A Cautionary Tale

A man lived with a girlfriend way back in the 1980s:

…in 1987, [the man] listed [his cohabitor] on a handwritten form as the sole beneficiary of his workplace retirement account. He never changed the beneficiary designation and died in 2015.

Two years later, the man and his cohabitor went their separate ways, but he left the beneficiary designation in place, unchanged and apparently unreviewed for all these decades. His family heirs, two brothers, won’t get the now million dollar inheritance; his cohabitor of those decades ago will, at least so far (the brothers have lost their court cases but have appeals in progress).

As it happens, when the man’s then-employer went to online employee account tracking and beneficiary designating, it never brought those paper forms into its computer systems. That’s no serious knock on this employer; lots of employers have left their paper documents outside their new computerized tracking systems.

The man’s employer, though, did send him repeated warnings about his beneficiary designation.

[The employer] said that it provided warnings when the company changed service providers, and online, and on his monthly statements, such as this one: “You don’t have any beneficiary designations online. Any prior beneficiary designations on file with the Plan will be retained by…, but are not viewable on this site.”

It’s anybody’s guess why the man didn’t review his beneficiary designation, but his reasons are irrelevant to this tale.

The caution: don’t be lazy or let life events be distractors. Every time there’s a life event—breaking up with a significant someone, marrying or deciding to live with a significant someone, birth of a child or grandchild or great-grandchild, death of an important someone, even something as mundane as an account trustee changing—it’s necessary, not just useful, to review all beneficiaries designated for all accounts a person might hold.

And make the changes that are appropriate for the new time.

The tale extends to financials generally. Financials are a family’s future; there’s no excuse for being “too tired” to review them and keep them current. Nor is “don’t have the time” any sort of excuse. There’s always time to deal with the family’s future.

Idiotic

Only Progressive-Democrats could come up with such an idiotic idea, and then demand to spend taxpayer—average American—money on it.

California Assembly Bill 2586 has been passed by the State’s Progressive-Democrat-run Assembly, and it would

mandate[] that illegal immigrants with no US work authorization should be given access to apply for and take jobs provided through taxpayer-funded universities run by the state government.

It now sits in the State’s Progressive-Democrat-run Senate.

This is yet another example of Progressive-Democratic Party politicians’ utter contempt for us average Americans.

Minimum Wage Law Consequence

Recall that California has enacted one of the highest minimum wage laws in the nation, a $20/hr minimum wage inflicted on fast food restaurants operating in the State.

Now come the consequences, which any schoolboy limited to an allowance could have predicted.

Rubio’s Coastal Grill, a California Mexican restaurant chain, announced the closure of 48 restaurants in the Golden State amid rising business costs.

That’s one-third of the chain’s total operational restaurants in the Southwest, including a few left in California.

Earlier, in anticipation of the labor cost explosion, Red Lobster auctioned off—moved out of—5 California locations, albeit these were among a total of 50 nationwide of which the chain was divesting itself.

In other moves to cut labor costs, Pizza Hut franchises, especially Southern California Pizza Co, has discontinued most delivery services from its California-based restaurants, laying off nearly a thousand drivers.

Can Progressive-Democrats anywhere understand that a high minimum wage requirement—or a requirement at any level—prices unskilled job holders and unskilled job seekers out of those jobs? Can they understand that a wage at any level is vastly superior to no wage at all?

Or is it that Progressive-Democrats are cynical enough to seek to transfer unskilled workers out of jobs where they can gain experience, skills, second incomes, and upward economic mobility and into dependency on Government welfare—where they would represent votes to keep the handouts coming?

There’s a Hint There

The farm bill just passed out of the House Agriculture Committee contains a provision barring the Secretary of Agriculture from increasing, on his own alleged authority, SNAP spending above the amounts provided for in the legislation:

[c]orrects egregious Executive branch overreach and disallows future unelected bureaucrats from arbitrarily increasing or decimating SNAP benefits.

Austin Scott (R, GA):

The Farm Bill includes protective language that prevents extreme changes to SNAP benefits without Congressional input and continues the cost-neutral status that the TFP [Thrifty Food Plan] has maintained for over 40 years.

The Progressive-Democrat Ag Secretary Tom Vilsack claimed, though, that

the proposal would amount to a roughly $27 billion cut to SNAP[.]

This is the AgSec’s confession that he fully intended to spend—on his own and without any Congressional spending authority to do so—at least those $27 billion above his authorized level. He’s not alone in this. Congresswoman Yadira Caraveo (D, CO):

…it is necessary that we go back to the negotiating table and remove this provision[.]

Senator Debbie Stabenow (D, MI):

It…does not have the votes to pass on the House floor. And certainly not in the Senate[.]

This is the budgeting and spending paradigm of the Progressive-Democratic Party: Congressional appropriations and allocations are mere suggestions, and they are to be disregarded whenever inconvenient to Party. After all, it’s only your and my money they’re spending.

There’s an election coming up. Maybe us average Americans should vote our tax dollars.

School Choice, Public Schools

A letter-writer in The Wall Street Journal‘s Wednesday Letters section is opposed to Educational Savings Accounts that Texas parents could use to send their children to private schools.

School choice in Texas will benefit no one except those who already pay for private school. Moving to public funding of private schools will also tend to resegregate society. Our state-level elected officials are doing the bidding of billionaires in- and out-of-state who have other agendas than excellence in our public schools.

School choice will greatly benefit the children, especially those in families on Texas’ lower economic rungs, by letting them escape from failing public schools. Nor is it an either-or choice; the one leads to improvements in the other. School choice, from that competition, will greatly benefit those children remaining in public schools.

That success, far from increasing segregation, will contribute to decreasing it. The majority of those kids on the lower rung are from minority families. Being increasing their ability to compete academically, they’ll be better able to compete for jobs, and for promotions once employed, as adults. That more even competition is the stuff of desegregation.

The idea that no one but a few billionaires will benefit is just so much irrational hype.

He concluded with:

Let’s put public funding of private schools to a statewide vote.

We just did. In the Republican primaries and the runoffs in some of those primaries, public funding won very widespread support. We will again soon: school choice will be on the ballot again this November. Those State-level elected officials, elected in the primaries and will be elected in the general election, having campaigned on the matter, are much more likely to do the bidding of those who hired and will hire them—their constituents—than were Texas to maintain the status quo with its politicians in November.