Earlier quoted context omitted.
I think a 401(k) is a pension? Almost all companies offer a 401(k) for full-time employees.
A 401(K) is not a pension. The latter is funded entirely by the employer.
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Lyft lays off 17% of workforce, furloughs hundreds more
251–260 of 595 posts
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#252Layoffs are mounting, alternative work is limited, and the unemployment systems in many states are either broken or running out of funding. Add the federal governments indicated desire to let blue states go bankrupt and we are looking at a good combination to enter a depression. Its a pretty sobering time.
McConnell is a shrewd negotiator so I assume he is using the bankruptcy position to win concessions on rescuing the oil and energy industry. Otherwise there will be a handful of Republican states facing their own bankruptcies.
Trump is just a spiteful moron but not even he would let New Mexico, Wyoming, North Dakota, Alaska, Louisiana, Oklahoma, and Kansas all fail.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#253Re: Lyft lays off 17% of workforce, furloughs hundreds more
#254Earlier quoted context omitted.
This is a pretty grim path to follow. If States are to go bankrupt and subject to federal imposition of what debts must be paid, then it may push States to seek further sovereignity. An example being pressure to mint their currency. This is currently banned in the constitution, but if things get dire... they could simply ignore?
I would prefer that states have more power and we further decentralize authority away from the federal government. This will limit the see-saw that occurs whenever the president switches parties.
I wouldn't.
There is a comfort that comes from the instability of party switches. The parties don't cooperate, which means less can get done. Anything that puts anyone in an area where one of the gangs of politicians can actually do something, is to be avoided. We've learned that the hard way in Wisconsin.
As a general rule, it's always best to split up your government as much as you can.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#255- The tech companies having issues during covid-19 are all heavily invested in travel/transportation(Uber/Lyft/Airbnb etc). - They also are in industries that entirely use gig workers with personal contact in 90% of their services(airbnb the least of these). - I don't see other tech companies getting hit this hard(the sky is not falling!). - I really, really hope these laid off engineers find other jobs quickly and l…
The tech companies you identified are getting hit 1st. I expect to eventually see fallout in Fintech, Realestate, Advertising, anyone selling B2B SaaS (particularly to marketing/HR/ sales departments, SMB), etc. It will take time to feel the 2nd and 3rd order impacts. Hopefully, we bounce back quickly, but it's hard to not be a little concerned.
Unless their investors believe in a V-shaped recovery afterwards, and are willing to spend money now to gain market space from competitors who would die in the meantime.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#256Earlier quoted context omitted.
> Those with pensions tend to be union members I still don't understand. Surely almost every professional has a pension, but few people are in unions.
There are very few companies that offer pensions. A 401k is not a pension. A pension is recurring money that is given to you upon retirement in perpetuity. A 401k is just a means of investing your salary into the stock market pre-tax. Your employer does not even have to contribute to it although many if they offer a 401k plan offer some form of match up to x%. My last employer offered to match my contributions up to…
> A 401k is just a means of investing your salary into the stock market pre-tax.
If you plan to spend it when you're retired then it's a pension!
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#257Earlier quoted context omitted.
Business value (or lack thereof) of Lyft now is an unknown, worthy of discussion. The things you mentioned are basic facts everyone is acutely aware about, hard to see what does it help restating them.
That way they'd know "We're in this Together" (cue dramatic piano)
Also known as virtue signaling. I am sure it is helpful to all those laid off people to know there are readers on Hacker News talking about them.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#258Earlier quoted context omitted.
End game is: GOP knows they're gonna lose the election. They want to hand the dems the worst economy possible. Then, 4 years down the road, they can start campaigning against "do-nothing-dems" and point to the horrible economy they had to start fixing.
Dems are going to lose the election and are actively attempting to sabotage the current presidency as much as possible. I don't believe you actually think what you're typing. Who's paying you lol?
How are the dems attempting to sabotage the current presidency? Holding someone accountable =/= sabotage. Seems like Trump is sabotaging his own presidency more than any one else.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#259Earlier quoted context omitted.
> A 401K retirement plan is not a pension. Are we both talking about https://en.wikipedia.org/wiki/401(k) ? "In the United States, a 401(k) plan is the tax-qualified, defined-contribution pension"
Defined contribution (401k) is not the same as defined benefit (pension).
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Re: Lyft lays off 17% of workforce, furloughs hundreds more
#260Earlier quoted context omitted.
According to Mercatus Center fiscal rankings, 4 out of 5 of the bottom 5 fiscal performers are run by democrats: illinois, new jersey, conneticut and massachusets. Kansas, a red state, is the outlier. https://www.mercatus.org/publications/urban-economics/state-...
Your source has Massachusetts in the bottom 5, which lets you know right there it's laughable. Never lived there myself, but I know for a fact they're consistently in the top 5 of contributors to the federal kitty of all states both nominally, and per-capita. They get almost nothing back compared to what they put in. They are, arguably, the largest contributor to the nation if we're considering individual burdens. An…
You seem to think that Illinois, New Jersey and the lot must be in a great fiscal situation because they are "net contributors". As I explained in another comment, the money these states "receive" is mostly payments to individuals and has little meaning to their state budgets.
Paying out a lot more to the federal government than they receive back does not mean these states are doing well and others poorly. It really just a natural consequence of having a lot of high earners in a progressive tax system. The states in question have been racking up huge amounts of debt and/or have underfunded pensions funds, which is why they are consistently ranked lowly in terms of fiscal health. I am a little surprised you had you not heard of the financial problems coming out of Illinois, New Jersey and the like? There's even a dedicated Wikipedia article: