Tag Archives: Government Spending

News

Unemployment up to 9.6%, 283K jobs lost during recovery summer

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Detroit Job Fair
Detroit Job Fair (AP Photo)

This is from the US Bureau of Labor Statistics.

Excerpt:

Nonfarm payroll employment changed little (-54,000) in August, and the unemployment rate was about unchanged at 9.6 percent, the U.S. Bureau of Labor Statistics reported today. Government employment fell, as 114,000 temporary workers hired for the decennial census completed their work. Private-sector payroll employment continued to trend up modestly (+67,000).

Household Survey Data

The number of unemployed persons (14.9 million) and the unemployment rate (9.6 percent) were little changed in August. From May through August, the jobless rate remained in the range of 9.5 to 9.7 percent. (See table A-1.)

Among the major worker groups, the unemployment rate for adult men (9.8 percent), adult women (8.0 percent), teenagers (26.3 percent), whites (8.7 percent), blacks (16.3 percent), and Hispanics (12.0 percent) showed little change in August. The jobless rate for Asians was 7.2 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.)

The total number of jobs lost during the Democrats’ “recovery summer” is now at 283,000.  283,000 jobs lost during the “summer of recovery”. No amount of good intentions and fine speeches is going to change the laws of economics – if you take money from the private sector and spend it on government programs and you will lose jobs.

I notice that the mainstream media and the White House are spinning the job numbers by talking about the jobs gained number instead of the net jobs lost, or the rising unemployment rate, so I had to set things straight.

And keep in mind that the Democrats intend to allow the Bush tax cuts to expire, which really means implementing the largest tax hike in history. It will totally destroy the economy.

Nonfarm payroll employment changed little (-54,000) in August, and the unem-
ployment rate was about unchanged at 9.6 percent, the U.S. Bureau of Labor
Statistics reported today. Government employment fell, as 114,000 temporary
workers hired for the decennial census completed their work. Private-sector
payroll employment continued to trend up modestly (+67,000).

Household Survey Data

The number of unemployed persons (14.9 million) and the unemployment rate
(9.6 percent) were little changed in August. From May through August, the
jobless rate remained in the range of 9.5 to 9.7 percent. (See table A-1.)

Among the major worker groups, the unemployment rate for adult men (9.8 per-
cent), adult women (8.0 percent), teenagers (26.3 percent), whites (8.7 per-
cent), blacks (16.3 percent), and Hispanics (12.0 percent) showed little
change in August. The jobless rate for Asians was 7.2 percent, not season-
ally adjusted. (See tables A-1, A-2, and A-3.)
Videos

Michele Bachmann on Fox Business attacking Cash-For-Unions bailout

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Michele Bachmann is my favorite Congresswoman.

She said “banana republic”. Ha! What a meany!

Commentary

Paul Ryan takes on Democrat Brad Sherman on the worsening economy

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Video is here – from Larry Kudlow’s show on CNBC. (8 minutes)

The Democrat blames Bush and calls for more government spending.

Here he is in Congress making his stand. (4 minutes)

The Veronique he mentions is Veronique de Rugy, whose work I blog about all the time.

Fred Barnes of the Weekly Standard is calling for Republicans to embrace Ryan’s Road Map for America.

Excerpt:

For Republicans, the Road Map authored by congressman Paul Ryan of Wisconsin is the most important proposal in domestic policy since Ronald Reagan embraced supply side economics in the 1980 presidential campaign. It’s not only the freshest, boldest, and most comprehensive Republican thinking, it’s also the most relevant. If Republicans adopt the Road Map as their basic ideological blueprint, it offers them the prospect of a landslide in the midterm election this year, followed by victory in the presidential election in 2012.

For sure, that’s a lot of weight for a policy statement drafted by a 40-year-old House member to bear. But the Road Map is perfectly timed to deal with the crises of the moment: economic stagnation, uncontrolled spending, the deficit and long-term debt, soaring tax rates, health care, the housing problem, Social Security, Medicare, Medicaid.

Yet Republican leaders are wary of endorsing it, and for understandable reasons.

He lays out three reasons why the Republicans should swallow their fears and embrace Ryan’s plan.

Here’s the third reason he lists:

The third reason is the Republican message (or the absence of one). In Pennsylvania, it was “send a message to Nancy Pelosi.” Voters declined. I like the Republican slogan that worked so well in 1946—“Had enough?” But a slogan is not a message. The Road Map is a message. The country is falling apart, we’re going broke, government is on a takeover binge, the economy is wobbling. The Road Map is the solution. That’s a pretty good message.

Those who tremble at the thought of pushing a big idea should remember the campaign of 1980. Reagan, who for years had warned of the evils of government spending and overreach, suddenly became the champion of an across the board, 30 percent cut in tax rates for individuals and business.

That was very risky. The elder George Bush called it “voodoo economics.” Democrats were certain the whopping tax cut would turn the country against Reagan. Quite the opposite occurred. Reagan would have defeated Jimmy Carter without it, but not by the 10 percentage points he actually won by. The tax cut showed Reagan was serious about reviving the economy and not at all a weakling like Carter.

It’s good to be a Republican when we have guys like Paul Ryan. Let’s put him in charge and implement his bold ideas.