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| − | '''[[American Government Lecture Two]] is now complete and available here in our [[Conservapedia:American Government Fall 2010]]''', the largest pre-college American Government class | + | '''[[American Government Lecture Two]] is now complete and available here in our [[Conservapedia:American Government Fall 2010]]''', the world's largest pre-college American Government class (our enrollment exceeds 60 students). |
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*[[Jesus Christ]] | *[[Jesus Christ]] | ||
Revision as of 03:27, September 28, 2010
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Conservapedia: Over 170,000,000 Views & Over 787,000 Edits.
American Government Lecture Two is now complete and available here in our Conservapedia:American Government Fall 2010, the world's largest pre-college American Government class (our enrollment exceeds 60 students).
Unemployment claims continue to soar
Unemployment Continued claims soared to 4,519,500 last week, with an additional 465,000 first time filers, or an increase of 12,000 displaced workers from the previous week.
Source: U.S. Dept. of Labor, Bureau of Labor Statistics.
An average of 463,250 more workers continue to be added to the soup lines weekly, roughly 1,000 per day more than the first half of 2010.
The Congressional Budget Office remarks the share of unemployed workers whose previous job was permanently lost has been especially pronounced during the past two years. [1]
Percent of Unemployed workers.
Sources: Congressional Budget Office; Department of Labor, Bureau of Labor Statistics.
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You were once darkness, but now you are light in the Lord.
Ephesians 5:8 (NIV)
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Architecture should speak of its time and place, but yearn for timelessness.
(continued from above)
ADP, the nation’s largest payroll service, reports declines in U.S payrolls in both July and August, typically the peak months of hiring.
The Obama Stimulus was modeled after the New Deal, which modern scholars believe did more to deepen, and prolong, the Great Depression than provide relief. Great Britain in the 1930s recovered in four years, whereas the United States remained mired with persistent high unemployment, recession, and the New Deal for another twelve. Germany today, with a smaller stimulus, has regained virtually all jobs lost since the Recession of 2008 and reports the largest growth since reunification.
One factor Obamanomics did not consider is, the Keynesian New Deal of the 1930s was designed for a predominately industrial economy reliant on production and manufacturing, not a debt ridden and service driven consumer economy.
Also, the borrowing of the New Dealers to finance government spending came mostly from domestic, and not foreign investors. The repayment of a large foreign debt, both interest and principal primarily to China, defeats the entire purpose of a stimulus: to produce the capital necessary to create, and sustain employment. U.S. Secretary of State Hillary Clinton has cited the extreme growth of the National Debt recently as a grave "national security threat."
Federal Reserve Board Chairman Ben Bernanke publicly admitted "a concerted policy effort has so far not produced an economic recovery of sufficient vigor to significantly reduce the high level of unemployment."
Durable Goods slump
Recovery Summer continues with a drop in demand for U.S. manufactured durable goods. Steep reductions in new orders for airplanes and cars were reported, according to the U.S. Commerce Department. The drop was worst than expected, analysts said.
Transportation equipment orders dropped 10.3% in August. Motor vehicles and parts were also down, falling 4.4%. August capital goods orders were down by 0.9%. Nondefense capital goods, items meant to last 10 years or longer, also dropped 0.9%. Defense-related capital goods orders dropped by 1.5%. Excluding defense, all other durables decreased by 1.2% in August.
Durable goods are defined as manufactured items with a useful life of at least three years. Employment in durable goods manufacturing is vital to economic recovery.
Youth Unemployment hits record high
in Obama's first two years
The Unemployment rate for youths reached a record 19.1 percent in July 2010. According to the US Bureau of Labor Statistics, it was the highest midsummer jobless rate for 16-to-24-year-olds since record keeping began in 1948. The youth unemployment rate has nearly doubled over the past two years, according to the Democracy Now website. A prominent economist from the University of Maryland is warning the US economy could experience painfully slow growth and high unemployment for another decade.
Stimulus edges Unemployment higher
The U.S. Labor Department reported Unemployment rose in the ‘Summer of Recovery’ to 9.6%, or 14,900,000 workers. President Obama, rested up from an extended vacation just prior to the long Labor Day holiday weekend, called the results "positive;" Wall Street rallied on the bad news. According to the New York Times, Democrats and President Obama received 70 percent of all campaign contributions from Wall Street in 2008 elections.
Dr. Christina Romer, who last year asserted the Economic stimulus would stop Unemployment from rising above 7.8%, cleaned out her desk and resigned from the President's Council of Economic Advisers the same day the recent Jobs Report was released. Since the Stimulus became Law, an additional 3,200,000 jobs have been lost.
The total number of lives affected by Unemployment since December 2007 when the Recession began is well above the constant 15,000,000 unemployed reported. As roughly 2,000,000 newly unemployed enter the jobless ranks monthly and another 2,000,000 finding jobs are rotated out, the cumulative effect over 30 months is an additional 30 million plus who have been directly affected by unemployment.
By August 2010, eighteen months into the Stimulus, the Labor Dept claimed the number of "marginally attached" underemployed (part time workers seeking full time work and workers taking employment beneath their skill set) reached 16.7% of the workforce.
The length of time a worker is Unemployed is more than twice as long as any time in the last 50 years.
And the workforce continues to shrink.
Unemployed over 50 may never work again
The New York Times has reported older unemployed workers over 50 years of age may never work again in their lifetimes. Of the 15,000,000 who are now unemployed since President Obama took office, 2,200,000 are 55 or older. The unemployment rate in this group is 7.3 percent, an all time high, and more than double what it was at the beginning of the latest recession. Nearly half of them have been unemployed six months or longer, according to the Labor Department.
In today's job market, because it will take years to absorb the giant pool of unemployed at the pace set by current Washington policymakers, many of these older people may simply quit looking for work and begin an early, impoverished, retirement.
GDP Report shows Stimulus failed
The U.S. Commerce Dept. reported Gross Domestic Product has not responded adequately to the one trillion dollars in stimulus passed since Speaker Nancy Pelosi took control of the U.S. House of Representatives in early 2007. More than 7 million jobs have been lost however, affecting the lives of nearly 30 million Americans. Several trillion dollars have also been added to the National debt.
By contrast, the 3.0%+ growth rates sustained by the Reagan era tax cuts as the United States emerged from the 1982 recession provided the necessary stimulus to maintain a growing population and declining unemployment (below chart).
The Congressional Budget Office reports the GDP output gap (the difference between actual GDP and potential GDP if all labor and capital were fully employed) is about 6.5 per cent, and economic growth for the next few years "will probably be muted." The US economy has no recent experience of living with an output gap of anywhere near this level.
The Output Gap: a reflection of actual vs potential output. The U.S. economy is operating 6.5% below its productive capacity. At 1% growth, it will take the better part of a decade to return 10% of the workforce to employment, barring no other unforseen disasters.
Obama deficit
Source: White House Office of Management and Budget
The Obama deficit is unquestionably the largest on record and represents an explosion of debt owed to foreign investors -- capital that must be exported in the future.
Approximately one-third of the National debt, or virtually all that President Obama and Congressional Democrats added to the existing debt, is now held by foreign investors. Two failed Stimulus packages in the past three years from the Democratic Congress were an incredible waste of the nations resources at a time they were needed for the private sector to create jobs. Rather, a large foreign debt was created which must be repaid before any benefit ever trickle's down to working families.
Bank failure rate double since last year
The FDIC reports the U.S. Bank failure rate is running at double the number of bank failures in 2009, with twice as many banks on the FDIC's Problem List compared to last year, as well. As of Septmeber 2010 the Problem List increased to 854 banks in danger of failure and being closed. [2]
Update: The list finished the week at 872 institutions with assets of $422.4 billion, up from 854 institutions with assets of $416 billion last week.
TARP deadbeat list grows to over 120
More than 120 banks and financial institutions who took TARP money failed to make their scheduled payments. Five other banks that received money from the $700 billion Troubled Assets Relief Program which then Senator Barack Obama voted for have failed altogether, making it unlikely the U.S. Treasury will ever recover the money poured into those institutions. Goldman Sachs, JP Morgan, Citigroup and Morgan Stanley which recieved $70 billion in bailout funds are among the largest donors to President Obama's political campaigns. [3][4]
Housing stimulus falters
With the aid of the government's program to stimulate and "rescue" housing demand, the National Association of Realtors has reported the worst drop in demand on record.
2,100,000 housing construction jobs have been lost since the Pelosi/Reid Democrats captured the Congress in the 2006 mid-term elections.
A "Distressing" gap has widened between exisitng home sales and new home sales as the National Association of Homebuilders Confidence Index remains at historic lows. "Builders haven't seen any reason for improved optimism," said a recent NAHB press release.
Housing Starts hit record low
New Home Construction hit a record new low under President Obama's economic program, the lowest level since records have been kept starting in 1969. Housing Construction employment has been the driving force of job creation in leading the way to economic recovery in recent decades. More than 2,000,000 workers were formerly employed in the home construction field prior to the Fannie Mae and Freddie Mac government meltdown of subprime mortgages sparking the economic malaise.
Delinquency and foreclosures
Since the 110th United States Congress took office under Democratic leadership in January 2007, mortgage delinquencies, foreclosures, and repossessions have proceeded on an unrelenting march til they have reached record levels in late Summer, 2010. [5] The Mortgage Bankers Association reports foreclosures have increased 25% in 2010 bringing the total to 2,300,000 homeowners tossed out of their homes. [6]
Democrat Cash-for-Clunkers Stimulus hurt poor, favored the Rich
The Congressional Democrats and Obama administration's efforts to favor UAW workers and New Car buyers (typically households with $60,000 plus in income) with subsidies from the United States Treasury, has been an unmitigated disaster for working families, and the poor. As a result of the federal spending program, working families and the poor now are faced with an average price increase of 10.3% for Used Cars.
The government program mandated trade-ins be crushed, leading to a shortage of used vehicles and an increase in prices. This has occurred at a time when deflation, or an overall drop in prices giving consumers more money to spend, has characterized the current economic environment.
The below chart from Edmunds.com shows year-over-year price increases suffered by those least able to afford it:
Alleged 'consumer protection' creates higher rate fees for credit card users
After signing the Credit Card Accountability, Responsibility, and Disclosure Act in Spring of 2009, President Barack Obama stated,
- ''With this new law, consumers will have the strong and reliable protections they deserve. We will continue to press for reform that is built on transparency, accountability, and mutual responsibility – values fundamental to the new foundation we seek to build for our economy." [7]
Since then credit card interest rates have soared to a nine-year high with the average interest rate jumping to 14.7%, up from 13.1% before the law was passed. This occurred when all other interest rates have been fallen to historic lows. [8] The increase created a dramatic spread of 11.45 percentage points between the average credit card interest rate and the prime rate -- the largest margin in 22 years. [9]
President Obama has been a major recipient of campaign contributions from large Wall Street Banks, many of which received TARP bailout funds which then Senator Obama voted for.
Poverty rate explodes
At the very moment an economic Recovery was needed, the U.S. Census Bureau reports 43.6 million people, or one in seven Americans, fell into poverty in 2009, up from 39.8 million the year before. USA Today reports, "The number of people in poverty reached its highest level in 51 years."
No Confidence in Recovery Summer
Consumer Confidence continues its downward trek in what the Obama administration proclaimed as Recovery Summer. Consumer Confidence is a key indicator given that hope and expectations play a large part on individual consumer and investors' decisions which have a major impact on the broader economy.
Politics of Unemployment
Approximately 8 million jobs have been lost, some permanently, since the 110th Congress under Speaker Nancy Pelosi and Senator Harry Reid assumed control over federal spending in January of 2007.
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