Employers add no net jobs in Aug.; rate unchanged
"WASHINGTON (AP) -- Employers stopped adding jobs in August, an alarming setback for an economy that has struggled to grow and might be at risk of another recession.
The government also reported that the unemployment rate remained at 9.1 percent. It was the weakest jobs report since September 2010."
No more jobs. Blunt and to the point. Inflation and rising living costs. And the "analysts" say there is a RISK of ANOTHER recession?
The previous recession never left! We are, and have been, wallowing in the same economic sinkhole that started three years ago. It didn't end. It still recedes. And now, with no more jobs, things can and will get worse. Frightening, but yes, things can and will get worse.
Even those lucky enough to be holding jobs are suffering. Wages are DOWN, inflation is UP. The working folks' income simply is not growing at the same pace, which means their salaries are buying less and less, day after day.
Part of the rising costs appears to be a desparate last-ditch effort by State and Fed tax collectors. Higher costs means higher tax revenue which is a percentage of the selling cost, ergo it is in their best interest to allow inflation and rising costs. A short sighted and foolish economic choice.
Friday, September 2, 2011
Friday, July 8, 2011
Prez Obama says uncertainty over the debt ceiling has hindered hiring
PressDemocrat.com The Press-Democrat Santa Rosa, CA:
"Obama: Still differences on debt, new talks Sunday
By JIM KUHNHENN
Associated Press
WASHINGTON (AP) -- Beset by a weak jobs report, President Barack Obama on Friday called for swift action by Congress to raise the nation's borrowing limit, saying the uncertainty over the debt ceiling has hindered hiring in the private sector."
So now the blame for a failed economy and loss of jobs is ... because we are not in more debt???
Here's a tip for Congress and the Prez, add it to the book Letters to President Obama: Americans Share Their Hopes and Dreams with the First African-American President
Borrowing money does NOT create jobs. There is no such thing as an "entitlement", every American is "entitled" to work to earn what they want/deserve. Expecting the Government to hand you everything, from food to mortgage subsidies to medical care is as un-American as things can get. This country was built on hard work - blood, sweat and tears; to wax philosophically.
Instead of increasing the benefits to encourage unemployment - a more useful approach would be to help small businesses survive. The bulk of hiring is done by small business - not the mega corporations or government agencies. This is a fact, look it up. Small businesses should receive INCENTIVES to hire, not receive PENALTIES when they create jobs. Currently, the byzantine tax laws make it extremely difficult to manage a large payroll without having to hire an outside (expensive) accounting firm. Beside the direct tax LIABILITY of EVERY employee in a company, the new penalties include mandatory medical insurance when 50 or more employees are hired. It makes no sense for a small firm that has just under 50 employees to even consider expanding and hiring more workers - since they will be severely penalized if they try to create more jobs.
Providing SMALL businesses with tax breaks IF THEY CREATE NEW JOBS will solve most, if not all, the current problems. Stop: read that again. SMALL business, not mega WAL-corporations. Tax breaks = sensible taxation; currently small companies are taxed TWICE, the business entity pays income tax and the owners pay tax again when they draw any income from their own company, where many owners put in upto 80 work-hours a week. A disincentive to even operate a business, yet many do, and even after being hammered with ridiculous regulations and absurd taxes; some small businesses may even prosper. The current logic originating from the White House is to tax small business out of business. Putting them out of business will REDUCE tax revenue, the killing of the proverbial golden goose. Reducing the tax burden of small companies will NOT reduce any tax income for Uncle Sam - they are HIRING workers, workers who will get paychecks and generate payroll taxes. The newly hired will stop draining the social programs, thereby REDUCING the deficit. Yes, reducing taxes WILL reduce the deficit. It is as simple as that.
Put America to work, don't worry so much about the loss of entitlements. Social programs may take a hit today, but putting the effort and tax breaks into CREATING JOBS will bring those benefits back tomorrow, and we won't even have to borrow $14 Trillion to pay for them.
And for those who have not already read it, Animal Farm
is a must read:
"Obama: Still differences on debt, new talks Sunday
By JIM KUHNHENN
Associated Press
WASHINGTON (AP) -- Beset by a weak jobs report, President Barack Obama on Friday called for swift action by Congress to raise the nation's borrowing limit, saying the uncertainty over the debt ceiling has hindered hiring in the private sector."
So now the blame for a failed economy and loss of jobs is ... because we are not in more debt???
Here's a tip for Congress and the Prez, add it to the book Letters to President Obama: Americans Share Their Hopes and Dreams with the First African-American President
Borrowing money does NOT create jobs. There is no such thing as an "entitlement", every American is "entitled" to work to earn what they want/deserve. Expecting the Government to hand you everything, from food to mortgage subsidies to medical care is as un-American as things can get. This country was built on hard work - blood, sweat and tears; to wax philosophically.
Instead of increasing the benefits to encourage unemployment - a more useful approach would be to help small businesses survive. The bulk of hiring is done by small business - not the mega corporations or government agencies. This is a fact, look it up. Small businesses should receive INCENTIVES to hire, not receive PENALTIES when they create jobs. Currently, the byzantine tax laws make it extremely difficult to manage a large payroll without having to hire an outside (expensive) accounting firm. Beside the direct tax LIABILITY of EVERY employee in a company, the new penalties include mandatory medical insurance when 50 or more employees are hired. It makes no sense for a small firm that has just under 50 employees to even consider expanding and hiring more workers - since they will be severely penalized if they try to create more jobs.
Providing SMALL businesses with tax breaks IF THEY CREATE NEW JOBS will solve most, if not all, the current problems. Stop: read that again. SMALL business, not mega WAL-corporations. Tax breaks = sensible taxation; currently small companies are taxed TWICE, the business entity pays income tax and the owners pay tax again when they draw any income from their own company, where many owners put in upto 80 work-hours a week. A disincentive to even operate a business, yet many do, and even after being hammered with ridiculous regulations and absurd taxes; some small businesses may even prosper. The current logic originating from the White House is to tax small business out of business. Putting them out of business will REDUCE tax revenue, the killing of the proverbial golden goose. Reducing the tax burden of small companies will NOT reduce any tax income for Uncle Sam - they are HIRING workers, workers who will get paychecks and generate payroll taxes. The newly hired will stop draining the social programs, thereby REDUCING the deficit. Yes, reducing taxes WILL reduce the deficit. It is as simple as that.
Put America to work, don't worry so much about the loss of entitlements. Social programs may take a hit today, but putting the effort and tax breaks into CREATING JOBS will bring those benefits back tomorrow, and we won't even have to borrow $14 Trillion to pay for them.
And for those who have not already read it, Animal Farm
is a must read:Friday, May 6, 2011
Analysis: Jobs matter, unemployment rate doesn't
Analysis: Jobs matter, unemployment rate doesn't – This Just In - CNN.com Blogs:
"Ignore the unemployment rate, and ignore anything you read that highlights the fact that it increased from 8.8% in March to 9% in April. It doesn't matter. It's an irrelevant number. There are so many long-term unemployed in this country, that the unemployment rate would actually be much higher if all of them were counted– more like 16% or 17%."
Hear, hear! Finally an article that makes some sense and has at least a modicum of reality.
The number juggling that comes out of Washington is really useless. The fact of the matter is - there are not enough GOOD jobs out there! Yes, "x" hundreds of thousands of jobs were added, but the figures dodge the issue of WHAT jobs were created. Engineering jobs that pay $50K vs janitorial jobs that pay $25K - big difference.
"Ignore the unemployment rate, and ignore anything you read that highlights the fact that it increased from 8.8% in March to 9% in April. It doesn't matter. It's an irrelevant number. There are so many long-term unemployed in this country, that the unemployment rate would actually be much higher if all of them were counted– more like 16% or 17%."
Hear, hear! Finally an article that makes some sense and has at least a modicum of reality.
The number juggling that comes out of Washington is really useless. The fact of the matter is - there are not enough GOOD jobs out there! Yes, "x" hundreds of thousands of jobs were added, but the figures dodge the issue of WHAT jobs were created. Engineering jobs that pay $50K vs janitorial jobs that pay $25K - big difference.
Thursday, April 28, 2011
Q1 GDP report: Economic growth slows
Q1 GDP report: Economic growth slows - Apr. 28, 2011:
"NEW YORK (CNNMoney) -- Economic growth slowed to a crawl in the first three months of the year as a spike in gasoline, higher overall inflation and continued weakness in the housing market all took a toll on the recovery.
Gross domestic product, the broadest measure of the nation's economic health, rose at an annual rate of 1.8%, the Commerce Department reported Thursday. That's a significant slowdown from the 3.1% growth rate in the final quarter of 2010.
[...]
``Undoubtedly, consumers are cutting discretionary spending to compensate for rising food and energy prices,`` said Jim Baird, chief investment strategist for Plante Moran Financial Advisors. ``The risk of recession in the near-term remains slim, but an extended period of slow growth isn't likely to encourage an enthusiastic mood any time soon.``"
What an astute observation from Jim who has such an important sounding title. Obviously, food is more important than a new pair of shoes. I doesn't take a Moran'ic genius to spell it out for us common folks.
Ironically, the article also mentions that Government spending is down which is contributing to the drop in GDP. Trimming the Federal deficit is well and good, but the idea is trim and reduce WASTE first. Not reduce spending that boosts domestic industry and creates (or in this day and age, maintains) jobs in the US.
Wastage as in all the time and money to look at Obama's birth certificate. No matter that it is, and has always been, public record - and was always available to anyone (ergo the term, public record) to see, and most of the press already had already seen it. Yet all it takes is one rich and noisy twit with a weird hairdo to make it into a national debate. If Uncle Sam wants to raise some quick cash, come up with a "publicity hound tax", and Trump'et-ing buffoons can have all the press air-time they want.
"NEW YORK (CNNMoney) -- Economic growth slowed to a crawl in the first three months of the year as a spike in gasoline, higher overall inflation and continued weakness in the housing market all took a toll on the recovery.
Gross domestic product, the broadest measure of the nation's economic health, rose at an annual rate of 1.8%, the Commerce Department reported Thursday. That's a significant slowdown from the 3.1% growth rate in the final quarter of 2010.
[...]
``Undoubtedly, consumers are cutting discretionary spending to compensate for rising food and energy prices,`` said Jim Baird, chief investment strategist for Plante Moran Financial Advisors. ``The risk of recession in the near-term remains slim, but an extended period of slow growth isn't likely to encourage an enthusiastic mood any time soon.``"
What an astute observation from Jim who has such an important sounding title. Obviously, food is more important than a new pair of shoes. I doesn't take a Moran'ic genius to spell it out for us common folks.
Ironically, the article also mentions that Government spending is down which is contributing to the drop in GDP. Trimming the Federal deficit is well and good, but the idea is trim and reduce WASTE first. Not reduce spending that boosts domestic industry and creates (or in this day and age, maintains) jobs in the US.
Wastage as in all the time and money to look at Obama's birth certificate. No matter that it is, and has always been, public record - and was always available to anyone (ergo the term, public record) to see, and most of the press already had already seen it. Yet all it takes is one rich and noisy twit with a weird hairdo to make it into a national debate. If Uncle Sam wants to raise some quick cash, come up with a "publicity hound tax", and Trump'et-ing buffoons can have all the press air-time they want.
Tuesday, March 15, 2011
Senior Democrat Conyers criticizes Obama
Senior Democrat Conyers criticizes Obama - CNN.com:
"Washington (CNN) -- Senior Democrat John Conyers of Michigan criticized Barack Obama Monday, hoping, Conyers said, to 'make him a better president.'
Citing the troubled job market, rising energy costs, and turmoil in the Middle East, Conyers told reporters at the National Press Club: 'We keep getting a longer and longer list of things he wanted to do, wished he could do more about, and is of course having a big problem.'"
How's that socialism experiment working out for ya, Conyers?
"Washington (CNN) -- Senior Democrat John Conyers of Michigan criticized Barack Obama Monday, hoping, Conyers said, to 'make him a better president.'
Citing the troubled job market, rising energy costs, and turmoil in the Middle East, Conyers told reporters at the National Press Club: 'We keep getting a longer and longer list of things he wanted to do, wished he could do more about, and is of course having a big problem.'"
How's that socialism experiment working out for ya, Conyers?
Monday, February 28, 2011
3M CEO: Obama is "anti-business"
3M CEO: Obama is "anti-business" - Feb. 28, 2011:
"NEW YORK (CNNMoney) -- The head of industrial conglomerate 3M (MMM, Fortune 500) blasted the president as being 'anti-business,' claiming Obama has not done anything to improve the White House's relationship with Corporate America.
3M CEO George Buckley called Obama's policies 'Robin Hood-esque' and told the Financial Times that manufacturers like 3M may have to shift production to other countries in order to stay competitive. 'We know what his instincts are ... he is anti business,' Buckley said in an interview that ran late Sunday."
Its about time someone called out the current administration. Destroying businesses is NOT the way to create jobs. The big boys will simply move their factories and offices overseas, where labor is cheap and governments actually, ahem, help businesses to succeed. Smaller businesses don't stand a chance, and since small businesses are (were) the largest employers - say goodbye to whatever hopes are left of an economic recovery.
But our government does everything in its power, from over-regulation to over-taxation, to shut down any and every kind of business within the US. What kind of fiscal genius would even think of taxing a company out of business? Isn't it commonsense to realize that shutting down a business also shuts down the tax revenue stream? Commonsense, apparently, is uncommon in D.C.
"NEW YORK (CNNMoney) -- The head of industrial conglomerate 3M (MMM, Fortune 500) blasted the president as being 'anti-business,' claiming Obama has not done anything to improve the White House's relationship with Corporate America.
3M CEO George Buckley called Obama's policies 'Robin Hood-esque' and told the Financial Times that manufacturers like 3M may have to shift production to other countries in order to stay competitive. 'We know what his instincts are ... he is anti business,' Buckley said in an interview that ran late Sunday."
Its about time someone called out the current administration. Destroying businesses is NOT the way to create jobs. The big boys will simply move their factories and offices overseas, where labor is cheap and governments actually, ahem, help businesses to succeed. Smaller businesses don't stand a chance, and since small businesses are (were) the largest employers - say goodbye to whatever hopes are left of an economic recovery.
But our government does everything in its power, from over-regulation to over-taxation, to shut down any and every kind of business within the US. What kind of fiscal genius would even think of taxing a company out of business? Isn't it commonsense to realize that shutting down a business also shuts down the tax revenue stream? Commonsense, apparently, is uncommon in D.C.
Sunday, February 13, 2011
Small business lending slashed by $43 billion last year
Small business lending slashed by $43 billion last year - Feb. 11, 2011:
"NEW YORK (CNNMoney) -- The numbers back up what small business owners have been saying for two years: Main Street suffered a brutal credit crunch.
The total value of outstanding loans to small businesses plunged by $43 billion, or 6.2%, between June 2009 and June 2010, according to a report released this week by the Small Business Administration. That's a drop of $59 billion, or 8.3%, from June 2008."
Oh look, the SBA took just two years to recognize the obvious. The banks have contributed to (if not been totally responsible for) the current "economy". By throttling small businesses by withholding loans, they have squashed tens of thousands of businesses and cost millions of jobs. And all this in spite of the generous "bailouts" that the Obama administration has showered on them, which of course was squandered on generous bonuses and raises to the banks' top management. As small businesses crash and burn, the big corporations quietly swoop in and corner their market. Of course they have no problem getting loans from the banks, in addition to sitting on hundreds of billions in cash.
"The Small Business Jobs Act, passed in September, authorized the creation of a $30 billion fund run by the Treasury Department that offers ultra-cheap capital to banks with less than $10 billion in assets. The idea is that pumping capital into small banks will get money in the hands of Main Street businesses."
And the Obama administration's solution to this? Oh great, yet another bailout. Thirty billion was a nice New Year bonus, don'tcha think? The cash never made it beyond the banks payroll. Thirty big-big ones for American taxpayers to cough up, again.
"NEW YORK (CNNMoney) -- The numbers back up what small business owners have been saying for two years: Main Street suffered a brutal credit crunch.
The total value of outstanding loans to small businesses plunged by $43 billion, or 6.2%, between June 2009 and June 2010, according to a report released this week by the Small Business Administration. That's a drop of $59 billion, or 8.3%, from June 2008."
Oh look, the SBA took just two years to recognize the obvious. The banks have contributed to (if not been totally responsible for) the current "economy". By throttling small businesses by withholding loans, they have squashed tens of thousands of businesses and cost millions of jobs. And all this in spite of the generous "bailouts" that the Obama administration has showered on them, which of course was squandered on generous bonuses and raises to the banks' top management. As small businesses crash and burn, the big corporations quietly swoop in and corner their market. Of course they have no problem getting loans from the banks, in addition to sitting on hundreds of billions in cash.
"The Small Business Jobs Act, passed in September, authorized the creation of a $30 billion fund run by the Treasury Department that offers ultra-cheap capital to banks with less than $10 billion in assets. The idea is that pumping capital into small banks will get money in the hands of Main Street businesses."
And the Obama administration's solution to this? Oh great, yet another bailout. Thirty billion was a nice New Year bonus, don'tcha think? The cash never made it beyond the banks payroll. Thirty big-big ones for American taxpayers to cough up, again.
Friday, February 4, 2011
January jobs report: Payrolls up, unemployment fell to 9.0%
January jobs report: Payrolls up, unemployment fell to 9.0% - Feb. 4, 2011:
"NEW YORK (CNNMoney) -- Winter weather kept job seekers home and offices closed in January, getting the year off to a disappointing start, while the unemployment rate took a surprising tumble.
The economy added just 36,000 jobs in January, falling far short of expectations. Meanwhile, the unemployment rate unexpectedly sunk to 9%, down from 9.4% the month before."
Here is a real conundrum. How can less jobs being added give us a lower unemployment rate? Oh, here is how Uncle Sam does some fuzzy math.
"About 504,000 adults dropped out of the labor force in January for various reasons, bringing the unemployment rate down because they were no longer counted as unemployed.
Adding to economists' confusion, the Labor Department readjusted their calculations in January to reflect the latest Census data. So some of January's drop in the unemployment rate was due to "annual tweaking of the population data," Ian Shepherdson, chief U.S. economist with High Frequency Economics, said in a research note."
Thats convenient. Just stop counting the half million people who stop looking for jobs, each month. Soon, the unemployment numbers will drop to zero, maybe even into negative percentages. Then "tweak" the numbers a wee bit this way and that, and viola. The people nod and ooh and ahh and vote for the same clowns for another term.
Yeah, that sounds like something to expect from D.C.
"NEW YORK (CNNMoney) -- Winter weather kept job seekers home and offices closed in January, getting the year off to a disappointing start, while the unemployment rate took a surprising tumble.
The economy added just 36,000 jobs in January, falling far short of expectations. Meanwhile, the unemployment rate unexpectedly sunk to 9%, down from 9.4% the month before."
Here is a real conundrum. How can less jobs being added give us a lower unemployment rate? Oh, here is how Uncle Sam does some fuzzy math.
"About 504,000 adults dropped out of the labor force in January for various reasons, bringing the unemployment rate down because they were no longer counted as unemployed.
Adding to economists' confusion, the Labor Department readjusted their calculations in January to reflect the latest Census data. So some of January's drop in the unemployment rate was due to "annual tweaking of the population data," Ian Shepherdson, chief U.S. economist with High Frequency Economics, said in a research note."
Thats convenient. Just stop counting the half million people who stop looking for jobs, each month. Soon, the unemployment numbers will drop to zero, maybe even into negative percentages. Then "tweak" the numbers a wee bit this way and that, and viola. The people nod and ooh and ahh and vote for the same clowns for another term.
Yeah, that sounds like something to expect from D.C.
Wednesday, February 2, 2011
Job market looks stronger, maybe
ADP, Challenger data: Signs of strength in January - Feb. 2, 2011:
"Job market looks stronger ahead of Friday report
NEW YORK (CNNMoney) -- The job market started 2011 on solid footing, according to two separate reports released Wednesday.
Payrolls among private employers rose by 187,000 in January, payroll processor ADP said. Analysts polled by Briefing.com were predicting 145,000 jobs added for the month."
A whisper of good news after a year in the economic doldrums and a hideous winter season for the northern States.
On the other side of the coin (which, in this economy, can best be described as haypenny), the article goes on to drop the disclaimer:
"Economists are also cautious about completely trusting the ADP and Challenger reports. For the last six months, the ADP figure has missed the government's reading on private payrolls by an average of 96,000 jobs, said Jennifer Lee, an economist with BMO Capital Markets.
Ahead of the Friday jobs report, economists surveyed by CNNMoney are predicting the economy added 149,000 jobs and the unemployment rate ticked up to 9.5% in January."
So we wait for the "report" (drum-roll) due out on Friday. That is, if we don't get hit by an iceberg till then.
"Job market looks stronger ahead of Friday report
NEW YORK (CNNMoney) -- The job market started 2011 on solid footing, according to two separate reports released Wednesday.
Payrolls among private employers rose by 187,000 in January, payroll processor ADP said. Analysts polled by Briefing.com were predicting 145,000 jobs added for the month."
A whisper of good news after a year in the economic doldrums and a hideous winter season for the northern States.
On the other side of the coin (which, in this economy, can best be described as haypenny), the article goes on to drop the disclaimer:
"Economists are also cautious about completely trusting the ADP and Challenger reports. For the last six months, the ADP figure has missed the government's reading on private payrolls by an average of 96,000 jobs, said Jennifer Lee, an economist with BMO Capital Markets.
Ahead of the Friday jobs report, economists surveyed by CNNMoney are predicting the economy added 149,000 jobs and the unemployment rate ticked up to 9.5% in January."
So we wait for the "report" (drum-roll) due out on Friday. That is, if we don't get hit by an iceberg till then.
Friday, January 28, 2011
Survey of business economists shows improved jobs outlook
Survey of business economists shows improved jobs outlook - Jan. 24, 2011:
"Economists see more hiring on the way
By Charles Riley, staff reporter
January 24, 2011: 11:16 AM ET
NEW YORK (CNNMoney) -- In another sign of a strengthening economy, U.S. companies say they are planning to hire more workers, and expect economic growth to pick up in the first months of 2011, according to a survey released Monday.
The National Association for Business Economics said the hiring outlook for the next six months is at a 12-year high."
How about that! Will the sun peep out over the job market horizon, at long last? With a new Congress in D.C. and the promises of supporting small businesses in the coming year(s), is this really a turning point for the jobs market in the US?
"Economists see more hiring on the way
By Charles Riley, staff reporter
January 24, 2011: 11:16 AM ET
NEW YORK (CNNMoney) -- In another sign of a strengthening economy, U.S. companies say they are planning to hire more workers, and expect economic growth to pick up in the first months of 2011, according to a survey released Monday.
The National Association for Business Economics said the hiring outlook for the next six months is at a 12-year high."
How about that! Will the sun peep out over the job market horizon, at long last? With a new Congress in D.C. and the promises of supporting small businesses in the coming year(s), is this really a turning point for the jobs market in the US?
Saturday, January 22, 2011
The upcoming State of Confusion address
Obama's economic agenda: Boost US competitiveness
"By JULIE PACE Associated Press
WASHINGTON (AP) -- Under pressure to energize the economy, President Barack Obama will put job creation and American competitiveness at the center of his State of the Union address, ..."
How astute! It only took, what, 2 years to figure this out?
"... promoting spending on education and research while pledging to trim the nation's soaring debt. Obama hopes this framework will woo Republicans as he searches for success in a divided Congress and will sway a wary private sector to hire and spend money it's held back. The economy is on firmer footing than when he took office two years ago, and his emphasis on competitiveness signals a shift from policies geared toward short-term stabilization to ones with steady and long-term growth in mind."
You don't say! When will this administration, and the new Congress, figure out that small business is the key to a strong economy. Taxing small businesses out of business does NOT raise any revenue or create any jobs. It is short sighted and foolish, and onerous regulations such as the hidden 1099 tax change due to kick in for 2012 is a classic case of Congressional stupidity.
"By JULIE PACE Associated Press
WASHINGTON (AP) -- Under pressure to energize the economy, President Barack Obama will put job creation and American competitiveness at the center of his State of the Union address, ..."
How astute! It only took, what, 2 years to figure this out?
"... promoting spending on education and research while pledging to trim the nation's soaring debt. Obama hopes this framework will woo Republicans as he searches for success in a divided Congress and will sway a wary private sector to hire and spend money it's held back. The economy is on firmer footing than when he took office two years ago, and his emphasis on competitiveness signals a shift from policies geared toward short-term stabilization to ones with steady and long-term growth in mind."
You don't say! When will this administration, and the new Congress, figure out that small business is the key to a strong economy. Taxing small businesses out of business does NOT raise any revenue or create any jobs. It is short sighted and foolish, and onerous regulations such as the hidden 1099 tax change due to kick in for 2012 is a classic case of Congressional stupidity.
Thursday, January 13, 2011
Were there 445,000 layoffs around Christmas 2010?
Initial claims jump 35,000 to 445,000 in latest week - Jan. 13, 2011:
"Jobless claims climb by 35,000
By Blake Ellis
NEW YORK (CNNMoney) -- The number of Americans filing for their first week of unemployment benefits jumped sharply last week, two weeks after hitting a 2-1/2 year low below 400,000.
There were 445,000 initial jobless claims filed in the week ended Jan. 8, the Labor Department said in a weekly report Thursday.
That's up 35,000 from a revised 410,000 the previous week -- when jobless claims climbed back above 400,000 after falling below that mark for the first time in more than two years."
Misleading title on the original article. If I'm reading this correctly, in the first week of January '11, nearly a half million workers filed their INITIAL (as in, just fired) jobless claims. A half million pink slips over the Christmas/Hanukkah/Kwanza season? Corporate grinches, with bells on!
This is just more terrible news, not the ideal way to ring in the New Year. Apparently some didn't have much of a problem over the holidays ...
Wealthy treated themselves during the holidays
"By MAE ANDERSON and ANNE D'INNOCENZIO
NEW YORK (AP) -- The rich treated themselves like royalty this holiday season. That spun the holidays into gold for Tiffany & Co. and other high-end retailers.
Wealthier shoppers traded up to more expensive gold and diamond jewelry from silver charms. Designer clothing and purses were back.
The splurges are good news for the economy, because the richest 5 percent of Americans, those making at least $207,000 annually, account for about 14 percent of all spending. And consumer spending makes up about 70 percent of the economy."
Does that mean the top 5% wealthiest individuals or is that a joint or family income qualifier? Because $207K a year for a well educated and professionally employed Mr & Mrs is pretty common these days, and still falls into "middle class" status (ain't much left after taxes). If such a low income makes up the richest 5% of our economy, I'm terrified. It just means things are worse than I imagined (and if you've read these postings, I have imagined pretty bad numbers).
"Jobless claims climb by 35,000
By Blake Ellis
NEW YORK (CNNMoney) -- The number of Americans filing for their first week of unemployment benefits jumped sharply last week, two weeks after hitting a 2-1/2 year low below 400,000.
There were 445,000 initial jobless claims filed in the week ended Jan. 8, the Labor Department said in a weekly report Thursday.
That's up 35,000 from a revised 410,000 the previous week -- when jobless claims climbed back above 400,000 after falling below that mark for the first time in more than two years."
Misleading title on the original article. If I'm reading this correctly, in the first week of January '11, nearly a half million workers filed their INITIAL (as in, just fired) jobless claims. A half million pink slips over the Christmas/Hanukkah/Kwanza season? Corporate grinches, with bells on!
This is just more terrible news, not the ideal way to ring in the New Year. Apparently some didn't have much of a problem over the holidays ...
Wealthy treated themselves during the holidays
"By MAE ANDERSON and ANNE D'INNOCENZIO
NEW YORK (AP) -- The rich treated themselves like royalty this holiday season. That spun the holidays into gold for Tiffany & Co. and other high-end retailers.
Wealthier shoppers traded up to more expensive gold and diamond jewelry from silver charms. Designer clothing and purses were back.
The splurges are good news for the economy, because the richest 5 percent of Americans, those making at least $207,000 annually, account for about 14 percent of all spending. And consumer spending makes up about 70 percent of the economy."
Does that mean the top 5% wealthiest individuals or is that a joint or family income qualifier? Because $207K a year for a well educated and professionally employed Mr & Mrs is pretty common these days, and still falls into "middle class" status (ain't much left after taxes). If such a low income makes up the richest 5% of our economy, I'm terrified. It just means things are worse than I imagined (and if you've read these postings, I have imagined pretty bad numbers).
Monday, January 10, 2011
California Gov. Brown’s spending plan seeks to close $25.4 billion deficit
California budget to leave many displeased - MarketWatch:
"By Russ Britt, MarketWatch LOS ANGELES (MarketWatch) — With California teetering on the brink of financial ruin, Democratic Gov. Jerry Brown on Monday offered a state spending plan that he said is sure to be painful, and that is almost certain to please no one, especially not voters.
Brown is proposing spending cuts of $12.5 billion, including an 8% to 10% cut in take-home pay for most state employees, and what he called a “vast and historic” restructuring of California’s government.
...
He also would eliminate tax relief for those businesses in “enterprise zones,” or depressed areas.
...
Already, Brown said he has cut $7 million, or 25%, from operations of his own offices, including the elimination of the state First Lady staff."
It was only a matter of time before State Governments began the layoffs and pay cuts. But what about those "depressed" areas? Does it make any sense to tax small businesses struggling to survive in these areas out of business? Wouldn't it make more sense to encourage businesses to prosper, hire more locals and raise the area out of poverty, and collect more sales and payroll taxes from the increased profits?
We should require IQ tests before a politician is allowed to run for office. Basic math skills would help too, testing them at an eighth grader level might do wonders for our country!
"By Russ Britt, MarketWatch LOS ANGELES (MarketWatch) — With California teetering on the brink of financial ruin, Democratic Gov. Jerry Brown on Monday offered a state spending plan that he said is sure to be painful, and that is almost certain to please no one, especially not voters.
Brown is proposing spending cuts of $12.5 billion, including an 8% to 10% cut in take-home pay for most state employees, and what he called a “vast and historic” restructuring of California’s government.
...
He also would eliminate tax relief for those businesses in “enterprise zones,” or depressed areas.
...
Already, Brown said he has cut $7 million, or 25%, from operations of his own offices, including the elimination of the state First Lady staff."
It was only a matter of time before State Governments began the layoffs and pay cuts. But what about those "depressed" areas? Does it make any sense to tax small businesses struggling to survive in these areas out of business? Wouldn't it make more sense to encourage businesses to prosper, hire more locals and raise the area out of poverty, and collect more sales and payroll taxes from the increased profits?
We should require IQ tests before a politician is allowed to run for office. Basic math skills would help too, testing them at an eighth grader level might do wonders for our country!
Sunday, January 9, 2011
December 2010 jobs report: Payrolls up, unemployment rates falls
December jobs report: Payrolls up, unemployment rates falls - Jan. 7, 2011:
"NEW YORK (CNNMoney) -- High hopes for December's employment numbers were dashed Friday, when the Labor Department reported disappointing job gains for the month. But the unemployment rate took a surprising dive.
The economy added 103,000 jobs in December -- falling short of most expectations. Meanwhile, the unemployment rate sunk to 9.4%, its lowest level since May 2009, confusing some economists. While a sharply lower unemployment rate was a welcome surprise, some experts said that drop was mostly due to a shrinking workforce."
and
"About 260,000 adults dropped out of the labor force for various reasons, and were no longer counted as unemployed by the government. The overall participation rate in the U.S. labor force fell to a new recession low of 64.3%. "Incredibly, the U.S. labor force is now smaller than it was before the recession started, though it should have grown by over 4 million workers to keep up with working-age population growth over this period," said economist Heidi Shierholz of the Economic Policy Institute."
The news just gets worse and worse. As small businesses collapse, with literally hundreds shutting down daily, the job market is rapidly shrinking. The last 2 years have taken a toll on the backbone of our economy, the small business, with the Federal, State and City Governments taxing or regulating most out of business in such a short time.
With a new Congress seated in D.C. to greet a New Year, one can only hope this new batch has a better understanding of what is wrong with our economy, and that taxing businesses out of business results in collection of NO tax once they shut down.
"NEW YORK (CNNMoney) -- High hopes for December's employment numbers were dashed Friday, when the Labor Department reported disappointing job gains for the month. But the unemployment rate took a surprising dive.
The economy added 103,000 jobs in December -- falling short of most expectations. Meanwhile, the unemployment rate sunk to 9.4%, its lowest level since May 2009, confusing some economists. While a sharply lower unemployment rate was a welcome surprise, some experts said that drop was mostly due to a shrinking workforce."
and
"About 260,000 adults dropped out of the labor force for various reasons, and were no longer counted as unemployed by the government. The overall participation rate in the U.S. labor force fell to a new recession low of 64.3%. "Incredibly, the U.S. labor force is now smaller than it was before the recession started, though it should have grown by over 4 million workers to keep up with working-age population growth over this period," said economist Heidi Shierholz of the Economic Policy Institute."
The news just gets worse and worse. As small businesses collapse, with literally hundreds shutting down daily, the job market is rapidly shrinking. The last 2 years have taken a toll on the backbone of our economy, the small business, with the Federal, State and City Governments taxing or regulating most out of business in such a short time.
With a new Congress seated in D.C. to greet a New Year, one can only hope this new batch has a better understanding of what is wrong with our economy, and that taxing businesses out of business results in collection of NO tax once they shut down.
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