william the wie
Gold Member
- Nov 18, 2009
- 16,667
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Given the job numbers today two things leapt out:
Automation is kicking in big time. The reason this is obvious is that in the last two weeks a report came out about Foxcomm replacing expensive (less than $4/hour) high-tech workers in China and another about Wendy's joining the stampede to substitute kiosks for cashiers before the minimum wage goes up.
Another thing that is obvious is that exits from the labor force are increasingly in their peak production ages of 20-55. They are most likely creating their own little niche businesses. Some are working off the books and others on the books. For example, our Lawn service guy took off for a month long vacation in Costa Rica earlier this year.
With an economy that is increasingly automated and entrepreneurial our education of corporate drones is about as out of date as it can be. Our tax code is going the way of peppercorn rent. The annual income of Jeff Bezos at Amazon used to be published as $87,000/year. Gates and Buffett are probably also in that range but they don't publish their taxable incomes.
In my own case I discovered that restrictions on what I could do in tax favored accounts reduced my returns by more than my marginal tax rate So, I have reached the conclusion that we have an economic policy model that is perfect for the 1910-30 era.
Automation is kicking in big time. The reason this is obvious is that in the last two weeks a report came out about Foxcomm replacing expensive (less than $4/hour) high-tech workers in China and another about Wendy's joining the stampede to substitute kiosks for cashiers before the minimum wage goes up.
Another thing that is obvious is that exits from the labor force are increasingly in their peak production ages of 20-55. They are most likely creating their own little niche businesses. Some are working off the books and others on the books. For example, our Lawn service guy took off for a month long vacation in Costa Rica earlier this year.
With an economy that is increasingly automated and entrepreneurial our education of corporate drones is about as out of date as it can be. Our tax code is going the way of peppercorn rent. The annual income of Jeff Bezos at Amazon used to be published as $87,000/year. Gates and Buffett are probably also in that range but they don't publish their taxable incomes.
In my own case I discovered that restrictions on what I could do in tax favored accounts reduced my returns by more than my marginal tax rate So, I have reached the conclusion that we have an economic policy model that is perfect for the 1910-30 era.
