{"id":564,"date":"2021-05-10T00:00:00","date_gmt":"2021-05-10T00:00:00","guid":{"rendered":"https:\/\/www.retirementrefined.com\/index.php\/2021\/05\/10\/jobs-who-is-right\/"},"modified":"2021-05-10T00:00:00","modified_gmt":"2021-05-10T00:00:00","slug":"jobs-who-is-right","status":"publish","type":"post","link":"https:\/\/www.retirementrefined.com\/jobs-who-is-right","title":{"rendered":"Jobs # – Who is Right??!"},"content":{"rendered":"

Last week, investors and economists were expecting<\/strong> the United States to add close to 1 Million<\/strong> Jobs in April<\/strong>! The number came in with a \u201chuge numerical\u201d miss<\/strong>, suggesting 266,000 jobs were created.\u00a0<\/strong><\/p>\n

The talk was a-buzz<\/strong>!\u00a0 Economists were razor-quick to suggest the number reported was \u201cseasonally\u201d adjusted<\/strong> and will be adjusted much higher<\/strong>.\u00a0 Many of the brokerage firms<\/strong> also chimed in, saying the number will be adjusted much higher.\u00a0 Question – did they think that was a possibility prior to the number being released?<\/p>\n

\"\"President Biden,<\/strong> on the other hand, decided to hold a press conference.\u00a0 His message:<\/strong> we are making great progress since he took over, however the low jobs number indicates we very much need to pass his 2 new plans that total approximately 4 Trillion Dollars of new spending. I have to wonder, if the jobs number would have been 1 Million (as expected)<\/strong>, would President Biden have said “our plan is working perfectly, we now need to make sure the progress continues, so pass the plans and let\u2019s dish out the dough?”<\/p>\n

Others are suggesting the reason for the weak jobs report; many people who are unemployed are collecting more money than if they went back to work<\/strong>, so they simply are choosing<\/strong>\u00a0the larger paycheck<\/strong>.\u00a0 When asked that question in his Press Conference, President Biden quickly responded there is no evidence this is true.\u00a0 Keep in mind, this trend of paying unemployed<\/strong> greater wages<\/strong> than when working, started under President Trump,<\/strong> and he did it twice.<\/p>\n

So, WHO is correct?\u00a0 Are we adding significant jobs, or has the pace slowed?\u00a0 I lean toward we are<\/strong> adding significant jobs and the number will be adjusted higher.\u00a0\u00a0 However, it\u2019s hard to argue against that additional funds create an incentive for many, NOT to go back to<\/strong> work.<\/strong><\/p>\n

Taxes \u2013 Who Pays??\u00a0<\/strong><\/p>\n

This morning on CNBC, it was reported that the top 1% of income earners in 2018 paid over 40%<\/strong> of all Federal Income Tax.\u00a0 They suggested this is the largest percentage on record<\/strong>.\u00a0 This was after the \u201cgift<\/strong>\u201d to the wealthy, from President Trump’s Tax Cut.\u00a0 The main reason for the additional taxes is the SALT limitation<\/strong> also initiated under Trump. Most of you who are reading this report are hit with the SALT limitation, even though you may not be in that top 1% of income earners.<\/p>\n

For me personally, I believe this will mark two Presidents in a row that have increased \u201cmy\u201d income taxes.\u00a0 Interestingly…. one President was a self-proclaimed “Conservative Republican” and the other a Democrat.\u00a0 Actually, now that I think about, it\u2019s three Presidents in a row that have increased, or will be, increasing taxes. \"\"<\/p>\n

My strong feeling is, I do believe revenue (taxes) needs to increase; however, we first must take care of the promises we\u2019ve made to our Baby Boomers<\/strong>, making sure Medicare and Social<\/strong> Security<\/strong> benefits will remain as-is, and NOT be reduced.\u00a0 Most of us have already paid<\/strong> our fair share.\u00a0 If you don\u2019t believe me, look at page #3 of your annual Social Security Statement<\/strong>.<\/p>\n

Markets for the Week<\/strong><\/p>\n

All major stock indexes were higher last week, except the Nasdaq Composite which is highly comprised of technology related stocks. For the week<\/strong>, the Dow Jones<\/strong> rose 2.72%, the S&P 500<\/strong> 1.26%, the Russell 2000<\/strong> Small Cap .25% and Nasdaq<\/strong> surrendered (1.48%).<\/p>\n

Over the pond Foreign stocks<\/strong> rose 2.63% and Emerging Market stocks .10%.<\/p>\n

Bond yields<\/strong> fell slightly as the 10 Year US Treasury yield finished the week @ 1.58%.<\/p>\n

The 10 Year started 2021<\/strong> @ .91%,<\/strong> rose to 1.75% on March 31st<\/sup> and has pulled back since.<\/p>\n

The Consumer Price Index number is do out this week and is expected to be large.\u00a0 Will this move yields higher?\u00a0 We\u2019ll find out shortly!<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Last week, investors and economists were expecting the United States to add close to 1 Million Jobs in April! The number came in with a \u201chuge numerical\u201d miss, suggesting 266,000 jobs were created.\u00a0 The talk was a-buzz!\u00a0 Economists were razor-quick to suggest the number reported was \u201cseasonally\u201d adjusted and will be adjusted much higher.\u00a0 Many […]<\/p>\n","protected":false},"author":3,"featured_media":565,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"post_statement":"","post_description":"","post_cta":"","post_button":"Read More","post_button_url":"","compliance_id":"","post_disclaimer":"","footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.retirementrefined.com\/wp-json\/wp\/v2\/posts\/564"}],"collection":[{"href":"https:\/\/www.retirementrefined.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.retirementrefined.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.retirementrefined.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.retirementrefined.com\/wp-json\/wp\/v2\/comments?post=564"}],"version-history":[{"count":0,"href":"https:\/\/www.retirementrefined.com\/wp-json\/wp\/v2\/posts\/564\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.retirementrefined.com\/wp-json\/wp\/v2\/media\/565"}],"wp:attachment":[{"href":"https:\/\/www.retirementrefined.com\/wp-json\/wp\/v2\/media?parent=564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.retirementrefined.com\/wp-json\/wp\/v2\/categories?post=564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.retirementrefined.com\/wp-json\/wp\/v2\/tags?post=564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}