The latest report on personal incomes and outlays showed the expected collapse in personal incomes post the pre-fiscal cliff surge. However, the reversion was more than expected. Today's charts of the day present the effects of both the reversion in incomes, post the special yearend payouts to avoid the impact of higher taxes, and the impact of the payroll tax increase.
The first chart shows real (inflation adjusted) personal incomes. The effect of the surge in payrolls due to concerns over the "fiscal cliff" is clearly shown, as well as, the subsequent reversal in January as real incomes slid by a whopping 3.6% or $437 billion.
Egypt’s finance ministry sent a proposal to the country’s antiquities ministry to consider offering key monuments, including the pyramids, to international tourism firm as a quick solution to generate funds needed to overcome the financial crisis, an official has said.
Rumors about the proposal, which some described as preposterous, have circulated online for weeks.
At midnight tonight, a bevy of steep spending cuts will hit the federal government unless Congress and the White House agree to an alternative deficit-cutting proposal. Although the national media has been relentlessly focused on this deadline, Mayor Michael Bloomberg said it will only affect New York City if the so-called “sequestration” continues for a significant length of time.
“It depends on how long,” Mr. Bloomberg said on his weekly WOR radio show with John Gambling. “If it lasts a few weeks, no. If it does, yeah. We get 10 or 12 percent of our budget from the federal government, not all of that is going to be cut back, but there would be effects–not good effects. But in the context of, ‘Is anything going to change tomorrow? Are we going to run out of money tomorrow?’ I’m sure I’ll get that question at the [next] press conference. No.”
Een vrijhandelsakkoord tussen de Verenigde Staten en de Europese Unie zou het ‘minst dure' relanceplan zijn om de crisis aan te pakken en de economie aan beide kanten van de Atlantische Oceaan aan te wakkeren. Dat heeft Karel De Gucht, Europees commissaris voor handel, zaterdag verklaard.
Honderdduizenden Portugezen zijn vandaag op straat gekomen om te protesteren tegen het besparingsbeleid van hun regering.