The Pronk Pops Show 142, October 3, 2013, Segment 1: U.S. Treasury Secretary Jacob Lew Panics Plays Politics With Debt Ceiling — Claims U.S. Will Default On Treasury Debt If Debt Ceiling Is Not Raise and Will Cause Recession — Pure Propaganda — Treasury Receives About $200 Billion Per Month With Interest On Debt Less Than $35 Billion Per Month! — Videos

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Pronk Pops Show 142: October 3, 2013

Pronk Pops Show 141: October 2, 2013

Pronk Pops Show 140: September 30, 2013

Pronk Pops Show 139: September 27, 2013

Pronk Pops Show 138: September 26, 2013

Pronk Pops Show 137: September 25, 2013

Pronk Pops Show 136: September 24, 2013

Pronk Pops Show 135: September 23, 2013

Pronk Pops Show 134: September 20, 2013

Pronk Pops Show 133: September 19, 2013

Pronk Pops Show 132: September 18, 2013

Pronk Pops Show 131: September 17, 2013

Pronk Pops Show 130: September 16, 2013

Pronk Pops Show 129: September 13, 2013

Pronk Pops Show 128: September 12, 2013

Pronk Pops Show 127: September 11, 2013

Pronk Pops Show 126: September 10, 2013

Pronk Pops Show 125: September 9, 2013

Pronk Pops Show 124: September 6, 2013

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Segment 1: U.S. Treasury Secretary Jacob Lew Panics Plays Politics With Debt Ceiling — Claims U.S. Will Default On Treasury Debt If Debt Ceiling Is Not Raise and Will Cause Recession — Pure Propaganda — Treasury Receives About $200 Billion Per Month With Interest On Debt Less Than $35 Billion Per Month!  — Videos

U.S. Debt Clock

http://www.usdebtclock.org/

Economy

debt_ceiling

national debt and recession, obama cartoons

national debt wave

jacob-lewJacob_Lew_2

debt_ceiling_biga-summer-2013-who-really-owns-us-national-debtNational-Debt-Graphentitlements-consume-economy-606

national-debt-hypocrisy_obama

 BUREAU OF THE FISCAL SERVICE
                                                  STAR - TREASURY FINANCIAL DATABASE
             TABLE 1.  SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)

                                                        ACCOUNTING DATE:  08/13

   PERIOD                                                                     RECEIPTS                OUTLAYS    DEFICIT/SURPLUS (-)
+  ____________________________________________________________  _____________________  _____________________  _____________________
   PRIOR YEAR

     OCTOBER                                                                   163,072                261,539                 98,466
     NOVEMBER                                                                  152,402                289,704                137,302
     DECEMBER                                                                  239,963                325,930                 85,967
     JANUARY                                                                   234,319                261,726                 27,407
     FEBRUARY                                                                  103,413                335,090                231,677
     MARCH                                                                     171,215                369,372                198,157
     APRIL                                                                     318,807                259,690                -59,117
     MAY                                                                       180,713                305,348                124,636
     JUNE                                                                      260,177                319,919                 59,741
     JULY                                                                      184,585                254,190                 69,604
     AUGUST                                                                    178,860                369,393                190,533
     SEPTEMBER                                                                 261,566                186,386                -75,180

       YEAR-TO-DATE                                                          2,449,093              3,538,286              1,089,193

   CURRENT YEAR

     OCTOBER                                                                   184,316                304,311                119,995
     NOVEMBER                                                                  161,730                333,841                172,112
     DECEMBER                                                                  269,508                270,699                  1,191
     JANUARY                                                                   272,225                269,342                 -2,883
     FEBRUARY                                                                  122,815                326,354                203,539
     MARCH                                                                     186,018                292,548                106,530
     APRIL                                                                     406,723                293,834               -112,889
     MAY                                                                       197,182                335,914                138,732
     JUNE                                                                      286,627                170,126               -116,501
     JULY                                                                      200,030                297,627                 97,597
     AUGUST                                                                    185,370                333,293                147,923

       YEAR-TO-DATE                                                          2,472,542              3,227,888                755,345
-

 

Chris Wallace Rips Jack Lew Over ObamaCare Sign-ups: Is the Number ‘Embarrassingly Small?’

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The Debt Limit Explained

Peter Schiff – Government Knowa US Economy Will Crash, They Have To Raise The Debt Ceiling!

Ron Paul: Not Raising Debt Ceiling Won’t Put U.S. In Default

Obama Taps Chief of Staff Jack Lew for Treasury Secretary

President Obama’s speech today on Secretary of the Treasury

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Treasury (Full Session)

Who Is Jacob Lew?

Treasury warns default could be worse than Great Recession

he U.S. Treasury Department is warning that the economy could plunge into a downturn worse than the Great Recession if Congress fails to raise the federal borrowing limit and the country defaults on its debt obligations.

A default could cause the nation’s credit markets to freeze, the value of the dollar to plummet and U.S. interest rates to skyrocket, according to the Treasury report released Thursday.

(Read more:Buffett speaks out against DC’s ‘extreme idiocy’)

Treasury officials hope by laying out potential consequences they will be able to bring pressure on Congress to act. Treasury SecretaryJacob Lew has said he will have used up the extraordinary measures to avoid breaching the debt ceiling by Oct. 17. After that, the government will have around $30 billion of cash on hand.

The report looked at the disruptions caused to financial markets during a similar stand-off between the administration and Congress over raising the debt limit. It then made projections about what could occur if there were an actual default.

In August 2011, Congress eventually raised the nation’s borrowing limit before a default occurred but only after a protracted debate. The politics that nearly led to a default prompted Standard & Poor’s to cut the nation’s credit rating by a notch.

(Read moreHank Paulson: Tea party ‘hijacked the debate’)

“As we saw two years ago, prolonged uncertainty over whether our nation will pay its bills in full and on time hurts our economy,” Lew said in a statement. “Postponing a debt ceiling increase to the very last minute is exactly what our economy does not need—a self-inflicted wound harming families and businesses.”

Our nation has worked hard to recover from the 2008 financial crisis, and Congress must act now to lift the debt ceiling before that recovery is put in jeopardy,” Lew said.

The report notes that even the possibility of a default could roil financial markets and damage the economy, thereby harming American businesses and households. Sharp declines in household wealth, increases in the cost of financing for businesses and households, and a fall in private-sector confidence, all tend to undermine economic expansion. It also states that if the current government shutdown is protracted, it could make the U.S. economy even more susceptible to the adverse effects from a debt ceiling impasse than it was prior to the shutdown.

In the event of a default, the U.S. economy could be plunged into a recession worse than any seen since the Great Depression, it said.

“The U.S. dollar and Treasury securities are at the center of the international finance system. In the catastrophic event that a debt limit impasse were to lead to a default on Treasury securities, financial markets could be shaken to their core as was seen in late 2008, which resulted in a recession worse than any seen since the Great Depression.”

http://www.nbcnews.com/business/treasury-warns-default-could-be-worse-great-recession-8C11329540

Simple facts show Obama’s debt-ceiling default threats are nonsense

The United States of America isn’t going to default on its debt, even if Congress doesn’t increase the statutory borrowing authority in the next couple of months. Everyone in Washington knows, or should know, this. Any assertions to the contrary are tantamount to — perish the thought! — playing politics with the debt ceiling.This is the second time in less than two years that the nation finds itself at this juncture, with Republicans in Congress threatening to hold the debt ceiling hostage. Some lawmakers are willing to shut down the government in order to pressure President Barack Obama to agree to spending cuts.

A shutdown is certainly possible. A debt default? Not gonna happen.

Why? Because the income taxes withheld from most of our paychecks each month exceed the interest the Treasury owes on its debt outstanding. In November, for example, the Treasury’sinterest expense totaled $25 billion. That compares with tax receipts of $161.7 billion. The ratio of receipts to interest expense varies from month to month, but what comes in more than covers what goes out in debt service.

Without an increase in the $16.394 trillion debt limit, the federal government can’t pay all of its bills: It borrows 40 cents of every dollar it spends. Still, “debt service would come first,” said Lou Crandall, chief economist at Wrightson Icap LLC in Jersey City, New Jersey.

Prioritizing Payments

Wait. The Treasury claims it has no authority to prioritize payments, to pay bondholders first.

That’s what it says, yes. Others beg to differ. In response to a congressional inquiry on the issue in 1985, the Government Accountability Office concluded the following: “We are aware of no statute or any other basis for concluding that Treasury is required to pay outstanding obligations in the order in which they are presented for payment unless it chooses to do so.”

The GAO is equally unaware of any new law that would alter its opinion in any way. So repeat after me: The U.S. isn’t going to fail to make timely payment of principal and interest on its sovereign debt. If it can’t issue new debt, it can roll over maturing debt. Borrowers may very well demand a higher rate of interest, especially if Obama and Treasury Secretary Timothy Geithner raise the specter of default, as they did in 2011.

Issuing such a threat is irresponsible and even counterproductive if it prompts bondholders to dump Treasuries. That’s what happened initially during the debt-ceiling negotiations in July and August of 2011, costing the U.S. Treasury an additional $1.3 billion in interest expense, according to the GAO.

Once Standard & Poor’s put the U.S.’s AAA rating on credit watch on July 14, stocks went into the tank and Treasuries ignored the downgrade threat, which became a reality on Aug. 5.

“The bond market has its own credit-rating system,”Crandall said.

I am not suggesting that a failure to raise the debt ceiling wouldn’t be disruptive or cause undue hardship to those who rely on government checks. Social Security payments might not get processed. Medicare and Medicaid providers wouldn’t get paid. Neither would those serving in the military.

The sad part is that the debt ceiling has nothing to do with the debt problem. It merely allows Treasury to borrow what Congress has already spent. It does not authorize new spending commitments.

Options to get around the statutory debt limit, such as invoking the 14th Amendment or minting a $1 trillion platinum coin, seem like a bad precedent (the former) or a gimmick (the latter) to circumvent a relic. Neither is likely to be implemented.

‘Finished, Over’

The only solution is to address the debt ceiling directly. Obama has made it clear he won’t negotiate with Congress over the government’s borrowing authority. Republicans have made it equally clear they aren’t going to give him what he wants without extracting concessions on spending cuts. Given thepublic’s view of them as spoilers, Republicans would be better served by using their leverage in negotiations over the sequester. As part of the deal to avert the fiscal cliff, the first installment of the 10-year, $1.2 trillion of not-so-automatic discretionary-spending cuts was delayed for two months.

Obama no longer has the leverage he had in the cliff negotiations: tax increases for all if Congress failed to act. Republicans, as a rule, oppose cuts in defense spending. So does the Pentagon. Obama doesn’t want to pare nondefense spending. In fact, he would like to increase it under the guise of”investment.” (It sounds so much better.)

Obama has also said that any deficit-reduction agreement must be balanced, by which he means spending cuts only in return for additional tax increases. Congress just made the Bush-era tax cuts permanent for all but the top 0.7 percent of earners. And Senate Minority Leader Mitch McConnell, echoing the view of his caucus, said the “tax issue is finished, over, completed.”

The lines in the sand have been drawn — rather sharply, as it turns out. The negotiations could get interesting if Republicans pick their battles carefully, addressing spending cuts at a time and place that’s appropriate.

(Caroline Baum, author of “Just What I Said,” is a Bloomberg View columnist. The opinions expressed are her own.)

To contact the writer of this article: Caroline Baum in New York at cabaum@bloomberg.net.

To contact the editor responsible for this article: James Greiff at jgreiff@bloomberg.net.

More government insanity:

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The worst effect of Obama’s re-election may have nothing to do with taxes, healthcare, or handouts

Jacob Lew

Jacob JosephJackLew (born August 29, 1955) is an American government administrator and attorney who is the 76th and current United States Secretary of the Treasury, serving since 2013. He served as the 25th White House Chief of Staff from 2012 to 2013. Lew previously served as Director of the Office of Management and Budget in the Clinton and Obama Administrations, and is a member of the Democratic Party.

Born in New York City, Lew received his A.B. from Harvard College and his J.D. from Georgetown University Law Center. Lew began his career as a legislative assistant to Representative Joe Moakley and as a senior policy adviser to former House Speaker Tip O’Neill. Lew then worked as an attorney in private practice before working as a deputy in Boston’s office of management and budget. In 1993, he began work for the Clinton Administration as Special Assistant to the President. In 1994 Lew served as Associate Director for Legislative Affairs and Deputy Director of the Office of Management and Budget, where he served as Director of that agency from 1998 to 2001 and from 2010 to 2012. After leaving the Clinton Administration, Lew worked as the Executive Vice President for Operations at New York University from 2001 to 2006, and as the COO at Citigroup from 2006 to 2008. Lew then served as the first Deputy Secretary of State for Management and Resources, from 2009 to 2010.

On January 10, 2013, Lew was nominated as the replacement for retiring Treasury Secretary Timothy Geithner, to serve in President Barack Obama‘s second term.[2] On February 27, 2013, the Senate confirmed Lew for the position. He was sworn in the following day.

Early life, education, and early career

Lew was born in New York City. He attended New York City public schools, graduating from Forest Hills High School.[3] His father was a lawyer and rare-book dealer who came to the United States from Poland as a child.[4] Lew attended Carleton College in Minnesota where his faculty adviser was Paul Wellstone, who eventually represented Minnesota in the U.S. Senate.[5] He graduated from Harvard College in 1978 and the Georgetown University Law Center in 1983.[6]

He worked as an aide to Rep. Joe Moakley (D-Mass.) from 1974 to 1975.[7] He then was a senior policy adviser to House Speaker Tip O’Neill.[8] Under O’Neill he served at the House Democratic Steering and Policy Committee as Assistant Director and then Executive Director, and was responsible for work on domestic and economic issues including Social Security, Medicare, budget, tax, trade, appropriations, and energy issues.[1]

Lew practiced as an attorney for five years as a partner at Van Ness, Feldman and Curtis.[9] His practice dealt primarily with electric power generation. He has also worked as Executive Director of the Center for Middle East Research, Issues Director for the Democratic National Committee’s Campaign 88, and Deputy Director of the Office of Program Analysis in the city of Boston‘s Office of Management and Budget. [10][11]

Clinton administration

From February 1993 to 1994, Lew served as Special Assistant to the President under President Clinton.[12] Lew was responsible for policy development and the drafting of the national service initiative (AmeriCorps) and health care reform legislation.[13]

Lew left the White House in October 1994 to work as OMB’s Executive Associate Director and Associate Director for Legislative Affairs.[14] From August 1995 until July 1998, Lew served as Deputy Director of OMB.[15] There, Lew was chief operating officer responsible for day-to-day management of a staff of 500. He had crosscutting responsibilities to coordinate Clinton administration efforts on budget and appropriations matters. He frequently served as a member of the Administration negotiating team, including regarding the Balanced Budget Act of 1997.

President Clinton nominated Lew to be Director of the OMB,[16] and the United States Senate confirmed him for that job on July 31, 1998.[17] He served in that capacity until the end of the Clinton administration in January 2001. As OMB Director, Lew had the lead responsibility for the Clinton Administration’s policies on budget, management, and appropriations issues. As a member of the Cabinet and senior member of the economic team, he advised the President on a broad range of domestic and international policies. He represented the Administration in budget negotiations with Congress and served as a member of the National Security Council.

Between Clinton and Obama tenures

After leaving public office in the Clinton administration, Lew served as the Executive Vice President for Operations at New York University and was a Clinical Professor of Public Administration at NYU’s Wagner School of Public Service.[18] While at NYU, Lew aided the university in ending graduate students’ collective bargaining rights. The Obama administration has maintained that Lew supports workers’ union rights.[19] According to a 2004 report in NYU’s student newspaper, the Washington Square News, Lew was paid $840,339 during the 2002-2003 academic year.[20]In addition to his salary, several hundred thousand dollars in mortgage loans from NYU to Mr. Lew were forgiven by the University.[21]

In June 2006, Lew was named chief operating officer of Citigroup‘s Alternative Investments unit, a proprietary trading group. The unit he oversaw invested in a hedge fund “that bet on the housing market to collapse.”[22] During his work at Citigroup, Lew had invested heavily in funds in Ugland House while he worked as an investment banker at Citigroup during the 2008 financial meltdown.[23] Lew also had oversight of Citigroup subsidiaries in countries including, Bermuda, the Cayman Islands, and Hong Kong; and during his time at Citigroup, Citigroup subsidiaries in the Cayman Islands increased to 113.[24]

Lew co-chaired the Advisory Board for City Year New York.[25] He is a member of the Council on Foreign Relations, the Brookings Institution Hamilton Project Advisory Board, and the National Academy of Social Insurance.[26] Lew is also a member of the bar in Massachusetts and the District of Columbia.[27]

Obama administration

Deputy Secretary of State

Lew with former Chair of the Joint Chiefs Admiral Mike Mullen at the Combined Press Information Center in Baghdad, July 27, 2010.

As Deputy Secretary of State for Management and Resources, Lew was the State Department‘s chief operating officer and was primarily responsible for resource issues, while James Steinberg, who also served as Deputy Secretary of State during that period was responsible for policy.[28][29] Lew was co-leader of the State Department’s Quadrennial Diplomacy and Development Review.[30]

Budget director

On July 13, 2010, the White House announced that Lew had been chosen to replace Peter Orszag as Director of the Office of Management and Budget (OMB), subject to Senate confirmation.[31] During confirmation hearings in the Senate, in response to questioning by Senator Bernie Sanders (I-VT), Lew said that he did not believe deregulation was a “proximate cause” of the financial crisis of 2007–2008: Lew told the panel that “the problems in the financial industry preceded deregulation,” and after discussing those issues, added that he didn’t “personally know the extent to which deregulation drove it, but I don’t believe that deregulation was the proximate cause.”[32][33]

On November 18, 2010, Lew was confirmed by the Senate by unanimous consent.

The $3.7 trillion 2011 budget President Obama unveiled the administration estimated reductions to federal spending deficits by $1.1 trillion over the next decade if adopted and economic assumptions were fully achieved. Two-thirds of the that estimated reduction would come from spending cuts through a 5-year freeze in discretionary spending first announced in Obama’s 2011 State of the Union address, as well as savings to mandatory programs such as Medicare and lower interest payments on the debt that would result from the lower spending. Tax increases are responsible for the other third of the reduction, including a cap on itemized reductions for wealthier taxpayers and the elimination of tax breaks for oil and gas companies.[34] Economist and former financial fraud investigator William K. Black warned that the OMB budget statement prepared under Lew’s direction was “an ode to austerity,” and that austerity would force the U.S. economy back into recession.[35]

Lew meeting with President Barack Obama and the Assistant to the President for Legislative Affairs Rob Nabors

In an op-ed in the Huffington Post, Lew cited top Administration priorities to achieve deficit reduction; including: $400 billion in savings from non-security discretionary spending freezes, $78 billion in cuts to the Department of Defense, returning to the Clinton-era tax rates for the top 2% of income earners, and lowering the Corporate tax from 35% to 25%.[36]

Chief of Staff

On January 9, 2012, President Obama announced that Lew would replace William M. Daley as White House Chief of Staff.[37] Lew’s nomination was followed with criticism[38][39][40][41] after renewed reports that he received over $900,000 in bonuses while working at Citigroup, which had been rescued with $45 billion from the Troubled Asset Relief Program (TARP) after losing $27.7 billion, or 90% of its value.[42][43]

During his tenure as Chief of Staff, Lew was seen as a supporter and top negotiator for a “grand bargain” deal between President Obama and House Speaker John Boehner, to avoid “Fiscal cliff” sequester cuts and tax increases.[1]

Lew’s Old Signature

Secretary of the Treasury

Lew’s New Money Signature

On January 10, 2013, President Obama nominated Lew for the position of Secretary of the Treasury.[2] The nomination became the subject of some humorous commentary, due to Lew’s unusual loopy signature, which would appear on all U.S. paper currency for the duration of his tenure;[44] the signature generated enough media attention that Obama joked at a press conference that he had considered rescinding his nomination when he learned of it.[45] Lew later adopted a more conventional signature for currency.[46] The Senate Finance Committee held confirmation hearings for Lew on February 13, 2013, and approved his nomination 19–5 on February 26, 2013, sending his nomination to the full Senate.[47]

During his confirmation hearings before the Senate Finance Committee, Senator Chuck Grassley expressed concern that Lew did not know what Ugland House was, though he had invested in it.[48] During his work at Citigroup, Lew had invested heavily in funds in Ugland House while he worked as an investment banker at Citigroup during the 2008 financial meltdown.[49] He had taken advantage of current tax law and his financial allocation in the venture resulted in Lew taking roughly a 2.8% loss, a $1,582 decrease in his investment principal.[50]

On February 27, 2013, the full Senate voted and approved Lew for Secretary of the Treasury 71–26. He was sworn into office on February 28.[51]

Religion

Lew is an Orthodox Jew who observes the Jewish Sabbath [52][53] and attends Congregation Beth Sholom.[54]

Interviewed in a 2010 article, Lew’s former boss on the National Security Council, Sandy Berger, commented that “Lew’s faith never got in the way of performing his duties.”[52] Berger also said that Lew’s commitment to his family was also extremely important, but that Lew “was able to balance the requirements, which was very, very hard – and he was determined to observe his religious traditions.”[52]

A 2011 press release from the Religion News Service noted that Lew also “has extensive connections in the American Jewish community,” and that he might be able to help President Obama “build a more friendly rapport” with Israeli Prime Minister Benjamin Netanyahu.[55]

References

  1. ^ Jump up to: a b c Cook, Nancy (9 January 2013). “Jack Lew: The Man Who Could Save Obama’s Legacy”. National Journal. Retrieved 14 January 2013.
  2. ^ Jump up to: a b Jackie Calmes (January 10, 2013). “Lew Would Complete Transformation of Obama’s Economic Team”. The New York Times. Retrieved January 10, 2013.
  3. Jump up ^ “Homecoming”. whitehouse.gov. June 27, 2011.
  4. Jump up ^ “Trusted Aide to Obama Faces Test in Budget Showdown”. nytimes.com. December 1, 2012.
  5. Jump up ^ Luke Johnson Jack Lew Biography: Meet The New White House Chief Of Staff January 9, 2012 Huffington Post
  6. Jump up ^ “Biographical information on Jack Lew”. online.wallstreetjournal.com. January 9, 2012.
  7. Jump up ^ “Incoming White House Chief of Staff Jack Lew like Rahm sans %@#!”. thehill.com. January 12, 2012.
  8. Jump up ^ “Biographical information on Jack Lew”. seattletimes.com. January 9, 2012.
  9. Jump up ^ “Van Ness Feldman Congratulates Jack Lew on His Anticipated Nomination to Serve as Head of the White House Office of Management and Budget”. vnf.com. July 13, 2010.
  10. Jump up ^ “Thompson Schedules Nomination Hearing on Jacob J. Lew”. hsgac.senate.gov. Thursday, May 28, 1998.
  11. Jump up ^ “Jacob J. Lew”. nytimes.com. November 15, 2008.
  12. Jump up ^ “OBAMA’S NEW CHIEF OF STAFF THIRD GU ALUMNUS TO SERVE IN POST”. georgetown.edu. January 18, 2012.
  13. Jump up ^ “Lew, Jacob J. “Jack””. January 26, 2012. ourcampaigns.com.
  14. Jump up ^ “The White House Office of the Press Secretary”. Houston, Texas: National Archives and Records Administration. April 14, 1998. Retrieved January 14, 2013.
  15. Jump up ^ “A Look at the New White House Chief of Staff Jack Lew”. news.yahoo.com. January 9, 2012.
  16. Jump up ^ “President Clinton Announces OMB Director Raines’ Departure”. clinton4.nara.gov. April 14, 1998.
  17. Jump up ^ “OMB’s Organization”. clinton3.nara.gov.
  18. Jump up ^ “Nat’l Security Team Additions”. realclearpolitics.blogs.time.com. December 23, 2008.
  19. Jump up ^ Eidelson, Josh. “Jack Lew’s union-busting past”. Salon. Retrieved 10 January 2013.
  20. Jump up ^ http://online.wsj.com/article/SB10001424127887324329204578269821728015016.html
  21. Jump up ^ Kaminer, Ariel. “NYU will cease loans to top employees for second homes”. The New York Times. Retrieved 16 August 2013.
  22. Jump up ^ “Flashback: Lew’s Time at Citi And Other Disappointments”. motherjones.com. January 9, 2012.
  23. Jump up ^ February 2013 “From the Citi to the Caymans”. WSJ News. 12 February 2012.
  24. Jump up ^ Daniel Halper (13 February 2013). “Jack Lew Oversaw Up to 113 Cayman Island Investment Funds”. Weekly Standard. Retrieved 22 February 2013.
  25. Jump up ^ “Director Jack Lew Blogs About CYNY”. cityyearnewyork.wordpress.com. January 18, 2011.
  26. Jump up ^ “White House Chief of Staff Jack Lew to Keynote December 16 Convocation; Stanley Raskas, Moise Safra and Diane Wassner to be Honored”. blogs.yu.edu. November 26, 2012.
  27. Jump up ^ “Obama National Security Team Takes Shape”. National Journal. December 23, 2008. Retrieved July 13, 2010.
  28. Jump up ^ “Obama Names Steinberg, Lew State Department Deputies”. Bloomberg L.P. December 23, 2008. Retrieved February 6, 2011.
  29. Jump up ^ “Senior Officials”. United States Department of State. Retrieved February 6, 2011.
  30. Jump up ^ Long, Emily (July 15, 2009). “State Department launches quadrennial review”. Government Executive. Retrieved February 6, 2011.
  31. Jump up ^ “President Obama Announces His Intent to Nominate Jacob Lew as OMB Director”. http://www.whitehouse.gov. July 13, 2010.
  32. Jump up ^ http://www.huffingtonpost.com/2010/09/21/obama-nominee-jacob-lew-f_n_732594.html
  33. Jump up ^ “Matt Taibbi & Bill Black: Obama’s New Treasury Secretary a ‘Failure of Epic Proportions'”. http://www.alternet.org. January 11, 2013.
  34. Jump up ^ Wasson, Erik (2011-02-14). “Obama 2012 budget proposes $1.1T deficit cut over next decade”. Thehill.com. Retrieved 2012-11-14.
  35. Jump up ^ “Obama’s OMB Channels its Inner Tea Party”. http://neweconomicperspectives.org/. December 27, 2012.
  36. Jump up ^ “The 2012 Budget”. huffingtonpost.com. February 14, 2011. Retrieved January 7, 2013.
  37. Jump up ^ “Obama chief of staff Bill Daley steps down, budget chief Jack Lew steps up”. Cbsnews.com. 2012-01-09. Retrieved 2012-11-14.
  38. Jump up ^ “The new WH Chief of Staff and Citigroup”. salon.com. January 10, 2012. Retrieved January 7, 2013.
  39. Jump up ^ “Are These Examples of Washington Corruption?”. cato.org. Retrieved January 7, 2013.
  40. Jump up ^ “OMB nominee got $900,000 after Citigroup bailout”. washingtontimes.com. July 28, 2010. Retrieved January 7, 2013.
  41. Jump up ^ “Advisers’ Citigroup Ties Raise Questions”. nytimes.com. Retrieved January 7, 2013.
  42. Jump up ^ “BUSTED: Obama’s New Budget Chief Got A $900K Bonus From Citigroup After It Got A Bailout”. businessinsider.com. July 29, 2010. Retrieved January 7, 2013.
  43. Jump up ^ “Citigroup Inc.”. nytimes.com. December 5, 2012. Retrieved January 7, 2013.
  44. Jump up ^ “Likely Treasury Secretary Under Fire for Signature”. abcnews.go.com. January 9, 2013. Retrieved January 9, 2013.
  45. Jump up ^ Rachel Weiner (January 10, 2013). “Obama mocks Lew’s signature”. washingtonpost.com. Retrieved January 10, 2013.
  46. Jump up ^ Goldfarb, Zachary A. (June 18, 2013). “Treasury Secretary Jack Lew unveils new signature after quibbles with his scribble”. The Washington Post (The Washington Post Company). Retrieved July 29, 2013.
  47. Jump up ^ http://www.politico.com/story/2013/02/senate-finance-approves-jack-lew-nomination-for-treasury-88091.html?hp=r1
  48. Jump up ^ “Grassley Says Lew’s Ignorance of Ugland House ‘Does not Build Confidence'”. Tax Notes Today. February 13, 2013. p. 2013 TNT 31-26. Missing or empty |url= (help); |accessdate= requires |url= (help)
  49. Jump up ^ “From the Citi to the Caymans”. WSJ News. February 12, 2012. Retrieved February 21, 2013.
  50. Jump up ^ Timothy W. Coleman (February 16, 2013). “Politically inconvenient taxation”. Washington Times Communities. Retrieved February 18, 2013.
  51. Jump up ^ “Jack Lew Gets Enough Senate Votes to Be Confirmed as Treasury Secretary”. CNBC. Retrieved 27 February 2013.
  52. ^ Jump up to: a b c Wagner, Ellis, White House Correspondent, “Clinton’s Budget Brain Returning to OMB Helm,” Politics Daily, July 16, 2010, retrieved February 5, 2012.
  53. Jump up ^ “Obama names Jack Lew new chief of staff”. Ynetnews. Retrieved January 9, 2012.
  54. Jump up ^ Donn, Yochonon “Jack Lew: Liberal Jew, White House’s First ‘Gabbai'” Hamodia, retrieved January 3, 2013.
  55. Jump up ^ Gibson, David, “New White House Staffers, Cecille Munoz and Jacob Lew, Have Strategic Catholic, Jewish Ties,” Religion News Service, January 10, 2012, retrieved February 5, 2012.

External links

Wikimedia Commons has media related to Jacob Lew.

http://en.wikipedia.org/wiki/Jack_Lew

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The Growth Gap Widens As U.S. Heads Into Another Recession: Real Gross Domestic Product Down From 3.1% in Third Quarter to .1% in Fourth Quarter 2012! — Videos

Posted on February 28, 2013. Filed under: American History, Banking, Blogroll, Books, Business, College, Communications, Demographics, Economics, Education, Employment, Energy, Federal Government, Federal Government Budget, Fiscal Policy, history, Inflation, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Quotations, Raves, Regulations, Reviews, Tax Policy, Taxes, Unemployment, Video, Wealth | Tags: , , , , , , , , , , , , , , , , , , , , , , , |

us-economy-2012

GDP-10-recoveries-10-2012

gdp_large

US-GDP-dec232010013013gdp-600x445

gdp-components-since-2007 (1)

debt-and-gdp-main6

US_jobs_January_2013_Jan312013

gdpoilprice

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Central Bank & Monetary Policy

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, FEBRUARY 28, 2013
BEA 13-06

* See the navigation bar at the right side of the news release text for links to data tables,
contact personnel and their telephone numbers, and supplementary materials.

Lisa S. Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov
Recorded message: (202) 606-5306
Ralph Stewart: (202) 606-2649 (News Media)
Jeannine Aversa: (202) 606-2649 (News Media)
National Income and Product Accounts
Gross Domestic Product, 4th quarter and annual 2012 (second estimate)
      Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 0.1 percent in the fourth quarter of 2012
(that is, from the third quarter to the fourth quarter), according to the "second" estimate released by the
Bureau of Economic Analysis.  In the third quarter, real GDP increased 3.1 percent.

      The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month.  In the advance estimate, real GDP declined 0.1 percent.  The
upward revision to the percent change in real GDP is smaller than the average revision from the advance
to second estimate of 0.5 percentage point.  While today’s release has revised the direction of change in
real GDP, the general picture of the economy for the fourth quarter remains largely the same as what
was presented last month (for more information, see "Revisions" on page 3).

      The increase in real GDP in the fourth quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), nonresidential fixed investment, and residential fixed
investment that were partly offset by negative contributions from private inventory investment, federal
government spending, exports, and state and local government spending.  Imports, which are a
subtraction in the calculation of GDP, decreased.

	The deceleration in real GDP in the fourth quarter primarily reflected downturns in private
inventory investment, in federal government spending, in exports, and in state and local government
spending that were partly offset by an upturn in nonresidential fixed investment, a larger decrease in
imports, and an acceleration in PCE.

_______

FOOTNOTE.  Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified.  Quarter-to-quarter dollar changes are differences between these published estimates.  Percent
changes are calculated from unrounded data and are annualized.  "Real" estimates are in chained (2005)
dollars.  Price indexes are chain-type measures.

      This news release is available on BEA’s Web site along with the Technical Note and Highlights
 related to this release.  For information on revisions, see "Revisions to GDP, GDI, and Their Major
 Components".
_______

      Final sales of computers added 0.10 percentage point to the fourth-quarter change in real GDP
after adding 0.11 percentage point to the third-quarter change.  Motor vehicle output added 0.19
percentage point to the fourth-quarter change in real GDP after subtracting 0.25 percentage point from
the third-quarter change.

      The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.5 percent in the fourth quarter, 0.2 percentage point more than in the advance estimate; this
index increased 1.4 percent in the third quarter.  Excluding food and energy prices, the price index for
gross domestic purchases increased 1.1 percent in the fourth quarter, compared with an increase of 1.2
percent in the third.

      Real personal consumption expenditures increased 2.1 percent in the fourth quarter, compared
with an increase of 1.6 percent in the third.  Durable goods increased 13.8 percent, compared with an
increase of 8.9 percent.  Nondurable goods increased 0.1 percent, compared with an increase of 1.2
percent.  Services increased 0.9 percent, compared with an increase of 0.6 percent.

      Real nonresidential fixed investment increased 9.7 percent in the fourth quarter, in contrast to a
decrease of 1.8 percent in the third.  Nonresidential structures increased 5.8 percent; it was unchanged in
the third quarter.  Equipment and software increased 11.3 percent in the fourth quarter, in contrast to a
decrease of 2.6 percent in the third.  Real residential fixed investment increased 17.5 percent, compared
with an increase of 13.5 percent.

      Real exports of goods and services decreased 3.9 percent in the fourth quarter, in contrast to an
increase of 1.9 percent in the third.  Real imports of goods and services decreased 4.5 percent, compared
with a decrease of 0.6 percent.

      Real federal government consumption expenditures and gross investment decreased 14.8 percent
in the fourth quarter, in contrast to an increase of 9.5 percent in the third.  National defense decreased
22.0 percent, in contrast to an increase of 12.9 percent.  Nondefense increased 1.8 percent, compared
with an increase of 3.0 percent.  Real state and local government consumption expenditures and gross
investment decreased 1.3 percent, in contrast to an increase of 0.3 percent.

      The change in real private inventories subtracted 1.55 percentage points from the fourth-quarter
change in real GDP, after adding 0.73 percentage point to the third-quarter change.  Private businesses
increased inventories $12.0 billion in the fourth quarter, following increases of $60.3 billion in the third
and $41.4 billion in the second.

      Real final sales of domestic product -- GDP less change in private inventories -- increased 1.7
percent in the fourth quarter, compared with an increase of 2.4 percent in the third.

Gross domestic purchases

      Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- decreased 0.1 percent in the fourth quarter, in contrast to an increase of 2.6 percent in the
third.
Current-dollar GDP

      Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
1.0 percent, or $40.2 billion, in the fourth quarter to a level of $15,851.2 billion.  In the third quarter,
current-dollar GDP increased 5.9 percent, or $225.4 billion.

Revisions

      The "second" estimate of the fourth-quarter percent change in GDP is 0.2 percentage point, or
$9.2 billion, more than the advance estimate issued last month, primarily reflecting an upward revision
to exports, a downward revision to imports, and an upward revision to nonresidential fixed investment
that were partly offset by a downward revision to private inventory investment.

                                                                     Advance Estimate             Second Estimate
                                                                       (Percent change from preceding quarter)

Real GDP.......................................                            -0.1                         0.1
Current-dollar GDP.............................                             0.5                         1.0
Gross domestic purchases price index...........                             1.3                         1.5

2012 GDP

      Real GDP increased 2.2 percent in 2012 (that is, from the 2011 annual level to the 2012 annual
level), compared with an increase of 1.8 percent in 2011.

      The increase in real GDP in 2012 primarily reflected positive contributions from personal
consumption expenditures (PCE), nonresidential fixed investment, exports, residential fixed investment,
and private inventory investment that were partly offset by negative contributions from federal
government spending and from state and local government spending. Imports, which are a subtraction in
the calculation of GDP, increased.

      The acceleration in real GDP in 2012 primarily reflected a deceleration in imports, upturns in
residential fixed investment and in private inventory investment and smaller decreases in state and local
government spending and in federal government spending that were partly offset by decelerations in
PCE, exports, and nonresidential fixed investment.

      The price index for gross domestic purchases increased 1.7 percent in 2012, compared with an
increase of 2.5 percent in 2011.

      Current-dollar GDP increased 4.0 percent, or $605.8 billion, in 2012 to a level of $15,681.5
billion, compared with an increase of 4.0 percent, or $576.8 billion, in 2011.

	During 2012 (that is, measured from the fourth quarter of 2011 to the fourth quarter of 2012),
real GDP increased 1.6 percent.  Real GDP increased 2.0 percent during 2011.  The price index for gross
domestic purchases increased 1.5 percent during 2012, compared with an increase of 2.5 percent during
2011.

                                            *          *          *

      BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov.  By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

                                           *          *          *

                             Next release -- March 28, 2013 at 8:30 A.M. EDT for:
                Gross Domestic Product:  Fourth Quarter and Annual 2012 (Third Estimate)
                              Corporate Profits:  Fourth Quarter and Annual 2012

gdp_large

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Federal Reserve Chairman Ben Bernanke Lectures At George Washington University—Videos

Posted on April 28, 2012. Filed under: Banking, Blogroll, Business, College, Communications, Demographics, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, Homes, Immigration, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Strategy, Tax Policy, Taxes, Unemployment, Video, Wisdom | Tags: , , , , , , , , , , , |

Ben Bernanke Lectures At George Washington University 

Chairman Bernanke’s College Lecture Series: The Federal Reserve and the Financial Crisis, Part 1 

Chairman Bernanke’s College Lecture Series: The Federal Reserve and the Financial Crisis, Part 2 

Chairman Bernanke’s College Lecture Series, The Federal Reserve and the Financial Crisis, Part 3 

Chairman Bernanke’s College Lecture Series, The Federal Reserve and the Financial Crisis, Part 4   

Background Articles and Videos

Milton Friedman on The Gold Standard

Milton Friedman – The Great Depression Myth

Hayek on Milton Friedman and Monetary Policy 

The Gold Standard in Theory and Myth (by Joseph Salerno)

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Lewis J. Spellman–Quantitative Easing 2 and Inflation–Videos

Posted on April 20, 2012. Filed under: Banking, Blogroll, Business, College, Communications, Economics, Education, Employment, Federal Government Budget, Fiscal Policy, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Tax Policy, Taxes, Video, Wealth, Wisdom | Tags: , , , , , , |

QE2 and Inflation 1 – The Debt Deflation Problem

QE2 and Inflation 2a – “Deflation, Don’t let it happen here”

QE2 and Inflation 2b – “Deflation, Don’t let it happen here”

QE2 and Inflation 3 – How QE2 Financed the World

QE2 and Inflation 4 – US Capital Flight and Depreciation

E2 and Inflation 5a – Commodity, Inflation, Inflation Expectations and Investments part1

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“I Will Be Held Accountable” –Obama’s Economic Policies Result In Longest Period of Unemployment Since The Great Depression–End The Loafing–Videos

Posted on February 17, 2012. Filed under: American History, Blogroll, Business, Communications, Economics, Employment, Federal Government Budget, Fiscal Policy, government, government spending, history, Homes, Law, liberty, Life, Links, media, People, Philosophy, Politics, Public Sector, Raves, Tax Policy, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , |

Obama One Term Proposition: “I Will Be Held Accountable”

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Unemployment Rate Primer 

Mark Levin Talks About Obama Cooking The Books On The Unemployment Rate

ShadowStats’ John Williams Explains Why It’s All Been Downhill Since 1973

Bureau of Labor Statistics

Labor Force Statistics from the Current Population Survey

http://data.bls.gov

Unemployment Level In Thousands

Unemployment Rate Percent U-3

Total Unemployment Rate Percent U-6

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
1994 11.8 11.4 11.4 11.2 10.8 10.9 10.7 10.5 10.4 10.3 10.1 10.0  
1995 10.2 9.9 9.9 10.0 10.0 10.1 10.1 10.0 10.1 9.9 10.0 10.0  
1996 9.8 10.0 9.8 9.9 9.7 9.6 9.7 9.3 9.4 9.4 9.3 9.5  
1997 9.4 9.4 9.1 9.2 8.8 8.8 8.6 8.6 8.7 8.4 8.3 8.4  
1998 8.4 8.4 8.4 7.9 7.9 8.0 8.1 7.9 7.9 7.8 7.6 7.6  
1999 7.7 7.7 7.6 7.6 7.4 7.5 7.5 7.3 7.4 7.2 7.1 7.1  
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                        

 

High Unemployment  No Future Employment

 

Price discusses CBO Annual Report on CNBC’s The Kudlow Report

President Obama should be held accountable for economic policies not working.

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Background Articles and Videos

The United States is Experiencing the Longest Stretch of High Unemployment Since the Great Depression

“…The rate of unemployment in the United States has exceeded 8 percent since February 2009, making the past three years the longest stretch of high unemployment in this country since the Great Depression. CBO projects that the unemployment rate will remain above 8 percent until 2014. The share of unemployed people who have been looking for work for more than six months—referred to as the long-term unemployed—topped 40 percent in December 2009 and has remained above that level ever since. …”

“…What Are the Consequences of Unemployment?

Households with unemployed workers are adversely affected by joblessness in many ways. For workers who have been displaced through no fault of their own—for example, those who lost or left a job because their plant or company closed or moved—the drop in earnings associated with losing a job during a recession may persist for many years, even when these workers eventually find a new job. Older workers and those with long tenure in their previous job are especially vulnerable because new jobs for those workers typically pay less and offer less potential for earnings growth.

Other types of unemployed workers—for example, people entering the labor market for the first time (typically after completing school)—are also adversely affected by a weak economy. People who start their career in times of high unemployment tend to have persistently lower earnings than their counterparts who begin seeking work under better economic circumstances. In addition to its immediate and lasting effects on earnings and family finances, unemployment is also correlated with deteriorating mental and physical health and with increased mortality. ….”

http://cboblog.cbo.gov/?p=3333

CBO: Longest Period of High Unemployment Since Great Depression

CBO: U.S. enduring the longest period of high unemployment since the Great Depression

      By  Alex M. Parker

“…After three years with unemployment topping 8 percent, the U.S. has seen the longest period of high unemployment since the Great Depression, the Congressional Budget Office noted in a report issued today.

And, despite some recent good news on the economic front, the CBO is still predicting that unemployment will remain above 8 percent until 2014. The report also notes that, including those who haven’t sought work in the past four weeks and those who are working part-time but seeking full-time employment, the unemployment rate would be 15 percent.

The CBO made its comments in a report examining the long-term effects of joblessness, and possible policy options to boost employment, including unemployment insurance reforms and job training programs. The report came at the request of Democratic Michigan Rep. Sander Levin, but Republicans quickly jumped on the chance to bash President Obama’s stimulus program, which is also reaching its three-year anniversary today.

“The stimulus is a stark reminder of how the president got the policies he wanted, and how those policies have failed the American people and are making things worse,” said Texas Republican Rep. Jeb Hensarling. …”

http://www.usnews.com/news/articles/2012/02/16/cbo-longest-period-of-high-unemployment-since-great-depression

 

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Consumer Confidence Craters–Net Monthly Jobs Created In August–0% Change!–Where Are The Jobs?–Videos

Posted on September 2, 2011. Filed under: Agriculture, American History, Blogroll, Communications, Demographics, Diasters, Economics, Employment, Fiscal Policy, Foreign Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, media, Money, People, Philosophy, Politics, Raves, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , |

http://www.tradingeconomics.com/united-states/unemployment-rate

Employers Added No Net Jobs in August, Unemployment Rate Unchanged at 9.1%

August 30th 2011 CNBC Stock Market (Consumer Confidence)

Spector Says Consumer Confidence Reflects Leadership

Mike Ryan, SVP of Madison Performance Group Discusses August Unemployment Rate on Fox News Live

September 2nd 2011 CNBC Stock Market Squawk Box (August Jobs Report) Part 1 of 2

Unemployment Rate Unchanged at 9.1% — September 2, 2011

Where are the Jobs? The Parallels between Today and the Great Depression

US to face long-term crisis if unemployment rate continues around 9 percent

Edwards Says New U.S. Budget Data to Be `Depressing’

Lew Rockwell – “Politicians Are Just Bank Employees! We Need To Overthrow The Banks!”

Milton Friedman – The Great Depression Myth

Milton Friedman – Socialism vs. Capitalism

Background Articles and Videos

Ron Paul on Future of Unemployment

US economy created no job growth in August, data show

First time since 1945 that government has reported net monthly job change of zero

“…Nonfarm payrolls were unchanged last month, the Labor Department said Friday. It was the first time since 1945 that the government has reported a net monthly job change of zero. The August payrolls report was the worst since September 2010, while nonfarm employment for June and July was revised to show 58,000 fewer jobs. …”

http://www.msnbc.msn.com/id/44370462/ns/business/

Employers Add No Net Jobs in Aug.; Rate Unchanged

“…Employers stopped adding jobs in August, an alarming setback for an economy that has struggled to grow and might be at risk of another recession.

It was the weakest jobs report since September 2010. The unemployment rate remained at 9.1 percent.

Stock futures plunged on the news. In the 15 minutes after the report was released, Dow futures fell 94 points, from 11,401 to 11,318.

A strike by 45,000 Verizon workers lowered the job totals. Those workers are now back on the job.

The weakness in employment was underscored by revisions to the jobs data for June and July. Collectively, those figures were lowered to show 57,000 fewer jobs added. The downward revisions were all in government jobs.

The average work week also declined and hourly earnings fell by 3 cents to $23.09. …”

http://abcnews.go.com/Business/wireStory?id=14432646

Unemployment Level

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
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 7100 6900 6721 6836 6766 6980 7149 7085 7191 7272 7261 7664
2008 7653 7441 7781 7606 8398 8590 8953 9489 9557 10176 10552 11344
2009 11984 12737 13278 13734 14512 14776 14663 14953 15149 15628 15206 15212
2010 14842 14860 14943 15138 14884 14593 14637 14849 14746 14876 15041 14485
2011 13863 13673 13542 13747 13914 14087 13931 13967

Official Unemployment Rate U-3

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
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 4.8 5.1 4.9 5.4 5.6 5.8 6.1 6.2 6.6 6.8 7.3
2009 7.8 8.2 8.6 8.9 9.4 9.5 9.5 9.7 9.8 10.1 9.9 9.9
2010 9.7 9.7 9.7 9.8 9.6 9.5 9.5 9.6 9.6 9.7 9.8 9.4
2011 9.0 8.9 8.8 9.0 9.1 9.2 9.1 9.1

Labor Force Participation Rate

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
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 66.0 66.1 66.0 66.0 65.8 65.8
2009 65.7 65.7 65.6 65.6 65.7 65.7 65.5 65.4 65.1 65.1 65.0 64.7
2010 64.8 64.8 64.9 65.1 64.9 64.7 64.6 64.7 64.7 64.5 64.5 64.3
2011 64.2 64.2 64.2 64.2 64.2 64.1 63.9 64.0

Total Unemployment Rate U-6

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
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 8.1 8.0 8.2 8.2 8.3 8.4 8.5 8.4 8.4 8.5 8.8
2008 9.1 8.9 9.0 9.2 9.7 10.1 10.5 10.9 11.2 11.9 12.7 13.6
2009 14.1 15.0 15.6 15.8 16.4 16.6 16.5 16.8 17.0 17.4 17.1 17.2
2010 16.5 16.8 16.8 17.0 16.5 16.5 16.5 16.7 17.1 17.0 17.0 16.7
2011 16.1 15.9 15.7 15.9 15.8 16.2 16.1 16.2

Unemployment Rate For 16-19 Years of Age

Series Id: LNS14000012
Seasonally Adjusted
Series title: (Seas) Unemployment Rate – 16-19 yrs.
Labor force status: Unemployment rate
Type of data: Percent or rate
Age: 16 to 19 years

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 13.8 13.7 13.8 13.9 13.4 14.2 14.4 15.6 15.2 16.0 15.9 17.0
2002 16.5 16.0 16.6 16.7 16.6 16.7 16.8 17.0 16.3 15.1 17.1 16.9
2003 17.2 17.2 17.8 17.7 17.9 19.0 18.2 16.6 17.6 17.2 15.7 16.2
2004 17.0 16.5 16.8 16.6 17.1 17.0 17.8 16.7 16.6 17.4 16.4 17.6
2005 16.2 17.5 17.1 17.8 17.8 16.3 16.1 16.1 15.5 16.1 17.0 14.9
2006 15.1 15.3 16.1 14.6 14.0 15.8 15.9 16.0 16.3 15.2 14.8 14.6
2007 14.8 14.9 14.9 15.8 15.9 16.3 15.3 15.9 16.0 15.4 16.2 16.8
2008 17.8 16.5 16.0 15.8 19.0 19.2 20.8 18.7 19.2 20.0 20.3 20.6
2009 20.8 21.9 22.1 22.1 23.3 24.6 24.4 25.4 26.1 27.1 26.9 26.8
2010 26.2 25.0 26.0 25.4 26.4 25.8 26.1 26.2 26.0 27.1 24.5 25.4
2011 25.7 23.9 24.5 24.9 24.2 24.5 25.0 25.4

Employment Situation Summary

Transmission of material in this release is embargoed         	     USDL-11-1277
until 8:30 a.m. (EDT) Friday, September 2, 2011

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 -- AUGUST 2011

Nonfarm payroll employment was unchanged (0) in August, and the unemployment
rate held at 9.1 percent, the U.S. Bureau of Labor Statistics reported today.
Employment in most major industries changed little over the month. Health
care continued to add jobs, and a decline in information employment reflected
a strike. Government employment continued to trend down, despite the return
of workers from a partial government shutdown in Minnesota.

Household Survey Data

The number of unemployed persons, at 14.0 million, was essentially unchanged
in August, and the unemployment rate held at 9.1 percent. The rate has shown
little change since April. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (8.9
percent), adult women (8.0 percent), teenagers (25.4 percent), whites
(8.0 percent), blacks (16.7 percent), and Hispanics (11.3 percent) showed
little or no change in August. The jobless rate for Asians was 7.1 percent,
not seasonally adjusted. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks and over) was
about unchanged at 6.0 million in August and accounted for 42.9 percent of the
unemployed. (See table A-12.)

The labor force rose to 153.6 million in August. Both the civilian labor force
participation rate, at 64.0 percent, and the employment-population ratio, at
58.2 percent, were little changed. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes
referred to as involuntary part-time workers) rose from 8.4 million to 8.8
million in August. 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.)

About 2.6 million persons were marginally attached to the labor force in
August, up from 2.4 million a year earlier. (The 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 977,000 discouraged workers in
August, down by 133,000 from a year earlier. (The 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 August 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, at 131.1 million, was unchanged (0) in
August. Employment changed little in most major private-sector industries.
(See table B-1.)

Health care employment rose by 30,000 in August. Ambulatory health care
services and hospitals added 18,000 and 8,000 jobs, respectively. Over the
past 12 months, health care employment has grown by 306,000.

Employment in mining continued to trend up in August (+6,000). Since reaching
a trough in October 2009, employment in mining has risen by 144,000, with
mining support activities accounting for most of the gain.

Within professional and business services, computer systems design and related
services added 8,000 jobs in August. Employment in temporary help services
changed little over the month (+5,000) and has shown little movement on net so
far this year.

Employment in the information industry declined by 48,000 in August. About
45,000 workers in the telecommunications industry were on strike and thus off
company payrolls during the survey reference period.

Manufacturing employment was essentially unchanged in August (-3,000),
following a gain of 36,000 in July. For the past 4 months, manufacturing has
added an average of 14,000 jobs per month, compared with an average of 35,000
jobs per month in the first 4 months of the year.

Elsewhere in the private sector, employment in construction; trade,
transportation, and utilities; financial activities; and leisure and
hospitality changed little over the month. 

Government employment continued to trend down over the month (-17,000).
Despite the return of about 22,000 workers from a partial government shutdown
in Minnesota, employment in state government changed little in August (+5,000).
Employment in local government continued to decline. Since employment peaked
in September 2008, local government has lost 550,000 jobs.

The average workweek for all employees on private nonfarm payrolls edged
down by 0.1 hour over the month to 34.2 hours. The manufacturing workweek
was 40.3 hours for the third consecutive month; factory overtime increased
by 0.1 hour over the month to 3.2 hours. The average workweek for production
and nonsupervisory employees on private nonfarm payrolls edged down to 33.5
hours in August, after holding at 33.6 hours for the prior 6 months. (See
tables B-2 and B-7.)

In August, average hourly earnings for all employees on private nonfarm
payrolls decreased by 3 cents, or 0.1 percent, to $23.09. This decline
followed an 11-cent gain in July. Over the past 12 months, average hourly
earnings have increased by 1.9 percent. In August, average hourly earnings
of private-sector production and nonsupervisory employees decreased by
2 cents, or 0.1 percent, to $19.47. (See tables B-3 and B-8.) 

The change in total nonfarm payroll employment for June was revised from
+46,000 to +20,000, and the change for July was revised from +117,000 to
+85,000.

_____________
The Employment Situation for September is scheduled to be released on Friday,
October 7, 2011, at 8:30 a.m. (EDT).
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