Re-Blogged From Prager University
“They owe a lot of money to your friends on Wall Street,” Donald Trump told Geraldo Rivera. “We’re going to have to wipe that out. That’s going to have to be — you know, you can say goodbye to that. I don’t know if it’s Goldman Sachs but whoever it is, you can wave goodbye to that.”
Bond markets didn’t appreciate the verbal wave. The territory’s bonds, already weak from the pounding of Hurricane Maria, fell another 31 percent. White House budget director Mick Mulvaney hastened to say the president didn’t mean what he said. “I wouldn’t take it word for word with that,” he said demurely. Nor should you; as debt expert Cate Long told CNN Money, “Trump does not have the ability to wave a magic wand and wipe out the debt.”
The Freedom Foundation, a conservative think tank, sued Seattle after its city council passed a measure in July that would place a 2.25 percent income tax on wealthier residents.
The tax was estimated to affect the 9,000, or 2 percent, of the city’s taxpayers – people who make more than $250,000, or $500,000 for couples filing jointly.
The lawsuit, filed on behalf of 19 Seattle citizens, alleges the proposed tax violates the state constitution and restrictions on cities to impose income taxes, The Wall Street Journal reported. Another group called the Opportunity for All Coalition, founded by Seattle venture capitalist Matt McIlwain, filed a lawsuit the same day, the newspaper said.
By Andrew Kerr – Re-Blogged From Western Journalism
The CEO of Apple-Metro Inc., a company that operates about 40 Applebee’s restaurants in the New York metropolitan area, said he’s been forced to cut at at least 1,000 servers in the past year as a result of New York’s recent minimum wage hike.
“We have 1,000 less servers this time this year than we did this time last year,” Zane Tankel told Fox Business’ Stuart Varney on Monday.
That amounts a two-thirds reduction of his total workforce, Tankel said. Continue reading
By Jeremy Frankel – Re-Blogged From iPatriot
There has been much discussion and debate over whether to raise the minimum wage, and this debate is still going strong.
The positions range from minimum wage advocates who are part of the #FightFor15 movement, claiming that everyone should make enough money to live on; to opponents of a minimum wage, who believe that minimum wages are counterproductive to both employees and businesses, in the sense that anyone whose work isn’t worth the minimum wage wouldn’t be hired, or that the business cannot afford the minimum wage and therefore, no one has a wage at all, since the business cannot operate.