Tag Archives: Jobless Recovery

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.)
Commentary

How the Democrat push to pass cap-and-trade costs jobs

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Consider the words of this CEO from an IBD editorial.

Excerpt:

T.J. Rodgers, CEO of Cypress Semiconductor, isn’t surprised. In an interview Thursday with Neil Cavuto on Fox News, Rodgers saw the move as part of a brewing corporate revolt against an overbearing government sucking the economic oxygen out of the room, tilting at windmills, imposing burdens such as the health care overhaul and environmental regulations but not providing the incentives or certainty that companies need to plan and survive.

“When we continue to put money into bad things, take money out of the productive sector, take money away from me to invest, take money away from families to spend on what they think is right, and dump it into these foolish government projects and blather about green jobs,” Rodgers said, “you know eventually the overall economy is going to get less competitive and some sort of recession or some sort of problem is going to set in.”

As a result, Rodgers continued, “I am not spending any money, I am not opening any plants and I am not hiring anybody, and corporate America is doing the same thing.”

And it’s not just CEOs who are affected by energy taxes:

According to the Heritage Foundation’s Center for Data Analysis, under cap-and-tax legislation, gas prices at the pump would increase 58%. Residential electricity costs would “necessarily skyrocket” by 90%. Total GDP loss by 2035 would be $9.4 trillion. Net job losses (after “green” job creation) would be nearly 1.9 million in 2012 and could approach 2.5 million by 2035. Manufacturing would lose 1.4 million jobs in 2035.

If only Democrats could be affected by the laws that Democrats pass, while Republicans can be affected by the laws that Republicans pass. Let the Democrats live in bankrupt states like California and the Republicans can live in booming states like Texas. There are two different cultures – one that doesn’t understand economics, and one that does.

Commentary

Ten things Obama did to discourage companies from hiring

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This article was written a week ago on Investors Business Daily, and it is still in the top five!

Below is my favorite of the ten.

Excerpt:

Patient Protection and Affordable Health Care Act of 2010 (ObamaCare).

According to the congressional Joint Committee on Taxation, ObamaCare will hike taxes an estimated $15.2 billion, and the middle class will get whacked. We’ve already seen health insurance premiums go up because of costly ObamaCare mandates, which means less money available for spending on other things.

Moreover, employer mandates, taxes and penalties will reduce funds available for private-sector hiring. The mandates, taxes and penalties kick in when an employer has more than 50 employees, and they apply to all employees, so one effect of the law is to discourage small businesses — which create most American jobs — from hiring more than 50 people.

If a business has 45 employees and it needs to hire eight more people for a total of 53 employees, but it doesn’t offer health insurance or its insurance plan doesn’t satisfy the latest ObamaCare regulations, hiring those eight additional people would entail a $2,000 penalty for each of the 53 employees — a total of $106,000!

Many other provisions are likely to have unintended consequences, as well. The 2.5% excise tax on high-tech companies that produce pacemakers, heart valves, stents, defibrillators and other medical devices that help improve the quality of life or save lives is an estimated $20 billion hit. Anything that increases the cost of doing business is bad for jobs.

A mandate, by the way, is when the government forces all insurance company plans to cover elective things like abortions. When insurance companies have to cover more politically correct lifestlye choices, the premiums that normal people pay go up to cover the weird stuff. Are you a normal person? Did your medical premiums go up, or did you lose medical coverage through your employer? If so, then thank Obama – he needed to make sure that all his favorite special interest groups (e.g. – Planned Parenthood) got their money.

Read the remaining nine here.