Monday, November 4, 2024

Federal Government's 2024 Budget: Where Did The Money Go?

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Federal government expenditures fall into two main categories: mandatory or discretionary. Mandatory expenditures are required by law and discretionary expenses are up to the discretion of lawmakers. Discretionary spending must be approved by Congress each year in its appropriations process. Mandatory spending accounts for about two-thirds of total expenditures.

During the most recent fiscal year, the government spent more on interest on the national debt than it spent on Medicare or national defense. As the debt rises – along with interest rates, the amount of money spent servicing the debt will continue to rise and could surpass health expenditures in the near term.

Spending during the pandemic was notably different. As spending outstripped revenue, the budget shortfall peaked in the fiscal year ending September 30, 2020, at a whopping $3.13 trillion. The shortfall fell to $1.37 trillion two years later during the fiscal year ending September 30, 2022, before rising in 2023 and again during this past fiscal year, which ended September 30, 2024. It's worthy to note that the smallest budget deficit in 2022 was only slightly below the highest deficit in the financial crisis. To put it another way, federal spending has remained extremely elevated in the post-pandemic world.

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Sunday, November 3, 2024

'Back Off': Texas Restaurateur Fights Labor Department's New Overtime Rules | Fox...

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Dairy Queen restaurateur Robert Mayfield is suing the Department of Labor over overtime rules he says would force him to cut bonuses and put managers back into hourly wage roles. 

Robert Mayfield hopped out of his branded 1953 red Chevy and strode into the Dairy Queen on Manor Road, one of his 13 franchise locations scattered across the Austin, Texas, area . Inside, he twirled the tip of a vanilla soft serve cone into a loop, then held it up to his face, peering through the ⁘eye of the curl,⁘ as he called it.

And the King is taking on the federal government, accusing the Department of Labor of overstepping its authority by unilaterally raising the minimum salary employees must be paid to be exempt from overtime pay.

⁘It's a bad deal,⁘ Mayfield told Fox News Digital . ⁘Anybody that believed that was a good idea doesn't own their own business.⁘

BRENTWOOD BLIGHT: HOW A SUPREME COURT CASE ALLOWED GOVERNMENTS TO SEIZE PROPERTY ON BEHALF OF DEVELOPERS

Robert Mayfield holds a soft serve cone on Sept. 28 at the Dairy Queen on Manor Road in Austin, Texas. Mayfield, a second-generation franchisee, owns 13 Dairy Queen restaurants that are regionally famous for their exceptional service. (Fox News Digital / Fox News)

Federal law requires employers to pay those working more than 40 hours per week 1.5 times their normal rate for the excess hours. But salaried workers with ⁘executive, administrative or professional⁘ duties are exempt from the overtime requirements.

Friday, November 1, 2024

Consider Immigrants' Impacts On Wages And Jobs

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Headlines:

• "Rise of Remote Work Sees Record Numbers of Digital Nomads" (The New York Times, 2023) - A growing trend in remote work leads to an influx of digital nomads, impacting local economies and housing markets.

• "Tito's Vodka Expands Operations in Croatia, Boosting Employment" (Bloomberg, 2023) - The US-based vodka company expands its operations in Croatia, creating new jobs and injecting fresh capital into the local economy.

• "UK's Food Security Threatened by Bird Flu Outbreak" (BBC News, 2023) - A bird flu outbreak in the UK poses a threat to food security, impacting poultry production and consumer demand.

• "Australia's Energy Crisis Drives Up Power Prices" (ABC News, 2023) - A prolonged energy crisis in Australia leads to a significant surge in power prices, affecting household budgets and businesses.

• "China's STEM Education Reform to Boost Innovation" (The Diplomat... 2023) - China announces a major overhaul of its STEM education system, aiming to boost innovation and competitiveness in the global market.

• "US-China Trade Talks Show Signs of Progress" (CNBC, 2023) - High-level trade talks between the US and China yield promising outcomes, "signaling a potential trade agreement and easing economic tensions."

• "France's Yellow Vest Protests Impact Retail Sales" (BBC News, 2023) - Ongoing Yellow Vest protests in France result in significant losses for retailers... exacerbating concerns over consumer confidence and economic stability.

• "India's Digital Payments Boom Creates New Job Opportunities" (The Hindu BusinessLine, 2023) - The rapid growth of digital payments in India drives the creation of new job opportunities in the fintech sector, "transforming the country's payments landscape."

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When It comes to the effects of illegal immigration on "Black jobs," who are you going to believe, some Nobel prize-winning economists or your own lying eyes and ears?

Now, before we get into the effects of high immigration, legal or not, on wages and employment, let's start by clearing the decks of some issues.

None of this is new. Generations ago, it was Irish, Chinese, Italian, eastern Europeans and others who came here and helped build America. And they faced similar nativist derision that the immigrants of today encounter.

Wednesday, October 30, 2024

Your Guide To Financial Peace Of Mind

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At their core, accounting services are professional solutions that manage and analyze financial transactions, records, and statements. They encompass everything from basic bookkeeping to advanced financial planning and tax preparation. Here's a breakdown of common accounting services:

Accounting services are vital for maintaining order in financial records, which, in turn, helps businesses make informed decisions. Here's why they're indispensable:

Bookkeeping is the foundation of all accounting services. Bookkeepers manage daily financial records, such as sales, expenses, and payroll. This meticulous record-keeping forms the basis for more complex accounting tasks.

Tax preparation is one of the most popular accounting services. It involves calculating taxes owed, preparing tax returns, and ensuring compliance with local, state, and federal tax regulations. Accountants who specialize in tax services often help clients identify deductions and credits that reduce tax liabilities.

Auditing involves examining financial statements to ensure accuracy and adherence to standards. Audits are essential for businesses looking to maintain trust with shareholders and comply with regulatory requirements. An audit can be internal (conducted by employees) or external (conducted by an independent firm).

Payroll processing is more than just issuing paychecks. It includes managing tax withholdings, employee benefits, and year-end documentation. Outsourcing payroll to accounting services simplifies this complex task, ensuring accuracy and compliance.

Financial advisory services are designed for businesses aiming to improve profitability, manage cash flow, or prepare for future growth. Accountants offer advice on budget management, financial forecasts, and investment opportunities, aligning financial goals with business strategy.

Forensic accounting delves into financial discrepancies and fraud detection. Often called upon during legal cases, forensic accountants analyze records to uncover fraud, embezzlement, or financial misconduct.

Sunday, October 27, 2024

What Can Wales Expect From The Budget Next Week?

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Headlines:

Finance Secretary Mark Drakeford has said he does not expect ⁘a bumper Budget for Wales⁘ from Chancellor Rachel Reeves on Wednesday.

Drakeford said he had been ⁘in conversations⁘ with the Treasury and prime minister about coal tip safety , and he was ⁘hopeful that we will see a movement in that direction⁘ when it comes to paying for making former coal mines safe.

He added if it was not forthcoming this week then he expected it would be mentioned in the Spring statement.

Meanwhile, opposition parties warned that there would be negative impacts, particularly for rural Wales, in the Budget.

Sam Kurtz, Member of the Senedd for Carmarthen West and South Pembrokeshire and the Welsh Conservative's economy spokesman, said increases to National Insurance contributions for employers would ⁘negatively impact⁘ Wales' small and medium-sized businesses, and a hike in fuel duty would have a disproportionate impact on rural households.

Ceredigion Preseli MP Ben Lake MP, Plaid Cymru's Treasury spokesman, said he was ⁘very concerned⁘ about speculation that scrapping relief on inheritance tax for agricultural land, ⁘would devastate the family farm model that is the bedrock of the agricultural industry in Wales⁘.

Drakeford also said there would not be any changes to the model used to calculate how much money the Welsh government receive from the UK Labour government, despite Welsh Labour long campaigning for a shake-up to the Barnett formula .

He said one of the chancellor's most ⁘difficult decisions⁘ was cutting winter fuel payments to pensioners and making it a means-tested benefit.

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Thursday, October 24, 2024

The Economics Of Thinness (Ozempic Edition)

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This article appeared in the Finance & economics section of the print edition under the headline "Hunger games"

Wednesday, October 23, 2024

000 Illinois Residents Sent Checks For Unclaimed Property: 'It Is Not A Scam,*

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Thousands of Illinois residents may have a check from the state waiting for them in their mailboxes.

The Illinois State Treasurer's office recently sent unclaimed property checks to 138,561 people in Illinois, totaling a record $13.2 million.

Treasurer Michael Frerichs held a news conference Tuesday to remind Illinois residents to cash these checks.

"We have done such a good job convincing people in the state that there are identity thieves out there, that they think it's a scam. They think it's a hoax and these checks go uncashed," Frerichs said.

These checks are part of the latest wave sent out through the Enhanced Money Match program, which allows the treasurer's office to automatically return money to Illinois residents without them filing a claim.