From the Star Ledger:
Personal income in N.J. grew in second quarter of 2015
Personal incomes in New Jersey grew at a slightly faster pace than the nation in the second quarter of 2015 but lagged behind one of its neighbors, according to federal data released on Wednesday.
New Jersey posted a 1 percent gain in personal incomes in April, May and June, pushing the state’s total up to nearly $531.8 billion, the data released by the U.S. Bureau of Economic Analysis shows. The U.S. overall notched a 0.9 percent gain in personal incomes during those three months, while incomes climbed by 0.7 percent in Pennsylvania and 1.3 percent in New York.
…
New Jersey’s growth in personal income ranked 17th in the nation. Washington posted the most growth in personal income in the second quarter, climbing 1.5 percent, the data shows.While earnings declined in five states in the most recent quarter, the data shows New Jersey posted a 0.8 percent increase. The industries that led that growth in the state include utilities and management of companies. The biggest declines in earnings in the second quarter were in the real estate and mining industries.
The Bureau of Economic Analysis also on Wednesday released revised data that showed New Jersey posted bigger gains in personal income last year than previously reported. Personal incomes climbed by 4.7 percent in 2014 in New Jersey, according to the revised data, compared to 4 percent growth in New York and 3.6 percent growth in Pennsylvania.
Personal incomes grew by 4.4 percent overall in the U.S. last year.
Good Morning New Jersey
From the NYT:
Toys ‘R’ Us Brings Temporary Foreign Workers to U.S. to Move Jobs Overseas
WAYNE, N.J. — When Congress designed temporary work visa programs, the idea was to bring in foreigners with specialized, hard-to-find skills who would help American companies grow, creating jobs to expand the economy. Now, though, some companies are bringing in workers on those visas to help move jobs out of the country.
For four weeks this spring, a young woman from India on a temporary visa sat elbow to elbow with an American accountant in a snug cubicle at the headquarters of Toys “R” Us here. The woman, an employee of a giant outsourcing company in India hired by Toys “R” Us, studied and recorded the accountant’s every keystroke, taking screen shots of her computer and detailed notes on how she issued payments for toys sold in the company’s megastores.
“She just pulled up a chair in front of my computer,” said the accountant, 49, who had worked for the company for more than 15 years. “She shadowed me everywhere, even to the ladies’ room.”
By late June, eight workers from the outsourcing company, Tata Consultancy Services, or TCS, had produced intricate manuals for the jobs of 67 people, mainly in accounting. They then returned to India to train TCS workers to take over and perform those jobs there. The Toys “R” Us employees in New Jersey, many of whom had been at the company more than a decade, were laid off.
Yes, I’m reposting on purpose. Those aren’t the only jobs moved overseas, but I’m not at liberty to discuss.
From Inman:
Home prices are most affordable in 2 years — but are buyers’ wages enough?
Although some housing industry analysts are concerned that home price growth is outpacing wage growth, some are celebrating the news that that U.S. home affordability just hit to a two-year low.
According to a joint report issued today by housing data provider RealtyTrac and real estate services provider Clear Capital, home prices in the first quarter of the year hit their most affordable level in two years, despite the average home price increasing at more than twice the pace of the average weekly wage.
The companies said average home price appreciation outpaced average wage growth between Q1 2014 and Q1 2015 in 397 of the 582 counties analyzed for the report, or 68 percent.
But during the same time period, the average interest rate on a 30-year fixed rate mortgage dropped 57 basis points, or 13 percent, from 4.34 percent in Q1 2014 to 3.77 percent in Q1 2015.
The drop in interest rates — along with wage growth outpacing home price appreciation in 32 percent of counties — meant buying a home in the first quarter required a smaller share of the average wage compared to a year ago in 339 of the 582 counties, or 58 percent of counties surveyed, according to the report.
“This analysis somewhat surprisingly shows that affordability is actually improving in most markets thanks to falling interest rates and slowing home price growth, which is allowing wage growth to catch up in some markets,” said Daren Blomquist, vice president of RealtyTrac.
Suffolk County one of the local areas where wages are outpacing home prices:
http://i1.realtytrac.com/images/reportimages/wages_outpacing_prices.png
Look at the Brooklyn data, incredible.
Grim I reaf recently that over a million white collar jobs have moved overseas in the last 3 years or so. I will see if I can find the exact stats.
2 – They did something similar to my brother when he worked at Xerox. So fcuked up. I told him not to participate, they were going to fire him anyway.
One of the clients he served actually mandated in their contract that none of the work his department did be offshored or outsourced. I guess they were a patriotic company and that was part of their brand. He made sure he let them know what was happening on the way out.
DoJ gets a discrimination settlement out of Fifth Third by using a data mining approach to get a probability that minorities were charged more on auto loans.
There’s so much wrong with this, it isn’t funny. Rule of law is truly dead.
[7] dfens
“One of the clients he served actually mandated in their contract that none of the work his department did be offshored or outsourced. I guess they were a patriotic company and that was part of their brand.”
Or the client was a gov contractor
Where the fcuk are our representatives on this issue? Why haven’t they fixed this? Overhaul the temporary work visa programs.
9 – No, it was a US manufacturer. If I’m not mistaken, I think it was Exide.
I heard about the Toy R Us project back in June. Family member had worked there 20 plus years out of high school working her way up to salaried. Unfortunately these things happen and no one is guaranteed becoming a “life-er” anymore.
I told him not to participate, they were going to fire him anyway.
Usually this is tied to a severance package, some sort of stay bonus, and eligibility for cobra. For those dependent on the income and especially healthcare for their kids, quitting on principal isn’t usually an option.
Usually the best approach is to use the time period to find a new job, especially if you can stagger the start so that you can claim the stay bonus before moving over. These things usually tend to run over schedule as well, so make the best use of the time. Quitting on principal doesn’t always look great on a resume.
At Aventis (2003) they tried to make me teach an H1B my job. I refused figuring I was going to be let go anyway. They moved me to another group and I stayed until Sanofi bought them out and got laid off then (with a GENEROUS package).
*Called the VP of the division a traitor to his face. Shook him up.
Here’s the funny/sad part: The Indians insisted on using real data to do the QA on
the SFA application (prescription data – very valuable). We used ‘fake’ data. Of course they stole and sold it.
13 – Agreed…and they did hold a severance over his head…and they made him believe they might re-hire him. But he was single at the time…
My brother is a hard worker and loyal. I desperately wanted to see him fcuk them over they way they screwed him.
Anyway, he found a much better paying job with way better benefits anyway. Xerox was a torture chamber and the stress he underwent wasn’t worth it.
Stuck in mod (good post).
They shipped off all the lower level jobs that they could. Now that they can’t get any more savings from low level jobs, they are now onto the class of workers (high skilled) where they will reap huge savings and at the same time destroy our economy by destroying consumer demand. What a bunch of idiots. Can’t they think long term instead of chasing short term profits?
Juice Box says:
October 1, 2015 at 7:33 am
Grim I reaf recently that over a million white collar jobs have moved overseas in the last 3 years or so. I will see if I can find the exact stats.
Sickening. They get the worker to help eliminate their own job….just sickening.
D-FENS says:
October 1, 2015 at 7:41 am
2 – They did something similar to my brother when he worked at Xerox. So fcuked up. I told him not to participate, they were going to fire him anyway.
One of the clients he served actually mandated in their contract that none of the work his department did be offshored or outsourced. I guess they were a patriotic company and that was part of their brand. He made sure he let them know what was happening on the way out.
Yup, they are bought out. That’s why we need someone like Bernie to fix this mess.
D-FENS says:
October 1, 2015 at 7:46 am
Where the fcuk are our representatives on this issue? Why haven’t they fixed this? Overhaul the temporary work visa programs.
yes, you shook him up, but wasn’t enough to shook you up since you still vote Republican.
NJT says:
October 1, 2015 at 8:17 am
*Called the VP of the division a traitor to his face. Shook him up.
19 – Bernie Sanders is a tool.
cause they follow orders from the Koch brothers and the Kochs need free labor
D-FENS says:
October 1, 2015 at 7:46 am
Where the fcuk are our representatives on this issue? Why haven’t they fixed this? Overhaul the temporary work visa programs.
22 – Who? Cory Booker and Bob Menendez?
When did our two Democratic Senators meet with the Koch brother? WTF are you talking about?
Just to point out something…… Toys R Us has been in severe trouble for years…..one could make the argument that the job wasn’t going to exist anyway since the company could easily cease operations…….. Xerox has also been under duress for at least two decades……these are financially and strategically sick companies that peaked in the 70’s & 80’s……
Figuring out ways of getting more output out of fewer and less expensive input is how the economy grows, and human well-being improves over time. Getting as much of the world involved in that dynamic is to everyone’s benefit. Without that, you wouldn’t have the fairly inexpensive, increasingly advanced and useful device that people use to type their complains about cost savings, immigrants, global competition.
I have no clue how Toys R Us could actually be in trouble besides paying legacy workers way too much. I didn’t go there too often over the last ten years. When I did, I couldn’t get over how expensive everything was and how cheaply made things have become simultaneously. Lots of things that used to be made of plastic in games were now made of paper. Heck, I don’t think Monopoly even comes with the bankers money separator anymore. Game boards fold down into four panels instead of two so the game boxes can be smaller and cheaper to manufacture. The Trouble game, which used to be a big plastic one piece game, has been reduced to a bubble dice spinner with a paper board. Half the fun of it was putting the pegs into the plastic track. But getting back to the store. The prices are simply insane. We would try to go to the discount toy store in Bloomfield (Toy Dreams or something was the name). They carried the same exact products, but usually at 2/3rds to 1/2 the price. The margin in the toy sales must have been somewhere around 80%. And TRU was always packed when I went! Heck, around Xmas, you literally couldn’t park in the lot. I guarantee you the problem with TRU is that it got way too top heavy and Kids R Us has always been a collossal failure. I don’t think I’ve ever stepped into one in my life. I assume it’s a giant kids clothing store. For what?
“since you still vote Republican.”
Anon…you are in absolute denial of your sickness!
Stu: Think about it…..Circuit City was a decent store…..gone….The Wiz? Best Buy took a massive body blow……… TRU is easily replicated with a combo of Amazon, Walmart and half a dozen internet sites……how are they supposed to compete with a NJ based cost structure? At minimum they should relocate these back-office operations to the south or west……
Toys is getting killed by Amazon, Target, and Walmart.
First, it was parents buying online, to avoid the holiday rush.
But now, kids are moving their toy decisions online as well. Look at one of the fastest areas of blog and video blog/youtube growth. Toy unboxing and reviews. Yes, and kids are EATING THIS STUFF UP. It’s a completely new area of social media use and is directly driving towards online purchase.
Remember as a kid, when the Toys R Us holiday catalog ended up in your mailbox, you’d sit at the table and peruse the toys for hours over your Cap’n Crunch. This is essentially that exact same thing, except being run by independent bloggers online.
14 – That was my point. Why make it any easier? Someone made the decision to can my brother. He can be smart like Grim says and use the time wisely. But why cooperate so easily? He should at least leave there with the satisfaction that the guy who decided to let you go is so stressed out he will have an ulcer, IBS and cancer.
They already moved their back-backoffice to the South, now it’s gone east, far far east. I had absolutely nothing to do with it.
#8 – What is the issue? Did DoJ do something illegal? Totally unfamiliar with this. Are you saying it is akin to illegal search?
Lib,
Think you were mentioning this the other day…
One monitoring group, the Britain-based Syrian Observatory for Human Rights, said Russian airstrikes again struck strongholds for an American-backed rebel group, Tajamu Alezzah, in the central Hama province.
The account could not be independently assessed, but the main focus of the Russian attacks appear in areas not known to have strong Islamic State footholds.
https://www.washingtonpost.com/world/russia-vehemently-defends-syrian-airstrikes-and-denies-targeting-us–backed-rebels/2015/10/01/cddada92-67af-11e5-bdb6-6861f4521205_story.html
Wasn’t me. I was blabbering on about the R debate.
#34.. I am shocked. I hear Putin may set up some jets in Caldwell to help halt any domestic terrorism here.
Joaquin- Cat 4?
Storm update. Models are all over the place. On Tuesday, it looked like Jersey would get pounded. On Wednesday, it was North Carolina. Today, the projected track spread is wider than ever with out-to-sea now a possibility. In weather circles, the trend is further north and east. Current consensus though says NJ. I think my call of Long Island and Boston taking it the worst is still most likely but really, all anyone is doing at this point is guessing based on their favorite models. Though we could still get tons of rain from most of the model solutions. Also, the storms track (not the storm strength) has slowed a bit so the storm is more likely Sunday night into Monday, not Saturday into Sunday. Though uncertainty still rules the day. Until the big swing Northward away from the Bahamas occurs, we’ll all still be guessing. Anyone who says anything definite at this point is absolutely clueless, like Joe Biden.
I’m forecasting a massive amount of mispronunciation. Lib, surely you are jo’kin.
By the way, toy blogs, remember that heading into the holiday season.
If you didn’t hear what I said.
F*CKING TOY BLOGS
http://fusion.net/story/38924/the-highest-youtube-earner-of-2014-made-4-9-million-just-by-opening-disney-toy-packages/
An unidentified individual or group responsible for uploading videos that simply show a woman opening Disney toys made an estimated $4.9 million last year, more than any other channel for 2014, according to OpenSlate, a video analytics platform that analyzes ad-supported content on YouTube.
Almost nothing is known about the person or people behind the channel, DC Toys Collector (DC), which exclusively features a young woman in intricately painted nails removing the toys from their packaging and then assembling them. The account did not respond to a YouTube message.
You all got trumped by some millennial chick who did nothing but open toys. Suckers talking about wasting time getting CPAs. This is the kind of product that an H1B isn’t smart enough to create. $4.9 million. 1 year. Zero f*cking capital at risk. Hmm, Toy Porn, indeed.
The recon plane just reported a low pressure reading of 938.2. Bahamas getting absolutely wrecked. Hope no one has plans to go down there to vacation.
I wish I had better nails.
Just assemble toys on your fancy porch!
My toilet plunger blog didn’t take off.
Launching “grass seed reviews” blog this winter. We’ll post videos of grass growing.
You personally can rely on a private safety net; let’s try that approach (or as close to it as we can) with everyone.
Fabius Maximus says:
September 30, 2015 at 10:34 pm
So how do you make it with no safety net? Good friends and a long list of Baby Sitters.
We don’t use babysitters often. Though we are the masters of the carpool, which is why we bough the CX-9. Though, my work hours are extremely flexible. Since I manage two 24-7 teams and have a dotted line to the third, it actually benefits my teams to work unusual hours. So at the drop of a dime, I can always hustle home and do it often. Gator’s still on contract, so she has more flexibility than usual as well. Our Mayan Apocalypse baby has some developmental issues, so I’ve been leaving work a bit early these days since his therapists aren’t so flexible.
I guess it’s good that my profit king bosses are so flexible.
#20 [anonypuss(y)]
I’ve always voted for the third party candidate (not that it matters). This time however it’ll be Trump. Hey, at least he’ll be interesting to watch and no better or worse than what we’ve had or will have as POTUS.
Trump technically is a 3rd party candidate. Sanders too.
Ok, stup1d question: How do you make money putting up a youtube video? What did I miss here?
Publishers get a cut of the ad revenue generated by appending commercials to the front of a video. Get a large enough regular viewer stream and you start getting checks regularly.
The Highest Earning Youtube Stars:
(estimated annual earnings)
#41: TimothyDeLaGhetto – $1 million (619 million total video views)
#40: SHAYTARDS – $1 million (1.7 billion views)
#39: Shane Dawson – $1 million (1.1 billion views)
#38: TheRadBrad – $1 million (1.6b views)
#37: ElRubiusOMG – $1.1 million (2.1b views)
#36: Vsauce – $1.2 million (826 million views)
#35: EvanTubeHD – $1.3 million (1.4b views)
#34: PrankvsPrank – $1.3 million (788m views)
#33: EpicMealTime – $1.3 million (814m views)
#32: FPSRussia – $1.3 million (667m views)
#31: MichellePhan – $1.3 million (1.3b views)
#30: TheDiamondMinecart – $1.4 million (3.4b views)
#29: Potemi926 – $1.6 million (30.9m views)
#28: Vegetta777 – $1.6 million (2.9b views)
#27: WhiteBoy7thst – $1.7 million (635m views)
#26: TheLonelyIsland – $1.7 million (1.6 billion views)
#25: Sxephil – $1.7 million (1.3b views)
#24: FreddieW – $1.8 million (1.2 billion views)
#23: SpeedyW03 – $2 million (1.2b views)
#22: TheBajanCanadian – $2 million (817m views)
#21: HolaSoyGerman – $2 million (1.9b views)
#20: TheWillyRex – $2 million (1.8b views)
#19: Tobuscus – $2 million (1.1b views)
#18: TheFineBros – $2.2 million (3.1b views)
#17: AdamThomasMoran – $2.2 million (886m views)
#16: SkyDoesMinecraft – $2.3 million (2.6b views)
#15: BoyceAvenue – $2.3 million (1.9b views)
#14: Nigahiga – $2.3 million (2.5b views)
#13: ERB – $2.4 million (1.7b views)
#12: CaptainSparklez – $3.2 million (1.7b views)
#11: CollegeHumor – $3.3 million (3.7b views)
#10: RealAnnoyingOrange – $3.4 million (2.7b views)
#9: UberHaxorNova – $3.5 million (1.5b views)
#8: RayWilliamJohnson – $4 million (2.9b views)
#7: TobyGames – $4.2 million (1.8b views)
#6: JennaMarbles – $4.3 million (1.7b views)
#5: Smosh – $6 million (4.5b views)
#4: BluCollection – $6.5 million (3.78b views)
#3: YOGSCAST (formerly BlueXephos) – $6.7 million (3b views)
#2: Funtoys Collector (formerly DisneyCollectorBR) – $8 million (7b views)
#1: Pewdiepie – $12 million (9.3b views)
only channels worth watching are hicock45 and FPSRussia
#47 [Grim]
I’m thinking about launching a painting blog. Watching the stuff dry will keep them on the site for hours!
only ones worth watching are hicock45 and FPSRussia
Grim, what words caused my post to go into mod? I don’t see any of them on the blacklist
substring
Nigahiga deserves every penny!
Thinking about those hit counts are scary. Is this what the youth does today? Or are these the parents? My nieces and nephews play their fair share of online games. But none of them are youtube addicts.
Kids, hundreds of thousands of them, spend hours watching these videos on tablets. The videos aren’t even at all creative, just creepy people opening up toys and playing with them.
This is second only to the cosmetics and make-up videos. Tens of thousands of hours of women talking about eyeliner. They make a f*cking FORTUNE.
In some economic “recovery” news, Dunkin Donuts will close 100 stores.
Interesting factoid that really interests only me:
Trivia question: Since the decommissioning of the Simpson this week, there is only one commissioned warship left in the US Navy (and possibly the world) left that has sunk an enemy ship in battle. Name the ship.
Please do it without googling. No points if you read the story already.
At the first meeting, we learned that emergency calls to Counseling had more than doubled over the past five years. Students are increasingly seeking help for, and apparently having emotional crises over, problems of everyday life.
https://www.psychologytoday.com/blog/freedom-learn/201509/declining-student-resilience-serious-problem-colleges
“In some economic “recovery” news, Dunkin Donuts will close 100 stores.”
That would be like Dunkin Donuts moving out of the Bronx. I think I pass 100 stores on my way to work each day.
This is hard to believe but is getting a lot of airplay:
Why It Was Easier to Be Skinny in the 1980s
A new study finds that people today who eat and exercise the same amount as people 20 years ago are still fatter.
A study published recently in the journal Obesity Research & Clinical Practice found that it’s harder for adults today to maintain the same weight as those 20 to 30 years ago did, even at the same levels of food intake and exercise.
The authors examined the dietary data of 36,400 Americans between 1971 and 2008 and the physical activity data of 14,419 people between 1988 and 2006. They grouped the data sets together by the amount of food and activity, age, and BMI.”
“They found a very surprising correlation: A given person, in 2006, eating the same amount of calories, taking in the same quantities of macronutrients like protein and fat, and exercising the same amount as a person of the same age did in 1988 would have a BMI that was about 2.3 points higher. In other words, people today are about 10 percent heavier than people were in the 1980s, even if they follow the exact same diet and exercise plans.”
http://www.theatlantic.com/health/archive/2015/09/why-it-was-easier-to-be-skinny-in-the-1980s/407974/
#64 (CNDP)
The Enterprise back in 1988?
Oh, wait, it’s now scrapped.
Damn, I don’t know (not ever being a squid – USN) without looking it up.
Maybe in the Gulf war? One of the battleships (IOWA class)?
2. You mean this India? Where people come from to the USA to be like us so much they want to be citizens??
“India is not a signatory of the Hague Abduction Convention and India does not consider international child abduction a crime.[25] Indian courts rarely recognize U.S. custody orders, preferring to exert their own jurisdiction in rulings that tend to favor the parent who wants to keep the child in India. In the rare scenario that a case is resolved, it is usually due to an agreement between the parents, rather than the result of court orders or arrest warrants.”
[33] 30
It was the Warrenistas at CFPB, not DoJ. My mistake. Here are the deets from the cleveland paper:
Fifth Third violated the Equal Credit Opportunity Act by charging black and Hispanic customers higher dealer markups on auto loans than white borrowers. The markups had nothing to do with credit worthiness, the CFPB said.
“While the auto dealers would have been dealing with customers in person and may have had an idea about their race, that information isn’t forwarded to the bank. However, the CFPB relied relied on other information to make assumptions about the interest rate patterns. The methodology “takes information about borrowers’ surnames and places of residence to calculate a probability that the applicant belongs to a specific race or ethnicity,” said CFPB spokesman Sam Gilford.”
Auto loans don’t record race info, and the loans are originated at dealerships so the bank had no way of knowing the race of each borrower. That would seem to absolve the bank–they can’t discriminate on the basis of race if they don’t ever know the race, so the narrative went.
So CFPB did what you and I aren’t supposed to do and “profiled” the database. They came up with lists of “probable” minorities based on things like surnames and zip codes. Then they looked to see if those people were charged more APR. Then they used that as a basis to extract a settlement and not an especially large one so it is really about nuisance value.
The takeaways here are that the government is using data mining to literally make up its own “facts”. These are probabilities, not actual categories of identified “victims”. That alone is scary enough. But when you couple it with the Fed’s limitless budget for litigation, you have something much more dangerous than the plaintiff’s bar, which has its own cost limitations. The Feds can carry on a case relying on “evidence” that would probably be tossed out in court but because they don’t have to watch what they spend, they can prosecute you into the grave.
The fact that they settled for about what the banks would spend on discovery defense tells me that they don’t believe they would ever prevail at trial but they are happy to take a victory and get paid something. That makes them as bad as these PI lawyers who phish for victims on late night television. That means the government has taken a side.
Kids, hundreds of thousands of them, spend hours watching these videos on tablets. The videos aren’t even at all creative, just creepy people opening up toys and playing with them.
This is the so-called smartest generation – more intelligent than any other previous generation known to mankind.
Can anyone explain to me why Indian people who have been living in the US for a couple of generations still use Hindi names, while Chinese quickly adopt American/European names for their kids. I know 3rd generation Indian kids still named Sajni, Nihkeel, etc. While the 2nd generation Chinese are already Ashley, Peter, etc.
I just learned that Nikki Haley, nee Nimrata Nikki Randhawa, South Carolina’s current governor, despite marrying a non-Indian, still named one of her kids Nalin (lotus).
#66
Funny, DD DESPERATELY wanted (and I hear still does) to open a store in my town in a now empty gas station/deli joint. Town council will not approve it for various reasons (nothing to do with the building or property).
*ALL of the business’ here are locally owned and operated by locals. Ya know, I don’t
have a problem with that.
http://www.marketwatch.com/story/gotti-grandson-wedding-was-straight-out-of-the-godfather-2015-10-01
So huge lavish Gotti wedding this weekend. Reminds me of the two Gotti family weddings I went to in the early 1990s. Too bad I did not marry my old GF I would have been at this on.
It is amazing how much Juice you have if you know those folks. At the time I went to Florida for a spring break thing with my guy friends, most Italian from Brooklyn. We are pulling up to a night club in Bocca and one guy is spouting off who recommended this joint. My one buddy points to me and says he did. Which I respond back my GFs cousin said this is the place to be he is a regular. To which he responds who is that, which I say John Gotti Junior. The limo was dead silent for a few seconds.
They are the smartest. They have figured out how to leach off their parents rather than get a job. I’m mentally preparing Gator Jr. for his first job. When I asked my brothers and sisters if their kids worked, they said no, they have too much homework. I thinks that’s BS. We’ll see in a few more years. It doesn’t help that there are nearly no kid jobs anymore, such as doing a paper route.
Grim [13];
You could always poison the well, too. Teach the replacement how to f*** up. If you have to f*** up your own performance in the process, who cares? They’re firing you anyway. I doubt they’d pull the severance deal for mere incompetence — big fraud claim coming, and not covered by the usual severance waiver since it was fraud in the inducement. Tons of bad PR for the company — not just outsourcing, but bait and switch with the worker left behind.
Corporations replacing Americans workers with lower-wage foreigners has reached epidemic proportions, and there are only two politicians out there who understand we are destroying our own country (Sessions and Trump). Hillary Clinton, Ted Cruz, and all the rest, are bought and paid for by donors and make speeches stating “We have a shortage of skilled American workers, and displacing skilled American workers with foreigners will help our economy.” False, and false.
How corrupt have our leaders become, that the only person making sense, is the man that a few months was considered a joke?
https://www.donaldjtrump.com/positions/immigration-reform
“Increase prevailing wage for H-1Bs. We graduate two times more Americans with STEM degrees each year than find STEM jobs, yet as much as two-thirds of entry-level hiring for IT jobs is accomplished through the H-1B program. More than half of H-1B visas are issued for the program’s lowest allowable wage level, and more than eighty percent for its bottom two. Raising the prevailing wage paid to H-1Bs will force companies to give these coveted entry-level jobs to the existing domestic pool of unemployed native and immigrant workers in the U.S., instead of flying in cheaper workers from overseas. This will improve the number of black, Hispanic and female workers in Silicon Valley who have been passed over in favor of the H-1B program. Mark Zuckerberg’s personal Senator, Marco Rubio, has a bill to triple H-1Bs that would decimate women and minorities. [Worse yet, Ted Cruz proposed raising H-1Bs by 500%]
Requirement to hire American workers first. Too many visas, like the H-1B, have no such requirement. In the year 2015, with 92 million Americans outside the workforce and incomes collapsing, we need companies to hire from the domestic pool of unemployed. Petitions for workers should be mailed to the unemployment office, not USCIS.”
From Grim’s earlier post:
“By late June, eight workers from the outsourcing company, Tata Consultancy Services, or TCS, had produced intricate manuals for the jobs of 67 people, mainly in accounting. They then returned to India to train TCS workers to take over and perform those jobs there. The Toys “R” Us employees in New Jersey, many of whom had been at the company more than a decade, were laid off.”
Everyone comfortable knowing that your Social Security Number, Account Numbers, Account Balances, and all your personal information is sitting in multiple locations across India? It is, 100% guaranteed.
60 Lib,
Watched Nigahiga, very creative, a smart person making money doing something absolutely sophomoric. What a waste of talent. Remember, with capitalism, making money is more important than doing good for the rest of society. It’s all about choice.
In the system/country/world we are in you can’t blame him. Better than working at ToysRUs as an accountant and having TATA take your job…..
Not one white collar person cared when all of the blue collar worker jobs were offshored.
Hey, they had college degrees and were smarter.
The older generation made money in the stock market, they did not care that profits came from sending other Americans work away.
No first tier worker cared about the younger second tier worker in the factory either.
The chickens are coming home to roost….
I never watched it. Was just trying to make fun of his name. :P
I would like to hear Trump mention TATA…….. And ToysRUs.
[68] NJT
Good guesses but no.
There are many decommissioned ships in existence. This ship is active.
I will give you a hint: It had been decommissioned but was added back to the active roll. It isn’t much of a hint because quite a few ships have been decommissioned only to be brought back.
“cause they follow orders from the Koch brothers and the Kochs need free labor”
Is Hillary following Koch brothers orders, when she states the following?
“I also want to reaffirm my commitment to the H-1B visa program, and to increase the current cap [annual limit]. Foreign skilled workers contribute greatly to our US technological development. That’s well understood in Silicon Valley, where more than 1/4 [now probably 3/4] of highly-skilled workers are immigrants.”
https://www.youtube.com/watch?v=AOW0cUaGWZU
She goes on to say that the visa fees collected from foreigners should be used to train Americans, since there are not enough skilled Americans to perform the work. Hillary, like many other politicians, is either bought and paid for by corporations, or a complete moron.
Does your defense of displacing Americans with low-wage foreign workers extend to Wall Street firms, and other “non-1980s” firms, reaping huge profits and paying enormous bonuses to executives, while they sell out their own country?
“Just to point out something…… Toys R Us has been in severe trouble for years…..one could make the argument that the job wasn’t going to exist anyway since the company could easily cease operations…….. Xerox has also been under duress for at least two decades……these are financially and strategically sick companies that peaked in the 70′s & 80′s……”
@Mark_J_Perry: Photo of the Day on More Government http://t.co/mJN8pUNd5Q
Nom [70]
On first glance I was hit by the evidentiary (or lack thereof) issues. Your other point is good as well. The process is the punishment.
List of largest consumer markets
Rank Country HFCE (millions of US$)
_ World 43,021,279
1 United States 11,484,340
2 China 3,320,652
3 Japan 2,999,598
How can we let this Companies make so much money in the US and send jobs outside the US? They make almost 4x in the US compared to the 2nd largest market China.
1 We gave them Free Trade Agreements. Guaranteed to get cheap labor and sell the product in the US at exponential margin
2 We gave them Tax Break to keep a few jobs in the Towns
3 We want to lower their taxes hoping to create jobs. To where?
4. We want to lower their tax on foreign earnings to bring back money to US.
Do we see the pattern here? Lobbyist are just that strong they don’t care about us. Are our elected officials are just that stupid?
I am starting to like the idea of Trump. We are the largest consumer for your business. You want our money keep the Company and jobs in the US or pay high tarrifs . Same for Foreign Companies. You want our market? Dont just export the goods build them here.
After Waves of Immigration, Millions of Americans Lack Basic Skills
Read more at: http://www.nationalreview.com/article/424796/immigration-wave-post-1965-pew-study
But they do know how to make millions of dollars on youtube and we don’t.
Fast Eddie says:
October 1, 2015 at 11:31 am
Kids, hundreds of thousands of them, spend hours watching these videos on tablets. The videos aren’t even at all creative, just creepy people opening up toys and playing with them.
This is the so-called smartest generation – more intelligent than any other previous generation known to mankind.
Yes, no idea why so many Americans are blind to this. The corruption is sickening. This country is being sold out right before our eyes. Good post. Something has to be done, and the only thing I can see us doing is voting in Bernie or Trump. Something has to be done and the current politicians are a part of the problem, not the answer.
Statler Waldorf says:
October 1, 2015 at 11:41 am
Corporations replacing Americans workers with lower-wage foreigners has reached epidemic proportions, and there are only two politicians out there who understand we are destroying our own country (Sessions and Trump). Hillary Clinton, Ted Cruz, and all the rest, are bought and paid for by donors and make speeches stating “We have a shortage of skilled American workers, and displacing skilled American workers with foreigners will help our economy.” False, and false.
How corrupt have our leaders become, that the only person making sense, is the man that a few months was considered a joke?
https://www.donaldjtrump.com/positions/immigration-reform
“Increase prevailing wage for H-1Bs. We graduate two times more Americans with STEM degrees each year than find STEM jobs, yet as much as two-thirds of entry-level hiring for IT jobs is accomplished through the H-1B program. More than half of H-1B visas are issued for the program’s lowest allowable wage level, and more than eighty percent for its bottom two. Raising the prevailing wage paid to H-1Bs will force companies to give these coveted entry-level jobs to the existing domestic pool of unemployed native and immigrant workers in the U.S., instead of flying in cheaper workers from overseas. This will improve the number of black, Hispanic and female workers in Silicon Valley who have been passed over in favor of the H-1B program. Mark Zuckerberg’s personal Senator, Marco Rubio, has a bill to triple H-1Bs that would decimate women and minorities. [Worse yet, Ted Cruz proposed raising H-1Bs by 500%]
Requirement to hire American workers first. Too many visas, like the H-1B, have no such requirement. In the year 2015, with 92 million Americans outside the workforce and incomes collapsing, we need companies to hire from the domestic pool of unemployed. Petitions for workers should be mailed to the unemployment office, not USCIS.”
Yes, any questions? Still think they are shipping jobs in the name of competition or are people starting to realize it is due to extreme greed. You have been tricked. Trick or treat!
Fast Eddie, still thankful for the 1% and all the good they bring to your life? Only a sucker idolizes the people ripping you off.
Statler Waldorf says:
October 1, 2015 at 12:00 pm
“cause they follow orders from the Koch brothers and the Kochs need free labor”
Is Hillary following Koch brothers orders, when she states the following?
“I also want to reaffirm my commitment to the H-1B visa program, and to increase the current cap [annual limit]. Foreign skilled workers contribute greatly to our US technological development. That’s well understood in Silicon Valley, where more than 1/4 [now probably 3/4] of highly-skilled workers are immigrants.”
https://www.youtube.com/watch?v=AOW0cUaGWZU
She goes on to say that the visa fees collected from foreigners should be used to train Americans, since there are not enough skilled Americans to perform the work. Hillary, like many other politicians, is either bought and paid for by corporations, or a complete moron.
joyce,
But they do know how to make millions of dollars on youtube and we don’t.
When the sh1t hits the fan, let’s see if they can use their soft, little, delicate, glass-touching hands to bust up lumber to keep warm. Last I heard, an iShit phone isn’t useful as an axe.
CND,
A hint. I kind of remember a battleship being recommissioned.
Is it a battleship?
I agree. Not sure if we will return to hunters and gatherers, but I agree. I will qualify to say that I’d venture a guess that plenty of people here (including myself) are reliant on newer technology as well.
Fast Eddie says:
October 1, 2015 at 12:38 pm
joyce,
But they do know how to make millions of dollars on youtube and we don’t.
When the sh1t hits the fan, let’s see if they can use their soft, little, delicate, glass-touching hands to bust up lumber to keep warm. Last I heard, an iShit phone isn’t useful as an axe.
Capitalist system is working well in the advanced stages, right? Are people starting to see the kinks in the system? People just don’t understand it, and it’s why some people laugh at my posts on here. They just don’t get it. I wish it was as easy as just letting free market principles go to work in a capitalistic system…. I really do.
phoenix says:
October 1, 2015 at 11:49 am
60 Lib,
Watched Nigahiga, very creative, a smart person making money doing something absolutely sophomoric. What a waste of talent. Remember, with capitalism, making money is more important than doing good for the rest of society. It’s all about choice.
In the system/country/world we are in you can’t blame him. Better than working at ToysRUs as an accountant and having TATA take your job…..
Yes, the wealthy have destroyed the greatest society human kind has ever known. They destroyed it with short term outlooks and greed…..killer combination. Yes, lowering wages to unlivable levels and getting rid of jobs is just as bad as paying a burger king employee a 100 dollars an hour. The same exact impact, it destroys the system in the long run. Why is this so hard to understand?
phoenix says:
October 1, 2015 at 11:53 am
Not one white collar person cared when all of the blue collar worker jobs were offshored.
Hey, they had college degrees and were smarter.
The older generation made money in the stock market, they did not care that profits came from sending other Americans work away.
No first tier worker cared about the younger second tier worker in the factory either.
The chickens are coming home to roost….
94 –
You know there is an App for that right?
Or…You can just warm up in front of the yule log on TV.
Phoenix and statler Waldorf, great posts and we need more people to get educated like you guys. The more the information is spread, the better chance we have of taking this society back.
“Why is it so hard to understand?”
Exactly!!! yes, total bs!
You are a miserable individual. I feel bad for you, esp how hard you hold onto your free market principles.
joyce says:
October 1, 2015 at 12:53 pm
“Why is it so hard to understand?”
Exactly!!! yes, total bs!
From Sima, we can’t figure out what the heck is sending this to blacklist…
I’ve been thinking about yesterday’s comments about how much annual household income is needed to have children – and it seemed that people thought that $200,000. to $300,000 was needed. That seems outrageously high. What is it being spent on? Expensive clothes and toys? Private schools and tutors? Outsourced everything? Enormous houses?
In my town (mainly single family homes) there are a lot of stay at home mothers and fathers, and my impression is that their annual household incomes are between $100,000. (things are tight and they get creative in stretching a dollar) to about $150,000. (things are much,much easier). And the kids seem to be thriving. Yup – $100,000 to $150,000.
And this is still much higher than median or average household incomes in NJ or the rest of the USA.
If one lives a fairly frugal lifestyle: shopping department store and grocery store sales (yes, even Whole Foods), using the library and community pool, public school, taking car trips or camping, having older cars, doing your own housework, doing your own gardening & yard work (rather than outsourcing), modestly sized houses, kids sharing bedrooms (no, it’s not child abuse), eating home cooked dinners (rather than restaurants), kids doing chores and helping in family projects – then the annual income can be much lower.
Of course, you can’t have a McMansion or live in Snobville, but not every one wants to live like that.
If a child does NOT have a silver spoon with everything handed to them – that actually is very good for them and they appreciate what they have more. Chores and part-time jobs teach them about money and working for things. Some hardship in life is good and makes people resilient.
Great question, let’s hear his response.
Statler Waldorf says:
October 1, 2015 at 12:04 pm
Does your defense of displacing Americans with low-wage foreign workers extend to Wall Street firms, and other “non-1980s” firms, reaping huge profits and paying enormous bonuses to executives, while they sell out their own country?
“Just to point out something…… Toys R Us has been in severe trouble for years…..one could make the argument that the job wasn’t going to exist anyway since the company could easily cease operations…….. Xerox has also been under duress for at least two decades……these are financially and strategically sick companies that peaked in the 70′s & 80′s……”
See what you started grim? Get back to work Pumpkin before I have someone outsource your ass.
I tell you what… I am glad the government is there to sell it’s power to the highest bidder giving legitimacy to the anti-competitive legislation and regulation that makes special interests so wealthy.
Very glad.
Last I heard, an iShit phone isn’t useful as an axe.
You know there is an App for that right?
I just post a listing for a lumberjack on TaskRabbit, there are tons in Brooklyn.
Is Christie praying for another Sandy?
Hiking In Austria (jj Edition):
Is that a crazily shaped ice formation, or are you just happy to see me?
Civil engineer Phillipe Crochet and wife Annie Guiraud stumbled upon the risqué formation and snapped this picture, according to Mercury Press news and photo agency.
The couple didn’t realize they had photographed such a phallic formation until they got home. The formation has since collapsed.
I just post a listing for a lumberjack on TaskRabbit, there are tons in Brooklyn.
Why do I get the feeling that a lumberjack in Brooklyn is an entirely different occupation than a lumberjack in Washington State? :0
Test.
And thanks.
Pumpkin Seed,
Still going with that wage inflation prediction?
We need citizen legislators in this country. No more career politicians.
Term limits enacted via a constitutional convention for all legislative bodies might do this country some good.
#95 – They will NEVER bring back any of the Iowas (last battleships made – and, arguably, the best, well…except for the Montana class which was cancelled as carriers became the capital ships after Midway). BTW – New Jersey is in the best shape. Spent a night aboard her with the Boy Scouts a few years ago.
No way I’m anything near an expert on naval stuff but ask me anything about military aviation (including marine) all the way up to the F-35.
Yeah, served in the USAF and as a civilian consultant.
Perfectly said. Nice write up. We hold all the cards, yet we are getting the shaft.
yome says:
October 1, 2015 at 12:18 pm
List of largest consumer markets
Rank Country HFCE (millions of US$)
_ World 43,021,279
1 United States 11,484,340
2 China 3,320,652
3 Japan 2,999,598
How can we let this Companies make so much money in the US and send jobs outside the US? They make almost 4x in the US compared to the 2nd largest market China.
1 We gave them Free Trade Agreements. Guaranteed to get cheap labor and sell the product in the US at exponential margin
2 We gave them Tax Break to keep a few jobs in the Towns
3 We want to lower their taxes hoping to create jobs. To where?
4. We want to lower their tax on foreign earnings to bring back money to US.
Do we see the pattern here? Lobbyist are just that strong they don’t care about us. Are our elected officials are just that stupid?
I am starting to like the idea of Trump. We are the largest consumer for your business. You want our money keep the Company and jobs in the US or pay high tarrifs . Same for Foreign Companies. You want our market? Dont just export the goods build them here.
Yes, I think the movement is gaining momentum everyday. If the economy is to exist, there must be wage inflation. Otherwise, it’s game over for the economy. You will do battle with deflation that you will not win.
Fast Eddie says:
October 1, 2015 at 1:06 pm
Pumpkin Seed,
Still going with that wage inflation prediction?
Trump seems to get all of his advice from the likes of Icahn and ilk. Yeah…that will change things for the better. For the better of the Fatcats. Icahn is single-handedly destroying the dealers union in AC. At the same time he leaves eyesores, like Fountainbleu, which would cost next to nothing to finish and which would create thousands of jobs in Vegas empty. Hell of a guy to get your advice from. It’s like hiring Paulson to solve the financial crisis.
Trump! Trump! Trump!
“Sweet dude, Let’s give Linda The Eiffel Tower tonight!”
117-
No pump-clown, your prediction of wage inflation is incorrect. Time to swallow your pride and admit you were wrong.
grim, yes one can live frugally but that does not seem to be the “standard” here in Jersey unfortunately. I know a 2 child family that makes it on $50k and is on to the 3rd rental without a mortgage. So yes I know it can be done. They do extreme couponing often buying bags of groceries where when it totals up they get money back from the cashier. No outside services are ever used (landscaping, auto repair, loans, contracting, financial services). Vegetables grown at home, etc etc. But this is the extreme for many.
My prediction was for 2017-2018. Still have some time. I think Bernie and Trump are a direct result of the wage inflation issue, they both know that we need to get money back into the consumers hands and that it can’t be done by letting them borrow more, it must be done with raises and jobs.
If anyone disagrees with me, please explain how an economy can function long-term if you cut the funds off from the consumer, yet keep the prices on goods the same or higher? It’s impossible. You can’t grow the economy by growing profits from savings in labor, all you are doing is taking money from one part of the economy and putting it into another, there is no growth, just redistribution. Yes, redistribution of the consumer’s buying power into profits is not growing an economy, it’s sucking it dry. What will happen when there is no demand? Deflationary death spiral.
Alex says:
October 1, 2015 at 1:57 pm
117-
No pump-clown, your prediction of wage inflation is incorrect. Time to swallow your pride and admit you were wrong.
My rule of thumb for doing my own work versus hiring others to do it is based on the hourly rate it costs. If the service I am paying for costs me much more than what I get paid based on an hourly salary, then it’s worth it for me to do myself.
For example. I can mow my lawn and weedwhack in 45 minutes. Landscapers by us want $50. This one is close one. Of course, I like the exercise so I do it.
When I finished the basement on my multi, most contractors wanted between 10 and 20K. I did it for a total cost of $2,000. This included the materials for a hardwood floor and a drop ceiling with fluorescent lighting. The whole job probably took me 40 hours. It’s kind of why I hate to pay others to do interior painting. Yes, it takes a long time to do, but the $ saved is incredible. Also, when something breaks, you’ll know how to fix or replace it.
I agree Grim. Kids only cost 150K to 300K if you spoil the heck out of them.
#124..I have heard this approach for years. However, I don’t fully buy it. I am off Saturday and I am not getting paid at all. If I spend an hour doing my lawn or another chore, I have no opportunity cost. I was not getting paid more somewhere else so even if the lawn service was way below my hourly rate, I would still mow my own lawn.
Sad news..15 killed at college in Oregon.
running a household where you buy a decent house at CURRENT market prices for a family of 4, pay property taxes, hold a standard mortgage, drive normal cars…solid, good, safe cars……feed your family properly to keep them healthy…..spend money for several activities….take one vacation a year….NO OUTSIDE HELP….no free childcare, no monetary assistance……also save for college……2 kids? Household income needs to be $300,000…..otherwise there are compromises being made…..
Libturd in Union says:
October 1, 2015 at 2:22 pm
Kids only cost 150K to 300K if you spoil the heck out of them.
Cat 4 time to panic.
Hasidim (jj Edition):
http://nypost.com/2015/10/01/why-these-orthodox-jewish-women-are-stripping-down-for-the-camera/
I guess I should take down that gazebo I bought at Home depot and bolted to my deck.
Chicagofinance, the big one you left out is being able to retire at 62 (or slow down) vs 70 plus if your making 150k. With 2 kids no pension and living middle class in jersey you would need to be in the 300k annual range to fully fund 2 401k’s with $35k a year.
4 years of college in 10 years will be what 250k? so you are looking at 500k bill if your making 300k plus. I know daycare ran me north of $150k.
300k sounds generous. Basically 15k monthly after taxes.
Two big variables are the housing at rate and save for college. Being front end of that process now not even sure what that means.
Of white collar what percentage of nj workforce you think gets a windfall bonus (10-20pc of base)? 50pc of base bonus? How about heavy hitters, 1 to multiples of base?
Chi…I disagree. I would argue that we are not the norm though. Gator and I don’t make 300K in salary. But we do have income from other sources that put us there. It can be done. But the real key is to wait until well into your 30s to have kids so you can save enough moolah to make money off of that money. You also must learn how to be frugal. This does not mean to be cheap. We vacation way more frequently than most of our friends. We just don’t pay for them. We fly first class to Europe! We stay in suites at the base of Heavenly! Is there a little less flexibility? Absolutely. But like I said in the past, it’s worth it for the early retirement. And it ALL adds up. Plus my kid knows the value of money.
I can provide endless examples of how to make it work. We buy Gator Jr.’s shoes a year before he needs them when they are on clearance or when credit cards are offering super sales. I just got him the craziest looking pair of N1ke’s ever for $17. He’ll wear them in 6th grade. He plays lots of sports and plays them extremely well. But I won’t spring for private lessons for a ten year old, even though most of the other parents do. He plays for a cheap Club Soccer team in Bloomfield. It’s 1/2 the cost of the big academies and we play the same teams and have the same trainers. He also shakes a can to fundraise for the club. In ice hockey, he could be playing double AA. It would cost us double what we pay to the rinky dink Montclair Hockey Club. His skates were $500 when they come out. I bought them on clearance for $85. They cam out in 2012. Really think technology changes in an ice skate over three years? Yet ALL of the other kids wear $500 skates and paid that much for them. Consumers are suckers. When you buy a car…how much does the color matter to you (as long as it’s not stupid guido colored)? My car is gun metal black, because it’s what they had on the lot and I got a sick deal on it. All of Jrs. friends go to Kumon. Our kid doesn’t. There is nothing Kumon can do that discipline at home can’t. Likewise, the real little one goes to Kidville on a sick a sick Groupon. Ain’t no way am I paying $30 for a 45-minute session where some minimum wage paid kid blows bubbles and orchestrates parachute circles. Everyone else is paying $30 for it. It can be done. It just takes discipline and a will not to waste time on frivolous activity. Like Facebook.
or this blog :P
127 – C’mon, I expect that from JJ, not from you.
That was from Sima, not me, she was getting blacklisted and we couldn’t figure out why
104 that is
You’ve mentioned hockey before. Predates your player but not you. Remember the O stick?
First one to really break the pricing sound barrier. Nearly ten years ago. Holes all down the shaft. To reduce wind resistance and put more power on the puck (yeah, right) . So every eight year old needed one of course to make his shot so much faster assuming of course he wasn’t still tripodding it lol.
I’m in mennen in awe watching eight year olds walk in with not one but two $250 sticks (because of course you need a backup if the first one breaks, at mite yeah) .
Hope those are the parents with jobs getting outsourced….
For lib
Lib 133 – You forgot that the best part of going to Kidville in Montklair is that you can identify all the dads that came from Brooklyn based on the hats they wear to class.
I guess Denarius isn’t getting that $1,000 Kidville birthday party this year, huh?
I’ll take jumping a shitty bmx bike over burning pallets over $500 skates and a $250 stick.
No effin way!
I remember that stick. The sad thing is, a wooden stick allows a kid to feel the puck on the stick. The flex the graphite sticks provide don’t help these kids since they are not strong enough to bend them while shooting. I did break down this year and we upgraded from entry level Easton’s from the Sport’s Authority (can always find big discounts to get them down to around $25) to the Makos. I found a sick deal last xmas where I got two of them for $90. Of course, they are the original Mako which went for $250 each when they first came out. They are truly weightless.
We used to jump over burning railroad ties. The toxins from the tar were way more dangerous than the flame.
Libturd,
You can think of this blog as a form of low-cost therapy and consulting.
At least some of the interactions.
Speaking of being frugal. It’s my birthday on the 6th. I don’t think I’ll have to pay for a meal the rest of this month.
Dude, you have lost your mind.
chicagofinance says:
October 1, 2015 at 2:29 pm
running a household where you buy a decent house at CURRENT market prices for a family of 4, pay property taxes, hold a standard mortgage, drive normal cars…solid, good, safe cars……feed your family properly to keep them healthy…..spend money for several activities….take one vacation a year….NO OUTSIDE HELP….no free childcare, no monetary assistance……also save for college……2 kids? Household income needs to be $300,000…..otherwise there are compromises being made…..
Mass school shooting in Ore. We should be hearing from anon shortly
Besides…
EVERYONE IS A WINNER WHEN YOU JUMP A BURNING PALLET
“…..otherwise there are compromises being made…..” appears as if that is the case for you…..BTW……in my work…..just for a frame of reference……some children will appreciate your lessons; others will resent you for them….luck of the draw…..
Libturd in Union says:
October 1, 2015 at 3:00 pm
Chi…I disagree. I would argue that we are not the norm though. Gator and I don’t make 300K in salary. But we do have income from other sources that put us there. It can be done. But the real key is to wait until well into your 30s to have kids so you can save enough moolah to make money off of that money. You also must learn how to be frugal. This does not mean to be cheap. We vacation way more frequently than most of our friends. We just don’t pay for them. We fly first class to Europe! We stay in suites at the base of Heavenly! Is there a little less flexibility? Absolutely. But like I said in the past, it’s worth it for the early retirement. And it ALL adds up. Plus my kid knows the value of money.
I can provide endless examples of how to make it work. We buy Gator Jr.’s shoes a year before he needs them when they are on clearance or when credit cards are offering super sales. I just got him the craziest looking pair of N1ke’s ever for $17. He’ll wear them in 6th grade. He plays lots of sports and plays them extremely well. But I won’t spring for private lessons for a ten year old, even though most of the other parents do. He plays for a cheap Club Soccer team in Bloomfield. It’s 1/2 the cost of the big academies and we play the same teams and have the same trainers. He also shakes a can to fundraise for the club. In ice hockey, he could be playing double AA. It would cost us double what we pay to the rinky dink Montclair Hockey Club. His skates were $500 when they come out. I bought them on clearance for $85. They cam out in 2012. Really think technology changes in an ice skate over three years? Yet ALL of the other kids wear $500 skates and paid that much for them. Consumers are suckers. When you buy a car…how much does the color matter to you (as long as it’s not stupid guido colored)? My car is gun metal black, because it’s what they had on the lot and I got a sick deal on it. All of Jrs. friends go to Kumon. Our kid doesn’t. There is nothing Kumon can do that discipline at home can’t. Likewise, the real little one goes to Kidville on a sick a sick Groupon. Ain’t no way am I paying $30 for a 45-minute session where some minimum wage paid kid blows bubbles and orchestrates parachute circles. Everyone else is paying $30 for it. It can be done. It just takes discipline and a will not to waste time on frivolous activity. Like Facebook.
I swear I wish you were right…..it really stinks….it also cuts to the heart of why jj’s postings are so compelling…..he embellishes with tons on impolitic color, but the core message is really pretty damned close to the truth…..it is uncanny….
D-FENS says:
October 1, 2015 at 3:32 pm
Dude, you have lost your mind.
chicagofinance says:
October 1, 2015 at 2:29 pm
running a household where you buy a decent house at CURRENT market prices for a family of 4, pay property taxes, hold a standard mortgage, drive normal cars…solid, good, safe cars……feed your family properly to keep them healthy…..spend money for several activities….take one vacation a year….NO OUTSIDE HELP….no free childcare, no monetary assistance……also save for college……2 kids? Household income needs to be $300,000…..otherwise there are compromises being made…..
#146 D-FENS I agree.
Maybe chicagofinance’s idea of “a decent house at CURRENT market prices for a family of 4” is way, way different than mine.
How big is this house? And how big are those property taxes?
I think people are defining “compromises” in this discussion VERY differently.
152 – Shirtsleeves to shirtsleeves in three generations, the examples above are generation 2.
Remember, this is the glass-touching generation where millions are made staring at senselessness all day long so a 300K income and driving a German import is standard.
I can speak through experience. Our Family income was between $65k to $150k from 1987 when my first child was born. My second was born in 1991. I always had a live in baby sitter until my second was 13. My sitter is old retired family member collecting SS. Her salary was $1000 a month free food ,free lodging. I bought my first house in 1994 for 120K and bought a second home in 2004 for $288k cash. From a cash out on my first. 3% interest 15 years. My 2 kids graduated from Rutgers with no Student loans. The eldest is with MS and the second with Loreal. I paid their tuition with 13th month pay. And had almost $5,000 extra from monthly income. They lived at home and drove to school. They work for their books and spending money. I have no debt except for the mortgage on the house and 2 Property Taxes. I drive a 2002 Merc C240,2004 ML350 I bought brand new. I recently purchase a 2010 BMW 328i. We go on vacation at least once a year with the 2 kids when they were young. Today just me and my wife.
I was talking to my Son about how he pays more on a $2,000 rent on a Luxury studio apartment in Jersey City by Zeppelin Beer Garden than my 2houses with 2 property tax. My mortgage is $1,750 a month.$500 goes to interest and $1,250 goes to Principal. My 2 Property Taxes equals to $16,000/ year equal to $1,333 a month. Add the $500 interest I am paying $1,833 a month for 2 houses. The $1,750 a month in principal I will get back when I sell.
$150k it can be done. You just have to be good with budgeting and avoid debt.
How much does it cost to get a decent 4 BR house? $600,000 at least? How much of a down payment do you need? $120,000? How much are the property taxes on that house? $12K-$18K? if you are under 35….come up with that money……and that is just the start….
yome…..I am not talking about you, because you bought into a different market…..what is your son going to do?
Forgot to mention, the 3% interest 15 years was a HARP refi. And bought my son a brand new 2005 Honda Accord when he was in 4th year High and my daughter a 2000 Volvo S 70 from a family member,4th year High, all in cash.
I can give them my one house and sell the other before I go back,expat and retire.
“yome…..I am not talking about you, because you bought into a different market…..what is your son going to do?”
I agree yome bought in a different market, but I disagree one needs $600k for a house. If we’re only considering a handful of towns in Bergen, maybe a couple in Passaic/Essex/Union and that’s it…. well yeah $600k minimum is required. If we expand the search, there are plenty of cheaper options (though still not as cheap as the time period yome is mentioning).
There are are houses you can buy for under $400k put a 20% down, mortgage at $320k 15 years at 3% is $2,209. 30 years at 4.5% is $1657 a month.
He has that money to put down. I let them live for free at home to save at least 30% of their salary equivalent to the cost of rent. And put 10% in 401k
Worst quarter for layoffs in 6 years according to news. I work for Euro bank who is making big cuts very soon to middle and back office. I might be spared only bc I have incompetent counterpart who will go first. My boss and client love me. What keeps you working in this environment is not just hard work but full cooperation and project flexibility. You can’t be on one project and survive. You need multi-tasking skills like never before. Even then you may not survive long term. My firm wants low cost dev centers ie Poland and India. They will have one manager on staff in US managing workers around globe. It sucks. 150K jobs? Decent under 600k homes? Good luck with those unicorns. I take calls everyday from recruiters and mention 150k and it is high still. Sad part is that it’s much lower than I make now. I test market constantly too since I have a job. No doubt that there are lots more contacts than 18 months ago but it boggles my mind when people talk about 300k income. Majority of folks don’t marry girls that make 150k. The ones who I know are Indian as they both came here to work and make money.
Get your weekend plans back on the schedule, looks like the storm is out to sea.
Making $65k in ’94 with a 120k mortgage at 8.5% is rough. Add baby sitter,car payments,insurance property tax is the same as what kids today feel.
What everybody forget is “Time is on your side”. Your mortgage dont go up, while rent goes up. Your salary will go up until it becomes affordable. The trick is buying a house up to 2x income and avoid unnecesary debt. As salary goes up things will be affordable. The biggest expenses for the kids is baby sitter until age 13. They went to Public school. They provided for themselves as soon as they can drive. College education is cheap if they go local. Rutgers was $13k when my 2nd graduated. 13th month pay was equal to $7k a year. I just had to add $8k from my savings to pay for it. I did not even use the College savings I saved for them
Correction:I just had to add $5k from my savings to pay for it
Tata Consultancy Services, this year’s sponsor of the NYC Marathon. So they must be like, you know, good people.
I always thought owning a Dunkin Donuts was like a license to print money. Maybe the closings are in Missouri or somewhere else. Ramsey alone has 4 stores.
My point is no help…..you are helping with this offer….yes? Of course you would, you care about your kids, but someone such as jj is on his own….or stu…..
yome says:
October 1, 2015 at 5:06 pm
I can give them my one house and sell the other before I go back,expat and retire.
“yome…..I am not talking about you, because you bought into a different market…..what is your son going to do?”
This guy is the man!! No wasteful spending, just good investments.
“And, once government was paying for college, colleges would run by government rules. Sanders’s rules. For one thing, Sanders thinks student centers are a waste of government money. He’d make sure they didn’t get any more of it.”
I agree with you, 600,000 is the minimum, and that’s if you are lucky. Good luck finding four bedrooms for 400,000 in a town with a good school system. I wish!!
Everything described in the passage below is true. Ask me how I know.
chicagofinance says:
October 1, 2015 at 5:03 pm
How much does it cost to get a decent 4 BR house? $600,000 at least? How much of a down payment do you need? $120,000? How much are the property taxes on that house? $12K-$18K? if you are under 35….come up with that money……and that is just the start….
yome…..I am not talking about you, because you bought into a different market…..what is your son going to do?
169- I’m 35, I don’t know anyone my age that bought a house and did it on their own. Most people I know had big time help with the down payment.
Believe it or not, my wife and I didnt get any help with our 20% down payment(655,000). We are an anomaly. We also payed for our wedding by ourselves. Taxes are now at 17,400.
160
yome… I agree houses can be had for much less than $600k and you won’t be in a bad location.
163
yome… “Your salary will go up until it becomes affordable. ” That sounds like horrible advice unless we’re talking about a previous generation.
167
chicago… I agree that a family with absolutely zero help needs more than others, I still think your list of necessities (for lack of a better word) is inflated.
168+
Idiot… you’re an idiot. No help? hahaha
Where and what type of house?
160
yome… I agree houses can be had for much less than $600k and you won’t be in a bad location
Sorry, didn’t have help on this one. No discount from grams on this one.
168+
Idiot… you’re an idiot. No help? hahaha
Plenty of towns in Morris/Essex and I’m sure other counties that I’m less familiar with. Instead of reflexively replying “PROVE IT” … try searching around.
4 br 2 bath across the street from me is for sale. $220,000.
Most of the commenters here would probably stick their nose at it though.
Storm off. Phew!
[68] njt
Hey, at least you took a decent shot. But it was a trick question (which was amply pointed out in the news coverage on the Simpson, something you probably saw by now)
The USS Constitution is officially a commissioned US Navy warship and is crewed by active duty sailors, not tour guides (those are Park Service employees).
Discussion on affordability of salary especially regarding housing and college was the basis of my question on bonuses earlier.
On 300k one should be able to live and save but difficult to bank enough coin for house in current market, college, and retirement. Little bonus on top put into savings takes care of most. Bigger bonus takes care of all.
I could not imagine now or even back in the day (97) trying to get the DP and manage kids without the bonus.
This is pretty cool.
http://www.nhc.noaa.gov/archive/2015/graphics/al11/loop_5W.shtml
Euro shifted a little back west. If trend, storm may not be over. If anomoly, then still in clear. I’m still going with Boston and Eastern fork of LI.
Pretty sure the storm starting heading east at the exact moment I dug my generator out of the back corner of the barn last night.
Well, isn’t that why you bought the generator?
#70 Comrade…”the government has taken a side” and this surprises you? No different than criminal prosecutions. Feds have a 99% conviction rate. Is it possible for the government to be right about anything that often?
221k
Actual: 142k, 5.1 UE, Wages flat
revisions down for both July and August