For the 27th month in a row – the economy added jobs, but.....

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Unfortunately – the 69,000 jobs created in May were well below economists’ expectations – and the unemployment rate jumped up to 8.2%. And while Republicans and Fox so-called News will likely rejoice over the poor jobs numbers thinking it will give them a better chance in the November elections – the truth is – they should also be patting themselves on the back for slowing down our economic recovery.

Hell-bent on austerity – Republicans have sucked money out of the economy – cutting off unemployment benefits, and investments in education, healthcare, and transportation. As economist Paul Krugman has pointed out, Republicans during the Reagan administration didn’t cut government and spending during the recession of the 1980’s – they GREW government and increased spending.

And if today’s Republican Party would just let President Obama do what Reagan did – then there would be 1.3 million more Americans today working as school teachers, cops, and firefighters – critical jobs that our nation needs right now. And our unemployment rate would be below 7%. So what’s the difference between today and when Reagan was office? Republicans weren’t trying to crash the economy to make Reagan a one-term President.

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Thom Hartmann A...
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Comments

Bad trend for Obama-whatever the reason.

lovecraft
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May. 8, 2012 12:06 pm

Actually the economy added 82,000 jobs, but the Republicans cut 12,000 public sector jobs.

And that, my friend, is the reason.

Dr. Econ's picture
Dr. Econ
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Jul. 31, 2007 4:01 pm

I'd like to think that a 2nd term for Obama will be greatly influenced by the behavior of the GOP during his 1st term. Obama has no reason to play nice with the GOP in his 2nd term. That could be refreshing.

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Laborisgood
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Jul. 31, 2007 4:01 pm

He had no reason to play nice in 2011! He had no reason to play nice in 2009! Pelosi had no reason to play nice in 2007!

chilidog
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Quote chilidog:

He had no reason to play nice in 2011! He had no reason to play nice in 2009! Pelosi had no reason to play nice in 2007!

That appears to be abundantly clear in 2012, don't it?

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Laborisgood
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Not one net job created under this administraton not one!

CollegeConservative's picture
CollegeConservative
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Quote CollegeConservative:

Not one net job created under this administraton not one!

And Romney is poised to deliver tons of "net jobs" a la his private equity magic dust he will spread over the land.

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Laborisgood
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Jul. 31, 2007 4:01 pm

Yes cause he realizes that the government is too large and all government does is take from theeconomy it can not create wealth only take it.

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CollegeConservative
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Quote CollegeConservative:

Not one net job created under this administraton not one!

Laborisgood, can you fact check the trolls, so I don't have to?

CHART: Economy Has Recovered All Private Sector Jobs Lost Since Obama Took Office

Our guest blogger is Michael Linden, the Director of Tax and Budget Policy at the Center for American Progress Action Fund.

As of April, there are now more private sector jobs in the United States than there were in January 2009, when President Obama took office. You read that right. We have now replaced all of the private sector jobs lost while Obama has been president. And that was no mean feat, given that over the course of 2009, the private sector shed about 4.2 million jobs.

Unfortunately, the news is not nearly so good when it comes to the public sector, where there are currently 607,000 fewer people working than there were when President Obama took office.

The chart below tells the whole story. Under President Obama, the private sector has experienced a relatively robust recovery, and is now back to where it started when he took office. The public sector continues to shed jobs, and as a result, the overall jobs picture in the US remains weak. If you want to understand why conservative efforts to slash funding for teachers, firefighters, cops is bad for the economy, look no further than this graph.

http://thinkprogress.org/wp-content/uploads/2012/05/apriljobschart-1024x743.jpg

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Phaedrus76
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Laborisgood, I am serious about this. Just because some GawdDamned conservative fucktard says something it isn't necessarily true. In this case you allowed this fucktard to lie to us. To Thom's audience.

We now have more private sector jobs than the day Obama came into office.

And because of the austerity programs in states like Wisconsin and the rest of the evil Republican run states, we still fewer total jobs. But the private sector is doing great under Obama.

Corporate profits are at record highs.

Tax collections are lower than they've been since Harry S Truman was President.

And private sector job growth has been humming along.

But don't allow these little fucktards to lie.

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Phaedrus76
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Phaedrus:

I'm on your side brother. Perhaps my sarcasm didn't translate very well? What you seemed so miffed about is exactly what I thought I was sarcastically addressing. Such is life. Conservatives must lie in order to keep the myth alive. I'm not quite sure how I'm allowing the lies any more than they just sprout up all on their own. Private sector is gaining while the GOP gov's are reducing as many public sector jobs as they can until November. The race is on.

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Laborisgood
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you did not just reference the most left wing blog in the universe to try and use it as evidence, that would be like me using a brietbart or blaze article.

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CollegeConservative
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Bring a real source

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CollegeConservative
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First Labor, I was joking as well. I understand human nature is to trust, and you believed a conservative. We all make mistakes.

Second, the stats come from the BLS. As a non partisan source, they are fair and accurate. Would you rather I use the Wisconsinite reverse Polish Gov. Scott Wanker method, and just create bullshit numbers?

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Phaedrus76
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U mean like the Obama administration has done with the unemployment numbers?

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CollegeConservative
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No, the admin uses the official BLS numbers. Because they are the govt, and they use BLS.

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Phaedrus76
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Well the u6 number of unemployment which is the real one is at 14 to 16 percent!

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CollegeConservative
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Quote CollegeConservative:

Well the u6 number of unemployment which is the real one is at 14 to 16 percent!

Then what was it "really" under GWB?

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Bush_Wacker
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The u3 is the u3. The u6 is the u6. Both are calculated by the BLS. The number of total employed is also calculated by the BLS. (They count jobs, and then count number of job seekers, and number of people employed in bad jobs who want better jobs and calculate the different numbers.)

The fact is, there are more private sector jobs today than when Emperor Shitforbrains left office Jan 2009. Any statement saying Obama is a job killer ignores that even at the anemic level of private sector job growth, Obama's fitst term will get private sector jobs above the level they were at before Clinton left office in Jan 2001.

That last bit is me revealing to the readers that over 8 years of the nation's most conservative administration, we lost jobs in the first Bush term, and the numbers created in the 2nd term before the recession were pisspoor. And the last 14 months of Bush saw the loss of over 3 million private sector jobs, and then the first 16 months of the Obama administration we lost 4.2 million private sector jobs, and then we have cut 640,000 govt jobs, but added over 4.5 million private sector jobs.

If nationally we had followed a Keynesian path, and added govt workers instead of cutting 640,000, today we'd be much better off.

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Phaedrus76
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The u3 also does not count those who stop looking for work.

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CollegeConservative
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CC, when you start yelling at the GOPimps who are preventing any substantial recovery and have the budgetary responsibility, you might have the threads of a case. Were cons true fiscal conservatives, you would have been hot on the bankster fraud stuff decades ago. Putting out fires or hauling wrecks out of the ditch require spending without being judged against a norm where things are running smoothly. Blaming Obama for fixing what was seriously damaged while the arsonists are cutting the fire hoses and blocking the rescue vehicles, and then blaming him for not meeting the measures of a healthy economy is so dishonest it would be insulting were it not the norm for the Right. Repeated insults get ugly.

drc2
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Apr. 26, 2012 12:15 pm

We should have let the banks and gm crash.

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CollegeConservative
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http://www.winningprogressive.org/book-review-paul-krugmans-end-this-dep...

lovecraft
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Quote CollegeConservative:

We should have let the banks and gm crash.

I agree with the banks, disagree about GM. But even if we had let those banks fail, we would still have had to spend TRILLIONS to stabilize the economy and provide incentives for the marketplace to enable the remaining responsible banks to grow really quickly to provide the financing the economy needs.

We've already spent TRILLIONS with the TARP and the stimuli (don't forget W's stimulus checks and mortgage debt forgiveness tax relief, first-time homebuyer tax credit, etc.) and with Quantitative Easing, and STILL we're looking at 0% interest rates through the end of 2014. Which IMO is proof on its face that we didn't spend enough money, or didn't spend it in the right way, or both, in 2008 and 2009. And this whole mess was foreseeable NO LATER THAN August 2007 when the credit markets seized up, maybe 2005 when the housing market started declining, probably 2004 when it should have been clear there was way too much leverage in housing. Given that housing prices are at 2002 levels even at today's record low mortgage rates, I would argue that housing was dangerously overleveraged in 2002 (and I did back then.) But no one calls me "maestro" a la Alan Greenspan or Ben Bernacke, who took over in 2006.

chilidog
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And another thing, if the GOP wants to talk about getting our house in order and addressing the deficit and cutting government spending, that's fine (not IMO.) But that argument entails laying the groundwork for a better economy (allegedly) IN THE FUTURE. They can't say it's going to improve the economy in the short term, because it won't. To borrow their favorite analogy to our own household budgets, when Dad gets laid off, or Mom's hours are cut, the family's quality of life suffers: you go out less, you put off buying new clothes, new TV's, you cut the cable, etc. I don't hear that articulated by the Paul Ryans of the world.

chilidog
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Jul. 31, 2007 4:01 pm

What do you think about these ideas CC to help create jobs.

  • Cutting the Payroll Tax Cut in Half for the First $5 Million in Wages:This provision would cut the payroll tax in half to 3.1% for employers on the first $5 million in wages, providing broad tax relief to all businesses but targeting it to the 98 percent of firms with wages below this level.
  • Temporarily Eliminating Employer Payroll Taxes on Wages for New Workers or Raises for Existing Workers:The President is proposing a full holiday on the 6.2% payroll tax firms pay for any growth in their payroll up to $50 million above the prior year, whether driven by new hires, increased wages or both. This is the kind of job creation measure that CBO has called the most effective of all tax cuts in supporting employment.
  • Extending 100% Expensing into 2012:The President is proposing to extend 100 percent expensing, the largest temporary investment incentive in history, allowing all firms – large and small – to take an immediate deduction on investments in new plants and equipment.
  • Helping Entrepreneurs and Small Businesses Access Capital and Grow: The President’s plan includes administrative, regulatory and legislative measures – including those developed and recommended by the President’s Jobs Council – to help small firms start and expand. This includes changing the way the government does business with small firms. The Administration will soon announce a plan to accelerate government payments to small contractors to help put money in their hands faster. The President is also charging his CIO and CTO to, within 90 days, stand up a one-stop, online portal for small businesses to easily access government services. As part of the President’s Startup America initiative, the Administration will work with the SEC to conduct a comprehensive review of securities regulations from the perspective of these small companies to reduce the regulatory burdens on small business capital formation in ways that are consistent with investor protection, including expanding “crowdfunding” opportunities and increasing mini-offerings. Finally, the President’s plan calls for Congress to pass comprehensive patent reform, increase guarantees for bonds to help small businesses compete for infrastructure projects and remove burdensome withholding requirements that keep capital out of the hands of job creators.
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Bush_Wacker
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No the reason we are still is in this mess is the stimuli prolonged dying business gm is still gonna go under so are some of these banks all weAdrew doing is prolonging the inevatable.

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CollegeConservative
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I hear pretty soon you'll need a college degree to flip burgers at McDonalds. Or at least that seems to be the trend out there. But who can afford a college education anymore? I hear that corporations won't even look at you unless you have a college degree on your resume. I went to college to learn things not get a piece of paper. To me this seems like "we went through the hoops and you must too." But mentioning it to a friend he replied that it's about money making for colleges. Those administrators cost a lot.

I mean why would they take someone fresh out of college with just a degree and no experience to do work over someone who has actually worked in the field for years and has probably forgotten more than the new graduate knows?

And then there is the issue that maybe there is just not that much work to be done. Dust off that old idea of the "guaranteed minimum income"?

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captbebops
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Quote CollegeConservative:

The u3 also does not count those who stop looking for work.

Right. But the raw number of jobs counts jobs. And there are more now than since Obama was inaugurated. That is basic math.

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Phaedrus76
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No there are less then when he started

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CollegeConservative
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Quote CollegeConservative:

Not one net job created under this administraton not one!

Yet, we have had 24 months of private sector positive job growth.

Funny how that is, isn't it?

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Dr. Econ
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The public sector honestly has no choice but to cut jobs. Government has grown too big and we can need to get the debt under control before we become the next Greece. Unfortunately the private sector isn't creating many jobs either. Businesses are facing complete uncertainty when it comes to tax and regulatory policy thanks to amature administration under Obama.

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Entitlement Society
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Quote CollegeConservative:

No there are less then when he started

Are you for real? Is there a single thing that you can find wrong from the Think Progress article?

Our thesis here is that "Republicans are liars or just plain stupid". You are doing a very good job of proving that. However, if you can prove me wrong, please do.

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Dr. Econ
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Quote Entitlement Society:

The public sector honestly has no choice but to cut jobs. Government has grown too big and we can need to get the debt under control before we become the next Greece. Unfortunately the private sector isn't creating many jobs either. Businesses are facing complete uncertainty when it comes to tax and regulatory policy thanks to amature administration under Obama.

Bullshit.

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Phaedrus76
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Quote CollegeConservative:

U mean like the Obama administration has done with the unemployment numbers?

You are changing the subject. The point was how many jobs are being created. You claimed there are no net jobs. The BLS says your wrong. Is there anything more that needs to be said here or not?

Dr. Econ's picture
Dr. Econ
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Quote CollegeConservative:

We should have let the banks and gm crash.

It really pisses you off that Obama turned things around, doesn't it?

Dr. Econ's picture
Dr. Econ
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Quote CollegeConservative:

No the reason we are still is in this mess is the stimuli prolonged dying business gm is still gonna go under so are some of these banks all weAdrew doing is prolonging the inevatable.

You mean the bank bailout, not the stimulus? The stimulus is about over.

You are actually bringing up a good point in reverse - the fact is that corporate profits are up, stock market is up, and the banking industry is actually doing quite well.

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Dr. Econ
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Quote Entitlement Society:

The public sector honestly has no choice but to cut jobs. Government has grown too big and we can need to get the debt under control before we become the next Greece. Unfortunately the private sector isn't creating many jobs either. Businesses are facing complete uncertainty when it comes to tax and regulatory policy thanks to amature administration under Obama.

The public sector has been cutting - what was it - 600,000 jobs since Obama took office. I think Government employment under Obama is now flat. Certainly it's been bigger in the past.

And government consumption is also flat.

What you are looking at is government transfers.

And Greece is about average in terms of debt/GDP ratio. It was not it's debt that caused it's problems. That is why Japan is fine, even though it has a debt of 200% of it's GDP.

You should listen to the show sometime.

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Dr. Econ
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How has he turned things around the majority of gm orders are government fleet purchases and they are still drawing money from a tarp account. When the government orders stop there will not be consumer demand to fill them and they will crash. If you want to make easy money short gm over the next 2 years.

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CollegeConservative
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Quote Dr. Econ:
Quote Entitlement Society:

The public sector honestly has no choice but to cut jobs. Government has grown too big and we can need to get the debt under control before we become the next Greece. Unfortunately the private sector isn't creating many jobs either. Businesses are facing complete uncertainty when it comes to tax and regulatory policy thanks to amature administration under Obama.

The public sector has been cutting - what was it - 600,000 jobs since Obama took office. I think Government employment under Obama is now flat. Certainly it's been bigger in the past.

And government consumption is also flat.

What you are looking at is government transfers.

And Greece is about average in terms of debt/GDP ratio. It was not it's debt that caused it's problems. That is why Japan is fine, even though it has a debt of 200% of it's GDP.

You should listen to the show sometime.

The reason why Greece failed is, because as a nation they were so out of touch with reality. They went on a spending spree they couldn't afford and investors lost confidence in them. Debt-GDP ratio does not tell the whole story, but the higher you go the less investors have confidence in you. Where America's threshold is? I'm not sure. Economists aren't either. There's too many factors involved. Is the economy growing, what are its revenues, etc. What we do know is that borrowed money has to be put to good use, because it has to make up for the paid interest in the longrun.

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Entitlement Society
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Quote Entitlement Society:

The public sector honestly has no choice but to cut jobs. Government has grown too big and we can need to get the debt under control before we become the next Greece. Unfortunately the private sector isn't creating many jobs either. Businesses are facing complete uncertainty when it comes to tax and regulatory policy thanks to amature administration under Obama.

You're just another right-wing troll.

There are government services we need, and there is the money we have to pay for them. Two separate ideas. We cannot fire the jailer because we're going to need a jail.

Now, if you want to take off your right-wing troll hat and put on your "free-thinker" hat, we can start talking about reforming compensation.

And I still don't know what horrible regulations were passed in 2009-2010 that are suffocating our economy.

chilidog
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Jul. 31, 2007 4:01 pm

No. Greece's problems were caused by the financial collapse, which was the result of the destruction of a regulated banking and financial system. And now since wealthy bankers and financiers wrecked things the only solution the right wing politicans can come up with is to cut pensions and welfare programs.

Greece's (and all the PIGS) problem today is they have no control over their currency, and they are unwilling to raise taxes.

Northern Europe's problem is their banksters are convinced that they can force the PIGS to pay up with 2007 EUROs while also forcing the PIGS to remain in the EU, and keep inflation low.

Iceland told their foreign lenders and local banks to pound sand. Iceland recovered.

Greece will be next.

Then the game will be afoot. The sooner Merkel and the Northern Bankers realize they are not getting paid, the sooner they can return to using the IMF to beat up on Africa and South America.

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Phaedrus76
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FED PAYING Banks To Withhold Loans From Citizens The FED paying banks not to use their excess capitol to make loans. ... Banks excess reserves at the Fed rose to a record $877.1 Billion daily average ... from 2 Billion a year earlier. ... The FED is paying banks higher int rates to keep their funds parked at the FED instead of loaning the money to the American people.



http://amrpt.tv/video/Fed-PAYING-Banks-To-Withhold-Lo;State-Of-The-Union


http://forum.prisonplanet.com/index.php?topic=230956.0;topicseen

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antikakistocrat
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Apr. 18, 2012 3:41 pm

U.S. Real Unemployment 42%!!!

Guest Post: Illusion Of Recovery - Feelings Versus Facts
6 February 2012
, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/guest-post-illusion-recovery-feelings-versus-facts

There are 242 million working age Americans. Only 142 million Americans are working.

That means 100 million working age Americans (41.5%) are not working.

http://forum.prisonplanet.com/index.php?topic=228038.0;topicseen

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antikakistocrat
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Quote CollegeConservative:

How has he turned things around the majority of gm orders are government fleet purchases and they are still drawing money from a tarp account. When the government orders stop there will not be consumer demand to fill them and they will crash. If you want to make easy money short gm over the next 2 years.

Who told you that?

Dr. Econ's picture
Dr. Econ
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Quote Entitlement Society:
Quote Dr. Econ:
Quote Entitlement Society:

The public sector honestly has no choice but to cut jobs. Government has grown too big and we can need to get the debt under control before we become the next Greece. Unfortunately the private sector isn't creating many jobs either. Businesses are facing complete uncertainty when it comes to tax and regulatory policy thanks to amature administration under Obama.

The public sector has been cutting - what was it - 600,000 jobs since Obama took office. I think Government employment under Obama is now flat. Certainly it's been bigger in the past.

And government consumption is also flat.

What you are looking at is government transfers.

And Greece is about average in terms of debt/GDP ratio. It was not it's debt that caused it's problems. That is why Japan is fine, even though it has a debt of 200% of it's GDP.

You should listen to the show sometime.

The reason why Greece failed is, because as a nation they were so out of touch with reality. They went on a spending spree they couldn't afford and investors lost confidence in them. Debt-GDP ratio does not tell the whole story, but the higher you go the less investors have confidence in you. Where America's threshold is? I'm not sure. Economists aren't either. There's too many factors involved. Is the economy growing, what are its revenues, etc. What we do know is that borrowed money has to be put to good use, because it has to make up for the paid interest in the longrun.

No, as I said, Greece is about average in debt over GDP. Just look at the numbers. Countries with higher Debt/GDP ratios are not more likely to be attacked. I like Thom's alternative explanation.

Dr. Econ's picture
Dr. Econ
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Quote antikakistocrat:

There are 242 million working age Americans. Only 142 million Americans are working.

That means 100 million working age Americans (41.5%) are not working.

http://forum.prisonplanet.com/index.php?topic=228038.0;topicseen

Quit lying, the Labor Force participation rate is 64%, a few percent lower than the Bush years.

http://dailycaller.com/2012/05/07/labor-force-participation-rate-lowest-in-30-years-despite-lower-unemployment/

Dr. Econ's picture
Dr. Econ
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Quote antikakistocrat:

U.S. Real Unemployment 42%!!!

Guest Post: Illusion Of Recovery - Feelings Versus Facts
6 February 2012
, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/guest-post-illusion-recovery-feelings-versus-facts

There are 242 million working age Americans. Only 142 million Americans are working.

That means 100 million working age Americans (41.5%) are not working.

http://forum.prisonplanet.com/index.php?topic=228038.0;topicseen

Of all the retarded crap I've seen from you this takes the cake.

My wife is not unemployed. She is a stay at home mom. Gov. Willard Rmoney's wife is not unemployed, whe is a stay at home mother and wife. Willard himself is not unemployed.

Most of the working age non workers are wives of workers, or in school or retired.

Phaedrus76's picture
Phaedrus76
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Sep. 14, 2010 8:21 pm

chirp chirp chirp....

Dr. Econ's picture
Dr. Econ
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Jul. 31, 2007 4:01 pm

Another figure is the growth of gdp, or increase in growth. From negative 8.9% at the end of 2009, to 2% now that's an 11% growth improvement in less than 3 years, he even got to 3,8% in 2010 before the tea baggers stared cutting right and left and sent the growth back to 2. He grew the economy 13% in a year, and no other president has ever done that.

http://www.tradingeconomics.com/united-states/gdp-growth

plug in the date jan 2008 to see the beginning 2009, that was not shared with the transition team while they were formulating policy.

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douglaslee
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Currently Chatting

GOP Blocks Equal Pay...again.

Just in time for election season, Senate Republicans blocked legislation aimed at closing the gender pay gap. For the third time since 2012, Republicans refused to allow debate on the Paycheck Fairness Act, and reminded women that the GOP doesn't believe in equal pay for equal work.

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