Somewhere on the internet last week, mention was made that unemployment for
high income people was (essentially) non-existent, while extremely high for
low income earners. I was able to track down that data for the fourth quarter
of 2009. Here it is by income:
As you can clearly see the lower income levels are experiencing the greatest
difficulty finding jobs. Interestingly enough, this data is not making its
way into the mainstream. But even more interesting is the set of
“circumstances” that has caused this, or at least occurred in the same
approximate time frame.
Minimum Wage Increase
Two years ago the minimum wage was increased on the basis “that is was good
for low income workers”. We were one, among others, who said that an
artificial (non-market) increase in the minimum wage would actually hurt low
wages workers resulting from lower employment counts and fewer... (more)
This time of year is a favorite for children of all ages – I happen to be
one of these kids – in part because of the television programs that are
shown around Christmas.
A Charlie Brown Christmas, Santa Claus is Coming to Town, Rudolph the Red
Nose Reindeer, and How the Grinch Stole Christmas, have been favorites of
mine since TV went from exclusively black and white to poor quality color.
This is no coincidence as these programs were made in the mid 1960’s.
As I was watching this year, it occurred to me that if at this time in
history Christmas had not yet been established, if so... (more)
"This was the o bject of the Declaration of Independence. Not to find out new
principles, or new arguments, never before thought of, not merely to say
things which had never been said before; but to place before mankind the
common sense of the su bject, in terms so plain and firm as to command their
assent, and to justify ourselves in the independent stand we are compelled to
take." --Thomas Jefferson
"All that I have, and all that I am and all that I hope to be in life I am
now ready to stake upon it; and I leave off as I began, that live or die,
survive or perish, I am for the... (more)
I am not sure the origination of this quote, but it certainly is timely:
"Hard work: All hard work brings profit; but mere talk leads only to poverty.
Earnings: Never depend on a single source of income.
Spending: If you buy things you don’t need, you’ll soon sell things you
Savings: Don’t save what is left after spending; Spend what is left after
Borrowings: The borrower becomes the lender’s slave.
Accounting: It’s no use carrying an umbrella, if your shoes are leaking.
Auditing: Beware of little expenses; a small leak can sink a large ship.
Risk-taking: Never test the dept... (more)
Wealth Management on Ulitzer
On February 27, 2009 I wrote these words in an article entitled "Are Things
"6) There are only two things you can buy at unusual discounts these days: A
new car and stocks. These prices are beginning to attract takers. If things
were as dire as CNBC said, all other stuff would be cheaper".
"7) As the companies we own have reported earnings, most of them have beaten
expectations. In other words, the businesses continue to perform even though
the stock prices are not. What you own continues to become more valuable.
Over the next 5 years, the ... (more)