National Wills Month and Quiet Quitting
The “Inflation Reduction Act,” what is left of “Build Back Better,” has been signed by President Biden. This happened the same week that FBI agents implemented a document search at former President Trump's Mar-a-Lago residence. We know what item received the most attention. The IRA act is broad ranging and has already influenced market sectors, especially alternative energy companies. There are substantial benefits in areas of daily life, many of which are phased in over time. Some references:
With gas prices still extremely high and the publicity around incentives and subsidies for electric vehicles, or EVs, data centric fact-based analysis helps in making this decision. Here is a link to an energy department analysis. Bottom line, the break-even point of EVs has decreased significantly because of the higher prices for gas, the decrease in prices for EVs, and the recently introduced incentives for purchase of electric vehicles. This sets aside and benefits in terms of lower carbon emissions. The break-even calculation should sound familiar to you because we use a similar data set for mortgage refinancing and beginning social security benefits. As the incentives are phased in, it's worth a look if you are looking for a new car.
Labor Force Trends
I bet we are all familiar with “quiet quitting” in the workplace. Apparently, it is a growing movement, mostly on social media. I certainly had not heard of this “movement” until reading about it in the WSJ:
“The phrase is generating millions of views on TikTok as some young professionals reject the idea of going above and beyond in their careers, labeling their lesser enthusiasm a form of “quitting.” It isn’t about getting off the company payroll, these employees say. In fact, the idea is to stay on it—but focus your time on the things you do outside of the office.”
Maybe those older than Gen Z can take a lesson from our children? Partly, this seems due to starting work during the COVID pandemic with virtual work becoming more prevalent and the boundaries between work and home being blurred. Many Gen Z workers have reported lower engagement levels with their work compared to older generations. The labor shortage has caused a power shift from employer to worker. Another example of increased labor power is successful organizing efforts at Starbucks and Amazon. At the same time, more employers are mandating in person work at least for part of the week. The last example is Apple. We will see more employers asking employees to work in person. Although the pandemic is far from over, other cities are bouncing back more successfully than SF.
August is National Wills Month. It is very important to have estate plans that are current and reflect your wishes. Make sure you have an up to date estate plan, and at least a Will, in place. Here are some helpful links that include tips on creating your estate plan:
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