Thursday, November 15, 2012
Obamanomics - increasing the underemployed
This from Drudge - Denny's to charge a 5% surcharge to their customers and to cut worker hours to cover the increased cost-of-doing-business under Obamacare which come 2014 will be fully implemented. Other companies are probably gonna follow suit and I hope BB considers this the next time he sits down to enjoy his Egg McMuffin and hash brown and morning paper. Part-timers, the new norm. Maybe Burger King can offer giant John Roberts soda cups as a thank you.
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The market ALWAYS responds and it does so quite appropriately.
ReplyDeleteWe don't have a Denny's. Clever business practice, charge a 5% surcharge, then cut employee hours to 30 or less (so that under the law, they don't have to be covered). With the understanding
ReplyDeletethat corporate Denny's is not doing it, rather the Metz franchises, the usual boycott
response begins. In Idaho, food
service workers can be paid as low as $3 an hour if they make tips.
..speaking of chefs & stuff, howcome on those fancy chef TV shows, the expensive basted eggplant with braized fennel a la
creme de Quebec etc. look like a tiny little dab on a huge plate?
Sort of an Idaho appetizer thing.
I'ml not a supporter of greedy incompetent employers, BTW..have
walked away from more than one place/just need a place that wants
you more, ya know?
A 5% surcharge so food service workers can get health insurance?
ReplyDeleteIf the $$ actually goes for that, rather than into the owner's already stuffed coffers, I'd consider it a bargain (liberally speaking).
I'd guess you were right the first time.... increase prices by 5% to "cover additional costs" and then cut worker hours so those "additional costs" won't apply.
ReplyDeleteThen pocket that additional 5%, while whining about how it's all Obama's fault.
Thank God for divided government, given the chance the Democrats would run this country right into the ground. See this is why I'm not doing a Petraeus post, when I scoured the wires Denny's struck me somehow as more important. Your employer is morally obliged to provide you health care, why?
ReplyDeleteWow, a Dennys franchise increases their bottom line while not giving employees healthcare, that's running the country into the ground?
ReplyDeleteNaw, employer is totally unobligated. Tis why the Twinkie
ReplyDeletewill disappear. Tis why my dad lost his pension, my neighbor lost his pension and I probably would have as well, except gov't made it against the law for owners to raid that lucrative account for their already swollen coffers. Now then,
"Democrats would run this country right into the ground" ..do you find it odd that the stock market
historically performs better under the democrats than the GOP?
Which is why the stock market tumbled the day after Obama's reelection? I think I'm finally getting the wisdom of the American electorate BB, I think they want divided government which is why they kept the House in GOP hands. They figure give any party totally free reign and they'll run the country into the ground but you apparently disagree at least when it comes to the Dems.
ReplyDeleteWhat's funny Saty is that when we were discussing boycotts against Rush in the wake of his Sandra Fluke comments you lectured us on the workings of the free market and yet now you seem to be against free market reactions against Obamacare mandates and regs. Look I think it's nice that my employer gives me a health care package, I'm not against it but that wasn't the question. The issue is why are they obligated? That way lies fascism, socialism, statism, communism - whatever you wanna call it.
ReplyDelete..'I think they want divided government..' Many voters do and many vote split ticket. Idaho has been locked up by the GOP for the last 30 years. You could run St. Francis as a dem and lose big time.
ReplyDeleteEven with the Idaho GOP controlling
everything by a 6:1 ratio though,
we still get the effects of divided gov't because with no opposition, they start fighting
with each other. Even our voters are squirrely: they voted for Romney and all GOP by 68%...BUT,
voted down by 68% a proposition to
gut the teachers union. IMO, a divided gov't might be more honest, more converging toward some middle ground; with the caveat that everything will take much longer to hash out. Along those lines, ya might think of starting up a Whig party to straighten out Yonkers...
What's with Obama's combativeness since he won reelection? I mean instead of being happy he seems angry.
ReplyDeleteObamanomics is Keynesianism plain and simple. But then the bulk of politicians are Keynesians anyhow .
ReplyDeleteJohn Boehner has said he's given up the fight over ObamaCare. I never liked the guy.
ReplyDeleteTwinkies victim of free market...
ReplyDeleteActually, according to the people at the NYSE, who were interviewed the day following the election, the reason the stock market has come down had to do with some kind of pronouncement from Germany.
ReplyDeleteI mean, you can believe whatever you want, but there it was, from the people whose business it is to know that shit.
The market responds in kind!
ReplyDeletehttp://www.littledebbie.com/products/cloudcakes.asp
I heard Saty it had to do with future promised gridlock as usual in Washington and the approaching fiscal cliff. Optimism did not reign that day and they blamed both parties.
ReplyDeleteHere's what money.cnn had to say the day after the election.
ReplyDelete____________________________
As investors weighed Obama's win and what it means for regulation, shares of financial companies and coal producers fell sharply.
Banking giants Bank of America (BAC, Fortune 500) and Morgan Stanley (MS, Fortune 500) shares declined about 3%, while shares of Goldman Sachs (GS, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) also fell sharply.
Additionally, shares of Alpha Natural Resources (ANR, Fortune 500) sank 9%, while Peabody Energy (BTU, Fortune 500), James River Coal Co (JRCC), CONSOL Energy (CNX, Fortune 500) and Walter Energy (WLT) were also down.
But hospital stocks including HCA (HCA, Fortune 500) and Community Health Systems (CYH, Fortune 500) rose, as Obama's win means the president's health care reform legislation is here to stay.
In Europe, European Central Bank president Mario Draghi warned that the region's debt problems are starting to take its toll on the economy in Germany, which has so far been relatively insulated.
Following a morning rally, European stocks sold off in afternoon trading. Britain's FTSE 100 slipped 0.3% while the DAX in Germany and France's CAC 40 declined 0.7%.
Asian markets shaved morning losses after Obama's win was declared, as investors considered that Obama's is likely to ensure continuity in monetary policy in the near term. The Shanghai Composite and Japan's Nikkei finished little changed, while the Hang Seng in Hong Kong rose 0.7%.
A victory by Romney, who had been highly critical of Fed chairman Ben Bernanke, would have resulted in more uncertainty about whether the Federal Reserve's loose monetary policies. The Fed's low interest rates and bond buying programs have largely been credited for boosting the market during the past three years.
________________________________
CNN is not a respectable news organization.
ReplyDeleteAnd for the record, Romney's rhetoric against Bernake and the Fed was just that considering how much of his "success" was made possible by the very Federal Reserve policies he proclaimed to abhor. What a fraud.
ReplyDeleteI'm just passin it on, not looking for an exalted endorsement from you.
ReplyDeleteWondering if our credit rating will get downgraded again.
ReplyDeleteCredit rating:
ReplyDeleteOnly S&P downgraded the US, the other raters kept it AAA. S&P is
very strict. Only eight countries
have their AAA rating:
Canada, Britain, Norway, Switzerland, Australia, Germany,
Finland and Sweden. S&P must have a high regard for universal healthcare and welfare states...
When I worked in the library Standard & Poor's was THE bible. Kept in a kind of reference area you had to ask for it or else keep it clean free of boogers and coffee stains. Moody's went the other way of course. Oh I just read another way to stimulate our economy brought to you by John Crudele of the NY Post, why not have people be able to invest part of their retirement savings in things like real estate?
ReplyDeleteBack in the day, I had a university library get an obscure German paper on explosives. Took
ReplyDeleteweeks. Unable to read German, I
went to HR and found that an older lady on the swing shift was a war
bride from Hamburg. Sure, she would be glad to read it for me.
A couple days later, I checked with her, "So, did you read through that paper? "Ja, it vas
full uf technical krap."