We are depressed with The Donald raising taxes (tariffs – Hokey smokes, Pete is right) on Americans to show the Chinese. We are with the editors at NRO:
Trump responded to the setback in talks by raising tariffs, and China reciprocated. The escalation of the trade war poses increasing risk to our economy, as stocks have been signaling. The best course for the U.S. now would be to reach a swift resolution in the current talks — getting back to the deal that seemed to be on the table before China miscalculated — and then switch to a strategy for changing Chinese behavior that does not depend so thoroughly on possibly backfiring tariffs.
Meanwhile, here was a ray of sunshine from Mark Perry at Carpe Diem:
Related: CNBC reported today that “Walmart’s U.S. store managers earn an average of $175,000 per year and receive benefits including parental leave, health benefits and 401(k) contributions. That’s higher than the average salary of some of the country’s best paying jobs, including dentists, who make an average $174,110 a year, according to U.S. News & World Report, and lawyers, who make an average of $141,890.”
Who-d a-Thunk It? Walmart managers make more than dentists and lawyers on average? And I’d bet [we were sure before the update] many of them started as hourly associates and worked their way up to store manager…. but, but, but I always heard those retail jobs at Walmart were dead end jobs….??
Update: According to Walmart “75% of its Walmart U.S. store operations management team members started as hourly employees.”
It is the natural financial life cycle of humans in our age of abundance. Folks build skills while working low paid (and often menial) jobs and fighting financial challenges while they are young. They use these skills to manage their finances and build a career. There are lots of individual exceptions. Some folks like Bill Gates go for it and make it big early. Other folks go for it and fail. Check out the restaurant turnover in your hometown. Some folks fail to build skills because of chemical dependency or other issues. Still it is what most people do and a good plan for most folks.
This is why increasing the minimum wage is such an insidious idea. It doesn’t just throw people out of work but it can ruin their lives. The ray of sunshine from Mark reminds how well the natural financial cycle does work.