Showing posts with label Jobs 2012. Show all posts
Showing posts with label Jobs 2012. Show all posts

Monday, December 31, 2012

Progressive Lefties At TNR Recognize Senate Deal Is "Crappy" For Them

So says Tim Noah, here:


"Nevertheless, this is still a crappy deal, and Democrats should still reject it--or be quietly pleased if House Republicans reject it (as they're threatening to do)."

I agree that the deal is crappy for Democrats, really crappy, but the objective of Obama is only political. What's good for the country is meaningless. He's counting on the right in the House to reject the deal, doing for Obama what he cannot do by himself. It is the extremists of both the left and the right which cannot see how Obama is playing them. If the House had any brains they'd take the tax deal, but I don't think they will, unlike how under Pelosi the House progressives swallowed hard and took the Senate healthcare plan instead of opposing it. Better than anyone they know that ObamaCare is not the end game, but the next step to the single payer idea for which they originally stood.

Politically Obama needed to look like a compromiser, and appear reasonable and "balanced", to match his rhetoric played out over a long period, which is now very familiar to everyone. Later he can use the political capital gained thereby to appear like a genuine savior when he swoops in to offer a tax cut to the poor to relieve these unfortunate souls victimized by Republican "intransigence" over spending cuts. Obama has been telegraphing this for what seems like forever. This lousy deal for Democrats gives all the appearance of compromise, but it is intended rather to go to the heart of the split between the more conservative House Republican caucus and the more liberal Senate Republican caucus.

Once those two groups are split publically over a vote on a bill which will wreck the lives of millions, Obama is in the strongest position ever to appear the benefactor of "the middle class", the group he most wants out of his way in his attempt to level American society. In order to really screw them, he's got to get their complete confidence first. To do so he'll throw them a tax cut bone, which the doofusses will be very thankful for and will repay their master for with grateful support when he goes after their real enemy, the rich. You know, the Romneys and Buffetts of the world who look like the guys who fire them from their jobs.

The problem with true believers is that they are true. It blinds them to the way power shifts, which is why they never succeed.



Saturday, December 29, 2012

Thursday, December 27, 2012

The Full-Time Jobs Depression: 6.2 Million, 5.1%, Off 2007 High

Full-time jobs hit their all-time high in November 2007 at 121.9 million. Five years later they are at 115.7 million. That's down 6.2 million full-time jobs, or 5.1%.

And US population has grown 13 million over the five year period.

Figures through 11-01-12.

Chart and data here.

Tuesday, December 18, 2012

Today's Civilian Employment/Population Ratio Was First Achieved 35 Years Ago!

The ratio of employed to population today is 58.7, a level first achieved way back in December 1977.

Persons not in the labor force, that is, persons not counted as unemployed by the federal government, reached an all-time high recently of 88.9 million. Between 1975 when records started being kept and 1992, this number increased by about 0.7 percentage point per year. Under Clinton this number increased by about 1.04 percentage point per year. Under George W. Bush, 1.7 points per year. Under Obama, 2.7 points per year. 



The trend is not our friend.

Wednesday, December 12, 2012

Boosting Minimum Wage 40% Reduces Youth Employment 25%

You talkin' to me?
Way to go, Brownie!

Story here:


In November 2007, teens represented 4.0% of the entire U.S. workforce. In November 2012, teens account for just 3.1% of the reduced U.S. workforce. At this point, jobs that were most likely to have been held by teens are 14 times more likely to have been negatively affected by the employment situation over the past five years than their numbers among the entire U.S. workforce would suggest.

In retrospect, it seems that the U.S. Congress' action to boost the minimum wage by nearly 41% in three stages from 2007 through 2009 without doing anything to boost the revenues of teen employers by an appropriate percentage to compensate them for their higher costs of doing business during this period of time wasn't such a hot idea.

Tuesday, December 11, 2012

Rules For Radical Republicans: Bush Tax Cuts Edition

Rule 1: Power is not only what you have, but what the enemy thinks you have.

The enemy knows the Congress is a coequal branch of the government. The problem is the Republicans and the Speaker of the House do not. You actually have more power even than that. You have 30 Republican governors. Start using them.

Rule 2: Never go outside the experience of your people.

"New revenues from the rich" is the enemy's idea, not Republicans'.

Rule 3: Whenever possible, go outside the experience of the enemy.

Bush is ancient history. Time to make your own and repudiate the past. Pass something in the House which goes farther than Bush ever dreamed, and send it to the Senate to enrage the enemy.

Rule 4: Make the enemy live up to its own book of rules.

The enemy is funding gold-plated union jobs and pensions for federal and state workers at the expense of middle class Americans in the private sector who enjoy neither. It's time you reminded the middle class about that.

Rule 5: Ridicule is man's most potent weapon.

Use surrogates saying: Moochelle. Crony capitalist. Ideologue. Bolshevik. Dictator. Muslim sympathizer. Race baiter. Panetta flies cross country too much at taxpayer expense. The vice president thinks FDR talked to a television camera.

Rule 6: A good tactic is one your people enjoy.

Republicans can campaign, too. Go frequently to friendly territory and bring 2016 hopefuls with you.

Rule 7: A tactic that drags on for too long becomes a drag.

The idea of compromise became a drag a long time ago. Stop waiting for it. Go on the offensive instead.

Rule 8: Use different tactics and actions and use all events of the period.

The enemy is trying to combine everything into one event, "the fiscal cliff", which tells you they perceive they are at a disadvantage. They are. You need to keep the events separate and do things piecemeal. Raising the debt ceiling should come later, crossing the tax rates fiscal cliff should come first. Fight for spending cuts later with the debt ceiling, not now. Sequestration already gave you some spending cuts, which you should embrace.

Rule 9: The threat is more terrifying than the thing itself.

The greatest fear of the Democrats is a debt ceiling fueled government shutdown over spending cuts, but it wasn't the end of the world under Bill Clinton, and it won't be the end of the world if it happens in 2013. You actually won that in 2011. Do it again, except bigger, to satisfy the ratings agencies. Besides, it's red meat for the base.

Rule 10: Maintain a constant pressure upon the opposition.

No more appearances with the enemy, especially on the golf course. You are third in line for the presidency. Start acting like it. Visit Afghanistan to encourage the troops.

Rule 11: If you push a negative hard and deep enough, it will break through into its counterside.

The place you need to get to is the same place you were at two times when the president extended the Bush tax rates, so you should know the way. An uncompromising new insistence on tax reform and much lower tax rates might get you there. It changes the subject and focuses the argument on relieving the taxpayers. The president upped the ante. You need to see him and raise him. Aim for the moon, and you might get into orbit.

Rule 12: The price of a successful attack is a constructive alternative.

You might not get the radical tax reform, about which you must be deadly serious, but settling for making the Bush tax cuts permanent is a constructive alternative.

Rule 13: Pick the target, freeze it, personalize it, polarize it.

Focus your attention on answering the partisanship of individuals in the pundit class. Don't fire Tea Party men. Enlist them in attacking the enemy. They are good at it, and they will repay you with support later.

Sunday, December 9, 2012

Libertarian Republican Sen. Rand Paul Recommends Going Galt On Fiscal Cliff

Gee, what a shock, a libertarian recommending "strategic withdrawal" on new taxes. Does anyone think libertarians really believe in any principles at all?

It's the one principle they do believe in which is at work here: freedom, a license to do anything.

They are no less culpable, and no less liberal, than the liberal Republicans they attack for raising taxes.

Senator Rand Paul, here:

"Why don't we let the Democrats pass whatever they want? If they are the party of higher taxes, all the Republicans vote present and let the Democrats raise taxes as high as they want to raise them, let Democrats in the Senate raise taxes, let the president sign it and then make them own the tax increase. And when the economy stalls, when the economy sputters, when people lose their jobs, they know which party to blame, the party of high taxes. Let's don't be the party of just almost as high taxes."

It's a kind of paraprosdokian like "We had to destroy the village in order to save it": We have to raise taxes in order to cut taxes.

Do House Republicans, who would have to surrender their majority and vote "present" on a Democrat tax bill, really want to be remembered for crashing the economy even more to make a political point? Haven't enough of us lost our jobs already? Hasn't the economy already sputtered for too many years?

If libertarians had their way, we'd all be smoking the dope that makes Senator Paul think this way.

How about just doing the right thing for its own sake and continuing to be the party of no new taxes in the face of economic stagnation, and let the chips fall where they may?

Friday, December 7, 2012

Unemployment In November Said To Decline To 7.7%

Down from 7.9% in October.

The report is here:


"Hurricane Sandy made landfall on the Northeast coast on October 29th, causing severe damage in some states. Nevertheless, our survey response rates in the affected states were within normal ranges. Our analysis suggests that Hurricane Sandy did not substantively impact the national employment and unemployment estimates for November. BLS will release the regional and state estimates on December 21st. For additional information on how severe weather affects employment and unemployment data, see Question 8 in the Frequently Asked Questions section of this release."

The reported employment growth average for 2012 fell from 157,000 per month in last month's report to 151,000 in this month's report, putting 2012 through November behind 2011's average of 153,000 new jobs created per month.

The participation rate in the labor force declined 0.3 in the raw data, 0.2 in the seasonally adjusted data, probably the biggest reason for the headline number to decline.

Translation: as more people aren't looking for work, they don't count! Meanwhile job creation looks like it declined quite significantly in just one month if the average for the year dropped 6,000 per month in just 30 days, which means November must have been pretty bad to have had that large of an effect.

There's somethin' funny goin' on here, Lucy.

Thursday, December 6, 2012

CNBC Shills For Obama, Ignores Big Spike In Jobless Claims

CNBC obviously wants nothing to stand in the way of Obama and the Democrats solving the fiscal cliff by raising taxes on everybody.

It's amazing how the commie sympathizers blatantly rewrite the headlines in denial of reality.

Initial claims for unemployment spiked up to nearly 500,000 in the latest report, and CNBC says claims fall, focusing only on "seasonally adjusted" numbers from the Dept. of Labor.

Claims in the "not seasonally adjusted" category spiked up nearly 140,000 in the last week, and over the last four weeks have averaged 435,000, far in excess of a number in the low 300,000s consistent with an environment of job creation.

Since CNBC says the "temporary spike caused by Superstorm Sandy has faded" that can only mean the spike up which they ignore had a different cause.

Elections have consequences, and higher taxes and ObamaCare are going to cause more joblessness, as the last four weeks suggest. 

Wednesday, December 5, 2012

One Month Later, Obama Still Has Less Than 51% Of Popular Vote

One month after the election, Obama still can't crack the 51% level in the popular vote.

With 127.6 million votes counted, he's still at 50.88%, only just slightly better than George W. Bush's 2004 win with 50.73% when 122.3 million voted.

W didn't have a mandate then, and Obama doesn't now.

The truly remarkable thing about the presidential election remains the voters' giant shoulder shrug in the worst economy since WWII. We'll never know how things might have turned out had the Republicans not picked a me-too liberal and run a real conservative instead of Mitt Romney, whose first act after his nomination was formalized was to trot out his wife to assure us all how conservative was her husband. Liberal Democrats aren't the only ones suffering from projection syndrome.

As it was the voters shrugged in comparison to 2008 and 2004 when 43% and 42% of the population voted. This year just 40% did.

As FDR bought election after election during the Great Depression of the 1930s with direct federal assistance programs and interventions in the New Deal and culminating in the Social Security Act of 1935 in the Second New Deal, Obama has similarly blunted the pain of our economic straits with massive expansions of unemployment insurance, food stamps, welfare and disability, cell phones, heating assistance, et cetera, et cetera, et cetera, culminating in the Supreme Court's validation this summer of ObamaCare.

Whatever else may be said, doling out the goodies worked then, and it has worked again, which speaks volumes about the ineffectual nature of the kind of conservative revolution worked by Ronald Reagan, which was no revolution because it was at heart a compromise with the liberal welfare state, not an overturning of it.

Half of America may still hunger for a real meal of conservatism, but so far, all they've been fed are Twinkies.

Wednesday, November 28, 2012

ObamaCare Part-Times 59 Cedar Falls, Iowa, Public Employees

Because ObamaCare has a look-back period of one year for determining who must be offered health insurance, employers all across America are cutting back the hours of every employee they can to 29 per week right now in order to be exempt from the provisions starting in 2014.

The latest employer in the news is Cedar Falls, Iowa, which hopes to save about $850,000 by cutting its 32 hour workers to 29 hours, as reported here:


City attorney Tom Meyer said if every one of those 59 workers were to remain at 30 hours per week and get health insurance, it could cost the city as much as $850,000 per year.

Monday, November 26, 2012

Truman Cut Spending Big Time In 1945. The Economy Boomed.

Speaker John Boehner, wake up.

Arnold Kling, here:


When World War II ended in 1945, President Harry Truman faced a problem. Public opinion called for a rapid demobilization that would bring the boys home as soon as possible. But the Keynesians who were gaining prominence in the economics profession warned that a rapid decline in government spending and the size of the public work force would produce, in the late economist Paul Samuelson’s words, “the greatest period of unemployment and dislocation which any economy has ever faced.”

Thankfully, Truman ignored the Keynesians. Government spending plummeted by nearly two-thirds between 1945 and 1947, from $93 billion to $36.3 billion in nominal terms. If we used the “multiplier” of 1.5 for government spending that is favored by Obama administration economists, that $63.7 billion plunge should have caused GDP to fall by $95 billion, a 40 percent economic decline. In reality, GDP increased almost 10 percent during that period, from $223 billion in 1945 to $244.1 billion in 1947. This is a rare precedent of a large drop in government spending, so its economic consequences are important to understand.

Sunday, November 25, 2012

Pravda Says Illiterate Americans From Communist Controlled Schools Elected Communist Obama As President Of An America Suffering From A Psychosis Called Liberalism

 
 
 
 
 
 
 
 
 
 
 
That about sums it up.

From the Department of It Takes One To Know One, English.Pravda.ru, here:



Obama's Soviet Mistake
19.11.2012 15:23

By Xavier Lerma


Putin in 2009 outlined his strategy for economic success. Alas, poor Obama did the opposite but nevertheless was re-elected. Bye, bye Miss American Pie. The Communists have won in America with Obama but failed miserably in Russia with Zyuganov who only received 17% of the vote. Vladimir Putin was re-elected as President keeping the NWO order out of Russia while America continues to repeat the Soviet mistake. ...

Recently, Obama has been re-elected for a 2nd term by an illiterate society and he is ready to continue his lies of less taxes while he raises them. He gives speeches of peace and love in the world while he promotes wars as he did in Egypt, Libya and Syria. He plans his next war is with Iran as he fires or demotes his generals who get in the way.

Putin said regarding the military,

"...instead of solving the problem, militarization pushes it to a deeper level. It draws away from the economy immense financial and material resources, which could have been used much more efficiently elsewhere."

Well, any normal individual understands that as true but liberalism is a psychosis. O'bomber even keeps the war going along the Mexican border with projects like "fast and furious" and there is still no sign of ending it. He is a Communist without question promoting the Communist Manifesto without calling it so. How shrewd he is in America. His cult of personality mesmerizes those who cannot go beyond their ignorance. They will continue to follow him like those fools who still praise Lenin and Stalin in Russia.  Obama's fools and Stalin's fools share the same drink of illusion.

Reading Putin's speech without knowing the author, one would think it was written by Reagan or another conservative in America. The speech promotes smaller government and less taxes. It comes as no surprise to those who know Putin as a conservative. Vladimir Putin went on to say:

"...we are reducing taxes on production, investing money in the economy. We are optimizing state expenses. The second possible mistake would be excessive interference into the economic life of the country and the absolute faith into the all-mightiness of the state. There are no grounds to suggest that by putting the responsibility over to the state, one can achieve better results. Unreasonable expansion of the budget deficit, accumulation of the national debt - are as destructive as an adventurous stock market game. During the time of the Soviet Union the role of the state in economy was made absolute, which eventually lead to the total non-competitiveness of the economy. That lesson cost us very dearly. I am sure no one would want history to repeat itself."

President Vladimir Putin could never have imagined anyone so ignorant or so willing to destroy their people like Obama much less seeing millions vote for someone like Obama. They read history in America don't they? Alas, the schools in the U.S. were conquered by the Communists long ago and history was revised thus paving the way for their Communist presidents. Obama has bailed out those businesses that voted for him and increased the debt to over 16 trillion with an ever increasing unemployment rate especially among blacks and other minorities. All the while promoting his agenda.

"We must seek support in the moral values that have ensured the progress of our civilization. Honesty and hard work, responsibility and faith in our strength are bound to bring us success."- Vladimir Putin

The red, white and blue still flies happily but only in Russia. Russia still has St George defeating the Dragon with the symbol of the cross on its flag. The ACLU and other atheist groups in America would never allow the US flag with such religious symbols. Lawsuits a plenty against religious freedom and expression in the land of the free. Christianity in the U.S. is under attack as it was during the early period of the Soviet Union when religious symbols were against the law.   

Let's give American voters the benefit of the doubt and say it was all voter fraud and not ignorance or stupidity in electing a man who does not even know what to do and refuses help from Russia when there was an oil spill in the Gulf of Mexico. Instead we'll say it's true that the Communists usage of electronic voting was just a plan to manipulate the vote. Soros and his ownership of the company that counts the US votes in Spain helped put their puppet in power in the White House. According to the Huffington Post, residents in all 50 states have filed petitions to secede from the Unites States. We'll say that these Americans are hostages to the Communists in power. How long will their government reign tyranny upon them?

Russia lost its civil war with the Reds and millions suffered torture and death for almost 75 years under the tyranny of the United Soviet Socialist Republic. Russians survived with a new and stronger faith in God and ever growing Christian Church. The question is how long will the once "Land of the Free" remain the United Socialist States of America? Their suffering has only begun. Bye bye Miss American Pie! You know the song you hippies. Sing it! Don't you remember? The 1971 hit song by American song writer Don McLean. ...

Monday, November 19, 2012

Was Socialist France The Model For ObamaCare's 50 Worker Rule?

Mike Tanner for The New York Post, here:


Under ObamaCare, employers with 50 or more full-time workers must provide health insurance for all their workers, paying at least 65% of the cost of a family policy or 85% of the cost of an individual plan. Moreover, the insurance must meet the federal government’s requirements in terms of what benefits are included, meaning that many businesses that offer insurance to their workers today will have to change to new, more expensive plans. ...


Under the circumstances, how likely is the company to hire that 50th worker? Or, if a company already has 50 workers, isn’t the company likely to lay off one employee? Or cut hours and make some employees part time, thus getting under the 50 employee cap? Indeed, a study by Mercer found that 18% of companies were likely to do exactly that. It’s worth noting that in France, another country where numerous government regulations kick in at 50 workers, there are 1,500 companies with 48 employees and 1,600 with 49 employees, but just 660 with 50 and only 500 with 51.


Tanner might have emphasized that as companies become 49ers because of ObamaCare, the workers will increasingly become 29ers, part-timers who are exempted from coverage under ObamaCare because they are deliberately kept to 29 hours per week.

After being 99ers for so long, that's about as good as it's going to get.

Sunday, November 18, 2012

Austin, MN, Hires Part-Timer To Save $18K On "Benefits"

"Benefits", as in health insurance.

The guy will work 30 hours per week and make $60K a year, but will get no benefits.

Story here:


He will not receive fringe benefits of pension, health insurance, life insurance or disability insurance. ... With the hiring of Erichson as a flex-time employee, the HRA [Housing and Redevelopment Authority] will save about a total of $38,000 ($20,000 in salary and $18,000 in benefits). The arrangement is planned to be revisited after one year of employment.

Yeah, at which time he'll be cut to 29 hours per week.

Capisce?

Community College Cuts Part-Timers' Hours To Avoid ObamaCare Costs

The Cheerleaders Against ObamaCare
The Community College of Allegheny County in Pennsylvania will cut 400 part-timers' hours to less than 30 hours per week to save $6 million in costs mandated by ObamaCare.

Story here.

Companies everywhere are in revolt against ObamaCare, which mandates coverage be offered when full-time workers exceed 49 in number, but full-time now "redefined" as 30 hours worked on average per week instead of 34 or 35. Leftism is nothing if not based on constant redefinition of reality.

So the path is clear if you're an employer: reduce full-time positions to 49 and part-time everyone else to no more than 29 hours per week. The result in America will be fewer and fewer full-time jobs and inadequate part-time jobs for more and more people, many of whom will be unable to afford to buy insurance through one-size-fits-all ObamaCare and will be thrown into state Medicaid programs where they will receive healthcare which you wouldn't wish on Fido or Morris.

ObamaCare is an ugly war on jobs, and is reminiscent of nothing so much as Stalin's war on the Kulaks of Ukraine, whom he starved to death when collectivization failed to produce the "mandated" amount of wheat. People will not begin to appreciate the comparison I suppose until our government decides the size threshold of companies must be lowered to, say, 39 full-time employees from 49 to get ObamaCare to "work", and to, say, 20 hours per week from 29 to mandate "more coverage". But by then business will already be flat on its back and the size of the proletariat will have swelled. Single payer can't be far behind.

They are saying out there that Romney lost because he focused on too many numbers, but Obama is using mandated numbers to slowly crucify you.


Sunday, November 11, 2012

Republicans Lose Again Because They Offered No Conservative Alternative


Andrew McCarthy for National Review here gets it, even if I would quibble about the precision of his election results:

In truth, millions of Americans have decided that Republicans are not a viable alternative because they are already too much like Democrats. ...


Washington’s Republican establishment is progressive, not conservative. ...

[T]he Republican campaign called for enlarging a military our current spending on which dwarfs the combined defense budgets of the next several highest-spending nations. When was the last time you heard a Republican explain what departments and entitlements he’d slash to pay for that? ...


Republicans talk about limited central government, but they do not believe in it ... They look at a money-hemorrhaging disaster like Medicare, whose unsustainability is precisely caused by the intrusion of government, and they say, “Let’s preserve it — in fact, let’s make its preservation the centerpiece of our campaign.” ...


Truth be told, most of today’s GOP does not believe Washington makes things worse. Republicans think the federal government — by confiscating, borrowing, and printing money — is the answer to every problem, rather than the source of most. That is why those running the party today, when they ran Washington during the Bush years, orchestrated an expansion of government size, scope, and spending that would still boggle the mind had Obama not come along. ... No matter what they say in campaigns, today’s Republicans are champions of massive, centralized government. They just think it needs to be run smarter — as if the problem were not human nature and the nature of government, but just that we haven’t quite gotten the org-chart right yet.

That is not materially different from what the Democrats believe. ... Tuesday pitted proud progressives against reticent progressives; slightly more preferred the true-believers. For Americans who don’t see much daylight between the two parties — one led by the president who keeps spending money we don’t have and the other by congressional Republicans who keep writing the checks and extending the credit line — voting wasn’t worth the effort.

McCarthy thinks about 2 million fewer voters showed up in 2012 than in 2004, which is "staggering", except that his election math already looks just a little off. Today I'm showing 122.5 million total votes in 2012, and 122.3 million in 2004, eight years and two elections ago. Still, that is a staggering comparison when you realize that the population has grown by a net 21 million over the period.

Clearly, as McCarthy says, the voters in 2012 "shrugged", but the shrug was actually bigger in 1996 when Republicans again characteristically picked two other moderate losers in Bob Dole and Jack Kemp. Fully 8% fewer ended up voting in 1996 than in 1992 (1% fewer voted in 1988 than in 1984).

Starting with 1968 and ending with 2008, the average increase in total votes cast in the presidential from election to election has been 6%. 2012 compared to 2008 shows 6% fewer votes cast. The slightly smaller shrug over moderate Republicans Mitt Romney and Paul Ryan may reflect the distance in time and understanding from the debates over conservatism in the 1980s and 1990s.

The single biggest gains in total votes cast, incidentally, occurred in 2004 in Bush 43 v. Kerry (16% more votes cast than in 2000) when war in Iraq put patriotism center stage (just barely 51% voted for that despite buying off seniors with Medicare Part D in 2003), followed by 1992 in Bush 41 v. Clinton (13% more votes cast than in 1988) when the issues were breaking the no new taxes pledge (43% voted against that) and "that giant sucking sound" (19% voted against that).

Republicans still haven't learned how to put conservatism all together and wrap it in a bow.

Monday, November 5, 2012

Neal Gabler Can't Face It That Democrats Have Betrayed Social Security

Here, for Reuters:

"There is no gainsaying that the basic purpose of the [Ryan] budget is to dismantle New Deal and Great Society programs that assist the poor and gradually remove the juice from the third rail by privatizing Social Security and essentially voucherizing Medicare. To save the country from the flood of debt, they must save us from FDR and LBJ."

The Ryan Budget isn't even the law of the land because Democrats have stopped it in the Senate. But for two years, two years!, Democrats have enthusiastically advocated and voted for reductions in the payroll tax, removing the juice from Social Security, in order to put cash into people's hands and stimulate the economy. Democrats did this in the lame duck session in December 2010, when they still had complete control of the US government: House, Senate, White House:

"In December 2010, as part of the legislation that extended the Bush tax cuts (called the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, the government negotiated a temporary, one-year reduction in the FICA payroll tax. In February 2012, the tax cut was extended for another year."


Looks to me like Democrats represent the biggest threat to the sacrosanctity of Social Security.

Friday, November 2, 2012

Unemployment in October Ticks Up to 7.9%

Read the report from the BLS here.

This is the big picture:

"Total nonfarm payroll employment increased by 171,000 in October. Employment growth has averaged 157,000 per month thus far in 2012, about the same as the average monthly gain of 153,000 in 2011. In October, employment rose in professional and business services, health care, and retail trade."

The average jobs added per month of 155,000 in the last two years has been insufficient to alter significantly the rate of unemployment, seeing that unemployment ticked up 0.1 points from September. All year the unemployment rate has been no higher than 8.3%, and no lower than 7.8%.

Meanwhile the long-term unemployed, those part-timed, those no longer in the labor force and those entering the labor force for the first time, who all number in the tens of millions, fight for that small pool of jobs. At 300,000 new jobs per month, double the current rate, it would take over 8 years to suck up 30 million people.

There remains no driver for jobs in an economy barely growing at all at 2.0%.

Wednesday, October 31, 2012