Existing Home Sales Post Biggest Decline In 4 Years

By Michael Snyder – Re-Blogged From Freedom Outpost

Things just continue to get even worse for the U.S. housing industry.  New homes sales have been absolutely plummeting, homebuilder stocks have lost over a third of their value, and existing home sales just posted their biggest decline since 2014.  For years, we had been witnessing a real estate boom in the United States, but now that has officially ended.  It is starting to feel like 2008 all over again, and many of those that work in the industry are really starting to freak out.  The Federal Reserve has been aggressively raising interest rates, and it is having the exact same effect on the housing industry that it did just before the last recession.

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Seattle Proves that Government is Always the Problem – Never the Solution

By The Common Constitutionalist – Re-Blogged From iPATRIOT

You may have heard of the new tax being levied on companies in the Seattle area. IBD reports that the Seattle Politburo (city council), “unanimously passed a ‘head tax’ of $275 per full-time worker on any company in the city that makes more than $20 million in gross revenues. The city says the $48 million in new taxes will go toward affordable housing and providing emergency services for the city’s swelling homeless population.”

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Seattle’s ‘Tax-the-Rich’ Measure Spurs Freedom Foundation Lawsuit

By Rob Williams – Re-Blogged From Newsmax

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.

Image: WSJ: Seattle's 'Tax-the-Rich' Measure Spurs Freedom Foundation Lawsuit

Seattle Wage Hike Off To ‘Pretty Bad Start,’ Kills 700 Jobs

By Connor Wolf – Re-Blogged From http://freedomforce.com

Seattle, which recently passed a $15 minimum wage, has seen the loss of 700 restaurant jobs despite the rest of the state seeing huge increases, according to a Wednesday report.

In its report, the American Enterprise Institute looked at restaurant job growth in both Seattle and the rest of Washington. The state itself has gained 5,800 industry jobs since January. Seattle, however, lost 700 jobs in the same time. The state minimum wage is $9.47. Back in June Seattle passed its own minimum wage of $15 an hour. The city ordinance is designed to phase in over the course of several years. It will reach $15 an hour by 2017 for most employers.

“One likely cause of the stagnation and decline of Seattle area restaurant jobs this year is the increase in the city’s minimum wage,” the reportspeculated. “It looks like the Seattle minimum wage hike is getting off to a pretty bad start. Especially considering that restaurant employment in the rest of the state is booming, and nearly 6,000 more restaurant workers are employed today than in January.”

Seattle was the first place to pass a $15 minimum wage measure and became the first major victory for supporters. San Francisco and Los Angeles followed not long after and now many cities have either enacted it or are considering it. Some states are also giving the $15 minimum wage serious consideration. Currently it has not passed on the state level.

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More Troubling Signs of Minimum Wage Damage on the West Coast, Part II

By – Re-Blogged From http://www.AEI.org

Preliminary results indicate that the increases in the minimum wage this year on the West Coast have had negative employment effects in Los Angeles (for hotel workers, see this CD post) and Seattle (for restaurant workers, see this CD post). There is now additional evidence that the minimum wage increase in San Francisco this year to $12.25 an hour (on the way to $15 on July 1, 2018) is having an adverse effect on the city’s restaurant employment, as Stephen Bronars reports today in Forbes (“Higher Minimum Wages in San Francisco and Seattle Mean Fewer Restaurant Jobs“).

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