[rsmurano]

In the 48 months that somebody was referring too, it was all fake. Every month for the last year they had to correct their o er reaching jobs stats because they wanted to make things look better for November. Also, most job creation was in government which is wasted jobs not productive jobs. Remember the 80k irs workers that the government was hiring? I would make them all ice agents or fire them.

As for wage growth, it was all due to the foolishness of raising the minimum wage to $20 hr, so now your McDonald’s happy meal is $20 in California instead of the old $5. Everybody had to raise their cost of living and the cost of goods because of this so the $20 hr employee is still making poverty wages. Everything went up to coincide with the salary increases. The only people that suffered are the old folks on social security/fixed income. If I was still working making hundreds of thousands $$$, I would ask for an equivalent wage increase too, cost of goods was going up for me too. It’s a never ending spiral that people don’t understand. People that demand high minimum wages will pay more for all the goods so the financial situation will not change. They need to get a better job!

[Stu from NYC]

Originally Posted by rsmurano

In the 48 months that somebody was referring too, it was all fake. Every month for the last year they had to correct their o er reaching jobs stats because they wanted to make things look better for November. Also, most job creation was in government which is wasted jobs not productive jobs. Remember the 80k irs workers that the government was hiring? I would make them all ice agents or fire them.

As for wage growth, it was all due to the foolishness of raising the minimum wage to $20 hr, so now your McDonald’s happy meal is $20 in California instead of the old $5. Everybody had to raise their cost of living and the cost of goods because of this so the $20 hr employee is still making poverty wages. Everything went up to coincide with the salary increases. The only people that suffered are the old folks on social security/fixed income. If I was still working making hundreds of thousands $$$, I would ask for an equivalent wage increase too, cost of goods was going up for me too. It’s a never ending spiral that people don’t understand. People that demand high minimum wages will pay more for all the goods so the financial situation will not change. They need to get a better job!

People do not realize that minimum wage is for entry level jobs or jobs that require little or no skill not something that becomes a career. Ambition is a good thing.

Instead of paying $ 20 employers will look to replace these employees via automation.

[Boilerman]

Originally Posted by rsmurano

In the 48 months that somebody was referring too, it was all fake. Every month for the last year they had to correct their o er reaching jobs stats because they wanted to make things look better for November. Also, most job creation was in government which is wasted jobs not productive jobs. Remember the 80k irs workers that the government was hiring? I would make them all ice agents or fire them.

As for wage growth, it was all due to the foolishness of raising the minimum wage to $20 hr, so now your McDonald’s happy meal is $20 in California instead of the old $5. Everybody had to raise their cost of living and the cost of goods because of this so the $20 hr employee is still making poverty wages. Everything went up to coincide with the salary increases. The only people that suffered are the old folks on social security/fixed income. If I was still working making hundreds of thousands $$$, I would ask for an equivalent wage increase too, cost of goods was going up for me too. It’s a never ending spiral that people don’t understand. People that demand high minimum wages will pay more for all the goods so the financial situation will not change. They need to get a better job!

The Govt always revises the economic stats when new data is incorporated.
Job creation was NOT due to Govt hiring.
Additional IRS auditors bring in more Govt revenue than they cost.
Wage growth is NOT just because of a $20 minimum wage. In Florida the minimum wage is $14 and it’s less in most states. Less than 2% of American workers make minimum wage.

[Pugchief]

Originally Posted by Federspiel

If we returned to golf standard and got rid of fiat money, no Fed required nor would there be inflation discussions. Both parties suckered Americans. No politics intended.

Is that where the dollar is backed by Srixon? Ping?

[Pugchief]

Originally Posted by Boilerman

The Govt always revises the economic stats when new data is incorporated.

Maybe, but pure fabrication of the initial data is not standard practice.

Job creation was NOT due to Govt hiring.

Umm, yes it was. Almost ALL of the new jobs were in the public sector.

Wage growth is NOT just because of a $20 minimum wage.

Right. Inflation was also involved.

[AJ32162]

Originally Posted by Boilerman

The Govt always revises the economic stats when new data is incorporated.
Job creation was NOT due to Govt hiring.
Additional IRS auditors bring in more Govt revenue than they cost.
Wage growth is NOT just because of a $20 minimum wage. In Florida the minimum wage is $14 and it’s less in most states. Less than 2% of American workers make minimum wage.

IRS Enforcement Spending Has Not Reduced the Deficit - EPIC for America

From the link:
"This means that every $1 of new revenue collected from the IRA’s enhanced enforcement efforts cost taxpayers $1.04."

[dewilson58]

Originally Posted by Pugchief

Is that where the dollar is backed by Srixon? Ping?

LIV

[Boilerman]

Originally Posted by Pugchief

Maybe, but pure fabrication of the initial data is not standard practice.


Umm, yes it was. Almost ALL of the new jobs were in the public sector.


Right. Inflation was also involved.

Pure fabrication of the data? Easy to say with no proof.
Of the 16.6 million new jobs created during the last 4 years, 1.4 million were Govt jobs. Look it up.
The original comment was that wage growth was due to a $20 per hour minimum wage. That comment was wrong.

[Boilerman]

Originally Posted by AJ32162

IRS Enforcement Spending Has Not Reduced the Deficit - EPIC for America

From the link:
"This means that every $1 of new revenue collected from the IRA’s enhanced enforcement efforts cost taxpayers $1.04."

And here’s a study that shows otherwise:

The paper, “A Welfare Analysis of Tax Audits Across the Income Distributed,” published in June, is based on an analysis of about 710,000 in-person audits of individuals from 2010 to 2014. The researchers found that an additional $1 spent on audits of top earners (taxpayers above the 90th income percentile) brings in over $12 in revenue.

In addition, there is increased revenue that comes indirectly, as higher income taxpayers are less aggressive with their tax returns when they know they’ll likely be audited. This is harder to measure.

[AJ32162]

Originally Posted by Boilerman

And here’s a study that shows otherwise:

The paper, “A Welfare Analysis of Tax Audits Across the Income Distributed,” published in June, is based on an analysis of about 710,000 in-person audits of individuals from 2010 to 2014. The researchers found that an additional $1 spent on audits of top earners (taxpayers above the 90th income percentile) brings in over $12 in revenue.

In addition, there is increased revenue that comes indirectly, as higher income taxpayers are less aggressive with their tax returns when they know they’ll likely be audited. This is harder to measure.

Audits from 2010 to 2014...that's a stretch. How about something a little more current?

[Boilerman]

Originally Posted by AJ32162

Audits from 2010 to 2014...that's a stretch. How about something a little more current?

Sure! From a Harvard study in 2023:

It turns out auditing is one government investment that pays off. A new working paper, co-authored by Hendren and published last month by the National Bureau of Economic Research, shows that audits, particularly of higher-income taxpayers, raise significantly more money than they cost.

Specifically, the paper concludes that audits cost more than previously estimated, owing to everything from training to computers and the office space needed for in-person meetings. But the revenue raised more than makes up for these expenses, mostly because audits act as a powerful deterrent to tax evasion for years to come.

[jimjamuser]

Originally Posted by rsmurano

Unbelievable what people say. Highest inflation occurring today?? Is this April 1st again?
Prices are down compared to last year and way down compared to 2022. How much was gas in 2022 compared to today?
Market is down, no big deal! It’s not because of inflation. We will see a huge jump in equities later sometime this year. To make things right, it’s going to take some time. If you would have bought some stocks in the last month (I have bought 6 battered stocks in the tech area a month ago), there have been big gains. It’s still too early to get all the way back in IMO.

The market is down. That's true. One factor is that foreign buyers have pulled their money out. And the reason is that they have lost faith in America in general. It is going to be VERY difficult for the US to get back its prestige as the most innovative country in the world. Right now France and England are drawing in some of the worlds best scientists that are leaving America in droves. They have been fired here in the US and are LEAVING. Because the US and US Universities have such internal Confusion going on, it will take years to build back WORLD confidence in the US as the top innovating country. So, I would disagree with the US economy making a comeback as quick as one year. I hope I am WRONG about this for the sake of the stockholders, the economy, and the country in general.

[Pugchief]

Originally Posted by jimjamuser

The market is down. That's true. One factor is that foreign buyers have pulled their money out. And the reason is that they have lost faith in America in general. It is going to be VERY difficult for the US to get back its prestige as the most innovative country in the world. Right now France and England are drawing in some of the worlds best scientists that are leaving America in droves. They have been fired here in the US and are LEAVING. Because the US and US Universities have such internal Confusion going on, it will take years to build back WORLD confidence in the US as the top innovating country. So, I would disagree with the US economy making a comeback as quick as one year. I hope I am WRONG about this for the sake of the stockholders, the economy, and the country in general.

All of the "news" articles have said that some medical researchers could leave the US for France, not that they have actually done so. If you have a source that indicates otherwise, please feel free to share it.

I have a friend that does medical research for an Ivy League university hospital. While they are not happy that funding has been cut, the state of research is so broken (administrative bloat, DEI, etc) they're not sure it matters that much. They were looking to retire rather than put up with the nonsense long before the SHTF.

[jimjamuser]

Originally Posted by Dahabs

Stay tuned. Impact of tariffs has not worked its way through yet.

I agree, the next 20 to 30 days will see the problems kick in for the average person. They will be pulling out their hair. Many small businesses will claim bankruptcy.

[jimjamuser]

Originally Posted by rsmurano

Unbelievable what people say. Highest inflation occurring today?? Is this April 1st again?
Prices are down compared to last year and way down compared to 2022. How much was gas in 2022 compared to today?
Market is down, no big deal! It’s not because of inflation. We will see a huge jump in equities later sometime this year. To make things right, it’s going to take some time. If you would have bought some stocks in the last month (I have bought 6 battered stocks in the tech area a month ago), there have been big gains. It’s still too early to get all the way back in IMO.

With respect to the 1st paragraph. I doubt that prices for a house in The Village and the price of a new car has gone DOWN since 2020. And houses and cars are the biggest expenses for most people.