Middle Class Dismissed

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 →

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Feds Offering $48/hr To Obamacare ‘Navigators’ Who Can Actually Explain Obamacare

"As part of new regulations to assist Americans choose the right Obamacare options for their families and needs, officials are scouring the country for what they call 'navigators.' In some cases, these navigators can earn up to $48 an hour – a far cry from the standard minimum wage of $7.25 — all to assist consumers in getting a better understanding of the benefits they are signing up for. From translating in their preferred language to breaking down jargon, navigators will basically navigate you through the so-called ‘Obamacare experience.’" Continue reading →

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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 →

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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 →

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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

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

So, What’s It Like To Have a Business in Cyprus Right Now?

"The most of circulating assets on our business Current Account are blocked. Over 700k of expropriated money will be used to repay country's debt. Probably we will get back about 20% of this amount in 6-7 years. I'm not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation. The business is definitely ruined, all Cypriot workers to be fired. We are moving to small Caribbean country where authorities have more respect to people's assets. Also we are thinking about using Bitcoin to pay wages and for payments between our partners." Continue reading →

Continue ReadingSo, What’s It Like To Have a Business in Cyprus Right Now?

Russia to ban cash transactions over $10,000

"The move is expected to boost banks’ cash reserves and put a damper on Russia’s shadow economy. However, the middle class will most likely end up having to pay the price for the scheme. In 2014, a ban on cash payments for purchases worth more than 600,000 rubles (about $19,500) will be introduced; the limit will then be halved in 2015. Furthermore, the document introduces mandatory, cash-free, salary payments. Smaller companies with fewer than 35 employees will be the only exception, and trade companies will be able to pay salaries in cash if they employ no more than 20 people on staff." Continue reading →

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Americans fall out of favour with Swiss banks

"Already battle-scarred from the hard lessons of recent years, Swiss banks are taking a very cautious approach when it comes to the introduction of FATCA. The US law requires banks around the world to report information on American account holders to Uncle Sam. There are also concerns that FATCA’s collateral damage could extend beyond the home front into the business world. If an American owns more than 10 percent of a company, it is reportable to the IRS. The worry is that this rule may make it harder for US entrepreneurs to find business and banking partners, shutting them out of attractive investment opportunities." Continue reading →

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