Forget Greece. Puerto Rico Is Poised To Default On $72 Billion In Debt

[Jludo]

I'm curious, who ACTUALLY makes minimum wage? Do these jobs really exist? I see help wanted signs on placards outside restaurants, gas stations, etc. all the time. While fueling up my car, I saw a gas station attendant position starting at $9.75/hour Sunday. McDonalds in my area constantly advertises starting pay of $9.75 to $10.50/hour. I suspect, much like every other social 'injustice' being utilized to divide us, it's more distraction than real issue.

It's true, what'd Gary Johnson say, all it takes to make more than minimum wage is to show up to work on time and wearing a clean shirt.

 

[HoughMade]

At many of these places you will start at minimum wage and the places advertising for more than that, there are other requirements like closing, doing overnights, or opening.

Joe average worker generally starts at minimum wage....but so what? NO ONE is supposed to raise a family on that. Generally it's your choice to try, which is a bad decision.

 

[miguel]

Make them a state, sell Hawaii to China and call it even on the flag.

 

[BehindBlueI's]

I do think that there's a barrier to entry to being a lawyer (Bar Association)

Now consider programmers/software guys like me. No barrier to entry and the market definitely sets our wages... And if you get obsolete - you're screwed.

There were significant barriers to entry when I worked IT, and they required money to overcome. Networking was my area, and the classes are money, the tests are money, etc. I had the GI Bill, luckily. Microsoft tests were nearly $200, Cisco was over $300, IIRC. Programming may be different.

I'm curious, who ACTUALLY makes minimum wage?

I would also hazard that many illegals in the agricultural industries make minimum wage or less.

 

[Jludo]

There were significant barriers to entry when I worked IT, and they required money to overcome. Networking was my area, and the classes are money, the tests are money, etc. I had the GI Bill, luckily. Microsoft tests were nearly $200, Cisco was over $300, IIRC. Programming may be different.

As far as barriers to entry go I think that's about as low as they come. Free market certifications at relatively competitive prices to prove your competency. Compare that to nearly any other field that requires a college degree or rigorous licensing and 400 dollars in certs to get a job isn't a whole lot.
Programming, I believe, is even less expensive, if you prove you can code well no one cars what certs you've got.

 

[Timjoebillybob]

I'm curious, who ACTUALLY makes minimum wage? Do these jobs really exist? I see help wanted signs on placards outside restaurants, gas stations, etc. all the time. While fueling up my car, I saw a gas station attendant position starting at $9.75/hour Sunday. McDonalds in my area constantly advertises starting pay of $9.75 to $10.50/hour. I suspect, much like every other social 'injustice' being utilized to divide us, it's more distraction than real issue.

McD's around me advertise the same, but the fine print is that applies for adults. The kids that work their start at minimum. Family express starts at 10 I think, but others around me start at minimum. A lot of the restaurants around me hire at minimum for bus/dishwasher/etc. Minimum wage jobs are out their.

There were significant barriers to entry when I worked IT, and they required money to overcome. Networking was my area, and the classes are money, the tests are money, etc. I had the GI Bill, luckily. Microsoft tests were nearly $200, Cisco was over $300, IIRC. Programming may be different.

Were those barriers set by the employer or govt regulation? There is a difference. A big one IMO. For an attorney, Dr., and hairdresser even for instance, those have a govt barrier for entry.

 

[Jludo]

Were those barriers set by the employer or govt regulation? There is a difference. A big one IMO. For an attorney, Dr., and hairdresser even for instance, those have a govt barrier for entry.

One of my favorite libertarian legends:

Man Busted For Manicuring Without License | Home - Home

A self-proclaimed manicurist decided to open for business in Concord on Monday without the state's approval, attacking state licensing laws with a nail file.

Michael Fisher, 23, of Newmarket, N.H., was arrested and charged with violating the state's license law. He said he organized the protest to call attention to what he said are needless obstacles facing small businesses in the state.

 

[mrjarrell]

Looks like the federal government has finally stepped in an taken over Puerto Rico in an effort to get them on track to fiscal recovery. Given their track record with the rest of the government this is doomed to failure.

Historic takeover of Puerto Rico's finances, agencies begins

It ordered Gov. Alejandro Garcia Padilla to produce a fiscal plan in two weeks and submit weekly and monthly revenue reports that detail how the government is adhering to its budget.
Members also voted on which Puerto Rico government agencies would come under the board's oversight. They include the island's central government, its largest public university, its heavily indebted utility companies, a Government Development Bank that is running out of cash and a public pension system underfunded by more than $40 billion.

 

[T.Lex]

So, Trump may be facing a YUGE political/financial test from a group that supported him more than expected in the campaign: unions.

Word is that a couple significant teamster locals are going to default on their pensions, which would put the entire teamster pension plan under water. The safety net that's in place - government insurance basically - will be used up with that bankruptcy.
https://www.armstrongeconomics.com/world-news/pension-crisis/teamsters-local-707-goes-bankrupt/
Bankrupt Pensions and Insolvent Pension Insurance: The Case of Multiemployer Pensions and the PBGC?s Multiemployer Program | The Heritage Foundation

But, right on the heels of that is the coal miner's pension.
https://www.washingtonpost.com/news...tor-is-blocking-a-fix/?utm_term=.781b273cb2a1

This could get really bumpy.

 

[hoosierdoc]

Today's generation screwed by their parents' generation. Gee, who saw that coming

 

[GodFearinGunTotin]

So, Trump may be facing a YUGE political/financial test from a group that supported him more than expected in the campaign: unions.

Word is that a couple significant teamster locals are going to default on their pensions, which would put the entire teamster pension plan under water. The safety net that's in place - government insurance basically - will be used up with that bankruptcy.
https://www.armstrongeconomics.com/world-news/pension-crisis/teamsters-local-707-goes-bankrupt/
Bankrupt Pensions and Insolvent Pension Insurance: The Case of Multiemployer Pensions and the PBGC?s Multiemployer Program | The Heritage Foundation

But, right on the heels of that is the coal miner's pension.
https://www.washingtonpost.com/news...tor-is-blocking-a-fix/?utm_term=.781b273cb2a1

This could get really bumpy.

I can hear it now..."It's not fair that all of those people have those big, fat, 401K's and savings accounts when my pension has disappeared!". Get ready for that hair cut.

 

[historian]

Today's generation screwed by their parents' generation. Gee, who saw that coming

The "Greatest Generation" strikes again.

 

[hoosierdoc]

The "Greatest Generation" strikes again.

Gimme gimme gimme!!!

 

[jedi]

I can hear it now..."It's not fair that all of those people have those big, fat, 401K's and savings accounts when my pension has disappeared!". Get ready for that hair cut.

Google u.s.a plan as in legislation called universal savings account. Its the r's version of obamacare but instead of health care its on 401ks, pensiona, etc.

Bascially its a "new deal" all debt is forgiven for all expect everyone loses their pensions, 401k, savings cause that all gors into 1 big pot to be redolled oit to the usa accounts.

 

[jedi]

The "Greatest Generation" strikes again.

The greatest generation was\is good at doing 1 thing: stealing!

 

[KellyinAvon]

When I was finishing up my degree, in an international business class I remember having to do a paper about three different countries that it been bailed out by the international monetary fund. First one I picked was Iceland because I was stationed there for three years, when you looked at the indicators such his unemployment gross to Mestic product etc. you could see that there was improvement afterwards. The other country same thing. Greece? You just as well off flushed that money down the toilet. Hopefully Puerto Rico is not Greece .

 

[BugI02]

Wish I could share some level of optimism here. Puerto Rico reminds me of the scion of wealthy parents. Having never been required to stand on its own, I fear it does not know how

 

[shoot straight]

I can hear it now..."It's not fair that all of those people have those big, fat, 401K's and savings accounts when my pension has disappeared!". Get ready for that hair cut.

I believe that is what happened in Greece. The government took snapshots of individual savings accounts, and appropriated a certain percentage of public savings based on the amount currently in people's accounts. The larger the account, the higher the percentage removed to help the country stay afloat. That would have a chilling effect on any nation's future economy.

 

[BugI02]

Time to have a Tony Soprano bug out bag - $50000 in kruggerrands and a [STRIKE] 45 [/STRIKE] 1911

 

[jedi]

1911 nah you want that new glock that die hard talks about that you can get passed airport security.