Social security will be cut, there’s no doubt. The fund is nearly depleted and something needs to be done. The easiest path is to phase in a cut. Less money for you. Remember those bailouts of those multinational organizations? They got the money. You didn’t. You won’t even get back what you paid in. That’s how they operate and everything you’re watching is just a show. People hate hearing it but that’s reality. So wake up.
COVID-19 damage to Social Security to extend beyond pandemic | TheHill
COVID-19’s impact on America’s older adults is set to outlast the pandemic itself as it wreaks havoc on the Social Security retirement trust fund that millions rely on for benefits. The nonpartisan Congressional Budget Office projects that in the aftermath of the pandemic, the trust fund will deplete its $2.8 trillion reserve over the next decade unless changes are made.
More than half of emergency small business funds went to larger businesses, new data show
WASHINGTON – More than half of the money from the Treasury Department’s coronavirus emergency fund for small businesses went to just 5% of the recipients, according to data on more than 5 million loans released by the government Tuesday evening in response to a Freedom of Information Act request and lawsuit.
California got $1.3 billion in wildfire relief. Victims have received nothing, prompting outrage
After her home in Santa Rosa, Calif., burned down in the Tubbs fire three years ago, Linda Adrain moved into a tiny apartment. She didn’t expect to stay long. Adrain soon learned about plans for a complex for low-income senior citizens on the site of the fire-ravaged mobile home park where she had lived for a quarter-century.
ADP jobs report: Company hiring hits lowest rate since summer
Private payrolls grew at their slowest pace since July amid a deceleration in large business hiring for November, ADP’s monthly payrolls report said Wednesday. Companies hired 307,000 workers last month, well below the 475,000 estimate from a Dow Jones survey of economists.
Thyssenkrupp slashes another 5,000 jobs to ‘stop the bleeding’
German conglomerate Thyssenkrupp plans to cut another 5,000 jobs to stem losses across its sprawling empire, it said on Thursday, after reporting its operations were 1.6 billion euro ($1.9 billion) in the red in the latest financial year.
Walmart to lay off more than 1,200 in omnichannel reorganization | Supply Chain Dive
Walmart will lay off 1,241 employees in Arkansas and New Jersey on Jan. 31, according to Worker Adjustment and Retraining Notifications filed with authorities in those states. The cuts are intended to bolster Walmart’s omnichannel operations, according to a July memo in which the retailer internally announced layoffs were imminent.
Francesca’s to close 140 stores, warns of possible bankruptcy – MarketWatch
Francesca’s Holdings Corp. said Monday in an 8-K filing that it will close 140 stores by Jan. 31, 2021. The company expects to incur charges totaling $29 million $33 million through Oct. 31, 2020 related to the store closures. The number of stores the struggling women’s retailer will close could change.
Metro general manager proposes massive cuts to rail and bus service this summer | WJLA
Facing a hole in the budget of nearly a half-billion dollars, Metro’s general manager is proposing massive budget cuts to rail and bus service that would take effect this summer. General Manager Paul Wiedefeld said in September that without more federal help, big cuts would be needed.
Ducks announce furloughs and layoffs of employees due to coronavirus – Orange County Register
The Ducks on Tuesday announced coronavirus-related furloughs and layoffs impacting nearly 15 percent of full-time staff members of the NHL team, its AHL affiliate in San Diego as well as Honda Center, The Rinks, including Great Park Ice, and ocVIBE, the planned development near the Anaheim arena.
M.L.S. Layoffs Cut League’s Staff by 20 Percent – The New York Times
Major League Soccer reduced its work force by about 20 percent on Thursday through a combination of layoffs and the elimination of open positions, yet another sign of the punishing financial effect the coronavirus pandemic is having on professional sports. Most of the league’s employees, besides those in entry-level jobs, had their salaries reduced in April.
Amazon’s drone delivery team hit with layoffs amid reorganization | TechCrunch
Amazon has confirmed an early Financial Times report outlining layoffs at the retail giant’s Prime Air drone delivery program. “As part of our regular business operations, we are reorganizing one small team within our larger Prime Air organization to allow us to best align with the needs of our cus…
COVID Bay Area Exodus: Rents Continue To Tumble Across Bay Area, South Bay Sees 20% Drop – CBS San Francisco
SAN JOSE (CBS SF) – As COVID cases climb and the exodus from the Bay Area continues, rents are falling with some of the biggest declines in the South Bay. The continued drop since April is due to the departure of remote working techies, creating opportunity for steep discounts near Silicon Valley tech giants.
(29) Sven Henrich on Twitter:
179.9% market cap vs. GDP.The widest market disconnect from the economy ever.#documentingreality pic.twitter.com/YLCpEEYD6U
Switzerland: Referendum launched to give every citizen 7,500 francs – The Local
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China becomes EU’s largest trade partner – Global Times
China EU Photo:VCG China has become the EU’s largest trade partner for the first time, latest data shows, highlighting that the economic ties of the close comprehensive strategic partnership between China and the EU are intertwined with each other’s industrial chain.
China Has One Powerful Friend Left in the U.S.: Wall Street – WSJ
In February 2018, Beijing’s chief trade negotiator was in Washington to try to avert a trade war. Before meeting his U.S. counterparts, he turned to a select group of American business executives-mostly from Wall Street. “We need your help,” Vice Premier Liu He told guests gathered in a hotel near the White House, according to people with knowledge of the matter.
Social security and pensions are so critical for many. They need it to pay their bills. More and more people need debt to be able to pay. Money, credit, debt are all increasing.
— APPENDICES —
- The Money GPS: The Broken Economy Leaving Millions Without A Job! Economic Crisis or Opportunity?
- The Money GPS: BIS Central Banker Admits EPIC Level Crisis Is the Most Likely Result of Global Mass QE
— FOOTNOTES —
Wake up to the suits and ties. They’re all lying to you. None are your friends. None wish to help you. Wolves in sheep clothing. More distractions than ever before. The magician always makes a spectacle to hide the trick.
JANET YELLEN MIGHT BE BACK. Anyone suggesting government took over the Fed and not the other way around needs to wake up. Fed gained more control. Even Bloomberg admits it. The revolving door and the control over the public is very evident to those paying attention. #janetyellen pic.twitter.com/2lHmrIHw0T
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The Money GPS is the most active, most informative channel in the financial world. Day after day, breaking down the data and making it easy to understand. This channel is not here to help build a portfolio, give stock picks, or financial advice. It’s simply data that is generally not found through conventional means.
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