The Trump Economy

[Danny Bateman]

2 hours ago, TGHusker said:

From the article.   This basically is modern day slavery via financing that traps the poor.  Anyone allowing this to go on does not deserve to sit in Congress.  See the bold: 

 

 

 

 

I highly recommend the Netflix series "Dirty Money," especially he episode about the payday lending industry. It's a sick, exploitative, crooked way to rob working people who run into trouble blind.

[HuskerNBigD]

2 hours ago, Clifford Franklin said:

 

I highly recommend the Netflix series "Dirty Money," especially he episode about the payday lending industry. It's a sick, exploitative, crooked way to rob working people who run into trouble blind.

And, magically, the owner of that company believed he was the victim and being targeted. There is something to be said about making money, but there is also something to be said about doing it in a manner that is ethic and contributes to society rather than a complete 180.

[Danny Bateman]

5 hours ago, HuskerNBigD said:

And, magically, the owner of that company believed he was the victim and being targeted. There is something to be said about making money, but there is also something to be said about doing it in a manner that is ethic and contributes to society rather than a complete 180.

 

Their explanation about providing a service to people in need is such a load of crap. They're the scum of the earth, preying on people backed into a corner trying to provide for themselves or those they love.

 

For a quick and dirty explanation, this is how that episode described the payday lending loan structure:

 

Say they float you $500 and you assume you owe them $500. They're all nice and helpful and make it easy to set up a payout structure over time. So you figure to pay $100 per month for 5 months and you'll be done with it.

 

Except the fine print says that after a certain (very soon) date passes, your time period to pay back the loan in full is over and any money you pay is paid to buy you more time to pay back your loan.

 

So a ton of people make payments up to amount they owe, and are gobsmacked to find out from some account support person over the phone that the money they've been paying hasn't actually been paid towards the amount they owe. That's how they bleed people dry. You wind up paying thousands more than you originally owed. It's like a credit card with an incredibly sh#tty interest rate.

 

Like I said, scum. So it's not surprising the Trump administration would have their back.

[funhusker]

51 minutes ago, Clifford Franklin said:

 

Their explanation about providing a service to people in need is such a load of crap. They're the scum of the earth, preying on people backed into a corner trying to provide for themselves or those they love.

 

For a quick and dirty explanation, this is how that episode described the payday lending loan structure:

 

Say they float you $500 and you assume you owe them $500. They're all nice and helpful and make it easy to set up a payout structure over time. So you figure to pay $100 per month for 5 months and you'll be done with it.

 

Except the fine print says that after a certain (very soon) date passes, your time period to pay back the loan in full is over and any money you pay is paid to buy you more time to pay back your loan.

 

So a ton of people make payments up to amount they owe, and are gobsmacked to find out from some account support person over the phone that the money they've been paying hasn't actually been paid towards the amount they owe. That's how they bleed people dry. You wind up paying thousands more than you originally owed. It's like a credit card with an incredibly sh#tty interest rate.

 

Like I said, scum. So it's not surprising the Trump administration would have their back.

Sounds like the mortgage industry.  After I bought my first house, my wife and I made payments every month with an extra $100.  I don't remember exactly how it was discovered, but I learned through a phone call (that I initiated) that all of that extra money went to "future interest" and not principal.  I was so mad, but at the same time had to laugh at the guy on the other end of the phone try to explain to me why it was reasonable for me to pay "future interest" on money that I haven't yet borrowed.  In the end, we were out about $1000; but Wells Fargo will never get another cent of my money if I can help it.    

 

disclaimer:  I'm aware that this is a common practice in all mortgage lenders, but Wells Fargo was the one that pissed me off.  Plus, they have plenty history of being buttheads to customers.

[RedDenver]

12 hours ago, funhusker said:

Sounds like the mortgage industry.  After I bought my first house, my wife and I made payments every month with an extra $100.  I don't remember exactly how it was discovered, but I learned through a phone call (that I initiated) that all of that extra money went to "future interest" and not principal.  I was so mad, but at the same time had to laugh at the guy on the other end of the phone try to explain to me why it was reasonable for me to pay "future interest" on money that I haven't yet borrowed.  In the end, we were out about $1000; but Wells Fargo will never get another cent of my money if I can help it.    

 

disclaimer:  I'm aware that this is a common practice in all mortgage lenders, but Wells Fargo was the one that pissed me off.  Plus, they have plenty history of being buttheads to customers.

We have paid extra on our mortgage. At first it was working fine, but then Wells Fargo bought out our mortgage and tried that same nonsense about paying future interest. We got an attorney and they agree to apply it to our principle because that's what was included in the mortgage docs we had signed. But the only reason it worked out for us is because we could afford to pay for an attorney. F$%^ Wells Fargo.

[BigRedBuster]

 

[Big Red 40]

Interesting read.

https://www.vox.com/policy-and-politics/2019/3/1/18246233/economic-growth-workers-wages-economy

[RedDenver]

1 hour ago, Big Red 40 said:

Interesting read.

https://www.vox.com/policy-and-politics/2019/3/1/18246233/economic-growth-workers-wages-economy

Here's the main point of that article:

[Big Red 40]

Can’t see the jpg, but The part where years past when enemployment was low employers were forced to raise wages to attract workers , but they aren’t now interested me . I think that’s because of the influx of immigrants and political refugees filling those jobs who will do them for whatever price is offered . 

[RedDenver]

2 minutes ago, Big Red 40 said:

Can’t see the jpg, but The part where years past when enemployment was low employers were forced to raise wages to attract workers , but they aren’t now interested me . I think that’s because of the influx of immigrants and political refugees filling those jobs who will do them for whatever price is offered . 

There's something like 10 million immigrants in the country, which is about 3% of the total population. There's no way such a tiny number can be doing all the jobs for less money.

[Big Red 40]

There are also Sudanese , Burmese , and Somalian refugees who will . 

[Big Red 40]

yourself lol

[Big Red 40]

I know Trump has cracked down on the amount of refugees admitted to the country during his reign but it’s a major global issue and there are still plenty here . I’ve  seen first hand many of these people taking jobs in the area and I’m sure it’s not just a local  thing  . I don’t think it’s such an easily discounted factor in the discussion  . https://www.google.com/amp/s/www.pri.org/stories/2017-05-04/biggest-group-refugees-us-christians-myanmar%3Famp

And then upon further reading I  found  A different take on the issue https://www.google.com/amp/s/qz.com/1297561/the-dazzling-us-unemployment-rate-is-blinding-americans-to-a-much-darker-reality/amp/

According to the latest jobs data, the steadily declining unemployment rate is down to just 3.8%. But that sunny statistic belies a deeper infirmity in the labor market, Snider argues on his blog. Namely, working-age Americans have been giving up on finding jobs.

The public typically perceives a low unemployment rate as reassuring because it suggests that everyone who wants a job has one. But the broader set of jobs data suggests that’s not the case. ”As usual, the consequences of truly no growth in the labor market leaves particularly politicians to emphasize nothing other than the unemployment rate,” Snider says.

Trump himself used to complain about just this issue. Bashing the official unemployment stat was one of his bigger campaign trail themes. Back in June 2015, he made this remark about the official unemployment rate (which was then 5.5%): “Our labor participation rate was the worst since 1978…. Our real unemployment is anywhere from 18 to 20%. Don’t believe the 5.6. Don’t believe it. That’s right. A lot of people out there can’t get jobs.” And in May 2016: ”You hear a 5% unemployment rate. It’s such a phony number. That number was put in for presidents and for politicians so that they look good to the people.” A month after his victory in the US presidential elections, he was still sticking to his guns: “The unemployment number, as you know, is totally fiction.”

 

 

Personally I’ve thought the enemploymebt rate was a throw away number,  and not  a very good indicator of how the country is doing, for years . One thing I may actually ageee with Trump about . 

[Moiraine]

11 hours ago, Big Red 40 said:

There are also Sudanese , Burmese , and Somalian refugees who will . 

 

 

The confused faces are because this makes no damn sense. Those you listed are a fraction of a fraction of a fraction of the population.

 

 

And a fraction of a fraction of the population (immigrants with low wages) is not even a drop in the bucket. It can’t effect wage growth by much at all.

 

Do you have ANY data at all that suggests it’s due to immigrants? Or even that their wages have gone down? Have you looked it up at all?

 

 

Here’s some actual data, from the census bureau. This is the % change in income.

 

 

https://www.google.com/url?sa=i&source=web&cd=&ved=2ahUKEwi1ueDbhuTgAhUOOawKHZ6RDUMQzPwBegQIARAC&url=https%3A%2F%2Fqz.com%2F781527%2Fimmigrants-are-getting-more-out-of-americas-recovery-than-native-born-households-are%2F&psig=AOvVaw2rp1CnApEWTngBPtxA4t3Y&ust=1551636548788818

 

[Big Red 40]

I did read quite a bit on the issue and no one came right out and said why its happening . That’s why I said I “think “ that’s a contributing factor .