Did John McCain blink on Cash for Clunkers? Aug 5, 2009
" Despite the overall contraction, the fingerprints of the American Recovery and Reinvestment Act could be seen in some aspect of today's report. Federal government spending grew at an 11 percent rate in the quarter, adding roughly 0.8 percent to overall GDP. State and local government spending grew at a 2.4 percent annual rate, the fastest growth since the middle of 2007. It is clear that the large amount of state aid contained in the ARRA made this growth possible. Furthermore, real... (Salon)
Prices rise, wages fall in June Aug 5, 2009
And the personal saving rate, which had been rising, dropped sharply from a month earlier as one-time transfer payments from the government stopped arriving in people s bank accounts. Consumers are not spending any more money, Steven Ricchiuto, chief economist at Mizuho Securities, said. (Boston Globe)
Cash for Clunkers: The successful failure Aug 2, 2009
Inflation-adjusted transfer payments (including a one-time payment to Social Security recipients) rose at an annual rate of over 6 percent in the quarter as well. The most disconcerting news in the new GDP report is that consumer spending declined more than expected in the second quarter, prompting to declare in a headline that the GDP report indicated that the economy was "faltering" -- exactly the opposite take almost everyone else took from the numbers. (Salon)
Are Republicans the Economic Pessimists? Jul 29, 2009
They say the bulk of the package consists of transfer payments to individuals and states, along with tax credits that will produce no real incentive effects to spur economic growth. But the fact remains that numerous signs are now pointing to economic recovery. (Townhall.com)
Paying debt poses economic paradox Jul 27, 2009
The rise in savings so far is largely a product of mortgages being extinguished by home foreclosures, government tax cuts and transfer payments under the stimulus package, he said. "As there's an adjustment to higher savings, then there is a potential paradox of thrift," Johnson said, referring to economist John Maynard Keynes' theory that increased saving is good for individuals but bad for society as a whole because it reduces demand. (Honolulu Advertiser)
ZUCKERMAN: The Economy Is Even Worse Than You Think... Jul 15, 2009
For a start, too much of the money went to transfer payments such as Medicaid, jobless benefits and the like that do nothing for jobs and growth. The spending that creates new jobs is new spending, particularly on infrastructure. (The Drudge Report)
US adds to its cost burden Jul 8, 2009
That adds about 15% to the price controlled share of output, making the total around 20% (government transfer payments such as social security and unemployment benefits should be excluded, since those resources are subject to market forces once in the hands of the recipient ... A US economy in which 40% of prices were set by the state (excluding transfer payments) would thus not be wholly inefficient. (Asia Times Online)
Harder to pick than a broken nose Jul 4, 2009
In addition, the Federal Government has acted quickly to introduce two huge tranches of transfer payments to pensioners and carers ($8. 7 billion in December 2008) and low and middle-income earners and households ($12. (Sydney Morning Herald -- Business)
Banks and Consumers: Joined at Jul 3, 2009
1 billion increase in income, almost all of it was due to government transfer payments including a one shot $250 bonus payment to Social Security recipients and those receiving veterans benefits ... 6 billion of the increase in transfer payments. (Fox News)
The beautiful shame Jul 2, 2009
Player transfer payments have now reached "astounding dimensions," the study said. While there are no overall figures on the global financial scope of the football sector, the European market alone, according to the Deloitte Annual Review of Football Finance, was worth 13. (iAfrica.com)
* Police bust phone scams targeting Chinese nationals Jun 27, 2009
Most of the victims of the phone scams were Chinese, who were told by the callers, pretending to be representatives of China's Public Security Bureau, that their phone bills were in arrears and they needed to transfer payments to a designated account, the police officer said. The files stored on the computers that were seized could yield more information on how many Chinese had been defrauded, the officer said. (Taipei Times, Taiwan -- Taiwan)
Hawaii personal income growth tops all states in 1st quarter Jun 19, 2009
Personal income represents income received from all sources, including wages and salaries, business owner income, rental income, interest and dividends and transfer payments. Hawaii's gain came after two quarters of declines. (Honolulu Advertiser)
Two societies: One for the left, one for everyone else Jun 16, 2009
For example, consider the case of government transfer payments. If the left is society and government is equal to society, then taking property from one person and giving it to another has a certain amount of moral justification. (Waterloo Courier, IO)
Recall the Stimulus, Let the De-TARPing Begin, and Set the Fed Free Jun 6, 2009
If we keep paying people not to work by piling on more transfer payments and government subsidies, economic growth will suffer mightily. And if the Fed keeps buying bonds issued by Uncle Sam, inflation will ratchet higher. (Human Events Online)
Former U.S. Army Lieutenant Colonel Sentenced For Role in Fraud Scheme Arising Out of Al-Hillah, Iraq Jun 5, 2009
At the plea hearing, Harrison admitted that in August 2004 she received a Cadillac Escalade from Philip Bloom, a contractor at the CPA-SC. The Escalade was financed through a series of wire transfer payments, which form the basis of the wire fraud charge. Harrison also admitted that she took more than $300,000 from the CPA-SC while deployed there and that she used some of the stolen money to make improvements at her home. (PR Newswire)
Rove: It's the Economy, Stupid... Jun 4, 2009
In addition, much of the stimulus that went this year for tax cuts and transfer payments has been saved, not spent. (The national savings rate went from less than 0% to about 5. (The Drudge Report)
Asia stocks lower Tuesday (update) May 26, 2009
The current account shortfall, which measures trade and transfer payments including money sent home by migrants, was 0. 5 percent of gross domestic product, compared with 1 percent in the first quarter last year. (The Star Online, Malaysia -- Business)
Left, right can have an amicable divorce May 11, 2009
We get to keep the part of the government that maintains the rule of law and is prohibited from making any transfer payments. The left can have all the rest. (Waterloo Courier, IO)
Jobless rise imperils US recovery Apr 4, 2009
"Households have seen a boost to their after-tax incomes from much lower tax payments and increased transfer payments ... However, the fiscal stimulus will be overwhelmed if the job market does not begin to stabilize in the coming months.". Peter Kretzmer, senior economist at Bank of America said the fact that job losses appear to have peaked in January is a positive sign. (India Times, India)
Idaho income grew 2.9 percent Apr 2, 2009
Nationally, personal income -- the total of all wages, business owner profits, investment earnings and transfer payments like Social Security and pensions -- dropped 0. 2 percent during the October-December quarter. (Pocatello Idaho State Journal, ID)
The Ship Is Sinking: Quick, Add Water Apr 2, 2009
So Mr. and Mrs. Jones are cutting back on meals out at restaurants, new clothes, new cars, and fancy cell phones, while the government is going into deep debt on their behalf to pay for windmills, universal preschool, and lots of new transfer payments dressed up as "making work pay." In other words, the state is taking decisions about how much debt Mr. and Mrs. Jones will incur out of their hands. The Joneses will have to pay back the debt some time (or their children will), but they will not be... (Townhall.com)
China Tibetology Research Center published a comprehensive report on Tibet's economic and social development on Monday, in which it outlined the region's changes over the past 50 years. • Full Text: Report on Economic, Social Development of Tibet Mar 30, 2009
In the next few years, Tibet's economy is expected to maintain sound and rapid development in virtue of favorable factors such as increasing investment and transfer payments from the central government, rising income level of farmers and herdsmen, and burgeoning consumption by local residents. Editor: Jiang Yuxia. (Xinhuanet, China)
U.S. consumer spending up slightly Mar 28, 2009
Economists say spending in the first quarter has benefited from government transfer payments and a comparison to the especially gruesome numbers in at the end of 2008 ... 6 percent rise in January, which had been buoyed by unexpectedly high increases in government transfer payments and cost-of-living raises given to government workers. (International Herald Tribune)
Is Social Security a Ponzi scam? Mar 23, 2009
It is a financial transfer payments plan. (Something else that Prof. (Waterloo Courier, IO)
Ray Fair puts in his two cents on the economy Mar 22, 2009
For fiscal policy, you can either raise government spending and transfer payments, or you can cut taxes. In the middle of this year, for example, there was a tax rebate. (Yale Herald, CT)
Consumer prices inch up in February Mar 19, 2009
The shortfall, the broadest measure of trade because it includes transfer payments and investment income, was the smallest since 2003, the Commerce Department said. Consumer prices were forecast to rise 0. (Boston Globe)
World media spoke highly of Premier Wen's remarks Friday at a press conference and policies China has adopted to battle the economic crisis, saying the two sessions delivered "China's confidence." • Full Text: Report on China's central, local budgets Mar 15, 2009
294561trillion yuan in tax rebates and transfer payments to local governments ... The central government's tax rebates and transfer payments to local governments ... 294561 trillion yuan in tax rebates and transfer payments to local governments in 2008, an increase of 480. (Xinhuanet, China)
Dutch pass law to expel failed asylum seekers Mar 10, 2009
and supplies, customer satisfaction and other misc charges balance international statements process check and wire transfer payments and dublin swap credits. ok. (Yahoo News -- Netherlands)
Homes look more affordable now Mar 7, 2009
The personal income figures may also be overstated, since they are affected by government transfer payments and include significant increases in both Medicaid and unemployment insurance payments. But the trend is the same, even with transfer payments eliminated from the calculation. (International Herald Tribune -- Business)
FROM THE FED: Read the testimony Mar 4, 2009
The package includes personal tax cuts and increases in transfer payments intended to stimulate household spending, incentives for business investment, federal grants for state and local governments to reduce their need to cut services or cancel building projects, and increases in federal purchases. By supporting public and private spending, the fiscal package should provide a boost to demand and production over the next two years as well as mitigate the overall loss of employment and income... (USA Today -- Money)
US manufacturing, spending show glimmers of hope Mar 3, 2009
"Rapidly rising unemployment is expected to keep consumer confidence close to historic lows. This will cause even more conservative consumer behavior and therefore less spending. Data last week showed consumer spending, which accounts for more than two-thirds of economic activity, declined at 4.3% rate in the fourth quarter, the biggest drop since the second quarter of 1980. That helped to depress fourth-quarter gross domestic product to a 6.2% annual rate of decline. Incomes advanced 0.4% in... (Sydney Morning Herald -- Business)
No Signs of a Bottom As Stocks Hit Twelve-Year Low Mar 3, 2009
A quick look revealed that it was largely driven by transfer payments, such as Social Security inflation adjustments and an extension of unemployment benefits, not the kind of capitalist fuel needed to power a real economic recovery. . (Time.com)
Federal government remained in surplus through December Feb 28, 2009
7 per cent hike, due to higher transfer payments and departmental spending. Finance said transfers to individuals were up by 4. (Globe and Mail)
POLLS ON OBAMA: Strong. But Average. And Way Divided... Feb 25, 2009
The tax cuts were actually transfer payments. Posted by: Ed | Feb 24, 2009 2:49:49 PM. (The Drudge Report)
Exclusive demographic picture Feb 14, 2009
That group earns just $14,024 a year on average, but more than half comes from government transfer payments. Exclude those payments, and the average drops to just $6,282. (Globe and Mail)
Fast Facts: Israel Feb 10, 2009
Israel usually posts sizable trade deficits, which are covered by large transfer payments from abroad and by foreign loans. Roughly half of the government's external debt is owed to the US, its major source of economic and military aid. (CBS News -- World)
No Consensus on "Stimulus" Bill Feb 10, 2009
The blogger Calafia Beach Pundit trenchantly observed: "Very little of the bill involves immediate stimulus or anything that might be actually stimulative; only a little over 10 percent of the money gets spent this fiscal year, and about 30 percent gets spent next fiscal year. About 30 percent of the money goes to transfer payments. Only $20 billion would be spent over the next 18 months on highway construction; and about 20 percent of the bill doesn't get spent until 2012-19.". Obama... (Townhall.com)
Singer makes silly mistake, but loves nation Feb 8, 2009
This figure is comprised of more than 78 billion yuan in transfer payments from the central government budget and over 25 billion yuan from local government budgets. Further, over the next two years, the government will completely eliminate tuition and miscellaneous fees for all rural students receiving compulsory education. (Xinhuanet, China -- Entertainment)
