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Posts by Hoosier Econ

Located out of Central Indiana. Blogger of economics, politics and societal trends.

Update on Cell Phones in Indiana Prisons

Back in February I posted about the unspoken economy of cell phones in U.S. prisons. These cell phones obtained by prisoners pose a serious public safety risk as they have been used by gangs to carry out hits on gang rivals outside the prison or to relay messages to other prisoners to cause violence in other prisons.

I recently contacted the Indiana Department of Corrections for an update of how many cell phones prison guards have confiscated in 2015. I want to thank INDOC spokesperson Isaac Randolph for the information.
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Example of Why Healthcare Is Expensive

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H/T Glenn Reynolds of PJ Media

Neil DeGrasse Tyson TV Show Tanks in Ratings

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The most brilliant man on the entire planet [sarcasm] debuted his new tv show “Star Talk” this past Monday, April 20th. So how did Neil DeGrasse Tyson do in the cable ratings? He didn’t even register in the Top 100 shows on cable TV for the entire day per TV By the Numbers.

I find this a bit funny considering whenever I meet his fanatic fan base I get lectured about how popular and smart of a guy he is. So who did the cable viewers decide to watch at the 11 p.m. hour instead of this messiah of science?

– Family Guy
– Fast n Loud
– Modern Family
– DINERS, DRIVE INS & DIVES
– LOVE & HIP HOP ATLANTA 4
– King Of Queens
– Friends
– Conan
– True Life

But don’t worry, Neil DeGrasse Tyson will redeem himself this week by interviewing militant social activist Dan Savage…… [more sarcasm]

Hybrid Car Owners Breaking Up With Mother Earth

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Hybrid car owners are not feeling the love of the environment anymore and showing it with their purchasing power. I remember the hysteria a decade ago if you didn’t buy a hybrid then you didn’t love Mother Earth. JustFactsDaily.com had this question up on their website for viewers to answer:

    Thus far in 2015, what portion of the people who traded in a hybrid or electric car purchased another such car?

Once you answered, they provided documentation to research done by Edmunds.com:

    Car buyers are trading in hybrid and electric cars for SUVs at a higher rate than ever before, according to a new analysis from car-buying platform Edmunds.com.

    According to Edmunds.com, about 22 percent of people who have traded in their hybrids and EVs in 2015 bought a new SUV. The number represents a sharp increase from 18.8 percent last year, and it is nearly double the rate of 11.9 percent just three years ago. Overall, only 45 percent of this year’s hybrid and EV trade-ins have gone toward the purchase of another alternative fuel vehicle, down from just over 60 percent in 2012. Never before have loyalty rates for alt-fuel vehicles fallen below 50 percent.

Edmunds also provides analysis of how long it takes financially to justify paying the price of hybrid vehicles with gas price savings:

    To underscore the point, Edmunds calculates that at the peak average national gas price of $4.67/gallon in October 2012, it would take five years to break even on the $3,770 price difference between a Toyota Camry LE Hybrid ($28,230) and a Toyota Camry LE ($24,460). At today’s national average gas price of $2.27/gallon, it would take twice as much time (10.5 years) to close the same gap.

Is California Dead?

Joel Kotkin is the RC Hobbs Fellow in Urban Futures at Chapman University in Orange, California. He recently just published an article at the The Dialy Beast titled, “The Big Idea: California Is So Over”. It is well worth the read from a person who has lived in California and studied the politics/culture for multiple decades. Here is one snippet-

    But ultimately the responsibility for California’s future lies with our political leadership, who need to develop the kind of typically bold approaches past generations have embraced. One step would be building new storage capacity, which Governor Jerry Brown, after opposing it for years, has begun to admit is necessary. Desalinization, widely used in the even more arid Middle East, notably Israel, has been blocked by environmental interests but could tap a virtually unlimited supply of the wet stuff, and lies close to the state’s most densely populated areas. Essentially the state could build enough desalinization facilities, and the energy plants to run them, for less money than Brown wants to spend on his high-speed choo-choo to nowhere. This piece of infrastructure is so irrelevant to the state’s needs that even many progressives, such as Mother Jones’ Kevin Drum, consider it a “ridiculous” waste of money.

You can read the entire article here.

How the State of Indiana Budget is Spent

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H/T BallotPedia.org

More Proof Student Loan Debt Will Crash in the Future

Robert Wenzel over at EconomicPolicyJournal.com posted two impressive charts which defy the reality of economics and shows the coming student loan debt bubble will be a hard crash when it happens. Biggest reason student debt is skyrocketing is because most student loans are financed by the federal government. Unfortunately the only ideas being floated is more government intervention.

First chart is the mega growth of student loans compared to other loans in the economy
student loans 1

Another chart he posted shows that only 29% of people paying off student debts and the principle is going down.
student loans 2

Indiana Farm Sale Blowout: $16,200 Per Acre

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Via Indiana Economic Digest

Elliott Farm sells at $16,200 per acre
Elliott Farm, located near Poseyville, recently sold its 69 acres at auction for $16,200 per acre, or $1,117,800 in total.

The farm had been held by the Elliott Family since the early 1940s and was purchased by a local farmer who was represented by proxy. According to auctioneer Andrew Wilson, the price per acre is a record for this area

Big Changes Coming to Indiana Business Property Taxes

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Story concerning a property tax case that could affect the whole state businesses property taxes slipped through without much notice. An Indianapolis Meijer’s store filed suit against Marion County Indiana over how it’s store was assessed for property taxes. Counties could stand to lose financially if the ruling stands.

Here is more from mLIVE.com

The Indiana Board of Tax Review ruled last month that the Michigan-based retailer’s store in Indianapolis should have been assessed in 2012 at the equivalent of $30 per square foot, instead of nearly three times the rate as Meijer was charged.

The decision could leave Marion County on the hook for a $2.4 million refund to Meijer and could set the stage for other retailers to make similar challenges to their tax assessments.

The value of retail real estate is based on the current condition of the business, but the case raises questions about what effect, if any, the sales that occur there should have on the value. Big-box chains are pushing to have their buildings compared to others that have been vacated and sold, an approach known as the “dark store theory.”

If the tax board’s ruling stands, Meijer will save more than $400,000 a year on its tax bill.

NFL Top 50 Players Merchandise Sales

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1. Russell Wilson, Seattle Seahawks

2. Peyton Manning, Denver Broncos

3. Tom Brady, New England Patriots

4. Colin Kaepernick, San Francisco 49ers

5. Aaron Rodgers, Green Bay Packers

6. Dez Bryant, Dallas Cowboys

7. Richard Sherman, Seattle Seahawks

8. J.J. Watt, Houston Texans

9. Marshawn Lynch, Seattle Seahawks

10. Johnny Manziel, Cleveland Browns

11. Jason Witten, Dallas Cowboys

12. Drew Brees, New Orleans Saints

13. Rob Gronkowski, New England Patriots

14. LeSean McCoy, Philadelphia Eagles

15. Andrew Luck, Indianapolis Colts

16. Clay Matthews, Green Bay Packers

17. Tony Romo, Dallas Cowboys

18. Brandon Marshall, Chicago Bears

19. Calvin Johnson, Detroit Lions

20. Odell Beckham Jr., New York Giants

Read the rest of the Top 50 via Yahoo Sports