Tag Archive: Unemployment


50 Facts About the American Economy that will Shock You


Amplify’d from www.theblaze.com

1. A staggering 48 percent of all Americans are either considered to be “low income” or are living in poverty.

2. Approximately 57 percent of all children in the United States are living in homes that are either considered to be “low income” or impoverished.

3. If the number of Americans that “wanted jobs” was the same today as it was back in 2007, the “official” unemployment rate put out by the U.S. government would be up to 11 percent.

4. The average amount of time that a worker stays unemployed in the United States is now over 40 weeks.

5. One recent survey found that 77 percent of all U.S. small businesses do not plan to hire any more workers.

6. There are fewer payroll jobs in the United States today than there were back in 2000 even though we have added 30 million extra people to the population since then.

7. Since December 2007, median household income in the United States has declined by a total of 6.8 percent once you account for inflation.

8. According to the Bureau of Labor Statistics, 16.6 million Americans were self-employed back in December 2006. Today, that number has shrunk to 14.5 million.

9. A Gallup poll from earlier this year found that approximately one out of every five Americans that do have a job consider themselves to be underemployed.

10. According to author Paul Osterman, about 20 percent of all U.S. adults are currently working jobs that pay poverty-level wages.

11. Back in 1980, less than 30 percent of all jobs in the United States were low income jobs. Today, more than 40 percent of all jobs in the United States are low income jobs.

12. Back in 1969, 95 percent of all men between the ages of 25 and 54 had a job. In July, only 81.2 percent of men in that age group had a job.

13. One recent survey found that one out of every three Americans would not be able to make a mortgage or rent payment next month if they suddenly lost their current job.

14. The Federal Reserve recently announced that the total net worth of U.S. households declined by 4.1 percent in the 3rd quarter of 2011 alone.

15. According to a recent study conducted by the BlackRock Investment Institute, the ratio of household debt to personal income in the United States is now 154 percent.

16. As the economy has slowed down, so has the number of marriages. According to a Pew Research Center analysis, only 51 percent of all Americans that are at least 18 years old are currently married. Back in 1960, 72 percent of all U.S. adults were married.

17. The U.S. Postal Service has lost more than 5 billion dollars over the past year.

18. In Stockton, California home prices have declined 64 percent from where they were at when the housing market peaked.

19. Nevada has had the highest foreclosure rate in the nation for 59 months in a row.

20. If you can believe it, the median price of a home in Detroit is now just $6000.

21. According to the U.S. Census Bureau, 18 percent of all homes in the state of Florida are sitting vacant. That figure is 63 percent larger than it was just ten years ago.

22. New home construction in the United States is on pace to set a brand new all-time record low in 2011.

23. 19 percent of all American men between the ages of 25 and 34 are now living with their parents.

24. Electricity bills in the United States have risen faster than the overall rate of inflation for five years in a row.

25. According to the Bureau of Economic Analysis, health care costs accounted for just 9.5 percent of all personal consumption back in 1980. Today they account for approximately 16.3 percent.

26. One study found that approximately 41 percent of all working age Americans either have medical bill problems or are currently paying off medical debt.

27. If you can believe it, one out of every seven Americans has at least 10 credit cards.

28. The United States spends about 4 dollars on goods and services from China for every one dollar that China spends on goods and services from the United States.

29. It is being projected that the U.S. trade deficit for 2011 will be 558.2 billion dollars.

30. The retirement crisis in the United States just continues to get worse. According to the Employee Benefit Research Institute, 46 percent of all American workers have less than $10,000 saved for retirement, and 29 percent of all American workers have less than $1,000 saved for retirement.

31. Today, one out of every six elderly Americans lives below the federal poverty line.

32. According to a study that was just released, CEO pay at America’s biggest companies rose by 36.5 percent in just one recent 12 month period.

33. Today, the “too big to fail” banks are larger than ever.  The total assets of the six largest U.S. banks increased by 39 percent between September 30, 2006 and September 30, 2011.

34. The six heirs of Wal-Mart founder Sam Walton have a net worth that is roughly equal to the bottom 30 percent of all Americans combined.

35. According to an analysis of Census Bureau data done by the Pew Research Center, the median net worth for households led by someone 65 years of age or older is 47 times greater than the median net worth for households led by someone under the age of 35.

36. If you can believe it, 37 percent of all U.S. households that are led by someone under the age of 35 have a net worth of zero or less than zero.

37. A higher percentage of Americans is living in extreme poverty (6.7 percent) than has ever been measured before.

38. Child homelessness in the United States is now 33 percent higher than it was back in 2007.

39. Since 2007, the number of children living in poverty in the state of California has increased by 30 percent.

40. Sadly, child poverty is absolutely exploding all over America.  According to the National Center for Children in Poverty, 36.4 percent of all children that live in Philadelphia are living in poverty, 40.1 percent of all children that live in Atlanta are living in poverty, 52.6 percent of all children that live in Cleveland are living in poverty and 53.6 percent of all children that live in Detroit are living in poverty.

41. Today, one out of every seven Americans is on food stamps and one out of every four American children is on food stamps.

42. In 1980, government transfer payments accounted for just 11.7 percent of all income. Today, government transfer payments account for more than 18 percent of all income.

43. A staggering 48.5 percent of all Americans live in a household that receives some form of government benefits. Back in 1983, that number was below 30 percent.

44. Right now, spending by the federal government accounts for about 24 percent of GDP. Back in 2001, it accounted for just 18 percent.

45. For fiscal year 2011, the U.S. federal government had a budget deficit of nearly 1.3 trillion dollars. That was the third year in a row that our budget deficit has topped one trillion dollars.

46. If Bill Gates gave every single penny of his fortune to the U.S. government, it would only cover the U.S. budget deficit for about 15 days.

47. Amazingly, the U.S. government has now accumulated a total debt of 15 trillion dollars. When Barack Obama first took office the national debt was just 10.6 trillion dollars.

48. If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar per second, it would take over 440,000 years to pay off the national debt.

49. The U.S. national debt has been increasing by an average of more than 4 billion dollars per day since the beginning of the Obama administration.

50. During the Obama administration, the U.S. government has accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office

Read more at www.theblaze.com

 

Obama’s Laser Like Focus On Jobs


I wish he would turn his LASER LIKE gaze upon the federal government and kill some of their jobs and close a great deal of government bureaus and departments starting with the Labor Department, the Education Department, the Department of Energy and most assuredly the EPA and the NLRB,

TEA Party is What is RIGHT in America


Although much alighned by the left-leaning news agencies, the tea party advocates have been right about what is wrong with America more so than the so-called experts. Take a look at a few examples:

Amplify’d from www.americanthinker.com

Minimum wage.  One of the first things Democrats did after taking back Congress in 2007 was raise the federal minimum wage 41% from 2007 to 2009.  Result?  The unemployment rate went from 4.4% in May 2007 to 10.1% in 2009.  It is 9.2% even today — four years later.

As for teens, the unemployment rate went from 14.9% to 27.1%, the highest ever recorded, meaning since 1948.  Today it is still a high 24.5%.  And for blacks: from a low of 7.9% in 2007 to 16.5% in 2010.  It is still a high 16.2%.

The Democrat Congress also decided to apply the same minimum wages to American Samoa.  Results?  Near-decimation of its economy, one that had been based largely on low-cost tuna canning and textile work.

… employment fell 19 percent from 2008 to 2009 … tuna canning employment fell 55 percent from 2009 to 2010… Average inflation-adjusted earnings fell by 5 percent from 2008 to 2009 and by 11 percent from 2006 to 2009.

TARP.  Unless you were a politician or executive of a large bank, you were likely against the Troubled Asset Relief Program.  I would guess that most anyone now calling herself a member of the Tea Party was against TARP in 2008.  But Senator Barack Obama voted for it, along with most of his Democrat colleagues.  Also the top brains of the Stupid Party pushed it: Henry Paulson , George W. Bush, and John McCain .

Here’s the funny thing: while Paulson was lending out less than $0.3 trillion, the Federal Reserve was lending out over $16T to do about the same thing!  By my calculations, Paulson’s TARP slush fund was less than 2% the size of the Federal Reserve’s.

Do you think that 2% was critical to staving off financial apocalypse?  (FYI, over 3T of the Fed’s emergency loans were to subsidiaries of foreign-owned banks.)

When the dust cleared, the federal government owned two bankrupt car companies and the god-awful home mortgage portfolios of Fannie Mae and Freddie Mac — entities that had nothing to do with the original purpose of TARP.

Global markets were so enamored with TARP that there was an immediate sell-off of about 20% in global stock markets the moment it went into effect.  I also credit TARP, and McCain’s reaction to it, for McCain’s loss to Obama.  Ever since, all budget discussions have involved units of trillions instead of mere billions.  The world has not been the same since TARP.

Stimulus.  Opposition to Obama’s stimulus was the origin of the Tea Party.  Now we know the story.

How the stimulus was sold: It would create three million jobs or more.  It would keep the unemployment rate under 8%, instead of 9% without a stimulus.  It would cost $787B.  The jobs were shovel-ready.

What really happened: There are 1.2 million fewer jobs now than when the stimulus was passed.  Unemployment went over 10% (vs. prediction of 8%) and is still over 9% (vs. prediction of about 6.8% at this time).  It cost $814B or more.  Maybe 6% of it went to infrastructure projects.  Obama’s reaction?  A little joke: “Shovel ready was not as shovel ready as we expected.”

ObamaCare.  ObamaCare was sold as a way to bend the health “cost curve” down.  As it turned out, it is bending the cost curve up — health care will be more costly than it would have been without ObamaCare.  It’s so great that in its first year about 1,500 companies, states, and unions were granted waivers.

ObamaCare strangled the recovery in the crib.  The private sector has been generating only 6,400 jobs per month since it was passed, compared to 67,600 before.  We would never return to pre-recession unemployment levels at the current pace.  ObamaCare is costing us over 60,000 jobs per month.

Drilling moratorium.  According to a new study by IHS Global Insight, merely picking up the pace in granting oil drilling permits would go a long way in producing jobs throughout the US, adding to GDP and reducing dependency on foreign oil sources.  In 2012 alone it could mean 230,000 new jobs, $44B more in GDP, 150 million more barrels of oil, and $15B less in imported oil.

Budgets.  Now we find ourselves in another budget fight, with the Tea Party getting the blame from much of the media and liberal punditry.  The truth is that Democrats have not even written, much less passed, a budget of any kind in over two years; they simply kill everyone else’s.

  • The Republican-led House passed a budget on schedule in April.  Senate Democrats voted it down.
  • Obama proposed a budget in February.  The Congressional Budget Office scored it as having a 10-year cumulative deficit of $9.5 trillion.  The Democrat-led Senate voted that down too, 97-0.
  • The House proposed the only written plan for addressing the debt ceiling — the Cut, Cap and Balance plan.  Senate Democrats voted that down, too.

Read more at www.americanthinker.com

 

How To Tank an Economy: Let Me Count the Ways


Despite efforts to spin reality, there are 5 signature Obama policies which have hampered economic recovery. According to the Heritage Foundation they are as follows:

Amplify’d from blog.heritage.org
  • Stimulus package—The nearly $1 trillion boondoggle failed to stimulate, as we all now know, but made government grow beyond its means. Most of the stimulus bill was filled with the usual government pork or repeating failed policies of the past such as “shovel-ready” projects. Very few provisions were pro-growth and worked to encourage companies to create new, permanent jobs. Some provisions, such as increased unemployment benefits, unfortunately increase the duration of unemployment. The bottom line is that the stimulus bill was based on the flawed economic assumption that governments can spend their way back to prosperity and growth. The government stimulus bill did not create jobs; instead it filled job creators with fears of future tax hikes or more borrowing, and thus future artificially high interest rates.
  • Obamacare—It took the Administration and the Democratic-held Congress a year and half to ram this piece of legislation down the throat of the American people, time that could have been spent fixing the employment picture. Worse yet, Obamacare imposes vast and expansive new regulations and made labor costs uncertain. Many businesses have said that they are not going to hire permanent workers until they understand exactly how much Obamacare is going to cost their business and raise employment expenses. Other businesses are not sure how the new Obamacare regulations impacts their bottom line, which means they are going to sit tight instead of expanding.
  • Frank-Dodd Financial Bill—The heavy-handed Dodd-Frank financial regulation bill not only placed needless burdens on small as well as large financial institutions,  but has deterred investment by imposing ill-defined restrictions on those who want to invest in the economy.  And it did so without addressing the real causes of the financial crisis.
  • Environmental Protection Agency regulation—Unable to get Congress to pass Cap and Trade, with its skyrocketing electric rates, the Obama EPA is skinning the cat another way—mandating costly regulation. The EPA is implementing a lineup of electric-industry regulations, including the already in-force, but-as-yet-unspecified new CO2 rules, that promise higher rates, less reliability, and a sketchy future business environment.  It’s no great surprise that firms haven’t turned up the throttle on hiring and expansion.
  • Regulatory Assault on Employers—The Administration’s enforcement agencies view employers as lawbreakers who need to be brought in line. Within the Department of Labor the Occupational Safety and Health Administration (OSHA) and Wage and Hour Division (WHD) have ramped up enforcement spending while cutting back programs that help employers understand and comply with the law. Obama’s Solicitor of Labor emphasizes the Labor Department’s focus on litigation against employers. The National Labor Relations Board (NLRB) is twisting the law into pretzels to facilitate union organizing, going so far as to file charges against Boeing for creating jobs in a non-union state. Obama’s message to employers has been clear: “We suspect you are breaking the law and we will get you.” Small wonder they are not hiring.

Read more at blog.heritage.org

 

Food Stamp Participation Growth Explodes


Economic recovery? Yeah right! More and more people are dependent upon food stamps then ever before. They say a picture is worth a thousand words well this one speaks millions. Almost 44 million to be exact.

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