Census Bureau

Seattle Passes Measure To "Tax The Rich"; There's Just One Problem...

The Seattle City Council has just passed a new measure that applies a 2.25% tax on total income above $250,000 for individuals and above $500,000 for married couples filing their taxes together.  The city estimates the tax would raise about $140 million a year that could be used to splurge on all sorts of progressive causes...there's just one problem...

The US Is Not "One Nation" - And It Never Was

"There are very real divides in the US today, And unless we studiously ignore and gloss over the enduring religious, linguistic, cultural, and ideological differences that have always existed, we must admit the US was never 'one nation'."

Americans Are Dying With An Average Of $61,500 In Debt

73% of American consumers had debt when they died, according to an Experian study. Of these, about 68% had credit card balances, followed by mortgage debt (37%), followed by auto loans (25%), personal loans (12%) and student loans (6%). In total, the typical American who passed away with debt to their name carried over $61,554 in debt to the afterlife.

Schaeuble Warns US Pullback Could "End Our Liberal World Order"

“I doubt whether the United States truly believes that the world order would be equally sound if China or Russia were to fill the gaps left by the US, and if China and Russia were simply given a free hand to dominate the spheres of influence that they have defined for themselves"...

Illinois' Economic Growth Is Worse Than During The Great Depression

America’s Great Depression started off worse from 1930-1932, but the recovery came on stronger. By contrast, Illinois did not have as steep of a fall during the first years of the Great Recession, but Illinois’ recovery from the Great Recession has been abysmal.

Will Millennials Ever Become A Generation Of Homeowners: BofA Has A Troubling Answer

"While young adults can generally afford housing, there are other constraints including the ability to make a large enough downpayment and tighter credit standards. Lifestyle changes are partly to blame.  These dynamics won't change in the medium-term which should translate to a lower equilibrium pace for single family housing starts."

Key Events In The Coming Week: FOMC Minutes, GDP, BOC, OPEC And More

The key economic releases this week are the durable goods report and Q1 GDP revision on Friday. The minutes of the May FOMC statement will be released on Wednesday at 2PM. In addition, there are several scheduled speaking engagements by Fed officials this week