Unbelievable. Thanks for posting this. The Obama administration is further undermining American workers by doing this. So many IT layoffs here in the U.S. yet our taxpayer dollars are being spent to train foreigners to which our jobs will be outsourced. Obama is betraying American workers.
Why not use that money to train laid off Information Technology workers here in America?
These articles should be posted in every in every U.S. college Computer Science Department and every high school guidance counselors office so that those Americans considering Computer Science will see that their own government and President Obama are betraying them.
It is sickening that President Obama is inflicting more misery on American workers.
I would like to see WashTech organize a fax campaign around this issue.
Please contact your Senators and Representative about this. I will.
The jobs created is 12,000. It seems people are confused on the 71,000 instead of the 12,000. I wasn't, so I did not explain it.
Calculated Risk emailed the BLS to amplify the calculation, which I just did w/o explanation above.
There is an adjustment made for the 2010 Census. Before seasonally adjusting the estimates, BLS makes a special modification so that the Census workers do not influence the calculation of the seasonal factors. Specifically, BLS subtracts the Census workers from the not-seasonally adjusted estimates before running seasonal adjustment using X-12. After the estimates have been seasonally adjusted, BLS adds the Census workers to the seasonally adjusted totals. Therefore, to determine the underlying trend of the total nonfarm (TNF) employment estimates (minus the Census workers), simply subtract the Census employment from the seasonally adjusted TNF estimate.
So, the 71,000 is private, whereas the report includes government jobs too...
as a result, we get a whopping 12,000 job growth minus the loss of the temporary Census jobs.
Seems there is YANB (yet another new bug) where the file attachments are not displaying separately.
I uploaded the Zandi Excel and you can get it here.
I started to graph out the data but then saw CR had already done it and Calculated Risk does much better graph than I.
Still, there is a lot of data missed by CR, including a map. I don't have mapping here, I was looking into it but moved on.
There are such obviously geographical "holes" in negative equity, and if you notice, no one really will talk about these regional "black holes" as to the reasons why. I suspect part of the reason no one will discuss it is demographics.
But data be damned, there they are, plain as the nose on your face.
If you actually graph out anything, I hope you'd consider a post on EP with the results.
midtowng caught this as I was debating on reproducing what would be identical graphs to CR, so the basic point of 30% of homes underwater was out there, loud, screaming nasty info.
What's with Zandi? He's pretty damn accurate on a lot of things and then, like Blinder, comes out with some political soup to make the politicians happy it seems.
He only missed the entire housing bubble I believe. Anyway this data is really helpful that he gathered.
and frankly the corruption price is pretty low. But the U.S. labor force, middle class simply doesn't have organized slush funds (called campaign contributions and perhaps a $5 million salary position for family members or after someone leave government), to buy our government back.
We have foreign interests, often through some domestic lobbying organization, buying our government. Corporations run the show.
So, it doesn't matter which politician is in place, the corruption outweighs the few who are there out of principle, trying to do their job of representing the American people.
You have to dig deep into campaign contributions to figure out who is the most bought and paid for.
A good bet is to vote for the person who has no campaign funds.
We wrote on this site how Obama has the queen of offshore outsourcing, Diana Farrell on his economic team. We noted repeatedly he was putting into place, those affiliated with foreign offshore outsourcing interests.
Now the results are clearly home to roost. This is the ultimate, using U.S. taxpayer dollars to give skills to foreigners in order to increase offshore outsourcing of U.S. jobs.
To me, it's pretty much treasonous. Those are strong words but I'm sorry, taking our money to train foreigners, to give them skills in order to take our jobs is just inexcusable.
I fear for our government. Too much Bureaucracy (with a capitol B). I don't think our system as it is run now by the politicians will ever change anything. I think the fix is in. No matter who is in "power", no matter what they say, this mess will not go away unless BIG changes occur.All the evil that we as individuals see and recognize is ingrained into our government,(AND we only see the tip of the NON_MELTING iceberg), for all kinds of reasons:Placate this faction, Shut these guys up- give them what they want so they will go away, You scratch my back and I will scratch yours.This stuff has been going on for so long, no one even remembers why it was done in the first place.
The first thing we need to do, is to stop personalizing our governmental problems. Obama is no more responsible for this problem than George Bush or Jimmy Carter was.
IT'S THE SYSTEM, DUMMY. You get it now? There are too many layers of truth and lies to ever find the one that's real. The new politicians every election cycle can make a few changes, but nothing that takes, nothing that really makes a difference.
Someone needs to come up with a solution. Let's start with this:
Regarding politicians: ALL THEM DOGS GOT FLEAS
Second, We need STATESMEN in power and not POLITICIANS.
I have learned to take most blog articles with a grain of salt, but if this one is even half accurate, we must find a way to force the MSM to make it VERY public.
Not only are we depriving American workers of the much needed chance for employment, we are encouraging and expediting this outrage with our own money - money that is sorely needed right here at home.
Note to Obama - charity, in the form of foreign aid, begins at home. In other words, we should be sure that all Americans have the basic necessities before we start sending more money overseas.
I'm sorry, but perhaps I am not being clear: What makes gold a good measure of the value of the dollar - its purchasing power - is precisely the fact that gold is divorced from the dollar. In order to objectively measure the purchasing power of a currency you need something other than the currency which also has purchasing power. You suggested I use PPP, as it compares dollar purchasing power with other currencies. So I gave you several reasons why I thought PPP was an inferior measure to gold.
The common prejudice is that gold is not money. This is true to the extent you cannot use gold to shop for groceries. But, in London, gold is being lent out every day and collecting interest - which is misleadingly called its "lease rate." Quite simply gold is "money's money". It is the money used to purchase the various currencies on the world market. It is, therefore, a natural measure of the purchasing power of various national currencies, including the dollar.
For some reason triggered today reading Economic Populist, I'll quit lurking. I agree there's poor action on Capitol Hill, executing not only unworkable policy but generally just mucking with ongoing damage. Our outrage should be the outrage all policy makers feel - and use it to end dilution and destruction. Instead arguments boil over political pandering or paid-off compromise or damn abstract ideologies we see are 'magic' and inadequate game theory, not to mention the impotent trick of balanced books.
Yet if we had the strongest and most wise leadership, could we create enough jobs? A full and astounding economic recovery may not significantly change today's horrible ratio of 6 applicants for every job opening. No ingenious offer to fix this is on the table. If we reigned in corporate adventurism, if we corralled every unused nickel from wastrel billionaires, and if we suddenly all cooperated together as if WWII, there's no one offering such a vision and it's unlikely anyone will deliver a workable 'industrial policy' already beyond the scope of organizations as we know them to implement.
It's harder each day for me to get angry, not that I'm not. The challenge is so great that I no longer expect solutions from personalities or their speeches. We have too slowly reacted to exponential growth and exponential demands, do not manage deterioration or extraction, and we fake the rest with silly retail :-) We have few answers to many challenges we've overlooked too long. I don't see broad solutions offered in the current array of argument. I see a long slog created as much by history itself than by fools or brigands.
We must try to reduce agony for millions of us that are neither slackers nor lazy but under-served by society itself. Supplies remain at risk and costs increasingly volatile. Sloppy pilfering and outright aggression steers away effective action.
Ignoring overseas for a moment, there's no one stumping for office and few if any corporate or union leaders offering an adequate reply.
If we returned every overseas job, we need more jobs than we can create. There are more workers than we can employ. If we had a Capitol Hill on every hill to give us power and a Wall Street in every mall to keep us liquid, we're still in for a slog. It will take true effort, but I think we're going to have to solve these issues as much nearby as in policy centers. I can't get juiced waiting for ideal leadership.
Almost embarrassed to seem like a 'localist', but I'm thinking all of us better get busy learning what solvent society is and assure we are creating it nearby. Building towards something we can feel and touch and repair in every way we can, maybe the lesson these days is to never again rely on those that are remote and incapable.
It sure outraged me and I think most Americans will find this completely outrageous if they are aware of it.
So, spread it around. The article is a technical rag, so as you can imagine, not that many people are going to find out about this unless we spread it.
That really, really got my blood boiling. Thanks for that.
Tax incentives to outsource aren't enough. No, the taxpayer has to SUBSIDIZE the outsourcing of his own job.
I can't even believe what's happening in this country. Everything is upside-down and backwards. Thieves and criminals are rewarded while the virtuous are punished.
Seriously though, where is the outrage? People should be furious about this. People should be rioting in the streets. I tell everyone I know about what's going on and all I am confronted with is apathy.
As a lawyer, I can tell you firsthand that the job prospects are abysmal. I was lucky to get a (non-lawyer) job but many of my classmates and lawyer friends have no job to speak of or any hope of getting one. It's brutal out there, and to see this administration selling us all out for pennies on the dollar just gets me into a psychopathic rage.
Why do we tolerate the bullshit? Why does everyone sit back and take it up the ass?
I was just pointing this out to someone this morning, how one must understand all the connections.
Of course, this has been going all since the Carter Administration at least, and through all the following ones.
In the early '00s of the Bush Administration, the Department of Commerce spent taxpayer dollars to fund various local Chamber of Commerce seminars around the country to explain the most efficient and easiest manner in which to offshore local corporations' jobs.
Of course, the present secretary of Commerce, Gary Locke, while governore of Washington, offshored state jobs in at least 49 out of 51 state agencies. Figures he'd be Obama's second pick for the job, as his first pick was equally bad and pro-offshoring, simply a Republican swine!
Now Secretary Locke can continue aiding and abetting offshoring by signing all those waivers to the stimulus.
We are not on a PPP standard either, so economists have to explain why it is superior index to gold for comparing currencies.
The problem with PPP is
1. It is a manufactured measure with great latitude to the compiler who arbitrarily establishes a benchmark.
2. Economies evolve over time so there is a built in tendency toward error in the measure.
3. Black swans - we don't know what we don't know about the relation between economies.
4. PPP cannot tell you when the economy is in a depression, nor when all countries together are in a depression.
5. It includes what should be excluded: the loss/gain of purchasing power resulting from inflation/deflation.
Gold differs from PPP in that it does not imply a relation with a particular national currency, but with the real value produced by the national economy. Since currencies no longer have a fixed peg to gold, the currency price of gold will fluctuate over time owing to any number of factors, including the one the authors of the post on which I commented consider important: the amount of currency available to circulate in the economy.
There may be a good argument for not using gold this way, but PPP is certainly no substitute.
How about looking at PPP vs. Gold? The reason I mention it is because the U.S. for almost 40 years has not been on the gold standard, as well as the rest of the world, I suspect the PPP is not exactly correlated, simply because the correlation to floating (and our illustrious pegged! currencies) isn't there anymore.
PPP is about the closest thing I can think of to showing clearly, Americans can now longer buy the same amount of stuff, eat as well, fund retirement, living in good housing....as they used to. Maybe GDI too.
This is just a side thing, but I found this almost amusing. Over on the bottom right is the RSS feed of the latest GAO reports. The GAO, for the most part, has been rock solid in their reports, probably one of the most free of bias of our government agencies, including the lovely and seemingly wrong way too much of the time CBO.
Wow. The title says Consumer Finance:. Factors which affect the financial education of people with limited English language skills.
Of course that is true, but why publish a GAO report in Spanish when the people who are going to read it, i.e. government officials, odds on, will not understand a word of it?
Somehow publishing a report in Spanish is also not going to help most Americans financial illiteracy, which is obviously an epidemic levels and they speak the language.
Unfortunately it is the government who obscures issues with language. Everyone knows what a rip off is, but an amortized 18 month loan with limited income verification, subject to a 20 page document in size 4 font on mediation and payment terms, including securitization might not be so clear.
I see what you mean. In order to avoid confusion in the future: I always use the gold standard and will explicitly state such.
The measurement of real value by gold has a longer and better track record than government statistics. It allows one to link to a dataset back to when prices were actually denominated in the gold standard, and it is not subject to political interference.
Gold has no agenda and need not run for office. It is just a dead metal.
Unbelievable. Thanks for posting this. The Obama administration is further undermining American workers by doing this. So many IT layoffs here in the U.S. yet our taxpayer dollars are being spent to train foreigners to which our jobs will be outsourced. Obama is betraying American workers.
Why not use that money to train laid off Information Technology workers here in America?
These articles should be posted in every in every U.S. college Computer Science Department and every high school guidance counselors office so that those Americans considering Computer Science will see that their own government and President Obama are betraying them.
It is sickening that President Obama is inflicting more misery on American workers.
I would like to see WashTech organize a fax campaign around this issue.
Please contact your Senators and Representative about this. I will.
The jobs created is 12,000. It seems people are confused on the 71,000 instead of the 12,000. I wasn't, so I did not explain it.
Calculated Risk emailed the BLS to amplify the calculation, which I just did w/o explanation above.
So, the 71,000 is private, whereas the report includes government jobs too...
as a result, we get a whopping 12,000 job growth minus the loss of the temporary Census jobs.
Seems there is YANB (yet another new bug) where the file attachments are not displaying separately.
I uploaded the Zandi Excel and you can get it here.
I started to graph out the data but then saw CR had already done it and Calculated Risk does much better graph than I.
Still, there is a lot of data missed by CR, including a map. I don't have mapping here, I was looking into it but moved on.
There are such obviously geographical "holes" in negative equity, and if you notice, no one really will talk about these regional "black holes" as to the reasons why. I suspect part of the reason no one will discuss it is demographics.
But data be damned, there they are, plain as the nose on your face.
If you actually graph out anything, I hope you'd consider a post on EP with the results.
midtowng caught this as I was debating on reproducing what would be identical graphs to CR, so the basic point of 30% of homes underwater was out there, loud, screaming nasty info.
What's with Zandi? He's pretty damn accurate on a lot of things and then, like Blinder, comes out with some political soup to make the politicians happy it seems.
He only missed the entire housing bubble I believe. Anyway this data is really helpful that he gathered.
and frankly the corruption price is pretty low. But the U.S. labor force, middle class simply doesn't have organized slush funds (called campaign contributions and perhaps a $5 million salary position for family members or after someone leave government), to buy our government back.
We have foreign interests, often through some domestic lobbying organization, buying our government. Corporations run the show.
So, it doesn't matter which politician is in place, the corruption outweighs the few who are there out of principle, trying to do their job of representing the American people.
You have to dig deep into campaign contributions to figure out who is the most bought and paid for.
A good bet is to vote for the person who has no campaign funds.
We wrote on this site how Obama has the queen of offshore outsourcing, Diana Farrell on his economic team. We noted repeatedly he was putting into place, those affiliated with foreign offshore outsourcing interests.
Now the results are clearly home to roost. This is the ultimate, using U.S. taxpayer dollars to give skills to foreigners in order to increase offshore outsourcing of U.S. jobs.
To me, it's pretty much treasonous. Those are strong words but I'm sorry, taking our money to train foreigners, to give them skills in order to take our jobs is just inexcusable.
I fear for our government. Too much Bureaucracy (with a capitol B). I don't think our system as it is run now by the politicians will ever change anything. I think the fix is in. No matter who is in "power", no matter what they say, this mess will not go away unless BIG changes occur.All the evil that we as individuals see and recognize is ingrained into our government,(AND we only see the tip of the NON_MELTING iceberg), for all kinds of reasons:Placate this faction, Shut these guys up- give them what they want so they will go away, You scratch my back and I will scratch yours.This stuff has been going on for so long, no one even remembers why it was done in the first place.
The first thing we need to do, is to stop personalizing our governmental problems. Obama is no more responsible for this problem than George Bush or Jimmy Carter was.
IT'S THE SYSTEM, DUMMY. You get it now? There are too many layers of truth and lies to ever find the one that's real. The new politicians every election cycle can make a few changes, but nothing that takes, nothing that really makes a difference.
Someone needs to come up with a solution. Let's start with this:
Regarding politicians: ALL THEM DOGS GOT FLEAS
Second, We need STATESMEN in power and not POLITICIANS.
Hi Robert, any ideas on where I can pick up the Excel?
Thanks.
I have learned to take most blog articles with a grain of salt, but if this one is even half accurate, we must find a way to force the MSM to make it VERY public.
Not only are we depriving American workers of the much needed chance for employment, we are encouraging and expediting this outrage with our own money - money that is sorely needed right here at home.
Note to Obama - charity, in the form of foreign aid, begins at home. In other words, we should be sure that all Americans have the basic necessities before we start sending more money overseas.
Please don't let anyone know where jobs are being created. We're all supposed to be too stupid to notice...
I'm sorry, but perhaps I am not being clear: What makes gold a good measure of the value of the dollar - its purchasing power - is precisely the fact that gold is divorced from the dollar. In order to objectively measure the purchasing power of a currency you need something other than the currency which also has purchasing power. You suggested I use PPP, as it compares dollar purchasing power with other currencies. So I gave you several reasons why I thought PPP was an inferior measure to gold.
The common prejudice is that gold is not money. This is true to the extent you cannot use gold to shop for groceries. But, in London, gold is being lent out every day and collecting interest - which is misleadingly called its "lease rate." Quite simply gold is "money's money". It is the money used to purchase the various currencies on the world market. It is, therefore, a natural measure of the purchasing power of various national currencies, including the dollar.
For some reason triggered today reading Economic Populist, I'll quit lurking. I agree there's poor action on Capitol Hill, executing not only unworkable policy but generally just mucking with ongoing damage. Our outrage should be the outrage all policy makers feel - and use it to end dilution and destruction. Instead arguments boil over political pandering or paid-off compromise or damn abstract ideologies we see are 'magic' and inadequate game theory, not to mention the impotent trick of balanced books.
Yet if we had the strongest and most wise leadership, could we create enough jobs? A full and astounding economic recovery may not significantly change today's horrible ratio of 6 applicants for every job opening. No ingenious offer to fix this is on the table. If we reigned in corporate adventurism, if we corralled every unused nickel from wastrel billionaires, and if we suddenly all cooperated together as if WWII, there's no one offering such a vision and it's unlikely anyone will deliver a workable 'industrial policy' already beyond the scope of organizations as we know them to implement.
It's harder each day for me to get angry, not that I'm not. The challenge is so great that I no longer expect solutions from personalities or their speeches. We have too slowly reacted to exponential growth and exponential demands, do not manage deterioration or extraction, and we fake the rest with silly retail :-) We have few answers to many challenges we've overlooked too long. I don't see broad solutions offered in the current array of argument. I see a long slog created as much by history itself than by fools or brigands.
We must try to reduce agony for millions of us that are neither slackers nor lazy but under-served by society itself. Supplies remain at risk and costs increasingly volatile. Sloppy pilfering and outright aggression steers away effective action.
Ignoring overseas for a moment, there's no one stumping for office and few if any corporate or union leaders offering an adequate reply.
If we returned every overseas job, we need more jobs than we can create. There are more workers than we can employ. If we had a Capitol Hill on every hill to give us power and a Wall Street in every mall to keep us liquid, we're still in for a slog. It will take true effort, but I think we're going to have to solve these issues as much nearby as in policy centers. I can't get juiced waiting for ideal leadership.
Almost embarrassed to seem like a 'localist', but I'm thinking all of us better get busy learning what solvent society is and assure we are creating it nearby. Building towards something we can feel and touch and repair in every way we can, maybe the lesson these days is to never again rely on those that are remote and incapable.
It sure outraged me and I think most Americans will find this completely outrageous if they are aware of it.
So, spread it around. The article is a technical rag, so as you can imagine, not that many people are going to find out about this unless we spread it.
That really, really got my blood boiling. Thanks for that.
Tax incentives to outsource aren't enough. No, the taxpayer has to SUBSIDIZE the outsourcing of his own job.
I can't even believe what's happening in this country. Everything is upside-down and backwards. Thieves and criminals are rewarded while the virtuous are punished.
Seriously though, where is the outrage? People should be furious about this. People should be rioting in the streets. I tell everyone I know about what's going on and all I am confronted with is apathy.
As a lawyer, I can tell you firsthand that the job prospects are abysmal. I was lucky to get a (non-lawyer) job but many of my classmates and lawyer friends have no job to speak of or any hope of getting one. It's brutal out there, and to see this administration selling us all out for pennies on the dollar just gets me into a psychopathic rage.
Why do we tolerate the bullshit? Why does everyone sit back and take it up the ass?
It's just purchase power parity and it's relational, so I have no idea what you are talking about. Gold is divorced from currency.
I was just pointing this out to someone this morning, how one must understand all the connections.
Of course, this has been going all since the Carter Administration at least, and through all the following ones.
In the early '00s of the Bush Administration, the Department of Commerce spent taxpayer dollars to fund various local Chamber of Commerce seminars around the country to explain the most efficient and easiest manner in which to offshore local corporations' jobs.
Of course, the present secretary of Commerce, Gary Locke, while governore of Washington, offshored state jobs in at least 49 out of 51 state agencies. Figures he'd be Obama's second pick for the job, as his first pick was equally bad and pro-offshoring, simply a Republican swine!
Now Secretary Locke can continue aiding and abetting offshoring by signing all those waivers to the stimulus.
We are not on a PPP standard either, so economists have to explain why it is superior index to gold for comparing currencies.
The problem with PPP is
1. It is a manufactured measure with great latitude to the compiler who arbitrarily establishes a benchmark.
2. Economies evolve over time so there is a built in tendency toward error in the measure.
3. Black swans - we don't know what we don't know about the relation between economies.
4. PPP cannot tell you when the economy is in a depression, nor when all countries together are in a depression.
5. It includes what should be excluded: the loss/gain of purchasing power resulting from inflation/deflation.
Gold differs from PPP in that it does not imply a relation with a particular national currency, but with the real value produced by the national economy. Since currencies no longer have a fixed peg to gold, the currency price of gold will fluctuate over time owing to any number of factors, including the one the authors of the post on which I commented consider important: the amount of currency available to circulate in the economy.
There may be a good argument for not using gold this way, but PPP is certainly no substitute.
I finally got to reading Koo's testimony. He is validating what this Fed Researcher found, that I wrote up in an post here.
Makes perfect sense too, asset deflation on corporate holdings = downsizing further growth projections = more economic job pain.
How about looking at PPP vs. Gold? The reason I mention it is because the U.S. for almost 40 years has not been on the gold standard, as well as the rest of the world, I suspect the PPP is not exactly correlated, simply because the correlation to floating (and our illustrious pegged! currencies) isn't there anymore.
PPP is about the closest thing I can think of to showing clearly, Americans can now longer buy the same amount of stuff, eat as well, fund retirement, living in good housing....as they used to. Maybe GDI too.
This is just a side thing, but I found this almost amusing. Over on the bottom right is the RSS feed of the latest GAO reports. The GAO, for the most part, has been rock solid in their reports, probably one of the most free of bias of our government agencies, including the lovely and seemingly wrong way too much of the time CBO.
So, I look over and I see GAO-10-869, Finanzas del Consumidor: Factores que Afectan la Educacion Financiera de las Personas con Conocimientos Limitados del Ingles, August 4, 2010.
Wow. The title says Consumer Finance:. Factors which affect the financial education of people with limited English language skills.
Of course that is true, but why publish a GAO report in Spanish when the people who are going to read it, i.e. government officials, odds on, will not understand a word of it?
Somehow publishing a report in Spanish is also not going to help most Americans financial illiteracy, which is obviously an epidemic levels and they speak the language.
Unfortunately it is the government who obscures issues with language. Everyone knows what a rip off is, but an amortized 18 month loan with limited income verification, subject to a 20 page document in size 4 font on mediation and payment terms, including securitization might not be so clear.
I see what you mean. In order to avoid confusion in the future: I always use the gold standard and will explicitly state such.
The measurement of real value by gold has a longer and better track record than government statistics. It allows one to link to a dataset back to when prices were actually denominated in the gold standard, and it is not subject to political interference.
Gold has no agenda and need not run for office. It is just a dead metal.
Pages