Articles by Steve Adams
It seems employers are being encouraged to help their young employees spend their money as fast, or even faster, than they earn it. Some employers are taking the bait. Some even think it is a benefit to make employees loans, help pay them off, or be better at payday loans than payday lenders.
Many Americans are legitimately dissatisfied with their economic progress. The tepid recovery has left too many workers unemployed and it has held down wage increases for those with jobs. Still, do we really think mayors, governors and presidents will solve our economic problems?
Fed Chairwoman Janet Yellen got it half right yesterday when she answered a question about how the Fed can help reduce disparities in unemployment in the states. During Dr. Yellen’s testimony before the House Committee on Financial Services, she was questioned by a congressman from Minnesota about what the Fed can do to address the yawning gap between white and black unemployment in Minneapolis. Unemployment among blacks in Minneapolis was 14 percent in December, while only 2.9 percent for whites.
Here’s hoping that 2016 brings back an economy that relies more on business fundamentals, and less on the machinations of technocrats in Washington. With the drama of the first Fed rate hike behind us, perhaps business leaders and investors can focus on the things that make American companies competitive for the long haul.