Tag Archive: Unemployment


7 Stone Cold Facts About the Economy That Progressives Cannot Wish Away

 

 

Food-Stamp-Nation

 

 

 

” Facts are unbelievably stubborn things.

  Compare these changes for the last year of the Bush presidency 2008 versus the last full year of the Obama presidency 2013:

 

Read the rest at IJR

 

 

 

 

 

 

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Obama’s Top-And-Bottom Coalition Shows Signs Of Strain

 

 

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” America’s two major political parties are inevitably coalitions, forced by the winner-take-all Electoral College and the need of candidates in single-member congressional districts to amass 50 percent of the vote, or nearly that, to win election.

  In a nation of America’s cultural variety, that means holding together groups that have different priorities and conflicting positions on issues.

  So coalitions don’t last forever, and change composition over time. John Kennedy’s Democratic coalition united white Southerners and northern Catholics. Half a century later, Republican Mitt Romney carried white Southerners and white Catholics by wide margins.

  Barack Obama’s Democratic Party is a top-and-bottom coalition, with affluent gentry liberals and blacks, single women, recent Hispanic immigrants and young voters — all groups of little political heft in Kennedy’s day.

  Now in the sixth year of the Obama presidency, with his job approval stuck below 50 percent, there are signs of strain. And choices made earlier, when Democrats held congressional supermajorities, are starting to prove troublesome.

  One choice was to not bring forward immigration legislation that would provide a path to legalization for immigrants in the country unlawfully. This was a top priority for the Hispanic Caucus, but Obama and Democratic congressional leaders chose not to advance an issue that would cost them the support of some Democrats and require Republican votes.”

 

 

It’s always worth your while to read what Michael Barone has to say . This article is no exception .

 

 

 

 

 

 

 

Twerking Your Way Through College

 

 

Miley Cyrus "Bangerz Tour" - Tour Opener - Vancouver, BC

 

 

 

” Skidmore College in Saratoga Springs has a new academic discipline for America’s scholars:

  The course, called The Sociology of Miley Cyrus: Race, Class, Gender and Media, is a 251-level special topics course taught by Visiting Assistant Professor of Sociology Carolyn Chernoff. The professor encourages students to look past the colon in her course title and see what the class is really about.

In the photograph at right, it’s actually not that difficult to see past the colon.

  Skidmore junior Layla Lakos, a sociology/philosophy major, first heard about the new Miley course on Facebook. Lakos laughed, but was intrigued all the same.

” You can study a lot of things based on Miley,” she said. “She represents how transient wealth and fame can be, and shows how possible it is to change your image.”

  One of the easiest ways to understand how transient wealth is is to invest a six-figure sum in Twerk State University. The Atlantic reports on “the least valuable colleges and majors in America“:

  The self-reported earnings of art majors from Murray State are so low that after two decades, a typical high school grad will have out-earned them by nearly $200,000. “

 

~ Since we’re talking about The Atlantic, a few years ago, back when I was the magazine’s obituarist, a New Hampshire neighbor of mine called me up and said they were considering mortgaging the family homestead because their daughter wanted to go to Columbia Journalism School. Her ambition was to be an editor at The Atlantic and, as I wrote for the magazine, they thought I might have some useful advice for her. I don’t have a degree from Columbia Journalism School or even Murray State University; I don’t have a high-school diploma. Apparently, that’s fine if you want to write a column for the magazine, but to copy-edit the same column, and to correct any Canadian spellings I may have slipped in, your parents need to mortgage the home your family’s lived in for the last two-and-a-quarter centuries.”

 

 

Make this your mandatory Saturday morning read … Mr Steyn is spot on , as usual .

 

 

 

 

 

 

 

 

 

 

Why It’s So Hard To Figure Out What The Stimulus Did

 

 

AEI/Jim Pethokoukis

 

 

” That’s why I think the best way to judge the stimulus as a whole is to say that we don’t really know how well it worked—but that it didn’t live up to some of the promises that were made when it was passed.

  In theory, fiscal stimulus juices the economy through a multiplier effect, in which one dollar of borrowed government spending produces more than a dollar of overall economic gain. With a multiplier of 1.5, a stimulus of $100 million would produce $150 million in economic activity. A multiplier of 2.0 would result in double the economic jolt of the initial cash infusion. The higher the multiplier, the bigger the boost.

  The problem, as I noted in my April 2013 story on the stimulus, is that no one really knows what multiplier effect of fiscal stimulus is. Reputable economists don’t even really agree about the possible range for the multiplier. Some economists think it could be in the range of 3.0 or even higher, given the right circumstances. The Congressional Budget Office puts the estimated multiplier for government purchases at somewhere between 0.5 and 2.5. A broad survey of estimates by University of California San Diego economist Valerie Ramey found that the range was usually between 0.8 and 1.5, although the data could support anywhere from 0.5 to 2.0.”

 

   The whole issue is quite confusing , even to trained economists , but one thing seems like a no-brainer to me . While the egg-heads debate the effective rate of the government “multiplier” and give it a possible effectiveness rating of up to 2.5 … meaning that every dollar the government spends produces as much as 2.5 dollars in economic activity , a simpleton like myself asks how can that possibly be ? 

 

  For every dollar the State spends is taken out of the economy by way of taxes , greases a few federal palms by way of wages and overhead and then is redistributed into the economy . By the time that original dollar is sent on it’s way to “stimulate” economic growth it’s value is not a dollar but probably less than fifty cents ( we could not locate accurate administrative costs , quickly enough for this post ) . 

 

 If it costs the tax payer 50 cents on the dollar for the Feds to be the middleman in a redistribution scheme of epic proportions how could said stimulus , which was nothing but redistribution , achieve ANY positive economic effects AT ALL  other than securing the jobs of the bureaucrats and administrators themselves ?

 

   I am not an economist but have been a businessman for thirty years and if I “stimulate” my vendors by paying more so they can keep their employees living in the comfort to which they’ve grown accustomed that lowers my profit margin and takes food off of my table . Who benefits ? Not the consumer/taxpayer that’s for sure .

 

 The idea that the State can “stimulate” growth is predicated solely on the notion that the government knows better how to spend the individual’s hard earned money and can do so more efficiently than the earner . If anyone believes that mail a letter , take a ride on Amtrak or visit your local VA hospital for much needed healthcare . Let us know how you make out .

 

 

 

 

 

 

 

 

 

 

 

 

CBO Triples Estimate Of Obamacare Work Force Cuts To 2.3 Million

CBO Labor Force

 

” Obamacare is now expected to take 2.3 million full-time workers out of the labor market through 2021 while insuring 2 million fewer Americans in 2014 than expected, the Congressional Budget Office said Tuesday.

  The overall result of Affordable Care Act regulation will be a 1.5 percent to 2 percent reduction in the numbers of hours worked between 2017 and 2024, the CBO concluded in its 2014 Budget and Economic Outlook.

  The updated numbers are nearly triple the 2011 estimate, which found that Obamacare would push just 800,000 people would leave the work force.”

 

The story continues at The Daily Caller 

 

22 ‘Fun Facts’ On The Obama Economy People Should Know Before

(Or After) The State Of The Union

 

 

 

” Here are a few facts to bear in mind when we’re all regaled about Obama’s ‘historic’ presidency at his State of the Union address:

  1. The Number Of Americans That Have Joined The Food Stamp Program Since
    Obama Took Office: 19.4 Million.
  2. The Number Of People Unemployed At The End Of Obama’s Fifth Year As
    President: 10.4 Million.
  3. The Number Of People Working Part-Time That Would Like To Work Full-Time: 7.8 Million.
  4. The Number Of People That Have Entered Poverty Since 2008: 6.7 Million.
  5. Americans Who Received Cancellation Notices For Their Health Plans
    Due To ObamaCare After Obama Promised They Could Keep Their Plans In His 2010 State Of The Union Address: 5 Million.
  6. The Number Of Americans Struggling With Long-Term Unemployment Of 27 Weeks Or Over: 3.9 Million.
  7. The Increase In Americans Struggling With Long-Term Unemployment Since Obama Became President: 1.2 Million.
  8. Construction Jobs (aka “Shovel-Ready Jobs”) Lost Since Obama Took Office: 721,000.
  9. Manufacturing Jobs Lost Since Obama Took Office: 528,000.”

 

For the real State Of The Union read the rest at IJR 

 

 

 

 

 

 

 

 

From Rare

 

 

 

 

 

 

 

 

 

 

MSNBC: December Jobs Report Is ‘Horrific, Awful And Ugly’

 

 

 

 

 

” Morning Joe’s crack news team did make a half-hearted stab at blaming “cold weather,” but you could tell they’re just not into the argument. The fact is there’s simply no way to spin this data as anything other than dismal. They even bemoaned the fact that the unemployment rate only went down because so many people left the workforce.  For MSNBC, that comes dangerously close to actual reporting.

  Probably the best part of the segment was the look on Mika Brzezinski’s face. Dour, downcast, and frustrated, she looks like her head’s about to explode. This may be because, like liberals everywhere, she treats each and every bit of negative news that stems from her political messiah’s administration as a personal assault.”

 

 

More at CainTV

 

 

 

 

 

 

‘For Every One Job Added, Nearly 5 People Left The Workforce’

 

 

” Alabama senator Jeff Sessions responds to the latest jobs report:

” Today’s jobs report underscores a deeper problem facing our economy: a large and growing block of people who are chronically jobless and completely outside the workforce. In December, the economy added only 74,000 jobs – not nearly enough to keep up with population growth –and 347,000 left the workforce. That means for every one job added, nearly 5 people left the workforce entirely. “

 

Continue reading

 

 

 

 

 

 

 

 

From The Pentagon To Life In A Van

 

 

” After a 30-year military career in which he earned three graduate degrees, rose to the rank of colonel, and served as an aide to Pentagon brass, Robert Freniere can guess what people might say when they learn he’s unemployed and lives out of his van:

Why doesn’t this guy get a job as a janitor?

Freniere answers his own question: “Well, I’ve tried that.”

  Freniere, 59, says that his plea for help, to a janitor he once praised when the man was mopping the floors of his Washington office, went unfulfilled. So have dozens of job applications, he says, the ones he has filled out six hours a day, day after day, on public library computers.

  So Freniere, a man who braved multiple combat zones and was hailed as “a leading light” by an admiral, is now fighting a new battle: homelessness.”

Continued …

 

 

 

 

 

 

 

The Kids Aren’t All Right

 

 

 

 

 

” A word of caution for kids heading off to college this year: Your degree may be worth less and cost more than you think. Your job prospects will likely be grim, whether or not you get that sheepskin. Oh, and you’re on the hook for trillions in federal debt racked up by your parents and grandparents.

Washington has willfully ignored the looming crisis of entitlement spending, knowingly consigning young Americans to a future of crushing debt, persistent underemployment, and burdensome regulation. Politicians on both sides of the aisle share the blame.

This summer, Congress made a big bipartisan show of cutting student loan rates to 3.4 percent from an already artificially low 6.8 percent. But even that seemingly helpful gesture will wind up hurting the Americans it claims to help. Federal student aid, whether in the form of grants or loans, is the main factor behind the runaway cost of higher education. Subsidies raise prices, leading to higher subsidies, which raise prices even more. This higher education bubble, like the housing bubble before it, will eventually pop. Meanwhile, large numbers of students will graduate with more debt than they would have in an unsubsidized market.

And when those new, debt-laden graduates head out into the labor market with their overpriced diplomas, they may not be able to find a job. According to data provided to me by my Mercatus Center colleague, former Bureau of Labor Statistics (BLS) commissioner Keith Hall, fewer than half of Americans today between the ages of 18 and 25 are employed. For those in that cohort actively on the job market, the unemployment rate is 16 percent, versus 6 percent for job-seekers aged 25 and above.

This jobs crisis will have long-term consequences for young Americans. A forthcoming paper in the American Economic Journal: Applied Economics on Canadian college graduates by the economists Philip Oreopoulos, Till Von Wachter, and Andrew Heisz shows that in economies like ours, during normal times, the average person sees 70 percent of career wage growth in the first 10 years on the job. That is terrible news for people who are unemployed or underemployed at the start of their careers. The study also shows that those unlucky enough to graduate during a recession will suffer a 9 percent pay hit from the start of their careers-and it will likely take them a decade to climb out of that hole.

Weak economies always hit younger people hard, but this weak recovery is taking a particularly heavy toll, despite the massive government intervention in the form of stimulus and job programs. In fact, much of the uncertainty that gets in the way of employers hiring new full-time workers can be traced to government policies.

 

 

Illustration by RJ Matson

 

 

 

 

 

 

 

 

 

 

Jobs, Debt And Poverty All Are Up

 

ObamasNumbers-ThirdQuarter_v03

 

 

” America is still gaining jobs under President Obama, but millions more live in poverty, typical household incomes have not kept pace with inflation, and the federal debt is up nearly 90 percent and on pace to double before he leaves office. Stockholders, meanwhile, are far wealthier than they were the day he was sworn in.

U.S. oil production continues to boom, as do wind and solar power, while dependence on foreign oil keeps dropping. International opinion of the United States has slipped a bit, but generally remains far higher than before he took office, except in the Muslim world, where it has gotten even worse.

These are among the findings in our latest update of “Obama’s Numbers.”

 

 

Take these numbers with a grain of salt . 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Hope & Change For Obama’s Kool-aid Drinkers

 

 

 

 

” It can be absolutely soul crushing when you discover that the “bright future” that the system had been promising you for so many years turns out to be a lie.  A lot of young people ultimately give up on the system and many of them end up just kind of drifting aimlessly through life.  The following is an example from a recent Wall Street Journal article

James Roy, 26, has spent the past six years paying off $14,000 in student loans for two years of college by skating from job to job. Now working as a supervisor for a coffee shop in the Chicago suburb of St. Charles, Ill., Mr. Roy describes his outlook as “kind of grim.”

“It seems to me that if you went to college and took on student debt, there used to be greater assurance that you could pay it off with a good job,” said the Colorado native, who majored in English before dropping out. “But now, for people living in this economy and in our age group, it’s a rough deal.”

Young adults as a group have been experiencing a tremendous amount of economic pain in recent years.  The following are 30 statistics about Americans under the age of 30 that will blow your mind…

#1 The labor force participation rate for men in the 18 to 24 year old age bracket is at an all-time low.

#2 The ratio of what men in the 18 to 29 year old age bracket are earning compared to the general population is at an all-time low.

#3 Only about a third of all adults in their early 20s are working a full-time job.”

 

 

See The Rest

 

 

Illustration By Marshall Ramsey

 

 

 

 

 

 

 

Niall Ferguson: Obama’s Gotta Go

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” In his inaugural address, Obama promised “not only to create new jobs, but to lay a new foundation for growth.” He promised to “build the roads and bridges, the electric grids, and digital lines that feed our commerce and bind us together.” He promised to “restore science to its rightful place and wield technology’s wonders to raise health care’s quality and lower its cost.” And he promised to “transform our schools and colleges and universities to meet the demands of a new age.” Unfortunately the president’s scorecard on every single one of those bold pledges is pitiful.

In an unguarded moment earlier this year, the president commented that the private sector of the economy was “doing fine.” Certainly, the stock market is well up (by 74 percent) relative to the close on Inauguration Day 2009. But the total number of private-sector jobs is still 4.3 million below the January 2008 peak.”

The Tea Party

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Courtesy Of Rightwing Art

 

 

 

 

 

 

U.S. Homeownership Rate Falls to Lowest Since 1995

 

 

 

 

” The U.S. homeownership rate fell to the lowest in almost 18 years, reflecting rising demand for rentals and investor purchases in the housing market.

The share of Americans who own their homes was 65 percent in the first quarter, down from 65.4 percent a year earlier and the lowest level since the third quarter of 1995, the Census Bureau reported today. The vacancy rate for rented homes dropped to 8.6 percent from 8.8 percent a year earlier, while vacancies for owner-occupied houses fell to 2.1 percent from 2.2 percent.”

 

 

 

 

 

 

 

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30 Reasons To Dislike Barack Obama

 

 

 

 

” As a conservative, picking out things you don’t like about Barack Obama is kind of like pointing to the wettest part of the ocean. It also goes beyond politics. Not only is Barack Obama wrong politically, he’s not a good guy, “cool,” or even moderately likable. To the contrary, he’s one of the nastiest, least admirable people in politics and he gets by based on a phony persona he created when he ran for President in 2008 — along with the help of press corps liberals that work to protect him like they’re on his payroll. Based on his performance and his personality, Barack Obama deserves to be the least popular man ever to sit in the White House.

1) Nobody but an ass would say“It’s very rare that I come to an event where I’m like the fifth- or sixth-most interesting person.”

2) He’s a former (maybe, who really knows?) coke-snorting pothead who governs with all the care and due diligence you’d expect from a coke-snorting pothead.

3) Barack Obama actually said, “The private sector is doing fine.” Given that the private sector has never at any point been doing fine since he became President, he’d have to be dumb, dishonest or delusional to say something like that.

4) He is a bigger liar than Bill Clinton and Jimmy Carter put together. There’s nothing the man says you can count on his meaning unless he’s saying something nice about himself.” 

 

Read The Whole Thing

 

 

 

 

African-American Leaders Call On Congressional Black Caucus To Halt Immigration Bill

 

 

” The African American Leadership Council asked the Congressional Black Caucus to oppose the Senate Gang of Eight’s immigration bill at a press conference Wednesday morning.

The leaders called on the caucus to protect black workers by opposing the 844-page bill, portions of which the coalition described as amnesty.

The council questioned whether there are enough low-skill jobs for both African Americans and immigrants. One member said increased immigration levels would keep black unemployment, which is already nearly double the national average, elevated for some time.

“With unemployment at 7.6 percent, this is preposterous,” coalition member Charles Butler said. “What makes sense is for America’s jobs to be reserved for people who are legally entitled to compete for them.”

The coalition slammed establishment black leaders in the press conference, saying they do not represent the African-American community on this issue.”

 

 

 

 

 

CALIFORNIA BILL COULD SHUT DOWN SMALL RESTAURANTS

 

 

 

 

” The State of California has one of the worst proposals of any legislature in the country this year with a new bill that would force every restaurant and food service business in the state to commission an expensive “risk assessment” test for every menu item.

Such a test could cost thousands of dollars for every food item sold. This outrageous and cost prohibitive testing would certainly cause all but the biggest chain restaurants to go out of business almost instantly.

In another exercise in nanny-statism, California’s State Senate Democrats want this “risk assessment” conducted to determine whether food being sold “contributes significantly to a significant public health epidemic.”

The bill, Senate Bill 747, is an addition to the current health and safety codes and is currently set for a hearing on April 17. It was written and introduced by Sen. Mark DeSauliner (D, Concord).

As California politics watchdog Stephen Frank points out, “Pass this and hundreds of thousands of Californians are out of work on Day One–and tens of thousands of Californians have lost their investments and businesses.”

But there are other, perhaps unintended, consequences in the offing here. This law would benefit large, multi-million dollar national chain restaurants in as much as it would eliminate their competition at a local level. Mom and Pop restaurants, small local chains, and one-location restaurants could never afford to have expensive tests done for every food item they sell. The big chains, however, have a whole country of locations and customers upon which to spread the costs of this “risk assessment.” “

 

 

 

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1 Government Worker to Every 5 American Working Adults

 

 

 

” Why don’t we just give everyone a guaranteed government job? It worked in the Soviet Union where there was no unemployment and not much of anything else. Also people who didn’t have jobs were deported to labor camps. Or shot.

But until that wonderful Socialist utopia dawns, we can still be reassured that we live in a nation where government employees remain a privileged class, their noble public service rewarded by better benefits and low unemployment rates.

 

Since July, times have been very good for government in the United States, with governments managing to add 618,000 workers to their payrolls.  In March, there were 20,633,000 total government workers in the U.S.  In July the government employed 20,015,000 people.”

 

 

 

 

 

Exclusive: States With Lowest Unemployment Are Dominated By Conservatives & Republicans

 

ideology2

 

 

 

” America is said to be the laboratory of democracy. If so, there may be a top secret ideological formula for lower unemployment: conservatism.

States where self-identified conservatives dominate the political landscape are more likely to have the lowest unemployment rates. People can argue about it, but they should take it up with the Bureau of Labor Statistics and the people who respond to Gallup surveys.

Comparing Bureau of Labor Statistics’ state unemployment numbers released on March 18th, 2013 with Gallup polling published in February 2013, the superior performance of conservative states is glaring. Gallup frames its scores as ‘conservative advantage,’ and these variables average out to a score of 17.7. That means the middle-of-the-road ideology score is about 17.7.”

 

 

 

HOUSEHOLD INCOME TUMBLES DURING THE OBAMA “RECOVERY”

 

Household income tumbles during the Obama "recovery"

 

” The New York Times delivers some news so grim that it had to cook the headline to hide it: “Median Household Income Down 7.3% Since Start of Recession.”

Well, yes, but as the Times reluctantly admits in the very last paragraph of the story, 5.6 percent of that decline has occurred since the Obama “recovery” began.  And median annual household income just fell by 1.1 percent in a single month – February 2013 – after the Obama “recovery” has supposedly been in progress for years.  That’s after $6 trillion in deficit spending to “stimulate” the economy, supposedly for the benefit of the average household.

What’s behind this decline in household income, which has become so drastically pronounced throughout the Obama era? “

 

 

 

 

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New York City Leads Jump in Homeless

 

 

 

” More than 21,000 children—an unprecedented 1% of the city’s youth—slept each night in a city shelter in January, an increase of 22% in the past year, the report said, while homeless families now spend more than a year in a shelter, on average, for the first time since 1987. In January, an average of 11,984 homeless families slept in shelters each night, a rise of 18% from a year earlier

“New York is facing a homeless crisis worse than any time since the Great Depression,” said Mary Brosnahan, president of the Coalition for the Homeless.”

 

 

See also :

 

Inside City Shelters, Looking for Ways Out

 

 

 

 

 

 

 

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