Posts Tagged ‘unemployment’
The deceased ELN leader was a member of the guerrilla group for 17 years and was purportedly heavily involved in the group’s extortion racket and cocaine production.
“Imagine a country where not only are the borders secured by armed guards, but once you entered the country, if you even spoke about politics — at all — if you even mentioned anything politically, you would be deported. Imagine a country where everyone is required to be tracked all the time. Where all of these immigrants are constantly monitored. Imagine where the idea of immigrants even having a word on the internal politics of a country would be enough to get them deported.”
“I can imagine a country like that. That country is Mexico.”
HACER’s News Highlights of the week
Enrique Peña Nieto’s reforms
One hundred days of solidarity (VIDEO STARTS RIGHT AWAY)
The week’s posts:
Peru’s definitely not Cyprus
The Bureau of Labor Statistics (BLS) labels people who are unemployed and no longer looking for work as “not in the labor force,” including people who have retired on schedule, taken early retirement, or simply given up looking for work.
The increase marks the second month in a row, after rising in January from 88.8 million in December. Those not in the labor force had declined in December from 88.9 million in November.
The number of Americans not in the labor force increased by 296,000 between January and February, which means that the labor force participation rate, which measures workers and those looking for jobs, also fell, to a 32-year low of 63.5 percent.
Mr. Bingley has more.
This is what teen unemployment has been for the last six years:
With that dismal number, the President proposes a 25% increase in minimum salary to $9/hr. The result? The least educated, experienced and skilled will be priced out of the market.
The damage from a minimum wage hike depends on the overall labor market. If the job market is buoyant, as it is in the fracking boomtown of Williston, N.D., fast-food workers may already make more than $9 an hour. But when the jobless rate is high, as it still is in California and New York, the increase punishes minority youth in particular.
That is what happened during the last series of wage hikes to $7.25 from $5.15 that started in July 2007 as the economy was headed toward recession. The last increase hit in July 2009 just after the recession ended, and as the nearby chart shows, the jobless rate jumped for teens and black teens especially. For black teens, the rate has remained close to 40% and was still 37.8% in January.
A study by economists William Even of Miami University and David Macpherson of Trinity University concludes that in the 21 states where the full 40% wage increase took effect, “the consequences of the minimum wage for black young adults without a diploma were actually worse than the consequences of the Great Recession.”
William Dunkelberg, chief economist for the National Federation of Independent Business, says that after the July 2009 increase 600,000 teen jobs disappeared in the next six months even as GDP expanded. In the previous six months, when the economy was still shrinking, half as many teen jobs were lost. The overall teen jobless rate was still 23.4% last month, which means demand for unskilled workers is low even at $7.25 an hour. Demand will be lower at $9.
As for that family Obama referred to,
But today, a full-time worker making the minimum wage earns $14,500 a year. Even with the tax relief we’ve put in place, a family with two kids that earns the minimum wage still lives below the poverty line. That’s wrong.
He left out that most minimum-wage earners are not the primary bread winner. Nearly 40% live with a parent or relative. The average family income of a household with a minimum-wage worker is about $47,023—which is far above the poverty line of $23,550 for a family of four.
Mr. Obama didn’t even tell the whole story about parents raising a family on a minimum-wage income. A full-time minimum-wage worker earns roughly $15,000 a year. But that worker also receives a cash supplement from the earned income tax credit of roughly $5,000, and many states provide benefits on top of that to reward working. That doesn’t count government benefits like food stamps, Medicaid, child care and more. According to data from the Employment Policies Institute, about two of every three minimum-wage workers also get a raise within one year.
There’s also the erroneous premise that people are forever stuck at minimum wage, when, in fact, minimum wage jobs are entry-level jobs where workers gain the experience they need to advance. More on that in the video:
The Startup Act 3.0, a bipartisan Senate bill expected to be introduced this week, aims to get 75,000 new “entrepreneur visas” every year to founders who raise $100,000 for new ventures that hire at least two employees within a year and at least five in the following three years.
The measure also would create 50,000 visas per year for foreign students who graduate from U.S. universities with advanced degrees in science, technology, engineering or mathematics, and spend at least five years pursuing careers in those fields.
But those are not the kind of immigrants the Dems want:
Last November, the House passed a stand-alone bill that would have given visas to immigrants in high-tech fields. Mr. Obama opposed the bill, and the White House said at the time it “does not support narrowly tailored proposals that do not meet the president’s long-term objectives with respect to comprehensive immigration reform.”
Obama’s SOTU’S call for “comprehensive immigration reform” is not going to add any jobs to the economy, and it won’t create opportunity for Americans, nor would it provide incentives for integration and assimilation.
Bringing in highly-skilled entrepreneurs who will hire Americans (born or naturalized) will.
Drudge has the juxtaposition,
ASSOCIATED PRESS: 'mostly encouraging'...
8,500,000 Americans Left Labor Force In Obama's First Term...
POOF: Another 170,000 disappeared in January...
Massive revisions to earlier numbers...
Gas prices to top $4 again...
Comes to show that when the Fed’s printing money like there’s no tomorrow, the stock market goes up.
That figure represents almost half the US median income in 2011, of $50,054. And median income is trending downward, as the laughably dishonestly named Affordable Care Act aka ObamaCare pushes prices up to $20,000 per year.
It’s not difficult to envision how this will play out. The upward pressure of insurance costs — some families can expect 85% increases — and the downward pressure of income will drive many Americans out of insurance altogether. Whey they need care, they can face a fine as high as $2,400. So many will opt out of insurance, knowing that they cannot be denied coverage for any pre-existing conditions under ObamaCare. They’ll pay the fine and get insurance if they have to, otherwise they will end up having their health care picked up by the government.
Before long, government will be the only payer, as private insurance companies go bankrupt.
It’s all part of the plan.
The numbers released Wednesday
a week after the election
by the Census Bureau are part of a newly developed supplemental poverty measure. Devised a year ago, this measure provides a fuller picture of poverty that the government believes can be used to assess safety-net programs by factoring in living expenses and taxpayer-provided benefits that the official formula leaves out.
Based on the revised formula, the number of poor people exceeded the 49 million, or 16 percent of the population, who were living below the poverty line in 2010. That came as more people in the slowly improving economy picked up low-wage jobs last year but still struggled to pay living expenses. The revised poverty rate of 16.1 percent also is higher than the record 46.2 million, or 15 percent, that the government’s official estimate reported in September.
Again, after the election, we’re told that
Hispanics and Asians also saw much higher rates of poverty, 28 percent and 16.9 percent, respectively, compared with rates of 25.4 percent and 12.3 percent under the official formula.
Hispanic Straw Men
Cross-posted at Liberty Unyielding.
Does that make James Pethokoukis and me “jobs truthers”?
How about Jack Welch?
Rick Santelli saw it coming,
How about these economists: Unemployment drop ‘implausible … a statistical quirk’?
Perhaps the unemployment figures are based on a poll.
“The decline in the jobless rate came primarily because the labor force participation rate fell to 63.5 percent, its worst level in more than 30 years.”Friday, September 7th, 2012
Employment growth remained weak in August, with just 96,000 new positions created but the unemployment rate dropped to 8.1 percent, according to a report that raises the possibility of more Federal Reserve easing.
The decline in the jobless rate, from 8.3 percent in July, came primarily because the labor force participation rate fell to 63.5 percent, its worst level in more than 30 years. The civilian labor force contracted by 368,000.
…job reports for June and July were revised lower. The June count fell from 64,000 to 45,000, while July’s number came in at 141,000 from an originally reported 163,000.
Now the depressing details of the jobs report:
– Nonfarm payrolls increased by only 96,000 in August, the Labor Department said, versus expectations of 125,000 jobs or more. The manufacturing sector, much touted by the president in his convention speech, lost 15,000 jobs.
– Since the start of the year, job growth has averaged 139,000 per month vs. an average monthly gain of 153,000 in 2011.
– As the chart at the top shows, the unemployment rate remains far above the rate predicted by Team Obama if Congress passed the stimulus. (This is the Romer-Bernstein chart.)
– While the unemployment rate dropped to 8.1% from 8.3% in July, it was due to a big drop in the labor force participation rate (the share of Americans with a job or looking for one). If fewer Americans hadn’t given up looking for work, the unemployment rate would have risen.
– Reuters notes that the participation rate is now at its lowest level since September 1981.
– If the labor force participation rate was the same as when Obama took office in January 2009, the unemployment rate would be 11.2%.
– If the participation rate had just stayed the same as last month, the unemployment rate would be 8.4%.
To me, this makes the Democratic convention not just bad, but infuriating. This many Americans are suffering and they put Sandra Fluke on a stage to talk about her need for free birth control? Insulting.