Fed Desperate To Rise Above the Near Zero Fed Funds Rate Target Range — Need Three Months Of 300,000 Plus Per Month Job Creation, Wage Growth and 3% First Quarter 2015 Real Gross Domestic Product Growth Numbers To Jump to .5 – 1.0% Range Fed Funds Rate Target — June 2015 Launch Date Expected — Fly Me To The Moon — Summertime — Launch — Abort On Recession — Videos

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The Pronk Pops Show Podcasts

Pronk Pops Show 430: March 19, 2015

Pronk Pops Show 429: March 18, 2015

Pronk Pops Show 428: March 17, 2015 

Pronk Pops Show 427: March 16, 2015

Pronk Pops Show 426: March 6, 2015

Pronk Pops Show 425: March 4, 2015

Pronk Pops Show 424: March 2, 2015

Pronk Pops Show 423: February 26, 2015

Pronk Pops Show 422: February 25, 2015 

Pronk Pops Show 421: February 20, 2015

Pronk Pops Show 420: February 19, 2015

Pronk Pops Show 419: February 18, 2015

Pronk Pops Show 418: February 16, 2015

Pronk Pops Show 417: February 13, 2015

Pronk Pops Show 416: February 12, 2015

Pronk Pops Show 415: February 11, 2015

Pronk Pops Show 414: February 10, 2015

Pronk Pops Show 413: February 9, 2015

Pronk Pops Show 412: February 6, 2015

Pronk Pops Show 411: February 5, 2015

Pronk Pops Show 410: February 4, 2015

Pronk Pops Show 409: February 3, 2015

Pronk Pops Show 408: February 2, 2015

Pronk Pops Show 407: January 30, 2015

Pronk Pops Show 406: January 29, 2015

Pronk Pops Show 405: January 28, 2015

Pronk Pops Show 404: January 27, 2015

Pronk Pops Show 403: January 26, 2015

Pronk Pops Show 402: January 23, 2015

Pronk Pops Show 401: January 22, 2015

Pronk Pops Show 400: January 21, 2015

Pronk Pops Show 399: January 16, 2015

Pronk Pops Show 398: January 15, 2015

Pronk Pops Show 397: January 14, 2015

Pronk Pops Show 396: January 13, 2015

Pronk Pops Show 395: January 12, 2015

Pronk Pops Show 394: January 7, 2015

Pronk Pops Show 393: January 5, 2015

Pronk Pops Show 392: December 19, 2014

Pronk Pops Show 391: December 18, 2014

Pronk Pops Show 390: December 17, 2014

Pronk Pops Show 389: December 16, 2014

Pronk Pops Show 388: December 15, 2014

Pronk Pops Show 387: December 12, 2014

Pronk Pops Show 386: December 11, 2014

Pronk Pops Show 385: December 9, 2014

Pronk Pops Show 384: December 8, 2014

Pronk Pops Show 383: December 5, 2014

Pronk Pops Show 382: December 4, 2014

Pronk Pops Show 381: December 3, 2014

Pronk Pops Show 380: December 1, 2014

Story 1: Fed Desperate To Rise Above the Near Zero Fed Funds Rate Target Range — Need Three Months Of 300,000 Plus Per Month Job Creation, Wage Growth and 3% First Quarter 2015 Real Gross Domestic Product Growth Numbers To Jump to .5 – 1.0% Range Fed Funds Rate Target — June 2015 Launch Date Expected —  Fly Me To The Moon — Summertime — Launch — Abort On Recession — Videos

moonspace

moon earthstarsApollo_17_The_Last_Moon_Shot_Edit1launch_abort_buttons

Amazing seven year old sings Fly Me To The Moon (Angelina Jordan) on Senkveld “The Late Show”

Forrest Gump JFK “I Gotta Pee” Scene

Fed Decision: The Three Most Important Things Janet Yellen Said

Press Conference with Chair of the FOMC, Janet L. Yellen

Monetary Policy Based on the Taylor Rule

Many economists believe that rules-based monetary policy provides better economic outcomes than a purely discretionary framework delivers. But there is disagreement about the advantages of rules-based policy and even disagreement about which rule works. One possible policy rule would be for the central bank to follow a Taylor Rule, named after our featured speaker, John B. Taylor. What would some of the advantages of a Taylor Rule be versus, for instance, a money growth rule, or a rule which only specifies the inflation target? How could a policy rule be implemented? Should policy rule legislation be considered? Join us as Professor Taylor addresses these important policy questions.

Murray N. Rothbard on Milton Friedman pre1971

On Milton Friedman | by Murray N. Rothbard

Who Was the Better Monetary Economist? Rothbard and Friedman Compared | Joseph T. Salerno

Joseph Salerno “Unmasking the Federal Reserve”

Rothbard on Alan Greenspan

Milton Friedman – Money and Inflation

Milton Friedman – Abolish The Fed

Milton Friedman On John Maynard Keynes

Hayek on Keynes’s Ignorance of Economics

Friedrich Hayek explains to Leo Rosten that while brilliant Keynes had a parochial understanding of economics.

On John Maynard Keynes | by Murray N. Rothbard

Hayek on Milton Friedman and Monetary Policy

Friedrich Hayek: Why Intellectuals Drift Towards Socialism

Capitalism, Socialism, and the Jews

The Normal State of Man: Misery & Tyranny

Peter Schiff Interviews Keynesian Economist Laurence Kotlikoff 01-18-12

Larry Kotlikoff on the Clash of Generations

Extended interview with Boston University Economics Professor Larry Kotlikoff on his publications about a six-decade long Ponzi scheme in the US which he says will lead to a clash of generations.

Kotlikoff also touches on what his projections mean for the New Zealand economy and why Prime Minister John Key should take more attention of New Zealand’s ‘fiscal gap’ – the gap between all future government spending commitments and its future revenue track.

Thomas Sowell on Intellectuals and Society

Angelina Jordan – summertime

Angelina Jordan synger Sinatra i semifinalen i Norske Talenter 2014

Release Date: March 18, 2015

For immediate release

Information received since the Federal Open Market Committee met in January suggests that economic growth has moderated somewhat. Labor market conditions have improved further, with strong job gains and a lower unemployment rate. A range of labor market indicators suggests that underutilization of labor resources continues to diminish. Household spending is rising moderately; declines in energy prices have boosted household purchasing power. Business fixed investment is advancing, while the recovery in the housing sector remains slow and export growth has weakened. Inflation has declined further below the Committee’s longer-run objective, largely reflecting declines in energy prices. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations have remained stable.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators continuing to move toward levels the Committee judges consistent with its dual mandate. The Committee continues to see the risks to the outlook for economic activity and the labor market as nearly balanced. Inflation is anticipated to remain near its recent low level in the near term, but the Committee expects inflation to rise gradually toward 2 percent over the medium term as the labor market improves further and the transitory effects of energy price declines and other factors dissipate. The Committee continues to monitor inflation developments closely.

To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate. In determining how long to maintain this target range, the Committee will assess progress–both realized and expected–toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. Consistent with its previous statement, the Committee judges that an increase in the target range for the federal funds rate remains unlikely at the April FOMC meeting. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term. This change in the forward guidance does not indicate that the Committee has decided on the timing of the initial increase in the target range.

The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. This policy, by keeping the Committee’s holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.

When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.

Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; Charles L. Evans; Stanley Fischer; Jeffrey M. Lacker; Dennis P. Lockhart; Jerome H. Powell; Daniel K. Tarullo; and John C. Williams.

http://www.federalreserve.gov/newsevents/press/monetary/20150318a.htm

Advance release of table 1 of the Summary of Economic Projections to be released with the FOMC minutes

Percent

Variable Central tendency1 Range2
2015 2016 2017 Longer run 2015 2016 2017 Longer run
Change in real GDP 2.3 to 2.7 2.3 to 2.7 2.0 to 2.4 2.0 to 2.3 2.1 to 3.1 2.2 to 3.0 1.8 to 2.5 1.8 to 2.5
December projection 2.6 to 3.0 2.5 to 3.0 2.3 to 2.5 2.0 to 2.3 2.1 to 3.2 2.1 to 3.0 2.0 to 2.7 1.8 to 2.7
Unemployment rate 5.0 to 5.2 4.9 to 5.1 4.8 to 5.1 5.0 to 5.2 4.8 to 5.3 4.5 to 5.2 4.8 to 5.5 4.9 to 5.8
December projection 5.2 to 5.3 5.0 to 5.2 4.9 to 5.3 5.2 to 5.5 5.0 to 5.5 4.9 to 5.4 4.7 to 5.7 5.0 to 5.8
PCE inflation 0.6 to 0.8 1.7 to 1.9 1.9 to 2.0 2.0 0.6 to 1.5 1.6 to 2.4 1.7 to 2.2 2.0
December projection 1.0 to 1.6 1.7 to 2.0 1.8 to 2.0 2.0 1.0 to 2.2 1.6 to 2.1 1.8 to 2.2 2.0
Core PCE inflation3 1.3 to 1.4 1.5 to 1.9 1.8 to 2.0 1.2 to 1.6 1.5 to 2.4 1.7 to 2.2
December projection 1.5 to 1.8 1.7 to 2.0 1.8 to 2.0 1.5 to 2.2 1.6 to 2.1 1.8 to 2.2

Note: Projections of change in real gross domestic product (GDP) and projections for both measures of inflation are percent changes from the fourth quarter of the previous year to the fourth quarter of the year indicated. PCE inflation and core PCE inflation are the percentage rates of change in, respectively, the price index for personal consumption expenditures (PCE) and the price index for PCE excluding food and energy. Projections for the unemployment rate are for the average civilian unemployment rate in the fourth quarter of the year indicated. Each participant’s projections are based on his or her assessment of appropriate monetary policy. Longer-run projections represent each participant’s assessment of the rate to which each variable would be expected to converge under appropriate monetary policy and in the absence of further shocks to the economy. The December projections were made in conjunction with the meeting of the Federal Open Market Committee on December 16-17, 2014.

1. The central tendency excludes the three highest and three lowest projections for each variable in each year.  Return to table

2. The range for a variable in a given year includes all participants’ projections, from lowest to highest, for that variable in that year.  Return to table

3. Longer-run projections for core PCE inflation are not collected.  Return to table

Figure 1. Central tendencies and ranges of economic projections, 2015-17 and over the longer run

Central tendencies and ranges of economic projections for years 2015 through 2017 and over the longer run. Actual values for years 2010 through 2014.

Change in real GDP
Percent

2010 2011 2012 2013 2014 2015 2016 2017 Longer Run
Actual 2.7 1.7 1.6 3.1 2.4
Upper End of Range 3.1 3.0 2.5 2.5
Upper End of Central Tendency 2.7 2.7 2.4 2.3
Lower End of Central Tendency 2.3 2.3 2.0 2.0
Lower End of Range 2.1 2.2 1.8 1.8

Unemployment rate
Percent

2010 2011 2012 2013 2014 2015 2016 2017 Longer Run
Actual 9.5 8.7 7.8 7.0 5.7
Upper End of Range 5.3 5.2 5.5 5.8
Upper End of Central Tendency 5.2 5.1 5.1 5.2
Lower End of Central Tendency 5.0 4.9 4.8 5.0
Lower End of Range 4.8 4.5 4.8 4.9

PCE inflation
Percent

2010 2011 2012 2013 2014 2015 2016 2017 Longer Run
Actual 1.3 2.7 1.6 1.0 1.1
Upper End of Range 1.5 2.4 2.2 2.0
Upper End of Central Tendency 0.8 1.9 2.0 2.0
Lower End of Central Tendency 0.6 1.7 1.9 2.0
Lower End of Range 0.6 1.6 1.7 2.0

Note: Definitions of variables are in the general note to the projections table. The data for the actual values of the variables are annual.

Figure 2. Overview of FOMC participants’ assessments of appropriate monetary policy

Appropriate timing of policy firming

2015 2016
Number of participants 15 2

Note: In the upper panel, the height of each bar denotes the number of FOMC participants who judge that, under appropriate monetary policy, the first increase in the target range for the federal funds rate from its current range of 0 to 1/4 percent will occur in the specified calendar year. In December 2014, the numbers of FOMC participants who judged that the first increase in the target federal funds rate would occur in 2015, and 2016 were, respectively, 15, and 2.

Appropriate pace of policy firming: Midpoint of target range or target level for the federal funds rate
Number of participants with projected midpoint of target range or target level

Midpoint of target range
or target level (Percent)
2015 2016 2017 Longer Run
0.125 2
0.250
0.375 1 1
0.500
0.625 7
0.750
0.875 3
1.000
1.125 1 1
1.250
1.375 2
1.500
1.625 1 6
1.750
1.875 3
2.000 1
2.125 1
2.250 1
2.375
2.500
2.625 1 3
2.750
2.875 2
3.000 1
3.125 4
3.250
3.375 2 1
3.500 7
3.625 2
3.750 1 2 6
3.875 1
4.000 1 2
4.125
4.250 1

Note: In the lower panel, each shaded circle indicates the value (rounded to the nearest 1/8 percentage point) of an individual participant’s judgment of the midpoint of the appropriate target range for the federal funds rate or the appropriate target level for the federal funds rate at the end of the specified calendar year or over the longer run.

http://www.federalreserve.gov/monetarypolicy/fomcprojtabl20150318.htm

Janet Yellen Isn’t Going to Raise Interest Rates Until She’s Good and Ready

The key words in Janet L. Yellen’s news conference Wednesday were rather pithy, at least by central bank standards. “Just because we removed the word ‘patient’ from the statement doesn’t mean we are going to be impatient,” Ms. Yellen, the Federal Reserve chairwoman, said.

With this framing, Ms. Yellen was putting her firm stamp on the policy of an institution she has led for just over a year — and making clear that she will not be boxed in. Her words and accompanying announcements conveyed the message that the Yellen Fed has no intention of taking the support struts of low interest rates away until she is absolutely confident that economic growth will hold up without them.

Photo

Janet Yellen held a news conference after a meeting of the Federal Open Market Committee in Washington on Wednesday. CreditChip Somodevilla/Getty Images

Ms. Yellen’s comments about patience versus impatience were part of that dance. But the dual message was even more powerful when combined with other elements of the central bank’s newly released information, which sent the signal that members of the committee intend to move cautiously on rate increases.

By eliminating the reference to “patience,” Paul Edelstein, an economist at IHS Global Insight, said in a research note, “The Fed did what it was expected to do.”

“But beyond that,” he added, “the committee appeared much more dovish and in not much of a hurry to actually pull the trigger.”

Fed officials’ forecasts of how high rates will be at year’s end for 2015, 2016 and 2017 all fell compared to where they were in December. They marked down their forecast for economic growth and inflation for all three years, implying that the nation’s economic challenge is tougher and inflation risks more distant than they had seemed a few months ago.

Particularly interesting was that Fed officials lowered their estimate of the longer-run unemployment rate, to 5 to 5.2 percent, from 5.2 to 5.5 percent. With joblessness hitting 5.5 percent in February, that implied that policy makers are convinced the job market has more room to tighten before it becomes too tight. Fed leaders now forecast unemployment rates in 2016 and 2017 that are a bit below what many view as the long-term sustainable level, which one would expect to translate into rising wages.

In other words, they want to run the economy a little hot for the next couple of years to help spur the kinds of wage gains that might return inflation to the 2 percent level they aim for, but which they have persistently undershot in recent years.

Apart from the details of the dovish monetary policy signals Ms. Yellen and her colleagues sent, it is clear she wanted to jolt markets out of any feeling that policy is on a preordained path.

At times over the last couple of years, the Fed had seemed to set a policy course and then go on a forced march until it got there, regardless of whether the jobs numbers were good or bad, or whether inflation was rising or falling. That is certainly how it felt when the Fed decided in December 2013 to wind down its quantitative easing policies by $10 billion per meeting, which it did through the first nine months of 2014 with few signs of re-evaluation as conditions evolved.

In her first news conference as chairwoman a year ago, Ms. Yellen had suggested that rate increases might be on a similar preordained path by saying that she could imagine rate increases “around six months” after the conclusion of quantitative easing. (That comment increasingly looks to have been a rookie mistake, and she later backed away from it.)

There are likely to be plenty of twists and turns in the coming months. After this week’s meeting, Ms. Yellen reinforced the message she has been trying to convey that the committee really will adapt its policy to incoming information rather than simply carry on with the path it set a year ago.

If the strengthening dollar and falling oil prices start to translate into still-lower expectations for future inflation, the Fed will hold off from rate rises — and the same if wage gains and other job market indicators show a lack of progress.

Conversely, if the job market recovery keeps going gangbusters and it becomes clear that inflation is going to rise back toward 2 percent, Ms. Yellen does not want to be constrained by language about “patience.”

“This change does not necessarily mean that an increase will occur in June,” Ms. Yellen said, “though we cannot rule that out.”

She has now bought herself some latitude to decide when and how the Fed ushers in an era of tighter money. Now the question is just how patient or impatient American economic conditions will allow her to be.

http://www.nytimes.com/2015/03/19/upshot/janet-yellen-isnt-going-to-raise-interest-rates-until-shes-good-and-ready.html?_r=0&abt=0002&abg=1

Taylor rule

From Wikipedia, the free encyclopedia

John B. Taylor

Not to be confused with Taylor Law or Taylor’s law.

In economics, a Taylor rule is a monetary-policy rule that stipulates how much the central bank should change the nominal interest rate in response to changes in inflation, output, or other economic conditions. In particular, the rule stipulates that for each one-percent increase in inflation, the central bank should raise the nominal interest rate by more than one percentage point. This aspect of the rule is often called the Taylor principle.

The rule of was first proposed by John B. Taylor,[1] and simultaneously by Dale W. Henderson and Warwick McKibbin in 1993.[2] It is intended to foster price stability and full employment by systematically reducing uncertainty and increasing the credibility of future actions by the central bank. It may also avoid the inefficiencies of time inconsistency from the exercise ofdiscretionary policy.[3][4] The Taylor rule synthesized, and provided a compromise between, competing schools of economics thought in a language devoid of rhetorical passion.[5] Although many issues remain unresolved and views still differ about how the Taylor rule can best be applied in practice, research shows that the rule has advanced the practice of central banking.[6]

As an equation

According to Taylor’s original version of the rule, the nominal interest rate should respond to divergences of actual inflation rates from target inflation rates and of actual Gross Domestic Product (GDP) from potential GDP:

i_t = \pi_t + r_t^* + a_\pi  ( \pi_t - \pi_t^* )  + a_y ( y_t - \bar y_t ).

In this equation, \,i_t\, is the target short-term nominal interest rate (e.g. the federal funds rate in the US, the Bank of England base rate in the UK), \,\pi_t\, is the rate ofinflation as measured by the GDP deflator, \pi^*_t is the desired rate of inflation, r_t^* is the assumed equilibrium real interest rate, \,y_t\, is the logarithm of real GDP, and \bar y_tis the logarithm of potential output, as determined by a linear trend.

In this equation, both a_{\pi} and a_y should be positive (as a rough rule of thumb, Taylor’s 1993 paper proposed setting a_{\pi}=a_y=0.5).[7] That is, the rule “recommends” a relatively high interest rate (a “tight” monetary policy) when inflation is above its target or when output is above its full-employment level, in order to reduce inflationary pressure. It recommends a relatively low interest rate (“easy” monetary policy) in the opposite situation, to stimulate output. Sometimes monetary policy goals may conflict, as in the case of stagflation, when inflation is above its target while output is below full employment. In such a situation, a Taylor rule specifies the relative weights given to reducing inflation versus increasing output.

The Taylor principle

By specifying a_{\pi}>0, the Taylor rule says that an increase in inflation by one percentage point should prompt the central bank to raise the nominal interest rate by more than one percentage point (specifically, by 1+a_{\pi}, the sum of the two coefficients on \pi_t in the equation above). Since the real interest rate is (approximately) the nominal interest rate minus inflation, stipulating a_{\pi}>0 implies that when inflation rises, the real interest rate should be increased. The idea that the real interest rate should be raised to cool the economy when inflation increases (requiring the nominal interest rate to increase more than inflation does) has sometimes been called the Taylor principle.[8]

During an EconTalk podcast Taylor explained the rule in simple terms using three variables: inflation rate, GDP growth, and the interest rate. If inflation were to rise by 1%, the proper response would be to raise the interest rate by 1.5% (Taylor explains that it doesn’t always need to be exactly 1.5%, but being larger than 1% is essential). If GDP falls by 1% relative to its growth path, then the proper response is to cut the interest rate by .5%.[9]

Alternative versions of the rule

While the Taylor principle has proved very influential, there is more debate about the other terms that should enter into the rule. According to some simple New Keynesian macroeconomic models, insofar as the central bank keeps inflation stable, the degree of fluctuation in output will be optimized (Blanchard and Gali call this property the ‘divine coincidence‘). In this case, the central bank need not take fluctuations in the output gap into account when setting interest rates (that is, it may optimally set a_y=0.) On the other hand, other economists have proposed including additional terms in the Taylor rule to take into account money gap[10] or financial conditions: for example, the interest rate might be raised when stock prices, housing prices, or interest rate spreads increase.

Empirical relevance

Although the Federal Reserve does not explicitly follow the Taylor rule, many analysts have argued that the rule provides a fairly accurate summary of US monetary policy under Paul Volcker and Alan Greenspan.[11][12] Similar observations have been made about central banks in other developed economies, both in countries like Canada and New Zealand that have officially adopted inflation targeting rules, and in others like Germany where the Bundesbank‘s policy did not officially target the inflation rate.[13][14] This observation has been cited by Clarida, Galí, and Gertler as a reason why inflation had remained under control and the economy had been relatively stable (the so-called ‘Great Moderation‘) in most developed countries from the 1980s through the 2000s.[11] However, according to Taylor, the rule was not followed in part of the 2000s, possibly leading to the housing bubble.[15][16] Certain research has determined that some households form their expectations about the future path of interest rates, inflation, and unemployment in a way that is consistent with Taylor-type rules.[17]

Criticisms

Athanasios Orphanides (2003) claims that the Taylor rule can misguide policy makers since they face real-time data. He shows that the Taylor rule matches the US funds rate less perfectly when accounting for these informational limitations and that an activist policy following the Taylor rule would have resulted in an inferior macroeconomic performance during the Great Inflation of the seventies.[18]

See also

References

  1. Jump up^ Taylor, John B. (1993). “Discretion versus Policy Rules in Practice”. Carnegie-Rochester Conference Series on Public Policy 39: 195–214. (The rule is introduced on page 202.)
  2. Jump up^ Henderson, D. W.; McKibbin, W. (1993). “A Comparison of Some Basic Monetary Policy Regimes for Open Economies: Implications of Different Degrees of Instrument Adjustment and Wage Persistence”. Carnegie-Rochester Conference Series on Public Policy 39: 221–318. doi:10.1016/0167-2231(93)90011-K.
  3. Jump up^ Athanasios Orphanides (2008). “Taylor rules,” The New Palgrave Dictionary of Economics, 2nd Edition. v. 8, pp. 2000-2004.Abstract.
  4. Jump up^ Paul Klein (2009). “time consistency of monetary and fiscal policy,” The New Palgrave Dictionary of Economics. 2nd Edition. Abstract.
  5. Jump up^ Kahn, George A.; Asso, Pier Francesco; Leeson, Robert (2007). “The Taylor Rule and the Transformation of Monetary Policy”. Federal Reserve Bank of Kansas City Working Paper 07-11. SSRN 1088466.
  6. Jump up^ Asso, Pier Francesco; Kahn, George A.; Leeson, Robert (2010). “The Taylor Rule and the Practice of Central Banking”. Federal Reserve Bank of Kansas City Working Paper 10-05. SSRN 1553978.
  7. Jump up^ Athanasios Orphanides (2008). “Taylor rules,” The New Palgrave Dictionary of Economics, 2nd Edition. v. 8, pp. 2000-2004, equation (7).Abstract.
  8. Jump up^ Davig, Troy; Leeper, Eric M. (2007). “Generalizing the Taylor Principle”. American Economic Review 97 (3): 607–635. doi:10.1257/aer.97.3.607.JSTOR 30035014.
  9. Jump up^ Econtalk podcast, Aug. 18, 2008, interview conducted by Russell Roberts, sponsored by the Library of Economics and Liberty.
  10. Jump up^ Benchimol, Jonathan; Fourçans, André (2012). “Money and risk in a DSGE framework : A Bayesian application to the Eurozone”. Journal of Macroeconomics34 (1): 95–111, Abstract.
  11. ^ Jump up to:a b Clarida, Richard; Galí, Jordi; Gertler, Mark (2000). “Monetary Policy Rules and Macroeconomic Stability: Theory and Some Evidence”. Quarterly Journal of Economics 115 (1): 147–180. doi:10.1162/003355300554692.JSTOR 2586937.
  12. Jump up^ Lowenstein, Roger (2008-01-20). “The Education of Ben Bernanke”. The New York Times.
  13. Jump up^ Bernanke, Ben; Mihov, Ilian (1997). “What Does the Bundesbank Target?”.European Economic Review 41 (6): 1025–1053. doi:10.1016/S0014-2921(96)00056-6.
  14. Jump up^ Clarida, Richard; Gertler, Mark; Galí, Jordi (1998). “Monetary Policy Rules in Practice: Some International Evidence”. European Economic Review 42 (6): 1033–1067. doi:10.1016/S0014-2921(98)00016-6.
  15. Jump up^ Taylor, John B. (2008). “The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong”.
  16. Jump up^ Taylor, John B. (2009). Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis. Hoover Institution Press. ISBN 0-8179-4971-2.
  17. Jump up^ Carvalho, Carlos; Nechio, Fernanda (2013). “Do People Understand Monetary Policy?”. Federal Reserve Bank of San Francisco Working Paper 2012-01.SSRN 1984321.
  18. Jump up^ Orphanides, A. (2003). “The Quest for Prosperity without Inflation”. Journal of Monetary Economics 50 (3): 633–663. doi:10.1016/S0304-3932(03)00028-X.

External links

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

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Obama Poll Numbers Plummet As Obama Reverts To Class Warfare Learned From Communist Mentor Frank Marshall Davis — Obama’s Unbroken Record of Failure — Videos

Posted on December 5, 2013. Filed under: American History, Blogroll, Business, College, Communications, Constitution, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, Health Care, history, Illegal, Immigration, Language, Law, liberty, Life, Links, media, Monetary Policy, Obamacare, People, Philosophy, Politics, Rants, Raves, Resources, Strategy, Talk Radio, Tax Policy, Taxes, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , |

Lou Dobbs: President’s Economic Policies A Threat To The American Dream

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Obama Class Warfare.

Obama’s Class Warfare is “Not Solving the Problem”

Obama outed as a lying Class Warfare Racist

Class Warfare: Obama’s Reckless 2012 Strategy to Defeat the GOP

The Untold Story of Barack Obama’s Mentor

Glenn Beck Shows Next Book Paul Kengor “THE COMMUNIST” Frank Marshall Davis Barack Obama’s Mentor

Obama’s Mentor: Frank Marshall Davis—The Communist—Book: Mark Levin

OBAMA’s REAL FATHER is Frank Marshall Davis !!!

Obama’s Influences – Frank Marshall Davis

Obama returns to class warfare as poll numbers plunge

By Ben Wolfgang

Turning his attention yet again to the economy, President Obama on Wednesday zeroed in on the “defining challenge” of this generation — growing income inequality between the richest 1 percent and the rest of America.

But the president didn’t unveil any grand proposals to tackle the problem; instead, he repeated a laundry list of initiatives centered on many familiar themes: economic growth through government investment; job training and education reform; stronger protections for labor unions and paycheck fairness legislation; a hike to the minimum wage; and a revamped approach to how Americans save for retirement in private accounts and in government programs such as Social Security.

Although his speech was short on specific ideas, it was big on ambition. The president talked in broad terms about how the greatest nation on earth must not allow the middle class to stagnate and the poor to get poorer as rich Americans’ net worth grows.

“I believe this is the defining challenge of our time — making sure our economy works for every working American. That’s why I ran for president,” Mr. Obama said at an event in Southeast Washington hosted by the left-leaning Center for American Progress. “It drives everything I do in this office. I know I’ve raised this issue before and some will ask why I raise the issue again right now. I do it because the outcomes of the debates we’re having right now, whether it’s health care, or the budget, or reforming our housing and financial systems, all of these things will have real practical implications for every American. I am convinced the decisions we make on these issues over the next few years will determine whether our children grow up in an America where opportunity is real.”

Pointing out widening income disparities is not new for Mr. Obama, who spoke of the issue often during both of his presidential campaigns. Indeed, it has become a focal point of politics in the U.S. and led some leaders such as former Sen. John Edwards, North Carolina Democrat, to declare there are “two Americas” — one for the rich and another for everyone else.

The question isn’t whether income inequality should be addressed, analysts say, but how the problem should be approached. On that front, they say, Mr. Obama simply is offering more of the same.

“What I heard was the same old, very broad brush strokes: We need to help the middle class, we need to raise the minimum wage and we need to do more infrastructure projects. More spending,” said Lance Roberts, CEO of STA Wealth Management who has more than 25 years of experience in private banking, investment management and venture capital.

“Let’s throw money at it,” Mr. Roberts said of the administration’s approach to income disparities and a generally poor economy. “If it doesn’t work, it’s because we didn’t throw enough money at it. We’ve done five years of this.”

In those five years, income inequality has hit a record level, according to a September report from the University of California, Berkeley. The study shows that income gaps continue to grow despite the administration’s intentions.

From 2009 to 2012, the top 1 percent of incomes in the U.S. grew by more than 31 percent, while the bottom 99 percent went up by 0.4 percent. During the same period, the top 1 percent of earners captured 95 percent of all income gains.

In 2012, as Mr. Obama neared the end of his first term that imposed massive government investment through his stimulus package, the top 1 percent of American incomes rose by nearly 20 percent while the bottom 99 percent of incomes grew by just 1 percent, according to the Berkeley report.

Republicans seized on the president’s remarks and framed them against the backdrop of such grim income statistics.

“The American dream is certainly more in doubt than in decades, but after more than five years in office, the president has no one to blame but himself,” said Brendan Buck, a spokesman for House Speaker John A. Boehner, Ohio Republican.

The president’s approach is “more stimulus, more government programs and more government intervention into the job-creating private sector,” Mr. Buck said. “By now, and by the president’s own admission, it should be clear that is not the solution.”

Income inequality usually is framed in purely economic terms, but the president cast it in a broader light and said it poses a fundamental threat to American democracy.

Read more: http://www.washingtontimes.com/news/2013/dec/4/obama-growing-income-inequality-defining-challenge/?utm_source=RSS_Feed&utm_medium=RSS#ixzz2md8MPaIv
Follow us: @washtimes on Twitter

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Worse Post World War II Recession Followed By Worse U.S. Economic Recovery in 80 Years Since Great Depression of 1933 — Obama’s Economic Policy Mistakes Causing Increased Uncertaintly and Lower Economic Growth and Job Creation — Real GDP Gap Continues — No Real Economic Recovery! — Videos

Posted on July 23, 2013. Filed under: American History, Blogroll, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, Health Care, history, History of Economic Thought, Illegal, Immigration, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Raves, Regulations, Talk Radio, Tax Policy, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , |

There Will Be No Economic Recovery. Prepare Yourself Accordingly.

The Economic Recovery: A Novel Perspective from Ed Leamer (The Numbers Game with Russ Roberts) mono

Published on Mar  7, 2013

Why has the current recovery from the Great Recession been so mediocre? Ed Leamer of UCLA points out that the last three recessions have all had mediocre recoveries of both output and employment. His explanation is that changes in the manufacturing sector have changed the pattern of layoffs, recalls and hiring during recessions and recoveries. The conversation concludes with a discussion of the forces driving the changes in the labor market and the implications for manufacturing.
1) Why the last three recessions all look different (1:44) 2) Employment growth for last eight recessions (4:12) 3) Why have the last three recessions been so different? (6:13) 4) The jobs cycle in manufacturing (8:52) 5) Excess capacity in construction has created a lag (10:33) 6) Manufacturing output versus manufacturing employment (11:14) 7) What’s the solution to the downturn? (12:20)
LINKS TO DATA REFERENCED — 1. Real GDP Growth From Peak to Peak Charts: FRED — “Real Gross Domestic Product, 3 Decimal (http://research.stlouisfed.org/fred2/…). Note: Calculated using (X1-X0)/(X0), where X0 — recession peak quarter
2. Manufacturing Employment Chart: FRED — “All Employees: Manufacturing”(http://research.stlouisfed.org/fred2/…)

The Numbers Game with Russ Roberts — The Economic Recovery (Part 1)

Published on Sep  5, 2012

According the National Bureau of Economic Research, the US economy recovered from the recession at the beginning of the summer of 2009. Yet the recovery has been disappointing when compared to other recoveries. In this episode of the Numbers Game, John Taylor of Stanford University talks with host Russ Roberts about the nature of the recovery. How does it compare historically to other recoveries? How can we measure the pace of the recovery? The conversation ends with a discussion of possible explanations for why the recovery has been disappointing. 1) What is potential GDP? (0:52) 2) The economy never catches back up to trend (2:38) 3) The 1981 recession (3:16) 4) Is there a correct or potential level of GDP? (4:45) 5) A look at past recoveries (6:13) 6) Friedman and the Plucking Model (8:10) 7) A look at real growth rates in recoveries (8:59) 8) Employment and the recovery (10:20) LINKS TO DATA & PAPERS REFERENCED – 1. 2008-09 and 1981-1982 Recession & Recovery Charts: Real GDP (GDPC1) downloaded from FRED 7/13/12, taken from BEA.gov – http://research.stlouisfed.org/fred2/… Potential GDP (GDPPOT) downloaded from FRED 7/13/12, taken from CBO.gov – http://research.stlouisfed.org/fred2/… 2. 1907-08 and 1893-94 Recession & Recovery Charts: GDP data from NBER, compiled by Nathan Balke and Robert Gordon with adjustments by John Taylor for comparability with earlier charts –http://www.nber.org/data/abc/ Potential GDP calculations by John Taylor using a Hodrick-Prescott trend. 3. The Plucking Model Working Paper: The “Plucking Model” of Business Fluctuations Revisited by Milton Friedman Working Papers in Economics, E-88-48 — Hoover Institution, Stanford University http://hoohila.stanford.edu/workingpa… 4. Growth Rate of Real GDP Chart: Growth Rate calculated from Real GDP (GDPC1) downloaded from FRED 7/13/12, taken from BEA.gov – http://research.stlouisfed.org/fred2/… 5. Change in the Percentage of the Population that is Working Chart: Employment-Population Ratio (EMRATIO) downloaded from FRED 7/13/12, taken from BLS.gov – http://research.stlouisfed.org/fred2/…

The Numbers Game with Russ Roberts — The Economic Recovery (Part 2)

By historical standards, the current recovery from the recession that began in 2007 has been disappointing. As John Taylor of Stanford University’s Hoover Institution and the Department of Economics argues in Part 1 of this discussion on the economy, GDP has not returned to trend, the percent of the population that is working is flat rather than rising, and growth rates are below their usual levels after such a deep slump.

In this episode, Taylor and Number’s Game host Russ Roberts discuss possible explanations for the sluggish recovery: the ongoing slump in construction employment, the effect of housing prices on saving and spending decisions by households, and this recovery’s having been preceded by a financial crisis. Taylor rejects these arguments, arguing instead that the sluggish recovery can be explained by poor economic policy decisions made by the Bush and the Obama administrations.

1) On the argument that there are structural problems in the labor market (0:25)
2) Comparisons to the 1981 recession (2:16)
3) Is this recession special because it followed a financial crisis? (2:46)
4) What can the Great Depression tell us? (3:55)
5) Why is the current recovery so mediocre? (5:32)

LINKS TO DATA & PAPERS REFERENCED –

1. Construction Sector Employment Chart:
Bureau of Labor Statistics- Series CES2000000001, Seasonally Adjusted

2. S&P/Case-Shiller Home Price Indices Chart:
S&P Dow Jones Indices and Fiserv 9-25-12 – http://www.standardandpoors.com

3. Personal Saving as a % of Disposable Income Chart:
BEA NIPA Table 2.1 line 36

4. 2008-09 and 1981-1982 Recession & Recovery Charts:
Real GDP (GDPC1) downloaded from FRED 7/13/12, taken from BEA.gov – http://research.stlouisfed.org/fred2/…
Potential GDP (GDPPOT) downloaded from FRED 7/13/12, taken from CBO.gov – http://research.stlouisfed.org/fred2/…

5. ‘Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record’ by Michael D. Bordo and Joseph G. Haubrich – http://media.hoover.org/sites/default…

6. 1893-94 and 1907-08 Recession & Recovery Charts:
GDP data from NBER, compiled by Nathan Balke and Robert Gordon with adjustments by John Taylor for comparability with earlier charts – http://www.nber.org/data/abc/. Potential GDP calculations by John Taylor using a Hodrick-Prescott trend.

7. 1933-36 Great Depression & Recovery Chart:
GDP data from NBER, compiled originally by Nathan Balke and Robert Gordon – http://www.nber.org/data/abc/.

8. 1929-1940 Unemployment Rate (% of Labor Force) Chart:
Historical Statistics of the United States (Millennial Edition) – Table Ba470-477: Labor Force, Employment, and Unemployment, 1890-1990 – http://hsus.cambridge.org/HSUSWeb/toc…

9.  ‘An Empirical Analysis of the Revival of Fiscal Activism in the 2000s’ by John B. Taylor – http://www.stanford.edu/~johntayl/JEL…

The Numbers Game with Russ Roberts — The Economic Recovery (Part 3)

Here in part 3, Taylor argues that the slow pace of the recovery is due to poor policy decisions made by the Bush and Obama administrations that have increased the amount of uncertainty facing investors, consumers, and employers. Examples include the rising debt forecast, the fiscal cliff, expiring tax provisions, and quantitative easing. Taylor argues that the uncertainty surrounding these policies in the future along with increased regulation have held back the recovery.
LINKS TO DATA & PAPERS REFERENCED –
1. Debt as a Percentage of GDP Chart: Historical debt data – http://www.cbo.gov/publication/21728. Future debt projections –  http://www.cbo.gov/publication/20776 and http://www.cbo.gov/publication/43288
2. Number of Provisions Expiring in the US Tax Code Chart: List of Expiring Tax Provisions – Prepared by the Staff of the Joint Committee on Taxation, various issues – https://www.jct.gov/publications.html….
3. ‘Measuring Economic Policy Uncertainty’ by Scott Baker, Nicholas Bloom and Steven Davis: http://faculty.chicagobooth.edu/steve…
4. An Era of Deregulation (?) Chart: Federal Register Historical Statistics (https://www.federalregister.gov/learn…) Notes: Dates based on calendar year; Excludes preliminary/unrevised pages, blank/skipped pages, and proposed rules pages
5. Number of Federal Workers Employed in Regulatory Activities Chart: Susan Dudley & Melinda Warren “Fiscal Stalemate Reflected in Regulators’ Budget: An Analysis of the U.S. Budget for Fiscal Years 2011 and 2012,”  TSA adjustment obtained from DHS Budget in Brief. http://wc.wustl.edu/files/wc/2012_Reg… and http://www.dhs.gov/xlibrary/assets/mg….
6. ‘Dodd-Frank Progress Report’ by Davis Polk: According to Davis Polk (a firm monitoring Dodd-Frank progress) – “Dodd-Frank Progress Report, November 2012” http://www.davispolk.com/files/Public…
7. Reserve Balances Chart: H.4.1 Federal Reserve statistical release (reserve balances with Federal Reserve Banks). One can also get data from FRED http://research.stlouisfed.org/fred2/…
8. ‘The 2009 Stimulus Package: Two Years Later’ by John B. Taylor: http://media.hoover.org/sites/default…
9. ‘An Empirical Analysis of the Revival of Fiscal Activism in the 2000s’ by John B. Taylor – http://www.stanford.edu/~johntayl/JEL…
10. Economic Benefits of the ’09 Stimulus Package Chart: Chicago Booth IGM Forum on the Economic Stimulus, 2/15/12 – http://www.igmchicago.org/igm-economi…. IGM Economic Experts Panel – http://www.igmchicago.org/igm-economic-experts-­panel
11. U.S. Misery Index Chart: Bureau of Labor Statistics – Unemployment Rate (http://www.bls.gov/webapps/legacy/cps… CPI-U (ftp://ftp.bls.gov/pub/special.requests/­cpi/cpiai.txt)

Economists Examine Potential for Longer Recession

Milton Friedman – Greed

Milton Friedman – Socialism is Force  

Milton Friedman – The role of government in a free society

Economics on One Foot

JobLossesJan2013

4employment_depth_max

6gdp_depth_max

Background on Recession/Recovery in Perspective

This page places the current economic downturn and recovery into historical (post-WWII) perspective. It compares output and employment changes from the 2007-2009 recession and subsequent recovery with the same data for the 10 previous recessions and recoveries that have occurred since 1946.

This page provides a current assessment of ‘how bad’ the 2007-2009 recession was relative to past recessions, and of how quickly the economy is recovering relative to past recoveries. It will continue to be updated as new data are released. This page does not provide forecasts, and the information should not be interpreted as such.

The  charts provide information about  the length and depth of recessions, and the robustness of recoveries.

Post-WWII Recessions

The Business Cycle Dating Committee of the National Bureau of Economic Research determines the beginning and ending dates of U.S. recessions. http://www.nber.org/cycles.html

        It has determined that the U.S. economy experienced 10 recessions from 1946 through 2006. The committee determined that the 2007-2009 recession began in December 2007 and ended in June of 2009.  Ending dates are typically announced several months after the recession officially ends. Read the June 2009 trough announcement by the NBER.

Length of Recessions

The 10 previous postwar recessions ranged in length from 6 months to 16 months, averaging about 10 1/2 months. The 2007-09 recession  was    the longest recession in the postwar period, at 18 months.

Depth of Recessions

The severity of a recession is determined in part by its length; perhaps even more important is the magnitude of the decline in economic activity. The 2007-09 recession was the deepest recession in the postwar period; at their lowest points employment fell by 6.3 percent and output fell by 5.1 percent.

http://www.minneapolisfed.org/publications_papers/studies/recession_perspective/

US-Real-GDP-Growth-Third-Estimate-for-Q1-2013

fredgraph

20_year_constant_maturity_rate

DGS30

For further information regarding treasury constant maturity data, please refer to:

http://www.federalreserve.gov/releases/h15/current/h15.pdf and http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/yieldmethod.aspx.

M1 Money Stock (M1)

2013-07-08:      2,504.2       Billions of Dollars                    Last 5 Observations

2013-07-01: 2,537.1
2013-06-24: 2,510.0
2013-06-17: 2,494.2
2013-06-10: 2,508.6

Weekly, Ending Monday, Seasonally Adjusted, Updated: 2013-07-19 6:26 AM CDT

M1_Max_630_378

Source: Board of Governors of the Federal Reserve System
Release: H.6 Money Stock Measures
Notes:      

M1 includes funds that are readily accessible for spending. M1 consists of: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) traveler’s checks of nonbank issuers; (3) demand deposits; and (4) other checkable deposits (OCDs), which consist primarily of negotiable order of withdrawal (NOW) accounts at depository institutions and credit union share draft accounts. Seasonally adjusted M1 is calculated by summing currency, traveler’s checks, demand deposits, and OCDs, each seasonally adjusted separately.

Velocity of M1 Money Stock (M1V)

2013:Q1:      6.474       Ratio                    Last 5 Observations

2012:Q4: 6.544
2012:Q3: 6.750
2012:Q2: 6.894
2012:Q1: 6.991

Quarterly, Seasonally Adjusted, Updated: 2013-06-26 9:01 AM CDT

M1V_Max_630_378

Source: Federal Reserve Bank of St. Louis
Release: Money Velocity
Notes:Calculated as the ratio of quarterly nominal GDP (http://research.stlouisfed.org/fred2/series/GDP) to the quarterly average of M1 money stock (http://research.stlouisfed.org/fred2/series/M1SL).
Velocity is a ratio of nominal GDP to a measure of the money supply.  It can be thought of as the rate of turnover in the money supply–that is, the number of times one dollar is used to purchase final goods and services included in GDP.

M2 Money Stock (M2)

2013-07-08:      10,644.6       Billions of Dollars                    Last 5 Observations

2013-07-01: 10,653.4
2013-06-24: 10,573.2
2013-06-17: 10,594.5
2013-06-10: 10,590.3

Weekly, Ending Monday, Seasonally Adjusted, Updated: 2013-07-19 6:26 AM CDT

M2

Source: Board of Governors of the Federal Reserve System
Release: H.6 Money Stock Measures

Notes:M2 includes a broader set of financial assets held principally by households. M2 consists of M1 plus: (1) savings deposits (which include money market deposit accounts, or MMDAs); (2) small-denomination time deposits (time deposits in amounts of less than $100,000); and (3) balances in retail money market mutual funds (MMMFs). Seasonally adjusted M2 is computed by summing savings deposits, small-denomination time deposits, and retail MMMFs, each seasonally adjusted separately, and adding this result to seasonally adjusted M1.

Velocity of M2 Money Stock (M2V)

2013:Q1:      1.530       Ratio                    Last 5 Observations

2012:Q4: 1.538
2012:Q3: 1.568
2012:Q2: 1.579
2012:Q1: 1.588

Quarterly, Seasonally Adjusted, Updated: 2013-06-26 9:01 AM CDT

M2_Velocity

Notes:

Calculated as the ratio of quarterly nominal GDP (http://research.stlouisfed.org/fred2/series/GDP) to the quarterly average of M2 money stock (http://research.stlouisfed.org/fred2/series/M2SL).
Velocity is a ratio of nominal GDP to a measure of the money supply.  It can be thought of as the rate of turnover in the money supply–that is, the number of times one dollar is used to purchase final goods and services included in GDP.

US Economic Crisis, Predictions For 2013

So Goes Detroit,Bernanke’s Gold Confession, Obama’s ACA Lies

Karl Denninger on Bernanke’s Last Stand and Unwinding Rehypothecation [PRIME INTEREST 45]

Uncertainty over the cost of new regulations is suppressing business investment & job creation.

Chairman of the Joint Economic Committee, Representative Kevin Brady, presents his opening statement to the committee and witnesses during the JEC hearing “Reducing Unnecessary and Costly Red Tape through Smarter Regulations” on June 26, 2013.

“We’re experiencing the worst economic recovery since WWII.”

CBS: “This Is The Worst Economic Recovery America Has Ever Had”

Obama’s Great Economic Recovery WHERE?

Treasury Yield Curve Methodology
2/26/2009
Page Content

This description was revised and updated on February 26, 2009.

The Treasury’s yield curve is derived using a quasi-cubic hermite spline function. Our inputs are the Close of Business (COB) bid yields for the on-the-run securities. Because the on-the-run securities typically trade close to par, those securities are designated as the knot points in the quasi-cubic hermite spline algorithm and the resulting yield curve is considered a par curve. However, Treasury reserves the option to input additional bid yields if there is no on-the-run security available for a given maturity range that we deem necessary for deriving a good fit for the quasi-cubic hermite spline curve. For example, we are using composites of off-the-run bonds in the 20-year range reflecting market yields available in that time tranche. Previously, a rolled-down 10-year note with a remaining maturity nearest to 7 years was also used as an additional input. That input was discontinued on May 26, 2005.

More specifically, the current inputs are the most recently auctioned 4-, 13-, 26-, and 52-week bills, plus the most recently auctioned 2-, 3-, 5-, 7-, and 10-year notes and the most recently auctioned 30-year bond, plus the composite rate in the 20-year maturity range. The quotes for these securities are obtained at or near the 3:30 PM close each trading day. The inputs for the four bills are their bond equivalent yields.

Between August 6, 2004 and June 2, 2008, to reduce volatility in the 1-year Treasury Constant Maturity (CMT) rate, and due to the fact that there were no on-the-run issues between 6-months and 2-years, Treasury used an additional input to insure that the 1-year CMT rate was consistent with on-the-run yields on either side of it’s maturity range. Thus, Treasury interpolated between the secondary bond equivalent yield on the most recently auctioned 26-week bill and the secondary market yield on the most recently auctioned 2-year note and inputted the resulting yield as an additional knot point for the derivation of the daily Treasury Yield Curve. The result of that step was that the 1-year CMT was generally the same as the interpolated rate during that time period. As of June 3, 2008, the interpolated yield was dropped as a yield curve input and the on-the-run 52-week bill was added as an input knot point in the quasi-cubic hermite spline algorithm and resulting yield curve.

Between December 3, 2007 and November 7, 2008, due to Treasury’s discontinuance of 3-year notes, we added a composite rate in the 3-year range based on an average of off-the-run securities in that time tranche.  This composite was replaced on November 10, 2008 with the on-the-run 3-year note upon its reintroduction.

Treasury does not provide the computer formulation of our quasi-cubic hermite spline yield curve derivation program. However, we have found that most researchers have been able to reasonably match our results using alternative cubic spline formulas.

Treasury reviews its yield curve derivation methodology on a regular basis and reserves the right to modify, adjust or improve the methodology at its option. If Treasury determines that the methodology needs to be changed or updated, Treasury will revise the above description to reflect such changes.

Yield curve rates are usually available at Treasury’s interest rate web sites by 6:00 PM Eastern Time each trading day, but may be delayed due to system problems or other issues. Every attempt is made to make this data available as soon as possible.

Office of Debt Management Department of the Treasury

 FINANCIAL MANAGEMENT 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:  06/13

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

YEAR-TO-DATE                                                          2,087,143              2,596,968                509,825

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Obama’s Jobs Deficit Hits 5.2 Million!–Hopeless Obama Presidential Economics (HOPE)–It’s Really The Economy Stupid–Where Are The Jobs?–Pee Wee President–Videos

Posted on June 13, 2012. Filed under: American History, Blogroll, College, Communications, Diasters, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, Microeconomics, People, Philosophy, Politics, Rants, Raves, Tax Policy, Unions, Video, Wealth, Wisdom | Tags: , , , , , , , , |

Pronk Pops Show 77: June 13, 2012 

Pee-Wee’s Morning

Obama To 23 Million Struggling Americans: “The Private Sector Is Doing Fine”

The Platters – Great Pretender, Only You (live)

http://www.federalbudget.com

Obama’s Jobs Deficit Hits 5.2 Million!

5.2 million =130,000 Per Month New Entrants to Labor Force Times 40 Months

Grim recovery outlook from BLS Commissioner Hall

Rep. Brady Questions BLS Commissioner on the Need for Private Sector Job Growth

http://www.shadowstats.com/

Peaked in November 2007 at 146.5 Million–Unemployment Rates: 4.7% (U-3) and 8.4% (U-6)

Level in January 2009 at 142.1 Million–Unemployment Rates: 7.8% (U-3) and 14.2% (U-6)

Bottomed in December 2009 at 137.9 Million— Unemployment Rates: 9.9% (U-3) and 17.1% (U-6)

Currently in May 2012 at 142.2 Million–Unemployment Rates: 8.2% (U-3) and 14.8% (U-6)

Employment Level

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

U-3 Unemployment Rate

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 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 8.9 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.7 9.8 9.8 9.9 9.6 9.4 9.5 9.6 9.5 9.5 9.8 9.4
2011 9.1 9.0 8.9 9.0 9.0 9.1 9.1 9.1 9.0 8.9 8.7 8.5
2012 8.3 8.3 8.2 8.1 8.2

U-6 Unemployment Rate

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

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 8.2 8.0 8.2 8.2 8.3 8.4 8.4 8.4 8.4 8.4 8.8
2008 9.2 9.0 9.1 9.2 9.7 10.1 10.5 10.8 11.1 11.8 12.7 13.5
2009 14.2 15.1 15.7 15.8 16.4 16.5 16.5 16.7 16.8 17.2 17.1 17.1
2010 16.7 16.9 16.9 17.0 16.6 16.5 16.5 16.6 16.9 16.8 16.9 16.6
2011 16.1 15.9 15.7 15.9 15.8 16.2 16.1 16.2 16.4 16.0 15.6 15.2
2012 15.1 14.9 14.5 14.5 14.8


Out of Touch Obama…Says “The Private Sector is JUST FINE!”

Obama Backtracks: “It’s Absolutely Clear The Economy Is ‘Not’ Doing Fine”

Three Times, Axelrod Dodges “Yes Or No” If The “Private Sector Is Doing Fine”

“Fine?”

Limbaugh: Maybe to Obama, 2X as Many People on Food Stamps Means “Private Sector Doing Fine”

Keynesian Economics Is Wrong: Bigger Gov’t Is Not Stimulus

Keynesian Economics vs. Austrian Economics

Romney: Obama ‘Is So Out of Touch’

Christie: Obama driving America off a “fiscal cliff”

GOP to Obama: Private Sector Not Doing Well

Peter Schiff: ‘Obama likes it when he thinks the free market is failing’

Sen. McConnell: “Obama Must Be On Another Planet”

“Doing Fine”

The Beach Boys – 409

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 7116 6927 6731 6850 6766 6979 7149 7067 7170 7237 7240 7645
2008 7678 7491 7816 7631 8395 8578 8950 9450 9501 10083 10544 11299
2009 12049 12860 13389 13796 14505 14727 14646 14861 15012 15421 15227 15124
2010 14953 15039 15128 15221 14876 14517 14609 14735 14574 14636 15104 14393
2011 13919 13751 13628 13792 13892 14024 13908 13920 13897 13759 13323 13097
2012 12758 12806 12673 12500 12720

http://www.bls.gov

Billie Holiday : Fine and mellow (1957)

Background Articles and Videos

U.S. Debt Clock

http://www.usdebtclock.org/

The Debt to the Penny and Who Holds It

( Debt Held by the Public vs. Intragovernmental Holdings )

Current Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
06/11/2012 10,999,435,913,618.62 4,738,474,273,896.26 15,737,910,187,514.88

http://www.treasurydirect.gov/NP/BPDLogin?application=np

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Obama’s Campaign Strategy Switches From Romney The Progressive Flip Flopper To Romney The Severe Conservative Right-Wing Extremist–Why?–Romney Is Beating Obama In Internal Polls With Independent Voters–Why? Obama’s Record of Failure–High Unemployment Rates and Gas Prices and Massive Government Deficits–$5 Trillion–Videos

Posted on April 25, 2012. Filed under: Blogroll, Business, College, Communications, Economics, Education, Employment, Fiscal Policy, Immigration, Inflation, Investments, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Raves, Talk Radio, Taxes, Technology, Unemployment, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , |

 

Shields, Brooks on Voter Volatility, Obama vs. Romney

Obama Against Romney The ‘Flip-Flopper’ or The ‘Severe Conservative’? (P1/2) 

Obama Against Romney The ‘Flip-Flopper’ or The ‘Severe Conservative’? (P2/2) 

The Moderate, Progressive, Severely Conservative Romney 

The Real Romney 

Mitt Romney ‘I Was A Severely Conservative Governor’

Still Voting For ‘Mitt Romney’?

Rush Limbaugh: Mitt Romney ‘Is Not A Conservative’

David Axelrod People dont know Romney (4/22/12)

Extreme Intolerance: Willard Mitt Romney’s ‘Severe Conservative’ Problem

The Last Word – Romney Tries To Rewrite His Resume 

Right-Wing Extremists Stand Against Flip-Flopping, ‘Unprincipled’ Willard Mitt Romney

Mitt Romney Interview on Breitbart TV

Mitt Romney, Vietnam, & Mormon Church Discrimination

Obama adviser David Axelrod makes case for Mitt Romney for President

Axelrod » Obama Boulevard is a Dead End

In Strategy Shift, Obama Team Attacks Romney From the Left

By HELENE COOPER

“…So long, flip-flopper. Hello, right-wing extremist.

After months of depicting Mr. Romney as the ultimate squishy, double-talking, no-core soul, Team Obama is shifting gears. Senior administration officials, along with Democratic and campaign officials, all say their strategy now will be to tell the world that Mr. Romney has a core after all — and it’s deep red.

Mr. Romney’s overheard remarks at a fund-raiser in Florida on Sunday night that, if elected, he planned to slash government programs (though he has not spelled that out for the voters) gave Obama backers the perfect opening, and they jumped on it. “Mitt Romney Tells Rich Voters His Secret Plan to Cut Housing Assistance,” said a headline from ThinkProgress, a blog put out by the left-leaning Center for American Progress. Democratic officials followed that up with a call to reporters on Thursday charging that Mr. Romney’s proposal would “cut critical funds for homeless veterans.” …”

http://www.youtube.com/results?search_type=videos&search_query=democrats+paint+romney+as+right-wing+extremist&search_sort=video_date_uploaded

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Insanity Economics–Stimulus Kicks In–Total Unemployment Rate (U-6) Jumps Up To 16.7% with 25.7 Million Americans Seeking Full Time Employment!

Posted on September 3, 2010. Filed under: Blogroll, Economics, Federal Government, Fiscal Policy, government spending, Investments, Law, liberty, Life, Links, People, Philosophy, Politics, Rants, Raves, Video, Wisdom | Tags: , , , , , , |

“Insanity: doing the same thing over and over again and expecting different results.”

~Albert Einstein

Companies Add 67K Workers, but Jobless Rate Rise

http://www.shadowstats.com/alternate_data/unemployment-charts

Official Unemployment Rate (U-3)

If you are one of the 25 million Americans seeking a full-time job, the August 2010 unemployment report from the Department of Labor’s Bureau of Labor statistics was discouraging.

The Bureau of Labor Statistics reported that in August, 2010, the official unemployment rate (U-3) rose from 9.5% in July to 9.6 % in August with 14.9 million Americans unemployed.

Real Total Unemployment Rate (U-6)

The real total unemployment rate (U-6)  also rose from 16.5%  in July to 16.7% in August with 25.7 million Americans seeking full-time employment.

If you are young, black or Hispanic, the unemployment rate is considerably high.

The unemployment rate for young workers ages 16 through 19 years rose from 26.1% in July to 26.3% in August.

For black or African Americans the unemployment rate also rose from   15.6% in July to 16.3   in August.

For Hispanics the unemployment rate decreased from  12.1% in July  to 12.0%  in August.

To put these rate of unemployment in historical perspective the graph below shows the U-3 and U-6 unemployment rates from 1900 through 2009:


Source: Historical Unemployment In Relation Today By N. Andrews

http://www.scribd.com/doc/13282170/Unemployment-1930s-vs-Today

The Department of Labor, Bureau or Labor Statistics, publishes several unemployment rates series of data including:

  • U-1: Persons unemployed 15 weeks or longer, as a percent of the civilian labor force
  • U-2: Job losers and persons who completed temporary jobs, as a percent of the civilian labor force
  • U-3: Total unemployed, as a percent of the civilian labor force (official unemployment rate)
  • U-4: Total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers
  • U-5: Total unemployed, plus discouraged workers, plus all other marginally attached workers, as a percent of the civilian labor force plus all marginally attached workers
  • U-6: Total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers

Marginally attached workers: In the United States, persons not in the labor force who want and are available for a job and who have looked for work sometime in the past 12 months (or since the end of their last job if they held one within the past 12 months), but who are not currently looking, are designated as “marginally attached to the labor force.”

The marginally attached are divided into those not currently looking because they believe their search would be futile—so-called “discouraged workers”—and those not currently looking for other reasons such as family responsibilities, ill health, or lack of transportation.

Source: Bureau of Labor Statistics

Each month there are new entrants into the labor market as students either  graduate  from high school and college or drop-out and look for jobs for the first time. The United States needs to add approximately 150,000 jobs each month to keep the unemployment rate constant. There are currently approximately 154 million individuals in the civilian labor force. Each month to reduce the unemployment rate by .1%, a total of about 300,000 new jobs needs to be created.

In August the employment level increased from 138,960,000 in July to 139,250 or an increase of 290,000. When President Obama took office in January 2009 the employment level was 142,221,000. The so-called stimulus bill  was suppose to limit the unemployment rate to a maximum of 8%. Instead the unemployment rate hit 10.1% in October 2009 and is expected to go over 10% in the coming months and be over 9% for two years or more.The stimulus package has failed to create jobs. Proposing another stimulus package would only make matters worse and prolong the recession.

Both the Bush and Obama expansion of the size and scope of the Federal Government and the passage of so-called government spending stimulus packages have resulted in less private  investment and job creation by businesses. Business owners will not expand or grow their businesses when they lack confidence in the economic policies of the Federal Government. Economists call this regime uncertainty. This happened during the Great Depression that began with Hoover in 1930 and continued with Roosevelt from 1933 and through 1945.  During World War II the unemployment level did fall dramatically as million of men were drafted to fight the war and men and women were employed to produce the weapons and munitions of war. However, prosperity did not return until 1946 when Federal Government spending was dramatically cut.

Government stimulus spending (Keynesian Economics) to increase economic growth and jobs did not work for Presidents Hoover, Roosevelt, Ford, Bush, and Obama. Keynesian economics is insanity economics–doing the same thing over and over again and expecting different results.

Instead, President Obama is seriously considering raising taxes by letting the Bush tax cuts expire in 2010,  proposing another stimulus package and a cap-and-trade energy tax or alternatively a new additional tax, the value added tax.If implemeneeded the economic consequences will be another depression–the Obama Depression.  No mention is ever made of cutting the size, scope and burden of the Federal Government, which is the real source of the problem. Government interventionism in the form of  fiscal and monetary policies caused both the financial and economic crisis we are currently in. More of the same economic policies is insanity economics. The Keynesian economists are running the asylum.

If you are a high school or college student stay in school and complete your education. Go to your local college career services office to obtain assistance in writing cover letters and resumes and finding employment. Do not be discouraged if it takes longer to find a job. Just keep sending out those resumes and networking and sooner or latter you will find a job.

“Permanent mass unemployment destroys the moral foundations of the social order. The young people, who, having finished their training for work, are forced to remain idle, are the ferment out of which the most radical political movements are formed. In their ranks the soldiers of the coming revolutions are recruited.”

~Ludwig von Mises, Socialism, page 440

Ron Paul EXPOSES the Real GDP and Unemployment Numbers

Keynesian Economics Is Wrong: Bigger Gov’t Is Not Stimulus

Stimulus II: A Sequel America Can’t Afford

Dan Mitchell on whether Obama’s economic team should resign

Dan Mitchell on Entitlement Spending

Dan Mitchell on Taxing the Rich

Why You’ve Never Heard of the Great Depression of 1920 | Thomas E. Woods, Jr.

Keynesian Predictions vs. American History | Thomas E. Woods, Jr.

Smashing Myths and Restoring Sound Money | Thomas E. Woods, Jr.

Best Books Criticizing Keynesian Economics | David Gordon

Background Articles and Videos

Types of Unemployment and the Natural Rate of Unemployment- Key Macro Concepts

(Macro) Episode 18: Unemployment

(Macro) Episode 19: Unemployment


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 143142(1) 143444 143765 143794 144108 144370 144229 144631 144797 145292 145477 145914  
2007 146032(1) 146043 146368 145686 145952 146079 145926 145685 146193 145885 146483 146173  
2008 146421(1) 146165 146173 146306 146023 145768 145515 145187 145021 144677 143907 143188  
2009 142221(1) 141687 140854 140902 140438 140038 139817 139433 138768 138242 138381 137792  
2010 138333(1) 138641 138905 139455 139420 139119 138960 139250          
1 : Data affected by changes in population controls.

Civilian Labor Force Level

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 150201(1) 150629 150839 150915 151085 151368 151383 151729 151650 152020 152360 152698  
2007 153117(1) 152941 153093 152531 152717 153045 153039 152781 153393 153158 153767 153869  
2008 154048(1) 153600 153966 153936 154420 154327 154410 154696 154590 154849 154524 154587  
2009 154140(1) 154401 154164 154718 154956 154759 154351 154426 153927 153854 153720 153059  
2010 153170(1) 153512 153910 154715 154393 153741 153560 154110          
1 : Data affected by changes in population controls.

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
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 66.3 66.0 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0  
2008 66.2 66.0 66.1 66.0 66.2 66.1 66.0 66.1 66.0 66.0 65.8 65.8  
2009 65.7 65.7 65.6 65.8 65.8 65.7 65.4 65.4 65.1 65.0 64.9 64.6  
2010 64.7 64.8 64.9 65.2 65.0 64.7 64.6 64.7          

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
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 7059 7185 7075 7122 6977 6998 7154 7097 6853 6728 6883 6784  
2007 7085 6898 6725 6845 6765 6966 7113 7096 7200 7273 7284 7696  
2008 7628 7435 7793 7631 8397 8560 8895 9509 9569 10172 10617 11400  
2009 11919 12714 13310 13816 14518 14721 14534 14993 15159 15612 15340 15267  
2010 14837 14871 15005 15260 14973 14623 14599 14860          

Unemployment Rate

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 4.6 4.6 4.7 4.7 4.7 5.0  
2008 5.0 4.8 5.1 5.0 5.4 5.5 5.8 6.1 6.2 6.6 6.9 7.4  
2009 7.7 8.2 8.6 8.9 9.4 9.5 9.4 9.7 9.8 10.1 10.0 10.0  
2010 9.7 9.7 9.7 9.9 9.7 9.5 9.5 9.6          

Total Unemployment Rate

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 8.0  
2007 8.3 8.1 8.0 8.2 8.2 8.2 8.3 8.5 8.4 8.4 8.5 8.8  
2008 9.1 8.9 9.0 9.2 9.7 10.0 10.5 10.9 11.2 11.9 12.8 13.7  
2009 14.0 15.0 15.6 15.8 16.4 16.5 16.4 16.8 17.0 17.4 17.2 17.3  
2010 16.5 16.8 16.9 17.1 16.6 16.5 16.5 16.7          

16–19 years olds Unemployment Rate

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
2000 12.7 13.8 13.3 12.6 12.8 12.3 13.4 14.0 13.0 12.8 13.0 13.2  
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 15.2 15.3 16.1 14.6 14.0 15.7 15.9 16.1 16.3 15.2 14.9 14.7  
2007 14.8 14.9 14.9 15.6 15.9 16.2 15.3 16.0 16.0 15.5 16.2 16.9  
2008 17.8 16.5 16.0 15.6 18.9 19.0 20.8 18.9 19.3 20.3 20.3 20.8  
2009 20.9 21.8 22.0 21.8 23.2 24.3 24.5 25.7 26.1 27.6 26.8 27.1  
2010 26.4 25.0 26.1 25.4 26.4 25.7 26.1 26.3          

Black or African American Unemployment Rate


Series Id:           LNS14000006
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate - Black or African American
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over
Race:                Black or African American

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 8.2 8.1 7.4 7.0 7.7 7.8 7.7 7.9 7.3 7.3 7.3 7.4  
2001 8.2 7.7 8.3 8.0 7.9 8.3 8.0 9.1 8.9 9.5 9.8 10.1  
2002 10.0 9.9 10.5 10.7 10.2 10.5 9.8 9.8 9.7 9.8 10.7 11.3  
2003 10.5 10.7 10.3 10.9 10.9 11.5 10.9 10.9 11.1 11.4 10.2 10.1  
2004 10.4 9.7 10.3 9.8 10.1 10.2 11.0 10.5 10.3 10.8 10.7 10.7  
2005 10.6 10.9 10.5 10.3 10.1 10.2 9.2 9.7 9.4 9.1 10.6 9.2  
2006 8.9 9.4 9.5 9.4 8.7 8.8 9.5 8.8 9.0 8.5 8.6 8.3  
2007 8.0 8.0 8.3 8.3 8.3 8.4 8.0 7.7 8.1 8.5 8.5 9.0  
2008 9.2 8.3 9.1 8.6 9.6 9.4 9.9 10.8 11.4 11.3 11.5 12.1  
2009 12.8 13.5 13.5 15.0 15.0 14.8 14.7 15.2 15.5 15.7 15.6 16.2  
2010 16.5 15.8 16.5 16.5 15.5 15.4 15.6 16.3          

Hispanic or Latino Unemployment Rate

Series Id:           LNS14000009
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate - Hispanic or Latino
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over
Ethnic origin:       Hispanic or Latino

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 5.6 5.7 6.1 5.5 5.8 5.6 5.8 5.9 5.8 5.1 6.0 5.7  
2001 5.8 6.1 6.2 6.4 6.3 6.6 6.2 6.5 6.7 7.1 7.3 7.7  
2002 7.8 7.0 7.5 8.0 7.1 7.4 7.4 7.5 7.4 7.9 7.8 7.9  
2003 7.9 7.6 7.8 7.6 8.1 8.4 8.1 7.7 7.3 7.4 7.5 6.6  
2004 7.4 7.4 7.5 7.1 7.0 6.6 6.9 6.8 6.9 6.7 6.7 6.5  
2005 6.2 6.4 5.8 6.4 5.9 5.7 5.5 5.8 6.5 5.9 6.2 6.1  
2006 5.7 5.5 5.2 5.3 4.9 5.2 5.2 5.3 5.5 4.7 5.1 5.0  
2007 5.7 5.2 5.1 5.4 5.8 5.6 5.9 5.5 5.8 5.6 5.8 6.3  
2008 6.4 6.2 6.9 6.9 6.9 7.7 7.5 8.0 8.0 8.9 8.8 9.4  
2009 9.9 11.0 11.6 11.4 12.7 12.3 12.4 13.0 12.7 13.1 12.7 12.9  
2010 12.6 12.4 12.6 12.5 12.4 12.4 12.1 12.0          

The US Unemployment Rate
January 1948 to July 2010

http://www.miseryindex.us/URbymonth.asp

A portrait of the youth labor

market in 13 countries, 1980–2007

Gary Martin
Gary Martin is an economist in the Division of International Labor Comparisons, Bureau of Labor Statistics. E-mail: ILChelp@bls.gov

“…A relatively high unemployment rate for young people has been a persistent problem in industrialized countries

in recent decades; still, the number of youths who are unemployed has been falling with declining youth

populations and more years spent in education. …”

“…Youth unemployment rates are relatively higher for a number of reasons.7

First, young people are among the most vulnerable during an economic downturn when workers are being laid off and there are hiring slowdowns or freezes. Youths typically have the least seniority, the least work experience, and the least amount of company training invested in them, and they are more likely to be working on a short-term contract.8 They are, therefore, the most likely to be let go. Indeed, even if, on the one hand, there were no layoffs at all, but only a general hiring freeze, unemployment among young people would still grow as they attempted to move from school into the labor force upon completing their education; and if, on the other hand, employers were forced by economic conditions simply to be more discriminating in their hiring, those with no experience or with very little experience would be the least likely to be hired, and these, too, are most likely to be the young. Numerous studies have shown that youth unemployment rates are more sensitive to the business cycle than are adult unemployment rates.9

Second, whatever the state of the economy, young people simply have less experience in looking for work. Lack of experience at work is counteracted to a degree by the willingness and ability of youths to work for less money, but lack of experience in the process of finding a job is not.

Third, young people, generally with fewer resources than older workers and a stronger financial attachment to family, tend to be less mobile. Consequently, they are somewhat less able or willing to move to places where more jobs might be available. This is especially true for those in the 15- to 19-year-old category, and in countries where attachment to home is particularly strong, the more important that factor would be.

Fourth, young people, with fewer financial obligations and often with family support, can typically afford to take immediate employment less seriously—especially as family sizes have shrunk and the pressure to get a job to help support the family has subsided. The younger the prospective workers, the less serious they tend to be about paid work. If they are students, the jobs they are likely to get, or to lose, are typically not full-time, career-track jobs, and they usually pay very little. Young people sacrifice less by passing up such jobs than do older people, whose search for employment is typically for career-type jobs. Whether the jobs are career track jobs or not, young people with financial support from parents can usually afford to wait longer for just the right job to come along. Thus, in this instance, a higher rate of unemployment actually may reflect economic strength, rather than economic weakness, for youths.10…”

http://www.bls.gov/opub/mlr/2009/07/art1full.pdf

Current Employment Statistics – CES (National)

Frequently Asked Questions (FAQs)

The CES Survey: Concepts and Scope

  1. What is the establishment payroll survey?
  2. What is the CES definition of employment?
  3. Are part time employees counted in your survey?
  4. Who is included in data for production and nonsupervisory employees?
  5. How do reservists impact CES?
  6. Are employees in Puerto Rico included in national CES estimates?
  7. Are undocumented immigrants counted in the surveys?
  8. Why are there two monthly measures of employment?
  9. Does the establishment survey sample include small firms?
  10. Has the establishment survey understated employment growth because it excludes the self-employed?

http://www.youtube.com/watch?v=czcUmnsprQI&feature=related

The Road Ahead: Unemployment, Poverty and the Recession

Employment Situation Summary

Transmission of material in this release is embargoed            USDL-10-1212
until 8:30 a.m. (EDT) Friday, September 3, 2010

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 2010

Nonfarm payroll employment changed little (-54,000) in August, and the unem-
ployment rate was about unchanged at 9.6 percent, the U.S. Bureau of Labor
Statistics reported today. Government employment fell, as 114,000 temporary
workers hired for the decennial census completed their work. Private-sector
payroll employment continued to trend up modestly (+67,000).

Household Survey Data

The number of unemployed persons (14.9 million) and the unemployment rate
(9.6 percent) were little changed in August. From May through August, the
jobless rate remained in the range of 9.5 to 9.7 percent. (See table A-1.)

Among the major worker groups, the unemployment rate for adult men (9.8 per-
cent), adult women (8.0 percent), teenagers (26.3 percent), whites (8.7 per-
cent), blacks (16.3 percent), and Hispanics (12.0 percent) showed little
change in August. The jobless rate for Asians was 7.2 percent, not season-
ally adjusted. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks and over) de-
clined by 323,000 over the month to 6.2 million. In August, 42.0 percent of
unemployed persons had been jobless for 27 weeks or more. (See table A-12.)

In August, the civilian labor force participation rate (64.7 percent) and
the employment-population ratio (58.5 percent) were essentially unchanged.
(See table A-1.)

The number of persons employed part time for economic reasons (sometimes re-
ferred to as involuntary part-time workers) increased by 331,000 over the
month to 8.9 million. 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 2.4 million persons were marginally attached to the labor force in
August, little changed from a year earlier. (The data are not seasonally ad-
justed.) These individuals were not in the labor force, wanted and were avail-
able 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
August, an increase of 352,000 from a year earlier. (The data are not season-
ally adjusted.) Discouraged workers are persons not currently looking for work
because they believe no jobs are available for them. The remaining 1.3 million
persons marginally attached to the labor force had not searched for work in the
4 weeks preceding the survey for reasons such as school attendance or family
responsibilities.

Establishment Survey Data

Total nonfarm payroll employment was little changed (-54,000) in August. Govern-
ment employment fell by 121,000, reflecting the departure of 114,000 temporary
Census 2010 workers from federal government payrolls. Total private employment
continued to trend up modestly over the month (+67,000). Since its most recent
low in December 2009, private-sector employment has risen by 763,000. (See
table B-1.)

Employment in health care increased by 28,000 in August, with the largest gains
occurring in ambulatory health care services (+17,000) and hospitals (+9,000).
Thus far in 2010, the health care industry has added an average of 20,000 jobs
per month, about in line with the average monthly job growth in 2009.

Mining employment rose by 8,000 in August. Since a recent low in October 2009,
employment in the industry has increased by 72,000. Support activities for mining
has accounted for about three-fourths of the gain.

Manufacturing employment declined by 27,000 over the month. A decline in motor
vehicles and parts (-22,000) offset a gain of similar magnitude in July as the
industry departed somewhat from its usual layoff and recall pattern for annual
retooling.

Within professional and business services, employment in temporary help services
was up by 17,000. This industry has added 392,000 jobs since a recent employment
low in September 2009.

Construction employment was up (+19,000) in August. This change partially re-
flected the return to payrolls of 10,000 workers who were on strike in July.

Employment in retail trade was about unchanged over the month. A job gain among
motor vehicle and parts dealers (+8,000) was essentially offset by losses in
building materials and garden supply stores (-6,000).

Employment in other private-sector industries, including wholesale trade, trans-
portation and warehousing, information, financial activities, and leisure and
hospitality, showed little change in August.

Over the month, government employment fell by 121,000, largely reflecting the
loss of 114,000 temporary workers hired for Census 2010. The number of tempor-
ary Census 2010 workers peaked in May at 564,000 but has declined to 82,000 in
August.

The average workweek for all employees on private nonfarm payrolls was unchanged
over the month at 34.2 hours. The manufacturing workweek for all employees in-
creased by 0.1 hour to 40.2 hours, and factory overtime was up by 0.1 hour. The
average workweek for production and nonsupervisory employees on private nonfarm
payrolls increased by 0.1 hour to 33.5 hours. (See tables B-2 and B-7.)

Average hourly earnings of all employees on private nonfarm payrolls increased
by 6 cents, or 0.3 percent, to $22.66 in August. Over the past 12 months, aver-
age hourly earnings have increased by 1.7 percent. In August, average hourly
earnings of private-sector production and nonsupervisory employees increased by
3 cents, or 0.2 percent, to $19.08. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for June was revised from -221,000
to -175,000, and the change for July was revised from -131,000 to -54,000.

___________
The Employment Situation for September is scheduled to be released on Friday,
October 8, 2010, at 8:30 a.m. (EDT).

The US Unemployment Rate - 1948 to 2009

http://www.miseryindex.us/urbyyear.asp

The US Unemployment Rate – 1948 to 2009

http://www.miseryindex.us/urbyyear.asp

The Depression You’ve Never Heard Of: 1920-1921

by Robert P. Murphy

“…The 1920–1921 Depression

This context highlights the importance of the 1920–1921 depression. Here the government and Fed did the exact opposite of what the experts now recommend. We have just about the closest thing to a controlled experiment in macroeconomics that one could desire. To repeat, it’s not that the government boosted the budget at a slower rate, or that the Fed provided a tad less liquidity. On the contrary, the government slashed its budget tremendously, and the Fed hiked rates to record highs. We thus have a fairly clear-cut experiment to test the efficacy of the Keynesian and monetarist remedies.

At the conclusion of World War I, U.S. officials found themselves in a bleak position. The federal debt had exploded because of wartime expenditures, and annual consumer price inflation rates had jumped well above 20 percent by the end of the war.

To restore fiscal and price sanity, the authorities implemented what today strikes us as incredibly “merciless” policies. From FY 1919 to 1920, federal spending was slashed from $18.5 billion to $6.4 billion—a 65 percent reduction in one year. The budget was pushed down the next two years as well, to $3.3 billion in FY 1922.

On the monetary side, the New York Fed raised its discount rate to a record high 7 percent by June 1920. Now the reader might think that this nominal rate was actually “looser” than the 1.5 percent discount rate charged in 1931 because of the changes in inflation rates. But on the contrary, the price deflation of the 1920–1921 depression was more severe. From its peak in June 1920 the Consumer Price Index fell 15.8 percent over the next 12 months. In contrast, year-over-year price deflation never even reached 11 percent at any point during the Great Depression. Whether we look at nominal interest rates or “real” (inflation-adjusted) interest rates, the Fed was very “tight” during the 1920–1921 depression and very “loose” during the onset of the Great Depression.

Now some modern economists will point out that our story leaves out an important element. Even though the Fed slashed its discount rate to record lows during the onset of the Great Depression, the total stock of money held by the public collapsed by roughly a third from 1929 to 1933. This is why Milton Friedman blamed the Fed for not doing enough to avert the Great Depression. By flooding the banking system with newly created reserves (part of the “monetary base”), the Fed could have offset the massive cash withdrawals of the panicked public and kept the overall money stock constant.

But even this nuanced argument fails to demonstrate why the 1929–1933 downturn should have been more severe than the 1920–1921 depression. The collapse in the monetary base (directly controlled by the Fed) during 1920–1921 was the largest in U.S. history, and it dwarfed the fall during the early Hoover years. So we hit the same problem: The standard monetarist explanation for the Great Depression applies all the more so to the 1920–1921 depression.

The Results

If the Keynesians are right about the Great Depression, then the depression of 1920–1921 should have been far worse. The same holds for the monetarists; things should have been awful in the 1920s if their theory of the 1930s is correct.

To be sure, the 1920–1921 depression was painful. The unemployment rate peaked at 11.7 percent in 1921. But it had dropped to 6.7 percent by the following year, and was down to 2.4 percent by 1923. After the depression the United States proceeded to enjoy the “Roaring Twenties,” arguably the most prosperous decade in the country’s history. Some of this prosperity was illusory—itself the result of subsequent Fed inflation—but nonetheless the 1920–1921 depression “purged the rottenness out of the system” and provided a solid framework for sustainable growth.

As we know, things turned out decidedly differently in the 1930s. Despite the easy fiscal and monetary policies of the Hoover administration and the Federal Reserve—which today’s experts say are necessary to avoid the “mistakes of the Great Depression”—the unemployment rate kept going higher and higher, averaging an astounding 25 percent in 1933. And of course, after the “great contraction” the U.S. proceeded to stagnate in the Great Depression of the 1930s, which was easily the least prosperous decade in the country’s history.

The conclusion seems obvious to anyone whose mind is not firmly locked into the Keynesian or monetarist framework: The free market works. Even in the face of massive shocks requiring large structural adjustments, the best thing the government can do is cut its own budget and return more resources to the private sector. For its part, the Federal Reserve doesn’t help matters by flooding the shell-shocked credit markets with green pieces of paper. Prices can adjust to clear labor and other markets soon enough, in light of the new fundamentals, if only the politicians and central bankers would get out of the way. …”

http://www.thefreemanonline.org/featured/the-depression-youve-never-heard-of-1920-1921/#

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Bush Obama Depression (BOD) Progressively Worsens With Over 25 Million Unemployed Americans–No Jobs Recovery On The Economic Time Horizon!–Videos

Posted on August 6, 2010. Filed under: Blogroll, Communications, Crime, Culture, Demographics, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, Health Care, history, Immigration, Investments, Language, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Quotations, Regulations, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , , , , |

Dan Mitchell – The Bush/Obama Years

The Unemployment Game Show: Are You *Really* Unemployed? – From Mint.com

 

Employment Level

During the last year of the Bush Administration the employment level fell from 146,421,00 in January 2008 to 142,221,00 or about a 4.2 million decline year to year in the number of employed persons in the United States.

During the first year of the Obama Administration the employment level fell from 142,221,00 in January 2009 to 138,333,00 in January 2010 or about 3.9 million decline year to year in the number of employed person in the United States.

From the start of recession/depression in December 2007 through July 2010, the employment level fell from 146,173,00 in December 2007 to 138,960,000 in July 2010 or about a 7.2 million decline in the last 31 months.

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 143142(1) 143444 143765 143794 144108 144370 144229 144631 144797 145292 145477 145914  
2007 146032(1) 146043 146368 145686 145952 146079 145926 145685 146193 145885 146483 146173  
2008 146421(1) 146165 146173 146306 146023 145768 145515 145187 145021 144677 143907 143188  
2009 142221(1) 141687 140854 140902 140438 140038 139817 139433 138768 138242 138381 137792  
2010 138333(1) 138641 138905 139455 139420 139119 138960            
1 : Data affected by changes in population controls.
  

Civilian Labor Force

Every month about 150,000 new entrants into the labor force are seeking employment.

Thus a minimum of about 150,000 new jobs is needed each month to keep the unemployment rate from rising.

A .1% decline in the unemployment requires about a 300,000 new jobs to be created during a month.

Unfortunately the United States has been adding about 100,000 new jobs on average in 2010.

This is not a jobs recovery but a jobs recession.

The Civilian Labor Force hit a high of 154,849,000 in October 2008 or about 155 million under the Bush Administration.

The Civilian Labor Force hit a high of 154,956 in May 2009 or about 155 million under the Obama Administration.

If the economy had been growing since October 2008 instead of declining the Civilian Labor Force through July 2010 would be about 160 million and not 154 million.

Both the stimulus spending of Presidents Bush and Obama have been abject failures in growing the economy and the Civilian Labor Force.

The Civilian Labor Force is again declining.

 

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 150201(1) 150629 150839 150915 151085 151368 151383 151729 151650 152020 152360 152698  
2007 153117(1) 152941 153093 152531 152717 153045 153039 152781 153393 153158 153767 153869  
2008 154048(1) 153600 153966 153936 154420 154327 154410 154696 154590 154849 154524 154587  
2009 154140(1) 154401 154164 154718 154956 154759 154351 154426 153927 153854 153720 153059  
2010 153170(1) 153512 153910 154715 154393 153741 153560            
1 : Data affected by changes in population controls.

 

Labor Force Participation Rate

While the labor force participation rate varies from month, the rate is usually around 66% plus or minus 1%. and usually rises in a growing economy or boom and falls in a declining economy or bust.

The labor force participation rate has been falling for the last three months and has now hit a new low of 64.6% which equals the past low in December of 2009.

This reflects the fact that those seeking employment for many months are so discouraged that according to the Bureau of Labor Statistics they have withdrawn from participation in the labor market. 

A more accurate interpretation is the discouraged workers cannot find a job after applying for hundreds of jobs where hundreds of unemployed have also applied for the one job opening.

 

  
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 66.3 66.0 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0  
2008 66.2 66.0 66.1 66.0 66.2 66.1 66.0 66.1 66.0 66.0 65.8 65.8  
2009 65.7 65.7 65.6 65.8 65.8 65.7 65.4 65.4 65.1 65.0 64.9 64.6  
2010 64.7 64.8 64.9 65.2 65.0 64.7 64.6            

Unemployment Rate  U-3

When President George Bush left office the official unemployment rate measured by U-3 was at 7.7%.

Since President Barack Obama entered office the official unemployment rate measured by U-3 has risen from 8.2%  in February to a peak of 10.1% in October 2009  back down to  a July 2010 unemployment rate of 9.5%.

I fully expect the official unemployment to again rise above 10% in the next six months due to the continuing  fiscal economic policies of President Obama.

Increased Federal Government spending and deficits have place a heavy weight or drag on the economy.

 
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 4.6 4.6 4.7 4.7 4.7 5.0  
2008 5.0 4.8 5.1 5.0 5.4 5.5 5.8 6.1 6.2 6.6 6.9 7.4  
2009 7.7 8.2 8.6 8.9 9.4 9.5 9.4 9.7 9.8 10.1 10.0 10.0  
2010 9.7 9.7 9.7 9.9 9.7 9.5 9.5            

 Unemployment Level

The unemployment level of 14,599,000 persons for July 2010 still exceeds the worse month of unemployment in the Great Depression, March 1933 of about 13 million.

While the unemployment rate of 9.5% is usually announced on news casts, it surprising how few times any mention is made of the actual number of unemployed.

Keep in mind the official unemployment of 9.5% as measured by U-6 actually grossly understates the actual number of unemployed because it excludes the marginally attached workers and those discouraged from trying to find a job and failing to do so.

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 7059 7185 7075 7122 6977 6998 7154 7097 6853 6728 6883 6784  
2007 7085 6898 6725 6845 6765 6966 7113 7096 7200 7273 7284 7696  
2008 7628 7435 7793 7631 8397 8560 8895 9509 9569 10172 10617 11400  
2009 11919 12714 13310 13816 14518 14721 14534 14993 15159 15612 15340 15267  
2010 14837 14871 15005 15260 14973 14623 14599            

 

Total Unemployed Rate U-6

The real or total unemployment rate as measured by U-6  was 16.5% in July unchanged from June.

When President George Bush left office the real or total unemployment rate as measured by U-6 was 14.0%.

Since President Barack Obama entered office the total unemployment rate as measured by U-6 has risen from 15.0%  in February to a peak of 17.4% in October 2009  back down to  a  July 2010 total unemployment rate of 16.5%.

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 8.0  
2007 8.3 8.1 8.0 8.2 8.2 8.2 8.3 8.5 8.4 8.4 8.5 8.8  
2008 9.1 8.9 9.0 9.2 9.7 10.0 10.5 10.9 11.2 11.9 12.8 13.7  
2009 14.0 15.0 15.6 15.8 16.4 16.5 16.4 16.8 17.0 17.4 17.2 17.3  
2010 16.5 16.8 16.9 17.1 16.6 16.5 16.5  

 

A real or total unemployment rate of 16.5% multiplied by the current total labor force is 153,560,00 means there are at least 25,337,400.

Several economist believe the Bureau of Labor Statistics statistics on unemployment rate understands the actual rate of unemployment.

Using an alternative unemployment rate of 20% multiplied by the current civilian labor force of about  153,560,00 means there are over 30 million Americans currently unemployed:

 

Economist John Williams on Real Unemployment Rate

Both President Bush’s and Obama’s economic stimulus packages have been a complete failure in creating  jobs and wealth.

Keynesian Economics Is Wrong: Bigger Gov’t Is Not Stimulus 

 

Obama’s So-Called Stimulus: Good For Government, Bad For the Economy

Saltsman Says Minimum Wage Leads to Teen Employment Drop: Video

http://www.youtube.com/watch?v=VCcgoiemEBY

 

 

Background Articles and Videos

News Update: US Unemployment Rate Holds at 9.5%, 71,000 Jobs Added in June

Unemployment Statistics – John Williams on Economics 101

 

Jobs Picture Worsens With 131,000 Losses; 9.5% Rate

“…Non-farm payrolls fell 131,000 the Labor Department said on Friday as temporary jobs to conduct the decennial census dropped by 143,000.

Private employment, considered a better gauge of labor market health, rose 71,000 after increasing 31,000 in June. In addition, the government revised payrolls for May and June to show 97,000 fewer jobs than previously reported.

Analysts polled by Reuters had forecast overall employment falling 65,000 and private-sector hiring increasing 90,000.

The unemployment rate was unchanged at 9.5 percent in July for a second straight month, just below market expectations for a rise to 9.6 percent. The steady jobless rate largely reflected a drop in the labor force as discouraged workers gave up the search for jobs. …”

http://www.cnbc.com/id/38590746

Employment Situation Summary

Transmission of material in this release is embargoed USDL-10-1076 until 8:30 a.m. (EDT) Friday, August 6, 2010 Technical information: Household data: (202) 691-6378 * cpsinfo@bls.gov * www.bls.gov/cps Establishment data: (202) 691-6555 * cesinfo@bls.gov * www.bls.gov/ces Media contact: (202) 691-5902 * PressOffice@bls.gov THE EMPLOYMENT SITUATION -- JULY 2010 Total nonfarm payroll employment declined by 131,000 in July, and the unem- ployment rate was unchanged at 9.5 percent, the U.S. Bureau of Labor Statis- tics reported today. Federal government employment fell, as 143,000 temporary workers hired for the decennial census completed their work. Private-sector payroll employment edged up by 71,000. Household Survey Data Both the number of unemployed persons, at 14.6 million, and the unemployment rate, at 9.5 percent, were unchanged in July. (See table A-1.) Among the major worker groups, the unemployment rate for adult men (9.7 per- cent), adult women (7.9 percent), teenagers (26.1 percent), whites (8.6 per- cent), blacks (15.6 percent), and Hispanics (12.1 percent) showed little or no change in July. The jobless rate for Asians was 8.2 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.) In July, the number of long-term unemployed (those jobless for 27 weeks and over) was little changed at 6.6 million. These individuals made up 44.9 per- cent of unemployed persons. (See table A-12.) The civilian labor force participation rate (64.6 percent) and the employment- population ratio (58.4 percent) were essentially unchanged in July; however, these measures have declined by 0.6 percentage point and 0.4 point, respec- tively, since April. (See table A-1.) The number of persons employed part time for economic reasons (sometimes re- ferred to as involuntary part-time workers) was essentially unchanged over the month at 8.5 million but has declined by 623,000 since April. These in- dividuals 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 July, an increase of 340,000 from a year earlier. (The data are not seasonally ad- justed.) These individuals were not in the labor force, wanted and were avail- able 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 1.2 million discouraged workers in July, up by 389,000 from a year earlier. (The data are not seasonally ad- justed.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.4 million persons marginally attached to the labor force had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsi- bilities. (See table A-16.) Establishment Survey Data Total nonfarm payroll employment decreased by 131,000 in July, reflecting the departure of 143,000 temporary Census 2010 workers from federal government pay- rolls. Total private employment edged up over the month (+71,000). Thus far this year, private sector employment has increased by 630,000, with about two-thirds of the gain occurring in March and April. (See table B-1.) Manufacturing employment increased by 36,000 over the month. Motor vehicles and parts had fewer seasonal layoffs than normal for July, contributing to a season- ally adjusted employment increase of 21,000. The industry had added 32,000 jobs in the first 6 months of the year. In July, employment in fabricated metals rose by 9,000. Manufacturing employment has expanded by 183,000 since December 2009. Health care added 27,000 jobs in July. Over the past 12 months, health care em- ployment has risen by 231,000. In July, employment in transportation and warehousing edged up by 12,000. Since a recent low in February, transportation and warehousing has added 56,000 jobs. Mining employment rose by 7,000 in July, with the gain concentrated in support activities for mining. Mining has added 63,000 jobs since October 2009. Employment in professional and business services was little changed (-13,000) in July. The number of jobs in temporary help services showed little movement (-6,000) over the month. Employment in financial activities continued to trend down in July, with a decline of 17,000. So far this year, monthly job losses in the industry have averaged 12,000, compared with an average monthly job loss of 29,000 for all of 2009. Construction employment changed little (-11,000) in July; 10,000 construction workers were off payrolls due to strike activity. Employment in other private-sector industries, including wholesale trade, re- tail trade, information, and leisure and hospitality showed little change in July. Government employment fell by 202,000 in July, largely reflecting the loss of 143,000 temporary workers hired for Census 2010. Employment in both state and local governments edged down over the month. In July, the average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.2 hours. The manufacturing workweek for all em- ployees increased by 0.1 hour to 40.1 hours, following a decrease of 0.5 hour in June. The average workweek for production and nonsupervisory employees on private nonfarm payrolls increased by 0.1 hour to 33.5 hours in July. (See tables B-2 and B-7.) Average hourly earnings of all employees on private nonfarm payrolls increased by 4 cents, or 0.2 percent, to $22.59 in July. Over the past 12 months, average hourly earnings have increased by 1.8 percent. In July, average hourly earnings of private-sector production and nonsupervisory employees increased by 2 cents, or 0.1 percent, to $19.04. (See tables B-3 and B-8.) The change in total nonfarm payroll employment for May was revised from +433,000 to +432,000, and the change for June was revised from -125,000 to -221,000. __________ The Employment Situation for August is scheduled to be released on Friday, September 3, 2010, at 8:30 a.m. (EDT).

http://bls.gov/news.release/empsit.nr0.htm

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Obama Depression Worsens And Continues: Unemployment Rates Hit 9.9% (U-3, Official) and 17.1% (U-6, Real)–Over 27 Million Americans Seeking Full Time Job–35 State Unemployment Insurance Funds Insolvent–Start of Second American Revolution Or World War III?

Posted on May 7, 2010. Filed under: Blogroll, Communications, Demographics, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, history, Immigration, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Regulations, Resources, Security, Strategy, Talk Radio, Taxes, Technology, Video | Tags: , , , , , , , , , , |

HOUSEHOLD DATA
Table A-15. Alternative measures of labor underutilization

[Percent]
Measure Not seasonally adjusted Seasonally adjusted
Apr.
2009
Mar.
2010
Apr.
2010
Apr.
2009
Dec.
2009
Jan.
2010
Feb.
2010
Mar.
2010
Apr.
2010
U-1 Persons unemployed 15 weeks or longer, as a percent of the civilian labor force 4.5 6.3 6.3 4.1 5.9 5.8 5.8 5.8 5.8
 
U-2 Job losers and persons who completed temporary jobs, as a percent of the civilian labor force 5.6 6.7 5.9 5.7 6.3 6.1 6.2 6.1 6.0
 
U-3 Total unemployed, as a percent of the civilian labor force (official unemployment rate) 8.6 10.2 9.5 8.9 10.0 9.7 9.7 9.7 9.9
 
U-4 Total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers 9.0 10.8 10.2 9.4 10.5 10.3 10.4 10.3 10.6
 
U-5 Total unemployed, plus discouraged workers, plus all other persons marginally attached to the labor force, as a percent of the civilian labor force plus all persons marginally attached to the labor force 9.8 11.5 10.9 10.1 11.4 11.2 11.1 11.1 11.3
 
U-6 Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force 15.4 17.5 16.6 15.8 17.3 16.5 16.8 16.9 17.1
NOTE: Persons marginally attached to the labor force are those who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the past 12 months. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not currently looking for work. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule. Updated population controls are introduced annually with the release of January data.

Christina Romer on Jobs, Deficit

 

Obama On April 2010 Job Growth

3 Reasons Public Sector Employees are Killing the Economy

U.S. Government is biggest employer of Illegal Alien Workers

Peter Schiff, How an Economy Grows Why it Crashes


 

President Obama is an economic illiterate.

Higher unemployment is not an accomplishment, it is an economic disaster.

In May and June when graduating  high school and college students enter the labor force and cannot find jobs, by the President’s logic this is progress as the unemployment rates increase even more.

Cut the rubbish Mr. President.

More Americans looking for a job is not the same as more Americans finding jobs.

Only when the unemployment rates start to decline and fall back to under 5% will real progress be made.

Nobody is falling for this nonsense and spin.

 Stop lying Mr. President.

There are actually over thirty million Americans looking for a full-time job.

This is more than double the number of Americans looking for a full-time job in the worse month of the Great Depression, March 1933, when nearly 13 million Americans  were unemployed.

Had President Obama done absolutely nothing, the economy would be in far better shape than it is now. 

Instead the progressive radical socialist Democratic Party passed a stimulus package that simply did not work.

The only sector of the economy that has experienced significant  job and salary growth is the Federal Government.

Over 8.4 million jobs have been lost since December 2007 of which over 4 million jobs have been lost under the Presidency of Barack Obama.

Over 35 state unemployment insurance trust funds are insolvent and are being bailed out by loans from the Federal Government.

There are currently between 10 million to 15 million illegal aliens working in the United States.

Now if the President and the Federal Government would enforce immigration laws and remove from the work place illegal aliens and deport them back to their country of origin, the unemployment rate would  decline by about a third as American citizens took the jobs.

 President Obama appears to be more concerned about illegal aliens than American citizens.

No wonder the President and his surrogates are race baiting those in Arizona that are demanding immigration law enforcement in self-defense of their lives and property.

The youth, blacks, Hispanics and whites that are currently unemployed will remember the progressive radical socialist Democratic Party led by President Obama put illegal alien rights ahead of jobs for American citizens.

 May 6 10 Hearing on the Solvency of the Unemployment Insurance System, McDermott Opening Statement


 

May 6 10 Hearing on the Solvency of the Unemployment Insurance System, Brill Opening Statement

May 6 10 Hearing on th

e Solvency of the Unemployment Insurance System, Sherill Opening Statement

May 6 10 Hearing on the Solvency of the Unemployment Insurance System, Lee Opening Statement

May 6 10 Hearing on the Solvency of the Unemployment Insurance System, Holmes Opening Statement

 

May 6 10 Hearing on the Solvency of the Unemployment Insurance System, Stettner Opening Statement

Gerald Celente: Economic recovery a cover up

Gerald Celente The Coming Great War of Our Age on Alex Jones Tv 1 8

 

Gerald Celente The Coming Great War of Our Age on Alex Jones Tv 2 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 4.6 4.6 4.7 4.7 4.7 5.0  
2008 5.0 4.8 5.1 5.0 5.4 5.5 5.8 6.1 6.2 6.6 6.9 7.4  
2009 7.7 8.2 8.6 8.9 9.4 9.5 9.4 9.7 9.8 10.1 10.0 10.0  
2010 9.7 9.7 9.7 9.9                

 

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 8.0  
2007 8.3 8.1 8.0 8.2 8.2 8.2 8.3 8.5 8.4 8.4 8.5 8.8  
2008 9.1 8.9 9.0 9.2 9.7 10.0 10.5 10.9 11.2 11.9 12.8 13.7  
2009 14.0 15.0 15.6 15.8 16.4 16.5 16.4 16.8 17.0 17.4 17.2 17.3  
2010 16.5 16.8 16.9 17.1                

 

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 150201(1) 150629 150839 150915 151085 151368 151383 151729 151650 152020 152360 152698  
2007 153117(1) 152941 153093 152531 152717 153045 153039 152781 153393 153158 153767 153869  
2008 154048(1) 153600 153966 153936 154420 154327 154410 154696 154590 154849 154524 154587  
2009 154140(1) 154401 154164 154718 154956 154759 154351 154426 153927 153854 153720 153059  
2010 153170(1) 153512 153910 154715                  
1 : Data affected by changes in population controls.

 

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 66.3 66.0 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0  
2008 66.2 66.0 66.1 66.0 66.2 66.1 66.0 66.1 66.0 66.0 65.8 65.8  
2009 65.7 65.7 65.6 65.8 65.8 65.7 65.4 65.4 65.1 65.0 64.9 64.6  
2010 64.7 64.8 64.9 65.2                

http://data.bls.gov/cgi-bin/surveymost 

Employment Situation Summary

THE EMPLOYMENT SITUATION — APRIL 2010

Nonfarm payroll employment rose by 290,000 in April, the unemployment rate edged up to 9.9 percent, and the labor force increased sharply, the U.S.
Bureau of Labor Statistics reported today. Job gains occurred in anufactur-
ing, professional and business services, health care, and leisure and hospi-
tality. Federal government employment also rose, reflecting continued hiring of temporary workers for Census 2010.

Household Survey Data

In April, the number of unemployed persons was 15.3 million, and the unem
ployment rate edged up to 9.9 percent. The rate had been 9.7 percent for the first 3 months of this year. (See table A-1.)

Among the major worker groups, the unemployment rate for whites (9.0 percent) edged up in April, while the rates for adult men (10.1 percent), adult women (8.2 percent), teenagers (25.4 percent), blacks (16.5 percent), and Hispanics (12.5 percent) showed little or no change. The jobless rate for Asians was 6.8 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) continued to trend up over the month, reaching 6.7 million. In April, 45.9 percent of unemployed persons had been jobless for 27 weeks or more. (See table A-12.)

Among the unemployed, the number of reentrants to the labor force rose by
195,000 over the month. (See table A-11.)

In April, the civilian labor force participation rate increased by 0.3 percent-
age point to 65.2 percent, as the size of the labor force rose by 805,000.

Since December, the participation rate has increased by 0.6 percentage point. The employment-population ratio rose to 58.8 percent over the month and has increased by 0.6 percentage point since December. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was about unchanged at 9.2 million in April. 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 2.4 million persons were marginally attached to the labor force in April, compared with 2.1 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 1.2 million discouraged workers in April, up by 457,000 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 1.2 million persons marginally attached to the labor force 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.) 

http://www.bls.gov/news.release/empsit.nr0.htm 

Stimulus II: A Sequel America Can’t Afford

The Empirical Evidence Against Big Government

Free Markets and Small Government Produce Prosperity

The Unemployment Game Show: Are You *Really* Unemployed? – From Mint.com

 

Alternate Unemployment Charts

“…The seasonally-adjusted SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers.

The U-3 unemployment rate is the monthly headline number. The U-6 unemployment rate is the Bureau of Labor Statistics’ (BLS) broadest unemployment measure, including short-term discouraged and other marginally-attached workers as well as those forced to work part-time because they cannot find full-time employment. …”

http://www.shadowstats.com/alternate_data/unemployment-charts

Background Articles and Videos

                       **Peter Schiff – Because We Were Free**

 

 

  04 UNDERSTANDING ECONOMICS: UNEMPLOYMENT

Unemployment 9.9% for April 2010

“…The April 2010 monthly unemployment figures are out. The rate increased to 9.9% and the number of jobs gained is 290,000. How the rate can increase when the U.S. gained that many jobs will be answered below.

Nonfarm payroll employment rose by 290,000 in April, the unemployment rate edged up to 9.9 percent …”

http://www.economicpopulist.org/content/unemployment-99-april-2010

How the Government Measures Unemployment

On this Page:

  1. Why does the Government collect statistics on the unemployed?
  2. Where do the statistics come from?
  3. What are the basic concepts of employment and unemployment?
  4. Who is counted as employed?
  5. Who is counted as unemployed?
  6. Who is not in the labor force?
  7. What about cases of overlap?
  8. Where can people find the data?
  9. How are seasonal fluctuations taken into account?
  10. Is there only one official definition of unemployment?
  11. What other information is collected in the CPS?
  12. How is unemployment measured for States and local areas?
  13. Where can people get more information?
  14. What do the unemployment insurance (UI) figures measure?

http://www.bls.gov/cps/cps_htgm.htm

 

Unemployment

“…Unemployment occurs when a person is available and willing to work but currently without work.[1] The prevalence of unemployment is usually measured using the unemployment rate, which is defined as the percentage of those in the labor force who are unemployed. The unemployment rate is also used in economic studies and economic indices such as the United States’ Conference Board’s Index of Leading Indicators as a measure of the state of macroeconomics.

Mainstream economics believes in the main that unemployment is inevitable, and a necessary evil to prevent inflation; this is disputed by some schools of heterodox economics. The causes of unemployment are disputed. Keynesian economics emphasizes unemployment resulting from insufficient effective demand for goods and services in the economy (cyclical unemployment). Others point to structural problems and inefficiencies inherent in labour markets; structural unemployment involves mismatches between demand and supply of laborers with the necessary skillset, sometimes induced by disruptive technologies or globalisation. Classical or neoclassical economics tends to reject these explanations, and focuses more on rigidities imposed on the labor market from the outside, such as unionization, minimum wage laws, taxes, and other regulations that may discourage the hiring of workers (classical unemployment). Yet others see unemployment as largely due to voluntary choices by the unemployed and the time it takes to find a new job (frictional unemployment). Behavioral economics highlights phenomena such as sticky wages and efficiency wages which may lead to unemployment.

There is also disagreement on how exactly to measure unemployment. Different countries experience different levels of unemployment; traditionally, the United States experiences lower unemployment levels than countries in the European Union,[2] although there is variant there, with countries like the UK and Denmark outperforming Italy and France and it also changes over time (e.g. the Great Depression) throughout economic cycles. …”

“…United States Bureau of Labor Statistics

The Bureau of Labor Statistics measures employment and unemployment (of those over 15 years of age) using two different labor force surveys[49] conducted by the United States Census Bureau (within the United States Department of Commerce) and/or the Bureau of Labor Statistics (within the United States Department of Labor) that gather employment statistics monthly. The Current Population Survey (CPS), or “Household Survey”, conducts a survey based on a sample of 60,000 households. This Survey measures the unemployment rate based on the ILO definition.[50] The data are also used to calculate 5 alternate measures of unemployment as a percentage of the labor force based on different definitions noted as U1 through U6:[51]

  • U1: Percentage of labor force unemployed 15 weeks or longer.
  • U2: Percentage of labor force who lost jobs or completed temporary work.
  • U3: Official unemployment rate per ILO definition.
  • U4: U3 + “discouraged workers”, or those who have stopped looking for work because current economic conditions make them believe that no work is available for them.
  • U5: U4 + other “marginally attached workers”, or “loosely attached workers”, or those who “would like” and are able to work, but have not looked for work recently.
  • U6: U5 + Part time workers who want to work full time, but cannot due to economic reasons (underemployment).

Note: “Marginally attached workers” are added to the total labor force for unemployment rate calculation for U4, U5, and U6. The BLS revised the CPS in 1994 and among the changes the measure representing the official unemployment rate was renamed U3 instead of U5.[52]

It should also be noted that studies have found that the U.S. unemployment rate would be at least 2% higher if prisoners and jail inmates were counted.[53][54]

The Current Employment Statistics survey (CES), or “Payroll Survey”, conducts a survey based on a sample of 160,000 businesses and government agencies that represent 400,000 individual employers.[55] This survey measures only nonagricultural, nonsupervisory employment; thus, it does not calculate an unemployment rate, and it differs from the ILO unemployment rate definition. These two sources have different classification criteria, and usually produce differing results. Additional data are also available from the government, such as the unemployment insurance weekly claims report available from the Office of Workforce Security, within the U.S. Department of Labor Employment & Training Administration.[56]

These statistics are for the U.S. economy as a whole, hiding variations among groups. For January 2008 in the U.S. the unemployment rates were 4.4% for adult men, 4.2% for adult women, 4.4% for Caucasians, 6.3% for Hispanics or Latinos (all races), 9.2% for African Americans, 3.2% for Asian Americans, and 18.0% for teenagers.[55]

These percentages represent the usual rough ranking of these different groups’ unemployment rates. The absolute numbers change over time and with the business cycle.[57]

The Bureau of Labor Statistics provides up-to-date numbers via a pdf linked here.[58] The BLS also provides a readable concise current Employment Situation Summary, updated monthly.[59]

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

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 150201(1) 150629 150839 150915 151085 151368 151383 151729 151650 152020 152360 152698  
2007 153117(1) 152941 153093 152531 152717 153045 153039 152781 153393 153158 153767 153869  
2008 154048(1) 153600 153966 153936 154420 154327 154410 154696 154590 154849 154524 154587  
2009 154140(1) 154401 154164 154718 154956 154759 154351 154426 153927 153854 153720 153059  
2010 153170(1) 153512 153910 154715                  
1 : Data affected by changes in population controls.

 

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The Obama Depression: Lessons Learned–Deja Vu!

The Great Depression–Videos

Rose Colored Glasses:The Economy Is Recovering–Where Are The Jobs? When Will Inflation Hit? 2012–Election Year!

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The Obama Depression Has Arrived: 15,000,000 to 25,000,000 Unemployed Americans–Stimulus Package and Bailouts A Failure–400,000 Leave Labor Force In July!

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

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United States Economic Depressions–The Good, The Bad, and The Ugly–Obama’s Depression–Over 15,000,000 Americans Seek Full Time Job!

The Triumph of Capitalism and The Power of Consumer Sovereignty Over Massive Government Failure–Bankruptcy of General Motors–Now Government Motors!

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It Is Official–The U.S. Economy Has Been In A Recession for 11 Months and Continuing!

Recession–Recession–Recession–Scaring People–Have A Hot Dog!

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Read Full Post | Make a Comment ( None so far )

Tough Love Illegal Immigration Policy–Either Illegal Aliens Go Home Voluntarily or Illegal Aliens Will Be Removed and Deported–Republicans Going Limp On Illegal Immigration–Democrats Race Baiting On Illegal Immigration

Posted on May 5, 2010. Filed under: Blogroll, Communications, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, history, Immigration, Language, Law, liberty, Life, Links, People, Philosophy, Politics, Quotations, Rants, Raves, Video, Wisdom | Tags: , , , , , , , , |

Vive’ Arizona!! Vive’ Arizona!!!

Arizona: 105 Arrest In 15 Hours 75 Illegal Immigrants

 

NOT racist, NOT violent, just no longer SILENT!!

 

Ann Coulter on new Arizona immigration law 

Rush Limbaugh on Illegal Immigration

Michael Savage Sets it Straight on ILLEGAL IMMIGRATION

Michael Savage FURIOUS over Illegal Immigration, Government, and Obama!

Charles Krauthammer on illegal immigration

 

 

MEXICAN ILLEGAL ALIEN INVASION OF THE USA DESTROYING AMERICA 

 

 

Smaller Government and Less Spending…

The American people want immigration law enforcement.

The American political class and elites want comprehensive immigration reform, a code word for criminal alien or illegal alien amnesty and open borders.

The progressive radical socialist Democratic Party fully supports comprehensive immigration reform or amnesty for they believe that by giving amnesty to illegal aliens they will get their votes when they become citizens as well as the votes of their children and grandchildren.

The progressive radical socialists in the Republican Party want comprehensive immigration so that they can obtain campaign contributions from businesses that employ illegal aliens.

There are currently over 30 million Americans seeking full-time employment.

These American citizens know that between 10,000,000 to 15,000,000 jobs are currently be done by illegal aliens every day.

These American citizens also know that between 10,000,000 and 20,000,000 illegal aliens not working in the United States are still getting medical, education, food stamp (SNAP) and welfare benefits from the state and Federal Governments.

American citizens must pay higher taxes to support these government benefits for illegal aliens.

The Federal Government is simply not vigorously enforcing labor and immigration law.

Illegal aliens working in the United States must have a set of documents including a Social Security number to work.

These Social Security numbers are either fraudulent/bogus or are the stolen identity or Social Security number of another American citizen.

Employers report the wages they pay these illegal alien employees to the Internal Revenue Service each quarter and yearly.

The Internal Revenue Service or IRS know which employers are repeatedly hiring workers with bogus Social Security numbers and those of individuals that are have had their Social Security Number used improperly.

In other words there are hundred of thousands of employers in the United States violating the law every day and the United States Federal Government knows who these repeat employer offenders are and does little or nothing about it.

This has been going on for nearly twenty years under both Republican and Democratic administrations.

This  is one reason together with massive deficit spending that the American people have voted of office the Republicans in 2006 and 2008 and why the American people will vote out of office the Democrats in 2010 and 2012.

The American people want the illegal aliens now living and working in the United States to simply go back home on their own.

The American people want Federal, state, county and local governments to enforce immigration laws.

The American people will not vote for any political candidate who lets the current 20 to 30 million criminal aliens or illegal aliens to stay in the United States.

The American people favor limited and controlled legal immigration.

While American citizens  may differ as to number of legal immigrants that can enter the United States each year, the usual range is between 0 and 500,000 per year.

Most Americans would favor a lower number as the rate of unemployment increases.

When the economy is in recession, few if any legal immigrants should be allowed entry.

When the economy is booming and the rate of unemployment is below 3%, then a higher number of legal immigrants can be allowed entry.

Time for some commentors and talk radio  show hosts to get the message from the American people that they want the illegal aliens to go home now!

The United States of America has and continues to be invaded by illegal aliens each day by the thousands.

 The Federal Government knows that the real number of illegal aliens in the United States is over 30,000,000.

The United States has been and continues to be invaded and occupied by over 30,000,000 criminal aliens.

Time for a tough love immigration policy.

Time for political office holders to honor their oath of office.

Time for the United States Constitution to be followed instead of ignored, specially Article 4, Section 4, Obligations of the United States:

“…and [The United States] shall protect each of them [the States] against Invasion; and on Application of the Legislature, or of the Executive (when the Legislature cannot be convened) against domestic Violence.”

Time for the American people to join the Second American Revolution.

Background Articles and Videos

Immigration Gumballs

Stop Amnesty for Illegal Immigrants – Expert Reveals the True Cost of Amnesty

Illegal Immigration Laws

“…Most Americans know our basic laws regarding illegal immigration. It is illegal to enter the United States without permission. The first time an illegal immigrant is caught in the US it is a misdemeanor civil offense. This is because we want to be able to quickly return illegal aliens to Mexico or Canada, when they are caught at the border without the rigors of a jury trial.

 

After the first offense, being caught a second time is a felony!

It is also against the law to overstay a visa issued by the US Government and illegal for an employer to knowingly hire illegal immigrants.

It is Illegal To Bring Illegal Aliens Into US under current Laws
It is unlawful for any person to bring aliens into the United States. Fine: $3,000 for each alien (Sec. 273. [8 U.S.C. 1323])

It is Illegal To Harbor Illegal Immigrants
. It is unlawful to bring in or harbor illegal aliens. Fine: $3,000 for each alien. (Sec. 273. [8 U.S.C. 1323] )

It is Illegal To Employ, Recruit, or Refer Illegal Aliens for Jobs
. It is unlawful for a person or other entity- to employ or recruit or refer for a fee an illegal alien in the United States. Commercial advantage or private financial gain offender can be fined under title 18, US code, imprisoned for not more than 10 years, or both. …Any person who, during any 12-month period, knowingly hires for employment at least 10 individuals with actual knowledge that the individuals are aliens described in sub paragraph (B) shall be fined under title 18, United States Code, or imprisoned for not more than 5 years, or both. (Sec. 274A. [8 U.S.C. 1324a] )

It is Illegal To Forge Documents for Illegal Immigrants or violate Identity Theft Laws
. It is unlawful for any person or entity knowingly- to forge documents. Legal documents must be presented when entering the US.
( Sec. 274C. [8 U.S.C. 1324c] )
…Fine: not less than $250 and not more than $2,000 for each document that is the subject of a violation.
…Previous violation: not less than $2,000 and not more than $5,000 for each document that is the subject of a violation.

US Laws Declare it is Illegal To Aid or Abet Illegal Immigrants
. It is unlawful for anyone to aid or assist aliens to enter the United States. Penalty: fined under title 18, United States Code, or imprisoned not more than 10 years, or both. ( Sec. 277. [8 U.S.C. 1327] )

LEGAL Immigrants Must Know English, US History, US Laws, and Principles
. No person shall be naturalized as a citizen of the United States who cannot demonstrate: … An understanding of the English language, including the ability to read, write and and speak words in ordinary usage in the English language.
… A knowledge and understanding of history, and of the principles and form of government, of the United States. ( Sec. 312. [8 U.S.C. 1423] )

Legal Immigrants Must Display Moral Character and No Crime Record
. Requirements as to residence, good moral character, attachment to the principles of the constitution, and favorable disposition to the Untied States. ( Sec. 316. [8 U.S.C. 1427] )

Legal Immigrants Must Be Investigated and Screened for past crimes and terrorism links
. Prior to a person becoming naturalized, or an employee of the service, a personal investigation is required of the individual applying.
( Sec. 335. [8 U.S.C. 1446] )

It is Illegal For Illegal Aliens to Bypass Medical and Physical Exams for illnesses and infectious diseases
. Physical and Mental Examinations are required.
Aliens arriving at ports of the United States will be detained for the purpose of determining whether they are afflicted with any of the diseases or mental or physical defects or disabilities set forth in section 212(a), or whenever the Attorney General has received information showing that any aliens are coming from a country or have embarked at a place where any of such diseases are prevalent or epidemic.
( Sec. 232 [8 U.S.C. 1252] )

Illegal Aliens Deported are ineligible for readmission to US Under Current Laws
. Distressed Aliens:
Any alien who falls into distress or who needs public aid from causes arising prior to his/her entry is desirous of being so removed. Any alien so removed shall be ineligible to apply for or receive a visa or other documentation for readmission, or to apply for admission to the United States except with the prior approval of the Attorney General.
( Sec. 250. [8 U.S.C. 1260] )

It is Illegal for Illegal Immigrants to possess a firearm or ammunition
. It is unlawful for an alien illegally in the United States or an alien admitted to the United States under a non immigrant visa to legally receive or possess firearms and/or ammunition. ( [18 U.S.C. 922(g) and (n), 27 CFR 478.32] )

http://www.endillegalimmigration.com/Illegal_Immigration_Laws/index.shtmlAdditional

Law Information (Opens in new window) 

Immigration Glossary 

Immigration Law (Summary by American Resistance) 

US Code > TITLE 8 > CHAPTER 12 > ALIENS AND NATIONALITY 

US Code > TITLE 8 > CHAPTER 12 > SUBCHAPTER II > Part II > § 1182 > Inadmissible aliens 

US Code > TITLE 8 > CHAPTER 12 > SUBCHAPTER II > Part IV > § 1226 >  Apprehension and detention of aliens 

US Code > TITLE 8 > CHAPTER 12 > SUBCHAPTER II > Part IV > § 1227 > Deportable aliens 

US Code > TITLE 8 > CHAPTER 12 > SUBCHAPTER II > Part IV > § 1229 > Initiation of removal proceedings 

US Code > TITLE 8 > CHAPTER 12 > SUBCHAPTER II > Part IV > § 1231 > Detention and removal of aliens ordered removed 

US Code > TITLE 8 > CHAPTER 12 > SUBCHAPTER II > Part V > § 1253 > Penalties related to removal 

US Code > TITLE 8 > CHAPTER 12 > SUBCHAPTER II > Part VIII > § 1324 > Bringing in and harboring certain aliens 

http://www.reportillegals.com/law.html

How many illegal aliens are in the U.S.?

“…Our illegal immigration numbers are based on an estimated twenty million illegal aliens having been present in our nation as of January 1, 2004. …”

http://www.theamericanresistance.com/ref/illegal_alien_numbers.html

“…How Many Illegal Immigrants?

 

Illegal Immigrant Problems & Statistics

FAIR estimates that in 2007 the illegal immigrant population is above 13 million persons. Government and academic estimates indicate that as of 2006 there were 11 to 12 million illegal immigrants living in the United States. The Center for Immigration Studies estimated the illegal immigrant population at 10 million as of November 2004.

It is difficult to have an exact figure because the illegal nature of their presence prevents any enumeration, but the U.S. Census Bureau estimated 8.7 million illegal immigrants were here in 2000, and immigration officials estimate that the illegal immigrant population grows by as many as 500,000 every year. …”

http://www.fairus.org/site/News2?page=NewsArticle&id=16859&security=1601&news_iv_ctrl=1007

Public Opinion Polls on Immigration 

“…The general public overwhelmingly favors immigration reform. Poll after poll shows that Americans want well-enforced, sensible, and sustainable immigration laws.

  • 70% of likely Arizona voters approve of the state’s new law authorizing police officers to inquire about an individual’s immigration status; only 23% oppose it (Rasmussen, April 2010).
  • 60% of likely voters nationwide favor the passage of a law authorizing police to inquire about an individual’s immigration status, while 31% are opposed (Rasmussen, April 2010).
  • 66% of Americans believe that the U.S. “should not make it easier for illegal immigrants to become citizens” (CNN, April 2010).
  • 59% of Americans believe that the U.S. should continue to build a fence along the Mexican border. Just 26% believe the U.S. should stop building the fence (Rasmussen, March 2010).
  • 68% of likely voters think that securing the border is more important than granting amnesty to illegal aliens, but only 20% believe that Congress will take steps to secure the border in within the next year (Rasmussen, March 2010).
  • 67% of likely voters believe illegal immigrants are a “significant strain” on the U.S. budget (Rasmussen, March 2010).
  • 68% of African-Americans, 56% of Hispanics, and 57% of Asian-Americans believe that immigration is too high (Zogby, February 2010).
  • 87% of U.S. voters believe that anyone receiving federal health care subsidies should be required to prove they are in the United States legally (Rasmussen, December 2009).
  • 67% of likely voters including — 63% of Executives, 70% of Small Business Owners, and 63% of Union Member Households — believe that immigration to the U.S. is too high (Zogby, November 2009).
  • 71% of likely voters including — 61% of Executives, 65% of Small Business Owners, and 72% of Union Member Households — believe there are enough American workers available to fill unskilled jobs (Zogby, November 2009).  …”

http://www.fairus.org/site/PageNavigator/site/PageNavigator/facts/public_opinion/

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US Immigration Videos

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The Hyphenated American and The Hyphen

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The Issue of The United States 2008 Presidential Election–Criminal Alien Removal (CAR) and A Border Security Fence (BSF)

The Cost of Comprehensive Immigration Reform–McCain and Obama Are Hopeless–It is the Economy Stupid!

Appeasers and Oath Breakers All: Bush, Clinton, Bush, McCain, Clinton, Obama…Who is next?

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Presidential Candidates on Illegal Immigration, Criminal Alien Removal and Social Service Benefits

John McCain’s Position on Illegal Immigration and Criminal Alien Removal?

Alan Keyes on Immigration

Read Full Post | Make a Comment ( 2 so far )

Glenn Beck, Mark Levin and Roy Beck On Illegal Immigration and Progressive Radical Socialists Playing The Race Card By Attacking American Citizens Civil Rights and Jobs and Supporting Mexican Criminal Alien Civil Rights and Jobs!

Posted on April 28, 2010. Filed under: Blogroll, Communications, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, history, Immigration, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Raves, Regulations, Strategy, Talk Radio, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , , , |

Obama: Ariz. Immigration Measure ‘misguided’

Hypocrisy South of the Border?

Sharpton Rallies Against New Immigration Law

Ariz. Governor Signs Tough Immigration Bill

 

Glenn Beck-04/27/10-A

 Glenn Beck-04/27/10-B

Glenn Beck-04/27/10-C

Glenn Beck-04/27/10-D

Mark Levin Explains Federal And State Immigration Laws P1

Mark Levin Explains Federal And State Immigration Laws P2

Roy Beck Testifies Before Congress Urging a Suspension to Most Immigration

The Federal Government under Presidents Clinton, Bush and Obama has failed to stop the invasion of the  United States by tens of millions of illegal aliens entering the United States across the U.S.-Mexican border.

The Presidents of the United States by refusing to enforce immigration laws and deporting illegal aliens, aided and abetted criminals and abandoned the rule of law for the rule of the few–the progressive radical socialist.

The intended consequence is there are over 30 million American citizens looking for a full-time job while over 10 million illegal aliens are employed in the United States in violation of Federal law.

When Arizona recently pass an immigration law to defend the people of Arizona from this invasion, President Obama attacked the law and played the race card.

President Obama is more concerned about the civil rights and jobs of illegal aliens entering from Mexico than he is about the civil rights and jobs for American citizens including blacks, Hispanics, whites and the young.

President Obama swore an oath of office  to defend and protect the United States Constitution.

President Obama is betraying both his oath of office and the American people.

Enforce immigration laws or resign President Obama.

The time is now for every state to defend their citizens by enacting similar immigration laws as the state of Arizona recently enacted.

All employers in the United States should be required to use the E-Verify system to determine if an individual has the legal right and status to work in the United  States.

Roy Beck on Lou Dobbs Tonight

 

Numbers USA – Immigration By the Numbers – Part 1

Numbers USA – Immigration By the Numbers – Part 2

All illegal aliens working in the United States should be removed from their place of employment and deported to their country of origin.

Unemployed American citizens should be hired to replace them.

Massive unemployment and illegal immigration, huge tax increases, huge Federal Government spending and deficits will all be the leading issues in the 2010 and 2012 elections.

Any politician that supports or votes in favor of comprehensive immigration reform, a code word for amnesty for criminal aliens, will be defeated come the next elections.

Illegal immigration must be stopped by enforcing existing immigration laws and the use of the E-Verify system.

Legal immigration should be limited, controlled and restricted to less than 250,000 per year when the United States has a low unemployment rate of less than 3% and to less than 10,000 when the U.S. unemployment rate as measured by U-3 exceeds more than 6%.

Currently there are over 15 million unemployed Americans and over 30 million Americans seeking full-time employment.

American citizens not criminal aliens should be the concern of the political class in Washington D.C.

If you ignore the will of the American people you will be thrown out of office at the next election.

It is the only fair, just and right thing to do.

The American worker has been sold-out by the progressive radical socialist in both the Democratic and Republican parties and by the union leadership  for political campaign contributions so that they can stay in power. 

The progressive radical socialists are for open borders and amnesty for illegal alliens!

The American people are asking, “Which  side are you on?”

Which Side Are You On? – Pete Seeger

The Second American Revolution has started.

The Beatles – Revolution

Throw the progressive radical socialist bums out of office.

Tea Party Time! 

Background Articles and Videos

Rep. King Accuses Rep. Grijalva Of “Advocating For Mexico” Over U.S.

 

Roy Beck on Glenn Beck

Roy Beck Testifies Before Congress Urging a Suspension to Most Immigration

 

 

Pelosi says deporting illegal aliens is un-American

Pelosi Open To Raising Taxes On Everything (VAT) Including The Poor

The Beatles – Taxman

Related Posts On Pronk Palisades

Immigration

Barack Obama and Al Sharpton–Race Card Players–Throw American Citizens–Black, Hispanic, White, and Young–Out of Work For Illegal Aliens–Criminals!

Obama Aids and Abets Illegal Immigration and High American Citizen Unemployment By Attacking Arizona State Law!

American Citizens Want Jobs and Criminal Alien Removal, Not Criminal Alien Census and Health Care!

Broom Budget Busting Bums: Replace The Entire Congress–Tea Party Express and Patriots–United We Stand!

Discover The Left’s Organized Crime Network–Crime Pays–Organized Crimes Pays More–Apply for Census Taker Jobs!

US Immigration Videos

Borderline Chaos: Immigration Out of Control–Videos

The Hyphenated American and The Hyphen

The Signed “Stimulus Package” Did Not Include Funding for E-Verify and Border Fence Construction–Less Jobs And Security for American Citizens

President Obama Delays E-Verify–Shame On You Mr. President!

The Issue of The United States 2008 Presidential Election–Criminal Alien Removal (CAR) and A Border Security Fence (BSF)

The Cost of Comprehensive Immigration Reform–McCain and Obama Are Hopeless–It is the Economy Stupid!

Appeasers and Oath Breakers All: Bush, Clinton, Bush, McCain, Clinton, Obama…Who is next?

Why immigration will be the number 1 political issue in the 2008 Presidential Election! — Gum Balls

Presidential Candidates on Illegal Immigration, Criminal Alien Removal and Social Service Benefits

John McCain’s Position on Illegal Immigration and Criminal Alien Removal?

Alan Keyes on Immigration

Read Full Post | Make a Comment ( None so far )

Barack Obama and Al Sharpton–Race Card Players–Throw American Citizens–Black, Hispanic, White, and Young–Out of Work For Illegal Aliens–Criminals!

Posted on April 27, 2010. Filed under: Blogroll, Communications, Demographics, Economics, Fiscal Policy, Immigration, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Quotations, Raves, Video | Tags: , , , , , , , , , |

 Obama: Arizona immigration law “irresponsible” and “misguided”

Sharpton on AZ Immigration

Arizona Lawmaker Defends Immigration Law

Cafferty Slams Obama and Dems For Their Response To Arizona Immigration Law Video

Rush Limbaugh on Illegal Immigration

(Roy Beck) American Jobs in Peril: The Impact of Uncontrolled Immigration 

 

Roy Beck speaking at ‘Reclaim American Jobs Caucus’ in Rayburn

Vive’ Arizona!! Vive’ Arizona!!! 

 

 

Barack Obama, Al Sharpton, and Eric Holder are more concerned about  the civil rights of illegal aliens or criminals, then the civil rights of American citizens including blacks, Hispanics, whites and youth.

There are currently over 30 million Americans seeking full-time employment.

There are currently over 30 million illegal aliens living in the United States.

There are a minimum of over 10 million illegal aliens working in the United States.

The black unemployment rate was 16.5% in March.

The hispanic unemployment rate was 12.6% in March.

The white unemployment rate was 8.8% in March.

The youth or 16-19 years of age unemployment rate was 26.3% in March.

 Black Unemployment Rates

Series Id:           LNS14000006 Seasonally Adjusted Series title:        (Seas) Unemployment Rate - Black or African American
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over
Race:                Black or African American
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 8.2 8.1 7.4 7.0 7.7 7.8 7.7 7.9 7.3 7.3 7.3 7.4  
2001 8.2 7.7 8.3 8.0 7.9 8.3 8.0 9.1 8.9 9.5 9.8 10.1  
2002 10.0 9.9 10.5 10.7 10.2 10.5 9.8 9.8 9.7 9.8 10.7 11.3  
2003 10.5 10.7 10.3 10.9 10.9 11.5 10.9 10.9 11.1 11.4 10.2 10.1  
2004 10.4 9.7 10.3 9.8 10.1 10.2 11.0 10.5 10.3 10.8 10.7 10.7  
2005 10.6 10.9 10.5 10.3 10.1 10.2 9.2 9.7 9.4 9.1 10.6 9.2  
2006 8.9 9.4 9.5 9.4 8.7 8.8 9.5 8.8 9.0 8.5 8.6 8.3  
2007 8.0 8.0 8.3 8.3 8.3 8.4 8.0 7.7 8.1 8.5 8.5 9.0  
2008 9.2 8.3 9.1 8.6 9.6 9.4 9.9 10.8 11.4 11.3 11.5 12.1  
2009 12.8 13.5 13.5 15.0 15.0 14.8 14.7 15.2 15.5 15.7 15.6 16.2  
2010 16.5 15.8 16.5                    

 

 Hispanic and Latino Unemployment Rates

Series Id:           LNS14000009 Seasonally Adjusted Series title:        (Seas) Unemployment Rate - Hispanic or Latino
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over
Ethnic origin:       Hispanic or Latino
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 5.6 5.7 6.1 5.5 5.8 5.6 5.8 5.9 5.8 5.1 6.0 5.7  
2001 5.8 6.1 6.2 6.4 6.3 6.6 6.2 6.5 6.7 7.1 7.3 7.7  
2002 7.8 7.0 7.5 8.0 7.1 7.4 7.4 7.5 7.4 7.9 7.8 7.9  
2003 7.9 7.6 7.8 7.6 8.1 8.4 8.1 7.7 7.3 7.4 7.5 6.6  
2004 7.4 7.4 7.5 7.1 7.0 6.6 6.9 6.8 6.9 6.7 6.7 6.5  
2005 6.2 6.4 5.8 6.4 5.9 5.7 5.5 5.8 6.5 5.9 6.2 6.1  
2006 5.7 5.5 5.2 5.3 4.9 5.2 5.2 5.3 5.5 4.7 5.1 5.0  
2007 5.7 5.2 5.1 5.4 5.8 5.6 5.9 5.5 5.8 5.6 5.8 6.3  
2008 6.4 6.2 6.9 6.9 6.9 7.7 7.5 8.0 8.0 8.9 8.8 9.4  
2009 9.9 11.0 11.6 11.4 12.7 12.3 12.4 13.0 12.7 13.1 12.7 12.9  
2010 12.6 12.4 12.6                    

 

 White Unemployment Rates 

Series Id:           LNS14000003 Seasonally Adjusted Series title:        (Seas) Unemployment Rate - White
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over
Race:                White
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 3.4 3.6 3.5 3.4 3.5 3.4 3.5 3.6 3.5 3.4 3.5 3.5  
2001 3.6 3.7 3.7 3.9 3.8 4.0 4.0 4.3 4.3 4.7 4.9 5.1  
2002 5.1 5.0 5.0 5.2 5.1 5.1 5.2 5.1 5.1 5.1 5.1 5.1  
2003 5.2 5.1 5.1 5.3 5.4 5.5 5.4 5.4 5.3 5.1 5.2 5.0  
2004 5.0 4.9 5.1 5.0 4.9 5.0 4.7 4.7 4.6 4.6 4.6 4.5  
2005 4.5 4.6 4.5 4.4 4.4 4.3 4.2 4.2 4.4 4.4 4.3 4.2  
2006 4.1 4.1 4.0 4.1 4.1 4.1 4.1 4.1 3.9 3.9 4.0 3.9  
2007 4.2 4.0 3.8 4.0 3.9 4.0 4.2 4.2 4.2 4.2 4.2 4.4  
2008 4.4 4.4 4.5 4.4 4.8 5.0 5.2 5.5 5.5 6.0 6.3 6.7  
2009 7.0 7.5 8.0 8.1 8.6 8.7 8.7 8.9 9.1 9.4 9.3 9.0  
2010 8.7 8.8 8.8                    

  

Youth, 16 -19 Years Unemployment Rates

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
2000 12.7 13.8 13.3 12.6 12.8 12.3 13.4 14.0 13.0 12.8 13.0 13.2  
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 15.2 15.3 16.1 14.6 14.0 15.7 15.9 16.1 16.3 15.2 14.9 14.7  
2007 14.8 14.9 14.9 15.6 15.9 16.2 15.3 16.0 16.0 15.5 16.2 16.9  
2008 17.8 16.5 16.0 15.6 18.9 19.0 20.8 18.9 19.3 20.3 20.3 20.8  
2009 20.9 21.8 22.0 21.8 23.2 24.3 24.5 25.7 26.1 27.6 26.8 27.1  
2010 26.4 25.0 26.1                  

If the Federal Government had enforced immigration laws, over 10 million American citizens, blacks, Hispanics, whites and the young would have jobs today.

Immigration law enforcement is all about jobs.

American citizens should be working at the jobs now being performed by illegal aliens.

The Federal Government’s gross failure in immigration law enforcement is violating the civil rights of American citizens. 

All Federal Employees are required to take an oath of office:

I, [name], do solemnly swear (or affirm) that I will support and defend the Constitution of the United States against all enemies, foreign and domestic; that I will bear true faith and allegiance to the same; that I take this obligation freely, without any mental reservation or purpose of evasion; and that I will well and faithfully discharge the duties of the office on which I am about to enter. So help me God.

5 U.S.C. §3331

http://www.opm.gov/constitution_initiative/oath.asp

Under Article 4, Section 4 of the United States Constitution:

The United States shall guarantee to every State in this Union a Republican Form of Government, and shall protect each of them against Invasion; and on Application of the Legislature, or of the Executive (when the Legislature cannot be convened) against domestic Violence.  

http://caselaw.lp.findlaw.com/data/constitution/articles.html

Both President Bush and President Obama took this oath of office.

Both President Bush and President Obama have failed to vigorously enforce immigration law by stopping the invasion of illegal aliens across the U.S. Mexican border.

Instead both favored comprehensive immigration reform, a code word for amnesty for illegal aliens or criminals and open borders.

All fifty states should enact immigration laws similar to Arizona’s new immigration law.

The President of the United States and the Attorney General are betraying their oath of office by not vigorously enforcing all immigration laws.

Immigration law enforcement is all about jobs, public safety, and national security.

The Arizona bill was very carefully drafted.

Asking a person to show their driver’s license or state identification  is not violating a person’s civil rights or racial profiling.

Showing a state driver license or identification with a photo is done nearly everyday in the United States by American citizens.

Stopping illegal immigration is the function of both the Federal Government and local governments.

If the Federal Government will not stop the invasion of the United States by million of illegal aliens, the states will.

Time for Texas to follow the example of Arizona. 

Background Articles and Videos

 

Arizona Open Border Policy has Ranchers in Fear

Immigration Gumballs

 

Federation for American Immigration Reform

http://www.fairus.org/site/PageNavigator/about/

Related Posts On Pronk Palisades

Immigration

American Citizens Want Jobs and Criminal Alien Removal, Not Criminal Alien Census and Health Care!

Broom Budget Busting Bums: Replace The Entire Congress–Tea Party Express and Patriots–United We Stand!

Discover The Left’s Organized Crime Network–Crime Pays–Organized Crimes Pays More–Apply for Census Taker Jobs!

US Immigration Videos

Borderline Chaos: Immigration Out of Control–Videos

The Hyphenated American and The Hyphen

The Signed “Stimulus Package” Did Not Include Funding for E-Verify and Border Fence Construction–Less Jobs And Security for American Citizens

President Obama Delays E-Verify–Shame On You Mr. President!

The Issue of The United States 2008 Presidential Election–Criminal Alien Removal (CAR) and A Border Security Fence (BSF)

The Cost of Comprehensive Immigration Reform–McCain and Obama Are Hopeless–It is the Economy Stupid!

Appeasers and Oath Breakers All: Bush, Clinton, Bush, McCain, Clinton, Obama…Who is next?

Why immigration will be the number 1 political issue in the 2008 Presidential Election! — Gum Balls

Presidential Candidates on Illegal Immigration, Criminal Alien Removal and Social Service Benefits

John McCain’s Position on Illegal Immigration and Criminal Alien Removal?

Alan Keyes on Immigration 

 

Read Full Post | Make a Comment ( None so far )

Obama Aids and Abets Illegal Immigration and High American Citizen Unemployment By Attacking Arizona State Law!

Posted on April 26, 2010. Filed under: Blogroll, College, Communications, Culture, Demographics, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, Health Care, history, Immigration, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Regulations, Talk Radio, Taxes, Video, Wisdom | Tags: , , , , , , , , , , , |

Obama: Arizona immigration law “irresponsible” and “misguided” 

Governor Jan Brewer Signs Arizona Illegal Immigration Bill SB 1070 Into LAW! Yes!!!!
 

 

Arizona gets tough on illegal immigrants 2010 

FOX News Sunday 4-25-10 AZ Immigration Law 

  

CNN- Obama = Amnesty For Illegal Aliens

Arizona Immigration Battle 

Immigration Gumballs

There are over 30 million Americans looking for full-time employment. 

There are over 30 million illegal aliens living in the United States. 

There are a minimum of 10 million illegal aliens currently working in the United States. 

The American  people want jobs for American citizens.   

The American people demand immigration law enforcement by the Federal, state and local governments. 

The American people want all employers to be required to use the E-Verify system to determine if a person can legally work in the United States.  

Instead the progressive radical socialists of both the Democratic and Republican Parties encourage  illegal immigration by refusing to honor their oaths of office, enforcing existing immigration law and requiring all employers to use the E-Verify system. 

The American people will vote out of office any politician that favors comprehensive immigration reform, a code word for amnesty for illegal aliens. 

The American people will vote out of office any politician  if they do not support illegal alien removal and deportation. 

The American people will vote of office any politician if they do not support the requirement that the E-Verify system be used in the hiring of new employees and verification of current employee’s status to legally work in the United States. 

All states should follow the example of Arizona and enact similar laws.

The civil rights of American citizens are being violated daily when the Federal government as well as local and state governments fail to enforce immigration laws.

Young and unskilled black, hispanic and white American citizens over the last decade have been replaced by illegal aliens.

Unemployed: 34.5% of Young Black Men

Standing up for Jobless Hispanic Americans


For example I watched two large buildings being constructed at a local community college where over 75% of the workers were illegal aliens that did not speak a word of English but did speak Spanish.

At this same community college the janitorial staff is mostly illegal aliens that again do not speak English but do speak Spanish.

How do I know?

I asked them several questions in English.

Local, country and state governments routinely hire contractors and subcontractors who in turn hire these illegal aliens.

All of these jobs would and should be performed by American citizens not illegal aliens.

By not enforcing immigration laws, the Federal Government along with state and local governments are discriminating against American citizens and violating their civil rights.

Arizona’s SB 1070: Sheriff Joe Arpaio Debates Kyrsten Sinema

Asking for a state driver’s license or an identification card is not racial profiling.

Playing the race card by saying it is racial profiling will not work this time.

Why?

Young and unskilled blacks, Hispanics, and whites have the highest unemployment rates.

Entry level jobs that were in the past performed by young and unskilled black, hispanic and white American citizens are now routinely going to illegal aliens so that the business can pay below market wages and benefits.

The American people are mad as hell at the Federal Government’s failure to enforce immigration laws.

The time for illegal alien removable from the workplace and deportation to their country of origin ia long past due.

American citizens demand immigration law enforcement and not comprehensive immigration reform–amnesty for criminal aliens!

Ask President Obama to Enforce E-Verify Executive Order and Protect Unemployed Americans

Map of States with Mandatory E-Verify Laws

 

E-Verify is an Internet-based system operated by U.S. Citizenship and Immigration Services (USCIS) in partnership with the Social Security Administration (SSA). E-Verify is currently free to employers and is available in all 50 states. It provides an automated link to federal databases to help employers determine employment eligibility of new hires and the validity of their Social Security numbers. While its usage remains voluntary throughout the country, some states have passed legislation making its use mandatory for certain businesses.

States Requiring the use of E-Verify (Descriptions of each state below)

 http://www.numbersusa.com/content/learn/enforcement/workplace-verification/map-states-with-mandatory-e-verify-laws.html 

 

Background Articles and Videos

Roy Responds to Pres. Obama’s State of the Union 

 

Roy Beck on Lou Dobbs Tonight 

 

Roy Beck speaking at ‘Reclaim 


American Jobs Caucus’ in Rayburn
 

Numbers USA 

http://www.numbersusa.com/content/ 

Barack Obama: Immigration

Why Graham balked; can Dems win by losing on climate AND immigration?

By: Byron York

“…The fact is, many Democrats are just as afraid of the immigration issue as Republicans. The conventional wisdom is that immigration reform efforts of 2006 and 2007 split the GOP. They did, but they split the Democrats, too. In the Senate vote that killed the 2007 effort, 34 Democrats and 12 Republicans voted to move the measure forward, while 37 Republicans and 16 Democrats voted to block it.

And that bill was the result of long and painstaking bipartisan work. “In 2007,” Graham writes, “we spent hundreds of hours over many months with President Bush’s Secretary of Homeland Security Michael Chertoff, Secretary of Commerce Carlos Gutierrez, and nearly every member of the U.S. Senate searching for a way to address our nation’s immigration problems. Unlike this current ‘effort,’ it was a good-faith attempt to address a very difficult national issue.”

Now, Reid says he would like to have a bill in three weeks. It’s a laughable idea except for the fact that the majority leader is becoming desperate and might do anything to improve his chances of re-election.

But even if Democrats can cobble together some sort of legislation in the next few weeks, they can forget about having the sort of Republican support that existed in 2007. The watered-down border security measures in that bill — the “virtual fence,” for example — have been dumped. Temporary guest worker measures are gone, too. There is no way many Republicans would go along with a new Democratic measure. Even the famously pro-reform GOP Sen. John McCain campaigned for the presidency in 2008 by repeating thousands of times that he “got the message” that the U.S. should “secure the border first.” Now in a primary fight with hardliner J.D. Hayworth, McCain won’t be touching a Democratic immigration reform plan. …”

http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/Why-Graham-balked-can-Dems-win-by-losing-on-climate-AND-immigration-92056569.html

Read more at the Washington Examiner: http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/Why-Graham-balked-can-Dems-win-by-losing-on-climate-AND-immigration-92056569.html#ixzz0mEC374N0

Obama Blasts Arizona Law
Governor Signs Strict Immigration Measure as Fight Moves to National Stage&lt

?”…In an unusual White House attack on state legislation, President Barack Obama harshly criticized an Arizona measure to crack down on illegal immigration and made clear Friday that he is looking for an election-year fight over the volatile issue. Hours later, Arizona Gov. Jan Brewer signed the nation’s toughest immigration law, making illegal immigration a state crime and requiring police to question people about their immigration status if officers suspect they are in the U.S. illegally. Ms. Brewer, a Republican, said the state action was forced by Washington’s failure to secure the U.S. borders and solve the nation’s thorny illegal immigration problem. “Decades of inaction and misguided policy have created a dangerous and unacceptable situation,” she said. The president said it was the state that was “misguided” and that the Arizona measure would “undermine basic notions of fairness that we cherish as Americans.”a,/p> 

Mr. Obama said he instructed the Justice Department to “examine the civil rights and other implications” of the new law. Justice officials said they were considering their options, and it wasn’t clear Friday what they might do. Regardless, the law seemed certain to be challenged in court by opponents. …”

http://online.wsj.com/article/SB10001424052748703709804575202110136576160.html 

 

  

Roy Beck Sneak Peak new Immigration Gumballs 

  

Related Posts On Pronk Palisades

Immigration

American Citizens Want Jobs and Criminal Alien Removal, Not Criminal Alien Census and Health Care!

Broom Budget Busting Bums: Replace The Entire Congress–Tea Party Express and Patriots–United We Stand!

Discover The Left’s Organized Crime Network–Crime Pays–Organized Crimes Pays More–Apply for Census Taker Jobs!

US Immigration Videos

Borderline Chaos: Immigration Out of Control–Videos

The Hyphenated American and The Hyphen

The Signed “Stimulus Package” Did Not Include Funding for E-Verify and Border Fence Construction–Less Jobs And Security for American Citizens

President Obama Delays E-Verify–Shame On You Mr. President!

The Issue of The United States 2008 Presidential Election–Criminal Alien Removal (CAR) and A Border Security Fence (BSF)

The Cost of Comprehensive Immigration Reform–McCain and Obama Are Hopeless–It is the Economy Stupid!

Appeasers and Oath Breakers All: Bush, Clinton, Bush, McCain, Clinton, Obama…Who is next?

Why immigration will be the number 1 political issue in the 2008 Presidential Election! — Gum Balls

Presidential Candidates on Illegal Immigration, Criminal Alien Removal and Social Service Benefits

John McCain’s Position on Illegal Immigration and Criminal Alien Removal?

Alan Keyes on Immigration

 

Read Full Post | Make a Comment ( 1 so far )

The Calm In The Eye Of Hurricane Barack–Official Unemployment Rate Declines From 10.2% to 10.0% and Real Unemployment Rate Declines From 17.5% to 17.2% In November–15,600,000 to 26,466,000 Americans Seeking A Full Time Job!

Posted on December 4, 2009. Filed under: Blogroll, Communications, Demographics, Economics, Fiscal Policy, Investments, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Resources, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , |

 

  


The SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers.

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

Glenn Beck – Job Creation Or Wrecking Ball?

 

Romer Says U.S. Is on `Right Path’ to Jobs Recovery: Video

http://www.youtube.com/watch?v=kd_yYKYgOWo

 

Obama Hosts Jobs Summit

 

Rush Limbaugh – Obama Attacks Small Businesses – Pt1

Rush Limbaugh – Obama Attacks Small Businesses – Pt2

Rush Limbaugh on Liberalism and unemployment

The Road Ahead: Unemployment, Poverty and the Recession

Keynesian Economics is a Failure – Why is Obama trying it again? Repeal the Stimulus Package

 

Rupert Murdoch: Unemployment Will Reach 10 Or 11 Percent

Unemployment Statistics – John Williams on Economics 101

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
1999 4.3 4.4 4.2 4.3 4.2 4.3 4.3 4.2 4.2 4.1 4.1 4.0  
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9  
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7  
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0  
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7  
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4  
2005 5.2 5.4 5.2 5.2 5.1 5.1 5.0 4.9 5.0 5.0 5.0 4.8  
2006 4.7 4.8 4.7 4.7 4.7 4.6 4.7 4.7 4.5 4.4 4.5 4.4  
2007 4.6 4.5 4.4 4.5 4.5 4.6 4.7 4.7 4.7 4.8 4.7 4.9  
2008 4.9 4.8 5.1 5.0 5.5 5.6 5.8 6.2 6.2 6.6 6.8 7.2  
2009 7.6 8.1 8.5 8.9 9.4 9.5 9.4 9.7 9.8 10.2 10.0  

 

http://www.youtube.com/watch?v=kd_yYKYgOWo

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
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 9.2 9.0 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.5  
2006 8.4 8.5 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.0 7.9  
2007 8.3 8.1 8.0 8.2 8.3 8.3 8.3 8.5 8.4 8.5 8.4 8.7  
2008 9.0 9.0 9.1 9.2 9.8 10.1 10.4 10.9 11.2 12.0 12.6 13.5  
2009 13.9 14.8 15.6 15.8 16.4 16.5 16.3 16.8 17.0 17.5 17.2  

 

Series Id:           LNS14000006
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate - Black or African American
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over
Race:                Black or African American
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 7.8 8.2 8.0 7.8 7.4 7.7 8.7 7.7 8.5 8.4 8.0 7.8  
2000 8.2 8.1 7.4 7.0 7.7 7.8 7.7 7.9 7.3 7.3 7.3 7.4  
2001 8.2 7.7 8.3 8.0 7.9 8.3 8.0 9.1 8.9 9.5 9.8 10.1  
2002 10.0 9.9 10.5 10.7 10.2 10.5 9.8 9.8 9.7 9.8 10.7 11.3  
2003 10.5 10.7 10.3 10.9 10.9 11.5 10.9 10.9 11.1 11.4 10.2 10.1  
2004 10.4 9.7 10.3 9.8 10.1 10.2 11.0 10.5 10.3 10.8 10.7 10.7  
2005 10.6 10.9 10.4 10.3 10.1 10.2 9.2 9.7 9.4 9.1 10.6 9.2  
2006 8.9 9.5 9.4 9.4 8.8 8.8 9.5 8.8 9.0 8.4 8.5 8.2  
2007 8.0 8.1 8.3 8.4 8.4 8.5 8.0 7.7 8.1 8.5 8.4 8.9  
2008 9.2 8.4 9.0 8.8 9.7 9.4 9.9 10.7 11.4 11.3 11.3 11.9  
2009 12.6 13.4 13.3 15.0 14.9 14.7 14.5 15.1 15.4 15.7 15.6

 

 http://data.bls.gov/cgi-bin/surveymost

Background Articles and Videos

Rush Limbaugh – Today Show (Part 1 of 2)

 

Rush Limbaugh – Today Show (Part 2 of 2)

 

Transmission of material in this release is embargoed            USDL-09-1479
until 8:30 a.m. (EST) Friday, December 4, 2009

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

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

                         THE EMPLOYMENT SITUATION — NOVEMBER 2009

The unemployment rate edged down to 10.0 percent in November, and nonfarm
payroll employment was essentially unchanged (-11,000), the U.S. Bureau of
Labor Statistics reported today. In the prior 3 months, payroll job losses
had averaged 135,000 a month. In November, employment fell in construction,
manufacturing, and information, while temporary help services and health care
added jobs.

Household Survey Data

In November, both the number of unemployed persons, at 15.4 million, and the
unemployment rate, at 10.0 percent, edged down. At the start of the recession
in December 2007, the number of unemployed persons was 7.5 million, and the
jobless rate was 4.9 percent. (See table A-1.)

Among the major worker groups, unemployment rates for adult men (10.5 per-
cent), adult women (7.9 percent), teenagers (26.7 percent), whites (9.3 per-
cent), blacks (15.6 percent), and Hispanics (12.7 percent) showed little
change in November. The unemployment rate for Asians was 7.3 percent, not
seasonally adjusted. (See tables A-1, A-2, and A-3.)

Among the unemployed, the number of job losers and persons who completed tem-
porary jobs fell by 463,000 in November. The number of long-term unemployed
(those jobless for 27 weeks and over) rose by 293,000 to 5.9 million. The
percentage of unemployed persons jobless for 27 weeks or more increased by
2.7 percentage points to 38.3 percent. (See tables A-8 and A-9.)

The civilian labor force participation rate was little changed in November at
65.0 percent. The employment-population ratio was unchanged at 58.5 percent.
(See table A-1.)

The number of people working part time for economic reasons (sometimes re-
ferred to as involuntary part-time workers) was little changed in November
at 9.2 million. 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-5.)

About 2.3 million persons were marginally attached to the labor force in
November, an increase of 376,000 from a year earlier. (The data are not sea-
sonally 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-13.)

Among the marginally attached, there were 861,000 discouraged workers in
November, up from 608,000 a year earlier. (The data are not seasonally ad-
justed.) Discouraged workers are persons not currently looking for work be-
cause they believe no jobs are available for them. The remaining 1.5 mil-
lion persons marginally attached to the labor force had not searched for
work in the 4 weeks preceding the survey for reasons such as school attend-
ance or family responsibilities.

Establishment Survey Data

Total nonfarm payroll employment was essentially unchanged in November
(-11,000). Job losses in the construction, manufacturing, and information
industries were offset by job gains in temporary help services and health
care. Since the recession began, payroll employment has decreased by 7.2
million. (See table B-1.)

Construction employment declined by 27,000 over the month. Job losses had
averaged 117,000 per month during the 6 months ending in April and 63,000
per month from May through October. In November, construction job losses
were concentrated among nonresidential specialty trade contractors
(-29,000).

Manufacturing employment fell by 41,000 in November. The average monthly
decline for the past 5 months (-46,000) was much lower than the average
monthly job loss for the first half of this year (-171,000). About 2.1 mil-
lion manufacturing jobs have been lost since December 2007; the majority of
this decline has occurred in durable goods manufacturing (-1.6 million).

Employment in the information industry fell by 17,000 in November. About
half of the job loss occurred in its telecommunications component (-9,000).

There was little change in wholesale and retail trade employment in November.
Within retail trade, department stores added 8,000 jobs over the month.

The number of jobs in transportation and warehousing, financial activities,
and leisure and hospitality showed little change over the month.

Employment in professional and business services rose by 86,000 in November.
Temporary help services accounted for the majority of the increase, adding
52,000 jobs. Since July, temporary help services employment has risen by
117,000.

Health care employment continued to rise in November (21,000), with not-
able gains in home health care services (7,000) and hospitals (7,000). The
health care industry has added 613,000 jobs since the recession began in
December 2007.

In November, the average workweek for production and nonsupervisory workers
on private nonfarm payrolls rose by 0.2 hour to 33.2 hours. The manufacturing
workweek increased by 0.3 hour to 40.4 hours. Factory overtime rose by 0.1
hour to 3.4 hours. Since May, the manufacturing workweek has increased by
1.0 hour. (See table B-2.)

In November, average hourly earnings of production and nonsupervisory workers
on private nonfarm payrolls edged up by 1 cent, or 0.1 percent, to $18.74.
Over the past 12 months, average hourly earnings have risen by 2.2 percent,
while average weekly earnings have risen by 1.6 percent. (See table B-3.)

The change in total nonfarm payroll employment for September was revised from
-219,000 to -139,000, and the change for October was revised from -190,000 to
-111,000.

_____________
The Employment Situation for December is scheduled to be released on Friday,
January 8, 2010, at 8:30 a.m. (EST).

    ———————————————————————
   |                                                                     |
   |     Upcoming Changes to The Employment Situation News Release       |
   |                                                                     |
   |Effective with the release of January 2010 data on February 5, 2010, |
   |the U.S. Bureau of Labor Statistics will introduce several changes   |
   |to The Employment Situation news release text and tables. Two new    |
   |summary tables–one for the household survey and one for the estab-  |
   |lishment survey–will replace the current table A. In addition,      |
   |three new household data tables will provide information on the em-  |
   |ployment status of veterans, persons with a disability, and the for- |
   |eign born. Also, the establishment data tables have been largely re- |
   |designed to include information on all employee hours and earnings,  |
   |women workers, and production and nonsupervisory workers. The or-    |
   |dering and format of some tables also will change. Additional inform-|
   |ation is available at http://www.bls.gov/bls/upcoming_empsit_changes.htm.   |
   |                                                                     |
    ———————————————————————

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The Obama Depression Has Arrived: 15,000,000 to 25,000,000 Unemployed Americans–Stimulus Package and Bailouts A Failure–400,000 Leave Labor Force In July!

Posted on August 6, 2009. Filed under: Blogroll, Climate, Communications, Crime, Economics, Education, Employment, Fiscal Policy, government spending, Immigration, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Regulations, Resources, Taxes, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , |

Revised and Updated

whistle

“Figures often beguile me, particularly when I have the arranging of them myself; in which case the remark attributed to Disraeli would often apply with justice and force: “There are three kinds of lies: lies, damned lies and statistics.”

~Mark Twain

 

All Tables from Bureau of Labor Statistics

Labor Force Statistics from the Current Population Survey

http://data.bls.gov/cgi-bin/surveymost?ln

 

Is unemployment up or down?

“…The July unemployment came out of the Labor Department on Friday, and showed unemployment was down. The White House and Obama fans cheered that the stimulus was working.

Two days before, two other studies had a gloomier report. ADP, the payroll processing giant, announced that there were 371,000 fewer jobs in July than in June. ISM, the Institute for Supply Management, showed the services market slowing.

So, two industry watchers say things are sucking wind, but the Obama Administration says their stimulus is working. When Glenn Beck and Bob Basso scream that we’re being lied to, it’s easy to discount them. Obama’s chief spokesman lamented that we’re not “civil” in our tone. …”

 

In-Depth Look – US Unemployment Rate – Bloomberg

In-Depth Look – Jobs Report Preview – Bloomberg

In-Depth Look – Jobs Report Preview – Bloomberg

Hours Worked & Wages – Bloomberg

Economic Expectations – Unemployment Rate May Reach 15% – Bloomberg

pt 1/2 Marc Faber the real unenmployment in the US 17%

 

pt 2/2 Marc Faber the real unenmployment in the US 17%

 

2009-10 Total DECLINE for US Jim ROGERS 1

2009-10 Total DECLINE for US Jim ROGERS 2

Recovery Has Begun?

Unemployment Rate–U-3

Series Id:           LNS14000000
Seasonal Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 4.3 4.4 4.2 4.3 4.2 4.3 4.3 4.2 4.2 4.1 4.1 4.0  
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9  
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7  
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0  
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7  
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4  
2005 5.2 5.4 5.2 5.2 5.1 5.1 5.0 4.9 5.0 5.0 5.0 4.8  
2006 4.7 4.8 4.7 4.7 4.7 4.6 4.7 4.7 4.5 4.4 4.5 4.4  
2007 4.6 4.5 4.4 4.5 4.5 4.6 4.7 4.7 4.7 4.8 4.7 4.9  
2008 4.9 4.8 5.1 5.0 5.5 5.6 5.8 6.2 6.2 6.6 6.8 7.2  
2009 7.6 8.1 8.5 8.9 9.4 9.5 9.4            
Labor Force Statistics from the Current Population Survey
Employed
 
Series Id:           LNS12000000
Seasonal 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
1999 133027 132856 132947 132955 133311 133378 133414 133591 133707 133993 134309 134523  
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 140246(1) 140377 140626 141243 141600 141711 142029 142434 142407 142551 142555 142783  
2006 143129(1) 143424 143713 143763 144092 144358 144247 144644 144806 145289 145587 145989  
2007 145983(1) 145992 146267 145647 145915 146057 145972 145732 146203 145867 146665 146294  
2008 146317(1) 146075 146023 146257 145974 145738 145596 145273 145029 144657 144144 143338  
2009 142099(1) 141748 140887 141007 140570 140196 140041            
1 : Data affected by changes in population controls.

While most reports stated that the official US unemployment rate (U-3) hit 9.4%, in July, few reported that this represents nearly 15,000,000 unemployed Americans.

This represents a .1% decline in the unemployment rate from 9.5% in June to 9.4% in July or roughly 150,000 less Americans unemployed.

But something very fishy is going on when you examine the total civilian labor force  level numbers.

Civilian Labor Force

Series Id:           LNS11000000
Seasonal Adjusted
Series title:        (Seas) Civilian Labor Force Leve5
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
1999 139003 138967 138730 138959 139107 139329 139439 139430 139622 139771 140025 140177  
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 148005(1) 148349 148366 148926 149273 149262 149445 149794 149977 150007 150095 150002  
2006 150148(1) 150600 150793 150906 151120 151398 151414 151762 151680 152027 152425 152677  
2007 153012(1) 152879 153004 152522 152759 153085 153101 152855 153424 153162 153877 153836  
2008 153873(1) 153498 153843 153932 154510 154400 154506 154823 154621 154878 154620 154447  
2009 153716(1) 154214 154048 154731 155081 154926 154504          

The total civilian labor force level dropped by over 400,000  from 154,926,000 in June to 154,504,000 in July.

Keep in mind that a .1 change in the unemployment rate represents approximately 155,000 people or .1 of the total civilian labor force.

While the civilian labor force number will fluctuate from month to month, the general trend is upwards if a nation’s labor force population is growing.

Further, the total civilian labor force will also fluctuate as the labor participation rate increases or decreases.

For the United States in recent years the labor pariticpation rate has usually fluctuated between 66% to 67%.

One would expect the labor force participation rate to fall as it becomes more difficult to find a job in a recession.

The labor force participation rate for 2009 has been in the 65.5% to 65.8% range with the current civilian labor force participation rate at it lowest 65.5%.

Civilian Labor Force Participtation Rate

Series Id:           LNS11300000
Seasonal Adjusted
Series title:        (Seas) Labor Force Participation Rate
Labor force status:  Civilian labor force participation rate
Type of data:        Percent
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 67.2 67.2 67.0 67.1 67.1 67.1 67.1 67.0 67.0 67.0 67.1 67.1  
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 66.2 66.1 66.1 66.0  
2006 66.0 66.1 66.1 66.1 66.2 66.2 66.1 66.2 66.1 66.2 66.3 66.4  
2007 66.3 66.2 66.2 66.0 66.0 66.1 66.0 65.8 66.0 65.8 66.1 66.0  
2008 66.1 65.9 66.0 66.0 66.2 66.1 66.1 66.1 66.0 66.0 65.8 65.7  
2009 65.5 65.6 65.5 65.8 65.9 65.7 65.5            

 Ask most economists about when can you expect a decline in the unemployment rate, they will quickly point out that the unemployment rate is a lagging indicator and it usually requires about a 2.5% growth rate in Gross Domestic Product to absorb new entrants into the labor market and productivity gains before you can see any significant decline in the unemployment rates:

NEWSHOUR | Bernanke, On The Record, Part 2 | PBS

The United States economy will not be growing at a 2.5% annual rate or higher until the second quarter of 2010 at the earlest. 

This is the second month in a row when the official unemployment rate measured by U-3 was lower than most economic forecasts that were expecting a 9.6% to 9.8% rate for June and July.

Please keep in mind that like weather and climate forecasts or predictions,  economic forecasts are constantly changing. 

Some are suspecting that the unemployment rate numbers may not only be seasonally adjusted but also politically adjusted to minimize the bad news about the lack of job creation.

While I seriously doubt this for now, most economists will be examining closely the numbers to make sure that the unemployment rate number is still an honest indicator of what is happening in the civilian labor markets.

Even fewer reports highlighted the fact that the real unemployment rate measured by U-6 is actually closer to 16.5% with 25,000,000 Americans looking for a full time job. 

The U-6 measure of unemployment declined slightly in July to 16.3% .

Total Unemployed, Plus All Marginaly Attached Workers Plus Total Employed Part Time for Economic Reasons

Series Id:           LNS13327709
Seasonal 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
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
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 9.2 9.0 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.5  
2006 8.4 8.5 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.0 7.9  
2007 8.3 8.1 8.0 8.2 8.3 8.3 8.3 8.5 8.4 8.5 8.4 8.7  
2008 9.0 9.0 9.1 9.2 9.8 10.1 10.4 10.9 11.2 12.0 12.6 13.5  
2009 13.9 14.8 15.6 15.8 16.4 16.5 16.3            

  

1933 was the worse year of the Great Depression when the unemployment rate hit 24.9%. 

Roughly 13,000,000 Americans were looking for a full time job.

Today there are more Americans looking for work than in 1933.

The Obama Depression has arrived and is getting worse.

The unemployment rate usually lags in a recovery and is not expected to significantly decline until the second quarter of 2010 at the earlest and could peak at over 13%.

Both the bailouts and stimulus packages have been failures that are only prolonging the recession now the Obama Depression.

Instead of front-loading the government spending to “prime the pump”,  the Obama administration and the Democratic majority in Congress back-loaded the spending so that more than 75% will not be spent until 2010 and 2011.

This was a serious mistake.

I oppose a stimulus package of government spending to create job.

Instead what was and is need is an economic policy that would stimulate business investment and in turn consumer savings and not government spending.

The reason is simple nearly 100% of all new job creation comes from small and medium size business and not large businesses nor Federal or state governments.

However, if you are going to have a government spending stimulus package, front-load the spending with at least 50% of the spending in the first year and the remainder in the second year.

This should have some quick if temporary results in terms of job creation in 2009 and the first half of 2010.

The major mistake made by the Obama administration and Congress was to back-load the spending for political reasons.

They forgot about economic lags and their variability.

Less than 25% of the stimulus package will have been spent in 2009.

The American people are giving President Obama a grade of F for failure in economic policy. 

Joe Biden: We ‘Misread the Economy’

Administration “Misread” Economy – Biden – Bloomberg

This recession/depression will as a result exceed two years in duration.

The US economy is at least four years away from having an unemployment rate under 4% and approaching full employment.

President Reagan was right, the government is the problem.

Free market capitalism did not fail.

Federal government intervention failed and is continuing to fail as the economic recession/depression is prolonged.

Both consumers and businesses have lost confidence with the economic policies of President Obama and the progressive radical socialist Democratic Party.

Until this is reversed businesses will not be investing and consumers will continue to cut back on their consumption spending.

While President Obama may have faith in the American people, the vast majority of the American people no longer trust a President that lies and misleads them about tax increases, health care reform, and fiscal responsibility.

Both the proposed cap and trade energy tax and the massive expansion of mandatory government health insurance entitlement programs are job destroyers, economy wreckers and fiscally irresponsible resulting in deficits in the two trillion dollar range–2,000,000,000,000.

Peter Schiff – Cap and Trade Bill Is A Giant Tax on Productivity

Glenn Beck: America Knows Something Isn’t Right

The Reality Of Socialized Medicine – UK Parliament Member Daniel Hannan

Stop The Spending and Deficits

US Federal Government Deficits

federal_spending

Stop Spending Our Future – The Crisis

defcits

The American people are paying a high price for having elected an inexperienced economic illiterate and radical socialist as President of the United States.

The second American revolution has begun and is growing as more and more people lose their jobs, homes, savings and retirement plans due to  irresponsible Federal Government fiscal and Fedreal Reserve monetary  economic policies.

Obama Says “pointed in the Right Direction”

Only a economic illiterate and liar would say the US economy is headed in the right direction when in July over 400,000 Americans left the labor force.

Between 15,000,000 to 30,000,000 illegal aliens continue to work and live in the United States at jobs American did less than ten years ago.

The time has come to put American citizens first and enforce immigration laws and require all employers to E-Verify the legal status of their employers to work in the United States.

Lou Dobbs – 2-2-9 – Obama Admin wants to kill E-Verify

The American people want comprehensive immigration law enforcement and not comprehensive immigration reform–a code word for amnesty for illegal alliens.

This would quickly reduce the unemployment rate as American citizens replace illegal aliens in full time paying jobs.

Unfortunately, two Presidents of the United States have broken their oaths of office and refused to stop and turn back the invasion of the United States by illegal aliens.

I have changed my mind, these unemployment numbers were not only seasonally adjusted but politically corrected to play with President Obama’s message or  lie that we are pointed in the right direction.

The books or unemployment statistics were “cooked” most likely for the months of June and July.

Assume that the civilian labor force is  approximately 155,000,000 (the May 2009 number was 155,041,000) and the number employed is approximately 140,000,000 (the July 2009 number was  140,041,000).

Then the number of unemployed would be approximately 15,000,000.

Divide 15,000,000 by 155,000,000 gives you an U-3 official unemployment rate of 9.7% for July 2009 and not 9.4% as was widely reported.

I suspect the correct seasonally adjusted number for July was either 9.7% or 9.8% and not 9.4%.

This would mean the the unemployment rate for July increased from 9.5% in June to 9.7%.

This assumes the June number of 9.5% is correct.

I strongly suspect that the official  U-3 unemployment rate for June was actually 9.6% instead of the published rate of 9.5%  and the official  U-3 unemployment rate for July was actually 9.8% instead of the published rate of 9.4%.

The Obama administration has been cooking the books by lowering the unemployment rate by claiming Americans are leaving the labor force.

Most Americans that are unemployed are actively looking for jobs and not leaving the labor force.

The official unemployment rate should be at or above 10% in September 2009.

If it is not, somebody is politically correcting the economic statistics.

Sounds just like President Obama.

Give me a break Mr. President.

Time to blow the whistle on the corruption of economic statistics by President Obama and the progressive radical socialists of the Democratic Party.

whistle

“There are three kinds of lies: lies, damned lies and statistics.”

~Benjamin Disraeli, Prime Minister of Great Britain

 

 Background Articles and Videos

Unemployment Rate Actually Near 14%:

 Updated–16.4% July 2009

 

 

 

“…The Bureau of Labor Statistics measures employment and unemployment (of those over 15 years of age) using two different labor force surveys[32] conducted by the United States Census Bureau (within the United States Department of Commerce) and/or the Bureau of Labor Statistics (within the United States Department of Labor) that gather employment statistics monthly. The Current Population Survey (CPS), or “Household Survey”, conducts a survey based on a sample of 60,000 households. This Survey measures the unemployment rate based on the ILO definition.[33] The data are also used to calculate 5 alternate measures of unemployment as a percentage of the labor force based on different definitions noted as U1 through U6:[34]

U1: Percentage of labor force unemployed 15 weeks or longer.
U2: Percentage of labor force who lost jobs or completed temporary work.
U3: Official unemployment rate per ILO definition.
U4: U3 + “discouraged workers”, or those who have stopped looking for work because current economic conditions make them believe that no work is available for them.
U5: U4 + other “marginally attached workers”, or “loosely attached workers”, or those who “would like” and are able to work, but have not looked for work recently.
U6: U5 + Part time workers who want to work full time, but cannot due to economic reasons.
Note: “Marginally attached workers” are added to the total labor force for unemployment rate calculation for U4, U5, and U6. The BLS revised the CPS in 1994 and among the changes the measure representing the official unemployment rate was renamed U3 instead of U5.[35]

…”

Year Unemployment (% labor force)

1933   24.9
1934   21.7
1935   20.1
1936   16.9
1937   14.3
1938   19.0
1939   17.2
1940   14.6
1941      9.9
1942     4.7
1943     1.9
1944     1.2
1945     1.9

source: Historical Statistics US (1976) series D-86

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

Unemployment 1930’s vs Today

http://www.scribd.com/doc/13282170/Unemployment-1930s-vs-Today

U3 and U6 Unemployment during the Great Depression

U3U5UnemploymentGreatDepression

http://www.economicpopulist.org/content/u3-and-u6-unemployment-during-great-depression

 

So What’s the Real Unemployment Rate?

 

“…Hmm. In June, the Bureau of Labor Statistics said the civilian labor force was 154,926,000 people.

In July, 796,000 of those were taken out of their definition of the workforce, and thus their unemployment calculations for this month, because they have stopped looking for work “because they believe no jobs are available for them.” Ten percent of the June workforce would be 15.4 million, 1 percent would be 1.5 million, and so 796,000 is roughly one half of one percent.

In other words, BLS took .5 percent of what you and I would consider unemployed and took them out of their total. And with that, unemployment went down one tenth of one percent.

Of course, if you take the July number of unemployed, 14.5 million, and add that 796,000 of discouraged workers, you get a total of 15,296,000.

In a work force of July’s number of 154,504,000, that’s an unemployment rate of 9.9 percent.

In a work for of June’s number of 154,926,000, that’s an unemployment rate of 9.8 percent. …”

http://campaignspot.nationalreview.com/post/?q=ODUyZGMyNTExYzNlNTUyNzA1ZmIwMzc3MmMxNzEzYWM=

 

 

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Obama Depression–Yes We Can!–Hyperinflation–Hope Not–Double Digit Inflation Likely in 2012!

Posted on August 5, 2009. Filed under: Blogroll, Economics, Employment, Investments, Links, Monetary Policy, Philosophy, Politics, Quotations, Rants, Raves, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , |

 

The Economic Collapse of ’09 – Economic Apocalypse – Depression and Revolution

 

NEWSHOUR | Bernanke, On The Record, Part 2 | PBS

 

Economic Expectations – Unemployment Rate May Reach 15% – Bloomberg

Peter Schiff on ReasonTV

Recession Bottoming – Greenspan – Bloomberg

The Obama Depression will last through the fourth quarter of 2010 with the official unemployment rate U-3 exceeding 13% during the second quarter of 2010 before declining to under 10% by the end of 2010.

 

U1: Percentage of labor force unemployed 15 weeks or longer.
U2: Percentage of labor force who lost jobs or completed temporary work.
U3: Official unemployment rate per ILO definition.
U4: U3 + “discouraged workers”, or those who have stopped looking for work because current economic conditions make them believe that no work is available for them.
U5: U4 + other “marginally attached workers”, or “loosely attached workers”, or those who “would like” and are able to work, but have not looked for work recently.
U6: U5 + Part time workers who want to work full time, but cannot due to economic reasons.
Note: “Marginally attached workers” are added to the total labor force for unemployment rate calculation for U4, U5, and U6. The BLS revised the CPS in 1994 and among the changes the measure representing the official unemployment rate was renamed U3 instead of U5.[35]

The current number of Americans seeking full time jobs exceeds 15,000,000 (U-3 unemployment measure) and 25,000,000 (U-6 unemployment measure).

The number of Americans seeking full time jobs will exceed 20,000,000 (U-3 unemployment measure) and 30,000,000 (U-6 unemployment measure) by the second quarter of 2010.

During 1933 the worse year of the Great Depression the number of unemployed Americans was roughly 13,000,000.

While the rates of unemployment measured by either U-3 or U-6 are still far below those of the Great Depression worse year’s of 24.9% in 1933, the number of unemployed Americans exceeds 1933 by at least 2,000,000 and closer to 10,000,000.

The Obama Depression is worse than the Great Depression in sheer number of unemployed Americans.

The failed stimulus and bailout packages demonstrate clearly that President Obama either does not know what he is doing or is deliberately wrecking the US economy, destroying jobs and killing the American dream.

Only a complete economic illiterate or enemy of the American people would be proposing the largest tax increase in US history in the middle of the worse recession/depression.

Sean Hannity Talks with Dick Morris about Barack Obama’s Cap-and-Trade Bill [FOX News]

 

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Greta: Will Barack Obama Break His No Tax Pledge for the Middle Class? [FOX News]

 

Mike Pence (R-IN) Cap & Trade Speech (close captioned)

 

 

If both the cap and trade energy tax and the Obama health care reform bills pass, the Obama Depression will last through 2011 before ending in 2012.

Expect the inflation percentage rates to hit a double digit range between 10% and 20% in the 2012 time period.

 

Economic Expectations – Why Inflation Isn’t the Danger – Bloomberg

 

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ShadowStats.com founder John Williams on M3 Money Supply

 

 

Hyperinflation Nation Part 1/3

 

Hyperinflation Nation Part 2/3

 

Hyperinflation Nation Part 3/3

 

Peter Schiff and Marc Faber on The Glenn Beck

 

 

 

 

Background Articles and Videos

 

“…The Bureau of Labor Statistics measures employment and unemployment (of those over 15 years of age) using two different labor force surveys[32] conducted by the United States Census Bureau (within the United States Department of Commerce) and/or the Bureau of Labor Statistics (within the United States Department of Labor) that gather employment statistics monthly. The Current Population Survey (CPS), or “Household Survey”, conducts a survey based on a sample of 60,000 households. This Survey measures the unemployment rate based on the ILO definition.[33] The data are also used to calculate 5 alternate measures of unemployment as a percentage of the labor force based on different definitions noted as U1 through U6:[34]

U1: Percentage of labor force unemployed 15 weeks or longer.
U2: Percentage of labor force who lost jobs or completed temporary work.
U3: Official unemployment rate per ILO definition.
U4: U3 + “discouraged workers”, or those who have stopped looking for work because current economic conditions make them believe that no work is available for them.
U5: U4 + other “marginally attached workers”, or “loosely attached workers”, or those who “would like” and are able to work, but have not looked for work recently.
U6: U5 + Part time workers who want to work full time, but cannot due to economic reasons.
Note: “Marginally attached workers” are added to the total labor force for unemployment rate calculation for U4, U5, and U6. The BLS revised the CPS in 1994 and among the changes the measure representing the official unemployment rate was renamed U3 instead of U5.[35]

…”

Year Unemployment (% labor force)

1933   24.9
1934   21.7
1935   20.1
1936   16.9
1937   14.3
1938   19.0
1939   17.2
1940   14.6
1941      9.9
1942     4.7
1943     1.9
1944     1.2
1945     1.9

source: Historical Statistics US (1976) series D-86

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

Unemployment 1930’s vs Today

http://www.scribd.com/doc/13282170/Unemployment-1930s-vs-Today

U3 and U6 Unemployment during the Great Depression

U3U5UnemploymentGreatDepression

http://www.economicpopulist.org/content/u3-and-u6-unemployment-during-great-depression

 

Vintage pro-inflation propaganda

 

FDR on mortgages, gold, reflation, and labor standards

 

Power of the Market – How to Cure Inflation 1

 

Power of the Market – How to Cure Inflation 2

 

 

Power of the Market – How to Cure Inflation 3

 

 

 Duck Tales Inflation Lesson

 

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