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[[Counterexample to Evolution]]:'''
Revision as of 07:46, 13 October 2010
Conservapedia: Over 175,000,000 Views & Over 793,000 Edits.
A Counterexample to Evolution, artistic beauty in nature:
Unemployment rose to the shockingly high rate 9.6%.
Voters were assured Unemployment would not rise above 7.8% with passage of President Obama's Stimulus program.
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September job loss
September job loss continued unabated with another 95,000 Americans thrown out of work,
and the total workforce shrank further to 130,201,000 workers,
Unemployment claims continue to soar
Unemployment continued claims soared to 4,519,500 at the end of September with an additional 465,000 first time filers, or an increase of 12,000 displaced workers from the previous report. White House Chief of Staff Rahm Emanuel, in addition to the three quarters of the President's economic team, have left the government prior to what appears to be an impending disaster for the Administration and Democrats in the November 2 midterm elections.
Source: U.S. Dept. of Labor, Bureau of Labor Statistics.
An average of 458,000 workers per week are still being added to the soup lines 21 months into the Obama Stimulus.
The Congressional Budget Office observes the share of unemployed workers whose previous job was permanently lost has been especially pronounced during the past two years. 
Percent of Unemployed workers.
Sources: Congressional Budget Office; Department of Labor, Bureau of Labor Statistics.
So I pray that your love will still grow in knowledge and insight, so you can discern what is best and be truthful and sinless until Christ's return. -- Philippians 1:9-10 (Conservative Bible Project CB)
"Nothing is easier than spending the public money. It doesn't appear to belong to anybody." - Calvin Coolidge
"Too much of what is called 'education' is little more than an expensive isolation from reality." - Thomas Sowell
Obama's New New Deal
(continued from above)
ADP, the nation’s largest payroll service, reports another decline in U.S payrolls in September, confirming "a pause in the economic recovery already evident." The "deceleration of employment occurred in all the major sectors."
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 recently cited the extreme growth of the National Debt as a grave "national security threat."
Federal Reserve Board Chairman Ben Bernanke also 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."
Effects of the Bush taxcut
After the Bush Taxcuts of 2001 and 2003 took effect, taxes collected by the government rose $800 billion dollars, according to the Office of Management and Budget
and 8 million jobs were created, according to Labor Department statistics.
Initially the deficit swelled to $400 billion but by 2008 it narrowed to $160 billion. Taxes collected by the government increased from $1,800 billion to 2,600 billion (or $800 billion, doubling the original cost of $400 billion) and 8 million jobs were created. Conclusion: taxcuts pay for themselves.
Source: White House Office of Management and Budget
The Obama deficits are unquestionably the largest on record and represents an explosion of debt owed to foreign investors -- capital that must be exported in the future. The most recent deficit under President Obama for the year ending September 30, 2010 is estimated at $1,470 billion dollars (or $1.47 trillion).
President Obama's record deficits include the $787 billion failed Economic stimulus, the $634 billion "down payment" on so-called healthcare reform, and the $80 billion UAW bailout, which added to President Bush's proposed $700 billion deficit in 2008. President Obama's claim "I had a $1.3 trillion deficit wrapped in a bow, waiting for me at the Oval Office" is not supported by the facts.
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.
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.
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.
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."
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 called the results "positive" 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 in 2008 elections went to President Obama and the Democrats.
Key administartion advisers Rahm Emanuel, Larry Summers, Peter Orzag and Christina Romer all announced thier departures just before the abysmal performance of President Obama's economic program was made public. 3,200,000 despairing workers have now lost thier jobs since the President's economic stimulus became law. The Democratic controlled Congress acted with the assurance Unemployment would never reach above 7.8%.
The total number of lives affected by Unemployment since the 110th Congress 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 cummulative effect means over 30 million people have directly suffered unemployment.
By September 2010, nineteen 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 over 2,500,000 persons (17.1% of the wotkforce), up from 2,200,000 in President Obama's first year.
Among the marginally attached, there were 1,200,000 discouraged workers, an increase of 503,000 since Obama's first year. Discouraged workers are defined as persons who have lost hope of finding work because they believe no jobs are available.
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 8 million jobs have been lost however, affecting the lives of 30 million workers. 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 the 10% Unemployed back to the workforce, barring no other unforseen disasters. The two Stimulus packages, since the Democrats took control of Congress in January 2007, represent an incredible waste of precious resources which could have been used to foster job creation rather than add to a colossal foreign debt.
Declining workforce participation is another factor affecting the Output Gap since the Pelosi/Reid Congress took office.
Workforce participation constitutes the total number of eligible working age adults. Some workers (women who drop out of the workforce for child rearing purposes, or seniors who work to remain active rather than they need the money, for example) in the adult population are discounted, or deemed 'ineligible' to work to arrive at the base number from which the Unemployment rate is calculated. Prior to the recession, more than 66% of working age adults were considered to makeup the workforce. Nearly two full percentage points, or 3,000,000 workers have been shaved off the statisitcs by government number crunchers, to arrive at the base number used to calculated a 9.6% Unemployment rate. If those three million eligible workers were addded back in, the 15,000,000 unemployed figure would swell to 18,000,000 (each one percentage point of the Unemployed represents roughly 1.5 million people).
Underemployment is said to be another 7%, or 11,000,000 people, bringing the entire group total to 29,000,000 unemployed, underemployed, or 'ineligible' currently. Not counted in this figure are new hirees, persons who recently experienced Unemployment. The turnover rate (for whatever reason) of new hirees is much greater than more established workers.
Workers during Recovery Summer had smaller paychecks due to a decline in the average number of payroll 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.
Unemployment in the Pelosi/Reid Congress
Approximately 8 million jobs have been lost, many of them 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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