Economics

Fast food workers stage surprise strike in New York City

"The coalition of striking workers includes employees of McDonald’s, Wendy’s, Pizza Hut, KFC and other major chains, as well as community and clergy groups dedicated to improving the lives of low-wage workers in the mostly non-unionized field of restaurant work. One of the main organizing groups behind the strike told CNN that dozens of workers walked off the job at the Times Square McDonald’s and that the Flatbush Avenue Burger King in Brooklyn barely opened its doors on time Thursday morning. The workers are asking for a minimum pay of $15 an hour and the right to organize and collectively bargain without fear of firing or retaliation." Continue reading →

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Another Reason Obamacare Costs Are Headed Through the Roof

"The Obama administration now says a special system of exchanges designed to make it easier for small businesses to provide insurance will be delayed an entire year -- to 2015. The exchanges were designed to give workers a range of choices supported by dollars from their employers. But now they will have only one choice until 2015, which could mean they can't shop for insurance that includes their current providers. Since insurance is more expensive for small businesses, many of which have no obligation under the law to provide coverage, analysts now fear many might just stop trying and let workers go on the soon-to-be-launched state exchanges." Continue reading →

Continue ReadingAnother Reason Obamacare Costs Are Headed Through the Roof

What Can We Learn by Comparing the Employment Situation in Texas vs. California?

"One of the great things about federalism, above and beyond the fact that it both constrains the power of governments and is faithful to the Constitution, is that is turns every state into an experiment. We can learn what works best (though the President seems incapable of learning the right lesson). We know, for instance, that people are leaving high-tax states and migrating to low-tax states. We also know that low-tax states grow faster and create more jobs. I particularly enjoy comparisons between Texas and California. The Lone Star State is kicking the you-know-what out of the Golden State in terms of overall economic performance." Continue reading →

Continue ReadingWhat Can We Learn by Comparing the Employment Situation in Texas vs. California?

Obamacare Cost Me Full-Time Work

"I work in television production as a freelance worker. While freelance, I do work for one major media company that uses me quite a lot and accounts for probably 85% of my work. I regularly work 3-4 days per week with them and often more depending on the time of year.Today we were told that freelancers would soon have to work under 30 hours per week. Since shifts are 8 hours, this means nobody will be able to work here as a freelancer for more than 3 days per week (24 hours total). I've calculated that the maximum I can make in a year with them is now about 30% less than I have made with this company in each of the past 2 years." Continue reading →

Continue ReadingObamacare Cost Me Full-Time Work

McDonald’s want ad demands bachelor’s degree, two years experience for cashier

"With colleges producing more graduates, and youth unemployment at a sky-high 11.5 percent, even landing a job selling Big Macs is getting competitive. Consider: A job opening at a Massachusetts McDonald's restaurant for a full-time cashier requires one to two years experience and a bachelor's degree. 'Get a weekly paycheck with a side order of food, folks and fun,' offered McDonalds. It is not clear if the fast-food restaurant really wants that kind of experience or is fishing for the highest-qualified applicants. The website for the Winchedon, Mass., McDonald's also lists jobs in Spanish." Continue reading →

Continue ReadingMcDonald’s want ad demands bachelor’s degree, two years experience for cashier

Fastest-Growing Jobs Pay Under $10/Hour

"This weekend, I had a discussion with a businessman, who sits on the board of a publicly traded staffing firm. He tells me that the middle class is disappearing. The country is being split into those savvy enough to survive in the overly regulated economy and everyone else. The crony capitalists have built a moat around their businesses, eliminating the kind of competition that would hire high skilled labor. Obamacare, simply adds to the difficulties in hiring anything but very cheap labor. Outside of a tiny sliver of opportunity for software engineers and lawyers in Silicon Valley, you either launch something on your own or you will end up part a low paid tool for the crony machine." Continue reading →

Continue ReadingFastest-Growing Jobs Pay Under $10/Hour

State-Wrecked: The Corruption of Capitalism in America – David Stockman

"As the federal government and its central-bank sidekick, the Fed, have groped for one goal after another — smoothing out the business cycle, minimizing inflation and unemployment at the same time, rolling out a giant social insurance blanket, promoting homeownership, subsidizing medical care, propping up old industries (agriculture, automobiles) and fostering new ones ('clean' energy, biotechnology) and, above all, bailing out Wall Street — they have now succumbed to overload, overreach and outside capture by powerful interests. The modern Keynesian state is broke, paralyzed and mired in empty ritual incantations about stimulating 'demand.'" Continue reading →

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David Stockman: There are Bubbles All Over, Hide in Cash

"Stocks seem like a pretty good place to be? 'That’s what they told me in late 2007 and early 2008,' Stockman says in response. 'About seven months later people had lost 45% to 70% of their net worth. If you were in the Russell 2000, which is where Bernanke wants you, you were crushed – it dropped by 60% within 15 trading days.' As for his advice to hide in cash he says, 'I would rather have capital preservation, be safe. I don’t think another two, four, 10 percent is worth losing 50, 60, 70 percent when the crash comes.'" Continue reading →

Continue ReadingDavid Stockman: There are Bubbles All Over, Hide in Cash

Risks Across All Markets Necessitate Careful Asset Allocation

"It’s obvious to everyone by now that the global rally has been primarily driven by central bank money printing, creating an artificial financial environment. The world’s biggest central banks have added an astounding $8.7 trillion of liquidity since 2008, while slashing interest rates well below the rate of inflation. This massive amount of liquidity has found its way into the markets. At some point, all this quantitative easing will end. The resulting worldwide deleveraging will create massive problems for the equity markets. There’s no telling when this sea change will happen, so it’s imperative that you develop an exit strategy now." Continue reading →

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Marc Faber: What Happened In Cyprus Will Happen Everywhere

"'It will happen everywhere in the world, in Western democracies,' Faber said. 'I think you have to be prepared to lose 20 to 30%. I think you're lucky if you don't lose your life.' 'If you look at what happened in Cyprus, basically people with money will lose part of their wealth, either through expropriation or higher taxation. The problem is that 92% of financial wealth is owned by 5% of the population. The majority of people don't benefit from a rise in the stock market. They are being hurt by a rising cost of living and we all know that the real incomes of median households has been going down for the last few years,' he said." Continue reading →

Continue ReadingMarc Faber: What Happened In Cyprus Will Happen Everywhere