On a recent trip to Los Angeles, Texas governor, Rick Perry, met with wealthy business types to boost the number of companies doing business in the Lone Star State. The trip paid off as eBay, formerly run by Meg Whitman, agreed to tax incentives in exchange for relocating to Texas.
The average salary for these “green economy” jobs is $122,500 and they would have made California’s progressive peddlers very happy. Austin City Council members referred to the coup as “green software programming jobs” that will provide sustained economic growth in the state.
The Internet giant eBay says they will employ approximately 1,000 new workers at their new location.
“This is precisely the kind of company we would like to see expand in Austin. This project will include great jobs for Central Texans,” Mayor Lee Leffingwell said.
Gov. Rick Perry’s office claimed the eBay move would bring an estimated $5.1 million in capital investment to the state.
“Austin’s high-tech economy and skilled workforce are perfect for eBay, and I’m pleased to welcome this expansion and the more than 1,000 quality jobs it will bring to Texas,” he said.
By moving to Texas eBay will not only save money they will avoid those pesky regulations that plague California’s business sector.
“Austin is a vibrant, exciting city with a strong heritage for technology expertise and lots of growth potential,” says eBay Vice President Mark Carges. “Our state-of-the-art facility there has room for expansion and the support we have received from the state of Texas and the city of Austin reinforces our commitment to attracting top talent in regions where we operate.”
Currently Texas offers one of the country’s best tax environments for corporations. The state tax burden in Texas is 8.40 percent and in California it’s 10.50 percent. Texas also offers healthy double-digit personnel income growth 67.6 percent versus 56.6 percent in California.
With no personal state income taxes in Texas, eBay should be able to recruit California’s best and brightest minds to relocate in a state looking to expand commerce and provide lucrative jobs for young families.
© Copyright 2011 Kimberly Dvorak All Rights Reserved.
Continue reading on Examiner.com: Texas snatches 1,000 high-paying eBay jobs from California – San Diego County Political Buzz | Examiner.com http://www.examiner.com/county-political-buzz-in-san-diego/texas-snatches-1-000-high-paying-ebay-jobs-from-california#ixzz1KC3nLk2g
Information procured from the 2010 U.S. Census Bureau and Department of Labor data by the Pew Hispanic Center found American citizens lost 1.2 million jobs while illegal aliens racked up 656,000 in new jobs. The lopsided jobs numbers should alarm many in Washington D.C.
During a time of great economic recession those in the country illegally are driving down their overall employment numbers showing their ability to work, most likely for less, over American citizens whose unemployment rate hovers around the 10 percent mark.
According to Pew, “the unemployment rate for immigrant workers fell 0.6 percentage points during this period (from 9.3% to 8.7%) while for native-born workers it rose 0.5 percentage points (from 9.2% to 9.7%).”
The U.S. Census Bureau says the illegal alien employment block makes up almost 16 percent of the labor workforce and the study indicated that this demographics’ full-employment numbers grew instead of contracted as the native born citizens.
“These gains occurred at a time when native-born workers sustained ongoing losses. The native born engaged less in the labor market (labor force participation rate fell from 65.3% to 64.5%) and a smaller share was employed in the second quarter of 2010 than in the second quarter of 2009 (58.3% vs. 59.3%),” Pew said in a statement.
However, Hispanic groups across the country are saying this recovery is far from complete and the 656,000 new jobs still falls short of the 1.1 million jobs needed to give illegal aliens full employment in the United States.
“Over the two-year period from 2008 to 2010, second quarter to second quarter, foreign-born workers have lost 400,000 jobs and native-born workers have lost 5.7 million jobs,” Pew found. “The unemployment rate for immigrants is still more than double the rate prior to the recession when it stood at 4.0% in the second quarter of 2007.”
According to the U.S. Census Bureau and Pew, illegal aliens experienced the sharpest drop in wages of 4.5 percent while their native-born counterparts who kept their job only experienced a 1 percent income loss.
The majority of jobs illegal aliens qualify for are the low-skilled positions in the manufacturing, construction, leisure and hospitality fields. Advocates for open-borders/amnesty contend if America severely cracked down on employers who hire the undocumented workers the U.S. economy would grind to a halt.
While that blanket statement could happen in the short term leading economists contend the majority of those industries would rebound quickly as the large number of unemployed would return to jobs as their unemployment benefits run out as well as those looking to get off government welfare.
As far as the economic impact of illegal immigration on the U.S. economy, those in the agricultural industry would most likely increase their use of automation to ensure production and global trade.
Americans’ wealth is another area that makes little difference to illegal immigration. Harvard’s George Borjas said the average American’s wealth would only increase by 1 percent.
One area that does have a large impact on the American taxpayer is the money Uncle Sam doles out to illegal aliens in the form of health care, education and incarceration. Conservative estimates of those costs are $100 billion per year.
In the end it will come down to the economics and the American taxpayer who will ultimately decide if the country can sustain high-levels of illegal immigration as it correlates to the cost, benefits ratio.
If you are in the stock market you may see increased taxes soon to fund a new job program Congress is trying to pass before the end of the year. The legislation is currently being drafted in the House by Democrats and they are seeking to place a tax on stock market investors in order to create badly needed jobs.
Now that the $787 billion stimulus package has failed to ease the unemployment numbers facing the country, Democrats will now reach into their playbook and raise stock market taxes. The .25 percent tax is part of the “Let Wall Street Pay for the Restoration of Main Street Act of 2009,” and will give Congress the new power to create jobs.
The bill doesn’t come without skeptics and Americans aren’t convinced the federal government is able to take on this noble challenge. The bill is deceiving from the get go as it hopes to raise $150 billion, half of which will pay down the deficit and then create a new jobs reserve. This sounds vaguely similar to another bureaucratic entity which requires money and produces little results.
The White House is facing declining poll numbers and insiders point to the rising unemployment numbers as the main reason lawmakers are so unpopular. However, House leader Nancy Pelosi raised some concerns about the tax hike on Wall Street and said the only way this new program will work is if other countries pursue similar tactics.
According to the sponsors of the bill Rep. Peter DeFazio-D OR and Rep. Ed Perlmutter-D CO, the program would need to create jobs that pay at least the median wage in the U.S. Also the proposed legislation would prevent recipients of stimulus money from returning to the cookie jar.
Legislator’s claim the new tax wouldn’t hurt Wall Street and said it was about time they ponied up to the table and supported Main Street. Among the leading groups who support the new tax are the Service Union Employees International (SEIU) and the AFL-CIO union.
It looks like all those White House visits by Andy Stern, SEIU’s front man, are about to pay off in the form of more wealth redistribution.
For more stories; http://www.examiner.com/x-10317-San-Diego-County-Political-Buzz-Examiner
Senator Barbara Boxer-D CA tried to pass off an infusion of cash into 50 San Diego companies as stimulus money. However, what San Diego got was more Obama fuzzy math and one new job.
Speaking to a group of people at University of California San Diego, Boxer talked about the great new research projects making their way into San Diego business sector. What she failed to point out was that the $45 million in funds came from the National Institute of Health grants – not the $787 billion stimulus.
Local news station KUSI was quick to report San Diego has created just one new job with money from the stimulus boondoggle. Boxer claimed that there would be 16,000 new jobs in San Diego alone, but that didn’t pass the KUSI smell test.
The job in question was given to a neuro-oncologist doctor who will be researching brain tumors, according to UCSD.
Political opponent, Carly Fiorina a Republican Senatorial hopeful looking to unseat Boxer in the 2010 mid-terms said Boxer will forever be remembered with three pieces of legislation accredited to her 17 year career as Senator.
“Boxer has been Senator for 17 years and she’s delivered three pieces of legislation; a name of a river, a name of a courthouse in Fresno and some seismic technology to the Bay Area. I guess one piece of legislation in 17 years isn’t so bad.”
This political jab will be a staple on the campaign trail for Fiorina.
For more stories; http://www.examiner.com/x-10317-San-Diego-County-Political-Buzz-Examiner
The myth that is saved or created continues to grow while American workers continue to lose their jobs.
“We have to pass the stimulus bill or the economic crisis will worsen,” President Obama said while selling this dud of a program to the American people. Since the president took office 1.6 million Americans have lost their livelihood, yet the president wishes to take credit for 150,000 new or saved jobs.
That is still a net job loss of 1.45 million jobs. According to Charles Krauthammer, syndicated columnist, the only real number associated with the jobs saved or created doublespeak, “is the $787 billion this country is in debt for. The save or create jobs number is meaningless.”
The country’s unemployment rate was supposed to top out at 8 percent if congress passed the stimulus bill in February. The bill passed without a single Republican vote in the house and three in the senate, and unemployment continues to soar past the 9.4 percent mark.
It’s not working. The extravagant spending that was supposed to take place has only trickled into the economy. The White House contends of the $787 billion of emergency dollars the government was going to jolt the economy with only $44 billion has gone out the door.
This misstep has led the voters to voice their concerns. For the first time in his presidency, Obama and the democrats are no longer king in the world of U.S. economy, the republicans are. President Obama’s numbers are down to a 31 percent approval rating for the economy, according to the latest Rasmussen polls.
The Gallup poll also has the president’s numbers down. While 62 percent approve of the president overall, only 45 percent approve of his handling of federal spending and deficit numbers.
All this has prompted the president to up the ante in the spending arena. In a statement from the White House on Monday the president said, “I’m not satisfied. We’ve got more work to do.”
He then went on to promise 600,000 more jobs to be ‘saved or created.’ Again there is no way to prove these numbers unless we actually see a decrease in unemployment benefits, according to leading economists and the Bureau of Labor and Statistics.
Nevertheless, over the next 100 days the Obama White House will ramp up spending in these key areas in order to slow the unemployment process.
-Enable 1,129 health centers in 50 states
-Begin work in 107 National Parks
-Begin improvement work projects at 98 airports
-Fund 135,000 education jobs
-Begin improvements at 90 veteran’s medical centers
-Hire or keep 5,000 law enforcement officers (kind of that save or create thing)
-Start 200 new waste and water systems in rural America
-Begin work at 20 ‘superfund sites’ within the EPA
-Create 125,000 temporary summer youth jobs (key word temporary)
-Initiate 2,300 construction projects at 359 military facilities
The statement the White House put out was again lean on specifics. Details like names of facilities or which teachers or law enforcement officers would keep or get new jobs was conveniently left out.
“Today’s announcement is an acknowledgement that the Democrats’ trillion-dollar stimulus is not working and the American people know it,” said House Minority Leader John Boehner. “These policies are harming the middleclass families when they can least afford it.”
No amount of White House cheerleading can encourage businesses to ramp up hiring if they are worried about hyperinflation down the road. The current federal debt is $1.8 trillion and counting.
That translates into the country borrowing 50 cents on every dollar it spends, something economists say is unprecedented in the history of this country.
Another problem that comes along with the kitchen-sink stimulus package according to the Government Accountability Office (GAO) is lack of oversight and the potential for fraud.
Coincidentally, a few days earlier the GAO office reported the Treasury has no real details on how Troubled Assets Relief Program (TARP) funds are being spent. TARP was started under the Bush Administration with $350 billion and the Obama administration quickly doubled the spending to $700 billion.
Many on the republican side of the isle believe the economy will turn on its own without any help from the federal government. However, now the American people will never know the truth and it is any one’s guess when taxpayer rights will be returned to the people.