“Where’s the Incentive to work?”
Asks Economist Jack Hanney, available by Zoom, Skype or Phone from L.A.
Intro: A staggering number of laid-off workers are now receiving more money in unemployment pay than from their prior job!
Economist Jack Hanney, CEO of Patriot Gold Group, asks the simply question, “With unemployment benefits this big, where’s the incentive to work?”
Q&A:
- Jack, let’s just jump right in. Where’s the incentive to work in this multi-trillion dollar Covid-19 subsidy era?
Answer: There is very little incentive in some employment sectors. MarketWatch published an article saying an unemployed janitor could get 158% of his or her prior wage in an unemployment check. This doesn’t give a person much incentive to want to jump right back to work and push a broom with a handle that might have Covid-19 residue on it from an earlier shift.
- Illinois Senator Dick Durbin defends paying higher unemployment than actual wages, saying, ““Let’s give them that helping hand and not apologize about it for a minute.” What’s your response to that statement?
Answer: I’m all for helping hands, but it’s truly a helping hand because when government gives money to one person with one hand, they have to pick the pockets of two more people to pay for that so-called help. It’s smoke and mirrors and in the long run, we could be worse off from the government’s help when those financial chickens come home to roost.
- All the government has to do is print money whenever it runs short so in theory there is no end to the bailouts, right?
Answer: Correct. They not only print paper fiat money, but they process electronic money as well, but if such lavish largess triggers extreme hyperinflation, money will neither be worth the paper it’s printed on or the electricity used to make transfers denominated in U.S. dollars. The Weimar Republic of Germany is just one example of such devastating inflation to the point where it took wheelbarrows of German Marks just to buy a loaf of bread. Real money is gold or silver or real estate—anything of value that you can put your hands on. Fiat money is like playing musical chairs, when the music stops, watch out.
- Democrats are called their bailout bill the HEROES Act.”
Was that legitimately putting trillions of dollars directly in the hands of Americans ore might there have been a bit of pork packed into it?
Answer: To call it a pork-packed bill would be an understatement. It would have been a wish-list beyond any liberal politician’s dream prior to being able to wrap it in Covid-19 garb.
- Nancy Pelosi justified her bill saying it reflected a ‘think big’ approach and she went so far as to say Federal Reserve chairman Jerome Powell encouraged that big thinking approach. Is that your understanding of the attitude of Powell and the Fed?
Answer: It’s big debt indeed and uncharted financial waters we are treading.
7) Question: Where may we get more info on you and your financial advice?
Answer: https://PatriotGoldGroup.com/
Reference article: MarketWatch/ May 26, 2020 https://www.marketwatch.com/story/a-staggering-number-of-laid-off-workers-are-receiving-more-money-from-unemployment-benefits-than-when-they-were-employed-2020-05-26
ABOUT JACK HANNEY…
Jack Hanney has been in the financial markets for 20+ years and is widely heralded as an expert in his field.
Born and growing up in Westchester County, NY where his father was a successful politician and owner of an Insurance Brokerage Firm. Jack began subscribing to The Wall Street Journal at the age of 14 and moved to California in his early 20’s to study under William O’Neill, arguably the single most successful investor in the history of the markets and founder of Investor’s Business Daily and author of How to Make Money in stocks.
Jack Hanney went on to be the General Manager and Director of Sales at several algorithmic automated trading companies trading the futures and commodities markets working with Introducing Brokers out of Chicago, Geneva and NYC. Jack was recruited by several tech startups and made a name for himself at Infosearch Media, Virtumundo and The Design People before returning to Finance. Jack passed on Morgan Stanley and other reputable, prestigious Brokerage firms to be a CFP in their Wealth Management Divisions and opted for a position as Senior Executive Trader with MG Private Client Services where he spent 4 years 2010-2014.
Jack Hanney had spent two years as Director of Trading, Executive Vice President of WDM overseeing the Retail Division before collaborating with two other prominent experts in his field and opening Patriot Gold Group a collective of Industry-Leading Experts bringing their clients Investor Direct Pricing and superior customer service.
Jack has written over 200M in business and trades maintaining outstanding relationships with his clients at Patriot Gold Group (PGG), where he is a senior partner, who he refers to as dear friends and family and now … welcoming them to the PGG family of investors. Jack resides in Los Angeles, California and is the proud father of his two daughters, Kate age 10 and Luna age 18.
