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POPSJobless rate at 9.7 pct.; 216K jobs lost in Aug. If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the so-called underemployment rate reached 16.8 percent, the highest on records dating from 1994. That rate rose because the number of workers settling for part-time hours, either because their employer cut their work week or because that's all they could find, increased by about 300,000.
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POPSeal US unemployment rate at 16 pct: Fed official I still don't understand how the gov't (regardless of administration or party in place) can not include the group of those not working full-time or who have run out of unemployment. There are people out there living in tents and kids going hungry or without proper health care. It just amazes me just how much disregard there is at the top level for the working people of this country.
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POPSRearranging the Deck Chairs
Meanwhile, Tax Revenues Have Plummeted: "Tax revenue for the first three quarters of 2009 has fallen by approximately $350 billion, or 17 percent compared to the same period last year... Unemployment benefits have more than doubled, Medicaid spending has grown by a quarter and Medicare spending has increased by 11 percent." The S&P 500 is wildly overvalued using any conventional measure: The S&P 500's price-to-earnings (PE) is over 140 today. It was over 100 during the first quarter of 2009, "a level never before reached in the index's history". 'Cash for Clunkers' is a Disaster: While the sycophants of stimulus are crowing about an 11.5 million unit annualized sales rate for (for July and August), 80% of the top-selling models are foreign. Typical of Politburo-style, centralized planning efforts, the unintended consequences of the program have yet to be felt; "..what of the lower-income Americans who depended on those cars - the clunkers - to be able to afford any . . .
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POPSUnemployment, A Look Inside the Numbers That implies that the precipitous drop in employment, which had occurred earlier in the year, is leveling off. However, those people are not getting their jobs back. And what we could have is a chronic unemployment on a European scale, which we have not seen in America for a long time. On Democrats continuing to denounce protesters at health-care town halls: Look, Democrats are out of control on this. Under Bush, dissent was the highest form of patriotism in America. And now it's a form of Nazi insurrection. Last year community organizing was such a high calling that the Democrats elected one to the highest office in the land. And now if you organize a community it's called a mob... Krauthammer's Take
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POPSThank God! Oops, I mean, thank Obama This is by far the largest drop in the number of people who consider themselves in the labor force during the last year--almost twice the 358,000 increase in the people who left the labor force during June." Using Lott's calculations, our actual unemployment rate stands at 16.3%, not the trumpeted 9.4%. Obama would have us believe this is good news. Our president would also have us believe his claim that the $1.2 trillion health care reform proposal is just the ticket to jump-start the economy. (Hey, didn''t he just say he already jump-started the economy?) I digress...
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POPSHealth overhaul key to economic recovery "We must do more than rescue our economy from this immediate crisis. We must rebuild it stronger than before." You are right for once - resign dummy, that would be the best thing you could do for the economy.
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POPSChuck Todd Reports O.1 Percent Drop in Unemployment The Obama White House already planning their own "Morning in America" Ad Campaign for 2011-2012! "Morning in America" was President Ronald Reagan's ad theme during the 1984 campaign which followed the stunning turnaround in the U.S. economy during Reagan's first term of tax cuts and doing everything possible to help businesses. But because unemployment took a minuscule drop, they are already comparing it to what Reagan accomplished, even though Obama has done everything opposite what Reagan did. It was too much even for fellow panelist Susan Page of USA Today who immediately interjected that "Morning in America" was preceded by Reagan losing 26 seats in Congress in the 1982 mid-term election, suggesting that may be what is more realistic for Obama to expect. Chuck Todd comment @ 6:30 mark http://www.msnbc.msn.com/id/21134540/vp/32335403#32335403
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POPSPayroll Thursday Out Today Non-farm payroll data is the most important data point for all financial markets an it is out today ahead of the Independence Day holidays in the US. The number for June is expected around -365k and unemployment is expected a touch higher at 9.6% from 9.4% previously. If we see a 10-20% deviation from the expected, then hang on to your hats.
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POPS The Obama Numbers Are Pure Fiction Mr. Obama's comments yesterday are a perfect illustration of just such a claim. In the months since Congress approved the stimulus, our economy has lost nearly 1.6 million jobs and unemployment has hit 9.4%. Invoke the magic words, however, and -- presto! -- you have the president claiming he has "saved or created" 150,000 jobs. During a March hearing of the Senate Finance Committee, Chairman Max Baucus challenged Treasury Secretary Timothy Geithner on the formula. "You created a situation where you cannot be wrong," said the Montana Democrat. "If the economy loses two million jobs over the next few years, you can say yes, but it would've lost 5.5 million jobs. If we create a million jobs, you can say, well, it would have lost 2.5 million jobs. You've given yourself complete leverage where you cannot be wrong, because you can take any scenario and make yourself look correct."
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POPSStates relent, take stimulus money Dangle that carrot long enough and it will be taken. I think it was disingenuous for states to refuse financial assistance citing good reason not to take it and then take it anyway. It undermines any remaining principles state leadership was trying to exhibit against federal influence over state matters. I also think it is wrong for the federal government to force state policy changes as a condition for receiving so called assistance. But such is the state of politics in America. The federal government exerts more and more control over states rights and money talks louder than principle.
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