Not just K-12 but state universities as well. Look at the old minimalistic dorms at MIT vs the palatial ones in some resort like second tier colleges. MIT spent money in labs and student programs. Those colleges spent them on olympic scale gyms and football fields.
Apple's shares jumped 7.3% premarket after the company's FQ2 results beat forecasts and it unveiled a goody bag chock-full of treats for investors. Net profit grew 7% to $10.2B, EPS was $11.62 and revenues rose 4.7% to $45.6B. iPhone sales were 43.7M and beat estimates of 37.7M, although iPad sales of 16.35M missed expectations of 20M. In addition, the world is still waiting for Apple's (AAPL) next big thing.
Facebook added to the joy in the tech sector with Q1 results that comfortably topped expectations. Profit almost tripled on year to $642M, EPS was $0.34 and revenue soared 71.2% to $2.5B. Once again, earnings were driven by mobile ad sales, which rose 19% on quarter. Facebook (FB) also said that CFO David Ebersman is stepping down and will be succeeded by finance VP and ex-Zynga CFO David Wehner. Shares were +5.1% premarket.
lang. 25 pot plants per household? That is a lot of medicinal herbs !!! Outdoors in weather like Florida and California, you should get about 15 Kilos of pure smokes.
From wiki: Social security --- Medicare (total)
1980 - Carter
10.16% --- 2.1% (12.26%)
10.8% --- 2.6% (13.4%)
1984 - Regan
11.4% - 2.6% (14%)
1988 - Regan
12.12% - 2.9% (15.02%)
Note that for the high earners, especially the two-percenters, their 15% pay roll tax is incidental once they passed the taxable cap.
Of course you have to count the employer contribution. You think the employers had not reduced your merit/cola salary increases accordingly? Recall the inflation rate exceeded 10% in 1980 and 1981. Did you remember you got double digit salary increases back then? No! At HWP, we had to tighten our belts company wide, taking less pay (9 days fortnight program in 1985) and end of free pastries/fruits in the morning (or was it in the afternoon). Those expanded tax credits for work and dependents etc come during the Clinton and Dubya's era.
Unless you were the top 10% earners, the payroll tax for the rest more than offset the lower FIT:
In 1980, according to Congressional Budget Office estimates, middle-income families with children paid 8.2 percent of their income in income taxes, and 9.5 percent in payroll taxes. By 1988 the income tax share was down to 6.6 percent -- but the payroll tax share was up to 11.8 percent, and the combined burden was up, not down.
" ... And as vt said, the middle class needs better prepping for the jobs of the present and the future, and that involves the whole realm of factors ... "
Unfortunately for Americans, they have to compete with the middle class in China, Mexico, Ukraine, India ,,, at least 400 million strong. Thanks to outsourcing, NAFTA and world trade agreements that benefits investments overseas rather than at home.
Here is an article ... things were pretty good until the housing bubble - you can search for the article
Were the Good Old Days That Good? By LOUIS UCHITELLE July 3, 2005
TOM RATH, the protagonist in Sloan Wilson's 1955 novel, "The Man in the Gray Flannel Suit," certainly had his share of troubles: the stressful conformity, the constant striving for success, the superficial suburban friendships, the war experiences he kept hidden from his wife. It all ate away at him.
But Tom, like most Americans in the first three decades after World War II, took a rising standard of living for granted. When he needed more income to make ends meet, he simply landed a better-paying job. Indeed, at parties throughout suburbia, Mr. Wilson wrote, "the public celebration of increases in salary was common." And Tom didn't fret about medical bills, job security or the quality of public schools for his three children.
Fast forward to Tom and Marie DeSisto in 2005. They are real people in their early 50's, living in a three-bedroom condominium in Newton, Mass. Ask them if their standard of living is rising and they say yes, indeed, it is - but not in the Rath family's sense of the word. The DeSistos' income made a U-turn last year, but they manage to live within its limits, even eking out money for extras. And that success lifts their spirits. "We are not really into boats and cars," Mrs. DeSisto said, "but we are traveling more."
Pushed into early retirement last year by his employer, Verizon, Mr. DeSisto's salary plummeted from more than $100,000 as a manager to $36,000 as a first-year math teacher at Newton High School. His wife, on the other hand, has just been promoted to director of nursing in the Framingham public schools. Her salary rose by nearly $4,000, to $67,000 a year, but she is also adding eight working days a year to handle the additional responsibilities. ..
From 2011 census data:
By educational attainment, 57 percent of women without a high school degree were unmarried when they gave birth, compared to 8.8 percent of women with a bachelor's degree or more. The percentages for women with just a high school degree and some college fell between the two.
Data revealed a significant link between income and out-of-wedlock births. Of women making less than $10,000 who gave birth in the previous year, 68.9 percent were not married. That statistic dropped progressively going up the household income ladder, with a 9 percent rate for households earning more than $200,000 a year..
Nationwide, African-American women reported the highest rate of out-of-wedlock births, at 67.8 percent. American Indian or Alaska Native women reported a 64 percent rate, while Hispanics reported 43 percent and non-Hispanic whites reported 26 percent. Asian-Americans reported the lowest rate of out-of-wedlock births, at 11.3 percent.
In the old days, girls marry in their teens to whomever their parents matched them with or available within a few hours of horse ride away.
Yes on broken families and education problems which was the same in 2000 as today. The difference is income growth have gone to the top 10% with nothing to the middle class but higher state/local taxes and inflation.
from BBC: Last week we noted that a pair of academic researchers said the US was starting to look less like a democracy and more like an oligarchy, where a wealthy elite determines public policy. Here's another bit of cheer in that regard.
According to a New York Times report, the rich in the US are getting richer, but the poor and middle classes are falling behind some of their Western peers.
"Middle-class incomes in Canada - substantially behind in 2000 - now appear to be higher than in the United States," David Leonhardt and Kevin Quealy write. "The poor in much of Europe earn more than poor Americans."
The UK median income is still behind that of the US, but it's catching up fast - a 19.7% increase since 2000. This is the same increase as Canada's, whereas the US number was up by only 0.3%. (It's worth noting that Germany's middle class is also stagnating - at 1.4%.)
The Times reporters based their conclusions on a survey of household incomes in about 20 countries over the course of 35 years, taking into account inflation, differences in taxes, government benefits and cost of living in different locations.
Millionaire Cliven Bundy had been a freeloader off the land owned by the people of USA. The right thing for him to do is to buy the land, pay a lease fee from the fed or state.
I read the LAT piece. There is no data other than California. I asked for same data in your Great State.
There is no disagreement that it makes more economical sense to move "BACK" into parents home. It is good for the parents, children who help out on chores and expenses etc. As to the "forced" to impose on their parents, you meant "SOME" are forced to impose on "SOME" of their parents.
I meant to ask you the percentage in your own great state. The UCLA numbers is on California and may be representative of our whole nation, may be a tidbit higher here because of insane home prices for a house suitable for two or more generation dwellings.
Summary for San Francisco:
The median sales price for homes in San Francisco CA for Jan 14 to Apr 14 was $915,000. This represents an increase of 7.6%, or $65,000, compared to the prior quarter and an increase of 18.8% compared to the prior year. Sales prices have appreciated 43.9% over the last 5 years in San Francisco. The average listing price for San Francisco homes for sale on Trulia was $1,426,421 for the week ending Apr 09, which represents a decline of 7.2%, or $111,452, compared to the prior week and an increase of 6.6%, or $88,295, compared to the week ending Mar 19. Average price per square foot for San Francisco CA was $815, an increase of 19.5% compared to the same period last year. Popular neighborhoods in San Francisco include Pacific Heights, Noe Valley, South Beach, Nob Hill, Russian Hill, and Bernal Heights.
Summary for Palo Alto
Average price per square foot for Palo Alto CA was $1,146, an increase of 14.4% compared to the same period last year. The median sales price for homes in Palo Alto CA for Jan 14 to Apr 14 was $1,650,000 based on 38 home sales. Compared to the same period one year ago, the median home sales price decreased 1.3%, or $22,375, and the number of home sales decreased 61.2%. There are currently 38 resale and new homes in Palo Alto on Trulia, including 5 open houses, as well as 20 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Palo Alto CA was $3,554,033 for the week ending Apr 09, which represents an increase of 4%, or $137,388, compared to the prior week. Popular neighborhoods in Palo Alto include Old Palo Alto and Midtown, with average listing prices of $4,800,83
Do a search on "Medscape Physician Compensation Report 2014" by Leslie Kane; Carol Peckham.
Dont' cry for the two percenters though they no longer are getting 2X to 5X CPI annual pay increases.
What percentage increase or decrease of family members moved back with grannie? What happened to the estate of Grannies when she moved in with you? Was Grandma more willing to stay in her own home or move out to live in with y'all? Was Grandma taking care of the kids or Grandma taken care of by y'all?