Did you keep up with the financial Armageddon sweeping the country last week?
After all, it was hard to miss.
There are now about 200 companies that have given bonuses — some in cash, some in stock — and raises to their hourly workers.
This could be what Rep. Nancy Pelosi (R-Calif.), back in December, referred to as “Armageddon” as the tax overhaul bill was passed.
“But it’s very important for the American people to know how adversely they will be personally affected by all of this,” she told reporters gathered in the Capitol.
Perhaps Fancy Nancy wasn’t talking about the bonuses.
Maybe she was referring to JPMorgan Chase, which, in addition to its annual bonuses this year because of the tax overhaul, reduced the medical deductible for all lower-paid employees.
“To help ease the burden of out-of-pocket medical expenses, the firm will reduce medical plan deductibles by $750 per year for employees making less than $60,000,” the bank said.
Oh those greedy banks!
At Visa, the Armageddon is surely crushing employees.
The $284 billion company is upping its 401(k) match to 200 percent of an employee’s first 5 percent contribution — up from 100 percent of the first 3 percent of pay they contribute.
So for someone making $50,000 a year and contributing 5 percent of his or her pay, or $2,500 per year, the stepped-up company kick-in will mean an extra $2,500, for a total match of $5,000 from Visa and $7,500 a year saved for retirement.
Are you listening, Rep. Pelosi?
In the greater US economy, our GDP for the fourth quarter came in at an increase of 2.6 percent.
That’s three straight quarters of close to or above 3 percent growth under Trump.
If that’s Armageddon, I say bring it on!
Also see: President Donald Trump roundtable with business leaders. Davos, Switzerland. Excitement and Optimism in the air!