{"id":36720,"date":"2016-04-09T03:15:16","date_gmt":"2016-04-09T10:15:16","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=36720"},"modified":"2021-08-30T15:32:34","modified_gmt":"2021-08-30T22:32:34","slug":"black-coffee-the-on-the-road-again-edition","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id36720-black-coffee-the-on-the-road-again-edition.html","title":{"rendered":"Black Coffee: The ‘On the Road Again’ Edition"},"content":{"rendered":"

\"black<\/a>It’s time to sit back, relax and enjoy a little joe …<\/em><\/p>\n

Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance.<\/p>\n

What a week! A six-day business that included stops in Florida and Ohio trip left me with little time this week to put together a full-bodied robust cup of Black Coffee for you. as a result, I have a very brief espresso edition.<\/p>\n

Don’t blink. Off we go …<\/p>\n

Credits and Debits<\/strong><\/p>\n

Debit:<\/strong><\/span> California passed legislation that will end up raising the minimum wage by 50%<\/a> over a six-year period. Governor Jerry Brown signed the bill despite admitting that “economically, minimum wages may make little sense.” Heh. “May”<\/em>? That’s Reason #2845 why California is the land of fruit and nuts.<\/p>\n

Credit:<\/strong><\/span> The minimum wage in New York will also increase by 67% to $15 per hour over the next three<\/em> years. Hey … do you hear that? If you don’t, you will soon; that’s the sound of entry-level jobs being sucked out of the Empire and Golden States<\/a> — and it’s getting louder.<\/p>\n

Debit:<\/strong><\/span> Meanwhile, Americans will spend more on taxes this year than food, clothing and housing. Combined<\/a>.<\/p>\n

Debit:<\/strong><\/span> What’s that? You don’t really<\/em> think all of those federal government entitlements, services and the countless bureaucrats who support and “manage” them are free, do you? Don’t laugh; apparently, 62% of Americans do<\/a>. At least that’s how many are in favor of a “free” college education. I know.<\/p>\n

Credit:<\/strong><\/span> For his part, Stanley Druckenmiller, who is arguably the greatest hedge fund manager of the last 25 years, recently said this: “The current picture of expected tax revenues combined with benefits promised to future generations is the most unsustainable situation<\/a> I have seen ever in my career.”<\/em><\/p>\n

Debit:<\/strong><\/span> Of course, that “free stuff” mentality will eventually disappear — but not until the US dollar loses its status as the world’s reserve currency<\/a>. Sadly, some people are mispricing the risk of such an event ever occurring — and almost everyone else doesn’t even know what a reserve currency is.<\/p>\n

Last Week’s Poll Result<\/strong><\/p>\n

How many pairs of shoes do you own?<\/p>\n