Non-Accredited Equity Crowdfunding Investors Need a Path to Liquidity
Jul 27, 2015 by Scott Shane In VC & Angel Capital
PeerRealty, a real estate crowdfunding platform, recently introduced CFX, the U.S.’s first secondary market for equity crowdfunding shares. For accredited investors, this exchange will improve the liquidity of equity crowdfunding investments.
Unfortunately, only accredited investors can use the platform. Equity crowdfunding investments made by non-accredited investors remain as liquid as ice.
This lack of liquidity creates a big problem. With the implementation of the rules for Title IV of the Jumpstart Our Business Startups (JOBS) Act in June, non-accredited investors — people with less than $1 million in net worth or $200,000 in annual income if single and $300,000 if married — can now buy shares in private companies through equity crowdfunding portals.
But non-accredited investors can’t sell those same shares. Unlike accredited investors who can go to PeerRealty to sell their securities, unaccredited investors have to wait for the companies in which they have invested to go public or get acquired to cash out. And if venture capital and angel group investments are any guide to the time to exit for young companies, then these unaccredited investors will be waiting five to ten years for liquidity. Of course, that’s if the companies in which they have invested are the kind that will be purchased or go public.
Securities and Exchange Commissioner (SEC) Daniel Gallagher has recognized this problem, calling for a solution to the ill-liquidity of crowdfunding securities in a September 17, 2014, speech.
Specifically, he said, “I’ve called for the creation of ‘Venture Exchanges’: national exchanges, with trading and listing rules tailored for smaller companies, including those engaging in issuances under Regulation A.”
Congressman Scott Garrett, the New Jersey Republican who chairs the Subcommittee on Capital Markets and Government-Sponsored Enterprises of the House has taken the issue to Capitol Hill. He has put forth a discussion draft of the Main Street Growth Act (PDF) – a bill that would “amend the Securities Exchange Act of 1934 to allow for the creation of venture exchanges to promote liquidity of venture securities, and for other purposes.”[/fusion_text]
My goal at the convention is to make as many connections with both professionals and like-minded students. Exposure, to sum it up with one word. As a rising senior at Rutgers business school pursuing a bachelors degree in finance with a legal studies minor I am also seeking internship opportunities in the field of finance/ compliance for the fall/spring and/or summer. Eloisa Faria
Yes it’s to raise money for the Convention. Our story and goals are presented in the gofundme account below, but If you want more details about my personal goals/ why I want to attend,
Send Eloisa & Dina to ALPFA 2015!!
ALPFA is a national, not-for-profit professional association that creates opportunities, adds value, and builds relationships for its members, the community and its business partners while expanding Latino & Diverse Leadership in the global workforce. ALPFA Rutgers –Newark is a student chapter of this professional business association which strives to participate in the professional chapter’s events, build professional relationships and network with other business students and corporate professionals.
Eloisa Faria guaduated from Passaic County Community College with an Associates Degree in Business Administration and is a Standing Senior at Rutgers Business School where she is pursuing a Bachelor’s Degree in Finance with a minor in Legal Studies. She has maintained a 3.5 cummulative GPA and works as a Resident Assistant at Rutgers, Newark in order to give back to the community she fell in love with.
Dina Siyam is a graduate of Middlesex County College with an Associates degree in Business Administration and is a member of Phi Theta Kappa Honor Society. She is currently entering her Senior year at Rutgers Business School where she is pursuing a Bachelors degree in Accounting & Finance with a concentration in Real Estate Finance.
Friday, July 17, 2015
the staff of the Ridgewood blog
Ridgewood NJ, Senator Bob Menendez held a press conference at the Ridgewood Train station yesterday under heavy security and pushed for more transit funding and union jobs. While it was an interesting choice of venue , a venue that had undergone a controversial $40 million renovation several years ago , which include and elevator to nowhere.
Menendez put forth his 9 Principles for a Public Transportation Reauthorization Bill, with no mention of how this stuff would be paid for or what happened to all the money in the Transportation Trust Fund or what the happened to all the shovel ready jobs from the stimulus package .
The senator was joined by our Mayor Paul Aronsohn for what many would call a union love fest .
“I categorically reject the idea that we can’t afford to fix our transportation system; we can’t afford not to fix it,” said Sen. Menendez, Ranking Member of the Subcommittee on Housing, Transportation, and Community Development, which has jurisdiction over transit. “Let’s stop pretending the transportation problem is going to resolve itself if we just wait long enough. Hundreds of thousands of New Jersey families and millions of Americans rely on a safe, reliable, affordable transit system, and Congress must finally accelerate on real investments and stop putting the brakes on upgrades, innovations and protections.”
“We need a transportation system that drives economic growth and helps communities thrive. Strategically investing in public transit can save families money in the long run, and it reduces congestion on our roads. It also increases economic mobility and job growth, giving people more personal flexibility and freedom to get to work, school, or wherever they need to go. Building tomorrow’s transportation system begins with hard work, careful planning, and smart investments today and these key principles offer a roadmap for making needed infrastructure improvements,” said Sen. Reed, who also serves as the Ranking Member of the Senate Appropriations Subcommittee on Transportation, Housing and Urban Development (THUD).
“Robust funding and smart policy that ensures that our transit systems remain efficient, safe, and reliable must be a key component of any transportation funding bill,” said Sen. Schumer. “As the Senate Banking Committee works toward a bipartisan bill these principles lay out some basic tenets that the bill should strive to achieve. Without additional investment transit systems across the country will continue to deteriorate, increasing the backlog of critical maintenance projects and jeopardizing the safety of transit riders.”
“By making smart investments in our transit infrastructure, we can create jobs today and build long-term economic growth in the future,” said Senator Merkley. “Oregon has been a longtime leader in innovative development projects, it’s time we incorporate more of these ideas in our national policy. Improving the reliability and efficiency of our public transportation systems is a win-win for workers, businesses, and the environment. At the same time, it makes our cities and towns better places to live, work, and raise a family.”
“A strong public transportation system is good for families, good for business and good for this country,” said Senator Warren. “A 21st Century economy requires a 21st Century transportation system.”
Sen. Menendez made the announcement at a news conference outside the New Jersey Transit rail station in Ridgewood, N.J., where residents rely on public transportation to commute to work.
“For Ridgewood commuters, having access to safe, efficient and reliable mass transit is not just important; it is a way of life,” said Mayor Paul Aronsohn. “We are therefore grateful to all that Senator Menendez is doing to promote these principles for a public transportation reauthorization bill.”
Sen. Menendez argued that transit systems have the potential to spur economic development, revitalize communities, and create new jobs. His policy framework today also received support from the leaders of the New Jersey AFL-CIO, Amalgamated Transit Union (ATU), Laborer’s International Union of North America (LiUNA), Northeast Regional Council of Carpenters, Brotherhood of Locomotive Engineers and Trainmen (BLET), Bergen County Central Labor Council, International Union of Operating Engineers (IUOE) and SMART-Transportation.
“We need a strong multi-year transportation funding bill signed into law to improve our economy and strengthen our communities,” said Charles Wowkanech, president of the New Jersey State AFL-CIO, which represents one million workers and their families. “Long-term funding allows proper planning and prioritization of our transportation needs, and creates permanent, sustainable jobs that make New Jersey a desirable location for employers and workers alike.”
“The Amalgamated Transit Union proudly stands with Senator Menendez, who recognizes the important role public transportation plays in communities across New Jersey and our country,” ATU State Council Chairman Ray Greaves said. “A long term transportation re-authorization bill will allow us to invest in and strengthen our transportation infrastructure, our mass transit system, and our workforce. It’s no secret that investment in mass transit is good for our economy and it creates jobs.”
“Once again, I commend Senator Menendez for his leadership in promoting the importance of making needed capital investments in our nation’s transportation infrastructure,” said Raymond M. Pocino, VP and Eastern Regional Mgr., Laborer’s International Union of North America. “The Senator’s policy priorities will help fund capital improvements to our region’s transit systems and enhance operational efficiencies. It is critical that we find a solution at the national and local level to fund our extensive transportation network. Without an efficient, mutli-modal transportation system we cannot grow our economy and create jobs, not only for the construction industry but all sectors of industry.”
“The passage of this bill will help New Jersey rebuild its failing infrastructure and create more opportunities for our residents to go to work,” said Northeast Regional Council of Carpenters Executive Secretary-Treasurer Michael Capelli.
“Senator Menendez is a true champion for the commuters of NJ Transit,” said Steve Burkert, General Chairman of SMART-Transportation Division Local 60, which is a member of the NJ Transit Rail Labor Coalition. “We applaud the Senator’s efforts to gain long term funding for NJ Transit. This funding will promote future growth and properly maintain current infrastructure. The safety of the passengers who ride our trains on a daily basis should never be compromised due to budgetary restraints. We stand here today in full support of Senator Menendez and his pursuit of funding the Public Transportation Reauthorization Bill.”
Principles for a Public Transportation Reauthorization Bill
Principle 1: Make sound investments by funding our nation’s transit programs at $115 billion over six years, the level recommended by the President.
Principle 2: Provide predictability and stability through a six-year authorization bill.
Principle 3: Address state of good repair challenges by growing programs including State of Good Repair and Bus and Bus Facilities.
Principle 4: Meet rising demand through increased investment in formula programs and Capital Investment Grants.
Principle 5: Strengthen America’s transit workforce through professional development, training, and robust worker protections.
Principle 6: Create sustainable communities through increased incentives for transit-oriented development
Principle 7: Build big, nationally and regionally significant projects in rural, suburban, and urban communities.
Principle 8: Invest in innovations that support safe, reliable, efficient and environmentally-friendly transit systems.
Principle 9: Improve disaster response by funding the Public Transportation Emergency Relief program.
more of Boyd Lovings photos will be posted durring the day and on the Ridgewood blogs Facebook page
JULY 8, 2015 LAST UPDATED: WEDNESDAY, JULY 8, 2015, 1:21 AM
BY KATHLEEN LYNN
STAFF WRITER |
THE RECORD
Private-equity firms poured more money into New Jersey companies last year, investing $16.7 billion in 104 companies, up $4.1 billion from the previous year.
New Jersey ranked ninth among the states for the amount of private equity invested, according to the Private Equity Growth Capital Council’s annual investment report.
“The rise in private equity investment in New Jersey and nationwide reflects a positive economic climate and the growth of private equity as an industry,” said James Maloney, a spokesman for the private equity council.
Among the most notable private-equity deals in New Jersey last year was a $90 million investment by Goldman Sachs in AvePoint, a Jersey City technology company. In addition, Onex Corp. became an equity partner in York Risk Services Group, a Parsippany-based risk management company, and General Atlantic Partners took a stake in CitiusTech Inc., a Princeton-based health care technology company.
In a more recent deal, Craftmaster Hardware of Northvale, which provides security hardware and locksmith supplies, was purchased this year for an undisclosed amount by Boston-based private-equity firm Capital Resource Partners.
Private-equity firms invested more than $486 billion in U.S.-based companies last year, increasing investment by $43 billion over the previous year. Nationally, private equity investors put more than half their money into two sectors, business services (29 percent) and consumer goods (22 percent). Information technology, energy, health and financial services accounted for most of the rest of the investments.
California ($56 billion), Texas ($52 billion), New York ($43 billion), Florida ($34 billion) and Illinois ($29 billion) led the states in the amount of private equity investments.
J.P. Morgan Chase & Co. is looking to move 2,150 jobs from New York City to Jersey City, the latest expansion of the financial institution across the Hudson River.
The New Jersey Economic Development Authority on Thursday is expected to consider an application by the New York City-based bank for a $19 million subsidy over 10 years, the second round of tax credits for the firm in about a year as the state seeks to create jobs in the Hudson County city.
New Jersey’s unemployment rate was 6.5% in May, compared with New York state’s 5.7% and 5.5% for the nation, according to the U.S. Bureau of Labor Statistics. (Haddon/Wall Street Journal)
Progressives, liberals, socialists, Democrats and the media (one and the same?) who crow about the current “low” unemployment rate never want to admit that the reason it’s gotten to 5.3 percent — the “official unemployment rate,” or U-3, as reported by the Bureau of Labor Statistics — is because the bureaucrats at BLS and the politicians in the White House artificially have tossed millions upon millions of long-term, out-of-work Americans off the roles by arbitrarily declaring that they’re “no longer in the labor force.”
There are lies, damned lies and government unemployment statistics. I’ve written about this before, but you can never have enough economic bad news, especially on the eve of our national birthday.
The more accurate U-6 rate, which is what economists look at for unemployment numbers and includes those marginally attached to the workforce, has the unemployment rate at 10.5 percent. But even that is too optimistic.
There are some – count John Williams at ShadowStats.com and me among them – who contend that the REAL unemployment rate has to include EVERYBODY, not just those the government wants included and did, until 1994 when they rigged the way the numbers were calculated to exclude the long-term unemployed.
That unemployment rate – the REAL rate – is 23.1 percent, a number that, unlike the U-3 and the U-6, hasn’t significantly gone down in over two years. At its highest in 1933 during the Great Depression, the unemployment rate was at 25 percent.
While Williams is not without his critics, they focus more on his terminology and harping about the edges of his calculations rather than his central thesis that a whole lot of folks who should be counted as in the labor force aren’t being counted.
Since, for statistical purposes, the U-3 only counts workers in the labor force, the measurement automatically drops whenever the labor force shrinks in size, which it does whenever the government wants it to. In theory, I can get the unemployment rate to ZERO by simply declaring all unemployed persons to be no longer in the labor force. BAM – problem solved.
Adding insult to injury, whatever job creation we’ve seen has been in low-wage and part-time positions. Mid- and higher-range positions are down some 1.2 million since 2009. When you go from making $75,000 per year on a full-time basis to making $7.50 per hour on a part time basis, most people consider that to be a severe hit, but the federal government considers it a net win – after all, you’re working, aren’t you?
A record 94 MILLION Americans are no longer considered as being in the labor force. That’s substantially greater than one in three, resulting in a participation rate — the total of Americans working or “looking” for work — of 62.6 percent, a number not seen since the worst days of the Carter administration.
To illustrate graphically, here’s a comparison of the U-3, the U-6 and John Williams’ ShadowStates Alternate rate that factors back in the workers the government has kicked off the labor force roles:
Consider: Even with a margin of three to five percent unemployment, which would encompass workers in between jobs or otherwise transitioning, which some are always doing, well over one-third of all Americans who should be working, could be working and would be working if the government had any business sense about it are not working.
Net, net, net: Continuing and accelerating economic stagnation and deterioration, zero wage growth, sluggishness and that brother-in-law of yours who’s been out of work since the fourth season of Breaking Bad will still be sleeping on your couch, eating your food and drinking your beer for as far as the eye can see.
When some left-wing loon posts one of those stupid “Obama’s so great — he’s lowered the unemployment rate” bumper-sticker memes on Facebook, show them this post and ask what other lies the administration and its lackeys and toadies are telling?
Taxing the 1% won’t cover the under-funding gap, you’d either have to raise state income taxes by 29% overall or raise the NJ sales tax to 10% just to maintain existing benefits…such measures would face significant obstacles from State constitutional mandates on the use of specific revenue sources for particular purposes, such as the dedication of all income taxes to property tax relief. In addition, the State must obey federal mandates, honor bonded obligations and meet other funding demands. As a result, roughly 87% of State revenues are effectively committed to specific purposes before the budgeting process begins. The remaining funds—$4.3 billion in the current budget—are counted on for vital functions such as law enforcement, public safety, the judiciary, and executive department offices. A “millionaires’ tax” imposing an average $50,000 additional annual tax on each millionaire, for example, would make only a small dent in the funding shortfall. It would still require the State to impose a 23% income tax increase on every other taxpayer. As a matter of political reality, potential tax increases of this magnitude would first be preceded by substantial benefit reductions. If existing pension and retiree health benefits are considered beyond reach, the remaining options would involve actions such as reducing active employees’ health benefits to the equivalent of Bronze-level coverage under the Patient Protection and Affordable Care Act (“ACA”) and eliminating retirement benefits for employees hired after 2010.
Very few private sector jobs offer pensions anymore, and subsidized health care coverage until age 65 is only for public sector workers. So why are my taxes going to subsidize these things for public workers, some of whom make more than the median household income in Ridgewood? The original contract to provide a pension and healthcare coverage for those in public service was based off of trade-off: lower wages in return for retirement security. That trade-off no longer holds true, and because retirees are living longer in to their mid-80s on average, the pension and healthcare bills are piling up… and yet these guys in Trenton just want to keep on raising my taxes?
TRENTON—State Democrats plan to advance budget bills Tuesday that raise taxes on high earners and corporate profits to shore up the state’s underfunded pension system, a proposal likely doomed because Republican Gov. Chris Christie has pledged to veto any tax increases.
The annual budget dance in Trenton typically leads to interparty fighting in June, but observers said that this year’s proceedings were particularly defined by gridlock, resulting in more political theater than fiscal negotiations. (Haddon/Wall Street Journal)
HACKENSACK – The whole of New Jersey might be embroiled in casino controversy chaos, but to Bergen County Executive Jim Tedesco, the case is clear: any future North Jersey casino should be built in the Meadowlands in his own Bergen County. (Bonamo/PolitickerNJ)
If Casinos didn’t help Atlantic City what makes you think they can help North Jersey ?
No one should look to the gambling industry to revive cities, “because that’s not what casinos do.”
Baltimore is a troubled city, as you know from The Wire. Like many troubled cities, Baltimore has turned to casino gambling as its solution. On August 26, a new Caesar’s casino will open on the site of an old chemical factory, a little more than 2 miles from the famous Inner Harbor and Camden Yards baseball stadium. Yet there’s already reason to expect the casino to disappoint everyone involved: the city looking for tax revenues, the workers hoping for jobs, the investors expecting hefty returns.
Outside of Las Vegas—now home to only 20 percent of the nation’s casino industry—casino gambling has evolved into a downscale business. Affluent and educated people visit casinos less often than poorer people do for the same reasons that they smoke less and drink less and weigh less.
Unfortunately for the casino industry’s growth hopes, downscale America has less money to spend today than it did before 2007. Nor is downscale America sharing much in the post-2009 recovery. From a news report on the troubles of a recently opened Ohio casino:
Ameet Patel, general manager of the property, says the softness in casino revenue that he and other operators have seen has been driven by a key demographic: women older than 50 who used to bet $50 to $75 per visit. The weak recovery has squeezed their gambling budgets, and their trips to casinos are fewer, he says.
What’s true in Ohio applies nationwide. Casino revenues had still not recovered their 2007 peaks as of the spring of 2014, when again they went into reverse in most jurisdictions. Moody’s now projects that casino revenues will drop through the rest of 2014 and all of 2015, slicing industry earnings by as much as 7.5 percent.
There have been many labels thrust upon the Millennial generation, especially when it comes to their work ethic. The group has been called lazy, entitled, and spoiled—but at the same time the generation has also been heralded for its collective innovation and desire to work for something other than money.
While America may still not know quite how to pin down the drive and desires of this generation, it does seem that their views on jobs and careers differ from their Boomer parents and the Gen Xers who came just before them. The most recent Allstate/National Journal Heartland Monitor poll separated respondents into a younger group of those “just starting out” and an older group of participants who were more established in order to determine whether or not these groups saw things differently on a variety of issues. In many instances there are, in fact, generational differences in perspective, but on some questions, Americans aren’t quite as far apart as they might seem.
When asked what their primary concern was during their first job, about 64 percent of older Americans talked about making as much money as possible or learning new skills. When asked the same question, younger Americans were much more likely to say that their top priority was doing something that they found enjoyable or making a difference in society, with 57 percent choosing one of these options.
JUNE 10, 2015 LAST UPDATED: WEDNESDAY, JUNE 10, 2015, 11:45 AM
BY AIMEE LA FOUNTAIN
CORRESPONDENT |
THE RIDGEWOOD NEWS
A new subset of the Ridgewood Chamber of Commerce called the Brown Bag Lunch Bunch (BBLB) has formed for women business owners.
“It’s something I’ve wanted to do for a long time,” said Ridgewood Chamber Executive Director Joan Groome of the group, which started in 2013.
The idea came about when some chamber members wanted to meet during the day because they were unavailable during regular early morning or evening hours for meetings.
“I thought, ‘This is perfect for a women’s group’ and that’s how it started,” Groome said.
Meetings take place at 9 a.m. and 11 a.m. on Tuesdays.
The purpose of BBLB is to give Ridgewood small business owners a chance to network.
“It’s women helping women in business,” Groome said. “It’s a very dynamic group.”
Lena Antaramian, owner of Live Laugh Love Photography, specializing in children and family photos, has attended meetings for two years.
“Everyone’s energized and it’s great to see women achieving their objectives, making their dreams come true and building their businesses,” she said.
Groome estimated that about half of the members are new or experienced business owners and the rest work for various companies. They have backgrounds in many areas including healthcare, IT, financial advisement and marketing.
During meetings, the women give suggestions, help with referrals, plan events and offer encouragement.
“It’s about real situations and real concerns,” Groome said.
Your constant harping on “work ethic” is growing tiresome. Just because someone’s poor doesn’t mean they’re lazy. The unemployed want to work! And many of those who can’t find work today, didn’t have the benefit of growing up with parents like yours. How can you expect someone with no role model to qualify for one of your scholarships or sign your silly “Sweat Pledge?” Rather than accusing people of not having a work-ethic, why not drop the and help them develop one?
Craig P.
Hi Craig, and Happy Sunday!
I’m afraid you’ve overestimated the reach of my foundation, as well as my ability to motivate people I’ve never met. For the record, I don’t believe all poor people are lazy, any more than I believe all rich people are greedy. But I can understand why so many do.
Everyday on the news, liberal pundits and politicians portray the wealthy as greedy, while conservative pundits and politicians portray the poor as lazy. Democrats have become so good at denouncing greed, Republicans now defend it. And Republicans are so good at condemning laziness, Democrats are now denying it even exists. It’s a never ending dance that gets more contorted by the day.
A few weeks ago in Georgetown, President Obama accused Fox News of “perpetuating a false narrative” by consistently calling poor people “lazy.” Fox News denied the President’s accusation, claiming to have only criticized policies, not people. Unfortunately for Fox, The Daily Show has apparently gained access to the Internet, and after a ten-second google-search and a few minutes in the edit bay, John Stewart was on the air with a devastating montage of Fox personnel referring to the unemployed as “sponges,” “leeches,” “freeloaders,” and “mooches.” https://www.washingtonpost.com/blogs/erik-wemple/wp/2015/05/14/daily-shows-jon-stewart-buries-fox-news-on-coverage-of-poverty-president-obama/
Over the next few days, the echo chamber got very noisy. The Left howled about the bias at Fox and condemned the one-percent, while the Right shrieked about the bias at MSNBC and bemoaned the growing entitlement state. But through all the howling and shrieking, no one said a word about the millions of jobs that American companies are struggling to fill right now. No one talked the fact that most of those jobs don’t require an expensive four-year degree. And no one mentioned the 1.2 trillion dollars of outstanding student loans, or the madness of lending money we don’t have to kids who can’t pay it back, educating them for jobs that no longer exist.
I started mikeroweWORKS to talk about these issues, and shine a light on a few million good jobs that no one seems excited about. But mostly, I wanted to remind people that real opportunity still exists for those individuals who are willing to work hard, learn a skill, and make a persuasive case for themselves. Sadly, you see my efforts as “right wing propaganda.” But why? Are our differences really political? Or is it something deeper? Something philosophical?
You wrote that, “people want to work.” In my travels, I’ve met a lot of hard-working individuals, and I’ve been singing their praises for the last 12 years. But I’ve seen nothing that would lead me to agree with your generalization. From what I’ve seen of the species, and what I know of myself, most people – given the choice – would prefer NOT to work. In fact, on Dirty Jobs, I saw Help Wanted signs in every state, even at the height of the recession. Is it possible you see the existence of so many unfilled jobs as a challenge to your basic understanding of what makes people tick?
Last week at a policy conference in Mackinac, I talked to several hiring managers from a few of the largest companies in Michigan. They all told me the same thing – the biggest under reported challenge in finding good help, (aside from the inability to “piss clean,”) is an overwhelming lack of “soft skills.” That’s a polite way of saying that many applicants don’t tuck their shirts in, or pull their pants up, or look you in the eye, or say things like “please” and “thank you.” This is not a Michigan problem – this is a national crisis. We’re churning out a generation of poorly educated people with no skill, no ambition, no guidance, and no realistic expectations of what it means to go to work.
These are the people you’re talking about Craig, and their number grows everyday. I understand you would like me to help them, but how? I’m not a mentor, and my foundation doesn’t do interventions. Do you really want me to stop rewarding individual work ethic, just because I don’t have the resources to assist those who don’t have any? If I’m unable to help everyone, do you really want me to help no one?
My goals are modest, and they’ll remain that way. I don’t focus on groups. I focus on individuals who are eager to do whatever it takes to get started. People willing to retool, retrain, and relocate. That doesn’t mean I have no empathy for those less motivated. It just means I’m more inclined to subsidize the cost of training for those who are. That shouldn’t be a partisan position, but if it is, I guess I’ll just have to live with it.
Mike
PS. The Sweat Pledge wasn’t supposed to be partisan either, but it’s probably annoyed as many people as its inspired. I still sell them for $12, and the money still goes to mikeroweWORKS. You can get one here, even if you’re not applying for a scholarship. https://profoundlydisconnected.com/foundation/poster/
PPS. If you’d like Craig, I’ll autograph one for you!
Here’s an interesting take on income inequality that bucks conventional wisdom.
While President Barack Obama claims that low-income Americans work just as hard as their wealthy counterparts, that simply isn’t true, says Stephen Moore, a distinguished visiting fellow at The Heritage Foundation.
“Yes, many people in poor households heroically work very hard at low wages to take care of their families, no doubt about that,” he and Heritage Foundation research associate Joel Griffith write in The Washington Times.
Special: What the Bible Says About Investing (Shocking)
“Yet the average poor family doesn’t work nearly as much as the rich families do. And that’s a key reason why these households are poor.”
Census Bureau data show that for every hour worked by those in a low-income household, those in a wealthy household toil five hours.
“The idea that the rich are idle bondholders who play golf or go to the spa every day while the poor toil isn’t accurate,” Moore and Griffith explain.
“The finding that six out of 10 poor households have no one working at all is disturbing. Since they have no income from work, is it a surprise they are poor?”
Meanwhile, Americans are concerned about the growing inequality of income, but they don’t see the government as a solution for the most part, according to a new study by four esteemed professors for the Washington Center for Equitable Growth.
Ridgewood NJ , Assemblymen Robert Auth in February pushed for legislation to end county government in New Jersey now on Thursday, Connecticut and Rhode Island long ago abolished county government, while Massachusetts has eliminated most of its county governments.On March 26, 2015, Assemblyman Robert Auth made a motion to amend legislation, which grants Atlantic City as an Urban Enterprise Zone for 10 years (A-3920), to also extend the sales tax cut statewide.
Auth said we all live in districts that have lost jobs , which echoed what he said in February , “I’m watching businesses leave our state. A lot of it is in the district I represent,” said Auth. “I totaled up all the county budgets throughout the state. It’s like $6.5 billion a year in New Jersey. That’s a lot of money.” https://www.nj.com/politics/index.ssf/2015/02/he_end_of_county_government_in_nj_bergen_county_la.html .
One of the most immediate and clear effects of sales tax on supply and demand involves an increase in the price of consumer goods. This occurs because businesses must pay more for the products they buy, including machinery, office furnishings and computer equipment. The higher cost of doing business translates into higher prices for new products. money.https://smallbusiness.chron.com/sales-tax-effect-supply-demand-20815.html
While sales tax affects supply directly, it only has an indirect effect on consumer demand. Besides altering the equilibrium price, which takes demand into account, sales tax also impacts consumers’ buying power. When sales tax rates are high, consumers spend more money on taxes and have less to spend on additional goods. This drives down general demand, or forces businesses to reduce prices to keep demand steady. This effect holds true even for items that are not subject to sales tax, such as grocery items and prescription drugs.https://smallbusiness.chron.com/sales-tax-effect-supply-demand-20815.html
