• $150 million boost in health
  costs this year source

• » Why so much? Simple answer: Industrial companies have a lot of retirees, and the health care bill affects their costs greatly as a result.

• $1 billion in debt keeping it from
  taking on Netflix source

• good Bank of America, which has made millions of dollars in profit off of people not having much in their bank accounts, will end the often-pricey practice of automatically charging fees at retail this summer.
• better Consumers will have more flexibility when deciding when to accept overdrafts elsewhere – they have to accept the charge at ATMs and can still set it up for automatic payments or checks. source

• We like the meme machines that Ben Huh’s “I Can Has Cheezburger” network provides. They’re goofy, they’re funny at times, and they often drive some pretty interesting trends online. What we don’t like, however, are his wages. What’s essentially a job in a profitable niche media industry is treated as if it’s a struggling startup. Gawker has been all over this the last few days, after Huh himself backed his company into a corner thanks to a frank admission.

What “Cheezburger” makes in revenue

• $4 million in yearly revenue off
  of user-submitted content source

The “Cheezburger” employee picture

• 30 employees work for Ben Huh’s
  cat-loving empire source

• $8.55 the starting rate (40 hr./week, no benefits) at one of Huh’s sites for an office admin or a junior designer – that’s minimum wage in Washington
• $17,784 the amount that brings home for potential employees each year, before taxes of any sort – that’s just $7,000 above the poverty line source

• » A notable wrinkle: These jobs are contract jobs without benefits starting out. Contract jobs that don’t take out taxes, just an FYI, are the ones that Joe Stack railed against when he crashed that plane into the IRS building. And while Huh claims that people move up in the company, the fact of the matter is that this is a near-poverty level job starting out.

How that compares

• $30k starting rate for an entry-level office administrator source
• $29k starting rate for a Web-based graphic designer source
• $20k starting rate for a “blogger” – so Huh is even low for that source

Can you live off that? No

• $17,784the entry-level pay (before taxes) at Cheezburger Network, with the possibility of wage increases
• $18,337the living wage (after taxes) in the Seattle area, where the network is located source

The justification for low wages

• We advertise lower wages for entry-level positions because the worst candidates focus on money the most. Believe it or not, advertising lower-than-market wages actually helped us yield better candidates.
• Cheezburger Network CEO Ben Huh • In an article discussing how a recent ad drew candidates who were upset that he was offering so little for what are in reality jobs that require a college education. While passion is one thing, it’s another thing entirely to force low wages on college-educated people. He lists three reasons why he feels employees who ask about compensation aren’t desirable. The first? “The candidate’s inability to control their personal expenses, which inevitably leads to drama and demands at work.” He goes further, noting: “If you have high financial requirements in order to absolutely survive, I don’t really know what to say than go get a job at a bank (you know what I mean).” Know what would help them control personal expenses, Ben? A living wage. Well, maybe they could get one (and health insurance!) if they worked at a Starbucks instead. source

But wait, they’re not alone

• Look, it’s easy to focus on them. But the real problem we’re starting to see with user-generated content is that nobody’s really paying enough, and preying on passion. Lots of companies are guilty of this. Examiner.com is a great example. Journalists have for years been able to make a decent, if not great, wage by working at newspapers and other print publications. Will this go away? Will we even be able to buy cheezburgers? Just a thought.

• 43% of workers have less than $10k saved up source

• My heart and my support are with everybody and anybody who wants to stand up for public education. I salute those who are making themselves heard today in a peaceful manner on behalf of a great cause.
• University of California President Mark Yudof • Regarding the major protests being staged at his and other universities across California and in 17 other states. The protests are in the wake of massive budget cuts to the state’s educational institutions, which have the effect of lowering the quality of education and raising the cost of tuition. For his part, Gov. Arnold Schwarzenegger says the cuts are terrible, but necessary, due to the state’s $20 billion budget deficit. Rock, meet hard place. In between? An education system. source

• one
  million number of tickets Wiseguys Tickets and Seats managed to buy through hacking Ticketmaster’s Web site
• $25
  million the amount these Wiseguys made through reselling at a much higher cost ($25 per ticket!) source

• If it was a choice today between Plan A, which is what we’ve got, or Plan B, which is the Senate bill, I would vote for the Senate bill. But I would much rather see a Plan C that really attacks costs, and I think that’s what the American public wants to see.
• Super-investor and overall smart guy Warren Buffett • Regarding the current state of health care, which he says is damaging the possibility of a clean economic recovery. “It’s like a tapeworm eating at our economic body,” he said. That’s like the coolest quote ever. He also called the 2008 financial crisis an “economic Pearl Harbor,” but said that we will eventually win the war. We economically like the way this guy talks. source

• All Senator Bunning was saying is that it should be paid for. It will pass, though, because it’s a temporary extension.
• Sen. Jon Kyl • Discussing Jim Bunning’s infamous blocking of an unemployment benefits extension. Both Bunning and Kyl claim that the bill didn’t pass because it wasn’t agreed upon as part of the PAYGO extension – in other words, the government didn’t have a way to pay for it. Bunning, who this Fox News article calls an “outcast,” for his part blames Harry Reid for blowing up the bipartisan bill. “All of the programs that you have talked about could have been extended and for much longer periods if Senator Reid, your leader, had not blown up the bipartisan job bill,” he noted. Still doesn’t not make you a jerk, dude. source

• Savings are depleted, jobs are tough to come by, and families still have expenses to manage. Unemployment benefits are the only thing keeping food on the table for a lot of Minnesotans. One Senator, acting alone, should not be responsible for holding their livelihoods hostage.
• Sen. Al Franken • In a statement criticizing the move by Sen. Jim Bunning to block unemployment benefits. It’s not the only one he’s made, either. He also just blocked some key highway funds from getting distributed, for all effective purposes shutting down much of the highway system and putting thousands more out of work. Crooks and Liars has a nice explainer explaining why that move is really, really bad for millions of Americans. Despite the importance of agreeing on these moves – we know a lot of out-of-work journalists, for example, depending on that unemployment – some people are still supporting him on Twitter (though most aren’t, fortunately). Unbelievable. source