How has the recent economic turmoil affected you?

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stessier
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Re: How has the recent economic turmoil affected you?

Post by stessier »

malchior wrote: Tue Jun 16, 2020 11:47 am Rare good news here! Due to COVID-19 financial impacts my bank did reviews of existing mortgages and in my case waived my PMI way early. Funny enough I had talked to said same bank about a refinance in the hopes of getting rid of the PMI. Mission accomplished!
Congrats!

How early is early? I'm around 10 months from being able to ask for it to be dropped.
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Re: How has the recent economic turmoil affected you?

Post by malchior »

stessier wrote: Tue Jun 16, 2020 12:23 pm
malchior wrote: Tue Jun 16, 2020 11:47 am Rare good news here! Due to COVID-19 financial impacts my bank did reviews of existing mortgages and in my case waived my PMI way early. Funny enough I had talked to said same bank about a refinance in the hopes of getting rid of the PMI. Mission accomplished!
Congrats!

How early is early? I'm around 10 months from being able to ask for it to be dropped.
About 18 months. My valuation easily supports it which is what I was told.
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Re: How has the recent economic turmoil affected you?

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malchior wrote: Tue Jun 16, 2020 1:39 pm
stessier wrote: Tue Jun 16, 2020 12:23 pm
malchior wrote: Tue Jun 16, 2020 11:47 am Rare good news here! Due to COVID-19 financial impacts my bank did reviews of existing mortgages and in my case waived my PMI way early. Funny enough I had talked to said same bank about a refinance in the hopes of getting rid of the PMI. Mission accomplished!
Congrats!

How early is early? I'm around 10 months from being able to ask for it to be dropped.
About 18 months. My valuation easily supports it which is what I was told.
Interesting. My valuation is way up as well, but I just assumed it was a fool's errand to ask given the current economic climate. Now I have something to consider. Thanks.
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Re: How has the recent economic turmoil affected you?

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manager and the director of my department are going to make a last-ditch effort to get my contract extended. the company really really _really_ does not want to retain any contractors right now, however. the decision is now up to one of the VPs and the executive director of the entire organization - i should find out soon.
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Re: How has the recent economic turmoil affected you?

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MarketWatch
Bankrupt Hertz Global Holdings Inc. HTZ, -10.00% is looking for a bankruptcy loan to fund its restructuring after the car-rental company suspended a controversial stock sale, The Wall Street Journal reported Thursday, citing people familiar with the matter. Hertz shares are halted Thursday for news. The company on Wednesday shelved plans for a potentially worthless stock offering after drawing scrutiny from regulators. Hertz is in discussions with top lenders for a loan that could approach $1 billion, the newspaper said. The company filed for bankruptcy on May 22, with nearly $20 billion in debt and hit by travel restrictions designed to slow the spread of the coronavirus.
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Re: How has the recent economic turmoil affected you?

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Who wouldn't want to lend $1B to a company whose bright idea was to try to sell worthless toilet paper to the general public as a hail mary?
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Re: How has the recent economic turmoil affected you?

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hitbyambulance wrote: Wed Jun 17, 2020 9:07 pm manager and the director of my department are going to make a last-ditch effort to get my contract extended. the company really really _really_ does not want to retain any contractors right now, however. the decision is now up to one of the VPs and the executive director of the entire organization - i should find out soon.
aaand contract extended by two months.
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Re: How has the recent economic turmoil affected you?

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Conga rats.
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Re: How has the recent economic turmoil affected you?

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I dont have enough cheese to buy more John Tesh and Yanni albums.

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Re: How has the recent economic turmoil affected you?

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I got the call to return to work. I will go back on the 29th. Masks will be required. Lots of over time.
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Re: How has the recent economic turmoil affected you?

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naednek wrote: Thu May 14, 2020 10:28 pm
naednek wrote:In about an hour and half I'll learn that our Governor is going to reduce our pay by 10% I'm hoping it's in the form of furloughs. At least we will get time off. I saw this coming from day one and I understand and accept it.

I didn't accept it back in 2008 when Arnold the asshole blamed State workers for rich greedy wallstreet people's actions and gave us 3 furloughs a month.
And it happened with the caveat of If Nancy Pelosi gets her "Hero" bill passed, cuts to programs and wages would be cancelled. But we all know Trump will screw us being a Blue state.

Until then I'll miss having $600 a month in my pocket.
was announced yesterday that the union agree to 2 furlough days a month for 2 years. This equals about a 9.2% pay cut. But they were able to suspend an increase to our prefunding of retirement, that was supposed to be 3.5%. Prior to COVID the union reached a new contract which would have given us a 2.1% raise in July, another 2.5% the following year, and another similar raise in the last year of our contract. That has now been deffered by a year.

During the contract negotiations they were able to get a healthcare stipened of $260 a month towards our healthcare deductible. It looks like we're keeping that.

Lastly something that affects my position was that same contract they negotiated a %5 salary increase to IT positions as the state is having a hard time recruiting IT workers that are 1: good, and 2: stay. That's also still be applied.

So if everything is what it is, our furlough will in reality be around a 4%-5% cut. I'll find out more next week.
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Re: How has the recent economic turmoil affected you?

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CBS News
Chuck E. Cheese's parent company, CEC Entertainment, said Thursday it is filing for Chapter 11 bankruptcy protection, citing the "financial strain" of mass restaurant closures due to the coronavirus pandemic. The company said it expects to continue operating many of the family-oriented restaurants, which include the Peter Piper Pizza chain, as it reorganizes under the oversight of a federal bankruptcy court.

CEC said it had reopened 266 company-operated Chuck E. Cheese and Peter Piper Pizza restaurants as of June 24, which represents about half of its 555 company-owned restaurants. Those restaurants will continue to offer dine-in, delivery and carry-out services, as well as hosting birthday parties, while additional locations will continue to reopen, it said in the statement.

Bankruptcy filings are on the rise, with 722 companies seeking bankruptcy protection around the U.S. in May, a 48% increase from the year-ago period.
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Re: How has the recent economic turmoil affected you?

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81 days consecutively. Today is a good day, only 12 hours. July 4th, there is no delivery at all, so my streak stops at 89.
We'll se what happens after that, but,in any case, my mortgage will be done in August.
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Re: How has the recent economic turmoil affected you?

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Congratudolences
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Re: How has the recent economic turmoil affected you?

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Isgrimnur wrote: Thu Jun 25, 2020 3:06 pm Congratudolences
And best wishes to you sir! I hope the storm finds you strong.
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Re: How has the recent economic turmoil affected you?

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hitbyambulance wrote: Fri Jun 19, 2020 6:19 pm
hitbyambulance wrote: Wed Jun 17, 2020 9:07 pm manager and the director of my department are going to make a last-ditch effort to get my contract extended. the company really really _really_ does not want to retain any contractors right now, however. the decision is now up to one of the VPs and the executive director of the entire organization - i should find out soon.
aaand contract extended by two months.
Any chance they might bring you in house?
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Re: How has the recent economic turmoil affected you?

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gbasden wrote: Fri Jun 26, 2020 7:48 pm
Any chance they might bring you in house?
i was just told by a coworker today (one who has the ear of my manager) that there is general agreement in my department that i should be transitioned on full time, and it would have occurred already if it weren't for the organization and their budget restrictions. i think it's safe to say now that if i keep this up, i'm going to get perpetual contract extensions until the budget approval for headcount comes through.
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Re: How has the recent economic turmoil affected you?

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My work assignments are drying up. That's normal over the summer, when the Institute hibernates and there's little campus news. The big questions are whether things will come back as expected in the fall, and whether they'll still have a budget for a contract editor.

I had a great Q2 and was able to bank enough $$ to get me through the summer easily.
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Re: How has the recent economic turmoil affected you?

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Heads-up for any tabletop gamers who became unemployed due to shutdown-related layoffs or closings since March 15, 2020.

GMT Games is generously giving away 1 or 2 of their in-stock games to those who have lost their job as a result of the pandemic:

June 24 Update from GMT Games:
GMTGames.com wrote:Doing a Bit to Care for our Customers, Too: The Return of the Tough Economy Special

We know that this virus, in addition to the threat it poses to our collective health, has had a negative economic impact on many of our customers, as well. As with so many social or economic problems, it's not within our power to provide big fixes—to restore lost jobs, retirement funds, or lost earning power. But we've decided, as we did numerous times in the wake of the 2008 financial meltdown, that we can show support for those of you who have lost jobs by giving you a free game or two. I know it's not much in the greater scheme of things, but we want you to know that we are thinking of you and that your welfare—including the ability to destress and decompress from the pressures of the world by playing games—is important to us. Here are the details:

Eligibility:If you have lost your job due to shutdown-related layoffs or closings since March 15, 2020, you are eligible to get one (non-US customers) or two (US customers) free games from us, from games that are in stock now. We'd love to give an extra game to international customers as well, but the spiking shipping rates overseas limit our ability to do so.

Process. If you'd like to take advantage of this offer, please drop an email to Tony Curtis, our LLC Manager, at a_curtis@sbcglobal.net. Please include proof or explanation of your job loss and your choice of which in-stock game(s) you'd like us to send. Tony will work with our office folks to take care of getting your game(s) shipped out to you.

One Game Exemption. We're sorry, but we're exempting the new game Imperial Struggle from this offer. We printed twice as many as usual, but based on current demand it looks like they'll be sold out within a couple months.
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Re: How has the recent economic turmoil affected you?

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Just a small sampling of the fallout coming. These are all top restaurants.
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Re: How has the recent economic turmoil affected you?

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Which will lead to a crash in retail real estate prices.
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Re: How has the recent economic turmoil affected you?

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Isgrimnur wrote: Tue Jun 30, 2020 4:32 pm Which will lead to a crash in retail real estate prices.
Loss of tax revenue, unpaid rents, unpaid mortgages, foreclosures...
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Re: How has the recent economic turmoil affected you?

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Dogs and cats living together.
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Re: How has the recent economic turmoil affected you?

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Yahoo
Airbus (AIR.PA) on Tuesday announced plans to cut 15,000 jobs from its global workforce, citing the impact of the coronavirus pandemic on the aviation industry.

The French plane maker said the job cuts, which affect around 11% of staff, were “necessary” for “safeguarding the company’s future” in light of the COVID-19 pandemic.

Some 1,700 jobs will be lost in the UK. Airbus employs 13,500 people primarily at its Broughton and Filton sites.
...
The deepest cuts will fall in France, where 5,000 jobs will be cut, and Germany, where 5,100 roles are set to be lost. Airbus currently employs 135,000 globally.

Airbus said it would work with unions to cut headcount as much as possible using voluntary departures, early retirement, and long term partial unemployment schemes. However, it said it could not rule out redundancies.
...
The job cuts come despite a €15bn (£13.6bn, $16.8bn) bailout package announced by the French government for Airbus and Air France earlier this month.
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Re: How has the recent economic turmoil affected you?

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June Unemployment - 11.1% (2.2%)

Table A-4 - >= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma15.43.110.8
High school graduates, no college11.93.18.2
Some college or associate degree10.82.17.8
Bachelor's degree and higher7.00.24.8

Table A-1 - Unemployment Rate Ages 16-19 - 24.5% (6.2 , 9.5 YOY)


Table A-11 - Reasons for unemployment

Job losers and persons who completed temporary jobs8.8
Job leavers0.3
Reentrants1.6
New entrants0.5

Table A-12 - Unemployed persons by duration of unemployment

WeeksChangeYOY Change
Average Duration13.42.56.8
Median Duration11.13.13.8
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Re: How has the recent economic turmoil affected you?

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USA Today
The coronavirus pandemic has led another retailer to file for bankruptcy.

Lucky Brand Dungarees LLC, which has about 200 Lucky Brand stores in North America and sells its products in department stores, announced it had filed for Chapter 11 bankruptcy protection Friday with plans to sell the equity-backed business to the SPARC Group, operator of Aéropostale and Nautica.

The company also plans to close at least 13 stores in bankruptcy, it said in a news release.
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Re: How has the recent economic turmoil affected you?

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90.

They changed their mind and had us work. It does looks like the streak stops at 105. My vacation starts then, and I HAVE to get a couple of recalls done on the Subaru.
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Re: How has the recent economic turmoil affected you?

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My property value must be going up because my summer property tax bill has been going up like crazy over the last five years. I used to think my property taxes were cheap by comparison but I'm to the point where I need to budget for them ahead of time ever year. The furlough and reduced pay for me for April, May, and part of June really punctuate the check I am writing.
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Re: How has the recent economic turmoil affected you?

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LordMortis wrote: Mon Jul 06, 2020 8:48 am My property value must be going up because my summer property tax bill has been going up like crazy over the last five years. I used to think my property taxes were cheap by comparison but I'm to the point where I need to budget for them ahead of time ever year. The furlough and reduced pay for me for April, May, and part of June really punctuate the check I am writing.
You mean you don't *know* if your property value has gone up?
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Re: How has the recent economic turmoil affected you?

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pr0ner wrote: Mon Jul 06, 2020 9:17 am You mean you don't *know* if your property value has gone up?
I don't pay attention I know my home value the shitter in 2008-2010 and didn't bounce back. Looking at tax bill, it looks like there have been some pretty big jumps in value but even more so, they've gone to friggen town with millage increases.
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Re: How has the recent economic turmoil affected you?

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LordMortis wrote: Mon Jul 06, 2020 8:48 am My property value must be going up because my summer property tax bill has been going up like crazy over the last five years. I used to think my property taxes were cheap by comparison but I'm to the point where I need to budget for them ahead of time ever year. The furlough and reduced pay for me for April, May, and part of June really punctuate the check I am writing.
Just paid $4K and got my second installment bill for another $3.5K.

But the NASDAQ just hit an intraday all time high so all is good, right? Apple, MSFT, Amazon all worth over $1.4T each.
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Re: How has the recent economic turmoil affected you?

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LordMortis wrote: Mon Jul 06, 2020 9:30 am
pr0ner wrote: Mon Jul 06, 2020 9:17 am You mean you don't *know* if your property value has gone up?
I don't pay attention I know my home value the shitter in 2008-2010 and didn't bounce back. Looking at tax bill, it looks like there have been some pretty big jumps in value but even more so, they've gone to friggen town with millage increases.
And what the government values your house at to tax you, and what you can sell your house, at least in my experience, are two different things.
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Re: How has the recent economic turmoil affected you?

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LawBeefaroni wrote: Mon Jul 06, 2020 9:36 am Just paid $4K and got my second installment bill for another $3.5K.
Nope. I'm not in that league. I'd fly back to apartment living for that bill.
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Re: How has the recent economic turmoil affected you?

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LordMortis wrote: Mon Jul 06, 2020 9:30 am
pr0ner wrote: Mon Jul 06, 2020 9:17 am You mean you don't *know* if your property value has gone up?
I don't pay attention I know my home value the shitter in 2008-2010 and didn't bounce back. Looking at tax bill, it looks like there have been some pretty big jumps in value but even more so, they've gone to friggen town with millage increases.
This really is something you should pay attention to!
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Re: How has the recent economic turmoil affected you?

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RMC wrote: Mon Jul 06, 2020 9:36 am
LordMortis wrote: Mon Jul 06, 2020 9:30 am
pr0ner wrote: Mon Jul 06, 2020 9:17 am You mean you don't *know* if your property value has gone up?
I don't pay attention I know my home value the shitter in 2008-2010 and didn't bounce back. Looking at tax bill, it looks like there have been some pretty big jumps in value but even more so, they've gone to friggen town with millage increases.
And what the government values your house at to tax you, and what you can sell your house, at least in my experience, are two different things.
Oh yeah, you can usually get 20-25% more than the government's assessed rate.
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Re: How has the recent economic turmoil affected you?

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RMC wrote: Mon Jul 06, 2020 9:36 am
LordMortis wrote: Mon Jul 06, 2020 9:30 am
pr0ner wrote: Mon Jul 06, 2020 9:17 am You mean you don't *know* if your property value has gone up?
I don't pay attention I know my home value the shitter in 2008-2010 and didn't bounce back. Looking at tax bill, it looks like there have been some pretty big jumps in value but even more so, they've gone to friggen town with millage increases.
And what the government values your house at to tax you, and what you can sell your house, at least in my experience, are two different things.
They are pretty close here. For a few years the resale value was MUCH higher than the tax assessment because the tax assessment is limited to 10% annual increase and demand for housing in the area was pushing prices up much faster. We're back to parity now.

If there is a big disparity there should be a process to contest the assessment. I'm lazy so I pay someone else to do it every year. It costs me something like 40% of the savings, but it saves me time and effort and hey, I'm supporting local business!
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Re: How has the recent economic turmoil affected you?

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Our taxes have nearly doubled in the last 5 or so years. But I don't want to argue the point because the city still hasn't apparently figured out that we added an addition that almost doubled the size of the house. I suspect that I'm still way ahead of the game.

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Re: How has the recent economic turmoil affected you?

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TheMix wrote: Mon Jul 06, 2020 10:46 am Our taxes have nearly doubled in the last 5 or so years. But I don't want to argue the point because the city still hasn't apparently figured out that we added an addition that almost doubled the size of the house. I suspect that I'm still way ahead of the game.
We added a huge addition like 10 years ago, and no one caught on for about 7 of those years even though we had to pay a bunch of money for permits that showed exactly what we were doing. So I didn't feel any civic duty to report anything. But boy when they discovered it, my taxes went up by almost 75%, that kind of sucked.
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Re: How has the recent economic turmoil affected you?

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RMC wrote: Mon Jul 06, 2020 10:53 am
TheMix wrote: Mon Jul 06, 2020 10:46 am Our taxes have nearly doubled in the last 5 or so years. But I don't want to argue the point because the city still hasn't apparently figured out that we added an addition that almost doubled the size of the house. I suspect that I'm still way ahead of the game.
We added a huge addition like 10 years ago, and no one caught on for about 7 of those years even though we had to pay a bunch of money for permits that showed exactly what we were doing. So I didn't feel any civic duty to report anything. But boy when they discovered it, my taxes went up by almost 75%, that kind of sucked.
Yeah. I'm not looking forward to them catching it. They have all the info as well. Everything was permitted. Like you I feel no incentive to remind them. :D

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Re: How has the recent economic turmoil affected you?

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CNBC
United Airlines on Wednesday said it is warning about 36,000 front-line employees — more than a third of its staff — about potential furloughs as the coronavirus pandemic continues to roil travel demand.

The potential for the mass job cuts, the largest announced by a U.S. airline so far, comes as signs of a recovery in air travel fade with new coronavirus infections and travel restrictions. Other airlines have warned employees about possible staff reductions and are likely to follow suit with similar formal notices in the coming weeks.

Federal law requires employers to give staff notice about possible layoffs or temporary furloughs 60 days in advance. United and other airlines that took $25 billion in federal payroll support are prohibited from laying off, furloughing or cutting the pay rates of staff until Oct. 1.

In a memo sent to employees Wednesday, United said workers who are informed that their jobs are at risk might not ultimately get furloughed. The company said it will exhaust voluntary measures before cutting employees. Some of the furloughed staff may be called back to work but that will depend on a return to demand, which some industry executives say could take years.
It's almost as if people are the problem.
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