Tag Archives: Recession

Commentary

Generation Y is learning the perils of socialism

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From the horribly left-wing MSNBC. (H/T Alisha from Far Above Rubies)

Excerpt:

They are perhaps the best-educated generation ever, but they can’t find jobs. Many face staggering college loans and have moved back in with their parents. Even worse, their difficulty in getting careers launched could set them back financially for years.

The Millennials, broadly defined as those born in the 1980s and ’90s, are the first generation of American workers since World War II who have cloudier prospects than the generations that preceded them.

Certainly the recession has hurt young workers badly. While the overall unemployment rate was 9.5 percent in June, it was 15.3 percent for those aged 20 to 24, compared with 7.8 percent for ages 35-44, 7.5 percent for ages 45-54 and 6.9 percent for those 55 and older.

Among 18-to 29-year-olds, unemployment is the highest it’s been in more than three decades, according to a recent report from Pew Research Center. The report also found that Millennials, also known as Generation Y, are less likely to be employed than Gen Xers or baby boomers were at the same age.

[…]The high unemployment rate among young Millennials can affect them financially and psychologically throughout their careers, according to a report by the Joint Economic Committee.

“The ‘scarring effects’ of prolonged unemployment can be devastating over a worker’s career,” according to the report. “Productivity, earnings and well-being can all suffer. In addition, unemployment can lead to a deterioration of skills and make securing future employment more difficult.”

Many Millennials have sought refuge back at school from the worst job market since at least the early 1980s. Yet that strategy, too, can backfire as students incur staggering amounts of debt to pay for advanced degrees that might not help them out much in the job market.

Eventually they are going to realize that everything they’ve been taught in the schools was opposed to their success. From socialism to feminism to moral relativism. They are destroying their own lives because they believed lies. They vote for higher taxes and more regulations and are shocked to see jobs dry up. They vote for anti-male laws and same-sex marriage and they are shocked to find themselves growing up in sub-optimal homes, missing one or both biological parents.

News

Paul Ryan discusses economics at the liberal Brookings Institute

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The video, including slides and audio, is here.

He outlines our economic crisis and two ways to deal with it – prosperity or austerity.

The Brookings Institute is a respected left-of-center think tank. I cite them occasionally, because they do quality research.

News

Manufacturing sector suffered sharpest drop in June for the past 12 months

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Story here from Yahoo News. (H/T Hot Air)

Excerpt:

New evidence of a slowing economic rebound emerged Thursday in reports that manufacturing activity is slowing after helping drive the early stages of the recovery.

Factory output fell in June, according to a government report on industrial production. It was the sharpest monthly drop in a year. And two regional manufacturing indexes sank this month. …

Separately, the Labor Department said wholesale prices fell for a third straight month. Prices were pulled down by a drop in energy costs and the biggest plunge in food costs in eight years. But excluding those two volatile commodities, inflation was nearly flat. …

Adding to concerns in the manufacturing sector were steep drops reported Thursday in the Empire State and Philadelphia Fed Manufacturing indexes.

CNN Money explains what went wrong for the Obammunists.

Excerpt:

The U.S. Chamber of Commerce slammed President Obama’s economic policies Wednesday, saying administration officials “took their eyes off the ball” and “neglected” to focus on job creation.

A letter posted to the business group’s site and a summit with 500 business leaders were the latest moves in an ongoing battle between big business and the Obama administration.

The two are at odds over the best way to keep the recovery from slipping into a double-dip recession. The Chamber believes tax cuts are key to job creation. The Obama administration, however, has focused on stimulus and spending to create jobs.

The Chamber said in its letter that the administration “vilified industries while embarking on an ill-advised course of government expansion, major tax increases, massive deficits and job-destroying regulations.”

Democrat voters think that a left-wing president who opposes free trade deals with Panama, Colombia, etc., and who implements socialist policies will help the working man to keep his job. But they could not be more mistaken. Attacking businesses causes businesses not to hire anyone. And workers won’t spend money when they are afraid of their job disappearing. Which business hires people when there is no demand for products and services? Government’s job is to encourage businesses to hire by cutting regulations and taxes – that’s what creates sustainable consumer demand.

Just wait until he legalizes 20 million illegal immigrants. Then his union buddies will really get a little lesson in supply and demand.