Economics, Politics, Ridiculous, Shmuckonomics

Paul Ryan’s $700 A Year Savings Plan

So Paul Ryan, speaker of the House, tweeted this…

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Let’s meet Cindy, shall we?  At $30,000 she’s living paycheck to paycheck.

If we divide that massive windfall of $700 into 52 paychecks, she now makes (not takes home) an additional $13 a week.

Yeah that’s future-proofing, Mr. Ryan.

But let’s assume that this woman living paycheck to paycheck saves ALL of that $700 a year.

If she’s 25, and retires at 65, that’s 40 years of $700 a year.  That’s $28,000 in savings when she retires assuming all other things stay constant.

If she’s living paycheck to paycheck on $30,000, saves EVERY dollar of your “cut” to her taxes, and keeps saving for 40 years, she’ll not have enough to live her current paycheck to paycheck lifestyle based on inflation being where it is today.

Good plan, sir.  Good plan.

 

Big Government, Economics, Trump

GOP Tax Plan Predicated on 5% GDP Growth

Let this sink in for a second.  As the GOP pushes its terrible no good very bad tax plan, all assumptions for its impact on the economy and the national debt assumes 5% GDP growth year over year.

The chart below represents the last 5 years of the economy.  Notice anything problematic with a 5% growth rate prediction?historical.png

Since no one is economically literate in this country any more, don’t expect to hear this on the talking head networks or from your dumb uncle on Facebook.

Aca-dumb-ia, Big Government, Economics

After Making Tuition Free, New York Is Raising It For People Left to Pay

The question of “how are they going to pay for it?” is starting to be answered.

ALBANY – If you’re not getting free SUNY tuition this fall, you will be paying more.The state University of New York this week quietly voted to raise tuition by $200 on students who are not eligible for the free tuition program, called the Excelsior Scholarship, that Gov. Andrew Cuomo and the state Legislature instituted in April for households who earn less than $100,000 a year.

So for those students whose household income is more than $100,000 and who attend four-year colleges, their tuition will grow from $6,470 to $6,670 this fall, a 3 percent increase. The state’s community colleges set their own tuition.

But then comes the money shot, presented with nary a hint of irony.

SUNY officials said the higher tuition is needed to pay for courses as costs rise.

So in a climate where the cost of offering courses has risen, the best remedy for that was simply making it free?  Think about this for a second; they had to raise tuition on those left to pay it who didn’t qualify for the handout while telling others they had no obligation to pay for their education whatsoever.

How can any one look at this as sane, fair, or at the very least moral?

Source: SUNY tuition to rise $200 – if you don’t get it for free

Economics

BOA Wants More Mortgages Given To People Who Can’t Afford Them

How insane is this?  You would’ve thought they would’ve learned from the 2009 meltdown that giving mortgages to people who probably can’t afford them is a bad idea.  Nope.  They want to do more, and undoubtedly when it fails they will definitely be seeking more government bailouts.

“So our goal, going back to regulatory reform, is should you move the down payment requirement from 20% to 10%?”

Source: Mortgage Crisis 2.0: BofA CEO Wants To Slash Down Payments To Help Poor Millennials | Zero Hedge

Economics

Georgia Supreme Court Tosses Taxi Monopoly Suit; Medallion Holders Whine

Short version: Cab owners got pissed because of Uber and Lyft doing what they did but without the government protected monopoly part.  They pushed a case all the way to the Georgia Supreme Court where they were basically told to pound sand.  Full story at the link below.

Source: Taxi Companies Asked Georgia for a Bailout and Got Laughed Out of Court – Hit & Run : Reason.com

Economics, Politics

GOP Failed On Repealing Obamacare Because They Didn’t Define The Endgame

There has never been a shortage of GOP substitutes for Obamacare, from think tank white papers to congressional committee frameworks to fully drafted bills. But in the seven years that congressional Republicans spent promising to repeal and replace President Obama’s health care law, none ever moved beyond the development phase, because what Republicans lacked wasn’t a plan. It was a theory.

Yep.  They couldn’t even come up with a unified message on the thing they sold for 8 years.

Source: Republicans Don’t Lack a Plan to Replace Obamacare. They Lack a Unified Theory – Reason.com