I kinda missed the party, this will be 1038, but since I’ve deleted a few since I started posting here since moving off my Spaces blog, I imagine this one clocks in at about 1000. Two years almost exactly, that’s about 500 per year, or about 1.3 per day. I wonder what I could have done with the time I’ve spent sitting here explaining to everyone why they need to listen to me because they’re wrong about everything. 😛 1000 posts of completely worthless tripe now clogging various search engine databases and the internets. What an accomplishment.
Get ready for it folks, it’s coming. To make it work, without cutting benefits or raising the retirement age, we’ll need about a 4-6% increase in payrol tax rates (assuming the rate isn’t converted to a progressive tax, in which case the increase will be much higher on higher income earners) and the removal of the 90K cap on social security taxes. Figure that into your current salary and see how it effects your savings rate. A quick back of the napkin calculation based on a 3% increase and raising the cap to $150,000 yeilds –
Current: $90,000.00 taxed / $35,000.00 not taxed – $5,580.00 in taxes
No Cap, Same Rate: $125,000.00 taxed – $7,750.00 in taxes (difference: $2,170.00 annually)
No Cap, 3% Tax Increase: $125,000.00 taxed – $11,500.00 in taxes (difference: $5,920.00 annually)
Current: $90,000.00 taxed / $60,000.00 not taxed – $5,580.00 in taxes
No Cap, Same Rate: $150,000.00 taxed – $9,300.00 in taxes (difference: $3,720.00 annually)
No Cap, 3% Tax Increase: $150,000.00 taxed – $13,800.00 in taxes (difference: $8,220.00 annually)
This would hit people who live in areas that have a high cost of living the most, since their savings rates tend to be the lowest.
The hosiery mill is gone now, along with much of the Carolina textile industry — a casualty of the global reordering that has concentrated production in Asia and Latin America. But the old brick building is still here and still making products — albeit modern varieties that could scarcely have been imagined a half-century ago: Today, the site is occupied by a biotechnology company, Biolex Therapeutics.
Inside, 90 workers harness expensive laboratory equipment and a plant called duckweed, a bane to local ponds, to develop a drug for a serious liver ailment. Even the lowest-paid lab technician takes home far more than the seamstresses earned. If the start-up succeeds, its product will be substantially more lucrative than pantyhose.
As lawmakers pursue legislation aimed at softening the blow from factory closures, and as the downside of trade emerges as a talking point in the 2008 presidential campaign, it might seem that manufacturing is a dying part of the U.S. economy. But the retooling of this old brick building on Credle Street underscores how, despite its oft-pronounced demise, American manufacturing is in many regards stronger than ever.
Interesting WaPo article, including some rather telling data showing that while the number manufacturing jobs has decreased, the Unted States manufacturing output has remained fairly constant, and how a percentage of lost manufacturing jobs have now moved into other sectors of the economy.