As talk of another possible extension of unemployment benefits is making its way through Washington, the New York Times recently covered a story on Dan Tolleson (left), a writer with a Ph.D. in politics who has only been able to find short-term work since July of 2009. What fascinated the Times, and likely a number of readers, was the notion that though Tolleson has been unemployed for a lengthy period of time, he stands opposed to an extension of unemployment benefits.
Republican presidential hopeful Herman Cain’s popularity in numerous polls is increasing daily, and while the former CEO of Godfather’s Pizza may portray himself as a principled conservative, an analysis of his campaign positions, especially his most controversial flat tax proposal, reveals serious concerns with Cain’s commitment to fiscal conservatism.
Now that the Senate has officially and resoundingly defeated President Obama’s jobs bill (The American Jobs Act), the question remains: just how do real jobs grow?
Matt Welch, writing in the November issue of Reason magazine, reminds his readers of what doesn’t work: government promotion of ideology. The Solyndra debacle is the most recent but not the only example. In May 2010 the President gushed over the positive impact Solyndra was having in growing jobs in the “green” sector:
In response to AT&T’s proposed acquisition of mobile carrier T-Mobile for $39 billion, the Department of Justice (DOJ) announced it would be bringing suit against AT&T on the grounds the wireless giant is in violation of federal antitrust laws.
On Monday morning Sentier Research announced the results of its new study showing changes in household income since the year 2000 and how those incomes have fared both during the recent recession and since the recovery that began in June, 2009. Not only did household income (which counts all incomes of all members of the household, including wages, Social Security payments, interest, dividends, welfare checks, retirement income, unemployment benefits, and veterans’ benefits, all adjusted for inflation) decline during the recession by 3.2 percent, it fell another 6.7 percent during the recovery.
America at the end of WWII produced 60 percent of all the petroleum in the world. In fact, its status as the chief exporter of oil (the United States produced much more than the consumer and war economies needed) was a salient factor in the American victory. Interestingly, at one point the nation produced so much oil and gas that natural gas was “flared” or burned away because it was not economical to transport it. Once, in the lifetime of many Americans, filling stations engaged in “price wars” and sold gas at or near cost to consumers.
Last Friday Laksman Achuthan (left), co-founder of Economic Cycle Research Institute (ECRI), announced that not only has the economy entered a new recession, but that “it’s going to get a lot worse. The vicious cycle is starting where lower sales, lower production, lower employment and lower income [leads] back to lower sales … you haven’t seen anything yet.” Despite some evidence that the economy is growing in places, it’s not enough to overcome the significant array of indicators that Achuthan has used successfully for years to predict the economy. According to The Economist, ECRI has never issued a “false alarm,” and this time should be no different.
On Thursday, Bank of America announced that, starting the first of the year, they would be charging debit card users $5 a month for the privilege as a way to recoup lost income under new rules from the Federal Reserve.
With the announcement from the Commerce Department that the sale of new homes in August fell by 2.3 percent compared to July, the Los Angeles Times took on a decidedly gloomy tone, concluding, “Sales of newly built homes in the U.S. appear to be stuck at the bottom.” The report noted that the August numbers translated into an annual rate of 295,000 sales, which is close to the low of 278,000 recorded in August last year, and down from the 1.3 million new homes sold in 2005.
Our nation stands at the precipice of an economic meltdown that would make the current recession seem like the “best of times.” The almighty dollar, once labeled “good as gold,” stands close to repudiation. Yet the Obama administration and congressional leaders are failing to address the reason for the dollar’s decline.