From NJ101.5:
HOW NJ BUSINESSES FEEL ABOUT ECONOMY, MINIMUM WAGE IN 2019
New Jersey businesses don’t really like much about the state in which they operate, but most expect an uptick in sales and profits in 2019, according to a survey released Thursday.
And, the survey finds, if the Garden State eventually comes around to instituting a $15-per-hour minimum wage, you can expect a spike in prices at a number of spots.
The New Jersey Business & Industry Association’s 60th Annual Business Outlook Survey took the pulse of nearly 900 member companies.
“Our members are really bullish on their own performance. Basically, the things they can control, they feel very confident about,” NJBIA President and CEO Michele Siekerka told New Jersey 101.5. “But when we ask them about New Jersey’s economy, sadly they don’t feel so bullish.”
Sixty-two percent of businesses believe their sales will rise in 2019, and 9 percent expect a decrease in sales. That differential is better than what was recorded with last year’s survey.
More than three-quarters of respondents said they would provide wage increases in 2019, ranging from 1 to 4.9 percent. Nearly 40 percent expect to increase hiring.
But while 83 percent of businesses rated the performance of the U.S. economy as “excellent” or “good,” only 40 percent gave the same grades to the Garden State.
At least half of respondents said New Jersey is worse in taxes and fees; controlling government spending; controlling healthcare costs; attracting new business; controlling labor costs; and regulatory compliance costs, compared to other states.
…
New Jersey is at or near the top among all states in tax categories including income, sales, property, corporate and inheritance taxes, the NJBIA report noted.Concerned with a potential increase in the state’s minimum wage, 66 percent of NJBIA member companies said the move will impact their business; 39 percent said the impact would be significant.
About a third of businesses said they’d raise prices to offset increased costs caused by a hefty hike in the minimum wage. About a quarter indicated they’d reduce staff and/or hours.
First
Damn you!
Futures up 200. I don’t read too much into it but I wonder if we hit a floor.
Dow Futures now +326.00
Seesaw Markets buckle up..
Hmmm…. Interesting how “value” suddenly flashed on in all those stocks at exactly the same moment in time, giving the appearance of something else entirely. Maybe it was the “It’s time to go back into safety mode.” flashing light I’m thinking of? At least you made your “call” on a known date and backed it with your own money.
It didn’t flash at the same time. Any free cash that I had went straight into one thing, ARLP (and those moves are posted here as well). It was risky for one reason, lack of diversification. Now that it’s paid off heavily, I waited to collect the last dividend check and liquidated it. I had to put it somewhere, that’s where I chose to put most of it. I’m not claiming this bet is going to make me rich. My goal is always to try to make 5% a year. I think these plays achieve that.
But yes my money is where my mouth is and you may throw it in my face if it doesn’t play out.
Another article on NJ 101.5 ‘s site says that the Democrats in the NJ State legislature have bastardized the original $15 minimum wage they passed when they knew Chris Christie would veto it.
Fake News and Bad News Is Depressing the Market, JPMorgan Strategists Say
http://fortune.com/2018/12/08/fake-news-jpmorgan-kolanovic/
“To some extent, we trace the disconnect between negative sentiment and macroeconomic reality to the reinforcing feedback loop of real and fake negative news,” the strategists wrote.
And they see a lot of factors playing into that loop.
“Domestic political opposition may have an interest to paint a negative economic picture, individual market analysts gain more visibility and coverage with negative calls, and foreign adversaries amplify a negative news cycle in order to foster divisions and erode confidence in financial markets and the economy,” the strategists wrote.
Kolanovic monitors sentiment indicators, including how often topics are mentioned in news reports. And he’s concerned with certain news outlets that, while presenting at least a veneer of credibility, also contain darker offerings.
“There are specialized websites that mass produce a mix of real and fake news,” Kolanovic wrote. “Often these outlets will present somewhat credible but distorted coverage of sell-side financial research, mixed with geopolitical news, while tolerating hate speech in their website commentary section.”
Pumps strikes again. This is what I was talking about over the past month or two. The economy is strong, and it’s total bs how the stock market is getting beat down. Same with housing. A bunch of people at the top have decided to infect their negative sentiment on the market. Selling their positions on nonsense, causing the market to start to panic and take a negative position. How many times are they going to do this and the general public falls for it? Happened how many times in the past 5 years? Feels like every year they try to make up some bs to take down the market.
D-FENS says:
December 11, 2018 at 9:37 am
Fake News and Bad News Is Depressing the Market, JPMorgan Strategists Say
http://fortune.com/2018/12/08/fake-news-jpmorgan-kolanovic/
“To some extent, we trace the disconnect between negative sentiment and macroeconomic reality to the reinforcing feedback loop of real and fake negative news,” the strategists wrote.
And they see a lot of factors playing into that loop.
“Domestic political opposition may have an interest to paint a negative economic picture, individual market analysts gain more visibility and coverage with negative calls, and foreign adversaries amplify a negative news cycle in order to foster divisions and erode confidence in financial markets and the economy,” the strategists wrote.
“bastardized the original $15 minimum wage”
How’s that? Two of the Fifteen dollars goes to pay for Dem campaign contributions?
Just looked. That bill is so flawed. It’s so loaded, it could appear on the menu at Taco Bell. There are all kinds of carve-outs and exceptions including one that says if there is a national recession, all bets are off. Then even if it does pass, it is so slowly ratcheted up that Murphy will probably be dead by the time the wage hits $15. He certainly won’t be in public office at that point. He should actually be in prison with all of those other #metoo a$$holes.
Just more feel good, completely ineffective, time wasting policy that doesn’t change anything. That’s all Murphy has been good for. Approaching year two and still waiting to see what he cuts to make the pension payments whole. And people think Trump lies?
Libturd,
Reporter’s Roundtable had a good breakdown last week. Off top of my head $15 minimum wages does not apply to teenagers, businesses with less than 10 employees, certain types of businesses ( farm related – so you can still exploit migrant/illegal farm workers plus other type of businesses -restaurants? + transportation?).
In short, the way written -minimum wage applies only to big box retail stores – WalMart, Target, etc.
For one thing, it would be phased in over time and wouldn’t reach $15 until 2024
Source: U.S. Department of Labor
Myth: Raising the minimum wage will only benefit teens.
Not true: The typical minimum wage worker is not a high school student earning weekend pocket money. In fact, 89 percent of those who would benefit from a federal minimum wage increase to $12 per hour are age 20 or older, and 56 percent are women.
Myth: Increasing the minimum wage will cause people to lose their jobs.
Not true: In a letter to President Obama and congressional leaders urging a minimum wage increase, more than 600 economists, including 7 Nobel Prize winners wrote, “In recent years there have been important developments in the academic literature on the effect of increases in the minimum wage on employment, with the weight of evidence now showing that increases in the minimum wage have had little or no negative effect on the employment of minimum-wage workers, even during times of weakness in the labor market. Research suggests that a minimum-wage increase could have a small stimulative effect on the economy as low-wage workers spend their additional earnings, raising demand and job growth, and providing some help on the jobs front.”
Myth: Small business owners can’t afford to pay their workers more, and therefore don’t support an increase in the minimum wage.
Not true: A July 2015 survey found that 3 out of 5 small business owners with employees support a gradual increase in the minimum wage to $12. The survey reports that small business owners say an increase “would immediately put more money in the pocket of low-wage workers who will then spend the money on things like housing, food, and gas. This boost in demand for goods and services will help stimulate the economy and help create opportunities.”
Myth: Raising the federal tipped minimum wage ($2.13 per hour since 1991) would hurt restaurants.
Not true: In California, employers are required to pay servers the full minimum wage of $9 per hour before tips. Even with a 2014 increase in the minimum wage, the National Restaurant Association projects California restaurant sales will outpace all but only a handful of states in 2015.
Myth: Raising the federal tipped minimum wage ($2.13 per hour since 1991) would lead to restaurant job losses.
Not true: As of May 2015, employers in San Francisco must pay tipped workers the full minimum wage of $12.25 per hour before tips. Yet, the San Francisco leisure and hospitality industry, which includes full-service restaurants, has experienced positive job growth this year, including following the most recent minimum wage increase.
Myth: Raising the federal minimum wage won’t benefit workers in states where the hourly minimum rate is already higher than the federal minimum.
Not true: While 29 states and the District of Columbia currently have a minimum wage higher than the federal minimum, increasing the federal minimum wage will boost the earnings for nearly 38 million low-wage workers nationwide. That includes workers in those states already earning above the current federal minimum. Raising the federal minimum wage is an important part of strengthening the economy. A raise for minimum wage earners will put more money in more families’ pockets, which will be spent on goods and services, stimulating economic growth locally and nationally.
Myth: Younger workers don’t have to be paid the minimum wage.
Not true: While there are some exceptions, employers are generally required to pay at least the federal minimum wage. Exceptions allowed include a minimum wage of $4.25 per hour for young workers under the age of 20, but only during their first 90 consecutive calendar days of employment with an employer, and as long as their work does not displace other workers. After 90 consecutive days of employment or the employee reaches 20 years of age, whichever comes first, the employee must receive the current federal minimum wage or the state minimum wage, whichever is higher. There are programs requiring federal certification that allow for payment of less than the full federal minimum wage, but those programs are not limited to the employment of young workers.
Myth: Restaurant servers don’t need to be paid the minimum wage since they receive tips.
Not true: An employer can pay a tipped employee as little as $2.13 per hour in direct wages, but only if that amount plus tips equal at least the federal minimum wage and the worker retains all tips and customarily and regularly receives more than $30 a month in tips. Often, an employee’s tips combined with the employer’s direct wages of at least $2.13 an hour do not equal the federal minimum hourly wage. When that occurs, the employer must make up the difference. Some states have minimum wage laws specific to tipped employees. When an employee is subject to both the federal and state wage laws, he or she is entitled to the provisions of each law which provides the greater benefits.
Myth: Increasing the minimum wage is bad for businesses.
Not true: Academic research has shown that higher wages sharply reduce employee turnover which can reduce employment and training costs.
Myth: Increasing the minimum wage is bad for the economy.
Not true: Since 1938, the federal minimum wage has been increased 22 times. For more than 75 years, real GDP per capita has steadily increased, even when the minimum wage has been raised.
Myth: The federal minimum wage goes up automatically as prices increase.
Not true: While some states have enacted rules in recent years triggering automatic increases in their minimum wages to help them keep up with inflation, the federal minimum wage does not operate in the same manner. An increase in the federal minimum wage requires approval by Congress and the president. However, in his call to gradually increase the current federal minimum, President Obama has also called for it to adjust automatically with inflation. Eliminating the requirement of formal congressional action would likely reduce the amount of time between increases, and better help low-income families keep up with rising prices.
Myth: The federal minimum wage is higher today than it was when President Reagan took office.
Not true: While the federal minimum wage was only $3.35 per hour in 1981 and is currently $7.25 per hour in real dollars, when adjusted for inflation, the current federal minimum wage would need to be more than $8 per hour to equal its buying power of the early 1980s and more nearly $11 per hour to equal its buying power of the late 1960s. That’s why President Obama is urging Congress to increase the federal minimum wage and give low-wage workers a much-needed boost.
Myth: Increasing the minimum wage lacks public support.
Not true: Raising the federal minimum wage is an issue with broad popular support. Polls conducted since February 2013 when President Obama first called on Congress to increase the minimum wage have consistently shown that an overwhelming majority of Americans support an increase.
Myth: Increasing the minimum wage will result in job losses for newly hired and unskilled workers in what some call a last-one-hired-equals-first-one-fired scenario.
Not true: Minimum wage increases have little to no negative effect on employment as shown in independent studies from economists across the country. Academic research also has shown that higher wages sharply reduce employee turnover which can reduce employment and training costs.
Myth: The minimum wage stays the same if Congress doesn’t change it.
Not true: Congress sets the minimum wage, but it doesn’t keep pace with inflation. Because the cost of living is always rising, the value of a new minimum wage begins to fall from the moment it is set.
http://nj1015.com/nj-plan-for-15-minimum-wage-too-slow-and-weak-advocates-cry/
That formula will remain in place but be trumped by larger increases required by state law through 2024. It would go to $9.50 an hour on July 1, 2019, followed by increases taking effect each year on Jan. 1 – to $11 in 2020, $11.55 in 2021, $12.70 in 2022, $13.85 in 2023 and $15 in 2024. From there, annual inflation adjustments would go back into effect.
There would be exceptions for workers at small businesses with less than 10 employees, workers under age 18, farm laborers and seasonal workers. Their minimum wages:
$10.10 per hour in 2020
$10.35 in 2022
$10.70 in 2023
$11.10 in 2024
$11.70 in 2025
$12.45 in 2026
$13.20 in 2027
$14.10 in 2028
$15.00 in 2029
For tipped workers:
$6.72 per hour until July 1, 2019
$7.37 for the second half of 2019
$7.87 per hour in 2020
$7.42 in 2021
$7.57 in 2022
$8.72 in 2023
$9.87 starting in 2024
At the end of the day, if you are for less welfare, you should be for the min wage. People making a livable min wage will require no govt assistance to survive.
Yes, you are paying for these people no matter what, either through higher prices or higher taxes. I prefer higher prices, so that they can feel good about themselves, and maybe motivate themselves to do something great as opposed to doing nothing with their life except waiting for the check on the first of the month. Truth be told, some businesses will not have to raise their prices, they can give up a little profit and still make a very good profit off their labor.
This bill is exactly what NJ doesn’t need. There is no net positive here. It simply makes it more expensive to do business in the most expensive state to do business in. There’s a reason we were dead last to recover from the great recession. We need to encourage business. Not chase it away! Almost up to year two and pension payments are still not whole. Phil (my coffers) has nearly run out of taxes to increase and NJ Transit is worse than ever. On the flip side, if you are an illegal and have committed a crime, things are looking up for you! How’s the weed business going Phil? Where’s the state bank?
Worst governor in my lifetime. And it hasn’t even been a year yet. Everyone liking all of their new taxes? Increased gas tax. Increased sales tax. Increased shore rental tax. A new Uber tax. Have to pay my nanny for sick days. And what have we all gotten for it? An emptier wallet! All hail Phil. And if not for the assembly, he would have raised taxes by 50% more!
No one ever said it would help teens. People who argue against $15 minimum wage says it hurts them because no one would hire a teen with zero experience at that wage.
The Great Pumpkin says:
December 11, 2018 at 10:39 am
Source: U.S. Department of Labor
Myth: Raising the minimum wage will only benefit teens.
And Pumps. I could really care less about the minimum wage. It’s more feel good crap that will do little to help anyone. Do you know how many people are paid off the books? Think this is going to help them. If anything, it will encourage more people to work off the books. At the end of the day, NJ has much bigger issues to solve than increasing someone’s part time wage from $11-$15 over 6 years.
https://www.openthebooks.com/map/?Map=90001&MapType=Pin&Zip=07043
Zoom in on Montclair.
Then find a pail to hurl your breakfast into.
The going’s been pretty good since the great recession
Fock. post about soci@list economics and the never ending flood of third worlders just evaporated. Bottom line, end the flood of third worlders and wages will rise.
And Christie is a bad pick for chief of staff. He can’t handle trump and his instincts are all wrong at the national level. We don’t need another bull in a china shop.
304 public employees now making over 6 figures in lower Montclair. It’s no wonder they aren’t up in arms over their pensions. They don’t need them!
And my buddy the unmotivated police officer in Glen Ridge who worked eight years the last time I looked and was making 85K is now up to 115K less than four years later. This is simply incredulous.
Does everyone hear make 120K a year or more? Am I just an old fuddy duddy that hasn’t kept up? Or is this what everyone is making nowadays?
I love the ability to use a number like $15 and tie it to a year in the future.
I’d like to get ahead of the curve and get us talking $25 per hour, say in 2040.
First Step act (prison reform bill) going to the floor for a vote
here.
Sorry!
Former Bloomberg L.P. exec, ex-employees, to be arrested in construction bribery scheme
https://www.nydailynews.com/new-york/ny-metro-bloomberg-turner-bribery-arrests-20181210-story.html
Based on the data, you are not alone, but I would assume most are past 120,000 on this blog.
This is for the entire United States, so I would imagine a good percentage of these people are from the nyc metro area.
“Around 4.3% of US Households, or 5,490,201 American Households made $250,000 or more in 2018.”
Libturd, can’t say I didn’t warn you. says:
December 11, 2018 at 11:18 am
Does everyone hear make 120K a year or more? Am I just an old fuddy duddy that hasn’t kept up? Or is this what everyone is making nowadays?
Talk about a kick in the ass. My company hasn’t been doing great so they overreact and cut the 409A contributions last year and now this year the entire plan. I gather to get rid of the management fees (and payout early). I used the 409A for years to save and invest above the 401k for retirement.
Just got the news they are sending me 2 checks, 1 next week 50% and one next year for 50% minus the 22% federal withholdings.
Going to fun tax time that is for sure…I am wondering if I will be paying a higher tax bracket for sure.
Then again a bird in the hand is worth two in the bush. Who knows if we will be solvent come to the next downturn? I won’t be eating friskies that is for sure.
120K ??. I think I’m struggling in NJ making double that.. Also feel I didn’t make enough effort to go beyond that for the past 8 years due to me being lazy.. But again it depends..
Libturd, can’t say I didn’t warn you. says:
December 11, 2018 at 11:18 am
Does everyone hear make 120K a year or more? Am I just an old fuddy duddy that hasn’t kept up? Or is this what everyone is making nowadays?
So About Those Buybacks….
The selloff is claimed to be all about program trading (e.g. computers) and not “fundamentals.”
Uh huh.
Buybacks of stock were illegal prior to the 1980s. Why were they illegal?
http://market-ticker.org/akcs-www?post=234679
Turd is trolling. We all make mid-six figures + have beautified spouses, drive Mercedes and live in 6,000 sq ft homes, and if the occasion strikes fly private..
Joyce when the CEOs and Directors use liquidity for buying back stock, that simply means there is no growth on the horizon to increase EPS. Case in Point Apple’s 100 Billion dollar stock buyback this year. They could have given out mega bonuses instead that would have trickled into the general economy or even gasp larger dividends.
Stock buy backs are good for no one but the shareholders. Just the rich getting richer. Imagine how much this helps those paid in shares as part of compensation.
Got to tour Bloomberg HQ today, awesome.
Watched the broadcast of Surveillance and some of the TV filming.
Michael wasn’t in his office, would have liked to see him. Pretty modest office too, glass, on the newsroom floor.
Juice,
I understand and agree. I found that post interesting – wasn’t aware that buybacks were previously not allowed.
That Labor Department Myth/Fact report is a disgrace to anyone with a brain.
The two “myths” regarding restaurants – that a raise would hurt restaurants and lead to restaurant job losses – are refuted by ‘facts’ that would not withstand an 11th grade civics paper…
The first is refuted because California’s restaurants have more sales than any other state. The second is refuted because employment in SF restaurants increased.
Unbelievable. I guess West Texas Intermediate prices have no impact on oil producers because TX has more oil revenue than any other state.
Not sure in which manner that Labor Department ‘analysis’ is more upsetting…If viewed through the lens of total incompetence or if they are competent but just tried to be politicized.
Either way, my tax dollars paid for that trash. I want a refund.
Lefty,
I’m still waiting for the negative impact on Seattle or any other place it was implemented. You claimed end of the world if they raised the wage, and none of that has happened.
You dismiss a report simply because it does not align with your point of view. Remember, there are positive and negative impacts. Right now, the wage has been so low for so long, that it simply a net positive on the economy to get that money out of concentrated hands and into the consumer. It will help us all. It’s not like they are raising it out of control…..amazon has raised their minimum wage to 15 dollars for god’s sake. Will that destroy their business?
It’s a disgrace to be relying on 8 dollar an hour workers this day and age.
Let me guess, you deserve what you have been paid all your life, but these people don’t deserve a crumb?
Seattle showed signs of employers cutting back hours due to the increase. As a result, they just try to squeeze more out of the workers in less time. You can’t change the finances that businesses are up against by legislating the law. That being said, Seattle did have a 44% increase in homeless population from 2015 to 2017. In the wake of decreasing unemployment, why would that be? I’m sure there’s more than one reason…but raising the minimum wage obviously didn’t positively affect the homelessness situation.
LOL! The Shanghai Quartet gets paid $95K for each of it’s four members by Montclair State, and that’s just one of their many incomes:
https://en.wikipedia.org/wiki/Shanghai_Quartet
https://www.openthebooks.com/map/?Map=90001&MapType=Pin&Zip=07043
Zoom in on Montclair.
Then find a pail to hurl your breakfast into.
The going’s been pretty good since the great recession
? What does a dividend have to do with anything?
Blue Ribbon Teacher says:
December 11, 2018 at 9:06 am
It didn’t flash at the same time. Any free cash that I had went straight into one thing, ARLP (and those moves are posted here as well). It was risky for one reason, lack of diversification. Now that it’s paid off heavily, I waited to collect the last dividend check and liquidated it.
Pumpkin, there were indeed unintended consequences in the places the wages were raised. The issue is that the low wages in high cost places are made possible by government subsidies that create a situation where people can work for low wages.
If you look at high cost Switzerland, they have no minimum wage and yet wages are high because in order to live there you need to make real money considering the lack of a welfare state.
Markets are good at finding prices in the absence of external manipulation. Subsidized housing is the root of the problem, fix that and wages and costs go up as the lower wage workers need to pay for their housing…….
Setting minimums because you’ve tampered with the economic system is treating the symptom and not the problem……
Bingo. That’s why I stated this earlier in a post (I put below your post)
“If you look at high cost Switzerland, they have no minimum wage and yet wages are high because in order to live there you need to make real money considering the lack of a welfare state.
Markets are good at finding prices in the absence of external manipulation. Subsidized housing is the root of the problem, fix that and wages and costs go up as the lower wage workers need to pay for their housing…….
Setting minimums because you’ve tampered with the economic system is treating the symptom and not the problem……”
The Great Pumpkin says:
December 11, 2018 at 10:44 am
At the end of the day, if you are for less welfare, you should be for the min wage. People making a livable min wage will require no govt assistance to survive.
Yes, you are paying for these people no matter what, either through higher prices or higher taxes. I prefer higher prices, so that they can feel good about themselves, and maybe motivate themselves to do something great as opposed to doing nothing with their life except waiting for the check on the first of the month. Truth be told, some businesses will not have to raise their prices, they can give up a little profit and still make a very good profit off their labor.
Expat the Italian teacher Luigi get’s $110k to teach a dead language part-time.
I still don’t really care. Because it hardly affects me. But even in corporate headquarter rich Seattle (which is a terrible example to use), the data does not match that highly politicized propaganda piece that you posted Pumps.
https://www.forbes.com/sites/adammillsap/2018/09/28/how-higher-minimum-wages-impact-employment/#4fe3f8cd1e7d
Juice/Expat,
Check out the police and fire department in lower Montclair. Click on the lower left target after entering 07043. I’m really sorry I went to college. I should have just acted on my teenage pyro urges.
Grim you should wait until the heat dies down before trying on getting in on the rackets at Bloomberg,
Turd- fire dept is where a bunch of kids I grew up are now, a few also went onto be police too. All soon with be retired with fat pensions. Me I am the smart one, went to college and all. Lol I’ll be working another 20 + years….
“There are now 10 large cities, seven states and many smaller localities transitioning to minimum wages between $12 and $15 an hour. And as these policies continue to spread throughout the nation and businesses are required to increase their workers’ pay, some people are concerned employment rates will drop.
A report released Thursday by the University of California—Berkeley’s Center on Wage and Employment Dynamics (CWED) shows that, at least at the city level, that hasn’t been the case.
Researchers looked at the first six large cities – Chicago, Washington, Oakland, San Francisco, San Jose and Seattle – to raise their minimum wage above $10 per hour. More specifically, they studied U.S. Bureau of Labor Statistics data on the food service industries (a sector the authors say is comprised largely of minimum-wage employees) in these cities from 2012, before minimum wages surpassed $10, and again in 2016.
The purpose: to see if workers’ earnings were in fact increasing, and if the policies were causing job losses.
“Overall, we find that (the policies are) working as intended. Thus far, they’re raising the earnings of low-wage workers without causing disruption in the labor market,” Sylvia Allegretto, a labor economist, co-chair of CWED and co-author of the report, tells U.S. News. “We haven’t seen any significant employment losses due to these minimum wage policies, but we do see positive and statistically significantly earnings effects,” she says.
Allegretto adds that she was not surprised by the findings, since they are in line with other research on minimum wage. The results, however, differ from those of a 2017 University of Washington study, which indicated that Seattle’s increased minimum wage had harmed employment in the state.
It’s a hard concept to understand how minimum wage hikes don’t automatically result in job losses, Allegretto says. But the increase in wages employers must pay their workers is supplemented by other factors, such as the money saved from less employee turnover. If employees are more satisfied with their earnings and stay in their positions longer, employers don’t have to spend as much money training new hires, she explains.”
https://www.usnews.com/news/best-states/articles/2018-09-07/minimum-wage-increases-didnt-impact-jobs-in-6-us-cities-study-shows
Subsidized housing? Let’s eliminate completely the mortgage and property tax write off.
Data doesn’t lie.
“Minimum wage hikes in six cities: big impact on pay, none on jobs”
https://news.berkeley.edu/story_jump/minimum-wage-hikes-in-six-cities-big-impact-on-pay-none-on-jobs/
You have to be a renter….what’s your beef with housing? You hate home ownership, plain and simple.
Why not give people incentive to own? Yes, it will impact price, but so what. You will have more people motivated to buy a home which helps the economy big time in the long run.
I mean, what you advocating for? Everyone to become renters?
3b says:
December 11, 2018 at 3:13 pm
Subsidized housing? Let’s eliminate completely the mortgage and property tax write off.
At the end of the day, would you feel good about your life if you were a cop or fireman? I would feel like a loser, but that’s just me. You are constantly dealing with losers, from your co-workers, to your customers. Also, to become a cop, you have to go to the academy. What that means, you give yourself away to become brainwashed. You become someone you were not after going through the academy. You go on a power trip, and can’t trust anyone around you. You also have to live with knowing that everyone is fake to you, and that they hate you. What a great job and life. F that. Couldn’t pay me enough to do that. Who wants to bust balls all day to justify your existence?
Best part, almost all cops get divorced. Now why? Even their wives hate them. The one’s that didn’t get divorced are only married for the kids.
Juice Box says:
December 11, 2018 at 2:54 pm
Turd- fire dept is where a bunch of kids I grew up are now, a few also went onto be police too. All soon with be retired with fat pensions. Me I am the smart one, went to college and all. Lol I’ll be working another 20 + years….
Grim doing big things. How did you manage this?
grim says:
December 11, 2018 at 12:52 pm
Got to tour Bloomberg HQ today, awesome.
Watched the broadcast of Surveillance and some of the TV filming.
Michael wasn’t in his office, would have liked to see him. Pretty modest office too, glass, on the newsroom floor.
Lib,
You probably could get a bump going elsewhere. $120k is not much around here but my family and we don’t make $165k total (not anymore after my pay cut for new job). Market is pretty horrendous locally. Lots of $115 to $125k white collar NYC jobs that should be paying $150k or more. My buddy still can’t find any PM work and got denied by MasterCard. 5 months now and still looking. Some days, I agree, should have just jumped on govt gravy train. Morons making $125k and crazy benefits while private sector talent gets a plate of sh$t. I still have never received a flexible range on salary even last several months. Take it or leave it still reigns.
Grim you should wait until the heat dies down before trying on getting in on the rackets at Bloomberg
The house that the $9 billion in annual subscription revenue built is impressive, so much so that nobody notices when you steal the silverware, or the snacks.
Pumps so cops are losers? A rather broad statement to say the least! As for hating housing don’t be such a doof us how does one hate housing?? If you claim to be against subsidizing then it should be across the board. But in your mind since it benefits you it’s an incentive if it benefits a renter or low income than its bad. And as I have told you I own just not in NJ. My apologies to the rest of the board but you have to be a fool to buy in this state and you should get out as in get rid of the real estate as soon as you can.
Keep in mind. Gator works too. It just seems like my average increase is around 1% a year. I’m fortunate that I was able to promote myself into my near current salary a while ago. But when I see unmotivated cops go from 85K to 115K in four years (I sh1t you not), I know this can’t be sustained. In 2010, the median NJ per capita wage was 50K. I wonder what it is now? Median family income in 2012 was 87K. It appears wage growth has been incredibly strong for the public worker. No?
New Jersey reminds me of Sears. Irreversible decline and too far gone to save. Massachusetts turned itself around through smart governance, but I don’t see it happening in NJ. Murphy’s value-for-money rhetoric is nice but not achievable.
Not sure about public worker but my last 10 years is kinda stalled. Averaging 1% per year.. Working for a top Investment bank.
Only way for me to get paid more is to jump to FAANG companies.. Of-course I wont be able to get thru 8+ rounds of interview..So hanging in there for now..
Instead of my 200K+ job, I wish I had a 100K job with NJ state and the life long pension…
Pumps the data does lie. The data is selective and can be manipulated to tell the narrative they want it to. Also extremely localized wages in places with booming industries are not a good indicator. If the google or amazon employee has to pay an extra $1 for their latte it won’t impact sales, that is simply not true in every market. Certain places in NJ would be devastated by a $15 minimum wage.
I’d say they haven’t learned their lesson about Trump yet, there will be a shutdown next week. Trump waivered in March and signed the bill without the wall funding. I have a feeling he won’t do it this time based on the meeting he had in front of the press with Pelosi and Schumer.
http://fortune.com/2018/12/11/trump-government-shutdown-border-security/
I’m against subsidizing if I can’t profit from it.
I’m for subsidizing if I can profit from it.
I call public workers losers then praise them.
I am a Hypocrite. I have a mental disorder.
Hey Pumps – they have highway houses in Costa Rica too. Annual taxes are about $200.
Pumps – since you think Berkeley is great with their unbiased, right down the middle
journalismlies, maybe you should take your GED, once you get it, and apply to get a real degree through their new diversity program. I’m sure they don’t have too many mentally disabled and under-educated Polacks, so they should have a slot for you.Our mission and institutional character — in research, teaching and public service —demand that we embrace, embody and protect diversity of every kind, including, but not limited to, race and ethnicity, disability, intellectual interest, gender, sexual orientation, socio-economic status, geographical origin and religious and ideological beliefs.
https://news.berkeley.edu/2018/12/07/campus-announces-the-undergraduate-student-diversity-project/
I bet an editor of that press release made the suggestion that “ideological beliefs” get added at the end, probably over protest, because that’s exactly the type of diversity they absolutely don’t want.
Subsidizing is not a black or white issue. It can be good or bad. Subsidizing housing is a good idea, not because of profiting (how much would you actually profit?), but because home ownership is good for society and the economy. Home ownship is what makes good neighborhoods and good towns. It’s good for people to have skin in the game and pride in their home/neighborhood. Got that, a$$hole?
As for cops and firemen, I support their pay. Just because I don’t care for their personality, doesn’t mean I don’t support their pay. You lower that pay, and you will the problems that will be created from an underpaid cop or fireman. The majority will simply turn to corruption to put food on the table. That pay and pension is the only thing holding the corruption in check. Most wont risk losing the pension. If you think corruption is bad now, just imagine if you paid them less and took away the pension.
The Great Pumpkin Hypocrite says:
December 11, 2018 at 4:13 pm
I’m against subsidizing if I can’t profit from it.
I’m for subsidizing if I can profit from it.
I call public workers losers then praise them.
I am a Hypocrite. I have a mental disorder.
A loser is a person that retires at age 50 with a 100K a year pension plus health care benefits. Just keep paying that 18,000 a year in property taxes to support him for that crappy highway house.
*you will see the problems
What’s the profit on a store like Starbucks? They can’t absorb a little more cost to give their worker a wage he can survive on without Uncle Sam?
At the end of the day, what justifies the huge profit that a McDonald’s owner in a prime location should make off their underpaid labor. Is that owner even doing anything with that store except signing checks? Didn’t come up with the business idea, pays big franchise fee and still profits handsomely, doesn’t life a finger, and manages nothing. It’s all done by the McDonald’s franchise platform. I think these people can help the individuals making them lots of money. God forbid profit goes from 500,000 a year to 300,000, oh wait, that will never happen… they will just raise prices to maintain profit growth. Have to maintain that profit growth from year to year.
JCer says:
December 11, 2018 at 3:51 pm
Pumps the data does lie. The data is selective and can be manipulated to tell the narrative they want it to. Also extremely localized wages in places with booming industries are not a good indicator. If the google or amazon employee has to pay an extra $1 for their latte it won’t impact sales, that is simply not true in every market. Certain places in NJ would be devastated by a $15 minimum wage.
I can profit from it so it is ok.
So why are you jealous?
The Great Pumpkin Hypocrite says:
December 11, 2018 at 4:55 pm
A loser is a person that retires at age 50 with a 100K a year pension plus health care benefits. Just keep paying that 18,000 a year in property taxes to support him for that crappy highway house.
Tough guy, instead of attacking Berkeley as being biased, show me what’s wrong with the data. Don’t make an accusation and then not back it up. You love to attack the character, but not the bones of their argument.
The Original NJ ExPat says:
December 11, 2018 at 4:50 pm
Pumps – since you think Berkeley is great with their unbiased, right down the middle journalism lies, maybe you should take your GED, once you get it, and apply to get a real degree through their new diversity program. I’m sure they don’t have too many mentally disabled and under-educated Polacks, so they should have a slot for you.
I heard the same arguments when Seattle was implementing the min wage hike. It was said over and over by people with your mindset that it would reduce jobs and hurt business. So why hasn’t it happened? Oh now it’s because Seattle is a special place where the rise in minimum wage doesn’t matter.
JCer says:
December 11, 2018 at 3:51 pm
Pumps the data does lie. The data is selective and can be manipulated to tell the narrative they want it to. Also extremely localized wages in places with booming industries are not a good indicator. If the google or amazon employee has to pay an extra $1 for their latte it won’t impact sales, that is simply not true in every market. Certain places in NJ would be devastated by a $15 minimum wage.
I’m thinking this Trump shutdown they’re naming after him and him owning it is masterful.
Pumps you suport cop s pay you just don’t support their personality? So if we pay them more will their personality be better? Maybe it could be the reverse of that. As for skin in the game why are we the only country that has to subsidize home ownership? Can
A renter not have skin in the game by virtue of simply having a nice place to live in and get on with their lives? How much skin will you really have in the game after years of mortgage payments and 18k in taxes?? Will it really be that much more than the renter with a similar income who chooses to rent? What about a renter with less income who chooses to save and invest their money elsewhere rather than a structure that will decay over time and in the case of NJ in a state that is headed for irreversible decile.
Decline.
pumpkin, $15 minimum wage in Jersey City, Hoboken, and NYC….ok maybe. Those places have the income levels and disposable incomes to support perhaps. Out in regular people land they will simply buy less.
Jealous of your highway house?
I was making fun of you.
No, I meant the cop, nothing about me.
The Great Pumpkin Hypocrite says:
December 11, 2018 at 5:39 pm
Jealous of your highway house?
I was making fun of you.
La calabaza es un imbécil. Rocía su esperma en forma de palabras como si estuviera solo un sábado.
La calabaza es un imbécil. Rocía su semilla vil en forma de palabras como si estuviera solo un sábado.
Jesus! Someone stated that they wish they had become a cop or fireman. I stated that the grass is not always greener, and most cops are losers because of the brainwashing that takes place at the academy. Of course you manipulate the message to attack me.
“Pumps you suport cop s pay you just don’t support their personality? So if we pay them more will their personality be better?”
Pat 5:47,
Nice try but Blumpy will use Google Translate then tell us he speaks fluent Spanish due to his genius brain. Same way he became an economic genius, by copying and pasting other peoples articles and claiming work as his own.
Pumps why do you assume all cops are brainwashed. You make broad assumptions. There are good and bad in the profession like all professions.
3b,
The whole notion of the benefits to society from homeownership flew over your head.
I’m still trying to figure out why you hate nj so much. It’s not dying my friend. It might not be what you remember of Jersey in the past, but it’s def not dying.
3b,
There are good cops that don’t turn into egotistical a$$holes on a power trip.
Unfortunately, majority fall into this category. That’s why they become divorced, they don’t have the ability to maintain their relationship because they have to be the boss. Who wants to be married to someone that feels superior to you and has to have total control? They also have a bad habit of hitting the bottle to escape their loneliness, hence, become alcoholics.
It’s 2019 next month, if you need to rely on 8 or 9 dollar an hour slave labor to sustain your business, sell now while you can. The writing is on the wall for your business.
It’s time to move on and have your business replaced by someone that doesn’t need slave labor to sell a product. Let evolution take its place. There should be absolutely no 8 dollar an hour jobs left in America. If someone is actually working for 8 dollars, they simply are being taken advantage of because they lack the cognitive ability to know better, or are in a position in life where they have no choice but to be taken advantage of.
Bottom line, you are inhumane if you are paying your worker 8 dollars an hour. I wouldn’t even pay someone 8 dollars an hour to clean my house, it’s beyond taking advantage of a fellow human being. They spend 3 hours at your home and you give them 24 dollars….criminal. Mine as well be called a slave owner.
JCer says:
December 11, 2018 at 5:36 pm
pumpkin, $15 minimum wage in Jersey City, Hoboken, and NYC….ok maybe. Those places have the income levels and disposable incomes to support perhaps. Out in regular people land they will simply buy less.
Would anyone on this board allow someone in their family to come to my house and clean it for 24 dollars? If yes, then by all means support your ultra low wages.
And we cry about the pension debt? Why worry about this stuff, you know the world will not stop or end, so why even believe the whole system will crash because of debt?
It’s like the people who are crying that it’s the end of the world shortly because of corporate debt….lmao. I learned my lesson in 2007/2008, the economy will never crash into nothing. If it didn’t happen in 2008, not happening ever. I lost a chance at huge money because I bought into the fear, never again will I miss an opportunity because of fear mongers.
“The Senate just passed an $867 billion farm bill.”
Pumps homeowner benefits have nothing to do with subsidizing it. It should stand on its own if it’s great. And I am a homeowner. As for hating NJ I dont. I remember when it was a well run aaa rated state. Now it is in rapid decline. The fact you choose to live in denial does not change that fact. There is nothing on the horizon that will turn NJ around.
Well, pumps….even a stopped clock is right twice a day.
The thing is, we’ve been down this road before. Over the past few years, there have been a number instances where rumors regarding sluggish iPhone sales have turned out to be completely off the mark, if not completely baseless. In light of that, a new report from Bloomberg relays that Apple’s top two manufacturing partners — Foxconn and TMSC — both reported strong revenues for November. Specifically, both companies saw revenue surge by about 5.6% last month. In short, the hysteria surrounding iPhone XR demand may be just that: Hysteria.
https://apple.news/A01FarB0vT06c0WmCcWH-7g
Said this a few times before.
I would never bet against Apple, ever. I might not bet on them, but I’d never bet against them.
Most people don’t understand the complexity of driving real innovation. Apple versus Samsung, or Apple vs. Google (Android) is a perfect example.
They can release nearly the same feature from a functionality perspective, in many cases Apple isn’t the first to market with the feature.
The lay person would believe that Apple isn’t driving innovation.
But then you look at the broad adoption of the functionality, and Apple wins, every time. Because it’s not about being first, it’s about being right.
You saw this with payments, you saw this with multitasking within a mobile OS. Apple wasn’t first, but when they delivered, they won.
Apple understands how to drive adoption of technology, and this goes beyond the pure tech to enable. This is about people, users, usability, fit, finish, relationships, non-tech business.
I’m not for a second going to say I can predict Apple financials, or even understand them, but when you decouple the financials from the engine, you’d never bet against the engine.
Samsung is the perfect example of a company that can drive similar technical innovation, but doesn’t really ever gain adoption? Why? Because they focus on the pure tech functionality like a line item on a features card, it’s on the card, it’s good enough, “we do that too”.
With Apple, everything else needed to ensure success comes first. Look at iTunes, look at the iPhone, look at the history of the PC and Tablet. Every time, they almost perfectly nail it, they are transformational killers.
Samsung, is content to put a TV on a refrigerator and claim it’ll change your life. Wow, look at that, the weather on the fridge. Really? Calling this innovation is nonsense. Samsung would rather release 1000 marginal products, than 5 great ones. They’ll never win with this strategy.
Apple completely changing the music industry with the relationships they built up, before a line of code was written? That’s revolutionary.
Bet against them if you want, I wouldn’t.
For f&cks sake, Samsung developed a “Smart Belt”, that tells you how fat you are every day on a mobile app.
For that reason alone, I’d never bet on Samsung. Reeks of a strategy to throw as much shit against a wall as possible, in hopes something sticks. Completely unfocused conglomerate, the next coming of Sony.
Likewise, the misguided comments about not including 5G functionality in the 2019 phones.
This is a problem?
American consumers are reeling over the price of mobile data, it’s a small fortune.
So get this straight, I want 5g so I can consume my entire month data plan in 20 minutes streaming a high def movie? If I’m lucky enough to be in one of a half dozen markets that might get it by mid-year?
Right.
5g has nothing to do with phones in the short term, and everything to do with displacing wireline and satellite television in the home.
Samsung is not as good as Apple. Apple phones seem a lot more like Samsung phones lately. That’s not good.
That’s actually an improveement for el calabazo. He used to say that he made his buying decisions based on cycles and demographics. When asked to produce his data, all he could come up with was the words cycles and demographics. I think he sees himself as some master masquerader that can mingle with the educated even though he possesses no education himself. He has no idea he is viewed universally as a five year old with one finger up his nose and the other hand pulling on the coattails of adults.
Nice try but Blumpy will use Google Translate then tell us he speaks fluent Spanish due to his genius brain. Same way he became an economic genius, by copying and pasting other peoples articles and claiming work as his own.
During the bubble we used to make fun of a BMW or Mercedes in every BC driveway.
https://www.cnbc.com/2018/12/12/auto-debt-in-america–mapped.html
Apple is the next Sony, not Samsung.
Off to Columbia this afternoon.
All this talk of Central and South America…
Sony, Samsung, and Apple have all been clients of mine.
You are incorrect.
Sony and Samsung are very, very similar. The asiapac model of business operations isn’t one that attempts to foster empowerment and innovative thinking.
I personally believe Samsung is being held back in the US for the only reason that Korea doesn’t trust anyone. No decisions are really made here. Talk to anyone that’s been in a leadership position. If you are an American in a leadership role, you have a Korean shadow reporting back on your every move.
See the same nonsense from companies like HTC. Local markets have zero authority or power, they don’t even control advertising creative.
Some really big news for owners of pass-through businesses in NJ.
NJ legislators doing something positive for small business? Only because they can fuck over Trump by doing it.
http://www.njbiz.com/apps/pbcs.dll/article?AID=/20181211/NJBIZ01/181219978/lawmakers-advance-salt-cap-workaround&template=mobileart
It’s actually a little bit brilliant compared to the nonsense donation scheme they passed.
I made some amazing calls and you take a big dump on them. Hope it makes you feel better.
The Original NJ ExPat says:
December 12, 2018 at 8:37 am
That’s actually an improveement for el calabazo. He used to say that he made his buying decisions based on cycles and demographics. When asked to produce his data, all he could come up with was the words cycles and demographics. I think he sees himself as some master masquerader that can mingle with the educated even though he possesses no education himself. He has no idea he is viewed universally as a five year old with one finger up his nose and the other hand pulling on the coattails of adults.
Copying and pasting? Who exactly was making the calls I made back in 2012/13? Who is making calls for “roaring 20’s 2.0” besides me? Copy and paste…..some nerve.
Bystander says:
December 11, 2018 at 6:05 pm
Pat 5:47,
Nice try but Blumpy will use Google Translate then tell us he speaks fluent Spanish due to his genius brain. Same way he became an economic genius, by copying and pasting other peoples articles and claiming work as his own.
You know what Grim? I will admit that my political bias is probably dictating my sour taste for Apple…. no pun intended. :) I get the Samsung cultural thing and I do happen to like their products. But I loathe this new wave, progressive “air” that comes with Apple as a company and it’s user base who are lemmings. That’s what sways me. It’s the same reason I refuse to walk into Starbucks.
Why don’t you get yourself some juice and cookies with the other children?
I made some amazing calls and you take a big dump on them. Hope it makes you feel better.
Grim,seems like the irs would just update the code in that case to eliminate the loophole so it’s a short term fix at best. Not to mention a giant FU to anyone who is FTE.
Grim,
Fantastic breakdown of Apple.
I swear they have legions of haters that for some reason want to see it fail. Same with tesla. Why the hate, I don’t know, but the hate is strong with these two.
I find hardcore tech heads have a hate for apple. Since they can’t modify everything. I call them android fan boys. I have one family member that rips on apple products on a regular basis. He just doesn’t understand why regular people enjoy the function and ease of use with apple. He just utters the same crap, that other products are better, and apple is a ripoff. He just doesn’t get it.
I’m still trying to figure out why 3b has such disdain for home ownership and the state of nj. I will figure it out.
One day expat will get over the fact that Pumpkin is no regular joe when it comes to intelligence. It must really hurt every time the individual you deemed the village idiot gets another call right.
I bought an investment house at a very young age, at a time when most 20 year old’s were living in their parents basement. And you write me off as an avg joe….simply amazing. How many kids you know buying at that age in 2000? I bet I’m the only one (I don’t know anyone else that did that in my generation….absolutely none) Yes, just an avg joe…sure.
Flabmax’ high school kids in the news:
MONTVALE – A former first-year teacher at Saint Joseph Regional High School in Montvale, who happens to be Jewish, is now suing the Archdiocese of Newark for what he claims was a steady stream of anti-Semitism in the classroom, NJ.com reports. Of course, the Archdiocese denies any federal statutes were broken, claiming these are just allegations of a bad teacher who couldn’t connect with boys at a private prep school. Okay, but what about the swastika carved into the blackboard? Or the other accusations in the lawsuit – like students throwing coins at this teacher, whenever his back was turned, an obvious reference to dumb Jewish stereotypes? Or a student acting out a scene from Schindler’s List, when Jewish women are murdered? Or a student scrawling on his desk, “sechs millionen waren nur der anfang,” which means “six million was just the beginning”? Even if he was a terrible teacher, as the Archdiocese alleges, why can’t they easily refute his claims?
Just replaced the digitizer screen on my 5th gen iPad bought last Christmas. My son dropped it on the tile floor and it broke into a million pieces.
Bought the new screen on Amazon, delivered next day for all of 18 bucks.
Comes with the tools and you supply the hair dryer, I used a utility blade instead of the cheap tool sent to pry the glass off after heating up the glue. There are dozens of videos on youtube showing how to do the repair.s
Apple wanted $359 to do the swap… FU Apple..
Siri / Alexa? Apple fcuked that up bad, and they were first too…….
grim says:
December 12, 2018 at 7:33 am
Said this a few times before.
I would never bet against Apple, ever. I might not bet on them, but I’d never bet against them.
Most people don’t understand the complexity of driving real innovation. Apple versus Samsung, or Apple vs. Google (Android) is a perfect example.
They can release nearly the same feature from a functionality perspective, in many cases Apple isn’t the first to market with the feature.
The lay person would believe that Apple isn’t driving innovation.
But then you look at the broad adoption of the functionality, and Apple wins, every time. Because it’s not about being first, it’s about being right.
You saw this with payments, you saw this with multitasking within a mobile OS. Apple wasn’t first, but when they delivered, they won.
Apple understands how to drive adoption of technology, and this goes beyond the pure tech to enable. This is about people, users, usability, fit, finish, relationships, non-tech business.
I’m not for a second going to say I can predict Apple financials, or even understand them, but when you decouple the financials from the engine, you’d never bet against the engine.
Samsung is the perfect example of a company that can drive similar technical innovation, but doesn’t really ever gain adoption? Why? Because they focus on the pure tech functionality like a line item on a features card, it’s on the card, it’s good enough, “we do that too”.
With Apple, everything else needed to ensure success comes first. Look at iTunes, look at the iPhone, look at the history of the PC and Tablet. Every time, they almost perfectly nail it, they are transformational killers.
Samsung, is content to put a TV on a refrigerator and claim it’ll change your life. Wow, look at that, the weather on the fridge. Really? Calling this innovation is nonsense. Samsung would rather release 1000 marginal products, than 5 great ones. They’ll never win with this strategy.
Apple completely changing the music industry with the relationships they built up, before a line of code was written? That’s revolutionary.
Bet against them if you want, I wouldn’t.
And you people continue to believe this person is not a troll and is not baiting all of you.
Morningside Heights is nice in the late fall…..
grim says:
December 12, 2018 at 9:09 am
Off to Columbia this afternoon.
All this talk of Central and South America…
I still remember in 2009 all the repo guys all over Red Bank…..
I also used to give BC Bob the daily “is the fountain still on at Hovnanian HQ?” update….
grim says:
December 12, 2018 at 8:47 am
During the bubble we used to make fun of a BMW or Mercedes in every BC driveway.
“Worst governor in my lifetime. And it hasn’t even been a year yet. Everyone liking all of their new taxes? Increased gas tax. Increased sales tax. Increased shore rental tax. A new Uber tax. Have to pay my nanny for sick days. And what have we all gotten for it? An emptier wallet! All hail Phil. And if not for the assembly, he would have raised taxes by 50% more!”
Hee, hee, hee. Except for tolls, I pay not one thin dime to NJ now. I used to buy my gas here but I don’t anymore. Delaware is now lower than both NJ and PA. I wonder if gas tax receipt data is calculated and posted anywhere.
Pumps I have explained to you countless times my position of course you cannot refute anything I say. So one final time. Home ownership is fine it should not be subsidized. Nj was a great little state at one time. That is no longer the case. Simply having parts of it close to nyc is no longer enough.
More on fuel taxes—AAA confirms gas sales down after tax hikes
https://whyy.org/articles/new-jersey-fuel-consumption-dropped-after-2016-gas-tax-hike-says-aaa/
Data on Governing’s website shows that fuel revenues have been steadily declining over the Obama years (data only through 2014), possibly due to lower econ activity and fuel economy.
The latter trend is here to stay with electrics so gas taxes have to be hiked to keep current revenues. ATEOTD, they need a different revenue model and the idea of a mileage tax actually makes a lot of sense. In the past, it would have failed as an effective tax because it would be a pain to administer but tech and big data makes that much easier now.
Look at the bottom of the second chart. Gas tax hikes actually resulted in lower revenue overall. We call this deadweight loss. I consider it the inverse of the Laffer Curve.
https://www.state.nj.us/ttfa/financing/apprevenues.shtm
Nom,
I predicted the gas tax would have that affect. I thought perhaps a little nuanced since NJTransit offers no real alternative to driving. In the end, the gas tax becomes the sin tax it was meant to be, but now the government has to raise another tax to make up for the shortfall.
Lib,
The effect would be to depress some sales but other factors come into play so it is not a straightforward correlelation. However, as the economy has been good and miles driven are up year to year, and there hasn’t been an appreciable paradigm shift in car design, the evidence strongly supports the idea that drivers who cross state lines are avoiding NJ pumps.
I suspect that this is most pronounced in South Jersey where you have many cross-border commuters and travelers going up-down I-95. Otherwise, there is no benefit to avoiding NJ.
Look at the top 2 salaries vs enrollment……
https://www.nj.com/expo/news/erry-2018/12/9c163d7a794598/the-37-highestpaid-school-supe.html
Grim,seems like the irs would just update the code in that case to eliminate the loophole so it’s a short term fix at best. Not to mention a giant FU to anyone who is FTE.
You can’t close this, businesses are not subject to the cap in the way taxpayers are. I may be wrong, but Trump’s pass-through tax changes, along with this, put NJ’s pass-through small businesses in a position better than they were previously, no?
Re: $15 min wage – Pumpkin –
Why are you completely ignoring that NOBODY is forced to work for minimum wage. They agree to trade their labor for a salary, if the worker feels “taken advantage of” then they are free to leave that job or leave the work-force entirely. The market bears what it can support, its very basic. Now, it is true that the min. wage worker will have a better economic life if they are paid more but enforcing a higher minimum wage can not be argued as an economic benefit to anyone. In fact, you came close to arriving at this point below:
“It’s time to move on and have your business replaced by someone that doesn’t need slave labor to sell a product. Let evolution take its place. There should be absolutely no 8 dollar an hour jobs left in America. If someone is actually working for 8 dollars, they simply are being taken advantage of because they lack the cognitive ability to know better, or are in a position in life where they have no choice but to be taken advantage of”
correction “can not be argued as an economic benefit to anyone ELSE”
Lib,
Your map yesterday about local salaries was beyond eye opening and infuriating. Sharing your vision of leaving the garden state and will go shortly. At some point, NJ goes BK and then likely asks DC for bailout (how much more can they tax the populace) and then, maybe then, DC mandates pension reform, financial controls and extensive merging of municipalities and schools to end redundancy of jobs and corresponding costs.
Grim, Samsung fat belt could be a monitoring tool used by managed care to oversee and manage patient outcomes and provider payments. Fee for service going away. Look at continuous blood glucose monitoring products for diabetics their market penetration is growing rapidly and will be the norm in 3-4 years max. You wear a sensor, every few minutes it sends a blood sugar reading to patient’s smartphone and then its sent to the cloud so health insurer knows if patient been bad or good and pays practitioner accordingly.
I understand completely what you are saying, but I really don’t think you understand the position of someone taking a min wage job. Sure they could just not work, but how will they survive? Unless they have a disability, or loads of kids, they won’t get support from the govt. Look at the amount of homeless out there….they made their choice, rather die than work for min wage garbage.
As for the economics. If wages were high enough to motivate these homeless to work, think about what that would do for our nation.
Understand everyone benefits when the bottom (who spends every dollar they receive) has more money to spend. It ripples through the economy like a game of dominoes. Their demand leads to growth. If their demand is vacant, why should a company invest to meet zero new demand? Trust me, we all benefit from a lower class that makes decent money. On the opposite end, only a few benefit from low wages.
How much do you really think raising a wage from 8 to 15 has on costs? It’s not a simple question. You have to look at the costs saved from people not leaving their job and having to regularly be trained (very expensive process). You have to look at the impact on the velocity of the money. These businesses all now have access to a bigger pot of consumer spending to compete over, which helps grow the economy by better jobs and more investment to meet demand. It’s truly a benefit to all in the economy. Their spending leads to greater demand, which leads to investment, which leads to raises and more jobs. It’s so simple to see, but some refuse to see the light
homeboken says:
December 12, 2018 at 1:09 pm
Re: $15 min wage – Pumpkin –
Why are you completely ignoring that NOBODY is forced to work for minimum wage. They agree to trade their labor for a salary, if the worker feels “taken advantage of” then they are free to leave that job or leave the work-force entirely. The market bears what it can support, its very basic. Now, it is true that the min. wage worker will have a better economic life if they are paid more but enforcing a higher minimum wage can not be argued as an economic benefit to anyone. In fact, you came close to arriving at this point below:
“At some point, NJ goes BK and then likely asks DC for bailout (how much more can they tax the populace)”
If there is one single factor that could trigger Civil War 2.0, I feel that this is it. It could only happen with a Dem-controlled government, and if the current polarization of the coasts and flyover country continues because you also need a geographic predicate.
My guess is that the bailouts will be introduced piecemeal. If the dems go for the whole enchilada at once (states, public sector pensions and multiemployer plans), you won’t want to be a federal employee in a deep red state.
I want to see the specific “great calls” by Punkin with date to date performance accounting showing all the money made by listening. Compared to date to date performance that comes from investing in an index fund.
First I’d like a proper accounting of the pancake batter in a can stock performance. Then the buy and hold returns from Wayne Real estate.
Then, tell me what index allows you to invest in median wage growth, and how it’s performed.
That’s all the punkin ideas I remember. We give each investment idea equal weights.
re: Hovnanian HQ
Now Ocean Bank office. The red scrolling ticker installed on the circular building..belongs in Time Sq not Red Bank.
I haven’t been keeping up did Hovnanian get 9 mill for his Rumson estate? I don’t think it ever sold.
Grim,
If I could end up deducting my state income tax that’s coming from my LP income, that would be a major tax improvement for me. I’m probably paying about $200k state income tax this year, so not deducting costs me about $80k more on federal, making the Trump “tax cut” a net hike. Unless I can get that deduction back.
Might help some companies stay in NJ longer than otherwise.
Did anybody ever do anything with XPO Logistics? Stock price has been pretty active lately.
I bought an investment house at a very young age, at a time when most 20 year old’s
were living in their parents basement.had graduated high school and were attending college. I dropped out, showed no promise, and my Nana took pity on me while I toiled away with other losers at the post office. I am so embarrassed that I continue to lie about it to this very day.Pumpkin Seattle introduced 15 min wage and homelessness went up 44 percent. Explain that.
I think someone suggested shorting it…… and I thought it was OK…. whoever that was, it was a good call….. BRT?
No One says:
December 12, 2018 at 2:56 pm
Did anybody ever do anything with XPO Logistics? Stock price has been pretty active lately.
Hey Pumps – what year did you start college again? We hear so little about your college years and the three degrees you earned.
Hahahahahahahahhahaahhahahaahhahahahahahahahaahhahahahahahahah!
Shorting it around 110 I think….
Poor Pumps. Criminal dad, dropout…he never had a chance to make anything of himself.
Cohen got off easy. I know a guy who was sentenced to 4 years for only one count of fraud.
Not me
Stockton believes it is essential for Apple to hold at $168 a share, however, for that to happen.
On the other hand, Amazon, also oversold, has a clear buy signal as long as the stock holds above $1,525 to $1,560 a share, she said.
“It’s very infrequent we get these kind of opportunities in a large-cap technology or discretionary stock,” she said. “We might look back and say it’s a missed opportunity if we didn’t take it.”
https://apple.news/AH8pzR2BQQ8OBsH4pU9cncw