Tag Archives: Unemployment

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.

Commentary

Bobby Jindal explains how Obama’s drilling moratorium will cost jobs

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Bobby and Supriya Jindal

Story here in the Washington Post. (H/T Ace of Spades)

Excerpt:

Against this backdrop, the federal government unwisely chose to add insult to injury by decreeing a moratorium on deepwater drilling in the gulf. This ill-advised and ill-considered moratorium, which a federal judge called “arbitrary” and “capricious,” creates a second disaster for our economy, throwing thousands of hardworking folks out of their jobs and causing real damage to many families. Now this federal policy risks killing 20,000 more jobs and will result in a loss of $65 million to $135 million in wages each month.

To ensure that such a disaster does not happen again, should the federal government increase oversight, or require additional and better equipment or on-site federal inspectors, or even temporarily pause drilling at specific rigs for additional reviews? Of course. Could it? Of course. But by simply stopping all deepwater drilling, federal officials appear more interested in ideology and scoring political points — as they have done with the misguided cap-and-trade legislation — at the expense of Americans who derive their livelihood from the energy industry.

Let’s be clear: This moratorium will do nothing to clean up the Gulf of Mexico, and it is already doing great harm to many hardworking citizens. The effects will extend well beyond Louisiana. Since the moratorium was announced, America has already lost two rigs to foreign countries. More drilling companies are negotiating right now to work elsewhere. Every time we decrease our level of production, we make America more dependent on foreign sources of energy.

On those few occasions when our country suffers a commercial airline tragedy, we do not respond by stopping all air travel for six months. Rather, we get to work figuring out the root cause and set about trying to make air travel safer. We don’t grind everything to a halt and put tens of thousands of people out of work, jeopardizing our economy.

And these jobs are typically male jobs, so you really undermining the man’s role as protector and provider in the family when you go after jobs typically done by men. And I’m sure that some of the foreign countries we buy oil from are not sympathetic with American national security and foreign policy.

What about Paul Ryan?

But Jindal’s not the only one making sense in the news. (H/T Hot Air)

I hope that Bobby Jindal and Paul Ryan run for President in 2012. Ryan is passionate and informed about the budget, and Jindal is passionate and informed about business and job creation. Let’s elect some grown-ups, and get back to the 4.5% unemployment rate that we had under George W. Bush.

News

Who benefits from the Democrats financial regulation bill?

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From the Washington Times.

Excerpt:

The financial reform bill expected to clear Congress this week is chock-full of provisions that have little to do with the financial crisis but cater to the long-standing agendas of labor unions and other Democratic interest groups.

Principal among them is a measure to make it easier for unions, environmental groups and other activist organizations that hold shares to put their representatives on the boards of directors of every corporation in the United States.

[…]Business groups are also rankled that the legislation would impose costly new burdens on airlines, utilities and other non-financial businesses that were victims rather than villains in the crisis, simply because they use financial derivatives to hedge their businesses against risks such as fluctuations in oil prices, interest rates and currencies.

Such hedging practices played no role in the crisis, though they helped many businesses weather the financial turbulence and recession that followed in the aftermath of the Wall Street storm.

Other provisions of the financial legislation, which goes before the full Senate on Thursday for a vote and likely passage, favor Democratic constituencies directly by requiring banks and federal agencies to hire and do more business with them.

The bill would create more than 20 “offices of minority and women inclusion” at the Treasury, Federal Reserve and other government agencies, to ensure they employ more women and minorities and grant more federal contracts to more women- and minority-owned businesses.

CNBC explains more.

Excerpt:

Fannie Mae and Freddie Mac are the real ‘black holes’ in the inancial regulation bill before Congress and they both need to be addressed, Robert Pozen, Chairman of MFS Investment Management, told CNBC Monday.”They were too political volatile to handle and are not in the bill,” said Pozen who is a former vice chairman of Fidelity Investments.

The non-partisan libertarian Cato Institute think tank.

Excerpt:

The House and Senate will soon vote on a finalized financial-regulation bill, one that was mostly hammered out in a closed-door conference between the two chambers. Legislators will have a stark, simple choice: support a bill that gives us more of the same flawed banking regulations, or reject it in the hopes that new congressional leadership next year will address the actual causes of the financial crisis.

Perhaps it should come as no surprise that Sen. Christopher Dodd and Rep. Barney Frank, the bill’s primary authors, would fail to end the numerous government distortions of our financial and mortgage markets that led to the crisis. Both have been either architects or supporters of those distortions. One might as well ask the fox to build the henhouse.

Nowhere in the final bill will you see even a pretense of rolling back the endless federal incentives and mandates to extend credit, particularly mortgages, to those who cannot afford to pay their loans back. After all, the popular narrative insists that Wall Street fat cats must be to blame for the credit crisis. Despite the recognition that mortgages were offered to unqualified individuals and families, banks will still be required under the Dodd-Frank bill to meet government-imposed lending quotas

[…]While one can debate the motivations behind Fannie and Freddie’s support for the subprime market, one thing should be clear: Had Fannie and Freddie not been there to buy these loans, most of them would never have been made. And had the taxpayer not been standing behind Fannie and Freddie, they would have been unable to fund such large purchases of subprime mortgages. Yet rather than fix the endless bailout that Fannie and Freddie have become, Congress believes it is more important to expand federal regulation and litigation to lenders that had nothing to do with the crisis.

[…]Washington subsidizes debt, taxes equity, and then acts surprised when everyone becomes extremely leveraged.

Until Washington takes a long, deep look at its own role in causing the financial crisis, we will have little hope for avoiding another one. And the Dodd-Frank legislation, sure to be heralded as strong medicine for perfidious financiers, is actually not even a modest step in the right direction.

Fannie Mae and Freddie Mac were not regulated AT ALL by this bill. And that’s because the Democrats love the idea of giving loans to people for homes they can’t afford. The trick is to overload the system and then redistribute wealth in the form of bailouts from the responsible people to the irresponsible people. It’s not a reform bill. It’s a job-killing bill that attacks businesses.

Remember that Democrats forced banks to make these loans in order to avoid discriminating against people who could not afford homes. They rebuffed efforts by the Republicans (including Bush and McCain) to regulate Fannie Mae and Freddie Mac, because they like the idea of giving people with no resident status, no job, and bad credit homes anyway. That, and the low interest rates, is what cause the mess in the first place. And this “reform” bill did nothing to fix that problem.

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