• Homepage
  • News
    • Worldwide
    • Politics
  • Sports
  • Business
    • Entrepreneurship
    • Money
  • Entertainment
    • Celebrity
    • Film/TV
  • Music
    • New Music
    • Videos
    • Review
  • Lifestyle
    • Beauty
    • Fashion
    • Hair
  • Events
    • Concert
    • Conference
    • Festival
    • Night Life
Elite BPM Online
  • April 20th, 2021
Elite BPM Online
  • Homepage
  • News
    • Worldwide
    • Politics
  • Sports
  • Business
    • Entrepreneurship
    • Money
  • Entertainment
    • Celebrity
    • Film/TV
  • Music
    • New Music
    • Videos
    • Review
  • Lifestyle
    • Beauty
    • Fashion
    • Hair
  • Events
    • Concert
    • Conference
    • Festival
    • Night Life
  • Follow
    • Facebook
    • Twitter
Tax refunds aren’t enough to improve the economy
Home
Business
Money

Tax refunds aren’t enough to improve the economy

May 28th, 2018 Business, Money 0 comments

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 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.

Facebook Twitter Google+ LinkedIn Pinterest
Next article Entrepreneurship Takes a Mental Toll: Here's How to Cope
Previous article MOST CREDIT CARD COMPANIES WILL GET RID OF YOUR FEES IF YOU SIMPLY ASK

Related Posts

Chili’s Hit By Data Breach, Credit And Debit Card Information Compromised Business
May 29th, 2018

Chili’s Hit By Data Breach, Credit And Debit Card Information Compromised

Amazon.Com. Planning To Offer Credit Card To U.S. Small-Business Customers Business
May 28th, 2018

Amazon.Com. Planning To Offer Credit Card To U.S. Small-Business Customers

European trade officials are set to meet their US counterparts days before an exemption from Trump's steel and aluminum tariffs expires Business
May 28th, 2018

European trade officials are set to meet their US counterparts days before an exemption from Trump's steel and aluminum tariffs expires

Leave a Reply Cancel reply

Weekly Timeline
Jun 11th 1:06 PM
News

America used to do everything well, but now we can’t even qualify for the World Cup

Jun 11th 11:46 AM
Sports

Former Wizards center Etan Thomas wants more athletes to use their voice

Jun 11th 11:03 AM
Sports

WHY LEBRON JAMES’ NBA 2K19 COVER COULD MEAN HE’S LEAVING CLEVELAND AGAIN

Jun 11th 10:39 AM
Sports

THE WARRIORS’ ‘GOLDEN ERA’ AS AN UNSTOPPABLE NBA DYNASTY HAS BEGUN

Jun 11th 3:26 AM
Lifestyle

Serena Williams Wears Black Catsuit for 1st Grand Slam Win Since Giving Birth

May 29th 4:41 AM
Sports

Adrian Peterson keeps mentioning Houston as possible fit

May 29th 3:56 AM
Sports

High school basketball player collapses, dies at AAU event

Weekly Quote

I like the dreams of the future better than the history of the past.

Thomas Jefferson
Latest Reviews
WILL SMITH & NICKY JAM DROP WORLD CUP ANTHEM ‘LIVE IT UP’ May 27th, 2018Music

WILL SMITH & NICKY JAM DROP WORLD CUP ANTHEM ‘LIVE IT UP’

WEEKLY GALLERY
unnamed-3
29067112_10204359655349088_7410309677986086912_n
  • Homepage
  • News
  • Sports
  • Business
  • Entertainment
  • Music
  • Lifestyle
  • Events
  • Back to top
© EliteBPM 2017. All rights reserved.
Site Designed by EliteBPM