9 Of The Top 10 Occupations In America Pay An Average Wage Of Less Than $35,000 A Year

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9 Of The Top 10 Occupations In America Pay An Average Wage Of Less Than $35,000 A Year

Energy bills have risen at EIGHT times the rate of average earnings

Energy bills have risen at EIGHT times the rate of average earnings
http://thedailynewsreport.com/wp-content/uploads/2013/11/1fc8b__article-0-19FABC11000005DC-474_634x309.jpg

By Adam Uren

PUBLISHED: 10:18 EST, 17 November 2013 | UPDATED: 10:50 EST, 17 November 2013

Energy bills have risen at a rate eight times higher than average earnings over the past three years, according to Citizens Advice.

The charity has found that the ‘Big Six’ suppliers have increased their gas and electricity prices by on average 36 per cent since October 2010, during which time earnings have risen by a measly 4.4 per cent.

Prices have also easily outstripped the rate of inflation as well, almost four times the 10.2 per cent increase in the last three years.

Rise: Energy bills have risen by 36 per cent in the last three years.

Energy firms have shown no sign of putting a stopper on rises either, with recent announcements seeing rises of up to 10.4 per cent set to come in this winter, and Citizens Advice fears that people are racking up serious debts to pay for their winter energy bills.

Chief executive Gillian Guy said: ‘Enormous escalations in energy prices are creating a desperate situation in many households.

‘People find they do not have enough money coming in to pay for everyday essentials as increases in daily costs are outstripping low rises in earnings.

‘As we head into winter, and the latest price rises begin to kick in, more and more people are likely to reach crisis point as they struggle to heat their homes and feed their families.

‘People should not have to get into debt in order to have a warm home.  Energy companies and the Government need to look at how they can reduce the pressure energy bills are putting on people’s finances.’

Energy providers have been attempting to pin the blame for rising costs on green taxes levied by the Government, but energy secretary Ed Davey told the Mail on Sunday today he feels these firms may be ‘too profitable’.

The Big Six of British Gas, E.On, SSE, npower, EDF Energy and Scottish Power were hauled before a committee of MPs last month to explain their margins, and people are increasingly being encouraged to switch their energy plans to smaller and cheaper suppliers.

Citizens Advice said that 28 per cent of people who seek help with an energy problem also have a debt issue, with half of these in debt to their energy suppliers, while others have card or personal loan debts.

Ms Guy thinks green levies on energy companies should instead be raised via taxation to make it fairer on those struggling to stay afloat.

She said: ‘It’s absolutely essential that families on low incomes and pensioners get the necessary help to stay warm so I urge the Government not to cut the support that is currently available.

‘Levies are adding an unfair financial burden to poorer households.  Paying for these costs through taxation would be a much fairer approach and would avoid low income households funding.’

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Read more about Energy bills have risen at EIGHT times the rate of average earnings and other interesting subjects concerning Business at TheDailyNewsReport.com

The Dow Jones Industrial Average Is Adorable, Should Never Change

REUTERS

The Dow Jones Industrial Average announced today that it is removing Alcoa, Bank of America, and Hewlett-Packard from its 30-company index. Goldman Sachs, Nike, and Visa are in.

Everybody’s snarking on this move, most eloquently Neil Irwin:

[The Dow] is weighted not based on the size or importance of the company, but by its per-share price. So IBM, with its $ 184 per-share price, counts more than four times as much as Coca-Cola, at $ 39 a share, even though the two have about the same stock market capitalization.

Okay, yes, the DJIA is an overrated symbol. But it’s a fun overrated symbol. The economy is impossibly complicated, and even sophisticated attempts to summarize its health and evolution are, inevitably, oversimplifications. The Dow, which limits its particular oversimplification to the publicly traded stock of 30 companies, is constantly hauling new companies into the boat before casting them overboard. In 2008, Bank of America and Kraft replaced Altria and Honeywell. Four years later, Bank of America and Kraft have been replaced, themselves. This is useful, how?

I’d like to propose that the Dow Jones Industrial Average become the Dow Jones Industrial Archive. Let’s just pick 30 stocks and never change them again. It wouldn’t be the best reflection of an evolving economy. In fact, it would be a terrible reflection of an evolving economy. But that’s okay, because we have the Standard & Poor’s 500 index and Wilshire 5000, which are much better simplifications for traders and readers.

Instead, the Dow Jones Industrial Archive would be a beautiful reflection of the economy we thought we had, but are instead leaving behind.

When the Dow Jones Industrial Average launched in 1896, it smelled like a turn-of-the-century factory farm — nothing but oil, iron, cows, and cotton. You know. America. 

Today, practically all of these companies — Tennessee Coal & Iron, American Cotton Oil, Distilling & Cattle Feeding — have been gobbled up by conglomerates that you have and haven’t heard of. Only GE remains. Only the U.S. Leather trust is essentially defunct.

But I like that. We had an industrial-dominated economy, and now we don’t. New time, new index. DJIA II for the auto and aerospace economy. DJIA III for the computer/financial economy. And so on.

The value to creating oversimplified theories of the economy is planting a stake in the ground and learning some time later why and how you were wrong. The Dow isn’t a very good index. It would be a better time-capsule.

Master Feed : The Atlantic

The Dow Jones Industrial Average Is Adorable, Should Never Change

Sweden Housing Crash Coming Up; Average Swede to Repay Mortgage in 140 Years; Swedish Central Bank Ponders New Rules

Average Swede to Repay Mortgage in 140 Years

Swedish repay their mortgages so slowly that it will take 140 years on average, according to the IMF.

The International Monetary Fund lamented Friday that Swedish households pay their mortgages so slowly that they are planning to do an average of 140 years.

“Financial stability is [...] reinforced by a steady reduction in repayment schedules – that exceed an average of 140 years,” the IMF said in a statement after a mission in Sweden.

This statistic was revealed in March by a government agency, the inspection of the financial sector. It covers loans considered relatively safe, those where the real estate buyer had an initial contribution equal to or greater than 25% of the value of the property and pay the higher monthly interest alone.

According to the Washington-based institution, the Swedish real estate market is a major risk to the economy, along with the eurozone crisis.

“With household debt rising beyond 1.7 times disposable income, a sudden and significant drop in property prices could have an effect on consumption and banks, raising unemployment and further reduce the inflation, and increased the number of non-performing loans and financing costs for banks, “said the IMF.

Why bother paying anything at all? Yet think of the consequences of underwater mortgages on the banking system when an estate does not have enough money to repay loans. A housing bust will have enormous consequences in such a setup.

Swedish Central Bank Ponders New Rules

Sweden is in the midst of a property bubble and a debt bubble, so much so that the risk mentioned above was noticed by the Swedish central bank.

And central banks are always at the tail end of noticing risks of the policies they sponsor.

Please consider Swedes’ high debts spark housing bubble fears.

Martin Andersson, the head of Sweden’s Financial Supervisory Authority (Finansinspektionen), expressed his concern about Swedes’ mounting debts. “Swedish households today are among the most indebted in Europe and we cannot have household lending that spirals out of control,” Andersson said.

One tool already in place to dampen the growth of Swedish household debt is a mortgage lending ceiling introduced in 2010 which caps the amount home buyers can borrow at 85 percent of the value of the property.

Riksbank head Stefan Ingves has also suggested new rules that would require Swedes to pay down the principal on their mortgages, although Andersson refused to say whether his agency would consider such a rule.

Last year, Swedes’ household debt hit a record 173 percent of disposable income, well above the 135 percent level during the height of Sweden’s banking crisis in the early 1990s.

Sweden Housing Crash Coming Up

By the time central banks notice bubbles and begin to discuss ways to alleviate them, it is far, far too late to do anything about them. A housing crash with huge consequences is 100% certain.

The longer it takes before the crash begins, the worse the crash.

Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com

Mike “Mish” Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Mish’s Global Economic Trend Analysis

Sweden Housing Crash Coming Up; Average Swede to Repay Mortgage in 140 Years; Swedish Central Bank Ponders New Rules

Reporter"s notebook: Clearing up the $600,000 average white wealth

On Thursday, after my story on Black-owned franchises aired on Marketplace, a few listeners raised questions about a line in the story’s introduction, which said the average white family has $ 632,000 in wealth, while the average black family has $ 98,000.

To some people, those numbers sounded high – especially at a time when so many families, regardless of race, are struggling.

I posed the question to the authors of the Urban Institute study who informed the intro.

Listener Ms. Mary was correct when she suggested we must be talking about “mean” or average – as opposed to “median” data.

Here is what the Urban Institute study authors said.

The primary data presented in our brief is means. In 2010, the average (or mean) wealth of white families was $ 632,000 and the average wealth of black families was $ 98,000. In this case, the racial wealth gap is 6-to-1 ($ 632,000/$ 98,000).

If we look at the “typical” (or median) family, the wealth numbers are substantially lower, but the racial wealth gap is larger. In 2010, the wealth of the typical white family was $ 123,800 and the wealth of typical black family was $ 15,700. In this case, the racial wealth gap is even larger at 8-to-1 ($ 123,800/$ 15,700).

Both mean and median measures of wealth are important. Mean wealth tells us how a group is prospering as a whole relative to other groups. Median wealth tells us how the “typical” person is doing (i.e., the person in the middle of the group). One complication with focusing on median wealth is that it doesn’t show where all the remaining wealth goes (we only know the wealth of that one middle person).

I followed up by asking whether the wealthiest few Americans are affecting the data in any way.

The Urban Institute says that is the case.

What happens if we trim the extremes off our analysis, excluding the top and bottom 1%? For white families in the middle of this 98%, their average wealth is $ 434,000. If we take this down another notch and exclude the top and bottom 5%, white families in the middle of the remaining 90% have an average wealth of $ 297,000. If we do the same calculations for black families, their average wealth is $ 75,000 and $ 57,000, respectively. The resulting white-to-black wealth ratios are still in the 5/6: 1 range, on par with what we found when we included all families in the original research.

Latest Stories on Marketplace.org

Reporter"s notebook: Clearing up the $600,000 average white wealth

Reporter"s notebook: Clearing up the $600,000 average white wealth

On Thursday, after my story on Black-owned franchises aired on Marketplace, a few listeners raised questions about a line in the story’s introduction, which said the average white family has $ 632,000 in wealth, while the average black family has $ 98,000.

To some people, those numbers sounded high – especially at a time when so many families, regardless of race, are struggling.

I posed the question to the authors of the Urban Institute study who informed the intro.

Listener Ms. Mary was correct when she suggested we must be talking about “mean” or average – as opposed to “median” data.

Here is what the Urban Institute study authors said.

The primary data presented in our brief is means. In 2010, the average (or mean) wealth of white families was $ 632,000 and the average wealth of black families was $ 98,000. In this case, the racial wealth gap is 6-to-1 ($ 632,000/$ 98,000).

If we look at the “typical” (or median) family, the wealth numbers are substantially lower, but the racial wealth gap is larger. In 2010, the wealth of the typical white family was $ 123,800 and the wealth of typical black family was $ 15,700. In this case, the racial wealth gap is even larger at 8-to-1 ($ 123,800/$ 15,700).

Both mean and median measures of wealth are important. Mean wealth tells us how a group is prospering as a whole relative to other groups. Median wealth tells us how the “typical” person is doing (i.e., the person in the middle of the group). One complication with focusing on median wealth is that it doesn’t show where all the remaining wealth goes (we only know the wealth of that one middle person).

I followed up by asking whether the wealthiest few Americans are affecting the data in any way.

The Urban Institute says that is the case.

What happens if we trim the extremes off our analysis, excluding the top and bottom 1%? For white families in the middle of this 98%, their average wealth is $ 434,000. If we take this down another notch and exclude the top and bottom 5%, white families in the middle of the remaining 90% have an average wealth of $ 297,000. If we do the same calculations for black families, their average wealth is $ 75,000 and $ 57,000, respectively. The resulting white-to-black wealth ratios are still in the 5/6: 1 range, on par with what we found when we included all families in the original research.

Latest Stories on Marketplace.org

Reporter"s notebook: Clearing up the $600,000 average white wealth