Skip to comments.PERSONAL INCOME DROPS 3.2% SINCE OBAMA... DEVELOPING...
Posted on 04/12/2010 3:35:10 PM PDT by library user
PERSONAL INCOME DROPS 3.2% SINCE OBAMA... DEVELOPING...
Just a headline for now.
And protectionism and government intervention gives us stagnation.
Hooker Chemical broke existing laws by burying dangerous chemical residue in the Love Canal area. They should've been punished -- severely -- but they weren't. Because the government looked the other way.
The situation was not corrected by the government passing punitive and unrealistic laws that punished the rest of the industry unduly -- for what they had not enforced initially.
Behind every abuse of law is a government that won't enforce the law (e.g., illegal aliens) or a government that propounds unrealistic (or contradictory)laws.
I.e., there's nothing wrong with "unbridled" capitalism -- so long as realistic laws are enforced.
Most often, every unpunished abuse of the law is related to corrupt government officials taking payoffs not to enforce the law.
So, is the problem the law? Or the corrupt government official?
Laws may be good or bad. Corruption is always bad.
Specific to the pollution issue... our problems in the capitalist US are miniscule compared to what exists in full-blow Communist countries. That doesn't mean there aren't bad laws and bad politicians and bad government employees though.
If laws were broken the ends were the same as no regulation.
It was over reaching of barrens that necessitated unions. When an auto worker at Ford severed his thumb at work he was fired on the spot early last century. This would not have changed without unions no matter what anyone may say.It did not for at least hundreds of years.
It is no wonder people cling to the “safety” of their unions. . It is also no wonder people flock to government employment.
Do not misunderstand...UNIONS SUCK! Also it is mostly environmental laws that causes business to relocate outside the U.S., but greed is also in play.
Makes sense to me. Never lose focus... this is all about the damage one man has caused with a willing party that has lied for decades about being the communists that they are... first chance the dims got... it was “Back to the USSR”.
Totally anecdotal, but after hearing this story this AM, I thought I’d respond to this thread again.
Two college grads, both from GaTech, both same engineering degree. One graduated in June 2008, the other graduated in Dec 2009. Buddies, so the original graduate gets his buddy an interview with the company he’s working for. Same job the 2008 grad had been offered when he started work there.
He had told his friend that his starting salary was in the low 50’s, so his friend applied, and went through the interviewing process (along with many others) and was offered the job. Except now, the same job for a person with the same education (down to the school, same degree) same responsibilities pays $38,000, not $52,000. The job seeker tried to negotiate a higher salary, but was told that it was take it or leave it, $38,000 was all that was budgeted for that job...so of course he took it.
I’ve also noticed, on job boards from my son’s university that large companies (like Price Waterhouse, or Deloitte) are hiring accountants for about $15,000 less per year than they used to a couple years ago.
So, anecdotally at least, supply and demand in the workforce is driving salaries lower.
Thanks to Diana for the ping. I too have found that my net worth has been increasing substantially. I suspect that it is because I have whipped every dollar into behaving for me!
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If you would like to be added to the Live like no one else, so that you can LIVE like no one else list, feel free to Freepmail me.
You know, just being AWARE makes a huge difference. My money may not be going where it should all the time - okay it’s NOT - but just knowing where it should go keeps me solvent.
I’ll bet what’s left of my decimated paycheck that it’s a lot higher than that.
“When we reach a certain point... you will feel the same pain some of us feel now... but in your case it will hurt more because the fall will be much quicker and complete. I am not trying to bash your success... I celebrate your good fortune... but these are times like no other and the worst is yet to come.”
I doubt that. When one lives within their wage and has a large emergency fund, the the fall will not be harder or faster than the “average” American.
“I do realise beyond any doubt that capitalism is the only system that ever has really worked.”
Capitalism is not an economic system. It is the natural state of economic activity. Any deviation results in destruction in some form or another.
I spend every dollar on paper before the month starts and then that budget is a contract signed in blood. No dollar is allowed to leave for any area that is not planned.
You’ve never had a really truly emergency, have you? One that wipes out your entire emergency fund.
They didn't actually come door-to-door and collect it - they just notified you that you had to turn it in. Jewelry and collector-type coins were exempt.
Yes, I have had emergencies and yes some have been very expensive. Let me offer a concrete example.
In baby step 1 of Dave’s Total Money Makeover plan, one is supposed to have a baby emergency fund of $1K. No more, no less. I won’t go into the “why” for that amount unless you are curious.
Well, I had a problem with my water heater mid month and could have used my EF to get it fixed. Instead, I found a way to cobble it up and light it every morning to warm the water for a shower. That got me through the month. I just made sure to have the water heater repair work put into my budget that following month.
The kicker is that with that mindset, I then had time to “shop” plumbers to find the best overall value for the dollars I was spending.
Now I have a fully funded EF that is the equivalent of 6 months worth of expenses for me. I have found that now I very rarely have true emergencies. Instead, I have inconveniences. You will also find that Murphy doesn’t visit as often when you have an emergency fund in place.
I’d consider a water heater an inconvenience. Helping my sister escape from her literally homicidal husband and get another place to live was an emergency (and the SOB pleaded down to some BS misdemeanor!). I had two other emergencies of that level in the last fourteen months and I’ve rebuilt my Baby EF three times, but I still got all but the last plastic paid off, and it’s down to under a paycheck. Two more months, two more months, and I can start working on the long-term fund.
Ours dropped 100%.
Are we better off NOW or in Jan 2009?? Gee.
I was just using that example as an indication of a mindset. Yes, helping your sister is a major setback, but it sounds like you have overcome it and are keeping on track. Keep it up. Living like no one else is tough, but it is well worth it. It took me just under 3 years to get to baby steps 4, 5 and 6.
I had to look up what the steps that far in front are before responding. The way the economy’s going, I’m promoting “paying off the house” to step 4 instead of step 7.
The problem with moving the payoff of the house up and skip investing, then you miss the opportunity to invest at the lows. In addition, you would risk having a paid off house but no other wealth.
The reality is that you would be surprised by the speed that while doing invsting, and putting all extra cash against a mortgage, that the house is paid off. Without any “extra” inflow for me, mine should be paid off in 5 years or less. At the same time my retirement is being funded.
If you are correct and everything crashes, then there will be much more to worry about than the market performance or debt or etc. We will all be WOLVERINES.
And that is why I want to have clear title to the little crumb of land I live on. I only wish it were a bigger crumb!
If everything crashes, then that clear title would be worthless. There will be constant fighting over every inch of ground. Either we will be warring or we will simply cease to exist on Dec. 21, 2012.
I don’t think things will go that far, so I am going to continue working the system as it is designed.
Pray that is does not happen... I want to be wrong... but be prepared.