Tag Archives: Economy

The Obama Economy

About that economy Obama supposedly wrecked…

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U.S. jobless claims at 43-year low; import price deflation easing

The number of Americans filing for unemployment benefits held at a 43-year low last week, pointing to sustained labor market strength that could pave the way for the Federal Reserve to raise interest rates in December.

Thursday’s report from the Labor Department added to data such as September automobile sales and manufacturing and services sector surveys in reinforcing the view that economic growth picked up in the third quarter after a sluggish performance in the first half of the year.

“The data are making the Fed’s current policy look too wrong footed and the markets are waiting for them to get back on track, most likely in December,” said Chris Rupkey, chief economist at MUFG Union Bank in New York.

Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 246,000 for the week ended Oct. 8, the lowest reading since November 1973, the Labor Department said.

Claims for the prior week were revised to show 3,000 fewer applications received than previously reported.

It was the 84th consecutive week that claims remained below the 300,000 threshold, which is associated with robust labor market conditions.

That is the longest stretch since 1970, when the labor market was much smaller.


The dollar fell against a basket of currencies, while U.S. Treasuries rose.

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Posted by on October 13, 2016 in Giant Negros


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About That Obama “Economic Failure”

After today’s numbers, you have to wonder how much faster the economy could have grown without Republicans throwing up roadblocks every step of the way trying to destroy the black President instead of doing their job to help the country

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Census Bureau: Poverty Rate Down, Median Incomes Up

More Americans are making more money.

The Census Bureau released new numbers on Tuesday showing that, after a brutal economic recession and years of stagnation, real median household incomes rose from $53,718 in 2014 to $56,516 last year. That’s a 5.2 percent rise — the first statistically significant increase since 2007.

But, as NPR’s Pam Fessler notes, “the median household income was still lower than it was in 2007.”

The official poverty rate decreased to 13.5 percent for last year, a drop of 1.2 percentage points. That represents 3.5 million people who are no longer in poverty and is the largest annual percentage point drop since 1999, the Census Bureau says.

The supplemental poverty measure — an alternate way of gauging poverty, which takes more factors into account — also dropped significantly, falling by 1 percentage point to 14.3 percent.

“Poverty dropped for whites, blacks and Hispanics, as well as for children and seniors,” Pam reports.

The number of people with health insurance also rose. More than 90 percent of Americans are covered by health insurance — an increase of 1.3 percentage points since 2014, and growth of 4.3 percentage points since the major provisions of the Affordable Care Act, the Bureau says.

Last year, 29 million people did not have health insurance, representing 9.1 percent of the population.

Across the board, the Census Bureau’s 2015 numbers show significant signs of progress and reflect a recovering economy.

The 5.2 percent increase in median household income, in particular, was impressive — “one of the largest year-to-year increases that we’ve ever had,” Trudi Renwick of the Census Bureau said.

Income rose in every region of the country, for every age group of household head, with statistically significant increases for almost every racial group.

But as The New York Times‘ Nate Cohn points out, rural America didn’t experience the same growth as the rest of the country. The median income for people living outside of metropolitan areas dropped 2 percent, to $44,657.

The Census Bureau also looked at economic inequality, where measures did not show any statistically significant changes.

The difference in income between men and women also did not change by any statistically significant degree. But it did move slightly — from 79 cents on the dollar to 80 cents on the dollar.

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Posted by on September 13, 2016 in General


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How “Outsourcing” Has Killed the Middle Class

The twin demons destroying the American Middle Class are Offshoring, and “Outsourcing”. They call it the “Gig economy”, and to be honest it is pretty f’cked up for the employees.

Offshoring is responsible for the massive growth of the Chinese economy. Back during Clinton and Bushit American companies off shored all of the computer chip Foundries. This resulted in a massive growth in the Chinese economy, and left America without a foundry on American soil capable of producing the high density chips used in everything from TVs to our most advanced weapons systems. No wonder the Chinese Military has been able to upgrade their weapons systems and  launch Astronauts into space. We gave them the technology, all because of Wall Street greed and corporate avarice.

People work at SITEL, an outsourcing call center provider, in Managua, Nicaragua on July 3, 2012. [AFP]

A sweatshop call center in Nicaragua.

Worse was the loss of American jobs, manufacturing through the movement of factories off shore, and high tech through a combination of H1b Visas enabling companies to bring cheap workers over from India and other countries to displace American Graduates, and second “Outsourcing” where either American jobs were shipped overseas, or to sweat shops on American soil. This is the driver behind Trump, and Sanders, Unfortunately in Trump’s supporter’s case they would rather cling to their racism and blame minorities – than blame who is actually screwing them. Stupid is and Stupid does.

Surge in outsourcing wipes out middle-class jobs

For nearly 20 years Alfredo Molena made a middle-class living repairing bank ATMs in Los Angeles, despite being a high school dropout and immigrant from El Salvador.

By 2000 he was earning about $45,000 a year, enough to support his wife and two children in a spacious apartment and take periodic vacations to El Salvador and Hawaii. He had health insurance, a matching 401(k) plan, and a company-supplied cellphone and vehicle. But it all unraveled in 2005 after his employer, Bank of America, subcontracted the work to Diebold Inc., a firm specializing in servicing ATMs.

Today Molena drives a truck long-haul for about $30,000 a year, putting him in the bottom third of household incomes. He has no medical insurance. “I cannot afford it,” he snapped.

Globalization and the offshoring of U.S. manufacturing jobs to China and other cheap-labor countries are commonly blamed for driving down the wages and living standards of ordinary American workers, but there is another, less-known factor behind the shrinking middle class: domestic outsourcing.

Many jobs have been farmed out by employers over the years. No one knows their total numbers, but rough estimates based on the growth of temporary-help and other business and professional service payrolls suggest that one in six jobs today are subcontracted, or almost 20 million positions, said Lynn Reaser, economist at Point Loma Nazarene University in San Diego.

Separate Labor Department data show that some of these occupations have seen a significant decline in inflation-adjusted, or real, wages over the last decade.

In 2005, there were 138,210 workers nationwide who repaired ATMs, computers and other office machines, earning a mean annual salary of $37,640.

Ten years later, the number of such jobs had shrunk to 106,100, with most of them subcontracted at annual pay of $38,990. But after accounting for inflation, that’s a drop of about 15 percent from 2005.

By contrast, real wages for all occupations rose 1.3 percent between 2005 and 2015 � itself a tiny gain over the last decade, but still significantly more than those hit by domestic outsourcing.

“If a firm wants to save labor costs, outsourcing is just a way of resetting wages and expectations,” said Susan Houseman, a senior economist at the W.E. Upjohn Institute for Employment Research in Kalamazoo, Mich.

Unlike the effect of offshoring, with its relocation of jobs and plants abroad, economists know relatively little about the extent and effects of decades of subcontracting production and services to third parties in the U.S. But what research has been done suggests the practice has played a significant role in the nation’s troubling trends of stagnating wages and rising inequality.

Rosemary Batt and other researchers at Cornell University found that large employers at subcontracted call centers, for instance, paid their workers about 40 percent less than comparable workers employed in-house at large firms, not including the value of health and retirement benefits…Read the Rest Here

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Posted by on July 2, 2016 in American Genocide, American Greed


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Obama Crushes Republican Economic Myth

I have a feeling President Obama is going to cut loose after the Democratic Convention…


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Coca Cola Shuts Down Production in Venzuela

Because they can’t buy sugar in the country! Artificially sweetened drinks are not affected.The Venezuelan economy is a rolling disaster, brought on not only by foreign embargoes, but the complete incompetence of their government starting with Hugo Chavez. The country is quite probably on the way to a violent overthrow of the current Government. The story of how this oil rich country got there is a story of rich and poor, and a story of how America controls the Western Hemisphere.

Been to Venezuela on business and pleasure several times before Chavez was elected. It is a beautiful country, and I had considered retiring there. The cost of living was very low, and and the beaches are out of this world. Actually was there during one of their government coups, which was a little crazy – as I was stranded about 5 miles from my hotel and had to walk back. I had hired a driver to take me to see some of the sights, who became afraid to be on the road due to the roadblocks. While my poor Spanish isn’t going to fool anyone that I am a local, being brown does have the advantage of being able to blend in.Buying a Panama Hat, inexpensive sunglasses, local made shirt, pants, cheap watch, and a pair of Huaraches, as well as a bundle of flowers to carry – Iooking like your average Venezuelan businessman going to meet his girlfriend or mistress…I didn’t get stopped by the authorities or a second look.

Love the Country, hate what has happened to it, and the seeming inability to share the wealth with the poor.

Coca-Cola halts production in Venezuela

Coca-Cola is halting production in Venezuela of its namesake beverage due to a sugar shortage brought on by the country’s grinding economic crisis.

The Atlanta-based company said in an emailed statement Friday said that its production of sugar-sweetened beverages will be suspended in the coming days after local suppliers reported they had run out of the raw material. Sugar-free beverages are not affected and the company said its offices and distribution centers remain open in Venezuela.

The move comes as Venezuela’s economy is teetering on the edge of collapse with widespread food shortages and inflation forecast to surpass 700 percent. Last month, Empresas Polar, Venezuela’s largest food and beverage company, stopped production of beer because of a lack of imported barley.

The Obama administration and governments in Latin America are encouraging efforts by former Spanish Prime Minister Jose Luis Rodriguez Zapatero to defuse the increasingly tense standoff in Venezuela

Zapatero said in a visit to Caracas this week that President Nicolas Maduro and leaders of the opposition expressed a willingness to launch a national dialogue aimed at resolving the country’s challenges.

Lining up to get in the State run supermarket

It’s unclear what the next steps will be but the U.S. State Department on Friday said it welcomes the initiative as a way to guarantee respect for the Venezuelan people and the rule of law. The foreign ministries of Argentina, Chile, Colombia and Uruguay also made a call for dialogue.

Zapatero’s peacemaking follows a week of violent clashes between security forces and the opposition who are demanding Maduro’s ouster.

Empty Shelves

Use your fingerprint to buy groceries.

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Posted by on May 21, 2016 in General


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Trump Presidency More Dangerous Than War With China

In the ongoing destruction of America and devolution to a Third World Tinpot Dictatorship, a Trump Presidency would be the first step of into a deep abyss.

The Economist rates Trump presidency among its top 10 global risks

Warning: Vote Trump and get terror threats, trade wars and currency crashes.

A Donald Trump presidency poses a top-10 risk event that could disrupt the world economy, lead to political chaos in the U.S. and heighten security risks for the United States, according to the Economist Intelligence Unit.

Electing Trump could also start a trade war, hurt trade with Mexico and be a godsend to terrorist recruiters in the Middle East, according to the latest EIU forecasts.

The well-respected global economic and geopolitical analysis firm put a possible Trump presidency in its top 10 global risks this month, released Wednesday. Other risks include a sharp slowdown in the Chinese economy, a fracture of the Eurozone, and Britain’s possible departure from the European Union.

Trump’s controversial remarks on Muslims would be a gift to “potential recruiters who have long been trying to paint the U.S. as an anti-Muslim country. His rhetoric will certainly help that recruiting effort,” said Robert Powell, global risk briefing manager at EIU.

Until Trump, the firm had never rated a pending election of a candidate to be a geopolitical risk to the U.S. and the world. The firm has no plans to include Hillary Clinton, Ted Cruz or John Kasich on future risk lists.

“It’s highly unusual, and I don’t think we ever have done it where we’ve had a single politician be the center of our risk items,” Powell said in an interview, but noted that the firm has once included the transition at the top of the Chinese Communist Party as a top-ten risk as well.

“Innate hostility within the Republican hierarchy towards Mr. Trump, combined with the inevitable virulent Democratic opposition, will see many of his more radical policies blocked in Congress,” wrote EIU. But “such internal bickering will also undermine the coherence of domestic and foreign policymaking.”…More Here


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Candidates Draw Straws for Seat After Electoral Tie in Mississippi

Turns out that in the event of an electoral tie, where equal votes are cast for both candidates – some state allow a coin toss or drawing a straw to decide the matter. It is a lot less expensive than holding an entire new election. Perhaps an Act of God, or just sheer luck will save the state from going down the rabbit hole like Kansas and Louisiana with failed conservative economic policy. Mississippi is already the poorest state in the Union…At least the Rethugs don’t get to turn it into a 3rd world hell hole….Yet.

Democrat Wins Mississippi House Race After Drawing Straw

Candidates Tullos (l) and Eaton (2nd from l) Drawing Strawa

Sometimes American politics is about ideas, powered by Jeffersons and Adamses and Reagans. Sometimes it is about strategy, with races determined by the chess-match machinations of Axelrods and Roves.

But every once in a while, the fate of governments is determined by a considerably less eminent character, one usually found lurking in back-alley craps games and on the Vegas strip: Lady Luck.

In Mississippi on Friday, luck smiled on a Democratic state representative, Blaine Eaton II, who had been forced, by state law, to draw straws for his seat after his race for re-election ended in a tie. On Friday afternoon, in a short, strange ceremony here presided over by Gov. Phil Bryant and Secretary of State Delbert Hosemann, Mr. Eaton and his Republican challenger, Mark Tullos, each removed a box from a bag. Mr. Eaton opened his box to reveal a long green straw.

And with that, a mathematically improbable tie for the House District 79 seat — each candidate had received exactly 4,589 votes — had been broken, though not by the voters.

Moments after winning, Mr. Eaton, who raises cattle and grows timber and soybeans, attributed his win to a farmer’s luck. “There’s always happiness in a good crop year,” he said.

An attorney for Mr. Tullos said that a challenge had been filed with the State House of Representatives. Mr. Tullos, a lawyer, declined to comment but had said he planned a challenge if he lost the draw. He had cited concerns about the way a county election board handled nine paper “affidavit ballots” filed by voters who believed their names were erroneously left off the voter rolls.

Resorting to a game of chance to break an electoral tie is common in many states, and coin tosses are often used to settle smaller local races. But in few instances had the pot as rich as this: If Mr. Tullos had won, his fellow Republicans would have gain a three-fifths supermajority in the State House of Representatives, the threshold required to pass revenue-related bills.

At stake, potentially, was hundreds of millions of dollars in tax revenue. The three-fifths requirement has allowed the Democratic minority to block Republican tax-cut proposals in the past on the grounds that Mississippi needs the revenue to finance schools and other services. Republicans, who also control the State Senate and governor’s mansion, say the cuts, including a proposal to phase out the state’s corporate franchise tax, will jump-start the economy and promote job growth….Read the Rest Here


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