You may never see another migration like you saw in 2020. The number of people leaving New York City in 2020 was breathtaking. Between January 1, and December 17, 2020, about 3.57 million mostly wealthy people left New York City. The lost income caused by all those wealthy New Yorkers escaping the city was about $34 billion. That's like New York losing an economy the size of the entire country of Latvia in a single year. People were fleeing New York last year because of the pandemic, and the BLM/Antifa riots that plagued the city and others across the country. But the flow of wealthy … [Read more...]
Why You Should Fear the Fed
The WSJ explains why investors should fear a Fed that has become complacent about inflation. Mr. Powell and his mainstream economic allies assume they can always control inflation by hiking interest rates. That may be true, but it is a lot harder said than done and in almost every case when the Fed has raised rates to prevent inflation it has lead to recession. It has taken four decades, but the Federal Reserve has finally shaken off its fear of inflation. The markets are only just waking up to the implications of the shift. The outlines of the turnaround have been developing for a while … [Read more...]
Should You Be Forced To Save for Retirement?
You know Your Survival Guy is the first one to say that you should save until it hurts. You should save as much as you can for as long as you can and then save a bit more. But, does that mean you should be forced to? A growing cohort in Congress wants to do just that. They want to automatically enroll you in your employer's 401(k) plan. This isn't actually a new plan. It goes back to Obama-era regulatory "czar," Cass Sunstein, who wrote the book Nudge. His philosophy was to take as many decisions away from people as possible, and let the government make the decisions for them. Does … [Read more...]
Sailfish Off Key West
Originally posted on Your Survival Guy. … [Read more...]
Bernie Sanders’ New Corporate Pay Gap Tax
Sen. Bernie Sanders has a plan to narrow the pay gap, tax corporations that pay their CEOs over 50 times what their typical workers make. Elisabeth Buchwald reports in MarketWatch: Sen. Bernie Sanders is taking aim at the Americans who have made the most money during the economic downturn caused by the pandemic. On Wednesday, Sanders, an independent from Vermont, unveiled legislation called the Tax Excessive CEO Pay Act, which would levy higher taxes on corporations “that pay their top executives at least 50 times more than the pay of a median worker.” For companies that pay their top … [Read more...]
PANOPTICON: Is Your Phone Spying on You?
You probably have dozens of apps on your smartphone. Chances are they are collecting your personal information en masse, and either selling it to third parties or keeping it for themselves. Most likely both. You have read here about the widening surveillance state I'm calling the virtual panopticon. The efforts by the government to surveil Americans are expanding quickly as technologies make it easy to watch every part of your life. But how much surveillance are you inviting right into your home? Apps on your phone are collecting massive amounts of information about you every day. Some … [Read more...]
Google’s App Store Discounts Reveal Antitrust Defense Strategy
Google is cutting fees for developers making less than $1 million from their apps. The company estimates that 99% of developers will benefit. If the discount was given last year, it would have reduced Google's $11.6 billion in commissions by only $585 million. That means 1% of Google's app developers were responsible for 95% of commissions. Apple has implemented a very similar system for its smaller developers. The strange part is, usually, companies reward their biggest moneymakers. If you're selling widgets, you're more likely to discount to the wholesaler buying 3,000 widgets than to the … [Read more...]
Can You Even Afford To Retire in Biden’s America?
You have seen already, in slightly less than two months, Joe Biden and the Democratic Congress have put America on track for higher inflation. With trillions of dollars in stimulus, and new announcements of higher taxes on the horizon, and a push for a higher minimum wage, inflation expectations have soared. Expectations for inflation have increased 40% in the last five months, to 2.3% from 1.6% over the next ten years. As Brett Arends writes at MarketWatch, it may not seem like a lot, but if you're retiring it could make the difference between relaxing on the beach or going back to work. … [Read more...]
VW Quickly Ramping Up Electric Car Sales
Volkswagen is quickly ramping up its electric car sales in Europe, as regulators push automakers to ween themselves off fossil fuels. In 2021, VW is expected to double its production of electric vehicles to around a half-million. Tesla aimed to deliver a half-million electric vehicles in 2020 but just missed that guidance. In 2021 Tesla CEO Elon Musk has said the company will deliver "in the vicinity" of 840,000 to 1 million electric vehicles. Not too many more than VW. For comparison's sake, Tesla's market cap is $672 billion, while VW's is around $132 billion. In addition to its electric … [Read more...]
Is There One Best Place in America for ‘Liberty Retirees?’
You might be looking for the best place in America to retire. You may enjoy owning firearms, paying low taxes, and being left alone. That's the definition of what I'm calling a "liberty retiree." Recently a liberty retiree, known as U, asked MarketWatch's Catey Hill where would be the best place for them to retire. Hill answered (abridged): To answer your question, I went right to the source: the Libertarian Party itself, where I had a lively chat with Dan Fishman, the party’s executive director, who had a lot of advice for you. He said that, while the Libertarian Party doesn’t maintain a … [Read more...]
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