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Don't Quit Your Day Job: The Intersection of Personal Finance, Economics, and Politics.

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Who Gambles in America: Gambling Stats By Income!

Posted By PK    Last updated March 7th, 2012 29 Comments

We recently talked about paradoxes with insurance and the lottery, but I’m not ready to give up on this topic just yet! I present to you this article which uses IRS data to try to answer: “What is the relationship between gambling and income?”.

Most of those comments I’ve seen on this blog and others seem to imply that the lottery (and most other forms of gambling…) is a game only for the poor – even sometimes referred to as a ‘poor tax’. Lucky for the naysayers, the IRS has compiled data which shows that Americans in all income classes (even the 1%!) love to gamble. Yes, in 2009, 284 of the taxable returns with over $10,000,000 in adjusted income had gambling winnings reported! So, dear readers, let’s take a look at gambling in the United States…

Filed Under: Economics Tagged With: gambling, irs data, lottery, tax returns

President Obama Is a Bigger Tax Cutter Than George Bush

Posted By PK    Last updated February 29th, 2012 34 Comments

(… over his first term in office … if you don’t count inflation and population growth … if you don’t consider the whole ten year estimates … if you count the extended ‘Bush Tax Cuts’ and AMT Relief in Obama’s totals.)

Filed Under: Economics Tagged With: bush, obama, Permanent Tax Cuts, Revenues, Static Scoring, tax cuts, Temporary Tax Cuts

More on the Public/Private Sector Pay Gap…

Posted By PK    Last updated February 27th, 2012 33 Comments

Today we’re going to follow up an article which I first delved into last year. Using BLS data, I detailed the pay gap between workers in the public sector and workers in the private sector. Public and private sector wages has become an increasingly politicized issue, so when the Congressional Budget Office tackled the topic, I had to read the report with great interest.

Filed Under: Economics Tagged With: federal employment, pay gap, political pay, private employment

The Government is Stealing Your Savings. Seriously. (Read This to See How!)

Posted By PK    Last updated October 8th, 2012 25 Comments

I apologize in advance: this post is going to be a bit heavy on theory and math. We try to digest our statistics are much as possible here at DQYDJ, but this topic requires a bit more explanation than the average article on this site.

You see, a combination of Federal Reserve Policy and United States taxation law is literally eroding the value of your short terms funds. Thanks to Robert Higgs at The Independent Institute for prompting this article on the expropriation of private wealth by the government. Feel free to skip the two introduction sections below and get right to my point, or check out this WSJ article of a less wonky slant.

Filed Under: Economics Tagged With: federal primary lending rate, government theft, savings rate, tax policy

Measuring Employment: The Civilian Employment-Population Ratio

Posted By PK    Last updated February 21st, 2013 28 Comments

8.3%.

The significance of that number? In this instance, I’m talking about the most recent BLS unemployment report for January 2012. The top-line number, U3 (total unemployed as a percentage of the labor force), is the rate most often quoted in news stories and reports. Let’s continue the trend and say that the top-line number improvement is an encouraging sign. As recently as September of 2011 the unemployment rate was 9.0%. Of course, drawing a trend line from a few months of data isn’t the most honest graph you can make, but you can’t call this drop anything except what it is: an encouraging sign.

Filed Under: Economics Tagged With: bls, civilian employment, employment ratio, government statistics, jobs, unemployment

It’s The Spending, Stupid!

Posted By PK    Last updated February 8th, 2012 12 Comments

When Bill Clinton was running for President of the United States against George H.W. Bush, Mr. Clinton had a tendency to go off topic when answering questions in debates and interviews. Clinton battled a reputation as a policy wonk, and like many Democratic candidates of recent vintage, this reputation allowed Republicans to paint him into the same corner as one-term President Jimmy Carter. As the United States had recently been in a recession under the leadership of Mr. Bush, Clinton’s strategist James Carville used the phrase as an, ahem, gentle reminder that if Clinton was to win he would only do so by attacking Mr. Bush’s failed economic policies. If you’re just emerging from the rock you live under, President Clinton later became the 42nd President of the United States.

Filed Under: Economics Tagged With: bush, carter, clinton, deficits, economy, obama, presidents, reagan, spending

Sports Gambling and Live Markets

Posted By CameronDaniels    Last updated February 6th, 2012 19 Comments

Is sports gambling beatable?

Casinos, over the years, have traditionally thought of sportsbooks as an amenity to offer to their customers as opposed to a real way to make money. They cap the bets made on traditional over/unders and to people who consistently win in sports gambling (known as ‘sharps’). The casinos believe that sports gambling is beatable by a select few and just hope that the losses of the masses can wash out the gains of the few. But, the obvious question is: if it is beatable, how does one stay ahead of the market/line-setters?

Filed Under: Economics, Investing, Sports, Technology Tagged With: Cantor, cantor gaming, Casinos, leverage, liquidity, live odds, market, sports betting, sports gambling, sportsbooks, volatility

The European Debt Crisis and You

Posted By CameronDaniels    Last updated February 15th, 2013 12 Comments

A lot of recent financial news has focused around the spreading European sovereign debt crisis. The big question many Americans now try to answer is what this means for them on a day-to-day basis. At the same time as this is happening, the Fed has declared that they will endorse a policy of more transparency, opening up their forecasts to scrutiny and understanding.

Filed Under: Economics Tagged With: ben bernanke, bonds, deleveraging, euro, european debt crisis, flight to safety, interest rates, mortgages, real estate, Real Yields, sovereign debt, the fed, Timothy Geithner, treasury yields

Uncle Sam the CEO: Visualization of IRS Revenues Collected 1960-2010

Posted By PK    Last updated January 4th, 2012 25 Comments

Our tax visualization last time was interesting, but this one might convey more data. Once again, or source for tax data is the IRS’s publication 2010 Data Book. Just like last time, note these are tax collections, and the IRS annual year ends in September. True revenue is after all refunds and credits are finalized, but this data is interesting to see the amount of tax collected – and how it makes it’s way to Uncle Sam.

Filed Under: Economics, Featured, Taxes Tagged With: business tax, collections, income tax, irs, tax revenues, Taxes, visualization

A Visualization: Gross Domestic Product by Country, 2010

Posted By PK    Last updated December 28th, 2011 12 Comments

Much to the chagrin of our regular readers who try to keep up with DQYDJ in a feed reader, we must once again anger you by asking you to click through to an article. It became tedious for us to calculate the ‘amount of the world economy’ of each country which was next in line to ‘possibly default’. Instead of quitting the subject entirely in disgust, we decided to just visualize the GDP of the entire world. To that we have added the share each country contributes to World GDP. Because sharing is caring, our data is posted at IBM’s Many Eyes for you to edit and play with. Fascinating stuff, and a great visualization if we do say so ourselves.

Filed Under: Economics Tagged With: defalt, euro zone, gdp, greece, gross domestic product, italian default, italy, long term capital management, too big to fail
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