Today: 21.06.2018
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20.06.2018

Tax refunds aren’t enough to improve the economy.

Dear John: Mick Mulvaney, head of the Office of Management and Budget, is being optimistic about the future growth of the economy. I am skeptical that the middle-class tax refunds alone will give the economy a big enough boost. Consumer spending cannot grow very much when millennials, who make up the largest cohort in the...
Time: 23:04     Date: 26.05.2018
Last US Business News: Tax refunds aren’t enough to improve the economy. NY Post 24 - US News

Consumer spending cannot grow very much when millennials, who make up the largest cohort in the workforce, are working at lower-paying or part-time jobs.

The next largest cohort, baby boomers, are mostly retired or getting ready to retire and are not spending as much, living on Social Security.

So to grow the economy at a sustained 3 percent, businesses must take the money received from tax cuts and go on a capital spending spree.

We also need to repatriate the trillions of dollars that companies parked overseas and require investments in infrastructure in order to qualify for lower tax rates.

The only long-term solution to reducing the debt is to go after entitlements.

As OMB director, Mulvaney must use political spin to create a rosy economic scenario. M.F.

Dear M.F.: Of course Mulvaney is being optimistic. That’s his job.

Yes, entitlements are out of control. But when people can get almost as much on Social Security and Disability as they can working, who can expect them to pass up such a great deal?

Social Security isn’t an entitlement — we paid a lot of money into it. But it looks and feels like an entitlement to baby boomers who have to decide whether or not to retire. And if the available jobs aren’t attractive enough, a helluva lot of boomers are going to call it quits. And that’s going to create a very large problem for the Social Security Administration.

Your other point: So far the tax cut isn’t doing much for the economy. But it is hurting the US on the debt side.

Dear John: I’m writing to you for some advice.

A few Sundays ago I noticed a letter to you regarding the mortgage company Mr. Cooper. Right now I have it as my servicer, not by choice.

I started with Bank of America, then Nationstar and now Mr. Cooper. I am delinquent on my mortgage, and I am trying to work it out with Mr. Cooper.

Four years ago, I retired from the NYPD, and I now have another full-time job. I would love to stay in my house, but I can’t seem to get anywhere with Mr. Cooper.

Thank you, and I hope to hear from you. V.C.

Dear V.C.: I have absolutely no advice.

But I did get in touch with Mr. Cooper, and your mortgage modification is all set. Your new mortgage will start next month.

A spokesman for Mr. Cooper said: “We wanted to let you know that we’ve spoken with [your reader] and resolved his issue. Thank you again for reaching out.”

You confirmed in an e-mail to me that your deal is set, saying, “I just wanted to thank you for reaching out to them for me because yesterday I got a call from [Mr. Cooper] regarding a modification to begin June 1. Thanks, again I really appreciate it!”

We can’t have a former NYPD officer getting kicked out of his home. Glad it worked out.

Business

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Opinion

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Living

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A 1962 Ferrari 250 GTO road racing car is expected to fetch more than $45 million at auction in August, making it the most...
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Beer may lack fizz in Europe amid carbon dioxide shortage.
LONDON — No beer at this time of year? A British trade group says there’s a shortage of carbon dioxide in Northern...
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Millennials don’t care about traditional honeymoons.
When Gina Doost and Jeff Fransen planned their picture-perfect wedding in September 2016, they were dealing with two challenges...
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The moment Dana Rosenbloom picked up her cell phone and heard the anguished voice of her client — an Upper East Side mother...
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People actually paid $38 for ‘hot dog water’ at festival.
Vancouver’s annual Car Free Day festival attracts thousands of people to the Canadian city’s Main Street. However, this...
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US to require more screening of powders in carry-on baggage.
U.S. security officials will require more screening of powdered substances in carry-on bags on international flights headed...
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Poisonous caterpillar sends teen to emergency room.
A Florida teen is recovering from a terrifying health scare involving a venomous caterpillar, according to reports. Logan...
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For a superhero movie, “Incredibles 2” is extraordinarily feminist. The sequel to 2004’s animated hit “Incredibles,”...

Business

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A Houston sports bar closed its doors for two weeks after the local prosecutor called it a “crime factory” — claiming...
Last US Business News: The reason millennials might be such bad tippers. NY Post 24 - US News
The reason millennials might be such bad tippers.
This bit of news got a lot of play this week: Millennials — Americans age 18 to 37 — are lousy tippers. In fact, they...
Last US Business News: Tax cuts were nice, but the federal deficit is still growing. NY Post 24 - US News
Tax cuts were nice, but the federal deficit is still growing.
Paul Ryan, the Wisconsin Republican who is Speaker of the House, said yesterday that the tax law changes have already been...
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What the Fed’s interest rate hikes mean for you.
Interest rates went up again last week. And Federal Reserve Chairman Jerome Powell said Wednesday they will continue to rise....
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New York regulators are slapping a $205 million fine on Deutsche Bank, following allegations that its traders manipulated...
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Tesla is suing a former employee at its Nevada battery factory alleging that he hacked into the manufacturing computers and...
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Metro

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Sport

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