Weather
The Penalty For Stalling An Aircraft on Takeoff — Death — Video
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
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
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
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
Read Full Post | Make a Comment ( None so far )Jim Rogers On Federal Reserve Chairman Ben Bernanke–Videos
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
Here comes the Judge!
Judge Andrew P. Napolitano discusses the Libertarian Party w/ Glenn Beck & The Fr
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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
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
Read Full Post | Make a Comment ( None so far )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
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
| 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
| 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
| 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
| 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
| 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
| 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
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-
- Employment Situation Summary Table A. Household data, seasonally adjusted
- Employment Situation Summary Table B. Establishment data, seasonally adjusted
- Employment Situation Frequently Asked Questions
- Employment Situation Technical Note
- Table A-1. Employment status of the civilian population by sex and age
- Table A-2. Employment status of the civilian population by race, sex, and age
- Table A-3. Employment status of the Hispanic or Latino population by sex and age
- Table A-4. Employment status of the civilian population 25 years and over by educational attainment
- Table A-5. Employment status of the civilian population 18 years and over by veteran status, period of service, and sex, not seasonally adjusted
- Table A-6. Employment status of the civilian population by sex, age, and disability status, not seasonally adjusted
- Table A-7. Employment status of the civilian population by nativity and sex, not seasonally adjusted
- Table A-8. Employed persons by class of worker and part-time status
- Table A-9. Selected employment indicators
- Table A-10. Selected unemployment indicators, seasonally adjusted
- Table A-11. Unemployed persons by reason for unemployment
- Table A-12. Unemployed persons by duration of unemployment
- Table A-13. Employed and unemployed persons by occupation, not seasonally adjusted
- Table A-14. Unemployed persons by industry and class of worker, not seasonally adjusted
- Table A-15. Alternative measures of labor underutilization
- Table A-16. Persons not in the labor force and multiple jobholders by sex, not seasonally adjusted
- Table B-1. Employees on nonfarm payrolls by industry sector and selected industry detail
- Table B-2. Average weekly hours and overtime of all employees on private nonfarm payrolls by industry sector, seasonally adjusted
- Table B-3. Average hourly and weekly earnings of all employees on private nonfarm payrolls by industry sector, seasonally adjusted
- Table B-4. Indexes of aggregate weekly hours and payrolls for all employees on private nonfarm payrolls by industry sector, seasonally adjusted
- Table B-5. Employment of women on nonfarm payrolls by industry sector, seasonally adjusted
- Table B-6. Employment of production and nonsupervisory employees on private nonfarm payrolls by industry sector, seasonally adjusted(1)
- Table B-7. Average weekly hours and overtime of production and nonsupervisory employees on private nonfarm payrolls by industry sector, seasonally adjusted(1)
- Table B-8. Average hourly and weekly earnings of production and nonsupervisory employees on private nonfarm payrolls by industry sector, seasonally adjusted(1)
- Table B-9. Indexes of aggregate weekly hours and payrolls for production and nonsupervisory employees on private nonfarm payrolls by industry sector, seasonally adjusted(1)
- Access to historical data for the “A” tables of the Employment Situation Release
- Access to historical data for the “B” tables of the Employment Situation Release
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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.
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Southpark – They Took Our Job!
Obama On Illegal Immigration,”I Walked”
New Obama immigration policy criticized by local groups
Background Articles and Videos
IMMIGRATION BY THE NUMBERS – PART ONE
Roy Beck: Immigration by the Numbers 2
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Obama: “The Law I Passed Is Here To Stay”–American People: “The Tax You Passed Will Be Repealed and Obama Will Be A One-Term Failed President”–Obama Is Not Working–One And Done!–Videos
FLASHBACK: Obama: My Presidency Will Be ‘A One-Term Proposition’ If Economy Doesn’t Turn In 3 Years
Obama in 2009 ‘Absolutely Not a Tax Increase’
President Obama’s Pledge Never to Raise Taxes on Anyone Making Less Than $250,000 a Year
Dr. Truth Hurts – Why we must Repeal ObamaCare
Dr. Truth Hurts Warns us about Obama care on this Xtranormal Video.
Dr. ACO Says: “There is no ‘Best practice’ for “Sick”. I am not sure I will be able to get my bonus!”
Dr. Good has decided to join an ACO (Accountable Care Organization) created by ObamaCare.
He will now have to follow government practices or lose his bonus.
His patient is discovering that she doesn’t like this very much.
The Accountable Care Organization Was created by PPACA (Patient Protection and Affordable Care Act). Medicare patients will be assigned to it.
The Secretary of Health and Human Services will decide who qualifies for the bonus.
The Secretary will have incredible power over your doctors through the ACO since she will:
1. Require doctors to follow cook book medicine guidelines calls “best practices”
2. Decide what a “best practice” is.
3. Require doctors to be more “efficient” – which means spending less money on you.
4. Penalize doctors by withholding bonuses if they don’t ration care.
5. Allow the insurance companies to use these same best practices and rationing methods.
6. Force Medicare patients to see doctors in the ACO.
7. Allow insurance companies to force patients into an ACO.
8. Create a huge challenge for doctors who don’t join the ACO – driving the best doctors out of business.
9. Removing the right to go to court to appeal decisions made by the secretary.
10. Basically the Secretary of Health and Human Services and her 159 new government agencies will take over health care.
Read Full Post | Make a Comment ( 1 so far )American History–Who Were The First Americans?–Videos
Ice Age Columbus, Who Were The First Americans?
Before We Ruled the Earth – EP1: Hunt or Be Hunted (1/4)
Before We Ruled the Earth – EP1: Hunt or Be Hunted (2/4)
Before We Ruled the Earth – EP1: Hunt or Be Hunted (3/4)
Before We Ruled the Earth – EP1: Hunt or Be Hunted (4/4)
Before We Ruled the Earth – EP2: Mastering the Beast (1/4)
Before We Ruled the Earth – EP2: Mastering the Beast (2/4)
Before We Ruled the Earth – EP2: Mastering the Beast (3/4)
Before We Ruled the Earth – EP2: Mastering the Beast (4/4)
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American History–Jamestown Colony–Videos
The Jamestown Colony
Jamestown & Tobacco: America the Story of Us
Jamestown: Against All Odds
Background Articles and Videos
The New World – Rolfe & Rebecca/Pocahontas (Near to You)
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World War II in Color–Videos
WW II in Colour 1/13 [The Gathering Storm]
WW II in Colour 2-13 [Lightning War]
WW II in Colour 3/13 [Britain at Bay]
WW II in Colour 4/13 [Hitler Strikes East]
WW II in Colour 5/13 Red Sun Rampant
WW II in Colour 6-13 [The Mediterranean and North Africa]
WW II in Colour 7/13 [Turning the Tide]
WW II in Colour 8/13 [The Soviet Steamroller]
WW II in Colour 9/13 [Overlord]
WW II in Colour 10/13 [Closing the Ring]
[youtubehttp://www.youtube.com/watch?v=xk9y4uW_G0A&feature=relmfu]
WW II in Colour 11/13 [The Island War]
WW II in Colour 12/13 [Victory in Europe]
WW II in Colour 13/13 [Victory in the Pacific]
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Ron Paul’s Hunt For Delegates At State Conventions–Videos
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
And Then There Were Two: Ron Paul and Mitt Romney
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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!)
Today Is a HUGE Day For The Ron Paul Campaign!
Ron Paul’s Interview with CNBCs Larry Kudlow !!
Related Posts On Pronk Palisades
It’s Over–Progressives Control Democratic and Republican Parties–Ron Paul Pursues Delegates–Running Scared–In Dreams–Videos
Read Full Post | Make a Comment ( None so far )Jonah Goldberg–The Tyrany of Cliches: How Liberals Cheat In The War of Ideas–Videos
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
Background Articles and Videos
Church and state, Newtzilla, social media, and the second favorite flavor
Liberal Fascism (1) — Jonah Goldberg ** UNEDITED **
Liberal Fascism (2) — Jonah Goldberg ** UNEDITED **
Liberal Fascism (3) – Jonah Goldberg ** UNEDITED **
Liberal Fascism (4) – Jonah Goldberg ** UNEDITED **
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
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
Speculation And The Frenzy In Food Markets
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
How Uncertainty, Speculation Factor Into Gas Prices
Banksters & Speculation Behind High Food-Oil Prices
Under Questioning by Cantwell, Exxon CEO Estimates Oil Should Cost $60-70 Per Barrel
On May 12, 2011, when questioned by U.S. Senator Maria Cantwell (D-WA) at a Senate Finance Committee hearing, Exxon Mobil Chairman and Chief Executive Officer Rex Tillerson said that oil should cost between $60 and $70 per barrel, if the price of oil were based on supply and demand fundamentals. Oil was trading at $98 per barrel on Thursday morning, after inexplicitly plunging 5.5 percent yesterday.
Michael Greenberger on “commodity prices and volatility”
Regulations on Speculation Weak, But Better Than Nothing
Speculation and Watered Down Regulation
Secret Exemptions Allowed Speculators to Distort Futures Markets
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
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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
http://www.gasbuddy.com/gb_retail_price_chart.aspx?time=24
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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How Uncertainty, Speculation Factor Into Gas Prices
Banksters & Speculation Behind High Food-Oil Prices
Under Questioning by Cantwell, Exxon CEO Estimates Oil Should Cost $60-70 Per Barrel
On May 12, 2011, when questioned by U.S. Senator Maria Cantwell (D-WA) at a Senate Finance Committee hearing, Exxon Mobil Chairman and Chief Executive Officer Rex Tillerson said that oil should cost between $60 and $70 per barrel, if the price of oil were based on supply and demand fundamentals. Oil was trading at $98 per barrel on Thursday morning, after inexplicitly plunging 5.5 percent yesterday.
Michael Greenberger on “commodity prices and volatility”
Regulations on Speculation Weak, But Better Than Nothing
Speculation and Watered Down Regulation
Secret Exemptions Allowed Speculators to Distort Futures Markets
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
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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