Changes

Workers during '''Recovery Summer''' were making less money due to a decline in the average number of hours worked per week. Likewise fewer payroll hours does not bode well for the Unemployed, as payroll hours are first to be increased before an employer hires more workers. Declining payroll hours and Workforce participation are two examples of 'under utilization of resources' contributing to the Output Gap.

Workers during '''Recovery Summer''' were making less money due to a decline in the average number of hours worked per week. Likewise fewer payroll hours does not bode well for the Unemployed, as payroll hours are first to be increased before an employer hires more workers. Declining payroll hours and Workforce participation are two examples of 'under utilization of resources' contributing to the Output Gap.

[[File:Real Disposable Personal Income.JPG|200px|right|thumb|Personal income took a marked decline during Recovery Summer. Consumer spending, job creation were all affect.]]<br>

[[File:Real Disposable Personal Income.JPG|200px|right|thumb|Personal income took a marked decline during Recovery Summer. Consumer spending, job creation were all affect.]]<br>

The [[United States Department of Commerce]] announced Real Disposable Personal Income<ref>http://www.bea.gov/newsreleases/national/pi/pinewsrelease.htm</ref> declined $16.8 billion in the lasr reporting period of Recovery Summer.  Consumer spending which accounts for 70% of all economic activity, job creation, and Unemployment were all affected. One cause was fewer payroll hours.  

The [[United States Department of Commerce]] announced Real Disposable Personal Income<ref>https://www.bea.gov/newsreleases/national/pi/pinewsrelease.htm</ref> declined $16.8 billion in the lasr reporting period of Recovery Summer.  Consumer spending which accounts for 70% of all economic activity, job creation, and Unemployment were all affected. One cause was fewer payroll hours.  

Further declines in worker takehome also are scheduled to occur after January 1, 2011, when the Obama tax increase is slated to take effect. While campaigning in [[Dover]], [[New Hampshire]], on September 12, 2008 while  then [[Barack Hussein Obama 2008 Presidential campaign|candidate Obama]] made this solemn promise<ref>http://www.youtube.com/watch?v=Q8erePM8V5U</ref> to the American people:

Further declines in worker takehome also are scheduled to occur after January 1, 2011, when the Obama tax increase is slated to take effect. While campaigning in [[Dover]], [[New Hampshire]], on September 12, 2008 while  then [[Barack Hussein Obama 2008 Presidential campaign|candidate Obama]] made this solemn promise<ref>https://www.youtube.com/watch?v=Q8erePM8V5U</ref> to the American people:

:''I can make a firm pledge: under my plan, no family making less than $250,000 will see their taxes increase - not your income taxes, not your payroll taxes.''<ref>http://www.realclearpolitics.com/articles/2008/09/obamas_remarks_in_dover_new_ha.html</ref>

:''I can make a firm pledge: under my plan, no family making less than $250,000 will see their taxes increase - not your income taxes, not your payroll taxes.''<ref>http://www.realclearpolitics.com/articles/2008/09/obamas_remarks_in_dover_new_ha.html</ref>

==Stimulus edges Unemployment higher==

==Stimulus edges Unemployment higher==

[[File:Unemployment Rate August 2010.JPG|200px|right|thumb|Unemployment rises to 9.6% after the President promised it would not go above 8%.]][[File:Hunger in America.jpg|left|125px|thumb|The current state of the [[economy]] recalls worries of a not too distant past. ]]

[[File:Unemployment Rate August 2010.JPG|200px|right|thumb|Unemployment rises to 9.6% after the President promised it would not go above 8%.]][[File:Hunger in America.jpg|left|125px|thumb|The current state of the [[economy]] recalls worries of a not too distant past. ]]

The [[U.S. Labor Department]] reported Unemployment rose in the Summer of Recovery to 9.6%, or 14,900,000 workers. President Obama called the results "positive"<ref>http://www.whitehouse.gov/blog/2010/09/03/president-obama-august-jobs-numbers-positive-news-not-nearly-good-enough Retrieved from whitehouse.gov</ref> and [[Wall Street]] rallied to record levels on the bad news. The ''[[New York Times]]'' has reported 70 percent of all campaign contributions from Wall Street<ref>http://www.nytimes.com/2010/08/31/business/31sorkin.html</ref> in [[United States Presidential Election, 2008|2008 elections]] went to President Obama and the Democrats.  

The [[U.S. Labor Department]] reported Unemployment rose in the Summer of Recovery to 9.6%, or 14,900,000 workers. President Obama called the results "positive"<ref>http://www.whitehouse.gov/blog/2010/09/03/president-obama-august-jobs-numbers-positive-news-not-nearly-good-enough Retrieved from whitehouse.gov</ref> and [[Wall Street]] rallied to record levels on the bad news. The ''[[New York Times]]'' has reported 70 percent of all campaign contributions from Wall Street<ref>https://www.nytimes.com/2010/08/31/business/31sorkin.html</ref> in [[United States Presidential Election, 2008|2008 elections]] went to President Obama and the Democrats.  

[[File:Total Unemployed.jpg|200px|right|thumb|Marginally attached and underemployed.]]  

[[File:Total Unemployed.jpg|200px|right|thumb|Marginally attached and underemployed.]]  

More than 120 banks and financial institutions who took money from the $700 billion [[Financial Crisis of 2008|Troubled Assets Relief Program]] which then [[Senator Barack Obama]] voted for have failed to make their scheduled repayments. Five others failed altogether making it unlikely the [[U.S. Treasury]] will ever recover the money poured into those institutions. Wall Street banking giants '''Goldman Sachs''', '''JP Morgan''', '''Citigroup''' and '''Morgan Stanley''', which received $70 billion in '''[[bailout]]''' funds, are among the Top 20 largest donors<ref>http://edschultz.invisionzone.com/index.php?showtopic=36796</ref> to President Obama's political campaigns.  

More than 120 banks and financial institutions who took money from the $700 billion [[Financial Crisis of 2008|Troubled Assets Relief Program]] which then [[Senator Barack Obama]] voted for have failed to make their scheduled repayments. Five others failed altogether making it unlikely the [[U.S. Treasury]] will ever recover the money poured into those institutions. Wall Street banking giants '''Goldman Sachs''', '''JP Morgan''', '''Citigroup''' and '''Morgan Stanley''', which received $70 billion in '''[[bailout]]''' funds, are among the Top 20 largest donors<ref>http://edschultz.invisionzone.com/index.php?showtopic=36796</ref> to President Obama's political campaigns.  

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 received $70 billion in '''[[bailout]]''' funds are among the largest donors to President Obama's political campaigns.<ref>http://www.opensecrets.org/politicians/contrib.php?cid=N00009638&cycle=2008</ref><ref>http://www.votesmart.org/finance.php?can_id=9490</ref> <br>

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 received $70 billion in '''[[bailout]]''' funds are among the largest donors to President Obama's political campaigns.<ref>http://www.opensecrets.org/politicians/contrib.php?cid=N00009638&cycle=2008</ref><ref>http://www.votesmart.org/finance.php?can_id=9490</ref> <br>

[[File:Shanty town.jpg|175px|right|thumb|'''More than 43 million Americans now live in [[poverty]], up nearly 4 million just since President Obama took office, according to the Census Bureau.'''<ref>http://www.census.gov/hhes/www/poverty/data/incpovhlth/2009/pov09fig04.pdf</ref><ref>http://www.usatoday.com/news/nation/census/2010-09-16-poverty-rate-income-numbers_N.htm</ref>]]

[[File:Shanty town.jpg|175px|right|thumb|'''More than 43 million Americans now live in [[poverty]], up nearly 4 million just since President Obama took office, according to the Census Bureau.'''<ref>http://www.census.gov/hhes/www/poverty/data/incpovhlth/2009/pov09fig04.pdf</ref><ref>https://www.usatoday.com/news/nation/census/2010-09-16-poverty-rate-income-numbers_N.htm</ref>]]

:''''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."''<ref>http://www.whitehouse.gov/the_press_office/Fact-Sheet-Reforms-to-Protect-American-Credit-Card-Holders/</ref>

:''''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."''<ref>http://www.whitehouse.gov/the_press_office/Fact-Sheet-Reforms-to-Protect-American-Credit-Card-Holders/</ref>

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.<ref>http://cc.bingj.com/cache.aspx?q=http%3a%2f%2fwww.creditcards.com%2fcredit-card-news%2fcredit-card-rates-chart-1276.php&d=4706378043624044&mkt=en-US&setlang=en-US&w=ff11364,3d68ce3f</ref> 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.<ref>http://money.cnn.com/2010/08/23/news/economy/credit_cards_synovate/index.htm</ref>

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.<ref>http://cc.bingj.com/cache.aspx?q=http%3a%2f%2fwww.creditcards.com%2fcredit-card-news%2fcredit-card-rates-chart-1276.php&d=4706378043624044&mkt=en-US&setlang=en-US&w=ff11364,3d68ce3f</ref> 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.<ref>https://money.cnn.com/2010/08/23/news/economy/credit_cards_synovate/index.htm</ref>

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.

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.

==Unemployed over 50 may never work again==

==Unemployed over 50 may never work again==

[[File:Elder workers.jpg|150px|left|thumb|Senior workers may be the first written off and forgotten as a result of the [[American Recovery and Reinvestment Act of 2009]].''' ]]

[[File:Elder workers.jpg|150px|left|thumb|Senior workers may be the first written off and forgotten as a result of the [[American Recovery and Reinvestment Act of 2009]].''' ]]

The '''''New York Times''''' has reported older [[unemployed]] workers over 50 years of age may never work again in their lifetimes.<ref>[http://www.nytimes.com/2010/09/20/business/economy/20older.html?_r=1]</ref>  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.  

The '''''New York Times''''' has reported older [[unemployed]] workers over 50 years of age may never work again in their lifetimes.<ref>[https://www.nytimes.com/2010/09/20/business/economy/20older.html?_r=1]</ref>  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.  

Nearly half of them have been unemployed six months or longer, according to the Labor Department.