The previous first quarter productivity drop of 7.4% was the largest quarterly drop in 74 years. Today the Bureau of Labor Statistics (BLS) reports the second quarter productivity dropped another 4.6% [Data Here].
For July, companies are paying 5.7% higher wages and getting a 4.6% drop in output, resulting in a total unit labor cost increase of 10.8%. That increase in final output cost will either result in higher prices or lower profits.
With weak consumer purchasing (low demand) already creating an inventory surplus, hence lower outputs, lower profit leads to cutbacks. The largest company expenses are generally labor and energy costs. The more variable and controllable of those two expenses is labor. You know what comes next.
(WSJ) – […] Rising productivity is the key to improving living standards; it allows companies to raise wages without raising prices and fueling inflation. Instead, businesses appear to be paying workers more to produce less. The higher unit labor costs suggest companies will either endure lower profits or pass on higher costs to consumers.
“The trend in productivity growth has worsened compared to prior to the pandemic, and the surge in unit labor costs makes the Fed’s challenge of getting inflation back down to its 2% target all the more challenging,” Wells Fargo economist Sarah House said in a research note.
The central bank has increased rates four times this year from near zero in March in an effort to raise borrowing costs, slow economic growth and bring inflation down.
The consecutive negative productivity readings are a reversal from earlier in the pandemic, when the economy was expanding rapidly and businesses appeared to be adopting new technology to cope with worker shortages and limits to face-to-face contact. (read more)
Meanwhile, “U.S. manufacturing output in June was down by 0.4% compared with March though it was still up by 3.6% compared with the same month a year earlier, estimates prepared by the Federal Reserve Board found. Three-month output growth was the weakest since early 2021, and confirms slackening momentum evident in other data on output, orders and jobs.” (Reuters)
This month’s inflation report (reflecting changes in July) will show a large decline in overall inflation. This will provide the White House with a false narrative of confidence that inflation has peaked. However, food inflation (farm prices not yet realized) will combine with wage inflation (as noted above) sometime around October, and then we enter another round of rising prices.
The prices for durable goods have likely peaked. If you are in the market for an expense item (appliance, furniture, etc) look for significant incentives to trigger in Sept/October; right around the same time when the layoffs start. So, sit tight for a few more weeks.
However, the prices for highly consumable products will present a false plateau (Aug/Sept) until they go bananas again just before the Thanksgiving holiday season.
Prepare and time your affairs accordingly.
Loss of productivity = more cost per product = inflation
Followed by job cuts because of lost sales due to price.
“You will own nothing” because you can’t afford anything.
The Boomers are retiring. They are the largest, best educated, highest skilled group of workers ever. Now, they are leaving the workforce and leaving a HUGE skilled workers gap.
Companies are going to have to learn quickly that if they lay off workers,they probably won’t ever be there to rehire when things get better.
Zerohedge present data that suggest workers 55 and older are propping up the economy.
https://www.zerohedge.com/economics/are-older-workers-propping-us-economy
I agree. My job ends October 6. Total of 600 employees. The company tried for almost two years to keep a work force. Would start with an automatic 80 hours of PTO. They would work for half a day and quit. Now we have employees that have worked every single day for the past 20 years and now without a job in October. Most are in their early or late 50’s.
And for those lucky enough to keep/have jobs in their early or late 50’s, our retirement age has been pushed into our seventies, if we retire at all. How do you plan, at say 55, to retire in 10 years when FJB’s economy brings nothing but crushing inflation.
In real terms: how does a person plan for $10/1 dozen eggs, $8-10/loaf of bread, and for how long, when there’s only 10 more years of work? Answer: you just keep working past 65 until you’re 70 or 75 or….til you drop dead at your desk/job.
FJB. Burn in hell….
Easy, just move to a big city. You don’t have to pay for anything there.
Can’t you steal up to 950.00 dollars in merch in CA without charges?
The loaf of bread under Joe Dictat Commie A$$WIPE Stalin is 3 x as much and the quality is Crappier.
Check the prices in D.C….. last time I virtually wandered through Eastern Market I was shocked at how inexpensive the big number food prices were, you know, fresh beef, pork, fish, stuff like that. Selection? Wow. I doubt it’s any different today than a month ago.
Either Amazon is taking a big loss on food products or they’re making pricing errors or getting a ginormously better deal than the local stores because my food warehouse has seen price reductions on food items in the past few weeks.
When the warehouse inventory is in the tons I’m slowing down. I noticed something else too, having seen lean times that past couple years. I’m not hungry much anymore; meals are smaller, fewer cravings. Eating on five bucks a day has been good training.
I’d like to be productive like I was for nearly 40 years in my business but, frankly, fck this society.
Last night I fixed a vacuum cleaner a neighbor was going to put in the trash. Took me a couple hours. Shark brand, pretty expensive. Now I have a vacuum cleaner. The cat approves.
Live elsewhere! 🇲🇽 perhaps
I enjoy what I do for a living and I have no plans on retiring. If I can work into my 80s, I will. I don’t see any real talent coming up from the youth to replace me
and it’s their loss.
I’m a Tool Design Engineer, Tool and Die Maker, Tool and Die Department Manager. I get to design, engineer and manage the manufacturing of metal stamping and forming tool, metal forge tools, CNC fixtures, Weld fixtures, custom machines and assembly fixtures. I’m at the top of my game and getting better.
I get young people in my department, begin training them and after a year or two they leave, if they last that long. My new hires that have experience are boomers.
The offshoring that took place over the past couple decades have left a hole in the talent pool. In this geographic area, Portland/Vancouver, there doesn’t seem to be anyone in their 30s and 40s that have been trained as a Tool and Die Maker.
The trade is not sexy but it is essential if this country wants to build it’s way out of this china dependency hole that we’ve been dug into. The talent to manufacture isn’t something that can be turned on like a light switch.
“if this country wants to build it’s way out of this china dependency hole that we’ve been dug into”
To quote Austin Powers:
“I’m sorry baby, but that train has sailed”
… for the very reasons you cite
@Rix Six – 👍👍That’s the truth.
I’m a retired Manufacturing Engineer. I gave 6 months’ notice that I was retiring. The company hired three young’uns to replace me. No kidding. I spent my last 6 months training each of those three the portions of my duties that were assigned to them.
I keep in touch with the VP of Quality and Engineering. I trained him to be my boss. He worked with me for about 6 years and is pretty good. He has continued to learn and improve on his own since I left.
But… he’s experiencing the brain drain. The three that were hired when I left? One lasted a year. Another lasted two years, and the third was somewhere in-between. So, he’s back to trying to get young engineers up to speed in the real world and skilled in the tooling, processes, and machinery specific to my old company. It takes time.
Anyhow, your comment and this one make two data points of anecdotal evidence of the damage that has been done to America’s manufacturing. I’m sure there are others here on CTH that are in or retired from manufacturing and have similar stories.
Godspeed to you. These real life experiences are why I read all the comments.
Is everybody sending a big thanks Joe to the DNC,Deep Swamp and the Never Trumpers who allowed the BIG STEAL.
Yep, there is a huge brain drain right now. Couple that with tens of millions of people pretending to “work from home” and it’s no wonder productivity is plummeting. Sure, some people are self-motivated and will work just as hard from home without the boss looking over their shoulder. But most people aren’t.
What used to take four people now takes five. Clueless management still hasn’t figured this out or even worse they have but are too afraid of their employees to demand they come back to the office. In the meantime, nothing gets done.
If nothing got done in the District of Columbia, that would be terrific !!!
I am Cornynholio !!!
It’s a feature, not a bug.
There are Trillions of bugs at stake.
Inflation will see to it becoming Quadrillions in short order.
Mass Psychosis: Black Flies Matter
ALL Flies Matter.
They’re the ones that bite.
And Obama is their Lord.
I hate them black flies!
The human parasites are leading the charge to eat bugs.
Isn’t productivity measured by hours worked?
Translation = slowing economy?
Which means less hours for hourly employees.
Rising prices and less hours is a destructive economy, despite increased wages.
No wonder folks are working 2+ jobs.
They’ll probably soon change the definition of productivity.
It will be merged into “life experiences”.
Productivity determines a nation’s standard of living.
We watched the price of a washer-dryer spike 25% since January, but it’s down 10% in the last few weeks. We don’t have to buy it, so we’ll just wait it out.
A decrease in the inflation rate doesn’t change the optics because they just lie to us anyway, as illegitimate governments are known to do.
Also, a decrease in the inflation rate from 9% to 4% is like driving over the cliff at 40 mph instead of 90 mph.
FJB.
Is the washer-dryer actually available, though?
So they claim…but the cabinet people said they’d have our new cabinets ready this month. By which of course they meant November. Maybe.
Just fix your old one. New stuff sucks and is going to break anyway.
Vintage stuff can last an amazingly long time. I didn’t need them so sold my mom’s Maytags when she died. They were 40 years old and still worked great. My personal Kenmores are 26yo this year, gas dryer on LP no problems ever washer needed a new water sensor a few years ago, under 20 bucks.
No electronics, click, click. You want really old, I got that too, a 60’s Hobart dishwasher in the kitchen. Click, click, all mechanical and zero problems in my 34 years of ownership.
I ran my shop with the same American can-do commitment to quality, except it did stuff like keeping humans safe in the air, moving products, providing water, chemicals, food and other essentials to the nation. I miss that. I don’t believe in the nation any more. Humans soured my view. IDK, maybe it is like a now dead friend put it, life is war then you die. Maybe it’s only that way for some people.
My late mother-in-law bought an Electrolux canister vacuum cleaner circa 1970s. I had it refurbished by Electrolux in 2009 for about $300. Still works great. Love old stuff that lasts. Respect for the old yankee maxim: “Use it up, wear it out, make it do, or do without.”
The never ending printing and spending continues at full-throttle like Thelma and Louise toward the cliff.
The music will stop at some point though, I’m amazed we have not crashed yet. I read economic predictions years ago that Japan and the Yen would ‘ implode ‘ , but they persist.
How long cant the money printer go BRRRRRRRRR ……. ?
As long as governments, lenders, borrowers, and individuals ascribe to MMT (Modern Monetary Theory).
I assume it will stop when a dollar-sized piece of paper costs more than a dollar…
Sparrow Hawk: “The never ending printing and spending continues at full-throttle like Thelma and Louise toward the cliff.”
–
My theory is that global warming is real and manmade. It’s caused by the massive amount of waste heat coming off all those printing presses that had to be added to print all those $Trillions of funny money. I’m sure the heat is visible from space. 😲
That’s a better explanation than CO2. Anyone got a better theory? 😉
Following real estate listings on Zillow is telling.
– longer days listed
– frequent price reductions
– big increase in number of listings
Unfortunately for me that has not yet improved my situation by much.
Those are good leading indicators to watch. That, and railroad freight car loadings / leases. And container traffic / leases.
Zillow is still out of their minds with valuations on various homes, including mine. According to them, my valuation has gone up $6K in the last 30 dais. Mind you, I’m not selling. I bought this place in 2018 and the plan is to live here until I die. I just find valuations that are at least 20%, if not more, of what I could expect to get for it to be amusing.
Zillow does not control prices. To quote an economist, a property is only worth what someone will pay you. Zillow may say your home is worth X, but it doesn’t matter in the real world unless someone is willing to pay X for it. Housing demand drove up the prices. Not inflation. But inflation, and much higher mortgage rates will drive many people out of the market. My son is having a house built in NC. With just the impact of increase in mortgage interest rates, his monthly payments will go up about $400 per month. That kind of increase will stop/ delay a lot of home buyers, particularly in the $300,000-500,000 range. Many of the retiring boomers have paid off their previous homes and will be paying cash for their retirement home. Interest rate won’t affect them.
Yep, I paid cash for my retirement place while still owning the land and facilities I made my living at for decades. However, I bought it a number of years ago at the tail end of the last crash.
I’ll sell the land and facilities to the right buyer at a good price relative to the local market. IMO, we’re custodians. Everything in life isn’t always about money. We can’t take it with us.
It appears interest rates now are about what they were in 2008 when I borrowed against the real estate to pay for my mom’s dementia care. Still, compared what I was used to when young, rates are low. Fixed rates when I first bought a home were over 18%. Then again, the house cost 43 grand and I put down about seven grand.
Today, it’s OPM. How many buyers of that 500 grand house will put down 100 grand or even 50 grand? I put down 20% on the place I still own in CA where the shop was. Dumb? IDK, I believed in asset based ownership and business. Apparently that’s gone out of style. Everything is debt-based these days. Run up the debt and walk away. America.
Mari, I agree. The “zestimate” on my home went up 700K since I moved in a year ago. They are crazy! (I’m not moving either- we bought our forever home in 2020)
Try comparing Zillow, Redfin and Realtor.com. I’ve found tracking multiple algorithms plus watching comps to form up a pretty clear picture of reality.
Where I historically lived prices in the same area vary wildly. That’s not exceptional, merely normal in an agricultural area. Comps are thin and, lately, so are sales. In my zip code only one or two comparable properties have sold in the last two years.
I lived and operated my business on the same land for three plus decades. I remember the ag recession in the 80’s and high interest rates. It was tough to survive as a kid in a big boy’s game. Hard work. Long days in the shop. Overcoming adversity. People will do it again.
Insane valuations drive more clicks.
Working in many seller’s favor is that there’s just not a lot of new inventory which is keeping prices up.
We just need to ride it out, hope enough MAGA repubs get elected this fall to kill all the spending.
BAHAHAHAHA
Sorry. What was I thinking?
In my neighborhood- homes were selling in 2 weeks or less for more than the property worth (IMO). Now one home has been on the market for almost 30 days and they just lowered the price 200,000!
I watch it too.
Also in my area recently most realtors raised their percentage fees.
Houses are not moving fast as they were.
Its not all lost, I heard illegal aliens are starting to vote Republican.
Only then the wall will be built with accompanying minefields and machine guns along the whole length of it. Also with 24/7 drone coverage.
I know I’ve seen that one around. Well done.
Biden admin quietly approves construction of U.S.-Mexico border wall near Yuma, Arizona
https://www.foxnews.com/politics/biden-admin-quietly-approves-construction-us-mexico-border-wall-near-yuma-arizona
The only problem with that wall, there are about 6 other gaps in the wall in Yuma, according to what I have heard. Not stopping the problem.
But this approval is only intended to make that asshole Senator Mark Kelly look like he’s done something for Arizona. You know he’ll be bleating about this day and night.
When it gets to 50%+1, the Uniparty will build a wall you can see from high orbit.
Can just hear potato joe—This the best economy ever, your just not smart enough to realize it.
Right joey what ever you say.
FJB
Joe blew snot out of his nose into the microphone today. Then kept wiping his nose and shaking hands.
Not a mask insight.
Can always count on good ol’ Rona joe
How is automation / robotic factored in labor statistics ?
Hopefully when Trump is back in office he can add The Federal Reserve to the list of federal/quasi government agencies to disband.
All we need to do is remove capital gains tax on Constitutional money, gold, and silver coins.
Right now savers have no way of actually preserving purchasing power. You either sign up for negative interest rate bonds (after inflation) or you have to gamble it in the stock market, all of which is taxable based on inflationary gains due to currency printing.
He will have to castrate the Rothschild dynasty first.
It makes sense. Companies can’t find employees. The ones that already have jobs know they don’t have to work as hard because they won’t be fired in this employment environment. I work WAY less hard than I did just a few years ago. I also got my biggest raise in over 20 years. I can’t be the only one.
Yup, I work as little as I can get away with. I threw up a big middle finger after they threatened to fire me over the vax. Lucky for me I held out till they had to back off, unfortunately their vax rate went from 25% to 75%.
Sooner or later when revenue goes down, so will labor.
Expensive labor rates with even more expensive benefits will make them do layoffs.
Soon you will be able to lay off a worker and replace him with a worker at a lower hourly rate.
As discretionary spending is curtailed in favor of essentials, prices for non essential goods must drop as demand craters.
Gas sales in the US dropped significantly as people curtailed non essential driving. Gas stations are being forced to drop prices in response. Durable goods and housing should see similar large scale declines in price as demand craters. Figure a lag of 6 months after first large scale layoffs in big business are announced.
Government policy to choke and kill off industrial/food output will act counter to all this so prices will not return to 2020 levels. Instead of supply vs demand it will be government vs demand where government is the implementation of the great reset and owning nothing.
People driving less is their wet dream. It gives the planet a happy face. If gas prices continue to drop, non essential driving will pick back up. AOC and Greta will go bonkers on the regime to drive those prices back UP!
My thoughts on mortgages…if a house price drops. The amount of the mortgage is lower, even with interest rates climbing, I wonder if there is an offset that the banks have worked in, for lost or reduced mortgage income for the banks since the mortgaged property is or will cost less?
The bankers never lose.
Interesting article speculating that theBiden administration is fabricating low gas demand data in a bid to hammer oil prices.
https://wattsupwiththat.com/2022/08/09/is-the-eia-fudging-gasoline-demand-to-lower-prices/
Durable goods prices will continue to climb. The whole Fed notion of “raising interest rates to slow inflation” is a false premise. Reason: Everything you look at, at any given retail establishment is highly leveraged so when interest rates rise, the store must then pay more $$ in interest, and that increased cost of doing business gets passed to the consumer. Every. Single. Time. Further, this insane hostility ramp-up with China and supply-chain stupidity in general is going to continue significant upward pressure on prices.
Thank you for pointing out that ALL retailers finance their durable goods inventory via “floor plans” – a concept that started with auto dealers. Banks own all that stuff on the Ford lot, and in the appliance section at Homer Depot.
With how little is actually owned in this country, I’m excited to see who is left owning anything. I just might be rich with a paid of 08 and 09 and a mattress all my own!
Watch out for flooring costs on thin margin items. Very common on the consumer side like with vehicles and the industrial side with equipment.
The industrial dealers I serviced liked as little stale on their floor plan as possible. I’m talking big ticket items in material handling, construction and agricultural equipment. Million dollar machines on floor plan.
All part of the debt-based economy we transitioned to decades ago. Those of us dinosaurs who were asset based got left behind or run out of business. Very hard to compete with large volumes of OPM.
We love floor plans. And then they have curtailments. If the inventory doesn’t turn, they still have to reduce the principal.
A lot of consumer products are sold on “dating”. With Christmas stock and pay off in 3 installments in the spring.
Much of Walmart, non food is slow pay. They don’t think of paying an invoice before 90 days.
At the moment, I don’t need or anticipate needing any durable goods. The pantry has been organized and I’m filling in the few holes I found.
Sone of the seeds for the fall garden will be started sometime in the next week (indoors because it’s too hot outside, especially the soil), others in September.
Right now I’m testing recipes for things I normally buy including granola (so good), bread (even better), yogurt (still in progress) and pesto (making tonight). I’m preparing and so happy I’m retired. .
mypatriotsupply.com
I’m planting a fall garden next week too!
Me three! Carrots, Napa cabbage and 2 kinds of bok choy. And once the weather cools a bit I will start canning all the tomatoes in my freezer.
And Mari, nothing smells better to me than bread rising and baking – mostly French bread for our daily needs.
I made 2 Italian loaves that together use only 1.5 tablespoons of oil. So good.
I just made bread using buttermilk.
It was great.
I have been experimenting with many types of bread.
Love the smell of freshly baked bread.
I have noticed two things in the last two weeks regarding store items. One is that my favorite coffee is no longer on the shelf at the store. They are based in my home town of New Orleans. As well the bread isle is not crowded with the Bread delivery men. Prior to two weeks ago, I would see at least two different men in the morning. For the last week I have not seen any of them. So I am guessing that different schedules are being met at this time. Not delivering as often due to cost of gas, salary, etc.
Community Cafe du Monde. coffee. We church people call Jehova Java. The Lord will provide caffeine.
Aren’t we seeing the consequence of the ‘quiet quitting’ movement? Showing up to work, but doing the bare minimum or just enough to avoid dismissal is celebrated by TikTok users.
Ahh, a work strategy invented by AFSCME members has gone mainstream!
I’m 30, reached IT consultant level in a specialized field. I quit working due to VAX BS and have struggled to convince myself why the hell I bother working.
They take my money for taxes and then just print more, all to give it to someone else who doesn’t even live here.
I love working and sitting idle is the hardest “job” I’ve ever had. But with 75k more IRS agents, again, I ask why the hell do I work (for taxable dollars)?
I would gladly sling my body on the pile of war if it meant seeing my family’s future assured. But right now, it would seem that showing up to a desk job only further ensalves those I love most.
How do you make money to surbive?
This is the math which will push companies to replace humans with AI.
Workers making a good living? Who needs them when you don’t have to pay a robot.
Leading to more reasons to implement universal basic income. Got to have consumers to keep the bottom line in the black.
MMT makes it all go round.
In the land of the blind the one-eyed man is king. If he or she is a robot repair tech, God. Heh.
We’re not yet to the point where robots repair and recondition robots in any widely utilized fashion. Humans still do that. Those of us who’ve interfaced with automation for decades, and have had our jobs taken by automation (big in the industrial world) know the realities.
I took a hard look this past Sunday driving through a couple local towns at the tail end of a party week, big for the dune lovers this time of year. No help wanted signs that I could see, and driving the main drags on Sunday night at 8pm it was a ghost-town. A couple cars at the grocery stores, gas stations closed or empty to a car or two.
Only thing missing to remind me of late night in the 60’s was the couple stop lights flashing yellow like they did back in the day. Else, I would’ve though it was midnight. Dead.
Robots are great. A bean counter’s dream. Wait until the bean counters are replaced by computers. Robots and computers can do a far better and logical job of management than humans. I bet that’ll go over well. heh.
I have an interesting collection of experience between IT, Electrical, mechanical/automotive know-how and interests in robotics among other things.
Being a deplorable just means I am too dangerous to the Masters of the Universe™️ to be let anywhere near “their” robots. Might be liable to cause some mischief amidst their designs.
Jobs are always a trailing indicator.
They are just about the last thing to go bad in a recession.
But they are also about the last thing to get better in a recovery.
That is if this “transition” will ever permit a recovery.
This is a really odd economy, I see companies hiring people who are not qualified for the jobs, yet in the past they would be in the midst of getting rid of qualified people. (In a Slowdown) Everything is backwards in Commie World.
Maybe those huge employment numbers are fake, drawing down productivity with them.
Those numbers were part time work and people taking on 2 jobs.
?
It’s higher prices SD. My laptop is starting to blow up – literally. It happens to all my laptops; the last three laptops lasted me about 3 years each.
I’m a high-power user and put a lot of stress on the laptops, which in turn generate a lot of heat. They get hot enough that I have to put a towel on my lap. The battery gets hot and eventually swells (car batteries do the same). Then either the top shelf separates from the bottom or if all metal, like my last Apple, the bottom turns into a soup bowl.
So, I have to replace an excellent HP 360. I paid $900 for it about 3 years ago. Replacement price – same laptop – $2199.
As I said, higher prices, more inflation. Fixed income people like me are going to get screwed in a very short time.
Your battery is getting really hot and swelling because they are sucking the data out of it. I had a computer that crashed when Obama was spying on everyone…. I hired someone to watch the fans and overheating along with data being covertly sucked out which caused the fans to overload frying the computer and the TV it was connected too. (Yes they can do that as well!) The Obama / Biden regime use the same tactics on other countries they don’t like as well.
Woe, whatever you’re smoking, stop. Of course they are spying on us (streaming telemetry) but it’s not stressing out your computer.
You hired someone to watch your fan speed? Lol. Wasted money (download speedfan and do it yourself).
What’s happening is that laptops have such a low margin that they use the cheapest everything they can. Even a 2k laptop isn’t the quality of something from 2007. Oh sure, it’s faster, but how many uses does a rocket ship have vs a Toyota?
IDK, the laptop that is spewing my daily missives here is over a decade old now and when I shut the shop in 2020 the desktops running the machine tools and accounting dated from the early-mid 90’s and still did fine. True brutes. I still have everything. Some of the stuff should be in a museum.
However, I always did design, modeling and virtual stress analysis on desktop equipment due to the computational requirements and the associated power use. I could see that being a problem on portable equipment in engineering , science, mathematics and video work.
Since you’re an Apple guy you’ll know what a 7100/66 running an Orange PC card is. That’s how things went in the shop for decades. Orange PC ran Windows on a PCI card to interface with the machines and customers who were predominantly on Windows. Old, slow but still works, even today. Wildly outdated. Such is tech..
we’re paying for it.
no pay wall:
Credits help small businesses recover from pandemic – Grand Rapids Business Journal (grbj.com)
“If they had implemented this early on, more people would have stayed on the job and more companies would have survived the pandemic successfully,” said John Galles, former head of the Small Business Association of Michigan. Galles now is a senior consultant at accountancy firm ERC Today, which specializes in helping small businesses file for Employee Retention Credits (ERC). “Your small business may be missing out on some big opportunities for ERC monies, which are not a loan. Business owners can use these funds for whatever they want. They can invest it, use it to pay their employees more, buy a new truck, go on vacation, whatever they choose.”
extended through 2022 with fewer limitations; accountants are screaming eureka!
New law extends COVID tax credit for employers who keep workers on payroll | Internal Revenue Service (irs.gov)
Retired Magistrate here: Already have everything I need for Thanksgiving dinner and Christmas also.
The pantry is well stocked, we have made one of our fireplaces operational again, repairs to our older home done, fuel oil tanks filled up and 2nd amendment prepared.
I think we are good for now.
I suspect as the layoffs unfold we’ll see cracks forming in the parallel banking system Trump created to serve Main Street.
The people of the United States are so screwed right now they don’t know whether to sh*t or go blind. We have a President who does not know what day it is. We have a Vice President who couldn’t pour piss out of her boot with the directions on the heel and politicians so crooked they’d break their backs if they tried to stand straight. On top of all that they are evil.
What in the world are they hiring 87,000 IRS auditors if it isn’t a Gestapo goon squad the same as Hitler in Germany. They purposely unleash a killer virus to thin out the population and then follow it with a killer vaccine as though the virus wasn’t enough. One thing for sure, it gives new meaning to Democrat Libtard “Useful Idiots” with masks hooked or hanging down from their ears.
The IRS hires to hassle NRA members, Patriots and conservatives.
They plan on spending 80 billion to recover 120 billion in taxes on unreported income and overstated expenses.
Trust me, they won’t collect 15 cents on the dollar.
lo
I need a new bumper sticker…. Save the bugs, eat the politicians!
I’d sure like to be a part of that “paid more” thing.
Anyone care to guess the over/under for gasoline and other fuel rationing in October? for “the good of the economy”, of course.
I passed a Dairy Queen today that had a sign out front: “Now Hiring -$16/hr”. That’s ridiculous. Can $10 burgers be far behind?
Only until there is no food.
They’re already here. Try going to any fast food place and getting out for less than ten dollars.
Braums, OK: 5 burgers,$7.41
So our city saw many restaurants close. The number of active Food trucks is down 75%. We have new restaurants delay opening because an appliance is missing and delays.
Factory productivity is damaged by coming up short on critical parts.
Employees also know they don’t need to hustle when their company has a lot of openings.
“Paying More to Employees to Do Less”
Same-same in Europe
Nice Non-Work If You Can Get It
increasing use of advanced technology has reduced the employment opportunities for low-skilled, less intelligent workers, whose numbers are increasing. In a high-tech society this creates a pool not just of the unemployed, but of essentially unemployable people.
As pointed out by the translator of the following article, a large (but not precisely known) number of work-averse culture-enrichers may be added to the pool of citizens who subsist on what has become for all practical purposes a Universal Basic Income.
… state subsidy of hundreds of thousands of people who do not work, but are perhaps capable of doing “simple jobs”. He isn’t specific about what sort of work these not-so-bright people could do
There are a lot of immigrants who are unemployed and unwilling, who cannot be placed because they have no ambition to learn the German language or to bend their backs for the German state and its society
Measuring Price Changes in the CPI – Rent & Owners Equivalence Rent (OER)
Measuring Price Change in the CPI: Rent and Rental Equivalence : U.S. Bureau of Labor Statistics (bls.gov)
Is one of the largest components of CPI. This element appears with a significant lag of 9 – 18 months. CPI observers have been ‘suspicious cat’ over what most consider to be robust underreporting in this key CPI component thus far.
Will tomorrow’s CPI report continue to massage the OER data set, or will TPTB use the opportunity provided by lower upstream energy inputs to filter in exponential growth in rental – OER?
Highlights revealed 08:30 ET
If productivity is dropping, maybe we should raise taxes. Just a thought. /s
My productivity has been suffering shrink-flation ever since they pulled that vax mandate crap.
Still waiting for an apology. Till then f-em.
LOL 🙂