We've been told that lower taxes and more "growth" equates to higher wages and more jobs (known as "trickle-down economics"). But since the depth of the Great Recession, even though stock prices and corporate profits are much higher, a lot more people are "not in the labor force" (and just aren't being counted in the official unemployment rate) — and wages are still down (not to mention, more people are also working part-time and temp jobs).
The latest jobs report shows that, once again, over a quarter of a million people have dropped out of the labor force. So should we celebrate Labor Day for just being lucky enough to have a job — any job at all?
The prominent economist and Nobel Prize winner Joseph Stiglitz (and a Fellow of the progressive Roosevelt Institute) says: “An economy that doesn’t deliver for most of its citizens is a failed economy.”
It's hard to understand why, with so many Americans still unemployed and looking for jobs, why additional work requirements and/or job training would be imposed on those receiving food stamps (SNAP) and/or welfare (TANF) to qualify for these benefits.
From his blog: "It’s now possible to sell a new product to hundreds of millions of people without needing many, if any, workers to produce or distribute it ... The ratio of producers to customers continues to plummet ... New technologies aren’t just labor-replacing, they’re also knowledge-replacing ... When more and more can be done by fewer and fewer people, the profits go to an ever-smaller circle of executives and owner-investors ...
In his last year of office, President Bill Clinton called on Congress to make normal trade relations with China permanent. So legislation was introduced to the House on May 15, 2000 by Rep. William Reynolds Archer (R-Texas) with three co-sponsors — saying that permanent normal trade relations (PNTR) with China was a top priority, and was vital to the U.S. agriculture market (to gain access to a market with one-fifth of the world’s population).
Nine million unemployed Americans and six million others who are "not in the labor force" but also want a job will soon see what the new Congress will propose next year as their first "jobs bill" (Hint: It won't be for government jobs or public infrastructure investment — and it will be the GOP's very first bill).
Last Friday’s payroll jobs report is another government fairy tale or, to avoid polite euphemisms, another packet of lies. Lies just like the House of Representatives Resolution against Russia and every other statement that comes out of Washington.
Washington is averse to truth. Washington can only lie.
The word is Obama at all costs is going to grant work permits along with amnesty to millions here illegally in the United States. This is when the jobs market still has not recovered. The latest leak shows Obama plans on giving amnesty and work permits to another 4.5 million illegals and U.S. permanent resident status to over half a million imported workers currently on guest worker Visas.
Want to know how to create up to 5.8 million jobs in three years? End currency manipulation. So says a new study released from the Economic Policy Institute. If currency manipulation was stopped, the U.S. trade deficit would shrink by up to $500 billion in three years, annual GDP would increase up to $720 billion, the federal budget deficit would be reduced by $100 billion each year and 40% of the new jobs created would be in manufacturing.
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