AC back on track?

From the WSJ:

Atlantic City Places a New Bet on an Old Favorite: Casinos

Two years after plummeting gambling revenue nearly tipped this seaside resort into bankruptcy, two new casinos are opening on the boardwalk.

The casinos, which have hired more than 7,000 workers in total, are scheduled to open their doors on Thursday. Atlantic City officials and business leaders cheered the new jobs, while pointing to investments by a local university and gas company that they said show the gambling-dependent economy is finally starting to hedge its bets.

“The vibe is so positive,” said Debra DiLorenzo, chief executive of the Chamber of Commerce Southern New Jersey. “I don’t have a crystal ball, but I think that having nine casinos again, we’ll be just fine.”

At one end of Atlantic City’s boardwalk, Colorado developer Bruce Deifik is opening Ocean Resort Casino in the 6.4-million-square-foot complex formerly known as Revel Hotel and Casino, a $2.4 billion casino that opened in 2012 and entered bankruptcy twice before closing after two years. Nearby, Hard Rock International has spent $500 million renovating, “de-theming” and redecorating the closed Taj Mahal casino once owned by President Donald Trump, according to chairman Jim Allen.

The new casinos follow a turbulent period for Atlantic City’s economy. The city’s decadeslong monopoly on East Coast gambling crumbled after new casinos opened in neighboring states, and gambling revenue fell to $2.4 billion in 2015 compared with $5.2 billion in 2006, according to state records.

Four of the city’s 12 casinos closed in 2014, and a fifth shut its doors two years ago. In all, nearly 11,000 workers were laid off, according to a spokesman for the state Department of Labor and Workforce Development.

The decline in casino revenue and five closures decimated the city’s tax base and strained its budget. Atlantic City avoided municipal bankruptcy when the state seized control of the city’s finances and operations in 2016, a move that was unpopular with local officials and residents.

Today, the Atlantic City casino industry appears to be stabilizing, with gambling revenue increasing to about $2.7 billion last year, according to New Jersey Division of Gaming Enforcement records. Mr. Allen said he was particularly encouraged by the 23.7% increase in the remaining casinos’ gross operating profit last year, to $723 million.

This entry was posted in Economics, Shore Real Estate, South Jersey Real Estate. Bookmark the permalink.

86 Responses to AC back on track?

  1. Hold my beer says:

    Firsty

  2. Hold my beer says:

    AC is a dump.

  3. yome says:

    NJ could have passed Sports Betting before the Supreme Court made it legal. NJ is always behind

    We will be behind in Marijuana legalization seems like

    Missed opportunities,missed tax collection

  4. yome says:

    MGM is buying Yonkers Race Track- this will hurt AC when this opens

  5. Hold my beer says:

    Yome

    New Jersey is still a frontrunner for going broke

  6. grim says:

    We should have had internet sales tax legislation ready to sign, including adding sales tax on clothing.

  7. The Original NJ ExPat says:

    At least NJ longshoremen are well paid. I’ll bet they can point you to some local sports betting too.

  8. Yome says:

    Free bus rides from NYC cruises to MGM Yonkers

  9. Hold my beer says:

    Grim

    Are you saying jersey has a revenue problem and not a tax problem?

  10. Yo! says:

    Agree grim. Broaden the sales tax base.

    What a mess the sales tax situation will be for sellers. Will be interesting to see how Murphy and the cities with the lower Urban Enterprise Zone sales tax rate enforce it. When sellers pay the higher statewide rate to customers in UEZs, will the state refund the overpayment?

  11. grim says:

    When sellers pay the higher statewide rate to customers in UEZs, will the state refund the overpayment?

    No, UEZ is widely understood to be a program to attract businesses, not to reduce sales taxes to the local population. Today, customers ordering from Amazon in the UEZ do not get rebates.

    Suspect the largest beneficiaries of the reduced sales tax in the UEZ are specifically not people in the UEZ.

    For example, people shopping for appliances at Reno’s outside of Paterson, spending $50,000 on ultra high end appliances for big kitchen remodels, than “paying” for them in Paterson, saving more than $1,500 to do so.

  12. Yo! says:

    NJ house price stats are out for May. Year to date state wide +3.5%. Hudson leading at +21.8%. This is for houses, not condos.

  13. 3b says:

    Lots of 2 family houses in Harrison.

  14. This is a Very Stable Genius says:

    @realDonaldTrump

    A Harley-Davidson should never be built in another country-never!
    Their employees and customers are already very angry at them.
    If they move, watch, it will be the beginning of the end – they surrendered, they quit! The Aura will be gone and they will be taxed like never before!

  15. D-FENS says:

    Plastic grocery bag tax coming…

  16. grim says:

    Read the new law, it applies to paper bags as well.

    The way it’s written, if you go to the bagel store and pick up a dozen bagels in a paper bag, you are paying for the bag.

  17. Juice Box says:

    I do like the European model where if you forget to bring your own bag they charge you for bag that’s quite expensive. It isn’t paper or plastic either it’s meant to be used everyday

  18. dentssdunnigan says:

    Plastic (and paper)grocery bag tax coming…And they’ve already inserted language it “might be diverted ” into the general fund ” and not be used for lead paint abatement fund …as intended

  19. Bystander says:

    Damn, invest in cat sh*t bags.

  20. grim says:

    I don’t understand the focus on lead water line abatement.

    If you are a property owner in NJ, you are responsible for your service line, you own it.

    If it’s lead, have it dug up and replace it.

    Municipalities installing sewers almost always require property owners in the municipality to connect, and pay huge fees to do so. The state doesn’t fund this. If my sewer feed cracks underground, it’s my responsibility to replace or repair it. The state doesn’t fund this.

    Make lead service lines illegal, require property owners to replace them. Done.

    Mains are not lead, they never were, the water distribution infrastructure is not the problem.

    What next, suggesting taxpayers should fund new faucets for 50 year old houses? Make high lead brass fixtures illegal, make the property owners replace them. Done.

  21. D-FENS says:

    People believe that the government can and should fix everything. There is nothing rational about it to understand.

  22. Fast Eddie says:

    British industrialist Sanjeev Gupta’s GFG Industrials on Monday reopened a shuttered South Carolina steel plant in a move that will allow his U.K.-based firm to circumvent the Trump administration’s 25% tariffs on steel imports.

    Liberty Steel, a London-based company owned by Gupta’s group, held a relaunch ceremony at Georgetown Steel Mill on Monday. The mill originally closed in 2015 and was acquired by Liberty House in 2017, the Myrtle Beach Sun News reported.

    Liberty Steel said the facility would employ about 125 workers at launch and more than 300 workers in the “medium term,” according to a press release. GFG Alliance has vowed to invest more than $5 billion in the U.S. within the next few years.

  23. D-FENS says:

    Rough list of some of the proposed tax increases:

    -Uber Rides
    -Air BnB
    -Gas Tax increases
    -Corporate business taxes
    -hospital taxes
    -sales taxes
    -vape tax
    -internet sales tax
    -sports betting tax
    -firearms fees/taxes increase
    -Plastic (and paper?) bag tax
    -etc.

  24. Fast Eddie says:

    Over $300 billion was repatriated to the U.S. in the first quarter, according to the Bureau of Economic Analysis (BEA) — the most on record.

    “U.S. firms that used to build their factories overseas in order to avoid U.S. taxes, they stopped in their tracks because of the tax bill, they are bringing all the money home,” said Kevin Hassett, chair of the president’s Council of Economic Advisers.

    https://tinyurl.com/y7hzrxom

  25. grim says:

    Paper is absolutely included in the bag tax, this is not a question or clarification topic.

    Environmentalists are up in arms about it, because it’s a clear money grab masquerading as altruistic environmental legislation.

    In addition, the $0.05 fee per bag includes a $0.01 kickback to the retailer. So if they weren’t charging for bags previously, now they are going to be forced to, and will get additional revenue for selling those bags. We are now providing benefit to the retailer for providing/selling plastic bags.

  26. Mike S says:

    Paper bags make no sense to charge.
    I recycle all of them.

    AC is a dump for sure.

  27. grim says:

    That’s because the law has nothing to do with the environment, it’s a stealth tax on groceries and retail.

  28. grim says:

    By the way, go to Macy’s, buy a pair of shoes, you are going to be paying for that plastic or paper bag too.

    Except if you are 65 or older, you get a pass. I suppose because old people are too stubborn to change, and they vote.

  29. grim says:

    And with China not wanting to take American garbage anymore, I suspect you are going to start to see a new wave of “Recycling Taxes” instituted across the US.

  30. 3b says:

    Did I miss something on this whole bag tax? Is this part of Murphs budget plan?

  31. joyce says:

    “We were told NAFTA — and free trade generally — would lift people from poverty, and that while there might originally be serious wage and working condition disparities they’d quickly dissipate as workers would demand better wages and working conditions when their standard of living began to lift.

    In truth Mexican manufacturing wages reached an all-time low of $1.90/hour in January of 2017 and in fact their record high was in 2013 — $3.60/hour.“
    http://market-ticker.org/akcs-www?post=233698

  32. Juice Box says:

    Ireland charges 22 cents Euro for a plastic bag. After it was introduced and then the cost further raised a decade ago plastic bag usage went from 350 bags per person annually to 14 bags per person annually by 2012.

    Studies over there show that the plastic is entering the food supply. Plastic microfibers
    end up in seafood and consumers are ingesting on average of 11,000 tiny pieces of plastic annually.

  33. Juice Box says:

    re: “And with China not wanting to take American garbage anymore.”

    They have their own garbage problems. Most of the plastic that ends up in the oceans comes from Asia for example.

    Asia is by far the biggest polluter of our Oceans with Plastic…They have rivers full of plastic flowing into the oceans…

    Check out this worldwide interactive map of the plastic flows from the waterways into the oceans.

    https://www.theoceancleanup.com/sources/

  34. 3b says:

    Speaking of China, interesting article in the Times this morning. Basically Sri Lanka builds a port that makes no economic sense,China provides the money but Sri Lanka can’t pay it back no revenues coming in from the new port. Long story short,China gets the port and 15,000 surrounding acres for 99 years. I guess the Chinese learned from the British. The Chinese are building ports all over the world but the left is screaming about Russia.

  35. D-FENS says:

    I’ll bet Murphy had a hand in this article’s publication. It’s their headline article today.

    If Murphy can’t win with facts he’ll win with feelings. Now he’s trying to shame Sweeney. Sweeney is a pretty stubborn guy though…I don’t know that this type of tactic works on him.

    https://www.nj.com/news/index.ssf/2018/06/parkland_parent_rips_sweeney_on_twitter.html#incart_2box_nj-homepage-featured

  36. The Great Pumpkin says:

    It’s insane how labor has been getting ripped off over the past 20 years. Just insane. How do these people live with themselves?

    joyce says:
    June 26, 2018 at 9:46 am
    “We were told NAFTA — and free trade generally — would lift people from poverty, and that while there might originally be serious wage and working condition disparities they’d quickly dissipate as workers would demand better wages and working conditions when their standard of living began to lift.

    In truth Mexican manufacturing wages reached an all-time low of $1.90/hour in January of 2017 and in fact their record high was in 2013 — $3.60/hour.“
    http://market-ticker.org/akcs-www?post=233698

  37. The Great Pumpkin says:

    China is not even trying to hide it. They are coming, it’s only a matter of time.

    3b says:
    June 26, 2018 at 10:43 am
    Speaking of China, interesting article in the Times this morning. Basically Sri Lanka builds a port that makes no economic sense,China provides the money but Sri Lanka can’t pay it back no revenues coming in from the new port. Long story short,China gets the port and 15,000 surrounding acres for 99 years. I guess the Chinese learned from the British. The Chinese are building ports all over the world but the left is screaming about Russia.

  38. grim says:

    Suspect the fee increases would be challenged in court as being unconstitutional.

    They make it cost prohibitive for low-income Americans to defend themselves in their homes. It’s a regressive tax on the poor.

    The handgun permit is increasing by 2400%, it’s hard to argue that the cost increase is reasonable, it’s well beyond adjusting for inflation.

    You could make an argument that this will push law-abiding gun-owners towards illegal black market guns for self-defense, which would be completely counterproductive.

    It has Supreme Court written all over it.

  39. The Great Pumpkin says:

    We are killing ouselves for access to more profit. Not for a better quality of life, but for profit. Insanity.

    Juice Box says:
    June 26, 2018 at 10:06 am
    re: “And with China not wanting to take American garbage anymore.”

    They have their own garbage problems. Most of the plastic that ends up in the oceans comes from Asia for example.

    Asia is by far the biggest polluter of our Oceans with Plastic…They have rivers full of plastic flowing into the oceans…

    Check out this worldwide interactive map of the plastic flows from the waterways into the oceans.

    https://www.theoceancleanup.com/sources/

  40. Fast Eddie says:

    We are killing ouselves for access to more profit. Not for a better quality of life, but for profit. Insanity.

    Making money is not a fatal disease. It’s to enhance ones quality of life. It’s the fruit of labor. Besides, it keeps the looters and moochers at bay. Dependency is a death wish as evidenced by the anger and resentment associated with it.

  41. 3b says:

    Supreme Court upholds Trumps travel ban.

  42. The Great Pumpkin says:

    Fast Eddie,

    Why don’t you come get a nice cold glass of water from the Passaic River? If that’s what making money is about, I don’t need it.

  43. Juice Box says:

    3b – What our media does not tell us about Asia could fill the library of Congress.

    That Sri Lankan port is a thumb in the eye of India.

    The “One Belt one Road” trillion dollar program from China. It’s a modern Silk Road spanning some 65 countries. Interestingly enough India has boycotted “One Belt one Road” for now.

    https://www.youtube.com/watch?v=EvXROXiIpvQ

  44. Fast Eddie says:

    Pumpkin Head,

    I should have clarified; I’m all for a healthy environment and cleaning up. I have volunteered for clean-up duty on roadside groups, etc. I was strictly talking about making money and quality of life.

  45. Hold my beer says:

    Tax bald people. The glare from their chrome domes must be impacting climate change.

  46. Ex-Essex says:

    Eddie’s new conciouness peppered with language gleaned from his 8th grade reading list.,,

  47. grim says:

    China owns Africa at this point…

  48. Ex-Essex says:

    From Adam Smith to Milton Friedman, they worried that organized commercial interests would use their political influence to undermine free markets and promote special interest legislation that benefits themselves at the expense of the general public. Where libertarians differ from left-wing critics of business interests is in their view that the best way to control their abuses is to limit the power of government rather than to concentrate even greater power in its hands than already exists.

    While Ayn Rand cannot plausibly be described as an uncritical admirer of businessmen or the wealthy, her portrayal of these groups in her novels does often suffer from a different flaw. Nearly all the business leaders and wealthy people in her book are either virtuous producers like Hank Rearden and Dagney Taggart, or useless “moochers,” who produce virtually nothing of value and get their wealth largely from government favoritism, or sometimes from inheritance. In reality, of course, there are many businesses that both produce genuinely valuable products and innovations, and use government to enrich themselves at the expense of the public. To take just one recent example, the producers of “House of Cards” have both created a wonderful show and shamelessly lobbied for corporate welfare similar to the kind that is condemned in the show itself.

    As Sirius Black put it, “the world isn’t just split into good people and Death Eaters.” Similarly, the business community isn’t just split into the producers and the moochers. Many business interests are both. Ayn Rand likely realized this at some level. But her books usually don’t reflect it, perhaps because she was often trying to portray ideal types rather than nuanced characters. To my mind, her focus on such ideal types was excessive. On the other hand, there is a reason why Ayn Rand was a bestselling novelist, and the most successful modern popularizer of libertarian ideas. Her use of sharply drawn ideal-type characters might well have been a factor in that success.

  49. chicagofinance says:

    Where is the Peni$ Use Tax?

    D-FENS says:
    June 26, 2018 at 9:20 am
    Rough list of some of the proposed tax increases:

    -Uber Rides
    -Air BnB
    -Gas Tax increases
    -Corporate business taxes
    -hospital taxes
    -sales taxes
    -vape tax
    -internet sales tax
    -sports betting tax
    -firearms fees/taxes increase
    -Plastic (and paper?) bag tax
    -etc.

  50. chicagofinance says:

    One more reason to love Costco….

    grim says:
    June 26, 2018 at 9:21 am
    Paper is absolutely included in the bag tax, this is not a question or clarification topic.

    Environmentalists are up in arms about it, because it’s a clear money grab masquerading as altruistic environmental legislation.

    In addition, the $0.05 fee per bag includes a $0.01 kickback to the retailer. So if they weren’t charging for bags previously, now they are going to be forced to, and will get additional revenue for selling those bags. We are now providing benefit to the retailer for providing/selling plastic bags.

  51. Libturd, AKA Dr. Howie Feltersnatch says:

    I am currently in Lake Tahoe, South Shore. Every morning, I need to buy lunch for my son (at 6am) who is in a tough hockey camp, especially at 7200 foot elevation. They have a 10-cent bag tax, paper or plastic. Keep in mind, this place is loaded with hippies and environmentalists. In my 3 days at the supermarket, I have not witnessed a single person bringing their own bags. Sorry folks, but this a tax masquerading as a good thing for the environment. If people are not recycling bags HERE. They are not going to reuse bags THERE.

    In other news, I’m up nearly 4.2K in the cas1no and still have $1400 free play to use.

  52. Fast Eddie says:

    Essex,

    Acknowledged. As for modern day politics, the right tends to see the left as having bad ideas while the left most definitely sees the right as bad people. Big difference and why I am coming to despise the liberal or progressive mentality more and more. I used to simply disagree but now I see the other side as a bunch of disabled, mental patients.

  53. chicagofinance says:

    A stupid intern is allowed to keep her position? You have to be kidding….

    “Marriott is a summer intern who will keep her gig until it runs through August, FNC reported.”

    xxxxxx
    The Capitol Hill intern who dropped an F-bomb on President Trump in the Rotunda last week was identified as working for US Sen. Maggie Hassan (D-NH), according to reports Monday.

    Caitlin Marriott, 21, will be suspended for a week and restricted to work in the Hart Senate Office Building, Fox News Channel reported.

    “We are aware of the situation and have taken disciplinary action, including a one-week suspension and revoking her Congressional intern ID badge, thereby restricting her access to the Capitol, in response to her breach of office policies regarding respectful and appropriate conduct,” according to a statement from Hassan’s communications director Aaron Jacobs. “We also facilitated contact with Capitol police.”

    The F-bomb was dropped Tuesday in the thick of national outrage over the Trump administration’s now-former policy of separating immigrant kids from parents at the southern border.

    An NBC reporter captured video of Trump walking through the stately, cavernous Capitol last week when a female voice could be heard: “Mr. President, f–k you!”

    Marriott is a summer intern who will keep her gig until it runs through August, FNC reported.

  54. Libturd, AKA Dr. Howie Feltersnatch says:

    Maybe she’s stupping the Donald? Isn’t that what interns are supposed to do?

  55. chicagofinance says:

    Schtup…..

  56. Fast Eddie says:

    The intern is 21 years old. She’ll change her tune and attitude when she gets out in the real world and gets a real job and a mortgage.

  57. Libturd, AKA Dr. Howie Feltersnatch says:

    Schtup. Correct. I’m a schmuck.

  58. chicagofinance says:

    No….. you are a smuck……

    Libturd, AKA Dr. Howie Feltersnatch says:
    June 26, 2018 at 1:44 pm
    Schtup. Correct. I’m a schmuck.

  59. nwnj says:

    What a glorious time in America. Thank you djt.

  60. 1987 condo says:

    So I can just go food shopping at ShopRite and do the Costco thing by putting the groceries into the cart and load them into the little foldaway crates, I got at Costco, in my trunk and then just carry them into the house in the crates. Saves money, environment and most of all dealing with the baggers.

  61. Grim says:

    The cashiers get all antsy when you try to walk out without bagging. Apparently that’s how they know if you paid or not.

  62. chicagofinance says:

    Make them put a “PAID” sticker on each and every item…..

    Grim says:
    June 26, 2018 at 2:11 pm
    The cashiers get all antsy when you try to walk out without bagging. Apparently that’s how they know if you paid or not.

  63. 3b says:

    Fast I agree.

  64. Not MethyEddie NWNJ says:

    Copy and pasted from the Jalopnik sites

    Do you think that being asked to leave a restaurant, or having your meal interrupted, or being called by the public is bad? My fascism-enabling friends, this is only the beginning.
    One thing that people who wield great power often fail to viscerally understand is what it feels like to have power wielded against you. This imbalance is the source of many of the most monstrous decisions that get made by powerful people and institutions. The people who start the wars do not have bombs dropped on their houses. The people who pass the laws that incarcerate others never have to face the full force of the prison system themselves. The people who design the economic system that inflicts poverty on millions are themselves rich. This sort of insulation from the real world consequences of political and economic decisions makes it very easy for powerful people to approve of things happening to the rest of us that they would never, ever tolerate themselves. No health insurance CEO would watch his child die due to their inability to afford quality health care. No chickenhawk Congressman will be commanding a tank battle in Iran. No opportunistic race-baiting politician will be shunned because of their skin color. Zealots condemn gay people—except for their own gay children. The weed-smoking of young immigrants should get them deported—but our own weed-smoking was a youthful indiscretion. Environmentalist celebrities fly on carbon-spouting private jets. Banks make ostentatious charity donations while raking in billions from investments in defense contractors and gun manufacturers and oil companies. This is human nature. It is very, very easy to do things that hurt others as long as those same things benefit, rather than hurt, you. Self-justification is a specialty of mankind.
    A well-designed political system would have a built-in feedback system to ensure that those making the decisions are also subject to the consequences of those decisions. Minor versions of this are floated every now and then: Put Congress on Obamacare! Pay elected officials what their average constituents earn! But in aggregate, of course, we have nothing like this feedback mechanism in America. The titans of money congregate on Wall Street and the titans of government congregate in DC and they all make decisions that often disenfranchise and impoverish and frustrate the dreams of people far away, and then they go to nice restaurants and go home to nice houses and have nice, well-paid careers for decades to come. That is our system. There is little incentive for those who work within that system to change it in a way that might create the sort of negative feedback that can be unpleasant. Therefore it is the job of the public to do just that. Doing so is, in fact, a public service. It promotes good government.
    “With great power comes great responsibility.” That is the basic idea underlying noblesse oblige, and though noblesse oblige itself is not as good as equality, it looks fantastic compared to what we have today. Today, we have an ignorant billionaire narcissist leading our government, a man surrounded by a pack of enablers who by now have clearly demonstrated that no amount of racism or xenophobia or lies or warmongering or outright corruption will dissuade them from helping the boss do what the boss wants to do. Rather than detail a laundry list of all the Trump outrages, I ask you simply to consider all of the very real human costs that those outrages have already inflicted on human beings in America and abroad. Some of those outrages, like ripping families apart at the border, show their costs immediately; others, like eschewing the fight against climate change and neutering the EPA and mainstreaming white nationalist ideas, will be manifesting their costs for many decades to come. But the costs are real. We are the ones who are suffering and will suffer them. By and large, the people responsible for these decisions will be wealthy and famous and powerful enough to insulate themselves from those costs. Unless we decide to see to it that they must face them.

  65. 3b says:

    2 bedroom condo just came on in my blue ribbony train town. Sold in 02 for 357k,sold again in 05 for 505k. Just listed at 314k. That has to hurt!

  66. 1987 condo says:

    Grim, we’ll see what happens, i’ll Hold my receipt high in air plus they secure the checkout lanes. Worse I’ll just bring my own bags.

  67. 3b says:

    According to CBS News Bloomberg is considering a 2020 Presidential run.

  68. 1987 condo says:

    I believe in the checks and balances provided by the Constitution of our three branches of government. I believe in elections and their results. I believe in peaceful demonstration and lawful protests. I think the rest is harassment.

  69. The Great Pumpkin says:

    Without knowing any details….something is up with that property for it to be listed 10% below 2002 selling price in 2018.

    3b says:
    June 26, 2018 at 2:35 pm
    2 bedroom condo just came on in my blue ribbony train town. Sold in 02 for 357k,sold again in 05 for 505k. Just listed at 314k. That has to hurt!

  70. Juice Box says:

    Bloomberg would be nearly 79 years old on inauguration day in 2021 if he won. I haven’t met too many people that age that can handle the campaign never mind the 4 years of hard work after winning.

  71. Ex-Essex says:

    Eddie keep telling yourself whatever it is you mutter and sleep tight..

  72. Ex-Essex says:

    My money’s on the coffee guy, he’ll know people to pull us out of the Trump’econokmy once it crashes…

  73. 3b says:

    Pumps No nothing up. No short sale. Lots of houses sold/selling in my town at around 2005/2006 prices. Keep in mind it went from 357k to 505k in under 3 years!! It’s back where it should be.

  74. 3b says:

    Juice I agree. But if he does. Things could get interesting.

  75. The Original NJ ExPat says:
  76. The Original NJ ExPat says:

    Questions on the “Trade War”

    If no country in the world imposed tariffs of any size, and THEN the US introduced tariffs on foreign imports, then I could see how that could be construed as a trade war. OTOH, if every country is already imposing tariffs, is the country with the biggest trade deficit the only “wrong doer” for adjusting their tariffs? Or should the largest economy in the world always pay the highest tariffs and charge the lowest ones?

  77. chicagofinance says:

    As a Republican or Democrat?

    3b says:
    June 26, 2018 at 2:39 pm
    According to CBS News Bloomberg is considering a 2020 Presidential run.

  78. Blue Ribbon Teacher says:

    I tried driving from Central Jersey to Maine today. In Beantown right now. Based on traffic, nobody works 9 to 5 anymore.

  79. yome says:

    The war of words between President Trump and Harley-Davidson over its decision to shift some production to Europe conceals a simple truth: The famed American company has been expanding overseas for years.

    Harley-Davison HOG, -0.60% made its first foray outside the U.S. near the end of the Clinton administration in 1999 when it opened a plant in Brazil. The company later acquired a parts maker in Australia during the Bush years. It opened a plant in India in 2011 when Barack Obama was president. And shortly after Trump took office in 2017, Harley-Davidson said it would build a plant in Thailand.

    Europe is the next frontier. The Milwaukee-based motorcycle maker on Monday said it would build bikes in Europe for the first time ever, blaming retaliatory tariffs by the European Union. The EU raised its tariff on motorcycles to 31% from 6% in response to White House duties on foreign steel.

    The company said the tariffs would raise the cost of bikes shipped to Europe by as much as $2,200 each and reduce profits by up to $100 million annually.

    What the company also failed to mention is that while one Trump policy could cost them money, another saves them plenty of coin. The company could save up to $100 million a year at the lower corporate tax rate under the new Trump tax rules.

    In effect, the Trump tax cuts should have given Harley-Davidson extra cushion to ride out the current trade fight.
    Instead, the company chose to raise its dividend earlier this year and buy back shares, a decision that could cost far more than any short-term losses from the U.S. trade dispute with Europe.

    It was probably inevitable that Harley-Davidson would plant a flag in Europe, however. Sales are slowing in the U.S. because of demographic shifts and they are growing in Europe, the company’s second-largest market. The tariffs may have simply sped up the decision by Harley to shift more production to the continent so it can be closer to its customers.

    The earlier shift to Asia was undertaken for the same reason, but there’s a big difference. Countries such as China, India and Thailand have huge and unfair tariffs that force companies wanting to do business to relocate there — exactly what Trump is complaining about.

    Thailand charges a minimum 60% tariff and India 100%, effectively doubling the price of a Harley shipped from the U.S. Harley-Davidson has built plants in those countries to avoid the steep tariffs and make bikes more cheaply for customers who earn far less money than the typical American.

    The company eventually aims to generate half its revenue outside the United States.

    Seen in that light, the Trump tariffs gave the company an opening.

  80. 3b says:

    Chgo democrat

  81. Ex-Essex says:

    Further investigation is currently underway.

    The prosecutor’s office and police said additional information will be released as it becomes available.

    The football star purchased the Fair Lawn home for $500,000 in 2016, according to NJ.com.

    The cornerback signed a five-year deal with the New York Giants in March of that year.

    Jenkins was ranked the 25th top cornerback in the league during his time with the St. Louis Rams in 2015.

  82. Ex-Essex says:

    States That Are Most Likely to Go Bankrupt

    Crunching the numbers, the Pew study found the New Jersey and Kentucky state pension systems have the highest insolvency risk. Both were fully funded in 2000 but are now at only 31% of where they should be.

  83. The Original NJ ExPat says:

    My wife constantly gets asked where she got her many reusable and brightly colored shopping bags, because nobody else’s up here look the same.

    Ironically, she bought them on trips down to NJ at A&P over the last many years. I think she bought her first few when we spent a couple weeks at Vernon Valley circa 2007 teaching our kids to ski. We taught them down there, when they were ages 5 & 3 because we own an ancient time share there and our lift tickets are free. Staying in the condos there, the closest supermarket is (was) the A&P on route 515. My wife thought they would be easier to get in and out of the condo than paper or plastic. After liking them when she brought them back to MA, she always bought a couple more every time we visited as that was her Mom’s main supermarket in Blairstown too.

  84. The Original NJ ExPat says:

    Another “call” made mere days before the top. Not spot on (yet), but not too bad for 1/22/18, right?

    The Original NJ ExPat says:
    January 22, 2018 at 2:59 pm
    ****Disclosure: Sheer conjecture on my part*****

    1. The US stock market will “correct”, as they say from maybe April until August or so.
    2. Dems will tout the end of the “Trump Economic Lie” during this period.
    3. The US stock market will turn back up in late August or early September.
    4. Dems get crushed in the mid-terms.
    5. More protests and violence isolated to cities that still want Hillary.

Comments are closed.