I personally would not be surprised in the least to see this report revised downward in August. That said....
I think we need better raw data collection and larger sample sizes. That....would be up to Congress and this administration to improve the statistics of the BLS and that....gets into their inane politics.
If they would simply take some recommendations from statisticians to improve accuracy, that would be great, but you know they will not.
That's why I run through a series of calculations as an exercise. Bottom line the payrolls number is more accurate and bottom line all of the ratios are problematic because first and foremost, they rely on Census data, which still has not been updated to the 2010 base values, plus use statistical models to extrapolate out the monthly change....which is why the BLS warns on comparing monthly and weekly numbers.
The CPS survey IMHO is much too small, about 60k and the actual survey questions, methods I think could be greatly improved.
As far as I know, they have not incorporated, in the least, online, Internet, digitized technologies in data collections as well.
So not only blame Congress for lack of funding, but really blame Congress and the executive branch for wanting to increase the lies buried in statistics.
The BLS, at least from the economic report side, are just a bunch of geeks running some numbers, math heads.
what do you wanna bet that there is a big revision next month on this phoney data. the american markets are a total scam. the SEC & the CFTC are run by the very criminals that they are supposed to be regulating. i say, bring back william black and start putting the banksters in jail.
The carry trade refers to the difference between exchange rates and implies one can borrow money at effective 0% interest rates and dump it in another country and make money on it, simply because of that nation's interest rates.
I went through the nitty gritty on the tax code on these incentives to offshore outsource a couple of years ago.
You pretty much have to be dead, in a box, with no income. I'm not sure about regulations but the poverty levels haven't been adjusted, beyond COLA (probably) and they are so low, I don't know how anyone stays alive and still qualifies.
If you can research out and find a citation, source, I'll take a look. If the levels and requirements changed, it would be on site government site. Also food stamps are issued and determined by the States, so each state probably has it's own specifics, although the poverty rate is standard across states (the poverty rate is a federally determined ratio, then cost of livings adjustments, I believe, are made per state).
Doesn't the increase also have to do with more liberal regulations since January 2009?
I have no personal experience here, but I think I read something about this in a 'senior' newsletter. One of the changes, I believe, allows people who are spending down their savings (due to unemployment, etc.) to receive food stamps before they are actually destitute.
It's possible that the recent budget "compromise" is going to return the Department of Agriculture to the former rules. Who knows what the juicy details are of that monstrosity?
There are also Food Stamp issues related to immigration, but I have no idea how that works -- probably very differently from state to state or even county to county.
It's like everything else -- there are people who really need and deserve ... and then there are scammers. You may see in grocery stores people using something like credit cards rather than paper currency-like 'food stamps'. (It's one of the options on the screen you see when you swipe your regular credit or debit card.) That's good because there was once (some years ago) a bust by the D. of A. of a printing plant in Chicago that was printing up counterfeit 'food stamps' to be fed into various stores. Now that's scamming!
... is that legislation to promote repatriation of funds held overseas would be a plus for jobs if and only if 'Foreign Tax Credit' and 'Carry Trade' were eliminated first.
Also, Leed is saying (I think) that Norquist's 'no new taxes' is simplistic and stupid because the point is to lower the overall tax burden for citizens, which can best be done by eliminating particular loopholes favoring foreign interests (interpreted by Norquist and Boehner as 'new taxes').
These are complicated matters, to say the least. However, you could not do better than the Foreign Tax Credit if your purpose is to study and expose the contradictions of what I call the 'WTO' world system and how the U.S. seems to be self-destructing within that system.
Carry Trade is another issue -- concerning, I believe, how the IRS allows you to treat your trading profits and losses. This may be related to Foreign Tax Credit because it seems to be mostly of interest to currency market players, that being an essentially international issue.
Of course, MNCs (and MNIs or 'multi-national individuals') can work both sides of the street as their spreadsheets under various assumptions indicate.
It's interesting to consider that political attacks on the IRS may, to some extent, be motivated by a desire to restrain aggressive enforcement especially regarding international players in currency markets (and, of course, money laundering).
Yes, Robert Oak's report is excellent, as usual, but ...
Wall Street, schmall street!
It's called 'global capital' for good and sufficient reasons. I think that the NYSE and all the others are like adjuncts to the currency markets and related precious metals markets.
"Round and round it goes, where it stops, nobody knows."
We can blame it all on Congress. We can blame it all on taxes. We can blame it all on the Fed. We can blame it all on Obama. Personally, I blame it all on the 'WTO' delusional system - what some call "neo-liberalism" and others call "neo-conservatism." It doesn't matter.
Bottom line is that the U.S. -- having resigned national sovereignty -- is no longer King of the Hill. The good news is that nobody else is King of the Hill either.
Nonetheless, there is that steady flow of gold to the top of the hill -- where there is no governance, only a gang of thieves intent on making off with the gold before the angry masses converge in a global lynch mob.
Also, there's still that steady flow of goodies -- not to the top of the hill -- but to the former king and subjects of the former king as though there were still any gold held by the king and the most loyal (most impoverished) of the king's subjects. So the king and the king's subjects continue to pay with IOUs issues by the king. The system would work better if the king's subjects actually believed in their own king and the royal IOUs, because they are all continuing to use the IOUs as their medium of exchange, but the richest of the king's subjects are exchanging the royal IOUs as fast as they can for just about any other kind of paper or electronic virtual paper (although they have become leery of robo-processed mortgages).
It's a confused picture, basically, because the wheel is spinning, with global capital sloshing around in it. Consider news items from the last day or two:
Oil drops below $100, signaling stronger dollar (although long-term it seems like $100 is now almost like a minimum).
Stocks "routed" GLOBALLY and nearly every currency is hammered.
Swiss franc so high that Swiss National Bank cuts rate almost to zero. (Swiss franc has gained something like 35% over the last three months.)
Japan's central bank sells yens first time since March, hoping to curb the increase in dollar-yen ratio.
Although dropping today, the Brazilian real has gained almost 50% over the last three years. Brazil is beset by unmanageable influx of U.S. dollars.
There is talk of a global currency war.
Question: What is global capital chasing today?
Answer: Stability. A sane fiscal environment.
Problem is in the fundamentals. The fiscal environment can only mirror the economic environment, and, more and more, we see that the 'WTO' world system ("globalism") is inherently unstable, even systemically de-stabilizing.
We are caught in the sytemic and global collapse of socio-economic stability under the current 'WTO' world system.
It's all well and good to criticize policies that fail to inhibit the tendency toward labor arbitrage, but historically and essentially, labor arbitrage is the very heart and soul of the WTO system.
U.S. stock markets and U.S. economy are following (adjusting to) long-term trends, not initiating them. Of course, U.S. national leadership is handling all this poorly, and U.S. corporate media is hiding the mess as best it can. That's all to be expected.
Yet no one in our major media or in the Congress dares to criticize underlying premises of the GATT and the WTO. And I cannot dispute Robert Oak's observation that if we upset that apple cart, we're very likely to upset our oil supply, and that spells doom for what is left of a real U.S. economy. That's why we have no choice but to go along to get along ... and also why we welcome any developments that tend to bolster the dollar, despite predictable adverse effects on our balance of trade.
"Round and round it goes, where it stops, nobody knows."
Obama is a LIAR. He told us voters that he would re-negotiate NAFTA.
Now, of all things, Obama wants more "free" trade deals with Korea and Panama ... at a time when unemployment rate is 10% ... so we can offshore even more jobs and create even more tax havens for corporations and the uber wealthy.
It's simple common sense that these "free" trade deals don't work for Americans. Just look at our high unemployment rate and exodus of manufacturing jobs.
What in the world is wrong with Obama? He's like another George Bush.
How about another interpretation on what Wall Street realizes. How about Wall Street realizes that there is nothing that little moral criminal who heads the Federal Reserve wants to do more than print up another mountain of money.
They desperately want the moral criminal to do just that because it means hundreds of billions more of the people's money stuffed into their pockets. But folks are carping about inflation, so they need to help the little moral criminal out with a cover story.
So a nice little manufactured crash so people will start screaming for the moral criminal to "do something," and they know that the "something" will mean more goodies printed into their pockets.
So it's time to manufacture chaos to keep their sugar bowl filled with other people's money. The scam is drying up and they don't like that. Time for the little moral criminal to fire up the presses.
It may just be me, but I'm shocked at the apathy of the (wo/)man on the street over this collapse. Maybe they're desensitized, maybe they've already accepted the inevitability of a crash at some point, but it's pretty depressing that they aren't showing any real concern. Thanks for your coverage and breaking down the unemployment reports.
One thing I wonder is if some either have the unemployment report or extrapolated the numbers and that's why the crash.
Like everyone else, I expect it to be bad and even potentially negative, but I've been overviewing those reports now for over 3 years and I've yet to see one I jumped for joy over.
Rest assured, anyone reading this, we will be taking the report, calculating out numbers, graphing up all of the major data from it and all of the rest.
I hope I can get the analysis and overviews up as fast as I can, but regardless, we'll be all over the report tomorrow.
is bogus, it allows those offshore outsourcing profits to be brought back, tax free, distributed to investors through Wall Street. Has nothing to do with jobs, growing the economy or any benefit to the U.S.
Corporate America has at least $2Trillion stashed in foreign banks, mostly European. All could be repatriated if a Tax Holiday were created. But wait, that money is in part the result of the Foreign Tax Credit, almost $1Trillion in the last 10 years. If you grant the Tax Holiday, the money will leave almost immediately through the Carry Trade, right offshore again.
Get rid of the Foreign Tax Credit and it is much more expensive to move the money offshore without paying U.S and foreign tax. But Norquist has the Repubs pledging no new taxes.
When repatriated,if Corporate American left the $2Trillion in CDs or TBills in domestic finacial instututions, the Fed could do a legitimate QEIII or directly purchases of debt, mortgages etc
.
We should assume the repatriated foreign funds would be invested. I can't see how this would not help the domestic economy.
If reason prevailed, the tax benefit of the Repatriation would dwarf the extra tax of the Foreign Tax Credit. Norquist does not do reason or offsets.
Secretary Lahood fought for unionization through FAA board membership nominations early this year. That means the mutants have to kill the FAA tax even if safety inspection is cut, construction stops, and planes fall from the sky.
NYT
"
Delta, one of the few large airlines that is largely nonunion, has beaten back recent efforts by the International Association of Machinists and Aerospace Workers to organize 13,000 Delta baggage handlers and other fleet service workers and 15,000 ticket agents and other passenger service workers. In November, the Association of Flight Attendants failed in its effort to be recognized as the union representing 20,000 flight attendants at Delta.
That effort failed even though the National Mediation Board, which oversees airline and railroad labor matters, a few months earlier changed a 76-year-old rule, making it easier for unions to win a representation election. Under the old rule, workers who did not vote were counted as “no” votes; under the new rule, only those casting ballots count.
Industry officials immediately condemned that change and said the Obama administration, which appointed two of the mediation board’s three members, was doing a huge favor for organized labor. Republicans in Congress have picked up that claim.
i think u have to look back to the last great depression... things are very bad at present but people have tremendous capacity to endure great hardship ...
we're getting there but not at the misery level of the '30's depression when FDR was elected and his first 100 days made history. Perhaps his first 100 days was so good that it has mitigated to some extent the present day depression. Thereby making change to our current political environment that much more difficult.
as "jobs". We need to do some analysis and write up post about what kind of policies, legislation actually would create jobs because the spin is in.
I'm reading some plant piece on HuffPo right at this moment which ignored the entire first to file agenda of "patent reform" and blasts Nancy Pelosi for opposing it.
That's a complete B.S. claim that's a "job creator" too. I have to read this more, patent law is beyond complex, but I already wrote a piece saying it was a corporate agenda love fest and didn't know Pelosi opposed the bill. First to file vs. first to invent is a no-brainer though, that's very anti individual inventor, entrepreneurship.
So, in other words, we have to go through, by 1st principles, some policy proposals and analyze, you honest cannot take the word of any news outlet, pundit without looking at the data.
But this government is beyond disgusting and are trying to turn basic economics upon it's head to get steal the phrase "jobs" and attach it to whatever corporate lobbyist agenda is desired next.
Disgusting, literally running the country into the ground.
The fact Congress went on a 5 week recess while leaving the FAA hanging and losing billions in taxes, never mind the 100k people left handing, without jobs is a prime example, not just of this insane asylum of corruption and inability to do anything common sense, plus abandoning their posts when they needed to act...
But to me implies something wrong structurally with this government. I hate to say it but the government is a huge institution and it should be run more like a business. I'm obviously not for privatization in the least, but letting Congress do crap like this, administration is a huge problem.
They were never supposed to touch the social security trust fund, as a case in point. If they were pension fund managers they would not only be fired by probably prosecuted for putting pensions at risk, both civil and criminal court.
How to you rely on the government when beyond incompetent management, almost always by "elected" officials, they play their political games with service agencies like this?
Structurally this needs to be stopped and beyond having a "redo" and enacting a parliamentary system with a unicameral Congress or whatever, something has to give with the crazies running the nation. (into the ground).
We have the same data points here. I think when overviewing and calculating each economic report and indicator, I point out we have not recovered pre-recession.
CR is right of course, but if you read our overviews we've been pointing out the same metrics the entire time, every post, every write up.
On the GDP revisions I point out GDP is still below pre-recession levels, it shrunk.
So, the question is not the at best treading water economy, at least by my analysis, the question is why did Wall Street react to this report when the GDP report has the same figures in it.
I amplified PCE in the GDP report, showing it was DOA. In other words, Wall Street should have known (and if they were reading this site they would have known!) that personal consumption was way way down plus revised down backwards 4 years.
Calculated Risk had a series of graphs showing, income,
expenditure, employment and GDP (as you point out),
not recovered from 2007 levels. Fair to conclude, that 'Recovery' is not in one of the 4 graphs. So what does 'Recovery' mean if not income, expenditure employment or GDP?
Charlie [to his kid brother Terry]: " ... that skunk we got you for a manager, he brought you along too fast."
Terry: "It wasn't him, Charley, it was you. Remember that night in the Garden you came down to my dressing room and you said, 'Kid, this ain't your night. ... ' You remember that? 'This ain't your night'! My night! I coulda taken Wilson apart! So what happens? He gets the title shot outdoors on the ballpark and what do I get? A one-way ticket to Palooka-ville! You was my brother, Charley, you shoulda looked out for me a little bit. You shoulda taken care of me just a little bit so I wouldn't have to take them dives for the short-end money."
Charlie: "Oh I had some bets down for you. You saw some money."
Terry: "You don't understand. I coulda had class. I coulda been a contender. I coulda been somebody, instead of a bum, which is what I am, let's face it. It was you, Charley."
___
And then there was Father Berry:
Father Barry: "You want to know what's wrong with our waterfront? It's the love of a lousy buck. It's making love of a buck -- the cushy job -- more important than the love of man!"
I personally would not be surprised in the least to see this report revised downward in August. That said....
I think we need better raw data collection and larger sample sizes. That....would be up to Congress and this administration to improve the statistics of the BLS and that....gets into their inane politics.
If they would simply take some recommendations from statisticians to improve accuracy, that would be great, but you know they will not.
That's why I run through a series of calculations as an exercise. Bottom line the payrolls number is more accurate and bottom line all of the ratios are problematic because first and foremost, they rely on Census data, which still has not been updated to the 2010 base values, plus use statistical models to extrapolate out the monthly change....which is why the BLS warns on comparing monthly and weekly numbers.
The CPS survey IMHO is much too small, about 60k and the actual survey questions, methods I think could be greatly improved.
As far as I know, they have not incorporated, in the least, online, Internet, digitized technologies in data collections as well.
So not only blame Congress for lack of funding, but really blame Congress and the executive branch for wanting to increase the lies buried in statistics.
The BLS, at least from the economic report side, are just a bunch of geeks running some numbers, math heads.
what do you wanna bet that there is a big revision next month on this phoney data. the american markets are a total scam. the SEC & the CFTC are run by the very criminals that they are supposed to be regulating. i say, bring back william black and start putting the banksters in jail.
The carry trade refers to the difference between exchange rates and implies one can borrow money at effective 0% interest rates and dump it in another country and make money on it, simply because of that nation's interest rates.
I went through the nitty gritty on the tax code on these incentives to offshore outsource a couple of years ago.
deal about tax break to offshore outsource and tax incentives to offshore outsource.
I have to read my own post overviews to recall how it all works, obviously a topic to be revisited.
You pretty much have to be dead, in a box, with no income. I'm not sure about regulations but the poverty levels haven't been adjusted, beyond COLA (probably) and they are so low, I don't know how anyone stays alive and still qualifies.
If you can research out and find a citation, source, I'll take a look. If the levels and requirements changed, it would be on site government site. Also food stamps are issued and determined by the States, so each state probably has it's own specifics, although the poverty rate is standard across states (the poverty rate is a federally determined ratio, then cost of livings adjustments, I believe, are made per state).
Doesn't the increase also have to do with more liberal regulations since January 2009?
I have no personal experience here, but I think I read something about this in a 'senior' newsletter. One of the changes, I believe, allows people who are spending down their savings (due to unemployment, etc.) to receive food stamps before they are actually destitute.
It's possible that the recent budget "compromise" is going to return the Department of Agriculture to the former rules. Who knows what the juicy details are of that monstrosity?
There are also Food Stamp issues related to immigration, but I have no idea how that works -- probably very differently from state to state or even county to county.
It's like everything else -- there are people who really need and deserve ... and then there are scammers. You may see in grocery stores people using something like credit cards rather than paper currency-like 'food stamps'. (It's one of the options on the screen you see when you swipe your regular credit or debit card.) That's good because there was once (some years ago) a bust by the D. of A. of a printing plant in Chicago that was printing up counterfeit 'food stamps' to be fed into various stores. Now that's scamming!
... is that legislation to promote repatriation of funds held overseas would be a plus for jobs if and only if 'Foreign Tax Credit' and 'Carry Trade' were eliminated first.
Also, Leed is saying (I think) that Norquist's 'no new taxes' is simplistic and stupid because the point is to lower the overall tax burden for citizens, which can best be done by eliminating particular loopholes favoring foreign interests (interpreted by Norquist and Boehner as 'new taxes').
These are complicated matters, to say the least. However, you could not do better than the Foreign Tax Credit if your purpose is to study and expose the contradictions of what I call the 'WTO' world system and how the U.S. seems to be self-destructing within that system.
Carry Trade is another issue -- concerning, I believe, how the IRS allows you to treat your trading profits and losses. This may be related to Foreign Tax Credit because it seems to be mostly of interest to currency market players, that being an essentially international issue.
Of course, MNCs (and MNIs or 'multi-national individuals') can work both sides of the street as their spreadsheets under various assumptions indicate.
It's interesting to consider that political attacks on the IRS may, to some extent, be motivated by a desire to restrain aggressive enforcement especially regarding international players in currency markets (and, of course, money laundering).
Yes, Robert Oak's report is excellent, as usual, but ...
Wall Street, schmall street!
It's called 'global capital' for good and sufficient reasons. I think that the NYSE and all the others are like adjuncts to the currency markets and related precious metals markets.
"Round and round it goes, where it stops, nobody knows."
We can blame it all on Congress. We can blame it all on taxes. We can blame it all on the Fed. We can blame it all on Obama. Personally, I blame it all on the 'WTO' delusional system - what some call "neo-liberalism" and others call "neo-conservatism." It doesn't matter.
Bottom line is that the U.S. -- having resigned national sovereignty -- is no longer King of the Hill. The good news is that nobody else is King of the Hill either.
Nonetheless, there is that steady flow of gold to the top of the hill -- where there is no governance, only a gang of thieves intent on making off with the gold before the angry masses converge in a global lynch mob.
Also, there's still that steady flow of goodies -- not to the top of the hill -- but to the former king and subjects of the former king as though there were still any gold held by the king and the most loyal (most impoverished) of the king's subjects. So the king and the king's subjects continue to pay with IOUs issues by the king. The system would work better if the king's subjects actually believed in their own king and the royal IOUs, because they are all continuing to use the IOUs as their medium of exchange, but the richest of the king's subjects are exchanging the royal IOUs as fast as they can for just about any other kind of paper or electronic virtual paper (although they have become leery of robo-processed mortgages).
It's a confused picture, basically, because the wheel is spinning, with global capital sloshing around in it. Consider news items from the last day or two:
Oil drops below $100, signaling stronger dollar (although long-term it seems like $100 is now almost like a minimum).
Stocks "routed" GLOBALLY and nearly every currency is hammered.
Swiss franc so high that Swiss National Bank cuts rate almost to zero. (Swiss franc has gained something like 35% over the last three months.)
Japan's central bank sells yens first time since March, hoping to curb the increase in dollar-yen ratio.
Although dropping today, the Brazilian real has gained almost 50% over the last three years. Brazil is beset by unmanageable influx of U.S. dollars.
There is talk of a global currency war.
Question: What is global capital chasing today?
Answer: Stability. A sane fiscal environment.
Problem is in the fundamentals. The fiscal environment can only mirror the economic environment, and, more and more, we see that the 'WTO' world system ("globalism") is inherently unstable, even systemically de-stabilizing.
We are caught in the sytemic and global collapse of socio-economic stability under the current 'WTO' world system.
It's all well and good to criticize policies that fail to inhibit the tendency toward labor arbitrage, but historically and essentially, labor arbitrage is the very heart and soul of the WTO system.
U.S. stock markets and U.S. economy are following (adjusting to) long-term trends, not initiating them. Of course, U.S. national leadership is handling all this poorly, and U.S. corporate media is hiding the mess as best it can. That's all to be expected.
Yet no one in our major media or in the Congress dares to criticize underlying premises of the GATT and the WTO. And I cannot dispute Robert Oak's observation that if we upset that apple cart, we're very likely to upset our oil supply, and that spells doom for what is left of a real U.S. economy. That's why we have no choice but to go along to get along ... and also why we welcome any developments that tend to bolster the dollar, despite predictable adverse effects on our balance of trade.
"Round and round it goes, where it stops, nobody knows."
Obama is a LIAR. He told us voters that he would re-negotiate NAFTA.
Now, of all things, Obama wants more "free" trade deals with Korea and Panama ... at a time when unemployment rate is 10% ... so we can offshore even more jobs and create even more tax havens for corporations and the uber wealthy.
It's simple common sense that these "free" trade deals don't work for Americans. Just look at our high unemployment rate and exodus of manufacturing jobs.
What in the world is wrong with Obama? He's like another George Bush.
How about another interpretation on what Wall Street realizes. How about Wall Street realizes that there is nothing that little moral criminal who heads the Federal Reserve wants to do more than print up another mountain of money.
They desperately want the moral criminal to do just that because it means hundreds of billions more of the people's money stuffed into their pockets. But folks are carping about inflation, so they need to help the little moral criminal out with a cover story.
So a nice little manufactured crash so people will start screaming for the moral criminal to "do something," and they know that the "something" will mean more goodies printed into their pockets.
So it's time to manufacture chaos to keep their sugar bowl filled with other people's money. The scam is drying up and they don't like that. Time for the little moral criminal to fire up the presses.
It may just be me, but I'm shocked at the apathy of the (wo/)man on the street over this collapse. Maybe they're desensitized, maybe they've already accepted the inevitability of a crash at some point, but it's pretty depressing that they aren't showing any real concern. Thanks for your coverage and breaking down the unemployment reports.
One thing I wonder is if some either have the unemployment report or extrapolated the numbers and that's why the crash.
Like everyone else, I expect it to be bad and even potentially negative, but I've been overviewing those reports now for over 3 years and I've yet to see one I jumped for joy over.
Rest assured, anyone reading this, we will be taking the report, calculating out numbers, graphing up all of the major data from it and all of the rest.
I hope I can get the analysis and overviews up as fast as I can, but regardless, we'll be all over the report tomorrow.
is bogus, it allows those offshore outsourcing profits to be brought back, tax free, distributed to investors through Wall Street. Has nothing to do with jobs, growing the economy or any benefit to the U.S.
Corporate America has at least $2Trillion stashed in foreign banks, mostly European. All could be repatriated if a Tax Holiday were created. But wait, that money is in part the result of the Foreign Tax Credit, almost $1Trillion in the last 10 years. If you grant the Tax Holiday, the money will leave almost immediately through the Carry Trade, right offshore again.
Get rid of the Foreign Tax Credit and it is much more expensive to move the money offshore without paying U.S and foreign tax. But Norquist has the Repubs pledging no new taxes.
When repatriated,if Corporate American left the $2Trillion in CDs or TBills in domestic finacial instututions, the Fed could do a legitimate QEIII or directly purchases of debt, mortgages etc
.
We should assume the repatriated foreign funds would be invested. I can't see how this would not help the domestic economy.
If reason prevailed, the tax benefit of the Repatriation would dwarf the extra tax of the Foreign Tax Credit. Norquist does not do reason or offsets.
Secretary Lahood fought for unionization through FAA board membership nominations early this year. That means the mutants have to kill the FAA tax even if safety inspection is cut, construction stops, and planes fall from the sky.
NYT
"
Delta, one of the few large airlines that is largely nonunion, has beaten back recent efforts by the International Association of Machinists and Aerospace Workers to organize 13,000 Delta baggage handlers and other fleet service workers and 15,000 ticket agents and other passenger service workers. In November, the Association of Flight Attendants failed in its effort to be recognized as the union representing 20,000 flight attendants at Delta.
That effort failed even though the National Mediation Board, which oversees airline and railroad labor matters, a few months earlier changed a 76-year-old rule, making it easier for unions to win a representation election. Under the old rule, workers who did not vote were counted as “no” votes; under the new rule, only those casting ballots count.
Industry officials immediately condemned that change and said the Obama administration, which appointed two of the mediation board’s three members, was doing a huge favor for organized labor. Republicans in Congress have picked up that claim.
i think u have to look back to the last great depression... things are very bad at present but people have tremendous capacity to endure great hardship ...
we're getting there but not at the misery level of the '30's depression when FDR was elected and his first 100 days made history. Perhaps his first 100 days was so good that it has mitigated to some extent the present day depression. Thereby making change to our current political environment that much more difficult.
as "jobs". We need to do some analysis and write up post about what kind of policies, legislation actually would create jobs because the spin is in.
I'm reading some plant piece on HuffPo right at this moment which ignored the entire first to file agenda of "patent reform" and blasts Nancy Pelosi for opposing it.
That's a complete B.S. claim that's a "job creator" too. I have to read this more, patent law is beyond complex, but I already wrote a piece saying it was a corporate agenda love fest and didn't know Pelosi opposed the bill. First to file vs. first to invent is a no-brainer though, that's very anti individual inventor, entrepreneurship.
So, in other words, we have to go through, by 1st principles, some policy proposals and analyze, you honest cannot take the word of any news outlet, pundit without looking at the data.
But this government is beyond disgusting and are trying to turn basic economics upon it's head to get steal the phrase "jobs" and attach it to whatever corporate lobbyist agenda is desired next.
Disgusting, literally running the country into the ground.
The fact Congress went on a 5 week recess while leaving the FAA hanging and losing billions in taxes, never mind the 100k people left handing, without jobs is a prime example, not just of this insane asylum of corruption and inability to do anything common sense, plus abandoning their posts when they needed to act...
But to me implies something wrong structurally with this government. I hate to say it but the government is a huge institution and it should be run more like a business. I'm obviously not for privatization in the least, but letting Congress do crap like this, administration is a huge problem.
They were never supposed to touch the social security trust fund, as a case in point. If they were pension fund managers they would not only be fired by probably prosecuted for putting pensions at risk, both civil and criminal court.
How to you rely on the government when beyond incompetent management, almost always by "elected" officials, they play their political games with service agencies like this?
Structurally this needs to be stopped and beyond having a "redo" and enacting a parliamentary system with a unicameral Congress or whatever, something has to give with the crazies running the nation. (into the ground).
We have the same data points here. I think when overviewing and calculating each economic report and indicator, I point out we have not recovered pre-recession.
CR is right of course, but if you read our overviews we've been pointing out the same metrics the entire time, every post, every write up.
On the GDP revisions I point out GDP is still below pre-recession levels, it shrunk.
So, the question is not the at best treading water economy, at least by my analysis, the question is why did Wall Street react to this report when the GDP report has the same figures in it.
I amplified PCE in the GDP report, showing it was DOA. In other words, Wall Street should have known (and if they were reading this site they would have known!) that personal consumption was way way down plus revised down backwards 4 years.
Calculated Risk had a series of graphs showing, income,
expenditure, employment and GDP (as you point out),
not recovered from 2007 levels. Fair to conclude, that 'Recovery' is not in one of the 4 graphs. So what does 'Recovery' mean if not income, expenditure employment or GDP?
http://www.calculatedriskblog.com/2011/08/recession-measures.html
Charlie [to his kid brother Terry]: " ... that skunk we got you for a manager, he brought you along too fast."
Terry: "It wasn't him, Charley, it was you. Remember that night in the Garden you came down to my dressing room and you said, 'Kid, this ain't your night. ... ' You remember that? 'This ain't your night'! My night! I coulda taken Wilson apart! So what happens? He gets the title shot outdoors on the ballpark and what do I get? A one-way ticket to Palooka-ville! You was my brother, Charley, you shoulda looked out for me a little bit. You shoulda taken care of me just a little bit so I wouldn't have to take them dives for the short-end money."
Charlie: "Oh I had some bets down for you. You saw some money."
Terry: "You don't understand. I coulda had class. I coulda been a contender. I coulda been somebody, instead of a bum, which is what I am, let's face it. It was you, Charley."
___
And then there was Father Berry:
Father Barry: "You want to know what's wrong with our waterfront? It's the love of a lousy buck. It's making love of a buck -- the cushy job -- more important than the love of man!"
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