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The Golden Rule
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Will the NY Attorney General Bring Doomsday Charges Against Wall Street? If So, How Long Will He Survive?
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New York Post Claims Census Falsifies Unemployment Figures
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How Many Jobs Are Needed to Keep Up with Population Growth?
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VAT or Value Added Tax is Getting a Look in D.C.
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U3 and U6 Unemployment during the Great Depression
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The war on the middle class
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Tax Cuts for the Rich Do Not Generate Jobs
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BTW, where was Phil Gramm while all this was going on?
I just noticed something (I have a tendency to ignore demographics in statistics), that is probably going to piss people off regardless of whatever. But statistics are statistics and this is pretty damning frankly. Ok, the household survey (BLS) refuses to ascertain immigration status of anyone, which of course is critical because one doesn't know how many are on guest worker Visas, illegal, perm resident and most importantly, occupational sector. All they give is "foreign born" and "native born" and sexes. Foreign born just means those who were not born in this country. So, foreign born includes illegals as well as guest workers and also perm. res. (green card) and U.S. citizens (I believe). In other words, it's a pretty damn broad data point, but unfortunately includes a host of scenarios, such as guest workers and illegal labor, which are methods of global labor arbitrage against U.S. workers. There are estimated between 11-22 million illegals in the U.S.
With those caveats and cautions, I present table A-7 from the unemployment report. (natives is a labor economics term, please don't read anything more into it than that, means born in the U.S.)
The unemployment rate for natives is 9.8%. For foreign born it is 8.7%.
Read it and flip out. Recall, someone of Hispanic ethnicity does not imply their immigration status, i.e. U.S. citizens vs. illegals vs. perm res. vs. guest worker.
The Hispanic unemployment rate for June 2010 is 12.4%, but the participation rate decreased 0.5% and the "not in the labor force" (fell off of the count) increased 1.8%. The overall "not in the labor force" increased 1%.
So, in other words, whatever the "foreign born is", it is not by Hispanic ethnicity, they are hurting job wise and yes Hispanic ethnicity probably includes a a good percentage of illegals.
Because corporations are so adept at global labor arbitrage through manipulation of the U.S. immigration system and laws, the above is not good.
Sorry, read it and weep but the numbers imply something bad is happening for the U.S. workforce as a whole.
This is a great post by Calculated Risk, noting that the NBER called the "double dip" actually two separate recessions.
It's a very good point because he notes how most EIs have not returned to precession levels...
so would NBER call this a double dip or would we all call it a "L" or would the recession dates just be extended?
I personally never liked the word "recovery" from way back in 2007. Having millions of people out of a job and losing all, going into poverty and homelessness is not my idea of a "recovery" and I don't care if GDP hit 20%.
Anywho, it's a great educational piece for those who are interested in business cycle dating and some projections.
Loved the offshore outsourcing piece. Since it's a holiday I'm going to go ahead and speak for him and say assuredly you can quote him.
Clips and transcripts:
here and specifically video is
here.
doesn't look like anyone youtubed any clips and as usual CSPAN doesn't have embedding enabled. (such a public service!)
Clips and transcript? May I quote you?
Firstly, create an account on this site and respond to the email you get from that. We're pretty worker friendly and I happen to focus heavily on STEM labor.
I'm sure what you report is true, that while Americans cannot find a job, companies are busy importing foreign labor, claiming a "cough" shortage and obviously nothing is further from the truth at this point.
Secondly, a site devoted to pure STEM labor issues is NoSlaves.com. Good rants and info are useful there. We just had the President of the United States try to claim the U.S. needs more Indian tech workers to work in the U.S. What an unreal insult with so many Americans, American technical professionals, being out of a job. Unbelievable when the result of this offshore outsourcing conduit is our number 1 export is high paying jobs.
The third world countries and our congress are punishing us for wanting workers rights and benefits.
The US corporate and Congress are pushing us backwards to make us a third world country.
It's working.
The poor are getting poorer now that congress voted against the ui extensions.
Unemployment numbers are NOT Getting better .. the new numbers no longer include those who can't can pull from unemployment.
The real unemployment estimate is ~18% of the U.S. are jobless. Look it up.
More and more companies are shipping in from third world countries and aren't using the millions of people who are out of work here.
I'm a direct result of that. Now homeless living on unemployment. 10+ years experience as a Project Manager for the web and IT spaces. Lost my job to outsourcing three times.
Was told by a friend in hr at one of the companies that have jobs posted that they are posting it and won't fill it from someone here.
I know for a fact a large silicon valley company just hired a bunch of india guys (home base india) claiming they couldn't find anyone to fill the roles here.
Are you kidding me?
STOP OUTSOURCING OUR JOBS ... IT IS NOT GOOD FOR THE ECONOMY ... NOT GOOD FOR THE US ... NOT GOOD FOR FAMILIES .... AND NOT GOOD FOR THE WORLD ...
STOP ALLOWING THE US TO FALL INTO THIRD WORLD STATUS
The third world countries and our congress are punishing us for wanting workers rights and benefits.
The US corporate and Congress are pushing us backwards to make us a third world country.
It's working.
The poor are getting poorer now that congress voted against the ui extensions.
Unemployment numbers are NOT Getting better .. the new numbers no longer include those who can't can pull from unemployment.
The real unemployment estimate is ~18% of the U.S. are jobless. Look it up.
More and more companies are shipping in from third world countries and aren't using the millions of people who are out of work here.
I'm a direct result of that. Now homeless living on unemployment. 10+ years experience as a Project Manager for the web and IT spaces. Lost my job to outsourcing three times.
Was told by a friend in hr at one of the companies that have jobs posted that they are posting it and won't fill it from someone here.
I know for a fact a large silicon valley company just hired a bunch of india guys (home base india) claiming they couldn't find anyone to fill the roles here.
Are you kidding me?
STOP OUTSOURCING OUR JOBS ... IT IS NOT GOOD FOR THE ECONOMY ... NOT GOOD FOR THE US ... NOT GOOD FOR FAMILIES .... AND NOT GOOD FOR THE WORLD ...
STOP ALLOWING THE US TO FALL INTO THIRD WORLD STATUS
excellent post, thank you for sharing i love reading your blog
Obama's supreme court nominee is now connected with the Clinton administrations doing corporate lobbyist bidding to flood tech with foreign guest workers.
ComputerWorld article.
Can you believe this?
Businessweek finally prints something real...how refreshing.
If ONLY they hadn't waited until 2010, when there is no economy (with fantasy finance making up over 80% of the GDP), when there is no media, and when it has become obvious to one and all that the US is nothing more than a colossal criminal enterprise.
Although I'm relatively sure the wage being offered has little to do with it. Anecdotally, I've known only ONE engineering grad to find a job in engineering upon graduation, and he was a 4.0 grad in Computer Sci. and Computer Engineering at University of Washington back in 1999 -- he was hired at Micro$oft, and he was the only engineering-type from UW they hired that year.
It is spot on. I think he should put together a policy paper to force U.S. advanced Silicon (processors, chips, iphones, etc.) manufacturing to return to the U.S. He hits upon a series of ideas but it could use to be more specific.
He's not exactly a "people person" in terms of giving a rats ass about workers so this article was quite a shocker!
But since he's piping up, he knows first hand exactly how to make advanced technology companies, the entire technology sector, to start manufacturing in the U.S.
One thing he didn't hit on, which is another dimension is shipping manufacturing of advanced technology to China is a national security issue as well.
Anywho, that was a very concise, accurate article and is a "must read".
Andy Grove former chief of Intel is suggesting a path to rebuilding the manufacturing base. It is worth reading because of its source.
http://www.businessweek.com/magazine/content/10_28/b4186048358596.htm
There was a marginal increase in Total Personal Income last month and wages and work hours declined and the size of the work week dropped. The increase in personal income for a long time running has not come from wages, but from business income, dividends, transfers, interest and other unearned income.
No one should miss that Professional Services category increased while there was a drop in construction, IT, and the Government Census jobs.
Of course, you make the excellent point that the work force as a percent of population drops. So never have so few continued to make so much when so many became unemployed, while the homeless refugee population explodes.
Shortage of engineers? Don't make me laugh. Nonsense.
US Universities are turning out engineers, a dime a dozen. Tens of thousands of engineers out of work
in California, Florida, New York, Washington (state) and Detroit, Mich., Ohio and Pennsylvania. Very discipline. Hype for education bubble.
Most folks do not understand that creditors have rights, not just under Fair Credit Reporting, but common law. When creditors fail due diligence, they commit a tort, a civil wrong doing. My personal attitude is to smack the thieving banksters around.
Don't even think about court, it is just too slow. Start with a complaint to the Comptroller of the Currency since Fargo is a national bank. The CoC website has complaint form and bureaucracy can be prodded to act. It works.
That is the most stupid, outrageous absurdity yet coming from these sociopathic "HR", blood sucking vampires. There are 25.8 million people out there and they are claiming because they need a job they somehow suck?
That should be made illegal, as discrimination and enforced by the EEOC.
While you're right our government refuses to address the real economic problems and their motivations are clearly bought and paid for, they will not do the right things needed to turn this country around and create jobs for Americans...
When I see some of the words suicide and so on in an anonymous drive by, my response is that only allows the bastards to win. when it's shitting bricks upon your head, it's not a good idea to join in the fray!
Be strong, keep speaking out and place the anger where it belongs, our bought and paid for corrupt government, representatives and our sociopathic corporations who would eat their own mother for a quick quarterly profit and an executive bonus.
Why have an expiring credit? It just takes the candy or the heroin away from the addict - housing market. The bust after the housing credit expiration is understandable. The Dutch Tulip Mania endures, in The Wealth of Nations, Smith recounts how the Dutch mortgaged houses to buy the tulips when the price of tulips got very high.
I think you are saying is that is so especially dangerous about the expiring credit is people buying on the inflated prices the housing credit creates, only to find the price deflating later, and lose a house for that.
Cassano was hired by Greenberg with full knowledge of what he did to Drexell Burnham Lambert in 1989 in financing the RJR takeover with junk bonds. Greenberg was hiring a known quantity. His senior staff in New York warned him not to hire Cassano and not especially not to make the London operations as loose as it was with Cassano in change.
This government is like some sadistic torturer who plays with his victim until the person kills themselves to just end the suffering. I am convinced this is what the government wants. Doesn't it all seem like a calculated effort to get the impoverished and disenfranchised to just murder themselves? That way, the problem will be solved. No jobs? No problem, we'll just drive all these folks insane with false hope and false promises. Then once they mass suicide like the farmers in India, we'll act real sad and then say what a tragedy. See, those nutjobs weren't looking for work anyway. Not only a government which ignores it's citizens' plight while it scoots off for a vacation, the unemployed also get to deal with employers who shred resumes if submitted by someone unemployed. Asinine as it is, that's the kind of policy this government obviously condones. Why should the unemployed even bother continuing this farce? I hear if you can support yourself, Australia will take you. So I guess once I get that online porn website set up, I'm going. Join me?
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