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What Softens Hard Economic Times?
Owners of a bar in Cullera, Spain - near Valencia - are providing a unique service for their customers to help them relax and deal with the hard economic times. They are serving free beer and tapas (costing about $2.10) to customers who release their recession-caused frustration by insulting them. The insults, however, have to be creative and good-natured. For example, a customer said one owner's ears were so big they reminded her of a car with its doors wide open. As a promotion gimmick for their newly opened bar, the owners are literally "paying insults".
Debit cards can be used almost anywhere credit cards can; and during the hard economic times of 2008, Americans are using them more. According to Visa, the country's biggest card payment network, $206 billion was spent with its debit cards and $203 billion with its credit cards. Many banks extend credit-card type, $50-maximum-liability protection - something Visa expects from banks issuing its debit cards - but the law for debit card fraud is different. The longer it takes to report fraud, the less money customers are guaranteed to get back. It's hoped Obama's "Consumer Financial Protection Agency" will get credit for fixing this.
Because of hard economic times, the cost of medical care is an increasing concern for employers. According to the National Business Group on Health, median health care cost per employee in 2008 was $7,173. Nevertheless, companies can save $1.49 to $4.91 in health-related expenses for every dollar spent on wellness programs. A survey of about 500 human resources and benefit executives found that 50% of companies have, will introduce or will increase investments in wellness promotion. Thirty-two percent have, will introduce or will increase financial incentives for employee participation; and 45% are considering introducing or increasing penalties for non-participation. Good health is good business.
When states need money in hard economic times, they raise cigarette taxes, a move supported by public health groups as a way to discourage smoking. Among the states that raised cigarette taxes in 2009 are Arkansas, Hawaii, Kentucky, Mississippi, New Jersey, Vermont and Wisconsin. Florida raised its tax by a dollar. So did Rhode Island. In fact, the tax on a pack of cigarettes in Rhode Island is $3.46 - the highest in the country. However, with less than 20% of Americans smoking and the high cost of cigarettes dragging sales down more, cigarette taxes are burning out as a revenue source.
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