From the Record:
New Jersey lost almost 88,000 taxpayers with income of $5.5 billion to other states in 2010, according to a report by RegentAtlantic Capital LLC, a Morristown-based investment adviser, citing Internal Revenue Service data.
About 41 percent of the net adjusted gross income that left the state went to Florida and 20 percent to Pennsylvania, said Eric Furey, a financial adviser, and David Bugen, chairman and managing partner of the firm that has $2.8 billion under management.
The so-called tax migration is rooted in New Jersey’s high property and estate levies, according to the report.
The state has the highest property taxes in the U.S. and depends on personal income taxes for 39 percent of its revenue. The data reflect people who filed their 2009 federal tax return in New Jersey and in 2010 filed in other states.
“You can accumulate assets in New Jersey — you can build a career here — but once that’s built you pretty much leave the state,” Furey said in a telephone interview.
At the same time as the “out-migration,” about 73,000 federal tax returns with adjusted gross income of $4.28 billion were added to the Garden State, the IRS data show.
The net loss was 0.34 percent of 4.29 million returns and 0.41 percent of $308.5 billion in taxable income, according to the data.
Goodbye, so long, farewell
these guys are far worse than realtors. same thing with Financial Advisors, you better really check them out.
@WSJ: Over 1,600 stockbrokers have past bankruptcies or criminal charges that weren’t reported to regulators. http://t.co/3VZcJvXY6X
MARKETS
March 5, 2014 10:34 PM
Stockbrokers Fail to Disclose Red Flags
WSJ Analysis Shows More Than 1,600 Stockbrokers Have Bankruptcies or Criminal Charges in Their Past That Weren’t Reported
By Jean Eaglesham and Rob Barry
This will be the straw that breaks the camels back. What’s the state left to do but implode once there is no one left to tax? Family is the only thing keeping me here.
“About 41 percent of the net adjusted gross income that left the state went to Florida and 20 percent to Pennsylvania”
As long as we’re getting your wealthy, it’s all good. But PA isn’t exactly the tax haven FL is.
Near-state competition is a losing proposition for all involved.
Left NJ 3 years ago – actually was “forced” out; and it was the best thing we ever did! Husband laid off 3 times from 3 different jobs and you can’t afford to live in NJ only on one salary! To add insult to injury, NJ hits you with an exit tax on your way out – usually 5% of the sale price of your home – which can be a huge chunk of change. Good news, you declare the exit tax on your next return – along with all moving expenses – and you get most of it back! Until you leave, you don’t realize there IS another way to live where your salary does cover your expenses! As long as businesses continue to leave and the wealthy get all the tax breaks, NJ has no alternative but to continue to tax the homeowners more and more; I can only imagine how much August’s new tax bill will go up – bet the 2% cap is out the window!
Nom [4];
Not everyone can run their empires from 1000 miles away. If you’re living off passive income, you can move to FL — hell you can move to Belize and afford a staff of servants for the price of a simple landscaper. If you still need to show up to keep the hamster wheel running, PA is a decent compromise.
[5] grim,
I care not a whit about the states involved. I care about the individuals I can counsel in order to help them save on taxes.
The only voting that matters is the voting you do with your feet.
6 – Suspect your attorney was worthless if that’s how he described the non-resident income tax associated with your home sale capital gains. The net effect is absolutely no different than anyone else selling a house in NJ. The difference in the treatment is so the state actually has the ability to collect on that tax before a deadbeat might skip town (or the country). You think that someone that skips the country is going to file their non-resident NJ state income tax forms and send a check to Trenton? Yeah, I didn’t think so.
9 – Guess you haven’t moved recently. Check at the state’s website – there actually is information about an “exit tax”. It has nothing to do with your so-called “deadbeats skipping town” – but rather everything to do with the state nickel and diming everyone they can to get money from them. Not that’s it’s any of your business but out taxes were all up to date; in fact the buyers owed us money for overpayment property taxes for the quarter. Having lived in NJ 50+ years I think I have some basis for “how things work” around the state; it’s corrupt, and in the good times, when everyone had a job, nobody seemed to mind. Now that jobs are hard to come by, people are FINALLY getting made, and it’s about time!
I know you meant to write “mad”, but with NJ’s mob stereotype, it is a humorous double entendre :)
Patricia says:
March 6, 2014 at 9:31 am
people are FINALLY getting made, and it’s about time!
But we’re prestigious here and it’s warranted. Being fleeced means that you belong and we all know, it really is about appearances.
10 – Please read P.L. 2004, Chapter 55, approved June 29, 2004, Assembly, No. 3128, as you are wildly incorrect.
New Jersey lost almost 88,000 taxpayers with income of $5.5 billion to other states in 2010 =about 73,000 federal tax returns with adjusted gross income of $4.28 billion were added to the Garden State, the IRS data show. = lost of $1.22 Billion
It could have been worst. No doubt NJ needs to do something about property tax to stay on the positive
By the way, Vancouver is the biggest god damned real estate bubble on the face of the earth.
You thought NJ was expensive? You have no idea. It’s insanity out here.
14 – Yet NJ’s population continues to increase and NJ’s per capital personal income continues to increase. What gives?
When Washington residents voted in 1998 to raise the state’s minimum wage and link it to the cost of living, opponents warned the measure would be a job-killer. The prediction hasn’t been borne out.
In the 15 years that followed, the state’s minimum wage climbed to $9.32 — the highest in the country. Meanwhile job growth continued at an average 0.8 percent annual pace, 0.3 percentage point above the national rate. Payrolls at Washington’s restaurants and bars, portrayed as particularly vulnerable to higher wage costs, expanded by 21 percent. Poverty has trailed the U.S. level for at least seven years.
http://www.bloomberg.com/news/2014-03-05/washington-shows-highest-minimum-wage-state-beats-u-s-with-jobs.html
A top Drug Enforcement Administration official said Tuesday that legalizing marijuana “insults our common values” and insisted that “every single parent out there” opposed legalization
http://www.youtube.com/watch?v=2VdmDAovAYI&feature=player_embedded
me thinks the DEA (and other agencies) are worried about losing their golden goose cash-cow
Hey when you folks book on VRBO how much info do you give out?
Folks with the automatic booking feature turned off. Meaning you contact them to see if available then they send you the booking info what do you volunteer.
I mean places in ritzy locations at decent prices I feel owners does not want to book to John Smith plus Three. I feel they are fishing. Such as I am John Smith, I work at Chase as a SVP my wife and two daughters who are non-smokers with no pets want to stay for one week as we are visiting family. Enough info so owner can go to internet and do a little digging.
I find it interesting that it is akward that folks give you a name and throw away email that has no “internet footprint” and expect you to book off that. Do some folks think it is like a hotel. I personally have never booked on VRBO.
Joyce ding ding ding
More drug arrests are for mary jane than any other substance
[19] JJ
First, tax authorities are lurking on VRBO, looking for evasion. Second, owners don’t want headache renters or civil rights issues.
If I were listing on VRBO, I’d do as much business offsite as I could.
[17] yome,
Realistically, how many people does that actually help? In a state like Washington, a lot of the lower end jobs already probably paid over the minimum wage. Then, when it comes to job loss, you still need to hire the people to do things. Minimum wage is like a tax. So it is reflected in price.
As for growth, that is probably due to overall growth in the economy. It is certainly not due to the fact that they hiked the minimum wage although I would imagine that you might argue that more money in pockets meant greater economic activity. Again, with so few people affected, and basic costs going up, I wonder how much extra activity could be generated.
Also, It is legitimate to ask whether or not that growth number would be the same absent their minimum-wage laws. Has that been examined? I thought not.
Finally, remember that a minimum wage hike simply means wage compression at the bottom, not an overall increase in everybody else’s standard of living. Further, it makes alternatives to head count more realistic: The cost-benefit for automation and replacement is greater when your labor cost is higher. An office might upgrade their software suite and computers, and let go of that part time bookkeeper. A store owner may put in some more of his own time and fire that extra cashier. A burger joint may install new machinery that lets the work be done by two instead of four. A manufacturer buys new machines to handle the packaging once done by people. A small business may outsource their janitorial services or the coffee service and get rid of some headcount there. The summer jobs that were available to high school kids are now going to illegals, if they are there at all. More and more people are put on a commission basis rather than salary, or are made independent contractors. Tips for servers are going down, even if they aren’t seeing a wage bump. And certain benefits go away.
Simply, all this is is an economic allocation argument. Money taken or diverted will simply come from somewhere else. And I’m sure that extra money in the hands of the lowest paid will allow these people to go out and buy a house.
I report all the income, it is not that much. And I am fully aware of the civil rights issues. Which is why it is annoying when folks give me no info. I have to ask and I am afraid to ask certain things plus it is all in email or on the server leaving a trail.
VRBO itself advises do not rent to anyone without an “internet footprint” even though I get paid up front I dont want to rent to just anyone.
I am only using VRBO to kinda get a group of like 6-10 regulars then call it a day. So far I have been turning down around 70% of the rental requests. That is also making me nevrvous.
So far I found on VRBO you have to price it just right. You need to get double the amount of folks answer the ad then you need which means you have to price it at slightly less than market price so you can weed out folk.
Also I am trying to generate buzz!! Meaning I got a rich good looking couple who are multimillionaires rent for a week with the expensive German car, soy milk lattes who I heard from neighbor invited friends over for BBQs etc. who vacation there and invited some other young couples back from beach. That is called advertising. A big beer bellied guy with a chainsmoking wife driving a rust dodge dart with BBQ sauce on chin not so much plus I dont want to hear complaints.
The rich couple only complaint I got was neighbor said he did not talk to him enough or invite him over. He was like can you get more folks like him it adds excitement and brings up values. I was like what? But he had a point.
21.Comrade Nom Deplume, back as Captain Justice says:
March 6, 2014 at 11:49 am
[19] JJ
First, tax authorities are lurking on VRBO, looking for evasion. Second, owners don’t want headache renters or civil rights issues.
If I were listing on VRBO, I’d do as much business offsite as I could.
Nothing you’ve said argues against increasing the minimum wage. You’re just pointing out possible consequences. They may happen, they may not. We may even all be better off if they happen, or not.
[23] JJ,
“I am only using VRBO to kinda get a group of like 6-10 regulars then call it a day.”
I think that’s the sweet spot. We rented from someone in OCMD and after the week was up, they immediately let us know we could rent the following summer at the same rate. Clearly, they are doing the same thing.
16- That is what nj has been/is about. The trend seems to be that people make their money here, leave, and are replaced by somebody else that follows the same cycle. Now imagine if we could get all that money to stay in this state, boy that would be nice. Hell, imagine what florida, or the south in general, would like without Jersey’s retirement money. They would def be 3rd world status.
They should make a county specifically for old people in NJ. Have this county run on the same rules and regulations as florida, so that these people are less likely to leave jersey. Make it one of the southern counties where you can have really cheap housing comparable to Florida.
18- Me thinks you are correct. This official can kiss my a$$. If he thinks the taxpayer wants to keep footing the bill for this meaningless law, he has another thing coming. There are a lot of things in our society “that insults our common values” more than legalizing marijuana, like paying for an extremely costly war that you can’t win. They do drugs whether there is a law or not, so how about we say no to flushing money down the drain. Does this official realize that after you arrest someone for weed, they no longer can get a job, and are now on welfare for life. I think this insults our common values a little more than people smoking weed.
“A top Drug Enforcement Administration official said Tuesday that legalizing marijuana “insults our common values” and insisted that “every single parent out there” opposed legalization
http://www.youtube.com/watch?v=2VdmDAovAYI&feature=player_embedded
me thinks the DEA (and other agencies) are worried about losing their golden goose cash-cow”
[24] theo,
That is true, we don’t know what the end result would be. I can say with confidence that there will be winners and losers from this.
For my part, I would love to see a serious push and successful efforts to get a $15 minimum wage because it is disruptive. It will create a lot of investment opportunities that I will use to offset my higher costs. The first thing that comes to mind is automation and robotics. But then, depending on how the minimum wage is handled, you get and elasticity effect that will benefit certain industries. I might invest in DiGiornos since no one will want to pay $30 to have a cheese pizza delivered. But the chains like dominoes and Papa John’s will take a huge hit, but then they would go into competition with companies like DiGiornos and the others, and put their pizzas into supermarkets and warehouse chains, and go to a model that encourages takeout.
It would also generates direct work for me as small businesses who want to avoid having leave or, and the associated costs, may go to a partnership or independent contractor model. A simple, but not legal, example might be the local coffee shop as an LLC with all of the baristas wearing two hats; one as a barista and one as a minority managing member. Of course, that wouldn’t really fly but you get the general idea. Another idea is to make the employees exempt. Make that lone cashier in the convenience store the manager of the overnight shift. Again, one might expect a challenge on those facts but you get the idea.
Water seeks it’s own level.
I support minimum wage increases because I find it completely unacceptable that people can be better off not working than working. If a job can’t provide basic food, clothing, and shelter, then the job should not exist. All people should have an incentive to go to work, stay out of trouble, and be a good role model for their children. I think the cost of crime, social services, and people stuck in poverty generation after generation is much more expensive than a hike in the minimum wage.
[28] redux
Boy, Siri really managed to screw up that last post. Sorry for all the typos and misused words.
15
Some of the HGTV shows like Property Brothers take place in Vancouver and yeah it is nuts what some of those places go for. Worse than Jersey.
Good riddance, who needs you anyway… | New Jersey Real Estate Report
[url=http://www.goart77iz382sr85yft8588x09dnn209s.org/]ufmrkwyhf[/url]
fmrkwyhf http://www.goart77iz382sr85yft8588x09dnn209s.org/
afmrkwyhf
Funny this subject should come up, As for leaving, Its simply about numbers and survival. I’m average middle class, Grew up that way, I’m a fourth generation Jersey boy, grew up in a small town in north/west Jersey that had cow pastures and corn. College educated, never un-employed worked 2 jobs when my kids were younger, 25 years plus with reasonable but not super high paying jobs always socked 15% in 401K plus company matches, had a pension (company froze it, taking the backload into consideration got approx 42 cents on the dollar). Watched a large number of hard working simple, middle class people of my parents generation that had pensions and SS go broke trying to hold onto the homes they have lived in for 50 years just because of property taxes. some late 70’s looking for work. I owned a 60 year old, small 3/2 1700 sq ft ranch in 3/4 acre taxes 10k a year, finally decided to sell, recently bought a 50 year old 3/2 small 1700 sq ft ranch on 4 acres in NC paid cash with a nice chunk left over to invest, taxes $765 a year. Have stores, resturants, good hospital all within 5 miles and a beautiful lake for fishing. Don’t hate Jersey and if I had a ton of cash, I probably would have stayed, but the numbers just simply didn’t work to have any kind of reasonable retirement. I think thats the situation with alot of the “good riddance” people like myself and yes 30 years of hard earned cash goes with us. Jersey will have to adjust.
Nom,
Agreed. But most winners and losers, both workers and employers will be on the margins. It may force a few struggling businesses out while marginally improving the lives of those able to maintain their minimum wage positions.
Either way, I see little impact on NJ or myself. My cost for goods provided by vendors who use minimum wage workers may go up due to costs being passed along or they may go down throught the increased and long term lower cost use of technology to replace the increased labor cost.
Sorry for you business plans, I don’t see the minimum wage going up to $15/hr anytime soon.
I assume it is Chinese nationals offshoring cash in panic mode…..make sense? In that way, it is not a bubble in the conventional sense….it is real capital being deployed, not a morass of Ponzi crap…..do you have any data?
grim says:
March 6, 2014 at 9:58 am
By the way, Vancouver is the biggest god damned real estate bubble on the face of the earth. You thought NJ was expensive? You have no idea. It’s insanity out here.
Correlation does not imply causation…..two other concurrent effects create noise….(1) the stunning rise of U.S. coastal urban areas and inmigration/gentrification over suburban areas in the last 15 years; (2) the stunning rise of the D.C.-area as the black hole of wealth in the U.S. as a tide lifting all boats……given those tailwinds, those jobs numbers look rather like warmed-over mush…..
yome says:
March 6, 2014 at 10:37 am
When Washington residents voted in 1998 to raise the state’s minimum wage and link it to the cost of living, opponents warned the measure would be a job-killer. The prediction hasn’t been borne out. In the 15 years that followed, the state’s minimum wage climbed to $9.32 — the highest in the country. Meanwhile job growth continued at an average 0.8 percent annual pace, 0.3 percentage point above the national rate. Payrolls at Washington’s restaurants and bars, portrayed as particularly vulnerable to higher wage costs, expanded by 21 percent. Poverty has trailed the U.S. level for at least seven years.
To be clear…the rise of the minimum wage and its negative impact on employment is a very robust finding. Questioning it means you are falling prey to specious thinking that these scum hope when the chuck this pablum at you.
I also find folks once they find a decent place would rather just go back then start are over and owners would rather charge a little less to folks they know then risk someone knew.
Also some folks like routine and the feeling they “have: a beach house. Guy I work with rents a beach place on the beach every year same week same house for last 12 years. He admitted he likes know the house, knowing neighbors, knows local folks, best restaurants and going to same place he and his kids feel like they own a beach house while going different places would not be same experience.
Kinda like some folks going a golf club and play same course all the time, or go to same pool club, or same beach club, or ski at same mountain. Some folks like that, I generally like to go different places
Comrade Nom Deplume, back as Captain Justice says:
March 6, 2014 at 12:42 pm
[23] JJ,
“I am only using VRBO to kinda get a group of like 6-10 regulars then call it a day.”
I think that’s the sweet spot. We rented from someone in OCMD and after the week was up, they immediately let us know we could rent the following summer at the same rate. Clearly, they are doing the same thing.
1,700 square feet is not a small home and 3/4 acre is not a small plot.
Most houses near me are 60×100 and the block I grew up on was 40×100. Even that is large by comparison to Long Beach which has 30×60 plots but the best is this town Island Park NY which I went to once to look at a cheap REO I thought I could rent out they have as little as 20×40 plot house. Basically a 14 by 30 house with no basement. Now that is small.
Honestly the biggest issue with NJ is folks like BIG houses. Then complain taxes and maint is high. The small bungalows many retirees live in near me, are maybe 800 square feet, have no grass as they cemented it. And a lot of them are snowbirds. Trouble is in NY and NJ having land or a large house is a super killer in taxes. Which means folks who are fairly well off me included are jammed into tiny houses as the property taxes are too much in big houses for us to bear and with high state income taxes and kids you are in AMT so that is not tax deductable.
So the rich town where homes all have 32K in taxes I have to earn 60k a year gross to pay those taxes and get a zero write off. .
funnelcloud says:
March 6, 2014 at 1:31 pm
I owned a 60 year old, small 3/2 1700 sq ft ranch in 3/4 acre taxes 10k a year, finally decided to sell, recently bought a 50 year old 3/2 small 1700 sq ft ranch on 4 acres in NC
Post of the year!! Someone finally gets it. IF A JOB CAN’T PROVIDE BASIC FOOD, CLOTHING, AND SHELTER, THEN THE JOB SHOULD NOT EXIST. It’s as simple as that. Jobs, that don’t, are a crime and the reason we have problems with welfare. Welfare wouldn’t be a problem if more people could find an actual job that paid something decent. Bottom line, the higher the welfare count, the more obvious that the people at the top of society are keeping too much for themselves and not enough for everybody else.
I think comrade sums it up with this quote from his earlier post….”Simply, all this is is an economic allocation argument. Money taken or diverted will simply come from somewhere else. And I’m sure that extra money in the hands of the lowest paid will allow these people to go out and buy a house.” You are right comrade, when too much of the capital is allocated at the top, it causes the bottom and middle to lose out. Money taken or diverted from the bottom and middle, is the only way the top gets more, it has to come from somewhere else right? This is my problem with people being worth billions. It’s so wrong, it’s not even funny. For this individual to accrue a billion dollars, it must be taken from somewhere else. I would be fine with billionaires, if it served a purpose, obviously, it just holds our economy back by creating an army of poor people who now need help to survive, since the billionaire accumulated most of the money that these individuals were to make. These individuals are effectively characterized as non productive in economic terms, because they bring nothing to the economy in a form of working and spending.
So basically to create a billionaire, we have to create a legion of non-productive citizens who do nothing to improve the overall quality of our society. If this billionaire could take some of that money and create/provide jobs for these individuals, we wouldn’t need uncle sam (aka us, aka the taxpayer, aka everyone else) to foot the bill to take care of these people.
“I support minimum wage increases because I find it completely unacceptable that people can be better off not working than working. If a job can’t provide basic food, clothing, and shelter, then the job should not exist. All people should have an incentive to go to work, stay out of trouble, and be a good role model for their children. I think the cost of crime, social services, and people stuck in poverty generation after generation is much more expensive than a hike in the minimum wage.”
I disagree, most min wage jobs, mcdonalds were created for HS kids, College kids, Housewifes looking for extra cash or retirees looking for a few extra bucks.
They were never ment to be a 40 hour a week job to support a family.
The printing press.
Michael says:
March 6, 2014 at 2:31 pm
Money … has to come from somewhere else right?
1)The minimum wage is all about outlawing what would otherwise be a voluntary exchange of labor for compensation. That’s it. Outlawing voluntary economic exchange cannot spur the economy, or benefit the majority of people.
2)As for disincentives to work, I suggest that the government stop paying and compensating people for not working (with funds borrowed or transferred from those who do work).
I’ll bet Libtard understands these very simple truths, while it takes economists and Newspaper editorialists years of prestigious education to train them not to understand this.
Today is the 50 aniversary of the invention of Buffalo Wings!!!
(44) Had some for lunch today at the Amish store. Yummee!
@RBReich: Almost 21,000 signatures in a week. Please join us. Minimum wage should be $15 an hour: http://t.co/pZnspcYTuU
@communitychange: Research shows that raising the #minimumwage helps make people more independent while saving the government money: http://t.co/ddokHVuIyg
43- Ragner, you failed to address the main argument. If a job doesn’t provide basic food, clothing, and shelter, should it exist? What is the purpose of this job if it doesn’t provide these basic needs? You are just creating excuses for the benefit of taking advantage of people by paying them wages that don’t even provide the basics in that society.
Voluntary exchange of labor is rubbish. There will never be enough jobs for everyone. Until there is enough jobs for everyone, how can you use this as evidence to support your argument. It’s based on false data. Since there is not enough jobs, the pressure will always be pressuring down on wages, due to the people with no jobs always willing to do it for less. In order to base wage price on a voluntary exchange of labor, you must first provide for sound data, by providing everyone with a job. That’s the thing with welfare, if everyone could get a job, there would be no need for welfare. We have welfare because it’s a fact that there are not enough jobs to go around, not because someone is lazy.
“1)The minimum wage is all about outlawing what would otherwise be a voluntary exchange of labor for compensation. That’s it. Outlawing voluntary economic exchange cannot spur the economy, or benefit the majority of people.
2)As for disincentives to work, I suggest that the government stop paying and compensating people for not working (with funds borrowed or transferred from those who do work).”
42- lol that def plays a role
@BillMoyersHQ: With workers too broke for its ‘low prices,” @Walmart may back a #MinimumWage hike, writes @JoshuaHol http://t.co/fd0VBz9hSb
48
Go back to blaming all those people hoarding money by spending it. It made more sense.
I feel as if it is the summer, there is some random BBQ in the neighborhood, and I’ve been cornered by some cretin……where’s the ketchup?
Michael says:
March 6, 2014 at 5:02 pm
Voluntary exchange of labor is rubbish. There will never be enough jobs for everyone. Until there is enough jobs for everyone, how can you use this as evidence to support your argument. It’s based on false data. Since there is not enough jobs, the pressure will always be pressuring down on wages, due to the people with no jobs always willing to do it for less. In order to base wage price on a voluntary exchange of labor, you must first provide for sound data, by providing everyone with a job. That’s the thing with welfare, if everyone could get a job, there would be no need for welfare. We have welfare because it’s a fact that there are not enough jobs to go around, not because someone is lazy.
51,52- If I’m so blatantly wrong that it is laughable, tell me why I’m wrong. I think my argument is pretty sound. Not enough jobs = downward pressure on wages. Everyone has a job= true value of what a job is worth (boss has to actually pay more to attract worker in a true competitive based model). Right now the worker is at a handicap, since there are not enough jobs.
Current model has American workers competing with workers that willingly take 50 cent a day jobs, how is this fair in any way to the American worker. If the American worker competes and does it for .49 cents a day, how does this worker survive. Do you get my point yet? Our country has been sold out so these guys at the top could kill it by taking advantage of cheap labor. That is why there are so many more billionaires and all this talk of inequality, they took the money that should be going to workers so that they could afford their products, and instead used slave labor and pocketed the profits. This is terrible for our economy because our economy is based on consumer spending. If you take away money from the consumer instead of giving them raises, it will eventually ruin the economy by eating away at the main producer of our economy, the consumer.
Gurgle gurgle gurgle, I am drowning in work and spitting up blood lately so no time to post. Anyway heading out to Midwest tomorrow to visit family and 102 year old grandma. She is now in a retirement home that cost $8k a month. We are selling her cape cod WWII era home to pay for it of course. He oldest daughter made off with the loot already, came up from Georgia rented a truck filled it and took off with the memorabilia plates that were worth money and chatskis including stuff promised to her grand children. We are bequeathed a set of these Bing and Grondal Christmas plates. How do I tell my wife I don’t want them hanging in my house, or should I just pack them so they break during shipping?
http://www.ebay.com/sch/i.html?_odkw=bing+and+grondahl&_osacat=0&_trksid=p2045573.m570.l1313.TR0.TRC0.H0.Xbing+and+grondahl+christmas+in+america&_nkw=bing+and+grondahl+christmas+in+america&_sacat=0&_from=R40
Wow, break it down like this. 9 an hour brings you 360 on a 40 hour work week. 360 * 4 (weeks) brings you to 1,440 for the month. Now take out taxes, and please tell me how someone is supposed to live on 1,000 a month. Jesus, who in their right mind would work for this. If you do this, all you are doing, is putting yourself in debt. Why would anyone do this? I would rather not work. I’m going to waste 8 hours of my day just to put myself in debt, this makes no sense at all. I mean, even if you don’t spend a dollar of your paycheck, maximum amount that can be saved is 12,000. That’s insane.
@RBReich: Businesses create jobs only when customers have enough money to buy what’s offered. Real job killers are lousy jobs at lousy wages.
Wow, break it down like this. 9 an hour brings you 360 on a 40 hour work week. 360 * 4 (weeks) brings you to 1,440 for the month. Now take out taxes, and please tell me how someone is supposed to live on 1,000 a month. Jesus, who in their right mind would work for this. If you do this, all you are doing, is putting yourself in debt. Why would anyone do this? I would rather not work. I’m going to waste 8 hours of my day just to put myself in debt, this makes no sense at all. I mean, even if you don’t spend a dollar of your paycheck, maximum amount that can be saved is 12,000. That’s insane.
Seriously, they should just buy and sell real estate.
Ragner, you failed to address the main argument. If a job doesn’t provide basic food, clothing, and shelter, should it exist?
But it does. Maybe not in Ridgewood. You know, in other countries, the poor center their diets around pork, beans and rice for a good reason. If you want people to earn more than minimum wage for these unskilled jobs, the first thing you need to do is repeal every trade agreement and install tariffs on every country other than Canada.
58- Did you look at the #s on 9/hr? I don’t even know if you could afford pork, rice, and beans in the u.s. at 9/hr. Think about it, rent is at least 600 a month. That leaves you with a 100 dollars a week for everything else. Not possible to survive on that unless you are allowed to go into perpetual debt.
Saying “the consumer is the main producer of the economy” is the most blatantly ignorant thing I’ve seen written recently, yet it’s actually the distilled essence of what is wrong with the witch doctors now dominating economics.
plume (8)-
Vote with a bullet.
“The only voting that matters is the voting you do with your feet.”
patricia (10)-
I’m with grim on this one. Did dozens of these deals, as I helped most of Hunterdon & Somerset Co move to Charlotte. He is 100% right.
The people I helped get out of NJ from 05-07 were absolute geniuses. I shoulda followed them down there.
chi (35)-
Meh. Everybody knows the only things of value coming out of Vancouver are strippers and smack.
The consumer drives our economy. Everything revolves around the consumer. What the consumer demands is the main driver of production in our economy, hence, the consumer is the main producer of the economy, that device that guides and drives production.
“Saying “the consumer is the main producer of the economy” is the most blatantly ignorant thing I’ve seen written recently, yet it’s actually the distilled essence of what is wrong with the witch doctors now dominating economics.”
58- Did you look at the #s on 9/hr? I don’t even know if you could afford pork, rice, and beans in the u.s. at 9/hr. Think about it, rent is at least 600 a month. That leaves you with a 100 dollars a week for everything else. Not possible to survive on that unless you are allowed to go into perpetual debt.
Funny, I own a home and have a kid. After mortgage payment, utilities, car upkeep, I spend less than $100 a week as does my wife. Meanwhile, our weekly food budget is $70. And we eat well. I bake my own bread. I make my own pasta. I make my own cheese. I cure my own meats. I jar my own pickles and jams. I ferment and age my own peppers. I make my own hot sauce. That’s what grad school does to you. You can survive on so little.
If I wanted to, I could feed a family of five using $25 a week if I wanted to. Dried rice and beans are dirt cheap. So is pork shoulder.
My grade school diet was pork shoulder, turkey, polenta, potatoes, pasta, beans, rice, and pasta fagioli. During the summer, I went nuts with the fresh produce in my pastas.
Right Michael. Spend yourself rich. Both total idiots and Econ PhDs believe in this policy. Most people with common sense know it’s nonsense, deep down.
66- That 100 dollars a week for the 9/hr guy does not include utilities. So after that they might have some a little left over for some food. For example, the bill for heating the house the past month would def eat into almost the entire 400 extra dollars for the month. How would they pay for anything else?
So the government should make a law demanding that every price, including wages, must be set on a “cost plus” basis? Like government construction projects and defense contracts. Models of anti-efficiency.
Thought this comment from that article makes sense.
“wow, let me write slower so you can understand. Corporate profits are at record highs, the 1% has very high income increases while middle class wages are flat & in many cases have gone down. Raising the minimum wage helps us all by raising the floor. All the economists I have read(I avoid listening to Rush, you should try that) have said in many articles that raising the minimum wage will increase personal income & that the greatest engine of growth is the middleclass. We put all of our pay increases back into the system. Yes, it increases costs to businesses but is very minimal & is more than offset by increased demand. Warren Buffett said that all businessmen base their hiring & expansion based on demand. Anyway, the only other tool the working class has had historically to increase their wages was to unionize to reap a greater share of the pot. Your mentors at Cato & Fox will suffer a small salary increase over having to deal with a union. That is why companies like Punch Pizza & McDonalds are now increasing their minimum wages. If you dont allow the public to have wealth, they cant buy your goods & that is the basic economic rule that runs the world. Close your book & run a business like I do & learn about the real world…”
http://www.bloomberg.com/news/2014-03-05/washington-shows-highest-minimum-wage-state-beats-u-s-with-jobs.html
51- This guy gets it. He understands why hoarding of wealth is terrible for a consumer driven economy. It’s a quote at the end of that bloomberg article.
“We can’t rebuild this economy if it’s just people who buy 94-foot yachts and play in the derivatives,” Murray said. “You build an economy when a middle class is buying microwaves or flat-screen TVs or the next set of clothes for their kids.”
“48
Go back to blaming all those people hoarding money by spending it. It made more sense.”
981139 74450Youre so cool! I dont suppose Ive read anything such as this before. So good to get somebody with some original thoughts on this topic. realy we appreciate you starting this up. this fabulous internet site are some items that is required on the internet, somebody with slightly originality. beneficial function for bringing a new challenge on the world wide internet! 183231
I assume you heated your house with on-site sourced natural gas, so the savings was compounded even further…….
Ben says:
March 6, 2014 at 9:49 pm
My grade school diet was pork shoulder, turkey, polenta, potatoes, pasta, beans, rice, and pasta fagioli. During the summer, I went nuts with the fresh produce in my pastas.
You are deep in the weeds at this point…..just accept double bogey and skip to the next tee box…..
Michael says:
March 6, 2014 at 10:48 pm
51- This guy gets it. He understands why hoarding of wealth is terrible for a consumer driven economy. It’s a quote at the end of that bloomberg article.
“We can’t rebuild this economy if it’s just people who buy 94-foot yachts and play in the derivatives,” Murray said. “You build an economy when a middle class is buying microwaves or flat-screen TVs or the next set of clothes for their kids.”
“48
Go back to blaming all those people hoarding money by spending it. It made more sense.”
I assume you heated your house with on-site sourced natural gas, so the savings was compounded even further…….
Actually, I kept it at a comfortable 50 degrees. :)
Two examples of Michael driven consumer demand stupidity……..I have two clients in the past month……#1 Joe Average……child of money, but had no idea…..everything about the person was Joe Average…….one day inherited money…..correct response…plan for rest of life…..instead, they took the Michael path….they found out about the money and the next time I met them, they drove to the office in a Mercedez……WTF?
#2 essentially same situation except person was in process of buying house……reneged on closing and I said WTF are you doing? Answer, I may as well buy a bigger house……WHY? There’s more money…..so what, there are 100 things to do than add an extra 1000 sq ft to your life that you don’t need……answer, but I can buy a bigger house? Response, I gave a PASS/FAIL IQ test and you failed….your punishment, a lifetime of channeling Michael’s cranial brainwaves……
That 100 dollars a week for the 9/hr guy does not include utilities. So after that they might have some a little left over for some food. For example, the bill for heating the house the past month would def eat into almost the entire 400 extra dollars for the month. How would they pay for anything else?
Don’t give me that. I’m still paying rent on a town home and I have to heat it to 60 degrees by terms of my lease. The gas bill was 60 bucks. You’re not making your point. I went to grad school right after college. Not only did I survive without trouble on that slave wage, I went out drinking every night and still managed to save money.
I go away for the afternoon and all hell breaks loose.
Were you too ____ to realize I was making fun of all your previous examples of people hoarding money who by your own words were actually spending it?
Michael says:
March 6, 2014 at 10:48 pm
51- This guy gets it. He understands why hoarding of wealth is terrible for a consumer driven economy. It’s a quote at the end of that bloomberg article.
“We can’t rebuild this economy if it’s just people who buy 94-foot yachts and play in the derivatives,” Murray said. “You build an economy when a middle class is buying microwaves or flat-screen TVs or the next set of clothes for their kids.”
“48
Go back to blaming all those people hoarding money by spending it. It made more sense.”
We can clearly see there is a change in the thinking of people regarding housing. Before last 5 years or so, the number of people willing to buy houses was more than 23%. Now, the situation has completely changed, only 9% people are willing to buy a house. Due to this psychology, the rate of construction of new houses has also decreased. Navigate here to read more.