US Economy, part 2

[Lennys Tap]

This isn't accurate. The unemployment rate is those who want to have a job but don't have one.

Correct. Those not looking or those who have given up looking for work are not included in the unemployment rate.

[MU82]

From the NYT:

Heat waves have a big economic impact. A 2022 study, published in the journal Science Advances, that looked at the impact of human-caused heat waves between 1992 and 2013 estimated that they cost the global economy between $5 trillion and $29.3 trillion. Those costs are likely to rise over time.

In recent earnings reports, companies have noted the impact of extreme heat:

"We estimate that adverse weather reduced full-year attendance by over one million guests," said Gary Mick, the chief financial officer at Six Flags Entertainment, in a February conference call. "This includes rain and snow in California during spring break, followed by a record summer heat wave in Texas and eight consecutive weekends of rain or threat of rain in the Mid-Atlantic and Northeast after Labor Day."

The chief financial executive of Constellation Energy, Daniel Eggers, said in a November conference call that as a result of extreme heat in Texas, the operator of the state's grid "set 10 new peak demand records during the summer."

Though most of the impact is bad, some companies see a benefit to the bottom line. For example, Ronald Coughlin, the chief executive of Petco at the time, noted in August that "as a result of the extreme heat, we were able to drive our flea and tick business leading to Rx sales up nearly 20 percent year over year."

[dgies9156]

Rudolph lied!  Daisy's income would have been taxed at a much lower rate.  It was Rudolph's excess income being taxed at the higher rate

You know this. Rudolph.  Don't be the reindeer nobody wants to play with

Not sure Rudolph lied because he and Daisy filed a joint tax return. I'm not familiar with the intricacies of the 1960s era tax code, but I know what Rudolph and Daisy used to say at family gatherings.

You know this. Rudolph.  Don't be the reindeer nobody wants to play with.

You never know when you'll have a foggy Christmas Eve!

[rocket surgeon]

From the NYT:

Heat waves have a big economic impact. A 2022 study, published in the journal Science Advances, that looked at the impact of human-caused heat waves between 1992 and 2013 estimated that they cost the global economy between $5 trillion and $29.3 trillion. Those costs are likely to rise over time.

In recent earnings reports, companies have noted the impact of extreme heat:

"We estimate that adverse weather reduced full-year attendance by over one million guests," said Gary Mick, the chief financial officer at Six Flags Entertainment, in a February conference call. "This includes rain and snow in California during spring break, followed by a record summer heat wave in Texas and eight consecutive weekends of rain or threat of rain in the Mid-Atlantic and Northeast after Labor Day."

The chief financial executive of Constellation Energy, Daniel Eggers, said in a November conference call that as a result of extreme heat in Texas, the operator of the state's grid "set 10 new peak demand records during the summer."

Though most of the impact is bad, some companies see a benefit to the bottom line. For example, Ronald Coughlin, the chief executive of Petco at the time, noted in August that "as a result of the extreme heat, we were able to drive our flea and tick business leading to Rx sales up nearly 20 percent year over year."

  now there's some science right there-seriously??  some more "journalism" from the NYT??   that whole paper is an op-ed filled with "scientists" eyn'a?

on a more serious note, california's mandated $20/hour is a human caused catastrophe-  it has cost California in the range of 10,000 jobs and counting plus the closure of many legitimate businesses.  these are jobs that would have paid people decent wages; not living, but entry level.  they train people how to work.  they also kept the prices of goods down to an affordable level.  now they are losing both

[MU82]

Yes, there is science.

[Uncle Rico]

  now there's some science right there-seriously??  some more "journalism" from the NYT??   that whole paper is an op-ed filled with "scientists" eyn'a?

on a more serious note, california's mandated $20/hour is a human caused catastrophe-  it has cost California in the range of 10,000 jobs and counting plus the closure of many legitimate businesses.  these are jobs that would have paid people decent wages; not living, but entry level.  they train people how to work.  they also kept the prices of goods down to an affordable level.  now they are losing both

I love global warming.  It's made the golf season in the north longer.  The future generations may not like it, but who cares

[Pakuni]

  now there's some science right there-seriously??  some more "journalism" from the NYT??   that whole paper is an op-ed filled with "scientists" eyn'a?

on a more serious note, california's mandated $20/hour is a human caused catastrophe-  it has cost California in the range of 10,000 jobs and counting plus the closure of many legitimate businesses.  these are jobs that would have paid people decent wages; not living, but entry level.  they train people how to work.  they also kept the prices of goods down to an affordable level.  now they are losing both

Show your work.

[TSmith34, Inc.]

  now there's some science right there-seriously??  some more "journalism" from the NYT??   that whole paper is an op-ed filled with "scientists" eyn'a?

on a more serious note, california's mandated $20/hour is a human caused catastrophe-  it has cost California in the range of 10,000 jobs and counting plus the closure of many legitimate businesses.  these are jobs that would have paid people decent wages; not living, but entry level.  they train people how to work.  they also kept the prices of goods down to an affordable level.  now they are losing both

Yes, California's economy has completely collapsed and could manage only a pathetic 6.1% GDP increase last year.

Yes, indeed.

[tower912]

California is only the 5th largest economy.   Not in the US.   In the world.    Underachievers.

[MU82]

EVERYBODY is leaving California.

Never mind that it's still America's most populous state by far, or that it actually saw a population rise in the most recent census.

[Hards Alumni]

10,000 jobs. (assuming this number isn't completely fabricated)

the population of California is 39,030,000. 

[rocky_warrior]

Not sure Rudolph lied because he and Daisy filed a joint tax return. I'm not familiar with the intricacies of the 1960s era tax code, but I know what Rudolph and Daisy used to say at family gatherings.

You never know when you'll have a foggy Christmas Eve!

Ok...well then find me a state that has ever had a fed + state + medicare + ss 80% tax bracket.  I'm not smart enough to do the math apparently.  And if Rudolph is as smart as he is rich, he would know how to solve the problem.  But, I still think Rudolph lied(/s?).

"for every dollar you make doing this, the government will take more than 80 cents in federal, state and Social Security taxes."

Edit:
Let me amend...since you're talking about "history" ... I'll take 1963 as an example.   If you were making $10-20k, you paid a 38% tax rate on that income ($100-200k in today's dollars).  Once you got to the $200-400k range ($2-4M today) you were paying around 90% on those earnings.  We weep for Rudolph.

But to my original point.  It's graduated.  You don't pay 90% on all those earnings.  You only pay 38% on the first 200k. (in 1963)

[MU82]

From Yahoo Finance:

The New York Fed's latest survey of consumer expectations found that expectations that stocks will be higher in the next 12 months rose from 39% to 41% since last month's reading. At the same time, inflation expectations dropped slightly. Consumer sentiment numbers have recently highlighted how certain demographics are thriving while others aren't, but with the market near all-time highs, it's no surprise that those who own stocks are feeling good.

[MU Fan in Connecticut]

Money magazine must read Scoop.  This came up in my Google news feed from today. 
I didn't want to put in the EV thread and drift it further away.



https://money.com/no-income-tax-states-expensive/

Why States With No Income Tax Aren't as Affordable as They Seem
By: Brad Tuttle
Editor: Julia Glum
Published: May 30, 2024 | 9 min read

There are nine states that don't tax workers' wages. But just because a state doesn't have income taxes doesn't necessarily mean it's an affordable place to live.

If a state doesn't charge income tax, it must find revenues elsewhere, which explains why other tax rates tend to be high in these locations. What's more, the cost of living in some states with no income tax has soared in recent years, often as a result of skyrocketing home insurance prices related to climate change, as well as higher housing prices in general.

The point is: Moving to a state with no income tax is not a slam-dunk strategy to save money. In fact, if you don't do the math to factor in other local living expenses, it can seriously backfire. (FYI, the states with no ordinary income tax are Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.)

"The correlation between the cost of living and the absence of income tax in a state is relatively weak," Andrey Yushkov, a senior policy analyst with the Center for State Tax Policy at the nonpartisan nonprofit Tax Foundation, explains to Money via email. "Many other factors affect the cost of living, including property and sales taxes, excise taxes and home insurance. Therefore, the absence of income tax does not necessarily imply that it is cheaper for everyone to live there."

(See link for rest of article.)

[dgies9156]

Money magazine must read Scoop.  This came up in my Google news feed from today. 
I didn't want to put in the EV thread and drift it further away.



https://money.com/no-income-tax-states-expensive/

Why States With No Income Tax Aren't as Affordable as They Seem
By: Brad Tuttle
Editor: Julia Glum
Published: May 30, 2024 | 9 min read

There are nine states that don't tax workers' wages. But just because a state doesn't have income taxes doesn't necessarily mean it's an affordable place to live.

If a state doesn't charge income tax, it must find revenues elsewhere, which explains why other tax rates tend to be high in these locations. What's more, the cost of living in some states with no income tax has soared in recent years, often as a result of skyrocketing home insurance prices related to climate change, as well as higher housing prices in general.

The point is: Moving to a state with no income tax is not a slam-dunk strategy to save money. In fact, if you don't do the math to factor in other local living expenses, it can seriously backfire. (FYI, the states with no ordinary income tax are Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.)

"The correlation between the cost of living and the absence of income tax in a state is relatively weak," Andrey Yushkov, a senior policy analyst with the Center for State Tax Policy at the nonpartisan nonprofit Tax Foundation, explains to Money via email. "Many other factors affect the cost of living, including property and sales taxes, excise taxes and home insurance. Therefore, the absence of income tax does not necessarily imply that it is cheaper for everyone to live there."

(See link for rest of article.)

Since I'm comparatively recent to Florida from Illinois, Ill outline what the difference has been for me. I'll concede it may be different for someone else but this outlines where I think I am.

Taxes on my home, income and my insurance in Illinois the last year I lived there was 2022. The total of all three was $34,700. In Florida, the most recent year is $17,000. Sales tax is about the same in both states.

The cost of living in Florida has increased in no small measure because housing prices have skyrocketed. I can't speak to the difference with Illinois because the two homes are not comparable. I haven't noticed a significant difference in food costs. My utilities are about the same both cases, though I paying for air conditioning rather than both AC and heating.

I won't argue that to live well in either place is expensive, but it's definitely less expensive all-in in Florida. I'll admit the schools here aren't as good and the medical care sucks, which is a problem if one gets really sick. My wife has been told, stabilize me and get me on a plane to Chicago.

[TSmith34, Inc.]

Huh.

Violent crime is down and the US murder rate is plunging, FBI statistics show
https://www.cnn.com/2024/06/10/us/us-violent-crime-rates-statistics/

"Violent crime dropped by more than 15% in the United States during the first three months of 2024, according to statistics released Monday by the FBI.

The new numbers show violent crime from January to March dropped 15.2% compared to the same period in 2023, while murders fell 26.4% and reported rapes decreased by 25.7%. Aggravated assaults decreased during that period when compared to last year by 12.5%, according to the data, while robberies fell 17.8%.

The numbers released Monday were gathered from 13,719 of the just over 19,000 law enforcement agencies from across the country, according to the bureau.

Meanwhile, property crime went down 15.1% in the first three months of this year. Burglaries dropped 16.7%, while motor vehicle theft decreased by 17.3%. The declines in violent and property crimes were seen in every region of the US.

Compared to the first five months of 2023, murders this year have dropped more than 40% in cities including New Orleans, Seattle, Boston, Baltimore, and Philadelphia, according to the research firm AH Datalytics, which analyzes crime figures reported by law enforcement agencies across the nation.

Although more than six months still remain in 2024, "it's plausible that this will be, by far, the largest one-year decline in American history," said Jeff Asher, criminal justice analyst and co-founder of consulting firm AH Datalytics.

The firm's real-time review of 265 cities currently shows a 19% drop in murders nationwide compared to 2023."

[Skatastrophy]

Violent crime has been dropping at the same rate that people with exposure from lead paint and leaded gasoline have been dying off.

I just made that up but it might be true.

[Jay Bee]

Tsmif. No smart. Dum guye

[rocket surgeon]

Yes, there is science.

Yes, there is science disputing global blah blah, but unfortunately there isnt any money in those positions. 

One case in point- the raising and lower of Lake Michigan levels.  When the levels were seriously down a few years ago...damn that global warming.  Now that they are back up and there is evidence of shore line erosion...ruh-roh, damn that global blah blah again.

The Lake Michigan water levels have been recorded daily since the early 1900's and the may 2024 reading recorded by the army corps of engineers at 579.36 feet above sea level which is almost the average of what has been recorded over the past century for may.  Back in 2013, the climate people were gleefully panicking due to the seemingly low levels of the lake around 575 feet. Well over the next few years (2020) it rose to 582 feet.  You guessed it- renewed panic kicked in...well it has since dropped 3 feet to its present level

If only global blah blah would sit still eyna?

It is used by "scientists" to get papers published and by politicians to justify requesting and spending money         hey, the climate boogy man is here...just pay him to go away

[The Sultan]

A 3:27 am post just dropped.

[4everwarriors]

Sez da dude hoo reports at 4:32 am, hey?

[rocket surgeon]

A 3:27 am post just dropped.

well I was up at 2:30 but needed a cup of joe(no pun) to wake up... sheesh

  and the 3:27 drop is significant because....??

some of us are a little preoccupied mid day, but I will try to do better

[Uncle Rico]

Yes, there is science disputing global blah blah, but unfortunately there isnt any money in those positions. 

One case in point- the raising and lower of Lake Michigan levels.  When the levels were seriously down a few years ago...damn that global warming.  Now that they are back up and there is evidence of shore line erosion...ruh-roh, damn that global blah blah again.

The Lake Michigan water levels have been recorded daily since the early 1900's and the may 2024 reading recorded by the army corps of engineers at 579.36 feet above sea level which is almost the average of what has been recorded over the past century for may.  Back in 2013, the climate people were gleefully panicking due to the seemingly low levels of the lake around 575 feet. Well over the next few years (2020) it rose to 582 feet.  You guessed it- renewed panic kicked in...well it has since dropped 3 feet to its present level

If only global blah blah would sit still eyna?

It is used by "scientists" to get papers published and by politicians to justify requesting and spending money         hey, the climate boogy man is here...just pay him to go away

I'm a huge fan of boomers destroying the environment and leaving the planet a worse place than they found it.

It has extended the Wisconsin golf season.  Thanks boomers!

[tower912]

You missed the biblical entreaties to be good and faithful stewards of this gift we have been given.

[Uncle Rico]

You missed the biblical entreaties to be good and faithful stewards of this gift we have been given.

I'm an evangelical Christian, I don't read the Bible