Economics

I Just Got Fired

We are going to hear a lot more of this in the near future. Yes, the economy is building back, and yes, the stock market is soaring despite occasional crashes. But underneath all of that is the struggle by small businesses to survive until this virus is under control.

If you watch the finance channels, you will immediately realize that some are saying there is no reason to intervene in a natural economic event. The economy is adapting, and no amount of cash is going to change that fact. You can’t save some of these businesses. Let them go.

Little comfort for the person who owns a small business, or works for a living and is suddenly no longer employed. What do they do?

Ted David describes himself as a founder of the CNBC network. He has seen a lot of ups and downs in his time, and when he read this tweet, he sent a response that everyone needs to read and keep.

So many of us do not have a plan for this eventuality, but Ted’s list of ten things you need to do is a great start.

Desperate Deficit Times Require Desperate Budget Reform Measures for a ‘Brighter American Future’

The federal government ran a $665 billion deficit in fiscal 2017. This year, our national debt surpassed $21 trillion. The Congressional Budget Office projects that the government will return to annual trillion-dollar deficits by 2021 and that by 2028 the debt held by the public will reach 91 percent of gross domestic product.

Source: Desperate Deficit Times Require Desperate Budget Reform Measures for a ‘Brighter American Future’

Free news gets scarcer as media groups tighten paywalls — The Straits Times World News

Increasingly, media outlets are being forced to charge for their services. But will the model work? A robust media is critical for Democratic countries. They cannot survive without it, despite the attacks of the current administration.

February 25, 2018 12:19 PMWASHINGTON (AFP) – For those looking for free news online, the search is becoming harder.

via Free news gets scarcer as media groups tighten paywalls — The Straits Times World News

Google’s new hiring software, a vast new market — Quartz

Google already has its tentacles into your company’s emails, calendars, documents, and storage. Now it wants to manage your corporate hiring. On Monday (July 17), Google announced Hire, an applicant-tracking system designed for small companies, but which, like Google’s other products (see: Gmail), seems likely to expand if it gains traction. Applicant-tracking systems have proliferated…

via With its new hiring software, Google threatens a vast new market — Quartz

How to Get Rich When Robots Steal Your Job | Inc.com

Robots don’t take breaks, or call in sick, or complain about their job. That is strong competition for a lot of jobs that can be automated. So, where does that leave the non-robots? In trouble.

This from Inc –

robots

Consultancy firm Price Waterhouse & Coopers recently published a report that suggested that 38% of US jobs will be performed by robots by 2030. The rates are even higher in the transportation and storage (56%) and manufacturing (46%).

Source: How to Get Rich When Robots Steal Your Job | Inc.com

The disappearing startup – Axios

There are fundamental changes in our economy that do not bode well for startups and for the many workers that startups hire, especially young people. Your first job teaches you as much as school. From Axios –

For the first time on record, U.S. companies are actually dying at a faster rate than they’re being born, according to an analysis by the Economic Innovation Group, a non-profit research and advocacy organization.

Source: The disappearing startup – Axios

‘Chinafrica’ is a macro megatrend set to impact everything from Silicon Valley to Wall Street | TechCrunch

While America isolates, China moves into spaces no one ever expected them to go. The reason is simple. Economically simple. Make friends with emerging nations, and make buyers eventually. We are witnessing the emergence of the next great leader of the free world, and they are anything but free. This from TechCrunch.

VCs and startup founders rarely pay attention to slow-moving but powerful macro global events, especially with so many fast-moving things to focus on at the micro level, like technology, teams and trends.

Source: ‘Chinafrica’ is a macro megatrend set to impact everything from Silicon Valley to Wall Street | TechCrunch

Glenn Hubbard: Dodd-Frank Doesn’t Work, But This Plan Could — Fortune

In an important speech before the Economic Club of New York this week, House Financial Services Committee Chairman Jeb Hensarling (R-TX), offered a new approach to financial regulation — an alternative to the Dodd-Frank Act that balances growth and risk-taking with Dodd-Frank’s focus on safety and soundness. Concerns over credit availability, consumer financial access, and…

via Glenn Hubbard: Dodd-Frank Doesn’t Work, But This Plan Could — Fortune

Inside France’s New Kind of Nightly Protests — TIME

It started as a protest against proposed reforms that would loosen France’s complex labor regulations. On March 31, thousands of people — most of them young — converged on Paris’ Republique Square. Their goal: to stay up all night in a new form of demonstration that would force the government to take notice. Called Nuit…

via Inside France’s New Kind of Nightly Protests — TIME