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Posts Tagged ‘new york times’

YES…we are getting job growth.  Is it the right kind that will sustain our local economy?  Not yet!…I wish they would include the wage ranges of these created jobs, only then would you be able to compare relevant job growth, to merely  minimum wage job growth.  A big difference since we need someone to pay taxes, buy things and create  new opportunities for business growth.  An interesting article in the New York Times yesterday(http://bit.ly/i6Wy0Q)  goes a long way to illustrate this point.  It basically says, a single person needs an income of about $30k a year in order to survive.  That does not include a Bahamas vacation and a new car every 3 years.  Just the basics and some room for savings growth.  Do you know what the Feds have as the poverty level for the same person?  $10,830.  That is a Grand Canyon size gap in actual cash people need to survive.  From my chair,  I see low wage growth in the $10-15/hr jobs, not $35,00 and above.   It is the higher wage job growth we need to fill in for the construction industry implosion that took thousands of higher paying jobs from the State.   Replacement of these ‘lost jobs’ are the key to improving our local economy, and making our State a better place to live.

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 Last week I read an interesting article in the New York Times by Joe Nocera http://tinyurl.com/yhnsope.  He was taking Goldman Sachs (sacks) out to the wood shed for giving such high bonuses after they were given your cash to survive.   It is not only bad PR but a horrible business practice.  Giving them this money with few strings, allowed them to return to profitibilty and play the same math games with the financial system.  Basically, there was little pain involved for them and they did not learn a lesson from their bad decisions.  On the other hand, Joe Six Pack is paying the price in job loss, foreclousres etc. 

The small business person is forced to increase his collateral for loans and credit lines he repaid many times over, because he does not have access to the Federal printing press.  New legislation to protect the credit card user was gutted by everyone gouging for interest rate increases and additional fees before the laws become active.  Credit Card companies know that you can’t go somewhere else because no one is lending.  Hey…but thanks for the free handout, now we are going to punch you in the face!

 GMAC the financial arm of General Motors (Obama Motors) is asking for a third bailout.  If you can’t make it after two, then you need to go away.  What about legitimate small businesses looking for capital?  Too bad, we are going to prop up the dying three-legged donkey, and we will use your tax dollars to do it.  Am I the only person that thinks this is stupid?

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