Posted February 03, 2021
By Byron King
Greetings, says our first contributor today, and thank you as always for your excellent publication.
We could no longer pretend that we are a free country if a maximum wage were imposed. Just another bad idea from control freaks who think that their ideas are best and the little people should obey and be grateful. It is also founded on the specious reasoning that the economic pie comes ready made and baked so it only needs to be cut up equally with the aid of their genius.
Without incentive, productivity falls off rapidly and there would be a host of unintended consequences. Millions would lose their jobs -- mostly middle class service and professional workers in fields as diverse as artisans, pilots, domestic and travel workers.
Wealthy people are generally not fools, and would soon have most of their perks paid by a corporate entity that would not call it pay. Or, our best and brightest would simply relocate to another country.
I do believe that shareholders should rein in corporate boards that increasingly pay huge sums for meager performance focused on short-term gains. But this isnt a problem that can, or should, be solved by government forces in a free society.
And our final reader puts a pin in it: Jesse Ventura is a knucklehead Most billionaires dont make their money in salaries, and wouldnt be affected by a maximum wage.
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Your Rundown for Wednesday, Feb. 3, 2021...
Stimulus? Not So Much
Senate Republicans issued a mass rebuke of President Joe Biden's $1.9 trillion coronavirus rescue package on Tuesday night, with none voting to advance it, Business Insider reports.
Sticking points for GOP Senators? Republicans want the relief checks capped at $1,000 and allocated only to people making less than $50,000 a year.
They want the current federal jobless aid to remain the same and continue through June. Biden's plan would increase it and extend it through September, Business Insider reports.
And while some Republicans support increasing the federal minimum wage, few wish it to be as high as $15.
Republicans dissent notwithstanding, Senate Dems might approve the bill by Friday.
But if the stimulus package passes as is, according to researchers at University of Pennsylvania: Nearly three-fourths of the relief-check money proposed in President Joe Bidens stimulus plan would be saved rather than spent this year, Bloomberg says.
The proposed $1,400 stimulus checks will flow largely into household savings and will produce only small stimulative effects, researchers say.
Hmm so much for goosing the economy.
But given the volatility weve seen at the stock market the last couple weeks -- WallStreetBets and GME, AMC and silver -- do you think stimulus checks will, in fact, be stuffed into savings accounts? Or go towards placing Wall Street bets?
Market Rundown for Wednesday, Feb. 3, 2021
S&P 500 futures are up 10 points to 3,829.
Oil is up 1.1% to $55.36 for a barrel of West Texas crude.
Golds up $5.90 to $1,839.40 per ounce.
Bitcoin is up 1.2% to $36,633.75.
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Well circle back Friday; until then, take care.
For the Rundown,