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Patrice Hill reported this in the Washington Times today: (Click here to read her article.)
“Unemployment soared last month to a 14-year high, the Labor Department reported Friday, prompting the head of the panel that officially dates U.S. economic cycles to say there is no doubt that a recession is under way.
Businesses slashed nearly a quarter-million jobs, pushing the unemployment rate to 6.5 percent, the department said. The losses were deep and widespread across nearly every industry from retailing and office work to construction and manufacturing.
Only the health care, education, mining and government sectors avoided the job slaughter and posted modest employment gains.
“The evidence [of a recession] is more than compelling,” Robert Hall, the Stanford University economist who heads the National Bureau of Economic Research’s business-cycle dating committee, told Bloomberg News. “It’s conclusive, in my personal opinion.”
The full committee of eight economists has not officially declared that America is in a recession, however.
The 240,000 jobs eliminated last month came on top of a revised 284,000 job cut in September — far more than originally reported. Together, the figures show how the economy virtually fell off a cliff at the onset of a severe credit crisis that cut off financing for consumers and businesses alike while it caused the failure of a major Wall Street firm and banks in quick succession.
Manufacturers laid off a stunning 90,000 workers, while construction employment fell by another 49,000 and retailers trimmed staff by 38,000.
“We’re in the teeth of recession,” said John Silvia, chief economist at Wachovia Securities. He said the job losses will weigh heavily on consumers, who already have pulled back dramatically from spending in the past two months. And they point to a big drop in the economy in the final quarter of the year.
Harm Bandholz, economist at Unicredit Markets, noted that the job losses in the past two months amount to more than a half-million and bring the job losses for the year so far to more than 1 million – clearly pointing to a profound recession.”
Filed under: Tennessee | Tagged: 1 million jobs lost this year, crime, death, depression, desparation, drugs, economics, life, major US job loss, Murder, no job no problem right, poverty, recession, record job losses, scarcity, thanks leaders, Unemployed America, unemployment, unemployment at 14-year high, unemployment soars, who needs money | 1 Comment »
by Thom Hartmann, Berrett-Koehler Publishers, 2006
*Based on Henry Kravis’s 2006 income of $450 million as reported in Forbes magazine. Calculated at a tax savings of 21.45% (35% income tax + 1.45% Medicare Tax 15% carried interest paid), Henry Kravis saved approximately $96 million in taxes in the year 2006.
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Surging commodity prices have pushed up global food prices 83% in the past three years, according to the World Bank—putting huge stress on some of the world’s poorest nations.
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232,000 US jobs have vanished since January, Senior Economist at Economic Policy Institute says, “most people depend on their paychecks.”
“The nation’s employers eliminated tens of thousands of jobs for the third month in a row, the government reported Friday, and top Democrats immediately called for new measures to help suffering American workers. After the early-morning report from the Bureau of Labor Statistics that 80,000 jobs had disappeared in March, the speaker of the House, Nancy Pelosi, said she would propose a second economic stimulus package. Hers would supplement the $150 billion in tax rebates scheduled to be mailed to millions of Americans beginning next month.”…
The March decline was the largest job loss since March 2003 when the economy was still shaking off the lingering effects of the 2001 recession. Since the start of the year, 232,000 jobs have disappeared, the bureau said yesterday.
More than once in the past, three consecutive months of job losses have marked the start of a recession. “It is our view that we are already in one,” said Drew Matus, a Lehman Brothers economist, offering a view widely held on Wall Street.”…
Unemployment rose in every sector of the work force, except among teenagers. Hourly wage gains slowed for production workers, who constitute 80 percent of the work force. The 5-cent rise last month brought the average wage to $17.86 an hour, an increase of 3.6 percent since the previous March, not enough to keep up with inflation.
“You can talk all you want about the importance of stock portfolios and the wealth embedded in your home,” said Jared Bernstein, a senior economist at the labor-oriented Economic Policy Institute, “but when you get right down to it, most people depend on their paychecks.”…
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Filed under: 9 Trillion Dollar Debt, Ben Bernanke, budget deficits, Democrats, Dollar, economics, Election 2008, Federal Reserve, fiscal responsibility, fix currency to gold, free to choose, interest rates, investing, Republicans, rising inflation, rising prices, rising unemployment, ron paul, save money at home and abroad, Save our Country, stop inflation, stop printing money, U.S. dollar, U.S. Economic Recession, US Constitution, US economy, US recession, value of U.S. Dollar, wall street, weak dollar, weakening dollar | Tagged: 9 Trillion Dollar Debt, Ben Bernanke, budget deficits, Democrats, Dollar, economics, Election 2008, Federal Reserve, fiscal responsibility, fix currency to gold, free to choose, interest rates, investing, Republicans, rising inflation, rising prices, rising unemployment, ron paul, save money at home and abroad, Save our Country, stop inflation, stop printing money, U.S. dollar, U.S. Economic Recession, US Constitution, US economy, US recession, value of U.S. Dollar, wall street, weak dollar, weakening dollar | Leave a comment »