I suspect you're on to something there, nimh. Of course, thats not at all unusual practice for you. That aside, I don't really know what the stats mean at bottom; I just note they discredit some of Tart's assumptions and assertions. Too, the figures no doubt are dependent on their sourcing; they are compiled from statistics derived from Federal tax returns filed by individuals who itemize deductions. While I have no reason to conclude that such might be the case, I'll allow it is possible that could skew the results in that perforce it does not consider either those who do not itemize or those who do not file.
I wonder if giving isn't in part a dependent on the attitudes of each generation, particularly among the non-church affiliated, the secular. At the top (economically) there's the tradition of noblesse oblige. Schools and colleges reach out to students and try to instill the spirit of giving, whether through tithing or volunteering.
It's always been a habit of mind, or sense of duty, or what you will, in my family. And yes, the sense that society owes those in need more than a handout was certainly part of my education/upbringing as with Nimh. But I also think questioning people about whether they give or not and if they give how much, etc. is a real no-no.
I also value people who give chunks of their time to others -- in my community there are a great many retired people who spend at least half their free time doing volunteer work. These are people who are not living a life of luxury -- they may have little money to give but, oh boy, do they give of themselves. It's a community tradition here, more than any place I've lived in the US. (In the small Spanish village where I lived, it wasn't even really called "charity." People just looked out for one another -- even for the kind of people at whom Puritans like to growl, Get a Job!!)
I think we all come from different motivations to give to charity. I give because I know what it's like to be a child and not have enough food on the table, and our shelter was a shared schoolroom separated by army blankets. It was not our mother's fault that our father died when I was two years old. I just hope that my donations helps somebody that are now suffering the same deprivation as we did, and they in turn will help others when they are capable of doing so.
Tartarin wrote:Willing to betcha, Timber, that in many of the "most generous states," the philanthropy largely went to churches and religious organizations (not excluding the polyvinyl-haired preachers on TV) and not to the poor, the arts, the community!!
Who do you think ministers to the poor in those communities? The government??? It's the churches. Giving to your church is not an alternative to giving to help the poor, but a way of doing so. My church has a food pantry and feeds many local families who need help. We send missionary groups to Appalachia to help poor families repair their homes, add indoor plumbing, etc. with the money that comes in through the collection plate.
But giving to churches doesn't count in your mind, does it Tart?
I guess to you, charity only counts if the government takes my money and gives it to someone you think deserves it more than I.
Press Release
Quote:Whirlpool to Strengthen Global Manufacturing Position in North America
Benton Harbor, Michigan -- Monday, November 10, 2003 -- Whirlpool Corporation today announced a series of initiatives to strengthen the company's global operating platform in North America and extend its leadership position in the U.S. appliance industry. The initiatives are part of a comprehensive worldwide effort to optimize the company's regional manufacturing facilities, supply base, product platforms and technology resources to better support its global brands and customers.
As part of the global initiative, Whirlpool is nearing completion of approximately $100 million of investments to optimize manufacturing processes and build new product platforms for the company's brands at seven of its U.S.-based production facilities.
"Whirlpool's leadership position in the appliance industry is built on our ability to offer consumers strong brand names supported by innovative and competitive products and services," said David L. Swift, executive vice president, North American Region. "These initiatives will strengthen Whirlpool's industry leading position in a dynamic business environment marked by intense competitive pressures and rising costs."
Whirlpool's $100 million investment in its U.S. manufacturing operations included the following initiatives:
· A recent consolidation of Whirlpool's North American top-loading clothes washer production at its Clyde, Ohio, manufacturing facility. Part of the consolidation included units previously manufactured at the company's laundry production facility in Monterrey, Mexico. Today, the units are manufactured at Clyde and exported for sale in Mexico.
· Expanded production of Whirlpool and KitchenAid brand dishwashers at its Findlay, Ohio, plant.
· Expanded production of new refrigerator models at its Evansville, Ind., plant.
· Expanded production of a new line of Whirlpool brand room air conditioners and KitchenAid brand built-in refrigerators at its LaVergne, Tenn., plant.
· Expanded production of Whirlpool brand Duet® clothes dryers at its Marion, Ohio, plant.
· Expanded production of new Whirlpool and KitchenAid brand cooking products in its Oxford, Miss., and Tulsa, Okla., plants for the U.S. and export markets.
Not only is this major Durable Goods manufacturor betting $100 Million on economic expansion, adding significant US production capability, and jobs, they're returning production, and jobs, to The US. Look for similar news from other firms between now and year-end. And Jobs.
an added thought, unions traditionally support Democrats. I suspect a lot of the union folks at Whirlpool, particularly new hires, will understand that for whatever other security or benefit it may provide, a labor union is pointless to someone without a job.
Nov 14, 2:46 PM (ET)
By MARCY GORDON
WASHINGTON (AP) - The record-setting pace of new personal bankruptcies continued in the 12 months ending Sept. 30, with their number rising 7.8 percent, according to data released Friday.
Personal bankruptcies jumped to 1,625,813 from 1,508,578 during the same period a year earlier, Administrative Office of the U.S. Courts data show.
The upward trend had been expected to continue despite signs of recovery in the economy and as effects still linger from the consumer spending binge of the 1990s. The rate of bankruptcies generally lags other economic indicators.
The bankruptcy filings "are being overwhelmingly driven by individuals with household debt," said Samuel Gerdano, executive director of the American Bankruptcy Institute, a group of bankruptcy judges, lawyers and experts. "They do reflect the buildup of heavy consumer debt."
The total number of bankruptcy filings, including both personal and business, has grown by 98 percent, to 1,661,996 in the 12-month period ending Sept. 30, from 837,797 during the same period ending Sept. 30, 1994.
However, the rate of growth in new bankruptcies slowed somewhat in the July-September period compared with the same period a year ago. "It's not surprising to see some sort of ongoing cleanup of credit problems even when the economy is on the mend," said economist Ken Mayland, president of ClearView Economics in Cleveland.
Legislation making it harder for consumers to erase their debts in bankruptcy court won speedy, overwhelming House approval in March and was endorsed by the White House. But the Senate hasn't acted and is unlikely to do so before recessing for Thanksgiving.
Proponents of the legislation say it is needed to stop abuse of the bankruptcy system by people who can afford to repay their debts. Banks, credit card companies and retailers, who have pushed for such legislation since 1997, contend that abuse creates a hidden tax of about $400 a year on every American family through higher interest rates and other charges passed on to consumers.
Consumer and civil rights groups and unions oppose the legislation, saying it is unfair to low-income working people, single mothers, minorities and the elderly and would remove a safety net for those who have lost their jobs or face mounting medical bills. Opponents blame the credit card industry for much of the rise in personal bankruptcies, saying the issuers make credit too easily available and flood consumers with solicitations to open new accounts.
I suspect, but have not gathered data to confirm, that much of the "Increase", which is below the rate seen over the past couple of years, BTW, is driven by bankruptcy attorneys pushing clients to take the step (and pay their lawyer's fees) before legislation makes it less simple to do so for frivolous reasons. One thing which leads me to suspect this is the amount of "Debt Relief" spam ... running about neck-and-neck with porn teasers and medical solicitations of at best dubious nature. It shoud be noted that bankruptcy filings are a trailing indicator, lagging behind even jobs creation ... always has been that way.
Another conjecture: as numbers flow in over the next few weeks showing economic expansion is settling into a sustainable mode after the unprecedented spurt recently reported, the punditocracy will begin shouting they were right all along and that the economy is still in trouble. As the Dow forges beyond $10K and the Nasdaq leaves $2K in the dust, as home ownership increases, unemployment stabilizes then declines and hiring begins to put pressure on the labor pool as both manufacturing and sevices explode, the cry will be that its all an illusion, that debilitating inflation looms, that interest rates are dangerously low, and that the increased tax revenue due to improved earnings threatens to drive the deficit down too rapidly for economic stability. Expect also criticism from abroad that an "intentially and artificially soft dollar" gives the US an unfair export advantage. Bad news sells news, and if bad news can't be found, it must be manufactured.
and retail sales down for the past two months.
a very mixed bag indeed
Quote:Jobless Claims Inch Up; Four-Week Average Lowest Since March 2001
First-time claims for unemployment benefits rose 13,000 to 366,000 in the week ended Nov. 8 from a revised 353,000 the prior week, the Labor Department said Thursday.
Initial claims have now held below the 400,000 level that economists view as a divide between a deteriorating and improving jobs market for six straight weeks.
Labor also said the four-week moving average of claims, which smoothes volatility, dropped by 6,000 to 375,250, the lowest level since March 2001.
If people are feeling more confident about the job market and the economy, they are more likely to purchase goods, which would then increase the demand for trucking to restock store shelves.
However, the total number of unemployed workers who continued to draw benefits after filing an initial claim rose by 49,000 to 3.53 million in the week ended Nov. 1.
can we call it cautious optimism?
3.53 million drawing benefits does seem like rather a lot.
I don't see that as a setback. Ferreting out and resolving problems besetting the financial community serve to stregthen the market in real terms. Of course there will be ripples in the indices, but the prosecutions are just one more concrete example of effort to right longstanding wrongs. I fully expect to see more of the same, and for the reach to extend beyond the strict confines of the financial community. The Economy will be the better for these efforts, partisanship aside.
Those investment companies that are caught red-handed with fraud must be brought to justice. If the government doesn't, the investors will make sure they go broke. Putnam is losing billions from their investment portfolio as we speak.
One of the heroes who has been emerging from this ongoing mess is Eliot Spitzer. He keeps being mentioned as a political leader but seems to stick with his job and do it well -- even spectacularly.
Tartarin wrote:One of the heroes who has been emerging from this ongoing mess is Eliot Spitzer. He keeps being mentioned as a political leader but seems to stick with his job and do it well -- even spectacularly.
Damn you finally hit on something we can agree on----and damn again he's a partisan Democrat, but I love what he's doing.
Here's very complimentary article on him:
http://www.time.com/time/personoftheyear/2002/poyspitzer.html
Just gotta say, we don't have enough Spitzer-types on Wall Street or in industry. There may be hope for some of us "small players" yet.
Spitzer is doing a fine job.
Quote:Bloomberg[/b]
U.S. October Home Starts Rise to 1.960 Million Rate
Nov. 19 (Bloomberg) -- U.S. housing starts unexpectedly rose in October to the highest in almost 18 years, supported by mortgage rates that have helped engender record sales, a government report showed.
Builders began work on 1.960 million homes at an annual rate last month, up 2.9 percent from a revised 1.905 million pace in September, the Commerce Department said in Washington. Single- family starts were the highest on record. Building permits, an indicator of future construction, rose 5.2 percent to 1.973 million, the highest since 1984 ...
... Permits for single-family homes rose 3.2 percent to a record 1.535 million annual rate. Total permits have held at a 1.8 million annual rate or higher for six straight months for the first time since 1973.
The number of homes authorized for construction and not yet started rose 6.3 percent to 188,300 in October from 177,100 in September. Housing completions rose 0.7 percent to 1.727 million units at an annual rate.
U.S. homeownership rose to a record 68.4 percent in the third quarter, Commerce Department statistics showed last month. The proportion climbed from 68 percent in the previous two quarters.
I s'pose the Dems could spin this to :
"Bush Economic Policy Fails; nearly 1/3 of Americans not homeowners"
timber, There's always two sides to every story. There's an increase in bankruptcies this year to offset the gains in home-starts. As reported earlier, mortgage companies are giving mortgages to people at a much higher percentage of their income today than any time in the past. That has exacerbated the rate of bankruptcies, and putting many middle-class into the homeless category. Can't have your cake and eat it too!
