Why consumers are bummed out

Published: Wednesday 30 January 2013

Because they’re deeply worried about their jobs and their incomes—as they have every right to be.

POST A COMMENT

RESIZE TEXT + | - | R

PLAIN TEXT

PRINT

SHARE

EMAIL

The Conference Board reported Tuesday that the preliminary January figure for consumer confidence in the U.S. fell to its lowest level in more than a year.

The last time consumers were this bummed out was October 2011, when there was widespread talk of a double-dip recession.

But this time business news is buoyant. The stock market is bullish. The housing market seems to have rebounded a bit.

So why are consumers so glum?

Because they’re deeply worried about their jobs and their incomes – as they have every right to be.

The job situation is still lousy. We’ll know more this coming Friday about what happened to jobs in January. But we know over 20 million people are still unemployed or underemployed.

NationofChange fights back with one simple but powerful weapon: the truth. Can you donate $5 to help us?

Personal income is in terrible shape. The median wage continues to drop, adjusted for inflation.

Most people can’t get readily-available loans because banks are still cautious about lending to anyone without a sterling credit history. (Eliminate student loans and you find Americans aren’t borrowing any more than they were a year ago.)

And the payroll tax hike has reduced paychecks for the typical American by about $100 a month. That’s just about what the typical family spends to fill up their gas tanks per month. Or half what they spend for groceries each week.

Contrast the current pessimism with consumer sentiment last October. Then, a majority polled by the Conference Board expected their incomes to rise over the next six months.

Now just 14 percent expect their incomes to rise, and 23 percent expect them to fall.

That 9 percent gap of pessimists exceeding optimists is the largest since the spring of 2009 when the Great Recession was almost at its worst.

The stock market is bullish because corporate profits are up, costs are down, the “fiscal cliff” agreement has locked in low taxes for most of the upper-middle class and wealthy, and there’s no sign of inflation as far as the eye can see.

But corporate profits can’t stay high when American consumers – whose spending is 70 percent of the U.S. economy – are this pessimistic about the future. They’re just not going to spend.

American companies won’t be able to make up the difference in foreign markets. Europe is careening into a recession. Japan is still in deep trouble. China’s growth has slowed.

Profits are the highest share of the U.S. economy on record. Wages are the lowest. But this imbalance can’t and won’t last.

Investors: beware.

Politicians: Don’t do any more deficit reduction. When consumers are this glum, austerity economics is particularly dangerous. 

If the next showdowns over the fiscal cliff, government appropriations, and debt ceiling result in more deficit cuts this year, we’re in a recession.

This article was originally posted on Robert Reich's blog.

Everyday is blessed

I believe time is evolves everyday. Once we are on the top side, in other side we are on the level of down side. We admit our life always rolls around. We try to understand that situation of life always be rolling around up and down.

I keep motivated, where spirits are around. Where we capture our bless to get opportunity and seize all the day with hopes.



$6 per month VPS Hosting. Linux, windows and cpanel available

Learning and Course on Environmental? and Climate Change?

The United Nations Institute for Training and Research (UNITAR) announces its February to June 2013 Online Courses for a global audience of finance and trade officials. May we request to kindly circulate this information to relevant colleagues or organizations.

Key reasons to participate: Our online courses extend beyond mere content to incorporate experiential and collaborative learning, which is essential for real understanding. Learners achieve this through multiple instructional tools and innovative delivery approaches that allow them to reflect and link the concepts with real-world, practical solutions.

Methodology: The instructional design and methodologies are adapted around the learning styles of adult learners for maximum accessibility and flexibility. All courses are instructor-moderated by international experts and practitioners with a wealth of practical experience and know-how.

Certificate of Completion: A certificate of completion will be issued by UNITAR to all participants who complete the course-related assignments and assessments successfully.

LIST OF UPCOMING 2013 COURSES

Full list and online registration is available online at: http://www.unitar.org/pft/events

FEBRUARY 2013 COURSES

Fundamentals of Risk Management

Course Dates: 4 February to 1 March 2013 | Fee US$800 | Instructor-moderated

http://www.unitar.org/event/fundamentals-risk-management-2013

Numerical Methods for Finance and Capital Markets (new)

Course Dates: 11 February to 22 March 2013 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/numerical-methods-finance-and-capital-markets

Fundamentals of Corporate Governance

Course Dates: 18 February to 15 March 2013 | Fee US$800 | Instructor-moderated

http://www.unitar.org/event/fundamentals-corporate-governance-0

Mathematics of Finance (new)

Course Dates: 18 February to 22 March 2013 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/mathematics-finance

Fundamentals of Capital Market Development and Regulation

Course Dates: 18 February to 29 March 2013 | Fee US$800 | Instructor-moderated

http://www.unitar.org/event/fundamentals-capital-market-development-and-regulation-2013

Fundamentals of Anti-Money Laundering: International Standards and Compliance Issues

Course Dates: 18 February to 22 March 2013 | Fee US$800 | Instructor-moderated

http://www.unitar.org/event/fundamentals-anti-money-laundering-international-standards-and-compliance-issues-2013

International Negotiations: Practical Skills and Techniques (Arabic)

Course Dates: 18 February to 15 March 2013 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/international-negotiations-practical-skills-and-techniques-arabic

Introduction to International Intellectual Property Law

Course Dates: 25 February to 29 March 2013 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/introduction-international-intellectual-property-law-2013

Statistics, Knowledge and Policy: Understanding Societal Change

Course Dates: 25 February to 29 March 2013 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/statistics-knowledge-and-policy-understanding-societal-change-2013

Governance of Extractive Industries

Course Dates: 25 February to 29 March 2013 | Fee US$800 | Instructor-moderated

http://www.unitar.org/event/governance-extractive-industries2012

Sustainable Development: Idea, Process and Goal

Course Dates: 25 February to 29 March 2013 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/sustainable-development-idea-process-and-goal-2013

Fundamentals of Microfinance

Course Dates: 25 February to 29 March 2013 | Fee US$800 | Instructor-moderated

http://www.unitar.org/event/fundamentals-microfinance-2013

MARCH 2013 COURSES

Fundamentals of Business Finance (new)

Course Dates: 4 March to 12 April 2013 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/fundamentals-business-finance

Técnica y Práctica en la NegociaciónInternacional

Course Dates: 4 to 29 March 2013 | Fee US$800 | Instructor-moderated

http://www.unitar.org/event/tecnica-y-practica-en-la-negociacion-internacional-2013a

Fundamentals of Central Banking and Monetary Policy

Course Dates: 4 March to 5 April 2013 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/fundamentals-central-banking-and-monetary-policy-2013

Fundamentals of the Financial System

Course Dates: 4 March to 5 April 2013 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/fundamentals-financial-system-2013

Global Financial Governance

Course Dates: 4 to 29 March 2013 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/global-financial-governance-2013

Cross Cultural Negotiation

Course Dates: 11 March to 12 April 2013 | Fee US$800 | Instructor-moderated

http://www.unitar.org/event/cross-cultural-negotiation-2013

Advanced Risk Management

Course Dates: 11 March to 12 April 2013 | Fee US$800 | Instructor-moderated

http://www.unitar.org/event/advanced-risk-management-2013

Multilateral Trade Negotiations: Tips and Techniques

Course Dates: 11 March to 19 April 2013 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/multilateral-trade-negotiations-tips-and-techniques-2013

Capital Market Development & Regulation - Advanced Course

Course Dates: 11 March to 19 April 2013 | Fee US$800 | Instructor-moderated

http://www.unitar.org/event/capital-market-development-regulation-advanced-course-2013

Arbitration & Alternative Dispute Resolution (Introductory Course)

Course Dates: 18 March to 3 May 2013 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/arbitration-and-alternative-dispute-resolution-introductory-course

Millennium Development Goals and Debt Management

Course Dates: 18 March to 3 May 2013 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/millennium-development-goals-and-debt-management2

Développement et régulation des marchés des capitaux – cours de base (new)

In partnership with Agence pour la coopération et le développement – Banques Populaires (ABPCD)

Course Dates: 18 March to 26 April 2013 | Fee US$800 | Instructor-moderated

http://www.unitar.org/event/developpement-et-regulation-des-marches-des-capitaux-cours-de-base

Public Funds and their Auditing (new)

Course Dates: 18 March to 19 April 2013 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/public-funds-and-their-auditing

Effective Public Debt Management

Course Dates: 25 March to 3 May 2013 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/effective-public-debt-management-2013

Financial Globalization

Course Dates: 25 March to 26 April 2013 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/financial-globalization2

Fundamentals of the Derivative Markets

Course Dates: 25 March to 26 April 2013 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/fundamentals-derivative-markets-2013

The Settlement of Disputes under the World Trade Organization (WTO)

Course Dates: 25 March to 20 April 2012 | Fee US$600 | Instructor-moderated

http://www.unitar.org/event/settlement-disputes-under-world-trade-organization-wto-0

Motivate yourself: Environmental value and fossil fuel

Shop Amazon - Valentine's Day in Children's Books



Motivation is a fundamental mental to change your attitude and behavior. Everyday, the motifs of activities have to be backgrounded with motivation. 

The biggest reef in all of the world, Australia’s Great Barrier Reef, might be the next spot for fossil fuel development. The conservative Queenland government is pushing for such development to facilitate coal exportation. UNESCO, which labeled the reef as a World Heritage Site, is investigating the claim.

Read it at Mother Jones

Green Products

Green Movement

Greater Jakarta May See Heavy Rains Over the Next Three Days
Hotman Siregar | January 23, 2013

People sit on an inflatable raft as they move through a flooded street to try to reach higher ground near the Hotel Indonesia traffic circle in Central Jakarta on Jan. 18. (Reuters Photo/Beawiharta)

Related articles

Pope Prays for Victims of Jakarta Floods 8:03pm Jan 23, 2013

Pluit Residents Fear Burglaries 10:24am Jan 23, 2013

33,502 Jakartans Displaced, 20 Dead in Flooding: BNPB 9:00pm Jan 22, 2013

Moving Jakarta Should Be a Last Resort: SBY8:48pm Jan 21, 2013

Editorial: Plans in Place, Time For Action on Floods5:14pm Jan 21, 2013

SHARE THIS PAGE

0

80

0

0

Share with google+ :

Post a comment 
Please login to post comment

Comments

Be the first to write your opinion!

An expert from the Meteorology, Climatology and Geophysics Agency has forecast heavy rain for the greater Jakarta area over the next three days. 

"The intensity is estimated to be high, especially in the Puncak area,” said Haryadi, the head of the early warning department of the agency known as BNPB, on Wednesday. “Local rains also retain the potential of being heavy but they are just on the spot and do not last too long.” 

Haryadi added that residents should be cautious of lightning and strong winds with the peak of the rainy season still expected to take place sometime between the end of January to early February. 

Bambang Suryaputra, the spokesman of the Jakarta Disaster Mitigation Agency (BPBD), said his institution had already prepared equipment and enlisted more manpower in anticipation of more flooding during the emergency relief period for the city, which ends on Jan. 27.

"Rubber boats, logistics and other equipment is now ready,” Bambang said.  

“However, the public must also support the efforts and expect to be evacuated when the floods come. We should all work together to overcome the impacts of floods.”

Suara Pembaruan

Global Warming is a Domestic Crisis

GREEN PRODUCTS

As President Obama made clear in his inaugural address Monday, failing to confront the threat of climate change in his second term would be a betrayal of future generations. “Some may still deny the overwhelming judgment of science,” Obama said, “but none can avoid the devastating impact of raging fires, and crippling drought and more powerful storms.” Actually, there are some who can avoid fires, drought and storms, but most of them voted for Mitt Romney.

At a time of continued unemployment and Republican assaults on workers’ rights, the climate crisis may not seem like a pressing bread and butter concern. However it is vital for the president and his allies in Congress to remember that those Americans most defenseless against extreme weather and natural disasters form the backbone of the Democratic Party.

That is the only conclusion one can draw from the draft of a new federal study on global warming’s growing impact on the United States. Those who stand for workers and the middle class, and for the rights of minorities, women and the underprivileged in our increasingly unequal society, are facing yet another epochal struggle. The carbon dioxide being spewed into the atmosphere by the coal, oil and gas corporations threatens the well-being of the 99 percent on a whole range of new fronts.

Climate change is provoking more and more drastic weather events. Residents along coastal regions are at risk both from more violent storms and from a projected 3- to 4-foot sea level rise over the next eight decades. The enormous storm surge caused by Hurricane Sandy is an example of these new threats. Hurricanes require warm water to remain active, and Sandy fed off of high Atlantic temperatures in waters that have historically been much colder.

Most news sources are funded by corporations and investors. Their goal is to drive people to advertisers while pushing the corporate agenda. NationofChange is a 501(c)3 organization funded almost 100% from its readers–you! Our only accountability is to the public. Click here to make a generous donation.

The draft National Climate Assessment notes that people and neighborhoods along the coast were hardest hit, adding, “Many low-to-moderate income residents live in these areas and suffered the damage or loss of their homes, leaving tens of thousands of people displaced or homeless.” We saw with Katrina in New Orleans, as well, how the least well-off are often shunted to low-lying and more vulnerable land. Most of New Orleans will be gone within a century if we go on producing carbon dioxide at our current rate.

The elderly and medical patients faced special difficulties as a result of the storm surge, including the loss of electricity and other services, since they could not as easily flee. The assessment points out that with Sandy, “the elderly and infirm were highly vulnerable, especially those living in the coastal evacuation zone and those on upper floors of apartment buildings left without elevator service.” The rising temperatures and heat waves that global warming is bringing to the U.S. are especially risky for the elderly.

Juan Cole | Global Warming is a Domestic Crisis

The $300 billion a year in agricultural crops and livestock produced by the United States will be adversely affected by climate change within 30 years, potentially increasing the cost of food and hurting farmworkers. People will see rising food prices if drought and other effects of climate change reduce our agricultural productivity through decreased rainfall and more insect infestations. The annual yield will also fluctuate more, causing prices to spike unpredictably some years.

At the moment, Americans spend only about 6 percent of their income on food, less than most Europeans and far less than is typical in the global south. Workers, the poor and everyone on a budget benefit from our relatively inexpensive groceries, but that boon is likely to change. Already more than one in six Americans is food insecure(i.e., they are sometimes unable to buy enough food to avoid hunger, and are just barely avoiding a nutritional crisis). Their situation will deteriorate further in coming years because of the damage climate change will do to crop yields.

Severe weather particularly endangers city dwellers, because municipal services are interconnected. Electricity is needed to pump water and to run some transportation, including elevators. Roads easily flood, making it difficult to flee rising waters. Oil refineries and pipelines are readily taken offline, producing fuel shortages that also hurt the ability of victims to leave disaster areas. City services, then, can be knocked out together in what scientists call a “cascade” (by which they mean that one disaster causes another, which causes another, on down the line).

About 245 million Americans now live in cities, and the vast majority of them are workers. The homeowners among them most often claim their residence as their major asset. Those homes are threatened by the harsh weather that climate change is generating.

The transportation networks on which people depend to get to work, moreover, could be degraded by the effects of climate change. First of all, a lot of damage could be done to the $4 trillion American transportation infrastructure by warming. Expansion joints on bridges suffer more stress when hot, and rail tracks buckle more often. In the Northern states, there will be less snow and more rain, and spring deluges will take out more bridges than slow-melting snow typically does. The asphalt in roads deteriorates faster in the heat, and drought in the Southeast and Southwest will cause slopes to be unstable and contribute to the pavement buckling. As for workers who live along the Gulf of Mexico, it will be harder to get around. According to thedraft report on transportation, “In total, 24% of interstate highway miles and 28% of secondary road miles in the Gulf Coast region are at elevations below 4 feet.” (Sea levels will rise at least 4 feet over the coming 80 years).

And, well, it will be hot. Imagine being a construction worker in Houston where a heat wave is not 107 degrees, but 113. People whose jobs keep them outside in the summer may have to work more hours in the evenings and very early mornings, and will be at greater risk for dehydration, heat stroke and heart attack.

Labor activists and environmentalists need to band together to fight the effects of climate change, which will function as an extra tax on workers. The rich have the resources to get to the high ground. They can afford imported food, and will replace crumbling public infrastructure with toll roads and gated communities. It is the workers and the middle class who will bear the brunt of climate change disasters.

Workers and labor unions can take their own stand by divesting from coal, gas and oil companies in their pension funds, and can lobby for the closing of coal plants and a rapid move to wind and solar energy. The House of Representatives is useless, but municipal and state governments can accomplish a lot with their own energy projects and with tax rebates. Officials often will not offer them, however, unless pressured to do so. Not only unions, but organizations representing women and minorities have a stake in preventing these calamities. There are also expanding opportunities for crowdsourcing the funding of solar and wind projects. Solar panels are increasingly affordable and should be on every roof in the United States, and it is the people who can make that happen.

If carbon emissions are not radically reduced by 2020, we will be doomed to some of the worst effects of the intensified greenhouse gases. President Obama’s Environmental Protection Agency has finally enforced mercury pollution limits at coal plants, and is forcing substantial numbers of them to close. But all of them have to be shut in eight years if we are to avoid calamities, and it is not Obama’s instinct to pursue radical change. Nor has he been good about standing in the way of hydraulic fracturing (or “fracking”), a method of extracting natural gas that emits a great deal of methane. The president’s constituencies have to hold him to his inaugural promises and let him know that dealing with CO2 emissions and climate change is among their highest priorities for his second term.

This article was originally posted on Truthdig.

Green Products