Weather

The Penalty For Stalling An Aircraft on Takeoff — Death — Video

Posted on April 30, 2013. Filed under: Airplanes, Blogroll, Communications, Diasters, Links, Literacy, media, Transportation, Video, Weather, Wisdom | Tags: , , |

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Bagram airfield crash 29 apr 2013

Bagram airfield crash 29 apr 2013
A civilian cargo plane crash at Bagram Air Field north of Kabul in Afghanistan has killed seven people.

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The Century: America’s Time — Videos

Posted on March 10, 2013. Filed under: American History, Blogroll, Books, Business, College, Communications, Economics, Education, Employment, Energy, European History, Farming, Federal Government, Federal Government Budget, Films, Fiscal Policy, Food, Foreign Policy, government, government spending, Health Care, history, Homes, Immigration, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Music, People, Philosophy, Politics, Psychology, Rants, Raves, Regulations, Religion, Resources, Security, Talk Radio, Tax Policy, Unemployment, Video, War, Wealth, Weather, Wisdom | Tags: , , |

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The Century: America’s Time – The Beginning: Seeds of Change

The Century: America’s Time – 1914-1919: Shell Shock

The Century: America’s Time – 1920-1929 Boom to Bust

The Century: America’s Time – 1929-1936 Stormy Weather

The Century: America’s Time – 1936-1941 Over the Edge

The Century: America’s Time – 1941-1945 Civilians at War

The Century: America’s Time – 1946-1952 Best Years

The Century: America’s Time – 1953-1960 Happy Daze

The Century: America’s Time – 1960-1964 Poisoned Dreams

The Century: America’s Time – 1965-1970 Unpinned

The Century: America’s Time – 1971-1975 Approaching the Apocalypse

The Century: America’s Time – 1976-1980 Starting Over

The Century: America’s Time – 1981-1989 A New World

The Century: America’s Time – 1990-1999 – Then and Now

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A Profile in Courage–Stand With Rand Filibuster: Defend and Protect The Constitution and Your 5th Amendment Rights Against Use Of Drones To Target Kill Noncombatant American Citizens — Videos

Posted on March 7, 2013. Filed under: Blogroll, Communications, Economics, Public Sector, Unions, Video, War, Weather, Wisdom | Tags: , , , , , , , , , , |

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Sen. Rand Paul on America’s Newsroom w/ Megyn Kelly to discuss the Brennan Filibuster – 3/7/13

Rand Paul Fires Back At Filibuster Critics, Shocks Glenn Beck With Revelation

Michelle Malkin: Did Rand Paul’s Filibuster Refurbish The Republican Party’s Tarnished Brand? 3/7/13

Sen. Paul appears on CNN’s Newsroom with Dana Bash- 3/7/2013

#StandWithRand Rand Paul Filibuster Highlights

Rand Paul Interview: Rush Limbaugh (7 March 2013)

Drone Strikes: Where Are Obama’s Tears For Those Child Victims?

Yes, Lethal Drone Attacks on Americans Are Allowed, Says Atty General

“The Obama administration believes it could technically use military force to kill an American on U.S. soil in an “extraordinary circumstance” but has “no intention of doing so,” U.S. Attorney General Eric Holder said in a letter disclosed Tuesday.”*

It’s starting to happen. Attorney General Eric Holder says lethal drone attacks without due process on Americans while on American soil, are hypothetically legal. A surprising Republican Senator is standing against it. Do Republicans and Democrats make exceptions for their own “teams?” Cenk Uygur breaks it down.

Sean Hannity & Krauthammer Talk Excitement in GOP Grassroots on Rand Paul Filibuster & Spending Cuts

Drone Strikes on American Citizens, on US Soil. Sen. Rand Paul  Talks with Sean Hannity

Reality Check: Sen. Rand Paul’s Talking Filibuster of John Brennan

Rand Paul blasted  Obama for  using drone strikes against American citizens

Rand Paul “Senators McCain & Graham Voted FOR Indefinite Detention Of Americans!”

What’s ‘Cooler’ Than Being ‘Cool’? Rand Paul’s Filibuster, According To Fox News’ The Five

Importing the War on Terror: Glenn Greenwald & Activist Trevor Timm on Domestic Drone Surveillance

Obama’s Chilling Secrecy, From Denying Drone Program’s Existence to Stonewalling on Legal Memos

Former White House press secretary Robert Gibbs revealed over the weekend he was initially instructed to deny the existence of the Obama administration’s targeted killing program overseas. Even though the administration has since backed down from that stance, it continues to stonewall members of Congress on releasing the Justice Department memos explaining the program’s legal rationale. Unanswered questions around the program have held up the confirmation of CIA nominee John Brennan. “For a program that is so far reaching and that has so many consequences — not just in the word, but for the rule of law — the Obama administration has an obligation to be far more transparent than they’ve been so far,” says Jameel Jaffer, deputy legal director of the American Civil Liberties Union.

US drones killed almost five thousand people

Special court to approve of killing Americans with drones?

Obama’s Kill List, Drones, & Assassinating U.S. Citizens

MQ-9 Reaper UAV Predator

Predator RQ-1 / MQ-1 / MQ-9 Reaper – Unmanned Aerial Vehicle part 1

Predator RQ-1 / MQ-1 / MQ-9 Reaper – Unmanned Aerial Vehicle part 2

Boeing Dominator air-launched UAV

Attack of the Drones – USA

The drone war and Obama’s “kill list” – Up w/ Chris Hayes (June 2nd, 2012)

Limits on Obama’s Flying Killer Robots?

Rand Paul: Obama Wants No Judicial Oversight To Kill An American – Hannity 3/5/2013

Eric Holder Admits Killing Americans With Drones on U.S. Soil is Unconstitutional

030613 – Sen. Rand Paul Senate Filibuster – HOUR 1

030613 – Sen. Rand Paul Senate Filibuster – HOUR 2

030613 – Sen. Rand Paul Senate Filibuster – HOUR 3

030613 – Sen. Rand Paul Senate Filibuster HOUR 4

030613 – Sen. Rand Paul Senate Filibuster HOUR 5

030613 – Sen. Rand Paul Senate Filibuster HOUR 6

030613 – Sen. Rand Paul Senate Filibuster HOUR 7

030613 – Sen. Rand Paul Senate Filibuster HOUR 8

030613 – Sen. Rand Paul Senate Filibuster Hour 9

Alluding to his full bladder, Sen. Rand Paul ends his filibuster in the Senate

Sen. Mike Lee Joins Rand Paul Filibuster of Brennan: ‘It Is The Opposite of Due Process’

Sen. Ted Cruz Joins Sen. Rand Paul’s Filibuster on Brennan Nomination Part 2

Sen. Jerry Moran Joins Rand Paul Filibuster: Drone Strikes on Americans Illogical ~ 3/6/2013

Sen. Ron Wyden Joins Rand Paul Filibuster: Drone Strikes Should Not Be Allowed Without Any Scrutiny

Harry Reid Tries, And Fails, to End Rand Paul’s Filibuster ~ 3/6/13

Alex Jones Show: Thursday (3-7-13) Full Show

Related Posts On Pronk Palisades

Obama’s Kill List–Drones–Remotely Piloted Aircraft–RPAs–Killing Machines–We Don’t Torture Terrorists–We Kill Americans, Civilians and Children in Undeclared Wars–Obama is Judge, Jury, and Executioner–Hope, Change, and Murder, Inc.–The Mass Murderer In The White House–Videos

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Jim Rogers On Federal Reserve Chairman Ben Bernanke–Videos

Posted on February 27, 2013. Filed under: American History, Blogroll, Business, College, Economics, Education, Employment, European History, Federal Government, Federal Government Budget, government spending, Inflation, Investments, Law, liberty, Life, Links, People, Politics, Raves, Tax Policy, Taxes, Technology, Unemployment, Video, War, Water, Weather, Wisdom | Tags: , , , |

jim-rogers

Jim Rogers On Federal Reserve Chairman Ben Bernanke

Jim Rogers On What The US Economy Will Look Like In 5 Years

Jim Rogers Recommends Giving Up Wall Street For Agriculture Careers

Jim Rogers Discusses Incorrect Wall Street Stories And Predictions

Jim Rogers On Why The Shift Has Not Moved Away From Wall Street Sooner

Jim Rogers Discusses The Growth Rate, 4,200 Percent Of The Quantum Fund

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Here Comes The Judge–Here Comes The Judge–Napolitano–and The Tea Party–Videos

Posted on February 13, 2013. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Employment, Energy, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, People, Philosophy, Politics, Public Sector, Rants, Raves, Tax Policy, Unemployment, Unions, Video, War, Weather, Wisdom | Tags: , , , , , , , , , , , , |

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Here comes the Judge!

Judge Andrew P. Napolitano discusses the Libertarian Party w/ Glenn Beck & The Fr

freedom_answer_book

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The Coming Collapse and Fall of the United States of America–Doug Casey, Gerald Celente, Marc Faber, Michael Maloney, Jim Rickards, Jim Rogers, and Peter Schiff — Videos

Posted on February 7, 2013. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Private Sector, Programming, Psychology, Public Sector, Raves, Regulations, Tax Policy, Unemployment, Unions, Video, War, Wealth, Weather, Wisdom | Tags: , , , , , , , , , , , , |

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The Collapse of The American Dream Explained in Animation

The First 12 Hours of a US Dollar Collapse

Doug Casey on the Problem with Glenn Beck’s Galt’s Gulch (and much more)

BEST DOUG CASEY SPEECH EVER! An Anarchist, Economic Collapse & 7 billion Chi

Doug Casey talks to James Turk

Doug Casey interviews Peter Schiff

RAGING CURRENCY WARFARE!

Gerald Celente Economic Collapse IMMINENT Gerald Celente Today

Marc Faber ‘We Are in the End Game’ – Economic Collapse

How does the Global Financial Crisis End – Michael Maloney explains

Jim Rickards: the Fed is Racing to Create Inflation Before the US Economy Implodes

Jim Rogers Predicts Global Depression In 2013-2014

The Dollar Collapse Revisited and a Bull Market in US Treasuries w/Peter Schiff!

Press Conference with FOMC Chairman Ben S. Bernanke

Conversations with Casey

http://www.caseyresearch.com/cwc

U.S. Dollar Collapse: Where is Germany’s Gold?

By Peter Schiff

The financial world was shocked this month by a demand from Germany’s Bundesbank to repatriate a large portion of its gold reserves held abroad. By 2020, Germany wants 50% of its total gold reserves back in Frankfurt – including 300 tons from the Federal Reserve. The Bundesbank’s announcement comes just three months after the Fed refused to submit to an audit of its holdings on Germany’s behalf. One cannot help but wonder if the refusal triggered the demand.

Either way, Germany appears to be waking up to a reality for which central banks around the world have been preparing: the dollar is no longer the world’s safe-haven asset and the US government is no longer a trustworthy banker for foreign nations. It looks like their fears are well-grounded, given the Fed’s seeming inability to return what is legally Germany’s gold in a timely manner. Germany is a developed and powerful nation with the second largest gold reserves in the world. If they can’t rely on Washington to keep its promises, who can?

Where is Germany’s Gold?

The impact of Germany’s repatriation on the dollar revolves around an unanswered question: why will it take seven years to complete the transfer?

The popular explanation is that the Fed has already rehypothecated all of its gold holdings in the name of other countries. That is, the same mound of bullion is earmarked as collateral for a host of different lenders. Since the Fed depends on a fractional-reserve banking system for its very existence, it would not come as a surprise that it has become a fractional-reserve bank itself. If so, then perhaps Germany politely asked for a seven-year timeline in order to allow the Fed to save face, and to prevent other depositors from clamoring for their own gold back – a ‘run’ on the Fed.

Now, the Fed can always print more dollars and buy gold on the open market to make up for any shortfall, but such a move could substantially increase the price of gold. The last thing the Fed needs is another gold price spike reminding the world of the dollar’s decline.

Speculation Aside

None of these theories are substantiated, but no matter how you slice it, Germany’s request for its gold does not bode well for the future of the dollar. In fact, the Bundesbank’s official statements are all you need to confirm the Germans’ waning faith in the US.

Last October, after the Bundesbank had requested an audit of its Fed holdings, Executive Board Member Carl-Ludwig Thiele was asked in an interview why the bank kept so much of Germany’s gold overseas. His response emphasized the importance of the dollar as the world’s reserve currency:

Thiele’s statement can lead us to only one conclusion: by keeping fewer reserves in the US, Germany foresees less future need for “US dollar-denominated liquidity.””Gold stored in your home safe is not immediately available as collateral in case you need foreign currency. Take, for instance, the key role that the US dollar plays as a reserve currency in the global financial system. The gold held with the New York Fed can, in a crisis, be pledged with the Federal Reserve Bank as collateral against US dollar-denominated liquidity.”

History Repeats

The whole situation mirrors the late 1960s, during a period that led up to the “Nixon Shock.” Back then, the world was on the Bretton Woods System – an attempt on the part of Western central bankers to pin the dollar to gold at a fixed rate, while still allowing the metal to trade privately as a commodity. This led to a gap between the market price of gold as a commodity and the official price available from the Treasury.

As the true value of gold separated further and further from its official rate, the world began to realize the system was unsustainable, and many suspected the US was not serious about maintaining a strong dollar. West Germany moved first on these fears by redeeming its dollar reserves for gold, followed by France, Switzerland, and others. This eventually culminated in Nixon “closing the gold window” in 1971 by ending any link between the dollar and gold. This “Nixon Shock” spurred chronic inflation throughout the ’70s and a concurrent rally in gold.

Perhaps the entire international community is thinking back to the ’60s, because Germany isn’t the only country maneuvering away from the dollar today. The Netherlands and Azerbaijan are also discussing repatriating their foreign gold holdings. And every month, we hear about central banks increasing gold reserves. The latest are Russia and Kazakhstan, but in the last year, countries from Brazil to Turkey have been adding to their gold holdings in order to diversify away from fiat currency reserves.

And don’t forget China. Once the biggest purchaser of US bonds, it is now a net seller of Treasuries, while simultaneously gobbling up gold. Some sources even claim that China has unofficially surpassed Germany as the second largest holder of gold in the world.

Unlike the ’60s, today there is no official gold window to close. There will be no reported “shock” indicator of a dollar flight. This demand by Germany may be the closest indicator we’re going to get. Placing blame where it’s due, let’s call it the “Bernanke Shock.”

It Takes One to Know One

In last month’s Gold Letter, I wrote about the three pillars supporting the US Treasury’s persistently low interest rates: the Fed, domestic investors, and foreign central banks – led by Japan. I examined how Japan’s plans to radically devalue the yen may undermine that country’s ability to continue buying Treasuries, which could cause the other pillars to become unstable as well.

While private investors and even the Fed might be deluding themselves into believing US bonds are still a viable investment, Germany’s repatriation news makes it clear that foreign governments are no longer buying the propaganda. And why should they? If anyone should appreciate the real constraints the US government is facing, it is other governments.

Our sovereign creditors know that Ben Bernanke and Barack Obama are just regular men in fancy suits. They know the Fed isn’t harboring some ingenious plan for raising interest rates while successfully selling back its worthless mortgage and government securities. Instead, the Fed is like a drug addict making any excuse to get its next fix. [See Bernanke's tell-all interview with Oprah where he confesses to economic doping!]

US investors should be as shocked as the Bundesbank about the Fed’s deception. While we cannot redeem our dollars for gold with the Fed, we can still buy gold with them in the open market. As more investors and governments choose to save in precious metals, the dollar’s value will go into steeper and steeper decline – thereby driving more investors into metals. That’s when the virtuous circle upon which the dollar has coasted for a generation will quickly turn vicious.

Peter Schiff is president of Euro Pacific Capital and author of The Little Book of Bull Moves in Bear Markets and Crash Proof: How to Profit from the Coming Economic Collapse. His latest book is The Real Crash: America’s Coming Bankruptcy, How to Save Yourself and Your Country.

http://www.globalresearch.ca/u-s-dollar-collapse-where-is-germanys-gold/5321894

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U.S. Economy Still Stagnating with No Change in Unemployment U-3 Rate of 7.8% With Only 155,000 New Jobs Created in December 2012–12.2 Million Unemployed–Videos

Posted on January 4, 2013. Filed under: Babies, Blogroll, Business, Communications, Demographics, Economics, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government spending, Law, liberty, Life, Links, media, People, Philosophy, Politics, Rants, Raves, Unemployment, Video, War, Wealth, Weather, Wisdom | Tags: , , |

sgs-emp

Wall Street wavers after jobs report

Boring Jobs Data Has Hidden Positives, Fueling Optimism

US unemployment rate holds steady in December at 7.8%

U.S. Morning Call: Investors looking for upbeat jobs report

Employment Level

143,305,000

Series Id:           LNS12000000
Seasonally Adjusted
Series title:        (Seas) Employment Level
Labor force status:  Employed
Type of data:        Number in thousands
Age:                 16 years and over

employment level

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143150(1) 143457 143741 143761 144089 144353 144202 144625 144815 145314 145534 145970
2007 146028(1) 146057 146320 145586 145903 146063 145905 145682 146244 145946 146595 146273
2008 146378(1) 146156 146086 146132 145908 145737 145532 145203 145076 144802 144100 143369
2009 142153(1) 141644 140721 140652 140250 140005 139898 139481 138810 138421 138665 138025
2010 138439(1) 138624 138767 139296 139255 139148 139167 139405 139388 139097 139046 139295
2011 139253(1) 139471 139643 139606 139681 139405 139509 139870 140164 140314 140771 140896
2012 141608(1) 142019 142020 141934 142302 142448 142250 142164 142974 143328 143277 143305
1 : Data affected by changes in population controls.

Civilian Labor Force

155,511,000

Series Id:           LNS11000000
Seasonally Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over

civilian_labor_force

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153144(1) 152983 153051 152435 152670 153041 153054 152749 153414 153183 153835 153918
2008 154063(1) 153653 153908 153769 154303 154313 154469 154641 154570 154876 154639 154655
2009 154232(1) 154526 154142 154479 154742 154710 154505 154300 153815 153804 153887 153120
2010 153455(1) 153702 153960 154577 154110 153623 153709 154078 153966 153681 154140 153649
2011 153244(1) 153269 153358 153478 153552 153369 153325 153707 154074 154010 154096 153945
2012 154356(1) 154825 154707 154451 154998 155149 154995 154647 155056 155576 155319 155511
1 : Data affected by changes in population controls.

Labor Participation Rate

63.6%

Series Id:           LNS11300000
Seasonally Adjusted
Series title:        (Seas) Labor Force Participation Rate
Labor force status:  Civilian labor force participation rate
Type of data:        Percent or rate
Age:                 16 years and over

civilian_labor_participation_rate

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.1 66.1 66.0 66.0 65.9 65.8
2009 65.7 65.8 65.6 65.7 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.1 64.9 64.6 64.6 64.7 64.6 64.4 64.6 64.3
2011 64.2 64.2 64.2 64.2 64.2 64.0 64.0 64.1 64.2 64.1 64.1 64.0
2012 63.7 63.9 63.8 63.6 63.8 63.8 63.7 63.5 63.6 63.8 63.6 63.6

Unemployment Level

12,206,000

Series Id:           LNS13000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over

unemployment_level

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7116 6927 6731 6850 6766 6979 7149 7067 7170 7237 7240 7645
2008 7685 7497 7822 7637 8395 8575 8937 9438 9494 10074 10538 11286
2009 12079 12881 13421 13826 14492 14705 14607 14819 15005 15382 15223 15095
2010 15016 15078 15192 15281 14856 14475 14542 14673 14577 14584 15094 14354
2011 13992 13798 13716 13872 13871 13964 13817 13837 13910 13696 13325 13049
2012 12748 12806 12686 12518 12695 12701 12745 12483 12082 12248 12042 12206

Unemployment Rate U-3

7.8%

Series Id:           LNS14000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over

unemployment_rate

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 9.0 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.8 9.8 9.9 9.9 9.6 9.4 9.5 9.5 9.5 9.5 9.8 9.3
2011 9.1 9.0 8.9 9.0 9.0 9.1 9.0 9.0 9.0 8.9 8.6 8.5
2012 8.3 8.3 8.2 8.1 8.2 8.2 8.2 8.1 7.8 7.9 7.8 7.8

Unemployment Rate U-6

14.4%

Series Id:           LNS13327709
Seasonally Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent or rate
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached

unemployment_rate_U_6

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9
2007 8.4 8.2 8.0 8.2 8.2 8.3 8.4 8.4 8.4 8.4 8.4 8.8
2008 9.2 9.0 9.1 9.2 9.7 10.1 10.5 10.8 11.0 11.8 12.6 13.6
2009 14.2 15.1 15.7 15.9 16.4 16.5 16.5 16.7 16.7 17.1 17.1 17.1
2010 16.7 17.0 17.0 17.1 16.6 16.5 16.5 16.5 16.8 16.7 16.9 16.6
2011 16.2 16.0 15.8 16.0 15.8 16.1 16.0 16.1 16.3 16.0 15.5 15.2
2012 15.1 15.0 14.5 14.5 14.8 14.8 14.9 14.7 14.7 14.5 14.4 14.4

Background Articles and Videos

The Unemployment Game Show: Are You *Really* Unemployed?

Trapped in Unemployment

Decades of high unemployment likely

Employment Situation Summary

Transmission of material in this release is embargoed                   USDL-13-0001
until 8:30 a.m. (EST) Friday, January 4, 2013

Technical information:
 Household data:       (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data:   (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:         (202) 691-5902  *  PressOffice@bls.gov

                         THE EMPLOYMENT SITUATION -- DECEMBER 2012

Nonfarm payroll employment rose by 155,000 in December, and the unemployment 
rate was unchanged at 7.8 percent, the U.S. Bureau of Labor Statistics reported 
today. Employment increased in health care, food services and drinking places, 
construction, and manufacturing.

    -----------------------------------------------------------------
   |                                                                 |
   |      Revision of Seasonally Adjusted Household Survey Data      |
   |                                                                 |
   | Seasonally adjusted household survey data have been revised     |
   | using updated seasonal adjustment factors, a procedure done at  |
   | the end of each calendar year. Seasonally adjusted estimates    |
   | back to January 2008 were subject to revision. The unemployment |
   | rates for January 2012 through November 2012 (as originally     |
   | published and as revised) appear in table A, along with         |
   | additional information about the revisions.                     |
   |                                                                 |
    -----------------------------------------------------------------

Household Survey Data

The number of unemployed persons, at 12.2 million, was little changed
in December. The unemployment rate held at 7.8 percent and has been at
or near that level since September. (See table A-1.)

Among the major worker groups, the unemployment rates for adult women
(7.3 percent) and blacks (14.0 percent) edged up in December, while
the rates for adult men (7.2 percent), teenagers (23.5 percent),
whites (6.9 percent), and Hispanics (9.6 percent) showed little or no
change. The jobless rate for Asians was 6.6 percent (not seasonally
adjusted), little changed from a year earlier. (See tables A-1, A-2,
and A-3.)

In December, the number of long-term unemployed (those jobless for 27
weeks or more) was essentially unchanged at 4.8 million and accounted
for 39.1 percent of the unemployed. (See table A-12.)

The civilian labor force participation rate held at 63.6 percent in
December. The employment-population ratio, at 58.6 percent, was 
essentially unchanged over the month. (See table A-1.)

The number of persons employed part time for economic reasons
(sometimes referred to as involuntary part-time workers), at 7.9
million, changed little in December. These individuals were working
part time because their hours had been cut back or because they were
unable to find a full-time job. (See table A-8.)

In December, 2.6 million persons were marginally attached to the labor
force, essentially unchanged from a year earlier. (These data are not
seasonally adjusted.) These individuals were not in the labor force,
wanted and were available for work, and had looked for a job sometime
in the prior 12 months. They were not counted as unemployed because
they had not searched for work in the 4 weeks preceding the survey.
(See table A-16.)

Among the marginally attached, there were 1.1 million discouraged
workers in December, little changed from a year earlier. (These data
are not seasonally adjusted.) Discouraged workers are persons not
currently looking for work because they believe no jobs are available
for them. The remaining 1.5 million persons marginally attached to the
labor force in December had not searched for work in the 4 weeks
preceding the survey for reasons such as school attendance or family
responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment increased by 155,000 in December. In
2012, employment growth averaged 153,000 per month, the same as the
average monthly gain for 2011. In December, employment increased in
health care, food services and drinking places, construction, and
manufacturing. (See table B-1.)

Health care employment continued to expand in December (+45,000). Job
gains occurred in ambulatory health care services (+23,000), in
hospitals (+12,000), and in nursing and residential care facilities
(+10,000). In 2012, health care employment rose by 338,000.

In December, employment in food services and drinking places rose by
38,000. In 2012, the industry added an average of 24,000 jobs a month,
essentially the same as in 2011.

Construction added 30,000 jobs in December, led by employment
increases in construction of buildings (+13,000) and in residential
specialty trade contractors (+12,000).

In December, manufacturing employment rose by 25,000, with small gains
in a number of component industries. In 2012, factory employment
increased by 180,000; most of the growth occurred during the first
quarter.

Employment in retail trade changed little in December, after
increasing by 143,000 over the prior 3 months. Within the industry,
employment in clothing and accessories stores fell by 19,000,
following gains that totaled 55,000 over the prior 3 months. Elsewhere
in retail trade, employment in automobile dealers and in food and
beverage stores continued to trend up in December.

Employment in other major industries, including mining and logging,
transportation and warehousing, financial activities, professional and
businesses services, and government, showed little change over the
month.

In December, the average workweek for all employees on private nonfarm
payrolls edged up by 0.1 hour to 34.5 hours. The manufacturing
workweek edged up by 0.1 hour to 40.7 hours, and factory overtime was
unchanged at 3.3 hours. The average workweek for production and
nonsupervisory employees on private nonfarm payrolls edged up by 0.1
hour to 33.8 hours. (See tables B-2 and B-7.)

Average hourly earnings for all employees on private nonfarm payrolls
rose by 7 cents to $23.73. Over the year, average hourly earnings have
risen by 2.1 percent. In December, average hourly earnings of private-
sector production and nonsupervisory employees increased by 6 cents to
$19.92. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for October was revised
from +138,000 to +137,000, and the change for November was revised
from +146,000 to +161,000.

____________
The Employment Situation for January is scheduled to be released on
Friday, February 1, 2013, at 8:30 a.m. (EST).

  ------------------------------------------------------------------ 
 |                                                                  |
 |            Revisions in the Establishment Survey Data            |
 |                                                                  |
 | With the release of January 2013 data on February 1, 2013, the   |
 | Current Employment Statistics (CES) survey will introduce        |
 | revisions to nonfarm payroll employment, hours, and earnings     |
 | data to reflect the annual benchmark adjustment for March 2012   |
 | and updated seasonal adjustment factors. Not seasonally adjusted |
 | data beginning with April 2011 and seasonally adjusted data      |
 | beginning with January 2008 are subject to revision.             |
 |                                                                  |
  ------------------------------------------------------------------ 

  ------------------------------------------------------------------ 
 |                                                                  |
 |             Upcoming Changes to the Household Survey             |
 |                                                                  |
 | Effective with the release of The Employment Situation for       |
 | January 2013, scheduled for February 1, 2013, new population     |
 | controls will be used in the monthly household survey estima-    |
 | tion process. These new controls reflect the annual updating of  |
 | intercensal population estimates by the U.S. Census Bureau.      |
 | Historical data will not be revised to incorporate the new       |
 | controls; consequently, household survey data for January 2013   |
 | will not be directly comparable with that for December 2012 or   |
 | earlier periods. A table showing the effects of the new controls |
 | on the major labor force series will be included in the January  |
 | 2013 release.                                                    |
 |                                                                  |
  ------------------------------------------------------------------ 

         Revision of Seasonally Adjusted Household Survey Data

At the end of each calendar year, BLS routinely updates the seasonal
adjustment factors for the labor force series derived from the Current
Population Survey (CPS), or household survey. As a result of this
process, seasonally adjusted data for January 2008 through November
2012 were subject to revision.

Table A shows the unemployment rates for January 2012 through November
2012, as first published and as revised. The rates changed by one-
tenth of a percentage point in 2 of the 11 months and were unchanged
in the remaining 9 months. Revised seasonally adjusted data for other
major labor force series beginning in December 2011 appear in table B.

An article describing the seasonal adjustment methodology for the
household survey data and revised data for January 2012 through
November 2012 is available at www.bls.gov/cps/cpsrs2013.pdf.

Historical data for the household series contained in the A tables of
this release can be accessed at www.bls.gov/cps/cpsatabs.htm. Revised
historical seasonally adjusted monthly and quarterly data for
additional series are available on the Internet at
ftp://ftp.bls.gov/pub/special.requests/lf/.

Table A.  Seasonally adjusted unemployment rates in 2012 and changes
due to revision, January - November 2012

         Month            As first           As          Change
                          computed         revised

January ...............      8.3             8.3          0.0
February ..............      8.3             8.3           .0
March .................      8.2             8.2           .0
April .................      8.1             8.1           .0
May ...................      8.2             8.2           .0
June ..................      8.2             8.2           .0
July ..................      8.3             8.2          -.1
August ................      8.1             8.1           .0
September .............      7.8             7.8           .0
October ...............      7.9             7.9           .0
November ..............      7.7             7.8           .1

HOUSEHOLD DATA Table B. Employment status of the civilian population by sex and age, seasonally adjusted
[Numbers in thousands]

Employment status, sex, and age20112012Dec.Jan.Feb.Mar.Apr.MayJuneJulyAug.Sept.Oct.Nov.Dec.TOTAL Civilian noninstitutional population(1)240,584242,269242,435242,604242,784242,966243,155243,354243,566243,772243,983244,174244,350Civilian labor force153,945154,356154,825154,707154,451154,998155,149154,995154,647155,056155,576155,319155,511Participation rate64.063.763.963.863.663.863.863.763.563.663.863.663.6Employed140,896141,608142,019142,020141,934142,302142,448142,250142,164142,974143,328143,277143,305Employment-population ratio58.658.558.658.558.558.658.658.558.458.758.758.758.6Unemployed13,04912,74812,80612,68612,51812,69512,70112,74512,48312,08212,24812,04212,206Unemployment rate8.58.38.38.28.18.28.28.28.17.87.97.87.8 Men, 20 years and over Civilian noninstitutional population(1)108,290108,087108,188108,289108,396108,503108,613108,727108,851108,973109,096109,206109,308Civilian labor force79,42079,20379,30179,31379,10379,37379,43279,37679,08579,43679,67979,56879,695Participation rate73.373.373.373.273.073.273.173.072.772.973.072.972.9Employed73,05073,13873,17973,23873,14573,23073,29973,28873,09773,61273,84573,82173,949Employment-population ratio67.567.767.667.667.567.567.567.467.267.667.767.667.7Unemployed6,3706,0656,1236,0755,9586,1436,1336,0895,9885,8255,8345,7475,746Unemployment rate8.07.77.77.77.57.77.77.77.67.37.37.27.2 Women, 20 years and over Civilian noninstitutional population(1)115,602117,082117,170117,260117,353117,448117,546117,648117,760117,869117,980118,079118,170Civilian labor force68,81569,42069,77569,58069,58069,77769,77769,67369,80069,81370,04169,90770,059Participation rate59.559.359.559.359.359.459.459.259.359.259.459.259.3Employed63,44664,08064,45764,42264,45464,65364,61664,43764,71664,93465,01464,98864,954Employment-

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R. Christopher Whalen: Inflated: How Money and Debt Built the American Dream–Videos

Posted on December 10, 2012. Filed under: Banking, Blogroll, Business, Communications, Demographics, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, history, History of Economic Thought, Homes, Immigration, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Philosophy, Politics, Public Sector, Rants, Raves, Regulations, Resources, Tax Policy, Technology, Unions, Weather, Wisdom | Tags: , , , , , , , |

Inflated_How_Money_and_Debt_Built_The American_Dream

r_Christopher_Whalen

“Whalen is smart. He’s one of the few worthy of your time. Others: Marc Faber, Hugh Hendry, Doug Dachille, David Rosenberg, Howard Davidowitz, James Grant, Peter Schiff, Niall Ferguson, Doug Casey, Jim Rogers.”

Chris Whalen Drops the F-Bomb on Wall Street while sounding the Bankruptcy Alarm

Whalen: Libor Is A Collusive Price Set By Collusive Banks

Whalen: Go Back To The Future To Fight Fraud With Equity Receivers

Value Investing Conference 2010 – Part 4

Inflated: How Money and Debt Built the American Dream | Christopher Whalen

‘Inflated: How Money and Debt Built the American Dream’

Chris Whalen: “The Fed let the real economy go to hell”

Web Extra Chris Whalen: Is JP Morgan blowing hot air with clawbacks? Plus, Natural Gas forecasts

CHRIS WHALEN: “PAPER ASSETS ARE HEADED TO ZERO” 7-6-2010

Christopher Whalen, A New Deal For The American Economy 1/7

Christopher Whalen, A New Deal For The American Economy 2/7

Christopher Whalen, A New Deal For The American Economy 3/7

Christopher Whalen, A New Deal For The American Economy 4/7

Christopher Whalen, A New Deal For The American Economy 5/7

Christopher Whalen, A New Deal For The American Economy 6/7

Christopher Whalen, A New Deal For The American Economy 7/7

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Jumping off the fiscal cliff and bouncing back towards peace and prosperity with bungee budgets!–Videos

Posted on December 4, 2012. Filed under: American History, Blogroll, Business, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government spending, history, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, People, Philosophy, Politics, Psychology, Public Sector, Raves, Resources, Security, Strategy, Tax Policy, Taxes, Unemployment, Unions, Video, War, Wealth, Weather, Wisdom | Tags: , , , , , , |

bungee_jumping_off_fiscal_cliff

FISCAL CLIFF, OH NOES!!

World’s Tallest Bungee Jump HD (Backwards)

Aussie tourist’s bungee cord snaps

Fiscal Cliff: What Republicans, Democrats Agree on So Far

Dan Mitchell Commenting on Republican Weakness in Fiscal Cliff Negotiations

Grover Norquist: Obama “Thinks Somebody Made Him King”

Peter Schiff: Many Other Cliffs Await the US Economy – CNBC 12/05/2012

“Grover Norquist confident Republicans will abide by no tax pledge” Grover Scares The GOP

Fiscal Cliff solution: Simpson-Bowles?

Fiscal Cliff GOP Plan Offered by John Boehner White House Rejects Plan

Obama – Finally An Aggressive Progressive?!

White House ‘Reluctantly’ Willing to Go Off Fiscal Cliff?

Obama On Rejecting GOP Plan: It’s Just A Matter Of Math’

Sen. Hatch: Obama’s “fiscal cliff” plan a “bait and switch”

Joe Scarborough Hammers Fiscal Cliff Offer: Was It Necessary For Obama ‘To Be So Provocative?’

Charles Krauthammer Fiscal Cliff Analogy: Obama Offer Worse Than Appomattox

Timothy Geithner ‘This Week’ Interview: Fiscal Cliff is in the GOP’s Court

Dr. Coburn on OUTFRONT with Erin Burnett Regarding Speaker Boehner’s Offer and Fiscal Cliff

Fiscal Cliff Hangout – Nov. 30, 2012

The Engineered Fiscal Cliff

Jumping off the fiscal cliff and bouncing back towards peace and prosperity with bungee budgets!

By Raymond Thomas Pronk

The year-end fiscal cliff time bomb of massive tax increases and huge spending cuts is ticking louder and louder.

On Nov. 29, President Barack Obama sent Treasury Secretary Tim Geithner to Congress to present his opening proposal to increase tax revenues by $1.6 trillion over the next 10 years, a possible extension of the temporary Social Security payroll tax cut and increased presidential power to raise the national debt without limit. Obama would support $600 billion in spending cuts including $350 billion from Medicare and other health programs.

However, Obama wants an additional $200 billion in new spending outlays for jobless benefits, aid for struggling homeowners and at least $50 billion for public works infrastructure projects—another stimulus package. In summary, Obama wants four times as much in tax increases as spending cuts.  Obama’s so-called balanced approach offer was dead on arrival in the Republican-controlled House..

House Speaker John Boehner, R-Ohio, and other Republican leaders responded by sending Obama the GOP plan in a Dec. 3 letter that includes $800 billion in higher tax revenues over the next decade. The letter pointed out that Erskine Bowles, co-chair of Obama’s debt commission, recommended a balanced middle ground approach that included significant spending cuts as well as $800 billion in new tax revenue.

However, the GOP plan would keep the Bush marginal tax rates for all brackets, including those for higher income earners in place. The Republican letter pointedly said,

“The new revenue in the Bowles plan would not be achieved through higher tax rates, which we continue to oppose and will not agree to in order to protect small businesses and our economy.”

The Republican plan would also cut over ten years $600 billion from costly health care programs including Medicare, $300 billion from national defense and domestic programs and another $300 billion from other proposals including forcing federal workers to contribute toward their pension plans. The Republican plan would produce an estimated $2.2 trillion in savings over 10 years.

Neither the Democratic nor Republican proposals to avoid the year-end fiscal cliff would balance the budget in the next ten years. The Republicans as much as admitted this in their letter by stating, “This is by no means an adequate long-term solution, as resolving our long-term fiscal crisis will require fundamental entitlement reform. Indeed, the Bowles’ plan is exactly the kind of imperfect but fair middle ground that allows us to avert the fiscal cliff without hurting our economy and destroying jobs.”

The president after reading the Republican proposal letter, rejected the GOP plan out of hand because it did not increase the marginal tax rates on those earning more than $250,000, the majority of whom are successful business owners who create wealth, income and jobs.

The table below summarizes the failed 10 year record of both political parties in controlling government spending that have produced massive fiscal-year deficits and an ever increasing national debt.

Summary of Tax Receipts and Spending Outlays of the

United States Government for Fiscal Years 2002-2012

[in million of dollars]

Fiscal Year Tax Receipts Spending Outlays Deficits (+)  or Surplus (-)

2002

1,853,225 2,011,016 157,791
2003 1,782,108 2,159,246 377,139
2004 1,879,783 2,292,628 412,845
2005 2,153,350 2,472,095 318,746
2006 2,406,675 2,654,873 248,197
2007 2,567,672 2,729,199 161,527
2008 2,523,642 2,978,440 454,798
2009 2,104,358 3,520,082 1,415,724
2010 2,161,728 3,455,931 1,294,204
2011 2,302,495 3,601,109 1,298,614
2012 2,449,093 3,538,446 1,089,353
Source: Department of the Treasury, Final Monthly Treasury Statements of Receipts and Outlays of the United States Government for Fiscal Years 2002-2012, table 1.

Neither the Democratic Party led by President Obama, Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi nor the Republican Party led by House Speaker Boehner, House Majority Leader Eric Cantor and Senate Minority Leader Mitch McConnell, are capable of balancing the budget of the U.S. government.

U.S. government budget deficits are financed or paid for by the issuing of debt in the form of Treasury bills, notes or bonds by the Department of the Treasury. The sale of Treasury securities results in an increase in the national debt and an increase in the interest that must be paid by the American people to those who purchase the Treasury securities.

The Federal Reserve, the central bank of the United States, has been artificially suppressing interest rates for more than four years, to near zero rates (.25 percent) for federal funds, money loaned overnight by commercial banks to each other. Once inflation or a rise in the general price level hits the economy, interest rates will quickly rise to market levels. The interest paid by the federal government on its Treasury securities will quickly double and triple to more than $750 billion per year.

Until the U.S. government lives within the means of the American people by balancing its budget, the economy:

(1)   will grow at relatively low rates between 1 and 2 percent per year,

(2)   have persistently high unemployment rates in the 8 to 10 percent range,

(3)   and inflation or price increases will exceed 3 to 6 percent or more per year.

Economists describe such a situation as stagflation, a portmanteau of stagnation and inflation

Forget about the fiscal cliff. Focus on economic growth and job creation. Balance the budget.

A balanced budget is one in which total spending outlays equal total tax receipts. A budget deficit is one in which total spending outlays exceed total tax receipts. A budget surplus is one in which total tax receipts exceed total spending outlays.

Balance the U.S. government’s budget by Sept. 30, 2016, the end of fiscal year 2016, by cutting total government spending $250 billion or about 7 percent per year for four years until the budget is balanced or in surplus.

Federal government spending outlays would be capped at the following fiscal-year levels:

The Bungee Budgets

Balancing The United States Government Budget

By Sept. 30, 2016

Estimated Tax Receipts, Spending Outlays, Deficits, and Surpluses

[in million of dollars]

Fiscal Year Estimated Tax Receipts* Estimated Spending Outlays**  EstimatedDeficits (+)  or Surplus(-)
2013 2,475,000 3,288,000 813,000
2014 2,500,000 3,038,000 538,000
2015 2,525,000 2,788,000 263,000
2016 2,550,000 2,538,000 -12,000
*Estimated tax receipts are based on the current Internal Revenue Code being extended for four years and increasing tax receipts of $25 billion per fiscal year.**Spending outlays are reduced $250 billion from the previous fiscal year.

Extend the so-called Bush marginal tax rates for four years or until the current complex Internal Revenue Code and regulations are replaced by either a single flat income tax or a broad-based national consumption retail sales tax—the FairTax. The proposed bungee budgets for fiscal years 2013-2016 require leaders with courage, vision and wisdom to pass and implement them. The possibility of the above proposal being passed by Congress and signed into law by the president are slim and none.

Today the U.S. has a national debt exceeding $16 trillion and unfunded liabilities for Social Security and Medicare exceeding $63 trillion according to the latest report of the trustees of both programs. The unfunded liability is the amount the government has promised in benefits looking indefinitely into the future less the payroll taxes and premiums the government expects to collect.

The U.S. government’s national debt and unfunded liabilities now exceed $80 trillion or more than five times the total estimated U.S. real gross domestic product for 2012. The U.S. warfare and welfare state has already fallen off the fiscal cliff and is accelerating toward a default on its Treasury debt.

Yet the political theater in Washington, D.C., over the phony fiscal cliff crisis will continue into 2013. The American people deserve the leadership they voted for in November. Now the American people will pay the price as the economy heads toward another recession. The party is over. Happy New Year!

Raymond Thomas Pronk is host of the Pronk Pops Show on KDUX web radio from 3-5 p.m. Fridays and author of the companion blog http://www.pronkpops.wordpress.com.

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We Can’t Afford Four Years of Obama With Fewer Americans Working Than Five Years Ago In November 2007 (146.6 Million) Than Today (143.4 Million)–Obama Is Not Working Out–Vote For A Change–Videos

Posted on November 4, 2012. Filed under: American History, Blogroll, Business, Communications, Culture, Demographics, Economics, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Immigration, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, People, Philosophy, Politics, Programming, Psychology, Rants, Raves, Resources, Video, Wealth, Weather, Wisdom | Tags: , , , , , , , , , |

November 2nd 2012 CNBC Stock Market Squawk Box (October Jobs Report)

Market Week in Review – November 2, 2012 

Employment Level

143.384 Million

Series Id:           LNS12000000
Seasonally Adjusted
Series title:        (Seas) Employment Level
Labor force status:  Employed
Type of data:        Number in thousands
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143150(1) 143457 143741 143761 144089 144353 144202 144625 144815 145314 145534 145970
2007 146028(1) 146057 146320 145586 145903 146063 145905 145682 146244 145946 146595 146273
2008 146397(1) 146157 146108 146130 145929 145738 145530 145196 145059 144792 144078 143328
2009 142187(1) 141660 140754 140654 140294 140003 139891 139458 138775 138401 138607 137968
2010 138500(1) 138665 138836 139306 139340 139137 139139 139338 139344 139072 138937 139220
2011 139330(1) 139551 139764 139628 139808 139385 139450 139754 140107 140297 140614 140790
2012 141637(1) 142065 142034 141865 142287 142415 142220 142101 142974 143384
1 : Data affected by changes in population controls.

Civilian Labor Force Level

155.641 Million

Series Id:           LNS11000000
Seasonally Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153144(1) 152983 153051 152435 152670 153041 153054 152749 153414 153183 153835 153918
2008 154075(1) 153648 153925 153761 154325 154316 154480 154646 154559 154875 154622 154626
2009 154236(1) 154521 154143 154450 154800 154730 154538 154319 153786 153822 153833 153091
2010 153454(1) 153704 153964 154528 154216 153653 153748 154073 153918 153709 154041 153613
2011 153250(1) 153302 153392 153420 153700 153409 153358 153674 154004 154057 153937 153887
2012 154395(1) 154871 154707 154365 155007 155163 155013 154645 155063 155641
1 : Data affected by changes in population controls.

Labor Force Participation Rate

63.8%

Series Id:           LNS11300000
Seasonally Adjusted
Series title:        (Seas) Labor Force Participation Rate
Labor force status:  Civilian labor force participation rate
Type of data:        Percent or rate
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.1 66.1 65.9 66.0 65.8 65.8
2009 65.7 65.8 65.6 65.6 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.1 64.9 64.6 64.6 64.7 64.6 64.4 64.5 64.3
2011 64.2 64.2 64.2 64.2 64.2 64.1 64.0 64.1 64.1 64.1 64.0 64.0
2012 63.7 63.9 63.8 63.6 63.8 63.8 63.7 63.5 63.6 63.8

Unemployment Level

12.258 Million

Series Id:           LNS13000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7116 6927 6731 6850 6766 6979 7149 7067 7170 7237 7240 7645
2008 7678 7491 7816 7631 8395 8578 8950 9450 9501 10083 10544 11299
2009 12049 12860 13389 13796 14505 14727 14646 14861 15012 15421 15227 15124
2010 14953 15039 15128 15221 14876 14517 14609 14735 14574 14636 15104 14393
2011 13919 13751 13628 13792 13892 14024 13908 13920 13897 13759 13323 13097
2012 12758 12806 12673 12500 12720 12749 12794 12544 12088 12258

Unemployment Rate U-6

7.9%

Series Id:           LNS14000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 8.3 8.7 8.9 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.7 9.8 9.8 9.9 9.6 9.4 9.5 9.6 9.5 9.5 9.8 9.4
2011 9.1 9.0 8.9 9.0 9.0 9.1 9.1 9.1 9.0 8.9 8.7 8.5
2012 8.3 8.3 8.2 8.1 8.2 8.2 8.3 8.1 7.8 7.9

Total Unemployment Rate U-6

14.7%

Series Id:           LNS13327709
Seasonally Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent or rate
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9
2007 8.4 8.2 8.0 8.2 8.2 8.3 8.4 8.4 8.4 8.4 8.4 8.8
2008 9.2 9.0 9.1 9.2 9.7 10.1 10.5 10.8 11.1 11.8 12.7 13.5
2009 14.2 15.1 15.7 15.8 16.4 16.5 16.5 16.7 16.8 17.2 17.1 17.1
2010 16.7 16.9 16.9 17.0 16.6 16.5 16.5 16.6 16.9 16.8 16.9 16.6
2011 16.1 15.9 15.7 15.9 15.8 16.2 16.1 16.2 16.4 16.0 15.6 15.2
2012 15.1 14.9 14.5 14.5 14.8 14.9 15.0 14.7 14.7 14.6

Background Articles and Videos

Mythical Green Shoots and the Big Government Lie on Unemployment

Employment Situation Summary

Transmission of material in this release is embargoed                       USDL-12-2164
until 8:30 a.m. (EDT) Friday, November 2, 2012

Technical information:
 Household data:       (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data:   (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:         (202) 691-5902  *  PressOffice@bls.gov

                         THE EMPLOYMENT SITUATION -- OCTOBER 2012

Total nonfarm payroll employment increased by 171,000 in October, and the unemployment
rate was essentially unchanged at 7.9 percent, the U.S. Bureau of Labor Statistics
reported today. Employment rose in professional and business services, health care,
and retail trade.

   _______________________________________________________________________________
  |                                                                               |
  |                                Hurricane Sandy                                |
  |                                                                               |
  |Hurricane Sandy had no discernable effect on the employment and unemployment   |
  |data for October. Household survey data collection was completed before the    |
  |storm, and establishment survey data collection rates were within normal ranges|
  |nationally and for the affected areas. For information on how unusually severe |
  |weather can affect the employment and hours estimates, see the Frequently Asked|
  |Questions section of this release.                                             |
  |                                                                               |
  |_______________________________________________________________________________|

Household Survey Data

Both the unemployment rate (7.9 percent) and the number of unemployed persons (12.3
million) were essentially unchanged in October, following declines in September.
(See table A-1.)

Among the major worker groups, the unemployment rate for blacks increased to 14.3
percent in October, while the rates for adult men (7.3 percent), adult women (7.2
percent), teenagers (23.7 percent), whites (7.0 percent), and Hispanics (10.0 percent)
showed little or no change. The jobless rate for Asians was 4.9 percent in October
(not seasonally adjusted), down from 7.3 percent a year earlier. (See tables A-1,
A-2, and A-3.)

In October, the number of long-term unemployed (those jobless for 27 weeks or more)
was little changed at 5.0 million. These individuals accounted for 40.6 percent of
the unemployed. (See table A-12.)

The civilian labor force rose by 578,000 to 155.6 million in October, and the labor
force participation rate edged up to 63.8 percent. Total employment rose by 410,000
over the month. The employment-population ratio was essentially unchanged at 58.8
percent, following an increase of 0.4 percentage point in September. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to
as involuntary part-time workers) fell by 269,000 to 8.3 million in October, partially
offsetting an increase of 582,000 in September. These individuals were working part
time because their hours had been cut back or because they were unable to find a
full-time job. (See table A-8.)

In October, 2.4 million persons were marginally attached to the labor force, little
different from a year earlier. (These data are not seasonally adjusted.) These
individuals were not in the labor force, wanted and were available for work, and had
looked for a job sometime in the prior 12 months. They were not counted as unemployed 
because they had not searched for work in the 4 weeks preceding the survey. (See
table A-16.)

Among the marginally attached, there were 813,000 discouraged workers in October, a
decline of 154,000 from a year earlier. (These data are not seasonally adjusted.)
Discouraged workers are persons not currently looking for work because they believe
no jobs are available for them. The remaining 1.6 million persons marginally attached
to the labor force in October had not searched for work in the 4 weeks preceding
the survey for reasons such as school attendance or family responsibilities. (See
table A-16.)

Establishment Survey Data

Total nonfarm payroll employment increased by 171,000 in October. Employment growth
has averaged 157,000 per month thus far in 2012, about the same as the average monthly
gain of 153,000 in 2011. In October, employment rose in professional and business
services, health care, and retail trade. (See table B-1.)

Professional and business services added 51,000 jobs in October, with gains in 
services to buildings and dwellings (+13,000) and in computer systems design (+7,000).
Temporary help employment changed little in October and has shown little net change 
over the past 3 months. Employment in professional and business services has grown by
1.6 million since its most recent low point in September 2009.

Health care added 31,000 jobs in October. Job gains continued in ambulatory health
care services (+25,000) and hospitals (+6,000). Over the past year, employment in
health care has risen by 296,000.

Retail trade added 36,000 jobs in October, with gains in motor vehicles and parts dealers 
(+7,000), and in furniture and home furnishings stores (+4,000). Retail trade has added
82,000 jobs over the past 3 months, with most of the gain occurring in motor vehicles
and parts dealers, clothing and accessories stores, and miscellaneous store retailers.

Employment in leisure and hospitality continued to trend up (+28,000) over the month.
This industry has added 811,000 jobs since a recent low point in January 2010, with
most of the gain occurring in food services.

Employment in construction edged up in October. The gain was concentrated in specialty
trade contractors (+17,000).

Manufacturing employment changed little in October. On net, manufacturing employment
has shown little change since April.

Mining lost 9,000 jobs in October, with most of the decline occurring in support
activities for mining. Since May of this year, employment in mining has decreased
by 17,000.

Employment in other major industries, including wholesale trade, transportation and 
warehousing, information, financial activities, and government, showed little change
over the month.

In October, the average workweek for all employees on private nonfarm payrolls was
34.4 hours for the fourth consecutive month. The manufacturing workweek edged down by
0.1 hour to 40.5 hours, and factory overtime was unchanged at 3.2 hours. The average
workweek for production and nonsupervisory employees on private nonfarm payrolls edged
down by 0.1 hour to 33.6 hours. (See tables B-2 and B-7.)

In October, average hourly earnings for all employees on private nonfarm payrolls edged
down by 1 cent to $23.58. Over the past 12 months, average hourly earnings have risen
by 1.6 percent. In October, average hourly earnings of private-sector production and
nonsupervisory employees edged down by 1 cent to $19.79. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for August was revised from +142,000 to
+192,000, and the change for September was revised from +114,000 to +148,000.

_____________
The Employment Situation for November is scheduled to be released on Friday,
December 7, 2012, at 8:30 a.m. (EST).
Read Full Post | Make a Comment ( None so far )

Joel Skousen–The Battle Between Good and Evil–The Election 2012–Videos

Posted on October 23, 2012. Filed under: American History, Blogroll, Business, Climate, College, Communications, Culture, Economics, Education, Employment, Entertainment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, history, Inflation, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Psychology, Rants, Regulations, Religion, Strategy, Taxes, Technology, Transportation, Unemployment, Unions, Video, War, Weather | Tags: , , , , , |

Joel Skousen: The Hidden Power Structure of the Left-Right Paradigm

Joel Skousen Part II: Election 2012 – Deception & War

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The Red Pill or The Blue Pill–Name Your Poison–Obama or Romney–It’s A Big Club and You Ain’t In It–Videos

Posted on October 23, 2012. Filed under: American History, Business, Climate, College, Communications, Cult, Culture, Economics, Education, Employment, Energy, Entertainment, European History, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Inflation, Investments, Language, Law, Life, Links, media, Narcissism, Natural Gas, People, Philosophy, Politics, Psychology, Public Sector, Radio, Raves, Regulations, Resources, Taxes, Technology, Unemployment, Video, War, Weapons, Weather, Wisdom | Tags: , , , , , , , |

Red-pill/Blue Pill

LEW ROCKWELL: A Return to Totalitarianism (10/22/2012)

George Carlin – It’s a big club and you ain’t in it

George Carlin: Voting

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Obama Economic Recovery Ends: Shortest and Weakest Recovery After 10 Post War Recessions–Obama Recession Starts–Videos

Posted on August 15, 2012. Filed under: American History, Blogroll, Books, Business, Demographics, Economics, Education, Employment, Energy, Federal Government Budget, Fiscal Policy, Food, Foreign Policy, government, government spending, Health Care, history, Immigration, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, People, Philosophy, Politics, Rants, Raves, Resources, Security, Tax Policy, Taxes, Technology, Uncategorized, Unemployment, Video, War, Weather, Wisdom | Tags: , , , , , , , |

U-6 Unemployment Rate

Debacle: How Obama Incentivized Sloth & Created the Weakest Recovery In Modern History

Congressman Kevin Brady (R-TX) speaks about July’s Employment Numbers on CNBC

The President’s Policies Aren’t Working

Economic recovery is weakest since World War II

“…recession that ended three years ago this summer has been followed by the feeblest economic recovery since the Great Depression.

Since World War II, 10 U.S. recessions have been followed by a recovery that lasted at least three years. An Associated Press analysis shows that by just about any measure, the one that began in June 2009 is the weakest.

The ugliness goes well beyond unemployment, which at 8.3 percent is the highest this long after a recession ended.

Economic growth has never been weaker in a postwar recovery. Consumer spending has never been so slack. Only once has job growth been slower.

More than in any other post-World War II recovery, people who have jobs are hurting: Their paychecks have fallen behind inflation.

Many economists say the agonizing recovery from the Great Recession, which began in December 2007 and ended in June 2009, is the predictable consequence of a housing bust and a grave financial crisis.

Credit, the fuel that powers economies, evaporated after Lehman Brothers collapsed in September 2008. And a 30 percent drop in housing prices erased trillions in home equity and brought construction to a near-standstill.

So any recovery was destined to be a slog.

“A housing collapse is very different from a stock market bubble and crash,” says Nobel Prize-winning economist Peter Diamond of the Massachusetts Institute of Technology. “It affects so many people. It only corrects very slowly.”

The U.S. economy has other problems, too. Europe’s troubles have undermined consumer and business confidence on both sides of the Atlantic. And the deeply divided U.S. political system has delivered growth-chilling uncertainty.

The AP compared nine economic recoveries since the end of World War II that lasted at least three years. A 10th recovery that ran from 1945 to 1948 was not included because the statistics from that period aren’t comprehensive, although the available data show that hiring was robust. There were two short-lived recoveries — 24 months and 12 months — after the recessions of 1957-58 and 1980.

Here is a closer look at how the comeback from the Great Recession stacks up with the others:

—FEEBLE GROWTH

America’s gross domestic product — the broadest measure of economic output — grew 6.8 percent from the April-June quarter of 2009 through the same quarter this year, the slowest in the first three years of a postwar recovery. GDP grew an average of 15.5 percent in the first three years of the eight other comebacks analyzed.

The engines that usually drive recoveries aren’t firing this time.

Investment in housing, which grew an average of nearly 34 percent this far into previous postwar recoveries, is up just 8 percent since the April-June quarter of 2009.

That’s because the overbuilding of the mid-2000s left a glut of houses. Prices fell and remain depressed. The housing market has yet to return to anything close to full health even as mortgage rates have plunged to record lows.

Government spending and investment at the federal, state and local levels was 4.5 percent lower in the second quarter than three years earlier.

Three years into previous postwar recoveries, government spending had risen an average 12.5 percent. In the first three years after the 1981-82 recession, during President Ronald Reagan’s first term, the economy got a jolt from a 15 percent increase in government spending and investment.

This time, state and local governments have been slashing spending — and jobs. And since passing President Barack Obama’s $862 billion stimulus package in 2009, a divided Congress has been reluctant to try to help the economy with federal spending programs. Trying to contain the $11.1 trillion federal debt has been a higher priority.

Since June 2009, governments at all levels have slashed 642,000 jobs, the only time government employment has fallen in the three years after a recession. This long after the 1973-74 recession, by contrast, governments had added more than 1 million jobs.

—EXHAUSTED CONSUMERS

Consumer spending has grown just 6.5 percent since the recession ended, feeblest in a postwar recovery. In the first three years of previous recoveries, spending rose an average of nearly 14 percent.

It’s no mystery why consumers are being frugal. Many have lost access to credit, which fueled their spending in the 2000s. Home equity has evaporated and credit cards have been canceled. Falling home prices have slashed home equity 49 percent, from $13.2 trillion in 2005 to $6.7 trillion early this year.

Others are spending less because they’re paying down debt or saving more. Household debt peaked at 126 percent of after-tax income in mid-2007 and has fallen to 107 percent, according to Haver Analytics. The savings rate has risen from 1.1 percent of after-tax income in 2005 to 4.4 percent in June. Consumers have cut credit card debt by 14 percent — to $865 billion — since it peaked at over $1 trillion in December 2007.

“We were in a period in which we borrowed too much,” says Carl Weinberg, chief economist at High Frequency Economics. “We are now deleveraging. That’s a process that slows us down.”

—THE JOBS HOLE

The economy shed a staggering 8.8 million jobs during and shortly after the recession. Since employment hit bottom, the economy has created just over 4 million jobs. So the new hiring has replaced 46 percent of the lost jobs, by far the worst performance since World War II. In the previous eight recoveries, the economy had regained more than 350 percent of the jobs lost, on average.

During the 1981-82 recession, the U.S. lost 2.8 million jobs. In the three years and one month after that recession ended, the economy added 9.8 million — replacing the 2.8 million and adding 7 million more.

Never before have so many Americans been unemployed for so long three years into a recovery. Nearly 5.2 million have been out of work for six months or more. The long-term unemployed account for 41 percent of the jobless; the highest mark in the other recoveries was 22 percent.

Gregory Mann, 58, lost his job as a real estate appraiser three years ago. “Basically, I am looking for anything,” he says. He has applied to McDonald’s, Target and Nordstrom’s.

“Nothing, not even a rejection letter,” he says.

His wife, a registered nurse, has lost two jobs in the interim — and just received an offer to work reviewing medical records near Atlanta.

“We are broke and nearly homeless,” he says. “If this job for my wife hadn’t come through, we would be out on the street come Sept. 1 or would have had to move in with relatives.”

Federal Reserve Chairman Ben Bernanke has called long-term unemployment a “national crisis.” The longer people remain unemployed, the harder it is to find work, Bernanke has said. Skills erode, and people lose contact with former colleagues who could help with the job search.

—SHRINKING PAYCHECKS

Usually, workers’ pay rises as the economy picks up momentum after a recession. Not this time. Employers don’t have to be generous in a weak job market because most workers don’t have anywhere to go.

As a result, pay raises haven’t kept up with even modest levels of inflation. Earnings for production and nonsupervisory workers — a category that covers about 80 percent of the private, nonfarm workforce — have risen just over 6.2 percent since June 2009. Consumer prices have risen nearly 7.2 percent. Adjusted for inflation, wages have fallen 0.8 percent. In the previous five recoveries —the records go back only to 1964 — real wages had gone up an average 1.5 percent at this point.

Falling wages haven’t hurt everyone. Lower labor costs helped push corporate profits to a record 10.6 percent of U.S. GDP in the first three months of 2012, according to the Federal Reserve Bank of St. Louis. And those surging profits helped lift the Dow Jones industrials 54 percent from the end of June 2009 to the end of last month. Only after the recessions of 1948-49 and 1953-54 did stocks rise more.

Stock investments may be coming back, but savings are still getting squeezed by the rock-bottom interest rates the Fed has engineered to boost the economy. The money Americans earn from interest payments fell from nearly $1.4 trillion in 2008 to barely $1 trillion last year — a drop of more than $370 billion, or 27 percent. That amounts to shrinking income for many retirees.

Washington isn’t doing much to help the economy. An impasse between Obama and congressional Republicans brought the U.S. to the brink of default on the federal debt last year —a confrontation that rattled financial markets and sapped consumer and business confidence.

Given the political divide, businesses and consumers don’t know what’s going to happen to taxes, government spending or regulation. Sharp tax increases and spending cuts are scheduled to kick in at year’s end unless Congress and the White House reach a budget deal.

In the meantime, it’s difficult for consumers to summon the confidence to spend and businesses the confidence to hire and expand. Never in the postwar period has there been so much uncertainty about what policymakers will do, says Steven Davis, an economist at the University of Chicago Booth School of Business: “No one is sure what will actually happen.”

As weak as this recovery is, it’s nothing like what the U.S. went through in the 1930s. The period known as the Great Depression actually included two severe recessions separated by a recovery that lasted from March 1933 until May 1937.

It’s tough to compare the current recovery with the 1933-37 version. Economic figures comparable to today’s go back only to the late 1940s. But calculations by economist Robert Coen, professor emeritus at Northwestern University, suggest that things were far bleaker during the recovery three-quarters of a century ago: Coen found that unemployment remained well above 10 percent — and usually above 15 percent — throughout the 1930s.

Only the approach and outbreak of World War II — the ultimate government stimulus program — restored the economy and the job market to full health.

Comparison of U.S. Recoveries from Recession

1949-2007

Real Gross Domest Product (GDP) Growth Rates

Background Articles and Videos

Did Mitt Romney Call President Obama A Liar?

Romney Aid: Obama’s Ad Is a Lie

Current Population Survey

August 3, 2012

Employment from the BLS household and payroll surveys:

summary of recent trends

http://www.bls.gov/web/empsit/ces_cps_trends.pdf

Employment Situation Summary

Transmission of material in this release is embargoed                          USDL-12-1531
until 8:30 a.m. (EDT) Friday, August 3, 2012

Technical information:
 Household data:       (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data:   (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:         (202) 691-5902  *  PressOffice@bls.gov

                       THE EMPLOYMENT SITUATION -- JULY 2012

Total nonfarm payroll employment rose by 163,000 in July, and the unemployment rate
was essentially unchanged at 8.3 percent, the U.S. Bureau of Labor Statistics reported
today. Employment rose in professional and business services, food services and drinking
places, and manufacturing.

Household Survey Data

Both the number of unemployed persons (12.8 million) and the unemployment rate (8.3
percent) were essentially unchanged in July. Both measures have shown little movement
thus far in 2012. (See table A-1.)

Among the major worker groups, the unemployment rate for Hispanics (10.3 percent) edged
down in July, while the rates for adult men (7.7 percent), adult women (7.5 percent),
teenagers (23.8 percent), whites (7.4 percent), and blacks (14.1 percent) showed little
or no change. The jobless rate for Asians was 6.2 percent in July (not seasonally
adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

In July, the number of long-term unemployed (those jobless for 27 weeks and over) was
little changed at 5.2 million. These individuals accounted for 40.7 percent of the
unemployed. (See table A-12.)

Both the civilian labor force participation rate, at 63.7 percent, and the employment-
population ratio, at 58.4 percent, changed little in July. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as
involuntary part-time workers) was essentially unchanged at 8.2 million in July. These
individuals were working part time because their hours had been cut back or because
they were unable to find a full-time job. (See table A-8.)

In July, 2.5 million persons were marginally attached to the labor force, down from 2.8
million a year earlier. (These data are not seasonally adjusted.) These individuals were
not in the labor force, wanted and were available for work, and had looked for a job
sometime in the prior 12 months. They were not counted as unemployed because they had
not searched for work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 852,000 discouraged workers in July, a decline
of 267,000 from a year earlier. (These data are not seasonally adjusted.) Discouraged
workers are persons not currently looking for work because they believe no jobs are
available for them. The remaining 1.7 million persons marginally attached to the labor
force in July had not searched for work in the 4 weeks preceding the survey for reasons
such as school attendance or family responsibilities.

Establishment Survey Data

Total nonfarm payroll employment rose by 163,000 in July. Since the beginning of this
year, employment growth has averaged 151,000 per month, about the same as the average
monthly gain of 153,000 in 2011. In July, employment rose in professional and business
services, food services and drinking places, and manufacturing. (See table B-1.)

Employment in professional and business services increased by 49,000 in July. Computer
systems design added 7,000 jobs, and employment in temporary help services continued
to trend up (+14,000).

Within leisure and hospitality, employment in food services and drinking places rose by
29,000 over the month and by 292,000 over the past 12 months.

Manufacturing employment rose in July (+25,000), with nearly all of the increase in durable
goods manufacturing. Within durable goods, the motor vehicles and parts industry had fewer
seasonal layoffs than is typical for July, contributing to a seasonally adjusted employment
increase of 13,000. Employment continued to trend up in fabricated metal products (+5,000).

Employment continued to trend up in health care in July (+12,000), with over-the-month
gains in outpatient care centers (+4,000) and in hospitals (+5,000). Employment also
continued to trend up in wholesale trade.

Utilities employment declined in July (-8,000). The decrease reflects 8,500 utility workers
who were off payrolls due to a labor-management dispute.

Employment in other major industries, including mining and logging, construction, retail
trade, transportation and warehousing, financial activities, and government, showed little
or no change over the month.

The average workweek for all employees on private nonfarm payrolls was unchanged at
34.5 hours in July. Both the manufacturing workweek, at 40.7 hours, and factory overtime,
at 3.2 hours, were unchanged over the month. The average workweek for production and
nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours. (See
tables B-2 and B-7.)

In July, average hourly earnings for all employees on private nonfarm payrolls edged up 
by 2 cents to $23.52. Over the year, average hourly earnings rose by 1.7 percent. In July,
average hourly earnings of private-sector production and nonsupervisory employees increased
by 2 cents to $19.77. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for May was revised from +77,000 to +87,000,
and the change for June was revised from +80,000 to +64,000.

_____________
The Employment Situation for August is scheduled to be released on Friday, September 7, 2012,
at 8:30 a.m. (EDT).

Glenn Hubbard: The Romney Plan for Economic Recovery

Tax cuts, spending restraint and repeal of Obama’s regulatory excesses would mean 12 million new jobs in his first term alone

By Glenn Hubbard

“…We are currently in the most anemic economic recovery in the memory of most Americans. Declining consumer sentiment and business concerns over policy uncertainty weigh on the minds of all of us. We must fix our economy’s growth and jobs machine.

We can do this. The U.S. economy has the talent, ideas, energy and capital for the robust economic growth that has characterized much of America’s experience in our lifetimes. Our standard of living and the nation’s standing as a world power depend on restoring that growth.

But to do so we must have vastly different policies aimed at stopping runaway federal spending and debt, reforming our tax code and entitlement programs, and scaling back costly regulations. Those policies cannot be found in the president’s proposals. They are, however, the core of Gov. Mitt Romney’s plan for economic recovery and renewal.

In response to the recession, the Obama administration chose to emphasize costly, short-term fixes—ineffective stimulus programs, myriad housing programs that went nowhere, and a rush to invest in “green” companies.

As a consequence, uncertainty over policy—particularly over tax and regulatory policy—slowed the recovery and limited job creation. One recent study by Scott Baker and Nicholas Bloom of Stanford University and Steven Davis of the University of Chicago found that this uncertainty reduced GDP by 1.4% in 2011 alone, and that returning to pre-crisis levels of uncertainty would add about 2.3 million jobs in just 18 months.

The Obama administration’s attempted short-term fixes, even with unprecedented monetary easing by the Federal Reserve, produced average GDP growth of just 2.2% over the past three years, and the consensus outlook appears no better for the year ahead.

Moreover, the Obama administration’s large and sustained increases in debt raise the specter of another financial crisis and large future tax increases, further chilling business investment and job creation. A recent study by Ernst & Young finds that the administration’s proposal to increase marginal tax rates on the wage, dividend and capital-gain income of upper-income Americans would reduce GDP by 1.3% (or $200 billion per year), kill 710,000 jobs, depress investment by 2.4%, and reduce wages and living standards by 1.8%. And according to the Congressional Budget Office, the large deficits codified in the president’s budget would reduce GDP during 2018-2022 by between 0.5% and 2.2% compared to what would occur under current law.

President Obama has ignored or dismissed proposals that would address our anti-competitive tax code and unsustainable trajectory of federal debt—including his own bipartisan National Commission on Fiscal Responsibility and Reform—and submitted no plan for entitlement reform. In February, Treasury Secretary Tim Geithner famously told congressional Republicans that this administration was putting forth no plan, but “we know we don’t like yours.”

Other needed reforms would emphasize opening global markets for U.S. goods and services—but the president has made no contribution to the global trade agenda, while being dragged to the support of individual trade agreements only recently.

The president’s choices cannot be ascribed to a political tug of war with Republicans in Congress. He and Democratic congressional majorities had two years to tackle any priority they chose. They chose not growth and jobs but regulatory expansion. The Patient Protection and Affordable Care Act raised taxes, unleashed significant new spending, and raised hiring costs for workers. The Dodd-Frank Act missed the mark on housing and “too-big-to-fail” financial institutions but raised financing costs for households and small and mid-size businesses.

These economic errors and policy choices have consequences—record high long-term unemployment and growing ranks of discouraged workers. Sadly, at the present rate of job creation and projected labor-force growth, the nation will never return to full employment.

It doesn’t have to be this way. The Romney economic plan would fundamentally change the direction of policy to increase GDP and job creation now and going forward. The governor’s plan puts growth and recovery first, and it stands on four main pillars:

Stop runaway federal spending and debt. The governor’s plan would reduce federal spending as a share of GDP to 20%—its pre-crisis average—by 2016. This would dramatically reduce policy uncertainty over the need for future tax increases, thus increasing business and consumer confidence.

Reform the nation’s tax code to increase growth and job creation. The Romney plan would reduce individual marginal income tax rates across the board by 20%, while keeping current low tax rates on dividends and capital gains. The governor would also reduce the corporate income tax rate—the highest in the world—to 25%. In addition, he would broaden the tax base to ensure that tax reform is revenue-neutral.

Reform entitlement programs to ensure their viability. The Romney plan would gradually reduce growth in Social Security and Medicare benefits for more affluent seniors and give more choice in Medicare programs and benefits to improve value in health-care spending. It would also block grant the Medicaid program to states to enable experimentation that might better serve recipients.

Make growth and cost-benefit analysis important features of regulation. The governor’s plan would remove regulatory impediments to energy production and innovation that raise costs to consumers and limit new job creation. He would also work with Congress toward repealing and replacing the costly and burdensome Dodd–Frank legislation and the Patient Protection and Affordable Care Act. The Romney alternatives will emphasize better financial regulation and market-oriented, patient-centered health-care reform.

In contrast to the sclerosis and joblessness of the past three years, the Romney plan offers an economic U-turn in ideas and choices. When bolstered by sound trade, education, energy and monetary policy, the Romney reform program is expected by the governor’s economic advisers to increase GDP growth by between 0.5% and 1% per year over the next decade. It should also speed up the current recovery, enabling the private sector to create 200,000 to 300,000 jobs per month, or about 12 million new jobs in a Romney first term, and millions more after that due to the plan’s long-run growth effects.

But these gains aren’t just about numbers, as important as those numbers are. The Romney approach will restore confidence in America’s economic future and make America once again a place to invest and grow.

Mr. Hubbard, dean of Columbia Business School, was chairman of the Council of Economic Advisers under President George W. Bush. He is an economic adviser to Gov. Romney. …”

http://online.wsj.com/article/SB10000872396390443687504577562842656362660.html

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Series Id:           LNS14000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1995 5.6 5.4 5.4 5.8 5.6 5.6 5.7 5.7 5.6 5.5 5.6 5.6
1996 5.6 5.5 5.5 5.6 5.6 5.3 5.5 5.1 5.2 5.2 5.4 5.4
1997 5.3 5.2 5.2 5.1 4.9 5.0 4.9 4.8 4.9 4.7 4.6 4.7
1998 4.6 4.6 4.7 4.3 4.4 4.5 4.5 4.5 4.6 4.5 4.4 4.4
1999 4.3 4.4 4.2 4.3 4.2 4.3 4.3 4.2 4.2 4.1 4.1 4.0
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 8.9 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.7 9.8 9.8 9.9 9.6 9.4 9.5 9.6 9.5 9.5 9.8 9.4
2011 9.1 9.0 8.9 9.0 9.0 9.1 9.1 9.1 9.0 8.9 8.7 8.5
2012 8.3 8.3 8.2 8.1 8.2

Source: Bureau of Labor Statistics

Summary of Latest Federal Individual Income Tax Data

October 24, 2011

Tax Foundation Fiscal Fact No. 285

Table 1
Summary of Federal Income Tax Data, 2009

  

Number of Returns with Positive AGI

AGI ($ millions)

Income Taxes Paid ($ millions)

Group’s Share of Total AGI

Group’s Share of Income Taxes

Income Split Point

Average Tax Rate

All Taxpayers 137,982,203 $7,825,389 $865,863 100.0% 100.0% - 11.06%
Top 1% 1,379,822 $1,324,572 $318,043 16.9% 36.7%  $343,927.00 24.01%
1-5% 5,519,288 $1,157,918 $189,864 14.8% 22.0% 16.40%
Top 5% 6,899,110 $2,482,490 $507,907 31.7% 58.7%  $154,643.00 20.46%
5-10% 6,899,110 $897,241 $102,249 11.5% 11.8% 11.40%
Top 10% 13,798,220 $3,379,731 $610,156 43.2% 70.5%  $112,124.00 18.05%
10-25% 20,697,331

$1,770,140

$145,747 22.6% 17.0% 8.23%
Top 25% 34,495,551 $5,149,871 $755,903 65.8% 87.3%  $ 66,193.00 14.68%
25-50% 34,495,551 $1,620,303 $90,449 20.7% 11.0% 5.58%
Top 50% 68,991,102 $6,770,174 $846,352 86.5% 97.7%  > $32,396 12.50%
Bottom 50% 68,991,102

$1,055,215

$19,511 13.5% 2.3%  < $32,396 1.85%

Source: Internal Revenue Service

Table 6
Total Income Tax Shares, 1980-2009 (Percent of federal income tax paid by each group)

Year

Total

Top 0.1%

Top 1%

Top 5%

Between 5% & 10%

Top 10%

Between 10% & 25%

Top 25%

Between 25% & 50%

Top 50%

Bottom 50%

1980

100%

19.05%

36.84%

12.44%

49.28%

23.74%

73.02%

19.93%

92.95%

7.05%

1981

100%

17.58%

35.06%

12.90%

47.96%

24.33%

72.29%

20.26%

92.55%

7.45%

1982

100%

19.03%

36.13%

12.45%

48.59%

23.91%

72.50%

20.15%

92.65%

7.35%

1983

100%

20.32%

37.26%

12.44%

49.71%

23.39%

73.10%

19.73%

92.83%

7.17%

1984

100%

21.12%

37.98%

12.58%

50.56%

22.92%

73.49%

19.16%

92.65%

7.35%

1985

100%

21.81%

38.78%

12.67%

51.46%

22.60%

74.06%

18.77%

92.83%

7.17%

1986

100%

25.75%

42.57%

12.12%

54.69%

21.33%

76.02%

17.52%

93.54%

6.46%

Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable

1987

100%

24.81%

43.26%

12.35%

55.61%

21.31%

76.92%

17.02%

93.93%

6.07%

1988

100%

27.58%

45.62%

11.66%

57.28%

20.57%

77.84%

16.44%

94.28%

5.72%

1989

100%

25.24%

43.94%

11.85%

55.78%

21.44%

77.22%

16.94%

94.17%

5.83%

1990

100%

25.13%

43.64%

11.73%

55.36%

21.66%

77.02%

17.16%

94.19%

5.81%

1991

100%

24.82%

43.38%

12.45%

55.82%

21.46%

77.29%

17.23%

94.52%

5.48%

1992

100%

27.54%

45.88%

12.12%

58.01%

20.47%

78.48%

16.46%

94.94%

5.06%

1993

100%

29.01%

47.36%

11.88%

59.24%

20.03%

79.27%

15.92%

95.19%

4.81%

1994

100%

28.86%

47.52%

11.93%

59.45%

20.10%

79.55%

15.68%

95.23%

4.77%

1995

100%

30.26%

48.91%

11.84%

60.75%

19.62%

80.36%

15.03%

95.39%

4.61%

1996

100%

32.31%

50.97%

11.54%

62.51%

18.80%

81.32%

14.36%

95.68%

4.32%

1997

100%

33.17%

51.87%

11.33%

63.20%

18.47%

81.67%

14.05%

95.72%

4.28%

1998

100%

34.75%

53.84%

11.20%

65.04%

17.65%

82.69%

13.10%

95.79%

4.21%

1999

100%

36.18%

55.45%

11.00%

66.45%

17.09%

83.54%

12.46%

96.00%

4.00%

2000

100%

37.42%

56.47%

10.86%

67.33%

16.68%

84.01%

12.08%

96.09%

3.91%

2001

100%

16.06%

33.89%

53.25%

11.64%

64.89%

18.01%

82.90%

13.13%

96.03%

3.97%

2002

100%

15.43%

33.71%

53.80%

11.94%

65.73%

18.16%

83.90%

12.60%

96.50%

3.50%

2003

100%

15.68%

34.27%

54.36%

11.48%

65.84%

18.04%

83.88%

12.65%

96.54%

3.46%

2004

100%

17.44%

36.89%

57.13%

11.07%

68.19%

16.67%

84.86%

11.85%

96.70%

3.30%

2005

100%

19.26%

39.38%

59.67%

10.63%

70.30%

15.69%

85.99%

10.94%

96.93%

3.07%

2006

100%

19.56%

39.89%

60.14%

10.65%

70.79%

15.47%

86.27%

10.75%

97.01%

2.99%

2007

100%

20.19%

40.41%

60.61%

10.59%

71.20%

15.37%

86.57%

10.54%

97.11%

2.89%

2008

100%

18.47%

38.02%

58.72%

11.22%

69.94%

16.40%

86.34%

10.96%

97.30%

2.70%

2009

100%

17.11%

36.73%

58.66%

11.81%

70.47%

16.83%

87.30%

10.45%

97.75%

2.25%

Source: Internal Revenue Service

http://taxfoundation.org/article/summary-latest-federal-individual-income-tax-data-0

Total Government Spending (Federal, State, Local) as Percentage of Gross Domestic Product (GDP)

The Real Reason That TED Talk Was ‘Censored’? It’s Shoddy And Dumb

Bruce Upbin, Forbes Staff

“… TED curator Chris Anderson went to his blogto explain why Hanauer’s talk, despite tapping into some timely and pressing issues, wasn’t picked:

…it framed the issue in a way that was explicitly partisan. And it included a number of arguments that were unconvincing, even to those of us who supported his overall stance. The audience at TED who heard it live (and who are often accused of being overly enthusiastic about left-leaning ideas) gave it, on average, mediocre ratings.

According to Anderson, when Hanauer found out his talk wasn’t picked, he ”hired a PR firm to promote the talk to MoveOn and others, and the PR firm warned us that unless we posted he would go to the press and accuse us of censoring him. We again declined and this time I wrote him and tried gently to explain in detail why I thought his talk was flawed. So he forwarded portions of the private emails to a reporter and the National Journal duly bit on the story.” …”

“…But what’s worse is that his unemployment line looks nothing like the real thing. I pulled the data from the Bureau of Labor Statistics (right) and you can see what really happened to unemployment between 1995 and 2009. It refutes Hanauer’s point, if anything. Unemployment didn’t keep going up. It FELL twice (once from  1995-2001 and again from 2003-2007). Sure, it soared in the Great Recession, but did that have anything to do with low taxes on the rich? I went ahead and added the two years since Hanauer’s chart cuts off so you can see how it has come back down. His work is complete junk and dangerously misleading. As my data editor Jon Bruner said, it looks like Hanauer “just took the unemployment rate in 1995 and the unemployment rate in 2009 and drew a random squiggly line between them.” …”

http://www.forbes.com/sites/bruceupbin/2012/05/17/the-real-reason-that-ted-talk-was-censored-its-shoddy-and-dumb/


Millionaire Nick Hanauer and Fox News Neil Cavuto

Young Billionaire Says Wealthy Are Not “Job Creators”

Hanauer: “Romneynomics…Dead Wrong”

“…The Congressional Budget Office gave a pretty dire warning about the economy this week. In a report the FBO warned that the combination of budget cuts set to go into effect next January and an expiration of Bush tax cuts, and the payroll tax and extended unemployment benefits would be a fiscal cliff. And if Congress lets us go off that cliff, they predicted that the economy would shrink by 1.3% in the first half of 2013. But will Congress really do anything about it? Serial Entrepreneur and Venture Capitalist Nick Hanauer weighs in. …”

O’Donnell: Exploding The Laughable Myth That The So-Called “Job Creators” Create Jobs

The Ignorance of Nick Hanauer’s TED Speech

Tim Worstall,

“… Here’s the transcript of the talk. To highlight some points:

If taxes on the rich go up, job creation will go down. …..In the same way, a policy maker who believed that the rich and businesses are “job creators” and therefore should not be taxed, would make equally bad policy. …..That’s why our current policies are so upside down. When you have a tax system in which most of the exemptions and the lowest rates benefit the richest, all in the name of job creation, all that happens is that the rich get richer……Another reason this idea is so wrong-headed is that there can never be enough superrich Americans to power a great economy. The annual earnings of people like me are hundreds, if not thousands, of times greater than those of the median American, but we don’t buy hundreds or thousands of times more stuff. My family owns three cars, not 3,000. I buy a few pairs of pants and a few shirts a year, just like most American men. Like everyone else, we go out to eat with friends and family only occasionally.

I can’t buy enough of anything to make up for the fact that millions of unemployed and underemployed Americans can’t buy any new clothes or cars or enjoy any meals out. Or to make up for the decreasing consumption of the vast majority of American families that are barely squeaking by, buried by spiraling costs and trapped by stagnant or declining wages.

It isn’t actually true that the claimed link is between taxes on the rich and job creation. Rather, that marginal tax rates have an effect on labour supply: raise those marginal rates too high and people will decide to do something else rather than go to work. Appear unpaid on stage at conferences to make a video perhaps. This is the Laffer Curve argument in part. Economic production and thus total taxes raised will be maximised by having marginal tax rates that are not too high.

Yes, sure, this just brings us the shouting match about what is “too high” and what a lovely shouting match that is. But it is a discussion of labour supply and marginal tax rates, not a discussion of job creation.

In the second part Hanauer seems to be complaining that as his consumption doesn’t make up for the fall in other peoples’ consumption there is something wrong with the system. Which is where he begins to go seriously wrong. For we know this, this marginal propensity to consume is an essential part of Keynesian economics and not seriously doubted by any other economists either. It is precisely this which gives us savings which then leads to investment in the economy. Exactly that, that some people do not consume all of their income. Which brings us to the Big Blooper:

The extraordinary differential between a 15% tax rate on capital gains, dividends, and carried interest for capitalists, and the 35% top marginal rate on work for ordinary Americans is a privilege that is hard to justify without just a touch of deification.

The actual rates can be argued over for sure but the idea that there should be a difference between the tax rate on returns to capital and the returns to labour is not a privilege it’s just plain common good sense.

The first reason is that of course the returns to capital are not taxed at that 15% rate. Near uniquely in the modern world the US charges the corporate income tax on dividends before they are distributed then charges that 15% again upon their receipt as income. Everyone else does one or the other: the company pays the tax (perhaps with additional rate for high earners upon receipt) then distributes or the recipient is taxed and the company pays corporate tax on post dividend distribution profits. So the true dividend tax rate is more like 44% in the US.

Capital gains are also reduced by that corporate income tax so again, the rate is higher than the 15% actually charged to recipients.

But the second point is the more important. These are not taxes on the rich. They are taxes on the return to capital. And it is most assuredly so that it is the investment of capital that creates jobs. Which is why, if we’d like to create jobs we’d really rather like to have lower tax rates on those returns to capital. Indeed, you can find huge swathes of the economics literature (for example, Sir John Mirrlees who got his Nobel in this field) insisting that for this very reason the correct tax rate on the returns to capital is zero.

Because we want people to save, to invest their capital, because this is what creates jobs. These tax rates aren’t limited to the rich either: low income earners with a bit of savings put by pay these same 15% rates. For the very obvious and logical reasons that they are not tax rates for the rich they are tax rates on earnings from capital investment. And we like capital investment, it’s what drives the economy forward and provides jobs. Which is why we should and do tax them less than straight labour income. …”

http://www.forbes.com/sites/timworstall/2012/05/19/the-ignorance-of-nick-hanauers-ted-speech/

Too Hot for TED: Income Inequality

“…If you’re plugged into the Internet, chances are you’ve seen a TED talk – the wonky, provocative web videos that have become a sort of nerd franchise. TED.com is where you go to find Facebook COO Sheryl Sandberg explaining why the world has too few female leaders, or Twitter cofounder Evan Williams sharing the secret power of listening to users to drive company improvement. The slogan of the nonprofit group behind the site is “Ideas Worth Spreading.”

There’s one idea, though, that TED’s organizers recently decided was too controversial to spread: the notion that widening income inequality is a bad thing for America, and that as a result, the rich should pay more in taxes. …”

“…TED organizers invited a multimillionaire Seattle venture capitalist named Nick Hanauer – the first nonfamily investor in Amazon.com – to give a speech on March 1 at their TED University conference. Inequality was the topic – specifically, Hanauer’s contention that the middle class, and not wealthy innovators like himself, are America’s true “job creators.” …”

http://www.nationaljournal.com/features/restoration-calls/too-hot-for-ted-income-inequality-20120516

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David Friend–Watching the World Change: The Stories Behind the Images of 9/11–Videos

Posted on May 19, 2012. Filed under: Blogroll, Books, Business, College, Communications, Culture, Economics, Education, Federal Government, Foreign Policy, government, government spending, history, Law, liberty, Life, Links, media, People, Philosophy, Politics, Psychology, Rants, Raves, Regulations, Religion, Security, Taxes, Technology, Transportation, Video, War, Weather, Wisdom | Tags: , , , , , , , , |

Authors@Google: David Friend

The attack on the World Trade Center was the most watched event in human history. And the footage seen of that day came not only from TV cameras, but also from workers, tourists, and passersby, each of whose lives would change dramatically when confronted with the sight of the attacks. David Friend has uncovered the stories behind those images–from the street-level shots of the north tower crumbling to firefighters raising the American flag over the rubble. In Watching the World Change, he traces the images back to their sources and charts their impact over the next seven days. That week was the beginning of a digital age, a moment when all the advances in television, photography, and the Web converged on a single event.
David Friend is Vanity Fair’s Editor of Creative Development.
This event happened on September 5, 2007 at the Google NYC office

“I PHOTOGRAPHED MOHAMMED ATTA”

In January, while giving a talk about my book at the 2007 FotoFusion festival in Delray Beach, Florida, I fell into conversation with Art NeJame, one of the organizers of the annual slate of workshops for members of the photo community. Art told me a mesmerizing story of how he had come to encounter four of the September 11 hijackers — more than a dozen of whom had lived in South Florida during their preparation for their “mission.” It all happened because of a passport photo.

http://davidfriend.net/2007/02/i_photographed_mohammed_atta.php

    9/11 The Falling Man

INSIDE 9/11 : ZERO HOUR   (PART 1 of 4) 

“…Minute by minute documentary about September 11 2001 and the terrorist attacks that day. It contains tons of footage from the WTC impacts and collapse as well as the pentagon.It contains interviews with survivors and actual recordings from the WTC , passengers, flight crew and the terrorists on the planes. This is a National Geographic Channel documentary from 2005-06 …”

INSIDE 9/11 : ZERO HOUR (PART 2 of 4) 

INSIDE 9/11 : ZERO HOUR   (PART 3 of 4)

INSIDE 9/11 : ZERO HOUR   (PART 4 of 4)

The Falling Man

“…Do you remember this photograph? In the United States, people  have taken pains to banish it from the record of September 11, 2001. The story  behind it, though, and the search for the man pictured in it, are our most  intimate connection to the horror of that day. …”

By Tom Junod

“…In the picture, he departs from this earth like an arrow. Although he  has not chosen his fate, he appears to have, in his last instants of life,  embraced it. If he were not falling, he might very well be flying. He appears  relaxed, hurtling through the air. He appears comfortable in the grip of  unimaginable motion. He does not appear intimidated by gravity’s divine suction  or by what awaits him. His arms are by his side, only slightly outriggered. His  left leg is bent at the knee, almost casually. His white shirt, or jacket, or  frock, is billowing free of his black pants. His black high-tops are still on  his feet. In all the other pictures, the people who did what he did — who  jumped — appear to be struggling against horrific discrepancies of scale. They  are made puny by the backdrop of the towers, which loom like colossi, and then  by the event itself. Some of them are shirtless; their shoes fly off as they  flail and fall; they look confused, as though trying to swim down the side of a  mountain. The man in the picture, by contrast, is perfectly vertical, and so is  in accord with the lines of the buildings behind him. He splits them, bisects  them: Everything to the left of him in the picture is the North Tower;  everything to the right, the South. Though oblivious to the geometric balance he  has achieved, he is the essential element in the creation of a new flag, a  banner composed entirely of steel bars shining in the sun. Some people who look  at the picture see stoicism, willpower, a portrait of resignation; others see  something else — something discordant and therefore terrible: freedom. There is  something almost rebellious in the man’s posture, as though once faced with the  inevitability of death, he decided to get on with it; as though he were a  missile, a spear, bent on attaining his own end. He is, fifteen seconds past  9:41 a.m. EST, the moment the picture is taken, in the clutches of pure physics,  accelerating at a rate of thirty-two feet per second squared. He will soon be  traveling at upwards of 150 miles per hour, and he is upside down. In the  picture, he is frozen; in his life outside the frame, he drops and keeps  dropping until he disappears.

*****

Read more: http://www.esquire.com/features/ESQ0903-SEP_FALLINGMAN#ixzz1vLfwefCt

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Ron Paul’s Hunt For Delegates At State Conventions–Videos

Posted on May 19, 2012. Filed under: American History, Banking, Blogroll, Business, College, Communications, Demographics, Diasters, Economics, Employment, Energy, Federal Government Budget, Fiscal Policy, Health Care, history, Immigration, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Money, Music, People, Philosophy, Politics, Public Sector, Raves, Resources, Tax Policy, Taxes, Unemployment, Unions, Vacations, Video, War, Wealth, Weather, Wisdom | Tags: , , , , , , , , |

Fox Going Through Post manic Stress: Ron Paul A Major Threat 

40% Delegates are Ron Paul!!!!!!!!!! 

Breaking News: All Delegates Are Unbound!! Proof and Evidence

FOX News – Ron Paul Dominating State Conventions 5/7/12 

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Is Ron Paul electable? 

Ron Paul Has Not Suspended His Campaign!!

“Ron Paul Won Minnesota & Washington State!” Rachel Maddow (THIS IS HOW WE DO IT BABY!) 

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Ron Paul’s Interview with CNBCs Larry Kudlow !!

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Jonah Goldberg–The Tyrany of Cliches: How Liberals Cheat In The War of Ideas–Videos

Posted on May 7, 2012. Filed under: American History, Blogroll, Business, College, Communications, Culture, Economics, Education, Employment, Fiscal Policy, Foreign Policy, government, history, Inflation, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Public Sector, Raves, Unemployment, Unions, Video, War, Wealth, Weather, Wisdom | Tags: , , , , , , , |

On GBTV Author Jonah Goldberg book “The Tyranny of Clichés

The Great Liberal Lie: Jonah Goldberg on the Left’s War on Words

Michael Coren with Jonah Goldberg

Jonah Goldberg talks about his new outstanding book, “The Tyranny of Cliches” 05/02/12 

The Tyranny of Cliches

Jonah Goldberg on Piers Morgan Tonight April 30, 2012

Audio Interview: Jonah Goldberg discusses The Tyranny of Cliches Part I

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Church and state, Newtzilla, social media, and the second favorite flavor

Liberal Fascism (1) — Jonah Goldberg  ** UNEDITED ** 

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Liberal Fascism (5) – Jonah Goldberg  ** UNEDITED ** 

Liberal Fascism Q-A (1) 

Liberal Fascism Q-A (2) 

Liberal Fascism Q-A (3) 

Newt Gingrich & The Republican Revolution – FULL 

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Speculators and Oil Prices: What Do We Know and What Should We Do?–Videos

Posted on May 5, 2012. Filed under: American History, Blogroll, College, Communications, Demographics, Economics, Education, Employment, Energy, government spending, history, Homes, Inflation, Investments, Law, liberty, Life, Links, media, People, Philosophy, Politics, Psychology, Raves, Security, Taxes, Unemployment, Video, War, Wealth, Weather, Wisdom | Tags: , , , , , , , |

Speculators and Oil Prices: What Do We Know and What Should We Do?

U.S. Commodity Future Trading Commission

http://www.cftc.gov/About/Commissioners/BartChilton/index.htm

Banksters & Speculation Behind High Food-Oil Prices

Food Speculation

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Background Articles and Videos

The Adequacy of Speculation in Agricultural Futures Markets: Too Much of a Good Thing?

Dwight R. Sanders*,

Scott H. Irwin and

Robert P. Merrin

“…Abstract

This paper revisits the “adequacy of speculation” debate in agricultural futures markets using the positions held by index                     funds in the Commitment of Traders reports. Index fund positions were a relatively stable percentage of total open interest                     from 2006–2008. Traditional speculative measures do not show any material shifts over the sample period. Even after adjusting                     speculative indices for commodity index fund positions, values are within the historical ranges reported in prior research.                     One implication is that long-only index funds may be beneficial in markets traditionally dominated by short hedging. …”

http://intl-aepp.oxfordjournals.org/content/32/1/77.full

Federal Regulation of Margin in the Commodity Futures Industry – History and Theory

by

Jerry W. Markham

“…Whether the federal government should regulate margin requirements for; commodity futures contracts has been the subject of intensive debate for over! fifty years. Although Congress has periodically rejected legislation that would have granted such authority, the stock market crash of 1987, and a subsequent mini-crash in 1989, have resulted in renewed demands for federal controls.

The· Securities and Exchange Commission (“SEC”) and the Department of the Treasury contend that such controls are necessary to prevent the near disastrous set of events that occurred during those market crises. 1 The Commodity Futures Trading Commission (“CFTC”) and the commodity futures industry oppose federal controls on margin, and assert that market forces, not margins, were responsible for the events that occurred during the 1987 and 1989 market breaks.2

http://www.nationalaglawcenter.org/assets/bibarticles/markham_margin.pdf

Gas Prices Explained

Quantitative Easing Explained

Senator Blumenthal on Curbing Excessive Oil Speculation

Senator Blumenthal calls for action against excessive oil speculation that inflates gas prices

Cantwell: ‘Shenanigans’ in Oil Market Reminiscent of Enron ‘Nightmare’ in Pacific NW

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Under Questioning by Cantwell, Exxon CEO Estimates Oil Should Cost $60-70 Per Barrel

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Stossel: Oil Speculation

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Oil speculation and oil prices

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Hearing on Energy Price Manipulation – Greenberger Testimony

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Colin A. Carter–Futures and Options Markets: An Introduction–University of California, Davis–Videos

Posted on May 3, 2012. Filed under: Agriculture, American History, Blogroll, Books, Business, College, Communications, Economics, Education, Employment, Energy, Farming, Food, government spending, history, Inflation, Investments, Law, liberty, Life, Links, media, Microeconomics, People, Philosophy, Politics, Psychology, Raves, Regulations, Resources, Security, Strategy, Taxes, Technology, Video, War, Wealth, Weather, Wisdom | Tags: , , , , , , , , , |

This course by Professor Colin Carter of agricultural and resource economics focuses on the institutional structure and economic functions of futures and options markets.         

Lecture 2: Course outline, futures markets history and market mechanics

Lecture 3: Futures contracts

Lecture 4: Options contracts and market history

Lecture 5: Reading futures contract price quote tables

Lecture 6: Function of futures and options markets, market mechanics

Lecture 7: Treasury-bond-futures trading and a video of action on the trading floor 

Lecture 8: Intertemporal commodity pricing, storage and how it affects a market 

Lecture 10: Demand for storage and foreign currency trading 

Lecture 11: Pricing financials 

Lecture 12: Eurodollars 

Lecture 13: Futures price forecasting

Lecture 14: Technical market analysis 

Lecture 15: A further review of technical analysis

Lecture 16: Introduction to hedging with futures

Lecture 17: Hedging continued

Lecture 18: Hedging risk vs. return, diversification and options on futures

Lecture 19: Options on futures continued, with examples

Lecture 20: Additional Options Concepts, Comparison of Futures and Options Trading 

Lecture 21: Options pricing and put-call parity, intro to arbitrage 

Lecture 22: Options trades

Lecture 23: Black-Scholes options pricing, volatility defined 

Lecture 24: Black-Scholes continued, the Delta Effect 

Lecture 25: Hedging using Options 

Lecture 26: Options Trades Examples, Course Review 

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Rising Gasoline Prices Due To Excessive Speculation In Oil Futures Contracts–Political Issue in 2012 Elections–American People Are Being Screwed At The Gas Pump & Grocery Store–Videos

Posted on May 2, 2012. Filed under: Agriculture, American History, Blogroll, Business, College, Communications, Economics, Education, Employment, Farming, Federal Government, Fiscal Policy, Food, government, government spending, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, People, Philosophy, Politics, Raves, Resources, Taxes, Unemployment, Video, War, Weather, Wisdom | Tags: , , , , , , , , , , , , , , , , , , |

http://www.gasbuddy.com/gb_retail_price_chart.aspx?time=24

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CFTC Commissioner: “A Hair Trigger Away from Economic Calamity” 

Will CFTC Limit Excessive Speculation?

Stossel: Oil Speculation

The Price Of Oil

CHHS Director explains derivatives regulation on C-SPAN – 5/15/09

Michael Greenberger Talks Speculation In Commodity Markets

Oil speculation and oil prices 

Myth: The World is Running Out of Oil (Peak Oil) 

Hearing on Energy Price Manipulation – Greenberger Testimony 

Background Articles and Videos

Lecture 2: Course outline, futures markets history and market mechanics

Lecture 3: Futures contracts

Lecture 4: Options contracts and market history 

Lecture 5: Reading futures contract price quote tables

Lecture 15: A further review of technical analysis

Lecture 16: Introduction to hedging with futures 

Lecture 17: Hedging continued

Lecture 18: Hedging risk vs. return, diversification and options on futures

Lecture 19: Options on futures continued, with examples 

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Peter Schiff’s exclusive interview with Allan Meltzer–Video

Posted on April 27, 2012. Filed under: American History, Banking, Blogroll, College, Communications, Demographics, Diasters, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, Health Care, history, Inflation, Investments, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Tax Policy, Taxes, Unemployment, Video, Weather, Wisdom | Tags: , , , , |

Peter Schiff’s exclusive interview with Allan Meltzer at The Atlantic Economy Summit

Background Articles and Videos

Allan Meltzer on the History of the Federal Reserve – Part 1 

Part 1 of 3: The Process of Writing the History of the Federal Reserve. Allan Meltzer’s much-anticipated second volume of the History of the Federal Reserve was released in spring 2010. These three videos feature Professor Meltzer talking about the Federal Reserve and the process of writing the book.

Allan Meltzer on the History of the Federal Reserve – Part 2

Part 2 of 3: Why Should We Care About The Fed Being Independent? Allan Meltzer’s much-anticipated second volume of the History of the Federal Reserve was released in spring 2010. These three videos feature Professor Meltzer talking about the Federal Reserve and the process of writing the book.

Allan Meltzer on the History of the Federal Reserve – Part 3 

A History of the Federal Reserve: A Conversation between Paul Volcker and Allan H. Meltzer

As the Federal Reserve continues to take steps to boost the economy and navigate through an uncertain economic future, Allan H. Meltzer’s acclaimed history of the Federal Reserve uses the past to provide lessons for today’s policymakers and scholars. At this event, Meltzer participates in a discussion of his book A History of the Federal Reserve, 1913–1986 (University of Chicago Press, 2010) with Paul Volcker, former chairman of the Federal Reserve under presidents Jimmy Carter and Ronald Reagan. AEI economist and former Federal Reserve official Vincent R. Reinhart moderates. 

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