Externality, What Does It Mean?

I have spoken to several of you regarding your concerns about our economy. This is why I encourage you that if you have a job, do something on the side to generate revenue and if you have a business create another revenue stream that will compliment your company. As you can clearly see, our government is not looking after our best interest. Here are some figures for you to think about:

Unemployment rates:

18 to 24 years old- 25%
Blacks- 16%
Hispanics-11%
Whites/Asians- 8%
BS degree or higher- 4.2%
Overall- 9.2%
Los Angeles County- 20%

Externality, according to Wikepedia is defined in economics as an externality (or transaction spillover) is a cost or benefit, not transmitted through prices, [1] incurred by a party who did not agree to the action causing the cost or benefit. A benefit in this case is called a positive externality or external benefit, while a cost is called a negative externality or external cost.

Now, statistics above are great examples of “negative externality” we did not ask for this, but we are truly caught in the middle.

I posted a joke on Facebook. I asked knock knock who’s there? Who? Not your job! This is not a joke; jobs are moving overseas at an alarming rate because labor costs and corporate taxes are cheaper. As long as there are no tariffs taxes imposes on these US companies, heck even I would take advantage of that if I was in that industry. Here is one of “our” debates, there are 43% Americans that do not pay Federal income taxes, but big companies have over $2 trillion overseas tax free. In addition, they have hired over 100k non-American employees. It may not fair, but it is legal on both sides. We have a welfare system for the poor as well as the rich. Personally, I like the rich welfare system better. In my opinion, this has to change on both sides because “we” the people are in the middle, paying for this!

FAA has furlough (laid off without pay) about 4k employees, some will be called back; some will not. You may not think that this will affect you, please think again. If you work for the government federal and below, this could mean budget cuts in your department. It has already happened to two people that I know.

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