Feeds:
Posts
Comments

Archive for December 30th, 2015

According to the Economic Policy Institute, “The state employment and unemployment figures for October, released today (Dec 4, 2015) by the Bureau of Labor Statistics, were slightly more encouraging than the previous few months. Job growth remained steady in most states and unemployment rates ticked down slightly more, on average, than was the case heading into fall. Still, the U.S. labor market is far from fully healed. In fact, this month’s report marks something of a bittersweet milestone: there are now 25 states that have reached their pre-recession unemployment rates. Only 25 more to go.

These statistics understate the level of unemployment by a fairly hefty margin. The number of full time jobs are at a low level not seen since 1980, when the economy and population were about half of what they are now.

These sobering statistics reveal that this is the worst economic expansion in US history for the middle class. It also is following a trend. The second worst economic expansion was the previous one. As predicted in The Rigged Game: Corporate America and a People Betrayed, the impacts of the next recession will be longer and deeper for the declining middle class, as well as for the working and poor classes. That’s because millions of jobs are being shipped overseas, and the difference between the old US wages and the new lower foreign wages goes straight into the pockets of the super rich via higher corporate profits, rising share prices, and surging dividends. That’s precisely why and how the 1 percent have stolen over 37 percent of all income produced in the United States in 2015, compared to 8 percent in 1980. Those figures are also why job and wage growth are the worst of any economic expansion in US history.

The 99 percent received only 63 percent of all the income in 2015, compared to 92 percent in 1980. This is why demand for goods and services is slack in 2015 compared to 1980, which is precisely why job growth is pathetic more than six years after the last recession ended. These figures are also why the stock markets have surged over the same period. The rich have used their ill gotten gains to bid up the price of stocks and bonds. The price for politicians has also surged, which is why the rich also heavily invest in politicians, which is why the rich have gotten richer at the expense of the 99 percent.

For example, Wall Street senator’s Ron Wyden, Mitch McConnell and Orrin Hatch have led the charge to ship jobs overseas, and redistribute income and wealth from the 99 to the 1 percent using government power. Nowadays, these scammers for the one percent are championing the Trans Pacific Partnership, the largest income and redistribution scam in US history, although it’s falsely marketed as a trade treaty. If this treachery passes congress, anticipate the middle class, currently 50 percent of all adults (down from 61 percent in 1970), will shrink down to 35-40 percent, and the rich will reach a milestone of stealing 50 percent of all US income by 2017, thanks to their henchmen in congress.

As for the report by the Economic Policy Institute, from July to October, 37 states and the District of Columbia added jobs, with Idaho (+1.5 percent), Nebraska (+1.2 percent), and Arizona (+1.1 percent) posting the largest percentage gains. The gains in Idaho and Arizona exemplify the strong growth experienced in a number of western states of the past year. Since October of 2014, states in the West—particularly those off the coast, such as Utah, Idaho, and Nevada—have had the strongest job growth nationwide. Job totals fell in 13 states from July to October, although only North Dakota’s (-0.7 percent) and Louisiana’s losses (-0.3 percent) seem indicative of a trend.

Unemployment rates fell in 40 states plus the District of Columbia since July. The largest reductions were in Missouri (-0.8 percentage points), South Carolina (-0.8 percentage points), Mississippi (-0.6 percentage points), New York (-0.6 percentage points), Ohio (-0.6 percentage points), South Dakota (-0.6 percentage points), Virginia (-0.6 percentage points), and West Virginia (-0.6 percentage points).”

Check out the whole story by clicking on the following link.

How Strong in the US Economic? Six years after the end of the last recession, unemployment is still higher than it was before the recession–Economic Policy Institute

Read Full Post »

%d bloggers like this: