that most will feel the full brunt of the increases.””

“Evidence that Several Companies Underpriced Plans and Now Expect Large Bailouts

The 3R programs, which insulate companies from significant losses, provided insurers with a strong incentive to price aggressively to gain market share. As described by Health Watch, risk corridors “could provide an incentive for an issuer to price its plan competitively … and if this price ends up being too low to cover costs, it will share that burden with HHS, while at the same time gaining market share.”56 Both the Reinsurance program and the Risk Adjustment program provide insurers with similar incentives.

According to Professor Chandler’s estimates, ObamaCare’s Reinsurance program, funded by higher premiums on the vast majority of Americans, provides about a $500 subsidy per covered life for ObamaCare-compliant plans in the individual market.57 With respect to the Risk Corridor program, Professor Chandler testified “that by backstopping the losses, there is
somewhat of an incentive for insurers to underprice, get the business, if things go badly, Risk Corridors bails them out and if things go okay, well, great.””

“Size of the Expected Bailout Has Significantly Increased

Table 2 shows the total expected Risk Corridor and Risk Adjustment payments for the 15 insurers and 23 co-ops as of both October 1, 2013, and May 2014. Table 2 demonstrates that insurers’ expected payments through each program have grown in size over time. Overall, the insurance industry’s expectation for payments through the Risk Corridor program have increased by about 34.7 percent since October 1, 2013. In addition, insurers and co-ops currently expect
payments through the Risk Adjustment program of nearly twice the amount they expected on October 1, 2013.”

“For example, on April 4, 2014, Chet Burrell, the President and CEO of CareFirst Blue Cross Blue Shield, emailed Valerie Jarrett, Senior Advisor to President Obama and Assistant to the President for Public Engagement and Intergovernmental Affairs, “I want to bring to your attention a brewing issue that will negatively impact upcoming ACA premium rates – any chance
for a brief conversation?”87 Later that day, Mr. Burrell and Ms. Jarrett spoke on the phone, and the following day, Mr. Burrell emailed Ms. Jarrett, “[h]ere’s a short summary of the issue I described to you yesterday, as you requested. Thank you for understanding that I am only trying to give a ‘heads-up’ notice on an issue that could produce an unwelcome surprise. …”88 Mr. Burrell attached a document entitled ‘Premium Rate Increase Concern.docx’; which discussed
the “Concern That [the] Recent HHS Rule will cause Sharp Premium Rate Increases.”89 According to Mr. Burrell’s memo:”

Mr. Burrell’s memo is further evidence that insurers generally expect to receive payments through the Risk Corridor program. It also shows that this expectation of receiving payments allowed insurers to keep exchange plan premiums significantly cheaper than they would have been without taxpayers being on the hook for a bailout. Mr. Burrell’s memo essentially presents
the Administration with a choice: face significantly higher premium increases in 2015 for exchange plans or make taxpayers bail out insurance companies.”

Read more:

http://oversight.house.gov/wp-content/uploads/2014/07/WH-Involvement-in-ObamaCare-Taxpayer-Bailout-with-Appendix.pdf

 

 

Home ownership hits lowest level since 1965, Morgan Stanley analysts ownership rate lower than Census Bureau statistics, Nation of renters, Obama core supporters millenials hit hardest with unemployment student loans and housing options

Home ownership hits lowest level since 1965, Morgan Stanley analysts ownership rate lower than Census Bureau statistics, Nation of renters, Obama core supporters millenials hit hardest with unemployment student loans and housing options

“For now, the absence of young adults from the housing market continues to put a dent in the homeownership rate, which dropped to 64.8% in the first quarter, compared with 65.2% in the fourth quarter of 2013, according to U.S. Census statistics. The rate was as high as 69.2% in the fourth quarter of 2004. For those younger than 35, the rate has fallen noticeably faster. It slipped to 36.2% in the first quarter, from 36.8% in the fourth. The homeownership rate for this group was as high as 43.6% in the second quarter of 2004.”…Market Watch May 12, 2014

“Nearly half of U.S. companies are reluctant to hire full-time employees because of the ACA. One in five firms indicates they are likely to hire fewer employees, and another one in 10 may lay off current employees in response to the law.

Other firms will shift toward part-time workers. More than 40 percent of CFOs say their companies will consider switching some jobs to less than 30 hours per week or targeting part-time workers for future employment.”…Duke University Fuqua School of Business December 11, 2013

“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″

 

 

Well, we told you so.

Once again one of Obama’s core support groups is getting clobbered by EconObama.

From CNN Money August 5, 2014.
“Home ownership hits lowest level since 1965″

“As the foreclosure crisis continues to wreak havoc on the housing market, a source of national pride has taken a sour turn. Home ownership is on the decline and, according to a recent Morgan Stanley report, the United States is fast becoming a nation of renters.

Last Friday, the Census Bureau reported that the percentage of people who owned a home had dropped to 65.9% during the second quarter — its lowest level since the first quarter of 1998 and a far cry from the high of 69.2% reached in late 2004.

Yet, in a research paper issued a week earlier, Morgan Stanley (MS, Fortune 500) analysts Oliver Chang, Vishwanath Tirupattur and James Egan argued that the home ownership rate is even lower than the Census Bureau statistics say.

In fact, once they factored in delinquent mortgage borrowers (the ones who are likely to lose their homes at some point), Morgan Stanley calculated that the home ownership rate is more like 59.2%.

That’s the lowest level since the Census Bureau started keeping quarterly records back in 1965 (before that, it recorded home ownership rates once a decade). The Census Bureau’s statistics, however, do not factor in mortgage delinquencies.”

“The dip in home ownership has done more than just line the pockets of landlords. It has also created a base of Americans with no home to rely on in times of financial need. Millions of owners can tap into their home’s equity in times of financial stress or to pay for cars, college tuition or other major expenses.

Are you on track for retirement?

Paying for a home is also a type of “forced savings,” said David Crowe, chief economist for the National Association of Home Builders. He explained that, after interest, mortgage payments go toward paying down the loan balance — and for homeowners who end up in the right type of loan the ending balance can be significant.
There are also less tangible benefits to home ownership. An increase in home ownership overall tends to improve community stability, according to “The Social Benefits of Homeownership and Stable Housing,” a report released last year by the National Association of Realtors (NAR).

In the paper, NAR cited several academic studies that found that children of homeowners have greater academic achievement than children of renters, that homeowners vote more and volunteer their participation in more community events than renters and that communities are better maintained and safer in neighborhoods with high ownership rates.”

Read more:

http://money.cnn.com/2011/08/05/real_estate/home_ownership/

From Citizen Wells May 13, 2014.

Citizen Wells recently presented the impact on blacks of the Obama economy.

Another demographic that supported Obama, young people, has also been devastated by the Obama economy and the subsequent impact on the housing market has affected everyone.

From Market Watch May 13, 2014.

“There was an 8% drop in existing home sales in Greensboro-High Point, N.C., after a 2% rise in the fourth quarter, RealtyTrac found. “There’s still a lot of uncertainty about the economy,” says Tommy Camp, president and CEO of Berkshire Hathaway HomeServices Yost & Little Realty. “Some buyers say, ‘We’ve got a job, but we don’t know how secure that is.’” A slowdown in household formation has also had a negative impact on the housing market, he says; 18- to 34-year-olds account for more than half of missing households — that is, Americans who would be owning or renting a home now if prerecession economic trends had continued.”

Read more:

http://www.marketwatch.com/story/7-places-where-property-prices-are-falling-2014-05-13?dist=beforebell

From Market Watch May 12, 2014.

“For now, the absence of young adults from the housing market continues to put a dent in the homeownership rate, which dropped to 64.8% in the first quarter, compared with 65.2% in the fourth quarter of 2013, according to U.S. Census statistics. The rate was as high as 69.2% in the fourth quarter of 2004. For those younger than 35, the rate has fallen noticeably faster. It slipped to 36.2% in the first quarter, from 36.8% in the fourth. The homeownership rate for this group was as high as 43.6% in the second quarter of 2004.

“The [25 to 35] age cohort…probably has had the hardest time recovering from the Great Recession,” said Rick Sharga, executive vice president of Auction.com, an online real estate marketplace. “For the time being, we’re likely to see a higher percentage of households formed being rental households,” and overall homeownership rates are likely to continue to drop somewhat—perhaps even down to 62%—before bottoming out and climbing back up, he added.

While some industry watchers have suggested a shift in attitudes away from Homeownership, Sharga and others say it’s too soon to know whether people truly have a waning interest in owning homes. But one thing’s for sure: Young people have plenty of hurdles to becoming homeowners.”
“The unemployment rate for 18-to-29-year-olds was 9.1% in April, which rises to 15.5% if you include those who have given up looking for work, according to Generation Opportunity, a national, nonpartisan youth advocacy organization. The unemployment rate was 6.3% in April for all ages.

Forget that without a job it’s just about impossible to get a mortgage. (It’s also hard to rent: Twenty-nine percent of adults younger than 35 live with their parents, according to Gallup poll results released earlier this year.) A slow start to earnings also means a slow start to saving.

“The majority of younger renters report having insufficient assets to cover a 5% down payment plus closing costs on a typical starter home,” Shahdad wrote.”

“In 2012, 1.3 million students who graduated from four-year colleges (or 71%) had student loan debt, up from 1.1 million in 2008 and 900,000 in 2004, according to the Institute for College Access & Success, a nonprofit independent research and policy organization. Graduating seniors with student loans had average debt levels of $29,400 in 2012, up 25% from $23,450 in 2008.

And new mortgage regulations, set into motion by the Dodd-Frank Act, require that borrowers have no more than a 43% debt-to-income ratio (with debt encompassing monthly housing costs and debt payments, including those on student loans). That ceiling may also restrict first-time buyers, some say.”

http://citizenwells.wordpress.com/2014/05/13/obama-economy-devastates-young-and-housing-markets-under-35-home-ownership-plummets-from-43-6-percent-to-36-2-unemployment-rate-9-1-to-15-5-percent-for-18-to-29-year-olds-student-loan-debt/

 

Hebrew transcript of Obama and Netanyahu phone call, Israel Channel 1 transcript of Prime Minister Benjamin Netanyahu and US President Barack Obama telephone conversation Sunday, Obama demands immediate unilateral cease fire

Hebrew transcript of Obama and Netanyahu phone call, Israel Channel 1 transcript of Prime Minister Benjamin Netanyahu and US President Barack Obama telephone conversation Sunday, Obama demands immediate unilateral cease fire

“we do know that Islamic extremists with ties to Al-Qa’ida participated in the attack.”…CIA Benghazi talking points memo

“The question that I had in my mind, was why did we not do something to protect our forces?”…Charles Woods, father of slain Navy Seal

“I will stand with the Muslims should the political winds shift in an ugly direction.”…Barack Obama

 

 
We warned you in 2008.

So did Obama.

He sides with the Muslims.

From The Times of Israel July 29, 2014.
“The following is an English translation of the Hebrew account of the talk given in the report:

Barack Obama: I demand that Israel agrees to an immediate, unilateral ceasefire and halt all offensive activities, in particular airstrikes.

Benjamin Netanyahu: And what will Israel receive in exchange for a ceasefire?

BO: I believe that Hamas will cease its rocket fire — silence will be met with silence.

BN: Hamas broke all five previous ceasefires. It’s a terrorist organization dedicated to the destruction of Israel.

BO: I repeat and expect Israel to stop all its military activities unilaterally. The pictures of destruction in Gaza distance the world from Israel’s position.

BN: Kerry’s proposal was completely unrealistic and gives Hamas military and diplomatic advantages.

BO: Within a week of the end of Israel’s military activities, Qatar and Turkey will begin negotiations with Hamas based on the 2012 understandings, including Israel’s commitment to removing the siege and restrictions on Gaza.

BN: Qatar and Turkey are the biggest supporters of Hamas. It’s impossible to rely on them to be fair mediators.

BO: I trust Qatar and Turkey. Israel is not in the position that it can choose its mediators.

BN: I protest because Hamas can continue to launch rockets and use tunnels for terror attacks –

BO: (interrupting Netanyahu) The ball’s in Israel’s court, and it must end all its military activities.”

http://www.timesofisrael.com/day-22-five-soldiers-killed-four-of-them-in-mortar-attack-idf-bombards-gaza/#liveblog-entry-1038715