NO COLLUSION

First things first, Analysis needs to bring context to today’s post through a follow up to the previous two. Fresh off the new Governor’s State of the State but still the same old marketing to Ohio residents as well as outside investors, we give some numbers (the theme of today’s post). “The average JobsOhio employee made six figures in 2018, records show” by Andrew Tobias for Cleveland.com (3-7-19). The headline speaks for itself. “The nonprofit’s top-paid employee was outgoing President and Chief Investment Officer John Minor, who made $621,322.62 in total compensation, which includes salary, 401k contributions and health care costs. That’s $86,863, or 16 percent higher than he received the previous year.” “The second-highest paid employee was Dana Saucier, the nonprofit’s vice president and head of economic development. He received $353,099.72. Chief Financial Officer Kevin Giangola received $240,486.96, and General Counsel Don Grubbs made $238,163.06. Two senior managing directors made $342,155.67 and $304,863.34; Kristi Tanner and Aaron Pitts” “In all, 39 employees received at least $100,000, and 11 received more than $200,000. The average employee’s compensation was $107,741.25, compared to $98,129.02 in 2017.” You do the math. But Analysis notes the new Governor’s State of the State. What does he make? And his cabinet? From the same reporter/news source (Here are the salaries for Gov. Mike DeWine’s top staff — and how they compare to John Kasich’s, 1-30-19): “State legislators voted last December to give state and county-level elected officials across-the-board raises. As a result, DeWine will make $154,248, while Kasich, whose veto of the pay-raise bill was overturned, made $148,315. We did not include this in our average salary calculations.” And what was the averages for cabinet and staff? “The average DeWine cabinet member will make $156,377, compared to $151,140, or about 3.5 percent more, for the same jobs in the Kasich administration.” “Along with salary data for cabinet members, the DeWine administration last Friday released a partial list for top, but not-cabinet level, administrative staff. Those staff made an average of $114,254, compared to $116,000 for the Kasich staff.” Still want a government job, Bunky? Analysis shows top public private partnership ones pay better. But who’s working for whom? And what are they getting for it? (that includes you, Bunky) Writing for the Washington Post, Christopher Ingraham headlines Household net worth falls by largest amount since the Great Recession, new Fed data shows (3-7-19). Of note: “Total household net worth is a measure of the assets — such as homes, stocks and bank accounts — owned by American families and nonprofits minus their debts. In the fourth quarter of 2018, it fell by about $3.7 trillion, a 3.5 percent quarterly decline. Going back to 1952, the start of the Fed’s data, only three quarters — the third and fourth quarters of 2008, and the second quarter of 1962 — posted bigger declines in household net worth, percentage-wise. The data shows that change was driven by the poor performance of the stock market in the fourth quarter of last year. The flailing market erased $4.6 trillion in assets from household and nonprofit balance sheets, which was offset somewhat by gains in real estate and other assets.” Been wondering why your rent has been going up, Bunky? “More important, most of the household wealth in the United States is owned by the country’s richest families. In 2016, for instance, the top 1 percent of families owned 40 percent of all household wealth, with the next 9 percent of families holding an additional 29 percent. That leaves 21 percent of the country’s net worth for the remaining 90 percent of American families. Furthermore, about half of American families don’t own any stocks, while the top 10 percent of families control about 84 percent of the stock market. Taken together, the numbers are a reminder that the stock market is not the economy, and that big national-level data sets may not necessarily reflect financial reality for typical American families, many of whom live paycheck to paycheck and struggle to meet even small unexpected expenses.” Speaking of expenses, numbers news came out this week that addresses just that: “In Blow to Trump, America’s Trade Deficit in Goods Hits Record $891 Billion” by Jim Tankersley and Ana Swanson for the NY Times, 3-6-19. ““All countries run trade deficits whenever they consume more than they produce,” said Kimberly Clausing, an economist at Reed College in Oregon. “And when we borrow to finance tax cuts, like we did with the Tax Cuts and Jobs Act, we make these imbalances worse.”” “It is a case of textbook economics catching up with some of Mr. Trump’s unorthodox economic policies. Economists have long warned that Mr. Trump’s tax cuts would ultimately exacerbate a trade deficit he has vowed to reduce, as Americans, flush with extra cash, bought more imported goods.” Analysis can only conclude that the garage and yard sales market will rise in 2019 as average Americans will have so much more stuff to sell. No matter, as of this writing (3-8-19), Dear Leader’s morning constitutional tweet stresses once again, in all caps, “there is NO COLLUSION.” Confused, Bunky? By design, Bunky, by design.

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