Category: Economy

  • So, Progressives Are the “Friends of the Little Guy”, Eh?

    The    Communist     Socialist     Leftist     “Progressive” end of the political spectrum likes to advertise itself as being the champions of the “little guy”. Progressive politicians love to make a big deal of their “regular guy” roots, and how much their policies supposedly “help” the middle class and below.

    So, the recent Administration ‘s policies – nothing if not “Progressive” – must have really helped the “little guy” over the past 5+ years, right? I mean, that’s what they’re supposedly all about:  helping the little guy get a “fair deal”.

    Turns out that simply doesn’t seem to be the case.  In fact, hard data shows that the policies of the current “Progressive” regime has benefited the wealthy to the exclusion of most others – as has been documented by a study conducted by the University of Michigan.

    In 2007, the top 5% averaged 16.5 times the wealth of the US median household. So after 5 years of our current regime’s “Progressive” policies, that gap should have narrowed somewhat.

    Well, not exactly. Today, the top 5% now have on average 24 times the wealth of the US median household.

    It’s even better. Home ownership is down by nearly 6.4%. Over one third of homeowners now cannot afford to sell their home if they want to – either because they owe more than it’s worth, or because they have so little equity it won’t cover closing and a down payment on another home.

    The “Great Recession” hurt all Americans. But under the current Progressive Regime, only the wealthy have really recovered. Everyone else is still sucking wind today – bigtime.

    So much for “Progressive” claims that the other party is the “party of the rich”.  The “Progressives” have finally embraced the theory of “trickle down”.

    Except today they’re doing it on our legs, and what’s “trickling down” to our shoes and socks isn’t rain.

  • Some More Indicators of Today’s Economic “Good Times”

    Here are a few more indicators that our economic doldrums have – after close to 5 and a half years – turned the corner towards “good times”.

    • Fraction of those 18-34 years old still living with their parents: nearly one in three
    • Teen unemployment rate in major US cities this summer: over 50%
    • Fraction of the US population using a USDA “nutrition assistance” program during the last 12 months: about one in four
    • Fraction of US children “living in poverty”: about one in five
    • Fraction of US households struggling with their mortgage and/or rent expenses: over half
    • Percentage of Americans who’ve lost faith and say for them the “American Dream” is dead:  59 percent
    • Oh, and we’re also seeing another of those ObamaCare “spillover” effects: nationwide doctor shortage of 91,500 predicted by 2020

    Well done, Mr. President. A damn nice “recovery” – and in only 5 1/2 years! Lassez les bontemps roulez!!

  • If This Is What “Recovery” Looks Like, I’d Hate to See “Hard Times”

    Ever stopped to think about how many American men between the ages of 25 and 54 are not working today? You know, because they’re looking but can’t find work (e.g., formally unemployed), are not working by choice, or for whatever reason?

    C’mon – take a guess. How many US males between 25 and 54 are not working today? One out of 20? One out of 15? Maybe one out of 12?  After all, times are still kinda tough.

    Nope. Try about one out of six.

    I’m not joking.

    Since January 2009, the fraction of the US male population in prime work years (ages 25-54) not working has set multiple all-time records, and is damn near setting another.  And the trend has been steadily upward. Here’s how the data looks, expressed as a graph:

    Yeah, Mr. President – that economic “recovery” is going great guns. We’ve really “turned the corner towards good times”, haven’t we?

    To paraphrase Pyhrrus of Epirus: “Another such ‘recovery’ and we shall be utterly ruined.”

  • So, What’s ObamaCare’s REAL Effect So Far?

    Since the passage of that   abomination   horrendous mistake   manifest stupidity   law foisting ObamaCare on the unsuspecting US public in March 2010 before it could be read (another date that should forever live in infamy), AFLAC has studied its implementation. Each year since, they’ve published a report on how employers and employees are implementing and reacting to ObamaCare.

    They recently published their 2014 report. Among the highlights:

    • 86% of employees expect their medical expenses to increase this year
    • 56% of employers raised their employee cost shares for health insurance last year
    • 59% of employers expect to do the same this year (yeah, that means some will do so for 2 consecutive years)
    • 21% of employers converted some employees from full- to part-time last year due to health insurance costs
    • 22% of employers eliminated or reduced employee benefits last year

    The executive summary for this year’s report can be viewed here. The website for the report – which includes a plethora of details as well as links to the previous 3 reports – may be found here.

    ObamaCare is working out just “oh so well”. We need to “kill it with fire” – posthaste.

    And then bury the ashes in quicklime.

     

    (Hat tip to Fox News and Sarah Hurtubise for the article that pointed me at the above AFLAC study and site.)

  • So, How’s That “Economic Recovery” Coming These Days?

    In blunt terms:  it isn’t.

    Revised economic figures were just released.  They show that the US economy shrank during the 1st quarter of this year.

    Welcome back to the “good times” of 2011.  The first quarter of that year was the last time we saw that.  And we all remember how good 2011 and 2012 were, economically.

    Fox News has an article giving more details on the economy’s performance last quarter.  “The details ain’t good, either.”

    But don’t forget – those good times we’ve been hearing about for 5+ years now are just around the corner.  The current Administration will have things humming again “real soon now”.

  • More on Social Security Disability

    I’ve written before (here and here) about Social Security Disability.  Well, ti’s time for an update.

    Yeah, the Social Security Disability rolls set another record last month.  In April 2014, according to the Social Security Administration nearly 11 million Americans (10,996,447) were receiving Social Security Disability benefits.

    This total was an increase of over 15,000 from the previous month.

    Nearly 9 million of those receiving benefits – 8,942,232, to be precise – were disabled workers. The other 2+ million beneficiaries were spouses and children.

    The fraction of America receiving Social Security disability continues to rise also.  In 1967, 2 million were receiving Social Security disability benefits – out of a population of roughly 198.7 million.  That was about 1.01% of the US population.

    Today, the Census Bureaus says the US population is roughly 318 million. Doing the math, that means that nearly 3.5% of the US population (3.46%) is currently drawing Social Security disability benefits.

    The number of people drawing Social Security disability benefits today is greater than the estimated population of Tunisia.  The number is approaching the population of Cuba.

    Any questions regarding why the SSA is now saying that the Social Security Disability Fund will go broke in about 2 years?

    The CNS article has an excellent graph showing the number of Social Security Disability recipients by year, but it’s scaled rather small and doesn’t display that well in their article.  Click here to see that graph as a separate image.

    We are so screwed.

  • Another “Fine Example” of Stimulating “Green Vehicle” Production

    Well, it looks like another “green vehicle” manufacturer is on the ropes.  After taking taxpayers for the proverbial “sleigh ride in July” for tens of millions, of course.

    Smith Electric Vehicles was touted as another “green” vehicle maker.  It was to specialize in large electric vehicles suitable for commercial use.  It originally announced plans to make over 500 such vehicles.

    In return for $1.4 million in tax credits from Missouri, Smith promised to create 200+ new jobs.  It’s hired 54 people to date.

    Smith owes large sums to various creditors.  The precise amount isn’t known, but since it includes a $30k+ debt to a Missouri university and six months’ back rent on 90,000 sq ft of space at the Kansas City airport, the total could easily be hundreds of thousands of dollars.

    And it’s stopped production.

    Of course, since this was one of the Administration’s pet “green” projects – the POTUS touted it publicly in a speech at the Kansas City airport 4 years ago – it got some $30+ million in Federal stimulus funds.  Anyone surprised?

    The Washington Examiner has a good article on Smith, its troubles, and its past problems (which go far beyond what I’ve listed here).  It’s worth reading – providing you don’t have high blood pressure or anger management issues.

    Yeah, looks like that “green” stimulus program worked out just swimmingly here.  One could even be cynical and say it looks almost like a political payback or “make work” deal.  But that can’t possibly be the case.

    Still, what’s that old saying:  “If it looks like a duck, walks like a duck, and quacks like a duck . . . . “

  • Millenials and jobs

    Ex-PH2 sends us a link from NBC News which reports that which we already know. Recent college grads holding their bright and shiny new diplomas grasped tightly in their smooth, unscarred forepaws aren’t well-suited for the job market.

    This is a tough job market for millennials, those born between the early 1980s and 2000. The unemployment rate in March for recent college graduates was 12.2 percent, according to the Bureau of Labor Statistics. A study by Accenture found that roughly 40 percent are employed in jobs that don’t require a college degree.

    […]

    In that survey, State of St. Louis Workforce 2013, a lack of communication skills, a poor work ethic and a lack of critical thinking and problem solving were the biggest shortcomings of the job applicants they were seeing. ” ‘Soft skills’ once again far outpaced technical skills such as math and computer skills as the most lacking in the workforce,” the study concluded.

    Of course, most of us know that most jobs really don’t require a college education anyway. The job from which I recently retired required that I have a diploma when I applied, but I didn’t use anything I learned in college to do that job. Of course, neither did I learn anything in college that I hadn’t already learned in high school two decades before. That’s education inflation.

    High schools have pretty much stopped teaching and become a socialization process. So much so that colleges have a large portion of their freshmen students in remedial skills programs – much like the military has had to do, as well (In the Army, we called it Basic Skills Education Program). And of course, the sirens’ song for parents is that unreasonably hallowed college degree for their children.

    But that’s not what the article is about. Well, not exactly. I looked up to college students…until I taught some of them at ROTC. They develop bad work habits in college because their teachers let them get away with stuff that no employer ever would. I once heard a student plead with a teacher to delay his midterm exam (which was scheduled for that day) because he’d been up all night at the frat house working over the pledges. Of course, the teacher acquiesced.

    The job I just left paid a lot of money and promotion potential was very high because it was tedious – we edited federal regulations, about the driest crap in the world to spend your life doing. But, I started at $10/hour and retired at $40/hour after nearly 15 years, rolling over a fairly large 401k. And, after a training period and the technology catching up, I worked from home every day. But we had new employees who would come to work the first day and we’d never see them again after a rigorous selection process – because it wasn’t as exciting as it sounded to be a Writer/Editor at the National Archives. But I got out of your way, so take a shot at it.

    In another article at Yahoo News about the unemployment rate which went down today, they explain why that news isn’t particularly good when it closely examined;

    Below the headline both average wages earned and work-week duration were unchanged, but the participation rate fell to 62.8%. It’s the lowest participation since 1978, highlighting concerns that the economic recovery is largely a statistical game of smoke and mirrors. Participation is a widely watched number though it’s hard to say exactly what it’s supposed to be given the skewing impact of retiring baby boomers.

    “Like all these reports there’s something here for everyone,” says Zach Karabell of Envestnet. “800,000 people evaporated from the labor force. You have continual participation going down and a lot of these jobs are ill-paid and tough to live on. I do hope that in some sense the conversation shifts from jobs to what are the quality of these jobs and what kind of wages (are being earned).”

    So, as bad as the current employment climate is, it’s not changing very much anytime soon.

    If I was young again and starting out, I’d take Mike Rowe’s advice and go to a trade school instead of getting my degree in Indonesian Interpretive Dance. My degree is actually in History and Political Science – about as useful as Indonesian Interpretive Dance, actually, unless you’re going into the education field.

    By the way, while I was adjusting to the job market and finding my niche in the Machine, my retirement pay, and Tricare, however skimpy that was, kept us alive. So don’t rule out the military. Despite what some folks at Foreign Policy might argue, you learn good work habits that translate well to college and the work world, while your peers languish in college, making excuses to their teachers why they can’t do something.

    If you were an employer, who would you rather hire? Now if we can only beat that PTS stigma thing.