Obama Deficit Plan to tax the rich

Republicans lament the tax hikes for the wealthy that Obama has proposed to alleviate some of the pressure on the budget. He also wants to make taxation a bit more equitable, or at least equitable in his eyes. I get the idea that taxing the rich would impede the incentive to create more jobs (let the job markers create more jobs rather than letting the gov't waste that money). Part of me actually doesn't care much if the super rich have their taxes increased. Lately it seems greed is the name of the game, whereas before greed meant more money (thus more jobs), now greed leads to more yachts, not more jobs. I also don' tbuy the argument that this will 'split' America. Enough of the stupid fear rhetoric please. 5% of Americans have a million or more in annual income. Last I checked that's not 50%. Everyone has to do their part and it will be a combo of higher taxes for some, lower taxes for others, less spending (dare I say the military is included, yes I do), and the multitude of other government inefficiencies.

Bankruptcy Numbers for LA Up and Down

Just like this post on foreclosures, I'm taking a look at data from LA to figure out how bad things really are. Foreclosure data was really inconclusive, other than demonstrating things are not getting better any time soon.

 Bankruptcy data is kind of the preemptive strike before foreclosure. Although not everyone who files for bankruptcy has their home foreclosed, and not every foreclosure wen thru bankruptcy, it's a signal nonetheless. The bankruptcy data from quarter 2 2011 is good and bad. The good news we'll start with first.

Chapter 7 bankruptcy filings for LA were actually down. This is significant because it's the first period we've seen a decline in filings the end of 2006.

The number was only a 2% decline, but it's certainly good news. There were 52,328 filings, which is still a huge number. REmember,

Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Most liens, however (such as real estate mortgages and security interests for car loans), survive.

The bad news is Chapter 13 filings were up, and up more than the past two quarter increases. (The rate of increase from quarter to quarter was up.) Quarter 2 2011 Chapter 13 filings for LA actually hit an all time high at 20597. Chapter 13 filings,

allows individuals to undergo a financial reorganization supervised by a federal bankruptcy court. The Bankruptcy Code anticipates the goal of Chapter 13 as enabling income-receiving debtors a debtor rehabilitation provided they fulfill a court-approved plan.

If this is an indication of economic health then LA is in some tough times. Things are getting worse, not better. Remember, although the increase quarter by quarter is around 5% on average, it's still INCREASING which means, date I remind you, that more and more new people are in dire straits. What's next? Here's where we're at, the need for jobs.

That simple.

The solution? I wish I knew, but it seems clear we're not only stuck in the woods, but will have another few years of belt tightening.

Alas, thanks again to San Diego Bankruptcy Attorney Cecilia for the stats.

Tracking Foreclosures in LA and Pasadena

man things have gone awry.... I like to take a look at the actual stats of our economy so I have an idea what trouble we're in, when we'll come out of it, and when we'll slide even further. Most economists agree we're in another recession--the proverbial 'double dip'. I'm not a fan, but what does the evidence say and how is California really doing? Well take a look at this graph:

This graph depicts LA foreclosures since 2006. You can see the ominous increase that peaked just before the 2008 crash. After the crash, well, using this data it's anybody's guess. There doesn't appear to be a trend other than every period we see an unfortunate number of people losing their homes. Just when you think the number may be declining you have another month, like this past June, where 2471 foreclosures were recorded, up from the previous month by over 300. What about Pasadena?

Same thing really. We can't tell where the numbers are going. Albeit they are much smaller, no real trend emerges. May was a great month, June was the second highest total of foreclosures this year (at 26). What does the data mean? IN the least we're not out of the woods yet and people are still in trouble. After that, it's anybody's guess. It seems clear that the 'recession' is still here, the economy still lags, and recovery isn't in sight.

Pick on someone else

I've been blasting Bachmann a lot lately. I think I'll lay off. She's just giving people too much easy mud to sling.....

Bachmann Spews More Mid East Stupidity

In California pumping up the troops, Bachmann decried the inaction of Obama for not doing more to prevent the 'radical' upheaval in the mid-East. I'm really trying to like Mich, but good god she's got really bad foreign policy. Apparently democratic rule is undesirable. Now, you can argue that Egypt may not be better off with whomever takes the place of Mubarak in democratic elections, but that's the whole point--democratic elections. Does Bachmann want the CIA to role in and establish their own 'ruler' like they did in Iran? That didn't work out so much. Or how about Afghanistan? Nope. Someone inform this woman.

Bachmann Can't be Pres Cause she's a Woman

Although supporters for Bachmann will hail from the conservative right, there's one thing that doesn't jive--she's a woman. This is one of those classic 'pick and choose' moments for conservative Christians. They don't allow women to be pastors yet they could be President? Actually probably not. This is partially why the Republicans will never nominate a woman, they're still backwards when it comes to gender. take for example one of the leading voices for the Reformed church: http://www.christianpost.com/news/is-it-wrong-for-men-to-listen-to-female-speakers-55118/ Not only that, Baptists aren't much different here. So although Michelle could run a country, she won't win cause she doesn't have a penis.... A bit backwards? Or the way God intended?