Global Economy Bursting?

[Randolph Kinney]

Number Of California College Grads Taking Jobs In Retail, Restaurants Doubles

http://sanfrancisco.cbslocal.com/20...ds-taking-jobs-in-retail-restaurants-doubles/

Young college graduates in California are facing a bleaker job outlook than just five years ago.

The number of young Californians with degrees working in restaurants and retail jobs has nearly doubled over the last five years. Those jobs had often been filled by those without college degrees.

About 260,000 young adults with degrees in California are taking jobs in the food service, and retail industries according to the Census Bureau.

The news has many college students nervous about their prospects after graduating.

“All my friends with high degrees had to work in places like McDonalds because the higher jobs are hard to get nowadays,” said Bill Song, a college student.

Tuitions for California schools are also rising, making it more difficult for students to pay off loans after graduating.

“One of my friends bartends, and works in a restaurant just trying to pay off the loans that she got,” said Zekiah Wright, a law school student.

The trend has parents worried as well.

“It’s really distressing,” said Maria Stokes, a parent of a young child.

 

[Randolph Kinney]

Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in December: 8,827,795

http://cnsnews.com/news/article/soc...2012-disabled-workers-hit-new-record-december

The overall number of Social Security program beneficiaries—including retired workers, dependent family members and survivors and disabled workers and their dependent family members—also hit a record in December, climbing from 56,658,978 in November to 56,758,185 in December.

In 2011, according to the Bureau of Labor Statistics, there was an average of 112.556 million full-time workers in the United States, of whom 17.806 million worked full-time for local, state or federal government. That left an average of only 94.750 million full-time private sector workers in the country.

That means that for every 1.67 Americans who worked full-time in the private sector in 2011, there is now 1 person collecting benefits from the Social Security administration.

As of the end of calendar year 2011, according to SSA, the Social Security Trust Fund equaled approximately $2.678 trillion.

When the Social Security program runs a net cash flow deficit, as it has in the last three fiscal years, the Treasury needs to borrow cash from the “public” to keep the program funded. As of Dec. 21, the federal government’s debt was $16.336 trillion.

______________________________


Borrowing money from Peter to pay Paul his benefits, what a marvelous accounting tool, IOU $2.678 trillion but I have to borrow $47.8 billion from China this year to pay Paul his benefits.

And you suckers believe that there really is $2.678 trillion in the Social Security Trust Fund and all is well until 2038.

 

[Terrel L. Shields]

Don't scare me Randolph. I'm trying to get my SS now....while I can.

 

[Riick]

Don't scare me Randolph. I'm trying to get my SS now....while I can.

Do it NOW (I started a year early)
-- You want to be on, since getting on may become more difficult & means tested, etc., etc.
Once on it's like having Tenure, or becoming a Federal Bureaucrat - they can't get rid of you :icon_mrgreen: .
And you've joined the third rail, politically unacceptable to tamper with the income of the poor, frail, elderly.
(65... the new 45)

 

[Randolph Kinney]

Free ride will be taxed

Oregon state officials are proposing an alternative tax for drivers who have bought efficient or electric vehicles that seldom or never stop at the gasoline pump, where government has traditionally collected money to build and fix roads.

But the auto-making industry calls the idea of mileage taxes another roadblock for its efficient vehicles, the Salem Statesman Journal reports.

In its upcoming session, the Oregon Legislature is expected to consider a bill to require drivers with a vehicle getting at least 55 miles per gallon of gasoline or its equivalent to pay a per-mile tax after 2015.

http://www.statesmanjournal.com/article/20130102/news/301020088/1103?gcheck=1&nclick_check=1

 

[Randolph Kinney]

California contraband: higher-watt bulbs

As of Tuesday, California entered the last phase of a program designed to improve the energy-efficiency standard of light bulbs.

The process started with standards outlined in the federal Energy Independence and Security Act of 2007.

California implemented the program one year ahead of the rest of the nation, starting with traditional 100-watt bulbs. Those manufactured on or after Jan. 1, 2011, had to use 28 percent less energy than a traditional 100-watt incandescent light bulb. New bulbs – including halogen, compact fluorescent or light-emitting diode bulbs – could not use more than 72 watts.

The cost savings in 2011 was estimated at $35.6 million.

On Jan. 1, 2012, the standard went into effect on traditional 75-watt bulbs (new bulbs could have a maximum 53 watts).

Effective Tuesday, the standard went into effect statewide for traditional 60-watt bulbs (43 watts is the new standard) and 40-watt bulbs (29 watts is the new standard).

LED Lightbulb Replacements Hit Stores Empty Of 100-Watt Bulbs

http://www.huffingtonpost.com/2012/11/12/led-lightbulbs_n_2119347.html

Compact fluorescent bulbs that produce light equivalent to 100-watt bulbs have been available for a few years and cost as little as $4 each.

LED bulbs equivalent to 60-watt bulbs have been available for a few years and now cost around $25 each.

Royal Philips Electronics NV plans to start selling its own, slightly brighter 100-watt-equivalent LED bulb at Home Depot's website starting in a few weeks for about $55.

 

[Terrel L. Shields]

LED bulbs equivalent to 60-watt bulbs have been available for a few years

An electrical engineer that I know puts these in Airports (he does a lot of lighting design for same) and always tells them that due to life and cost, it is cheaper to go with conventional lights. The response is always the same. "We need to be "green"." Go figure

 

[Restrain]

A new tax hit on the 1st. Retailers have been found to be adding a "healthcare tax" line on sales receipts. As with all taxes, they get passed through to the ultimate buyer, not paid by the corporation.

 

[rrwolfpack]

Restrain, that is an interesting development and I think this is ultimately the beginning in changes to tax structure in the US. Measures need to be taken across the board to knock down the $16.4T debt whole we are in. All industries including real estate depend on it.

Did you see an uptick in sales in your region based on fears of tax hikes?

 

[Terrel L. Shields]

Did you see an uptick in sales in your region based on fears of tax hikes?

Speaking for myself the year end rush was heavy as people tried to gift out their LLCs and pay taxes at 2012 rates, rather than face a large increase in the tax. I did 3 very large projects where LLCs were gifting and paying the tax. All were older people who were passing their property to the next generation and would be in serious trouble had the estate tax fell back to $1,000,000 and 55%.

Only one business commentator I heard in the last 30 days mentioned that such a low estate tax would devastate farm families whose land might be worth a couple million although they've never had a taxable income over $50,000. To sell off even part of the place would force many of them out of business. And you have such a short time to pony up that money, it is almost impossible to generate funds by selling a development lease to a land legacy fund or other similar farmland or conservation easement.