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U.S. personal income falls, following drop in consumer spending

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posted on Mar, 3 2019 @ 01:15 PM
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Anybody felt that trickle yet? All $1.5 trillion of it.


U.S. personal income fell for the first time in more than three years in January as dividends and interest payments dropped, pointing to moderate growth in consumer spending after it fell by the most since 2009 in December.

The report from the Commerce Department on Friday also showed inflation pressures remaining tame, which together with slowing domestic and global economic growth gave more credence to the Federal Reserve's "patient" stance towards raising interest rates further this year.

Personal income slipped 0.1 per cent in January, the first decline since November 2015, after jumping 1.0 per cent in December. Income was weighed down by decreases in dividend, farm proprietors' and interest income.


Source

I mean should we be surprised? When this government solely focuses on enriching the elite further at the expense of the lower classes, the result is a further divide. Who's surprised?


Nearly 11 million taxpayers may be subject to the limits on the state and local tax (SALT) deduction in President Trump's tax law, a Treasury Department watchdog estimated in a report released Tuesday.

The Treasury Inspector General for Tax Administration (TIGTA) estimated that if the $10,000 cap on the deduction had been in place in 2017, roughly 10.9 million taxpayers would have been unable to deduct about $323 billion in state and local tax payments on their federal tax forms.

Source

You know it's simple logic. Put focus on incentivizing spending for the middle and lower classes and they'll boost businesses and the economy through consumer spending. Not topside favored tax cuts, but a focus on increasing what has been stagnent income growth. A focus on family subsidies, family benefits. Instead, we continue to cut taxes (heavily favoring the elite and that's all we do and we get the same results. Same results since the 80s. More inequality between the classes, minimal longterm financial benefits and growth for the working classes and the cycle continues.

Are we winning yet?



+6 more 
posted on Mar, 3 2019 @ 01:19 PM
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a reply to: Southern Guardian

My family is winning, we have been making more money and spending more.


Winners know how to win.


+9 more 
posted on Mar, 3 2019 @ 01:20 PM
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You're skipping over A LOT of information just to make it about the tax cuts.

Not surprised though.



posted on Mar, 3 2019 @ 01:21 PM
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Very confusing article written for the masses to make people automatically think they're some kind of victim 😎



posted on Mar, 3 2019 @ 01:24 PM
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Personal Deductions (aka automatic write-off) goes from $6000 to $12000 and somebody highlights a lost state income tax deduction that is always less than $6000 and then they call it a loss ? 😎


+2 more 
posted on Mar, 3 2019 @ 01:25 PM
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a reply to: Southern Guardian

I'm about to get my 6th raise since President Trump took office.

Not sure what you're crying about.



posted on Mar, 3 2019 @ 01:38 PM
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a reply to: Southern Guardian

Don't forget the power of inflation. Even people getting 3-5% raises are losing purchasing power:



Shadow Government Statistics

I prefer shadow stats who provides calculations, the way we used to calculate inflation in the 80's & 90's before our government created such wonderful things like hedonic adjustments that are used to hide the true rate of inflation.

Even though I got a 5% raise this year (rare), my purchasing power certainly has decreased because the true rate of inflation has been way over my raise percentage.


edit on 3-3-2019 by ClovenSky because: removed to



posted on Mar, 3 2019 @ 01:38 PM
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I've not compared my taxes yet (shoot, I need to file those...) but I'm up around 4-5% on raw income in the past 12 months. I've also been spending far more than usual, since it's been at least six years since I've felt this confident in my incomes reliability.

You'd have to have tried if you wanted to lose money last year. No shortage of work to go around...



posted on Mar, 3 2019 @ 02:05 PM
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edit on 3-3-2019 by Carcharadon because: (no reason given)



posted on Mar, 3 2019 @ 02:37 PM
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I've been at my job since 2009 and my wage has increased almost 3 times more in the last 2 years than it did in the previous 8 years.

So I guess you could say yes, I'm feeling that trickle.


edit on 3 3 2019 by SgtHamsandwich because: (no reason given)



posted on Mar, 3 2019 @ 02:42 PM
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I nor anyone I seem to know is hurting at all. Maybe it is the upper class that has lost personal income. Everyone seems to be happy with their returns and is satisfied with the new tax system. There has been an increase in people working around here over the last few years, but the loss from one mine closing did hurt our local economy somewhat. I think that overall, things seem to be pretty flat lately as far as jobs, right now many people are working shoveling roofs and snowplowing, lots of people have been called off of unemployment. Not that many billionairs living around here, although this year we have a real lot of snowflakes hanging around causing people a lot of problems.



posted on Mar, 3 2019 @ 02:49 PM
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What can I say? I mean my employer gave me a $50K bonus and a brand new Corvette. He also gave me a unicorn.

Anecdotal evidence, great to fill in those nasty gaps.



posted on Mar, 3 2019 @ 02:53 PM
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In accordance with the constitution everyone should have the same tax rate. The wealth gap is not caused by taxes its caused by hyperinflation of the money supply through the Federal Reseve Bank's debt based fiat (counterfeit) monetary system. If we were still on the Gold Standard in accordance with the constitution people would not lose purchasing power & wages could remain the same. Everyone's being ripped off by the Federal Reserve Bank, even rich people. If we're not going to follow the constitution by going back to the Gold Standard which governmemt promised and/or not have constitutional taxes, then we need to establish some sort of UBI. Imo we need a UBI which replaces all current Federal social/welfare programs, pro-rated each year under current tax brackets. For the same cost as all current Federal social/welfare programs, each U.S. citizen who is over 18 and who does not receive a pension can receive a UBI of @ $1700 per month, regardless if they have a job or not. That's how much money is being wasted on current Federal social/welfare programs. People can then use their UBi money in the free market on basic needs like housing, food, health insurance & higher education. Criteria can be established to receive consecutive years UBI like a requirement to have health insurance. The minimum wage can also he eliminated with a UBI which replaces all current Federal social/welfare programs. It will promote the free market while making the Federal government smaller at the same time.



posted on Mar, 3 2019 @ 02:58 PM
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Working full time, wages up, doing so good Started a business.

Maybe People really arent trying hard enough. *shrugs*



posted on Mar, 3 2019 @ 03:00 PM
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a reply to: JBIZZ

I think you are correct that we could replace all overspending with a ubi but the problem is that that is not what people are touting for. They want ubi on top of wasteful spending programs and corporate welfare.
Having both would do us in.



posted on Mar, 3 2019 @ 03:18 PM
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a reply to: Southern Guardian

I wish sometimes people could comprehend what they are using as evidence of the tax cuts not working for the middle class.

Your first sentence in the OP....

U.S. personal income fell for the first time in more than three years in January as dividends and interest payments dropped.

So you think that the middle class is making a living on dividends and interest income?

Or would they not be the upper class, those people you dislike so much?

Could it be (gasp) that the evil rich people made less last month?

Congrats on another fail post.



edit on 3-3-2019 by Lumenari because: (no reason given)



posted on Mar, 3 2019 @ 03:18 PM
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Not doing to bad here. Seeing almost a hundo more per week since trumps tax deal, deductions doubled, child credit added for 19 year old kid.
It helped this middle class family a ton!

Thanks President Trump! Well done!



posted on Mar, 3 2019 @ 03:25 PM
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Hurricanes, fires, lots of rain.... might have something to do with it ? No $ change here...
edit on 3-3-2019 by Plotus because: (no reason given)



posted on Mar, 3 2019 @ 04:52 PM
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a reply to: Plotus

January 2019... horrible cold weather, roads impassable, oil wellsites shut down because you can't get a truck to them, deliveries backed up weeks, construction impossible, tourism slow...

Nah... nothing to do with it at all.




posted on Mar, 3 2019 @ 05:40 PM
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Why is this article trying to be misleading? First it admits wages increased by 3 percent but tried to make it seem like it declined by using stock dividends instead of wages. Next consumer spending was down because there was a huge winter storm that many could not even leave their home. So this whole article is garbage.




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