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Posts Tagged ‘Economy’

Wonder what you would find if you frisked private-sector and public-sector jobs?

Answer: Public-sector jobs have been “relatively sheltered” from the recession.

I know this is not a shocker, but I feel that everyone needs to be reminded of this time-to-time. The Michigan Capitol Confidential reports:

While the national recession killed private-sector jobs, the government jobs have been “relatively sheltered,” says one researcher.

Veronique de Rugy, a senior research fellow at the Mercatus Center at George Mason University, says the private sector has lost 6 percent of its January 2008 workforce, or 7.2 million jobs, as of November 2010.

Yet, federal jobs increased 3.5 percent by 98,000 jobs during that same time span. And de Rugy says those increases don’t include all the census workers that were hired temporarily. At its peak, the government had hired about 600,000 census workers.

State government jobs nationwide have seen a 1 percent increase with 42,000 more jobs from January 2008 to November 2010.

The only municipal jobs loser was “local government,” which lost 1.7 percent of its jobs, or 258,000 jobs, from January 2008 to November 2010.

Personally, we should require all public-sector employees, on average, to have wages and benefits that are within 3 percent of those comparable skills in the private-sector. Also, as I have pointed out before, the people over at The Heritage Foundation have a few other solutions that would address this issue:

  • Abolish the general schedule and implement performance-based pay.
  • Hire more private contractors.
  • Reduce federal benefits.
  • End dismissal restrictions.

Of course these solutions are not popular with the powerful and greedy organized labor unions. In the end, it will be a fight if we are going to be serious about tackling this problem.

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Wonder what you would find if you frisked the United States economy?

Answer: President Obama hasn’t fixed it… Like he said he would.

The Wall Street Journal reports:

The U.S. economy shed more jobs than expected in July while the unemployment rate held steady at 9.5%, a further sign the economic recovery may be losing momentum.

Nonfarm payrolls fell by 131,000 last month as the rise in private-sector employment was not enough to make up for the government jobs lost, the U.S. Labor Department said Friday. Only 71,000 private-sector jobs were added last month while 143,000 temporary workers on the 2010 census were let go.

[…]

In a sign of the labor market’s continued weakness, Friday’s report showed that 45% of unemployed Americans, or 6.6 million people, were out of work for more than six months in July. The longer someone is without a job, the harder it is to find work. With time, people lose skills–and employers are often loathe to hire someone who hasn’t been working for long periods.

Where’s those 3.5 million jobs you promised President Obama? So much for “Recovery Summer“. Once again, he fails.

Oops! It’s only a $862 BILLION stimulus mistake… No biggie:

It’s all about uncertainty:

Businesses invest when they are confident enough to take risks in pursuit of opportunity. Individuals and businesses across the nation see tremendous opportunities for starting new businesses, investing, hiring new workers, expanding into new markets. Many are holding back, however, due to concerns about the economy, while others are holding back due to concerns about the threatening policies from Washington, most especially the tax hikes Obama promised and Congress intends to deliver.

In other economic news, the White House will be saying “peace out” to Christina Romer (one of President Obama’s top economic advisers):

Christina Romer, one of President Obama’s top economic advisers, plans to step down effective Sept. 3.

Romer, head of the president’s Council of Economic Advisers, has been one of the administration’s most prominent voices on the economy, making frequent appearances on TV and at White House events to promote Obama’s policies. She also was reported to have butted heads with other members of Obama’s economic team, in particular Larry Summers, director of the National Economic Council.

[…]

The White House cast Romer’s decision as an unsurprising one driven by family reasons: Romer plans to return to California, where her son will be starting high school. She also is returning to the University of California, Berkley as an economics professor.

Of course… Once a liberal’s economic policies fail, they just retreat back to the liberal cesspool known as “academia”. I apologize ahead time to the students who will be attending her economic classes. Unfortunately for them, they will not gain the knowledge on how to allow the economy to thrive successfully.

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Wonder what you would find if you frisked a liberal’s knowledge about basic economics?

Answer: They do not have any.

It’s all starting to make sense now!

The Wall Street Journal reports:

Who is better informed about the policy choices facing the country—liberals, conservatives or libertarians? According to a Zogby International survey that I write about in the May issue of Econ Journal Watch, the answer is unequivocal: The left flunks Econ 101.

Zogby researcher Zeljka Buturovic and I considered the 4,835 respondents’ (all American adults) answers to eight survey questions about basic economics. We also asked the respondents about their political leanings: progressive/very liberal; liberal; moderate; conservative; very conservative; and libertarian.

Rather than focusing on whether respondents answered a question correctly, we instead looked at whether they answered incorrectly. A response was counted as incorrect only if it was flatly unenlightened.

Consider one of the economic propositions in the December 2008 poll: “Restrictions on housing development make housing less affordable.” People were asked if they: 1) strongly agree; 2) somewhat agree; 3) somewhat disagree; 4) strongly disagree; 5) are not sure.

Basic economics acknowledges that whatever redeeming features a restriction may have, it increases the cost of production and exchange, making goods and services less affordable. There may be exceptions to the general case, but they would be atypical.

Therefore, we counted as incorrect responses of “somewhat disagree” and “strongly disagree.” This treatment gives leeway for those who think the question is ambiguous or half right and half wrong. They would likely answer “not sure,” which we do not count as incorrect.

In this case, percentage of conservatives answering incorrectly was 22.3%, very conservatives 17.6% and libertarians 15.7%. But the percentage of progressive/very liberals answering incorrectly was 67.6% and liberals 60.1%. The pattern was not an anomaly.

The other questions were: 1) Mandatory licensing of professional services increases the prices of those services (unenlightened answer: disagree). 2) Overall, the standard of living is higher today than it was 30 years ago (unenlightened answer: disagree). 3) Rent control leads to housing shortages (unenlightened answer: disagree). 4) A company with the largest market share is a monopoly (unenlightened answer: agree). 5) Third World workers working for American companies overseas are being exploited (unenlightened answer: agree). 6) Free trade leads to unemployment (unenlightened answer: agree). 7) Minimum wage laws raise unemployment (unenlightened answer: disagree).

How did the six ideological groups do overall? Here they are, best to worst, with an average number of incorrect responses from 0 to 8: Very conservative, 1.30; Libertarian, 1.38; Conservative, 1.67; Moderate, 3.67; Liberal, 4.69; Progressive/very liberal, 5.26.

Americans in the first three categories do reasonably well. But the left has trouble squaring economic thinking with their political psychology, morals and aesthetics.

To be sure, none of the eight questions specifically challenge the political sensibilities of conservatives and libertarians. Still, not all of the eight questions are tied directly to left-wing concerns about inequality and redistribution. In particular, the questions about mandatory licensing, the standard of living, the definition of monopoly, and free trade do not specifically challenge leftist sensibilities.

Yet on every question the left did much worse. On the monopoly question, the portion of progressive/very liberals answering incorrectly (31%) was more than twice that of conservatives (13%) and more than four times that of libertarians (7%). On the question about living standards, the portion of progressive/very liberals answering incorrectly (61%) was more than four times that of conservatives (13%) and almost three times that of libertarians (21%).

The survey also asked about party affiliation. Those responding Democratic averaged 4.59 incorrect answers. Republicans averaged 1.61 incorrect, and Libertarians 1.26 incorrect.

Adam Smith described political economy as “a branch of the science of a statesman or legislator.” Governmental power joined with wrongheadedness is something terrible, but all too common. Realizing that many of our leaders and their constituents are economically unenlightened sheds light on the troubles that surround us.

To be honest, I wish I could say I was surprised… But I can’t. I am not trying to say that Republicans are always correct, but the left really needs to set aside their ideology and start considering actual evidence, rather than feelings, when making economic decisions in the future. If they can do that, perhaps we can start getting this economy and country back on track.

Please pass this blog post or actual article on. Those voters who don’t like making hard decisions must see this information so they are not easily persuaded to support liberal “fantasy-land” solutions to tough economic problems.

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Wonder what you would find if you frisked President Obama’s $787+ billion stimulus package?

Answer: Economists think the government’s stimulus package hasn’t helped out the economy.

Yay! President Obama and his loyal Democrats tripled the national deficit within a single year thanks to his unpopular economic stimulus package. Unfortunately for our country, this is what we have to show for it…

CNN Money reports:

The recovery is picking up steam as employers boost payrolls, but economists think the government’s stimulus package and jobs bill had little to do with the rebound, according to a survey released Monday.

In latest quarterly survey by the National Association for Business Economics, the index that measures employment showed job growth for the first time in two years — but a majority of respondents felt the fiscal stimulus had no impact.

NABE conducted the study by polling 68 of its members who work in economic roles at private-sector firms. About 73% of those surveyed said employment at their company is neither higher nor lower as a result of the $787 billion Recovery Act, which the White House’s Council of Economic Advisers says is on track to create or save 3.5 million jobs by the end of the year.

That sentiment is shared for the recently passed $17.7 billion jobs bill that calls for tax breaks for businesses that hire and additional infrastructure spending. More than two-thirds of those polled believe the measure won’t affect payrolls, while 30% expect it to boost hiring “moderately.”

Peace out tax dollars!

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Wonder what you would find if you frisked the latest FOX News poll?

Answer: Americans are worried about the collapse of our economy.

Finally! The average American is starting to become nervous about our enormous national debt and deficits! Or maybe it’s just those who pay attention to FOX News, but either way… Those individuals are the most informed. (Sorry CBS, MSNBC, CNN, and others. There’s just no substance to your arguments or opinions when you consistently refer to a large percentage of Americans as a sexual slur.)

FOX News reports:

Most American voters believe it’s possible the nation’s economy could collapse, and majorities don’t think elected officials in Washington have ideas for fixing it.

The latest Fox News poll finds that 79 percent of voters think it’s possible the economy could collapse, including large majorities of Democrats (72 percent), Republicans (84 percent) and independents (80 percent).

Just 18 percent think the economy is “so big and strong it could never collapse.”

Moreover, 78 percent of voters believe the federal government is “larger and more costly” than it has ever been before, and by nearly three-to-one more voters think the national debt (65 percent) is a greater potential threat to the country’s future than terrorism (23 percent).

Reminder to Democrats: If you continue to spend away on the taxpayer’s credit card – that’s already insanely maxed out – you will be punished at the ballot box in November!

Side-Note: I don’t know why I added that reminder, because I don’t think they will listen anyways…

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Wonder what you would find if you frisked the latest study regarding President Obama’s health-care bill?

Answer: Obama-Care will destroy 700,000 jobs by 2019!

Oops! It looks like House Speaker Nancy Pelsoi’s (D-CA) numbers were a little bit off a few weeks ago at the Obama-Care summit. I guess it’s just another common mistake made by the Democratic Party and the organizations that fund their progressive/liberal agenda. All I have to say is: Please try again.

According to a new study conducted by Americans for Tax Reform and the Beacon Hill Institute, the current Obama-Care bill that Congress plans on voting on this weekend will destroy jobs… NOT create them. Hot Air has an exclusive first look at the BHI executive summary that will be available later on today:

Nancy Pelosi, the Speaker of the House of Representatives, has urged passage of the massive health reform plan moving through Congress as a way to create up to 400,000 jobs.  Speaker Pelosi bases her claim on a report by the Center for American Progress (CAP) in which the Center estimates that the Patient Protection and Affordable Care Act (PPACA) would create 250,000 to 400,000 jobs per year over 10 years.

This estimate by CAP amounts to a hurried effort to add academic heft to the claim that national health care reform offers a collateral benefit in the form of an economic “stimulus.” It turns out, however, that its methodology, stripped of unsupportable claims about savings in health care costs, shows just the opposite of what CAP intended. PPACA is a job killer, not a job creator.

Using the CAP methodology, we find that the bill would destroy a total of 120,000 to 700,000 jobs by 2019, a far cry from the number suggested by leading advocates.

CAP’s claim about job creation rests on its assumption that various developments ensuing from passage of the bill – upgrades in medical technology, the promotion of preventive care and the reduction in administrative costs – would save $683 billion over ten‐years and thus set in motion new incentives for firms to create jobs. The trouble is that the claimed costs savings are at odds with estimates from both Congress and the Executive Branch, which, together, are responsible for considering and ultimately implementing the legislation.

There is no evidence that the projected savings proposed by the Obama administration, particularly in areas such as preventive care, would ever materialize. The literature cited by proponents is speculative at best. Also, there is no guarantee that the administration would be successful in lowering insurance premiums while expanding coverage, without limiting access to health care.  …

Once we dismiss purported cost savings such as the proposed Medicare cuts, the job gains produced by the CAP methodology become job losses. We  utilized the same econometric model used by the CAP authors to derive employment effects of PPACA, but with the unsupportable costs savings stripped from the model. We provide two estimates:

  1. The first estimate applies the CAP methodology to the CMS estimate that the PPACA would increase national health expenditures by $24.8 billion over the baseline case by 2019. This estimate shows that PPACA would kill 120,000 jobs by 2019.
  2. The second estimate applies the CAP methodology to a scenario in which we begin with the CMS estimate but in addition eliminate the $437 billion in Medicare cuts assumed by CAP and then factor in an additional $70 billion in discretionary spending that the CBO indicated would take place under the Bill. The addition of these figures would increase national health expenditures by $148.8 billion in 2019 and thus kill 700,000 jobs by 2019.

Honestly… How much proof do you need that socialized health-care is NOT the answer? Better yet, how much proof do you need that larger government is NOT the answer?

It’s really quite simple: The pubic sector doesn’t create jobs… It is the private sector that creates the jobs and basically provides the public sector with the money they use/need.

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Harry Reid (D-NV).

Wonder what you would find if you frisked Senate Majority Leader Harry Reid’s reason to pass a $15 billion package meant to spur job creation?

Answer: Domestic abuse will skyrocket if the bill does not pass or something…

What a great argument to get a spending bill passed. 😆 The Hill reports:

Senate Majority Leader Harry Reid (D-Nev.) suggested Monday that domestic violence by men has increased due to U.S. joblessness.

Reid, speaking in the midst of a Senate debate over whether to pass a $15 billion package meant to spur job creation, appeared to argue that joblessness would lead to more domestic violence.

“I met with some people while I was home dealing with domestic abuse. It has gotten out of hand,” Reid said on the Senate floor. “Why? Men don’t have jobs.”

Yikes… Should Harry Reid’s wife be worried come November? 😆 In the end, the real question here is:

If passing a jobs bill is needed to rescue women (and men) in distress, then why didn’t this moron and his caucus get to work on it earlier instead of focusing on Obama-Care to the exclusion of all else?

*UPDATE* – February 23, 2010

HAHA! This photo popped up on RedState.com regarding this news story:

Major props!

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