Tag Archives: Jobs

News

Employers added ZERO net jobs in August

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Story from Bloomberg News.

Excerpt:

Employment in the U.S. unexpectedly stagnated in August and the jobless rate held at 9.1 percent as American employers became less confident in the strength of the recovery.

Payrolls were unchanged last month, the weakest reading since September 2010, after an 85,000 gain in July that was less than initially estimated, Labor Department data showed today in Washington. The median forecast in a Bloomberg News survey called for a rise of 65,000. Hourly earnings and hours worked both declined. The August data included a 48,000 drop in information industry jobs, mostly reflecting striking Verizon Communications Inc. workers.

The first U.S. credit downgrade, political squabbling over the budget and mounting fear of a default in Europe caused the Standard & Poor’s 500 Index to plummet 17 percent from July 22 to Aug. 8, prompting companies and consumers to cut back. The lack of hiring is one reason Federal Reserve Chairman Ben S. Bernanke last week said the central bank still has tools available to stimulate growth.

“Net employment flat-lined in August,” Ellen Zentner, a senior U.S. economist at Nomura Securities International Inc. in New York, who forecast a decline of 5,000, said before the report. “When the outlook is uncertain, businesses don’t hire. Calls that we’re on the cusp of a recession or already there are not completely unwarranted.”

Estimates of the 86 economists surveyed by Bloomberg for overall payrolls ranged from a decline of 20,000 to a 160,000 increase. The unemployment rate was projected to hold at 9.1 percent, according to the survey median. Estimates ranged from 9 percent to 9.2 percent.

Don Surber comments:

Excerpt:

Unexpectedly?

Only a mouth-breathing, in-bred moron was surprised to learn that President Obama’s policies have put the economy in a stupor. I thought Bloomberg News was a wire service that specialized in commerce. Have they no one at that agency who does anything but kiss-up to the socialists who are now in charge of our government?

What a mess. The month of August began with the first downgrade of America’s credit rating in memory. That failure alone should cost him his job.

Youth unemployment tops 25%. Black unemployment is at 16.7%. Hispanic unemployment is at 11.3%.

14 million people are jobless.

6 million people have not had a job for more than 6 months.

86 million working-age people are not in the job market.

[…]Few companies are expanding as they wonder what in the heck his EPA policies will do to them, what in the heck his health insurance policies will do to them and what in the heck his tax policies will do to them. The 9.1% unemployment rate in August matches July as the economy hits the horse latitudes, where it will stay for about another year until hope of a new regime change begins to take hold.

Barack Obama’s presidency has hurt the poor and minorities the hardest. Their jobs were the first to go and on his watch, 1.5 million fewer Americans have jobs than on his Inauguration Day. This is terrible. He may have inherited a recession but he seems bound and determined to make it a depression.

What does Bloomberg mean by “unexpectedly”. Does letting the government take money from taxpayers and businesses create jobs?

CBS News reports on what the stimulus does:

ABC News reports on more stimulus spending:

And this one features a real economist:

Let’s learn some economics and find out why Obama’s government spending, green jobs, tax the rich, regulate businesses approach hasn’t work to create jobs.

Economics in One Lesson

Perhaps it is time to review Henry Hazlitt’s book on basic economics “Economics in One Lesson”. Let’s look in chapter 4, which is entitled “Public Works Mean Taxes”.

Excerpt from that chapter:

Therefore, for every public job created by the bridge project a private job has been destroyed somewhere else. We can see the men employed on the bridge. We can watch them at work. The employment argument of the government spenders becomes vivid, and probably for most people convincing. But there are other things that we do not see, because, alas, they have never been permitted to come into existence. They are the jobs destroyed by the $10 million taken from the taxpayers. All that has happened, at best, is that there has been a diversion of jobs because of the project. More bridge builders; fewer automobile workers, television technicians, clothing workers, farmers.

And consider Chapter 5 as well, entitled “Taxes Discourage Production”.

In our modern world there is never the same percentage of income tax levied on everybody. The great burden of income taxes is imposed on a minor percentage of the nation’s income; and these income taxes have to be supplemented by taxes of other kinds. These taxes inevitably affect the actions and incentives of those from whom they are taken. When a corporation loses a hundred cents of every dollar it loses, and is permitted to keep only fifty-two cents of every dollar it gains, and when it cannot adequately offset its years of losses against its years of gains, its policies are affected. It does not expand its operations, or it expands only those attended with a minimum of risk. People who recognize this situation are deterred from starting new enterprises. Thus old employers do not give more employment, or not as much more as they might have; and others decide not to become employers at all. Improved machinery and better-equipped factories come into existence much more slowly than they otherwise would. The result in the long run is that consumers are prevented from getting better and cheaper products to the extent that they otherwise would, and that real wages are held down, compared with what they might have been.

There is a similar effect when personal incomes are taxed 50, 60 or 70 percent. People begin to ask themselves why they should work six, eight or nine months of the entire year for the government, and only six, four or three months for themselves and their families. If they lose the whole dollar when they lose, but can keep only a fraction of it when they win, they decide that it is foolish to take risks with their capital. In addition, the capital available for risk-taking itself shrinks enormously. It is being taxed away before it can be accumulated. In brief, capital to provide new private jobs is first prevented from coming into existence, and the part that does come into existence is then discouraged from starting new enterprises. The government spenders create the very problem of unemployment that they profess to solve.

And the results we see today are consistent with the predictions of basic economic theory.

News

Marco Rubio’s finest speech yet… at the Reagan Forum

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Greatness. He is everything that America has always been. (45 minutes)

Excerpt from the transcript: (scroll down)

And so, if defining the proper role of government was one of the central issues of the Reagan era, it remains that now. The truth is that people are going around saying that, well, we’re worried about – let me just add something to this because I think this is an important forum for candor.

I know that it is popular in my party to blame the president, the current president. But the truth is the only thing this president has done is accelerate policies that were already in place and were doomed to fail. All he is doing through his policies is making the day of reckoning come faster, but it was coming nonetheless.

What we have now is not sustainable. The role of government and the role that government plays now in America cannot be sustained the way it is. Now some are worried about how it has to change, we have to change it. The good news is it is going to change. It has to change. That’s not the issue.

The issue is not whether the role that government now plays in America will change. The question is how will it change. Will it change because we make the changes necessary? Or, will it change because our creditors force us to make these changes?

And over the next few moments I hope to advocate to you –- I don’t think that I have to given the make up of the crowd –- but I hope to advocate to you that, in fact, what we have before us is a golden opportunity afforded to few Americans.

We have the opportunity –- within our lifetime –- to actually craft a proper role for government in our nation that will allow us to come closer than any Americans have ever come to our collective vision of a nation where both prosperity and compassion exist side-by-side.

To do that, we must begin by embracing certain principles that are absolutely true. Number one: the free enterprise system does not create poverty. The free enterprise system does not leave people behind.

People are poor and people are left behind because they do not have access to the free enterprise system because something in their lives or in their community has denied them access to the free enterprise system. All over the world this truism is expressing itself every single day. Every nation on the Earth that embraces market economics and the free enterprise system is pulling millions of its people out of poverty. The free enterprise system creates prosperity, not denies it.

The second truism that we must understand is that poverty does not create our social problems, our social problems create our poverty. Let me give you an example. All across this country, at this very moment, there are children who are born into and are living with five strikes against them, already, through no fault of their own.

They’re born into substandard housing in dangerous neighborhoods, to broken families, being raised by their grandmothers because they never knew their father and their mom is either working two jobs to make ends meet or just not home. These kids are going to struggle to succeed unless something dramatic happens in their life.

These truisms are important because they lead the public policies that define the proper role of government. On the prosperity side, the number one objective of our economic policy, in fact the singular objective of our economic policy from a government perspective is simple — it’s growth. It’s not distribution of wealth; it’s not picking winners and losers.

The goal of our public policy should be growth. Growth in our economy, the creation of jobs and of opportunity, of equality of opportunity through our governmental policies.

And the most gripping part of the speech:

To me, this is extremely special, and I’ll tell you why. During the ’80s, politically especially, there were two people that deeply influenced me. One clearly was Ronald Reagan, the other was my grandfather, who lived with us most of the time in our home.

We lived part of our life, especially the key years, ’80-’84, in Las Vegas, Nev. And my grandfather loved to sit on the porch of our home and smoke cigars. He was Cuban. Three cigars a day, he lived to be 84. This is not an advertisement for cigar smoking, I’m just saying to you that …

He loved to talk about politics. My grandfather was born in 1899. He was born to an agricultural family in Cuba. He was stricken with polio when he was a very young man, he couldn’t work the fields, so they sent him to school. He was the only member of his family that could read. And because he could read, he got a job at the local cigar rolling factory.

They didn’t have radio or television, so they would hire someone to sit at the front of the cigar factory and read to the workers while they worked. So, the first thing he would read every day, of course, was the daily newspaper. Then he would read some novel to entertain them.

And then, when he was done reading things he actually went out and rolled the cigars because he needed the extra money. But through all of those years of reading, he became extremely knowledgeable about history, not to mention all the classics.

He loved to talk about history. My grandfather loved being Cuban. He loved being from Cuba. He never would have left Cuba if he didn’t have to. But he knew America was special. He knew that without America, Cuba would still be a Spanish colony. He knew that without America, the Nazis and Imperial Japan would have won World War II. When he was born in 1899 there weren’t even airplanes. By the time I was born, an American had walked on the surface of the moon.

And he knew something else. He knew that he had lost his country. And that the only thing from preventing other people in the world from losing theirs to communism was this country – this nation.

It is easy for us who are born here –- like me –- and so many of you, to take for granted how special and unique this place is. But when you come from somewhere else, when what you always knew and loved, you lost, you don’t have that luxury.

My grandfather didn’t know America was exceptional because he read about it in a book. He knew about it because he lived it and saw it with his eyes. That powerful lesson is the story of Ronald Reagan’s presidency. It’s our legacy as a people. And it’s who we have a chance to be again. And I think that’s important for all of us because being an American is not just a blessing, it’s a responsibility.

As we were commanded to do long ago, “Let your light shine before men” …

[PAUSE – he is overcome by emotion]

…“that they may see your good works and glorify your Father in heaven.”

Well, as we gather here today in this place, that pays homage and tribute to the greatest American of the twentieth century, we are reminded that for him and for our nation, being a light to the world, that’s not just our common history, it remains our common destiny.

I cried at the part in bold above.

Here’s the verse he cited – Matthew 5:16 – in context: [NASB]

13 “You are the salt of the earth; but if the salt has become tasteless, how can it be made salty again? It is no longer good for anything, except to be thrown out and trampled under foot by men.

14 “You are the light of the world. A city set on a hill cannot be hidden;

15 nor does anyone light a lamp and put it under a basket, but on the lampstand, and it gives light to all who are in the house.

16 Let your light shine before men in such a way that they may see your good works, and glorify your Father who is in heaven.

I notice that he cites the NASB, which is my favorite translation – the translation closest to the original Greek.

On my Facebook page, I have Matthew 5:13, which is the verse that comforts me when things look bad in my life – when my plans haven’t worked out the way I hoped they would. Things look bad for us right now as a nation. Maybe we need to reconsider these words.

This speech is being well-received everywhere. Permit me just one reaction from the UK Telegraph, which is still punch-drunk from socialism-induced rioting caused by the anti-marriage, anti-family, anti-father policies of the secular left Labour Party.

Excerpt:

Two of the brightest rising young stars in American conservatism today are Paul Ryan and Marco Rubio. Neither are running for president in 2012, but both will be strong contenders for the vice presidential running mate slot, whoever wins the Republican nomination. And I wouldn’t be surprised to see Ryan or Rubio eventually sitting in the Oval Office itself at some stage in the future. After all, Congressman Ryan of Wisconsin is only 41, and Senator Rubio of Florida is just 40; they have decades of public life ahead of them. They are both deeply principled politicians in the Reagan mould who grew up during the late Cold War years, and share a profound belief in American exceptionalism and the need for the United States to maintain its position as the world’s leading power.

A few weeks ago, I wrote about Congressman’s Ryan’s superb speech on foreign policy to the Alexander Hamilton Society in Washington, remarks which outlined in stark terms the challenges the United States faces if it is to avoid decline. Ryan’s address, which I attended, was probably one of the most important statements by a US politician on American leadership this year.

Senator Rubio’s speech yesterday at the Reagan Presidential Library in the presence of Nancy Reagan, was another key address by a Member of Congress that deserves to be widely read, both at home and abroad. Like Ryan, Rubio offers a powerful rejection of the Big Government approach that has crippled America’s economy, and outlines a firm defence of the free market, championed by Ronald Reagan.

There is something very different and special about America. And Marco Rubio reminds us all what it is in this speech. A speech heard ’round the world! A reminder of our principles – of our role – and of our responsibility to the world.

On a side note, Marco Rubio also rescued Nancy Reagan from a fall by alertly grabbing her arm when she slipped.

News

What could Stephen Harper teach Michele Bachmann about winning elections?

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Michele Bachmann should adopt Stephen Harper's plan
Michele Bachmann should adopt Stephen Harper's plan

Michele Bachmann is soliciting questions for her townhall meeting on her Facebook page. Please “like” her page and then like my question, so that it will be asked.

The post that she is asking for questions in has this text:

Excited to join Tim Scott for Congress for a town hall live on Facebook from Charleston, SC tomorrow at 7PM ET, where we’ll be taking questions from our community of constitutional conservatives. Have a question? Please ask in the comments below:

My question is reproduced below:

Mrs. Bachmann, in the 2011 Canadian federal election, Stephen Harper, a conservative, managed to win a majority in a country that is only one-third conservative. He did this by creating N-point plans that clearly laid out his plans for each term.

The reason I think this is important is because he was able to neutralize the attacks of the media and the three left-leaning political parties because they were not able to accuse him of having a “hidden agenda”. My question for you is, have you considered laying out a clean, specific N-point plan for what you would do as President of the United States? You could even have 3 plans, one for social issues, one for fiscal issues, and one for foreign policy.

If you like my question, please like the “TeamBachmann” Facebook page, and then go to her post asking for questions, and like my question.

Here are the Harper plans:

2006: (won minority)

  • Cleaning up government by passing the Federal Accountability Act
  • Cutting the GST (the national sales tax)
  • Cracking down on crime
  • Increasing financial assistance for parents
  • Working with the provinces to establish a wait-times guarantee for patients

2008: (won minority)

  • The minister of finance and the Bank of Canada will constantly monitor financial markets and the impact of developments in other countries.
  • The global financial crisis will be discussed at the Canada-European Union Summit, which Harper will attend on Friday.
  • Parliament will be summoned to meet this fall and the minister of finance will table an economic and fiscal update before the end of November.
  • Canada will be represented at the meeting of G-20 finance ministers scheduled for early November in Brazil. Canada has also called for a second meeting of G-7 finance ministers.
  • Government spending will be focused and kept under control as the strategic review of departmental spending — now in the second year of a four year review – continues.
  • Harper will hold a first ministers meeting on the economy to discuss with premiers and territorial leaders a joint approach to the global financial crisis.

2011: (won majority)

  • Creating jobs through training, trade and low taxes.
  • Supporting families through our Family Tax Cut and more support for seniors and caregivers.
  • Eliminating the deficit by 2014-2015 by controlling spending and cutting waste.
  • Making our streets safe through new laws to protect children and the elderly.
  • Standing on guard for Canada by investing in the development of Canada’s North, cracking down on human smuggling and strengthening the Canadian Armed Forces.

Actually, Canadian conservatives are much more liberal than we Republicans are – they are soft on social issues. Harper himself is an evangelical Christian, though, but his hands are tied when it comes to social issues. He tries to support stronger families as a way to reduce abortion and to ensure that children grow up with mothers and fathers. Even Stephen Harper is not able to do anything about same-sex marriage and abortion, which are both legal in Canada.

I think Michele would do well to pretend that she was running for office in Canada, and then create her plans that way. All the conservatives already know that she is a solid evangelical and a Tea party stalwart. What she needs to do is come up with a list of specific smart policies that will win over two-thirds of the independents.

Some things I would like to see: transparency in government, sensible spending cuts, tort reform, cut employer payroll tax to 0%, cut federal funding for abortion/Planned Parenthood, increased tax credits for MARRIED couples, matching grants for states that create voucher programs, etc, a federal right-to-work law, a tax credit, usable at any time in the future, for all salary income earned by young people under the age of 22. Etc.