Economics

Minimum Wage Mom Is Apparently a Master Accountant & Financial Genius

The internet is applauding a single mom after she revealed online Wednesday how she spent the money she received in her tax refund.

Christina Knaack, from Gaffney, South Carolina, posted a photo of a receipt for $5,400, which she says, was spent entirely on rent for the year.

“Instead of buying my kids the latest Jordans or fancy electronics I paid my rent for the YEAR,” Knaack wrote in a Facebook post which has since gone viral with more than 100,000 shares. “I’m a single mom and I do it all buy myself on a minimum wage job. I know that a roof over my kids’ head is what’s important.”

Okay firstly, what she’s doing is admirable.  Good on her for doing the right thing and not being ghetto rich with her windfall.

But honestly?  How does a minimum wage single mother get a $5400 tax refund?  Seriously.  There’s no way in sweet hell she paid enough in income taxes throughout the year to have added $5400 extra into the kitty, so while everyone is praising her frugality for what she’s doing with that money, I’m left here saying “That really isn’t her money…”

Source: Single mom’s tax return message goes viral – CBS News

Economics

Janet Yellen Lies About Why The Market Is Rising

Yellen argues that it’s because investors are expecting some kind of government action that will stimulate growth.  The only problem?  She’s lying.

What’s really behind the market growth?  The fact that world governments are investing in the market because it’s the only way to get returns.  The US government does it because the bond market is flat.  The Japanese Government is doing it because they need to pump up their rapidly inflating currency.

Banks around the world, as well as governments (and in some countries, the official banks of their respective countries) are taking the valueless over-inflated currency and stashing it in the market in order to get a return, and they’re even looking to do more.

So no, Janet Yellen, the market isn’t expanding because of policy.  It’s expanding because of policy failures and desperation.  It’s a bubble whose pop is going to make 2008 / 2009 look like dropping a twenty out of your pocket while walking to work.

Source: Yellen may have the clearest explanation for the stock market’s record run – MarketWatch

Economics

Obama Did Not Leave A Strong Economy Behind

Q2’s US GDP growth data just crushed President Obama’s ‘fiction-peddling’ that everything is awesome and those doom-and-gloom reality-pushers are cynical skeptics. Simply put, average annual growth rate during the current ‘Obamanomics’ business cycle remains the weakest of any expansion since at least 1949 leaving the orator-in-chief on track to be the only President in U.S. history to never have a single year when the economy grew by at least 3%.

Source: Barack Obama Will Be The Only President In History To Never Have A Year Of 3% GDP Growth | Zero Hedge