by Bud Meyers, published July 3, 2015
First, a couple statistics worth noting:
- According to the Bureau of Labor Statistics 640,000 more workers dropped out of the labor force — just since last month — and that’s why the unemployment rate dropped again. And no, it wasn’t because more people went on disability or because a lot of Baby Boomers retired.
- And according to the St. Louis Federal Reserve (as of June 2015) we have 646,000 less government workers today than we did during George W. Bush’s last day in office.
In other recent news:
Jeb Bush’s Golden Nest Egg: Via the Washington Post (July 2, 2015):
A close review of the tax forms released this week show how Jeb Bush maneuvered to minimize his tax bill through his company Jeb Bush & Associates. The returns show that the company set up a generous and well-funded pension plan now rare in corporate America, allowing Bush to take large tax deductions while he and his wife built up their retirement portfolio.
Daniel Halperin, a professor at Harvard Law School who specializes in pensions, said federal law allows companies to take a tax write-off for large pension contributions in an effort to encourage them to offer solid retirement plans to their employees. He said those rules make less sense in the case of Jeb Bush & Associates, which offers the plan to only two people. “It is generous,” Halperin said. But, he added, “the law allows them to be generous.”