Did strippers just kill the economic boom?
"This week, a judge in New York awarded $10.8 million in damages to New York women who filed a lawsuit against the strip club they worked for, Rick's Cabaret in Midtown Manhattan, alleging that they were improperly classified as independent contractors when they were, in fact, employees.
This is bad for Silicon Valley, which relies on the "1099 economy" (named after the tax form for independent contractors).
...the 1099 economy is almost perfectly calibrated to serve the needs of fast-moving start-ups — lower costs, less liability, the ability to grow and shrink the labor pool quickly ..."
In other words, many of Silicon Valley's most novel business models rely on being able to have cheap, nimble workforces by using contract workers. It's going to be a problem for these businesses if the courts start ruling that these models are illegal
I think Stevie-girl has finally managed to quote a reporter even dumber than him!
What do you think, Stevie-girl? Short companies with high numbers of contractors on staff because of this? No wunder the NASDAQ was down yesterday and the futures continued down overnight.
This is one of the best articles on our pending DOOM to date!
I bet politicians will also decide to gut the H1B program while they are at it.