Great news, laid-off Wall Streeters, minimum wage work just a got bit more lucrative! As of yesterday, the new minimum wage is $7.25 per hour.
Ohio payday lenders, still smarting from their punch in the face, are turning to lies and deceit to qualify a ballot initiative that would overturn the state’s recently approved usury limits. The industry’s petition gatherers are telling people that the initiative would “lower interest rates,” even though it would raise the maximum allowable APR from 28% to an astounding 391%. They’re also giving dollars to illiterate homeless people who sign the petition.
Great news, minimum wage workers: if you spend the next year working without getting sick or, um, going on vacation, you’ll make $13,624! Uncle Sam’s $0.70 minimum wage hike is the second of three to take effect before next summer, but the meager raise is hardly a godsend for the working poor.
Burger King ejected 25 low-income residents who were waiting for the Red Cross to arrive after their Minneapolis apartment caught fire and burned to the ground. An assistant manager explained that the fire had slowed foot traffic to “virtually nothing,” and that the crowd had to either wait somewhere else or deal with the police.
New Hampshire will become the latest state to keep payday lenders from gouging their patrons. A measure passed by the legislature will cap interest rates on payday loans at 36%, a drastic change for an industry used to bludgeoning underbanked consumers with interest rates exceeding 500%. Payday borrowers spend an average of $793 trying to repay a $325 loan. Let’s see how the economic leeches spin this as a loss for consumers.
Venezuelan President Hugo Chavez wants to give you 100 gallons of free heating oil to help survive the cold cruel capitalist winter. The hogshead of liquid warmth is available to anyone enduring a financial hardship who fills out a handy online form.