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Labor Day 2011: What Are We Celebrating? The Lack Of Jobs In America?

 

The Economic Collapse Blog
September 5, 2011

If you still have a good job, you certainly have something to celebrate on Labor Day 2011.  So far you have survived the decline of the U.S. economy.  But your day may be coming soon.

This weekend, there will be millions of Americans that will not be doing any celebrating.  They are not enjoying a break from their jobs because they don’t have any jobs.

In fact, it seems kind of heartless for the rest of us to be celebrating while so many of our countrymen are destitute.  What are we celebrating on Labor Day 2011? The lack of jobs in America?

At this point, the U.S. economy closely resembles a gigantic game of musical chairs.  Every time the music stops, even more good jobs are pulled out of the game and even more workers are added.

Once upon a time, if you really wanted a job in America you could get one.  But now the competition for even the most basic jobs is absolutely brutal.  If you gathered together all of the unemployed people in the United States, they would constitute the 68th largest country in the world.  It would be a nation larger than Greece.

All of those unemployed people are not going to be taking trips with their families this holiday weekend.  Instead, most of them are going to be trying to figure out what to do with their shattered lives.

With the economy in such a mess, you would think that someone out there would be suggesting that Labor Day 2011 should really be a day of mourning.  This economic downturn has shredded the lives of millions of American families.

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Is there any other crisis in recent years that has had more of an impact on a national level?

On Friday, the U.S. Bureau of Labor Statistics reported that no new jobs were created during the month of August and that the official unemployment rate remained steady at 9.1 percent.

Wait, aren’t we supposed to be in the middle of an economic recovery?

Actually, we need at least 125,000 new jobs or so each month just to keep up with the growth of the U.S. population.  So it seems odd that the economy would add zero jobs but the unemployment rate would not increase.

But that is what the government is saying.

In any event, things don’t look good.  According to the U.S. Bureau of Labor Statistics, the civilian employment-population ratio was at 58.2 percent last month.  This is an incredibly low figure.

In a recent article, John Mauldin explained what would have to happen to return the employment-population ratio to where it was in the year 2000….

The US has roughly the same number of jobs today as it had in 2000, but the population is well over 30,000,000 larger. To get to a civilian employment-to-population ratio equal to that in 2000, we would have to gain some 18 MILLION jobs.

Does anyone have an extra 18 million jobs laying around somewhere?  The following is a chart showing what has happened to the employment-population ratio over the last several decades….

What makes this chart even more startling is that the number of women in the workforce was constantly rising for most of the time period reflected in this chart.  So when you take that into account our current situation is far worse.

For example, back in 1969 95 percent of all men between the ages of 25 and 54 had a job.  Pretty much any man in his prime working years that wanted a job could get a job.

In July, only 81.2 percent of men in that age group had a job.

But that is only part of the story.  Another significant trend has been how flat wages have been.  Average hourly earnings fell 0.1% in August.  Meanwhile, the prices in the stores continue to go up.

In this column, I write a lot about how the middle class is being destroyed in this country.  When you look at the ratio of employee compensation to GDP, it is now the lowest that is has been in about 50 years.  In other words, U.S. workers are taking home a smaller share of the pie than at any other time in modern U.S. history.

But at this point those that still actually do have jobs consider themselves to be the lucky ones.

Tonight, there will be millions of desperate unemployed Americans that will blankly stare at their televisions as they try to figure out how their dreams got flushed down the toilet.

Remember how I mentioned at the beginning of the article that unemployed Americans would constitute a country larger than Greece?  Well, 42 percent of all of those unemployed Americans have been out of a job for 27 weeks or longer.

What would you do if you lost your job and you were unemployed for half a year?

Would you be able to survive?

In America today, the longer that you are unemployed, the harder it is for you to get another job.  If you have been unemployed for at least one year, there is a 91 percent chance that you will not find a new job within the next month.

Out of sheer desperation, many Americans have taken jobs that they never even dreamed that they would take.

Only 47 percent of the U.S. workforce is “fully employed” at this point.  Right now there are hordes of Americans that are waiting tables, flipping burgers or stocking shelves at Wal-Mart because that is all that they can find right now.

Sadly, this is all part of a long-term trend.

Back in 1980, less than 30% of all jobs in the United States were low income jobs.  Today, more than 40% of all jobs in the United States are low income jobs.

This middle class is being pummeled out of existence, and most Americans don’t even understand what is happening.

It certainly does not help that both the Republicans and the Democrats have stood by as millions upon millions of our jobs have been shipped out of the country.

It also certainly does not help that both the Republicans and the Democrats have stood by as millions upon millions of illegal immigrants have taken jobs away from American citizens.

It also certainly does not help that both the Republicans and the Democrats have stood by as U.S. businesses have been absolutely crushed by mountains of nightmarish regulations and have been taxed into oblivion.

The decade that just ended was the worst decade for job growth in America since the Great Depression.  In fact, even though thirty million people were added to the U.S. population during the decade, there was essentially zero job growth.

Sadly, things look like they are going to continue to get even worse.  For example, the United States Postal Service is in such trouble that it is asking Congress to allow it to lay off 120,000 workers. Overall, the Postal Service wants to eliminate 220,000 positions by 2015.

So is this big speech that Obama is going to give on Thursday going to solve anything?

Of course not.

The reality is that if Obama or any of his advisors had any grand ideas for fixing our situation they would have implemented them by now.

And what is the big deal in making us wait until Thursday to hear these “new ideas”?  Why not just tell us now?

Sadly, the truth is that everything that our politicians do now is about setting themselves up for the 2012 election.

Most likely, Obama is just going to take a bunch of tired ideas that do not work and “spin” them into a grand new plan.

Millions of Americans will actually buy into it.

But it is not as if establishment Republican candidates have anything to offer either.

You know, if Obama wanted to do something substantial, one place to start would be to order the Federal Reserve to stop paying banks not to make loans to individual and small businesses.

But just like all of our other weak-minded recent presidents, Barack Obama is not going to confront the Federal Reserve.

In fact, everything that Obama actually does “for the economy” only seems to make things worse.

As I have outlined before, we know exactly why our economy is losing jobs and we know things that we could start doing right now to reverse the long-term trends that are absolutely killing us.

But Barack Obama is not talking about real solutions and neither are the establishment Republican candidates.

So things are going to continue to get worse.  The number of Americans on food stamps has increased 74% since 2007.  Every month we have been setting a new record.  The middle class is going to continue to disappear as the number of good jobs continues to decrease.

So, no, there are not too many reasons to celebrate on Labor Day 2011.  Our economy is dying and millions upon millions of our fellow citizens are deeply suffering.

Urgent action is required in order to prevent our situation from rapidly getting worse, but right now the vast majority of our politicians are asleep at the switch.

So instead of celebrating this Labor Day, why don’t you say a prayer for America instead?

We really could use it.

Ron Paul Issues Statement on Libya

By Ron Paul:
LAKE JACKSON, Texas– Today, 2012 Republican Presidential candidate Ron Paul issued a statement on the situation in Libya. See comments below.
“The current situation in Libya may be a short term victory for Empire, but it is a loss for our American Republic. And, I fear it may be devastating to the Libyan people.“There is no doubt that Moammar Gadhafi is a bad guy, and that he has brought harm and misery to his country. However, our involvement in another country’s civil war is costly and unconstitutional.

“We have spent over $1 billion on a war that this administration has fought not with the consent of Congress but under a NATO flag and authorization from the United Nations.

“It is a serious thing for a President to engage us in a war. He is bound by our Constitution to seek authority from the People, through our Congress, prior to engaging in any military action unless that action is to address an imminent threat to our safety and security. The situation in Libya is a civil war contained within that country’s sovereign borders, and it presented no imminent threat to the United States.

“And so, our government continues to spend trillions of dollars in overseas foreign wars while we face unsustainable debt, a looming dollar crisis, and our Constitution seems to lose any meaning. These actions will sink our country if we do not reverse course.

“Meanwhile, we must beware of any ‘Mission Accomplished’ euphoria. The conflict in Libya is far from over, and there could very well be war in Libya for a long time to come.

“While I hope and pray that the hostility draws to a close and the people there find peace, I fear this is only wishful thinking. We face a situation where a rebel element we have been assisting may very well be radical jihadists, bent on our destruction, and placed in positions of power in a new government.

“Worse still, Gadhafi’s successor is likely to be just as bad, or worse, than Gadhafi himself.   Alternately, Libya may descend into anarchy like Somalia after the overthrow of dictator Siad Barre.  Much like when we removed Saddam Hussein, another thug in Iraq, the likelihood of either a new brutal dictatorship or tribal violence and a protracted insurgency are much more likely than the peaceful transition to democracy we are all hoping for.

“With all these problems and the predictable chaos that will likely ensue, we must ask why this administration was so eager to embark on this Libyan operation in the name of ‘humanitarianism.’ Governments in Bahrain and Yemen have this year used military force to put down democratic protestors. The Saudi regime, which practices Sharia Law, has also been repressive, yet we have not intervened there. These countries continue to sell us oil, while Libya had begun to turn their exports toward Russia, China, India, and Brazil. Could this war largely be about protecting our oil interests at the expense of our Constitution?

“This episode is all too familiar. We were already involved in two wars that have dragged on years longer than the people who led us into them initially predicted.  We can no longer afford to police the world, in terms of both dollars and American lives. We will destroy ourselves if we do not stop, build a strong national defense at home, and focus on trade and commerce with the world instead of Empire.”

Reject the Welfare/Warfare State

11/12/10

By Ron Paul:

Last week’s midterm elections have been characterized as a victory for grassroots Americans who are fed up with Washington and the political status quo. In particular, the elections are being touted as a clear indicator that voters demand reductions in federal spending, deficits, and debt.

If the new Congress hopes to live up to the expectations of Tea Party voters, however, it faces some daunting choices. For all the talk about pork and waste, the truth is that Congress cannot fix the budget and get our national debt under control by trimming fat and eliminating earmarks for “Bridges to Nowhere.”

Real reductions in federal spending can be achieved only by getting to the meat of the federal budget, meaning expenditures in all areas. The annual budget soon will be $5 trillion unless Congress takes serious steps to reduce spending for entitlements, military, and debt service. Yet how many Tea Party candidates who campaigned on a platform of spending cuts talked about Social Security, Medicare, foreign wars, or bond debt?

 

With regard to entitlements, the 2010 Social Security and Medicare Trustees report tells it all. It paints a stark picture of two entitlement programs that cannot be sustained under even the rosiest scenarios of economic growth. No one, regardless of political stripe, can deny the fundamental problem of unfunded future liabilities in both programs.

We should understand that Social Security was intended primarily to prevent old widows from becoming destitute. Life expectancy in 1935 was only about 65, when there were several workers for each Social Security recipient. The program was never intended to be a general transfer payment from young workers to older retirees, regardless of those retirees’ financial need. Yet today Social Security faces an unfunded liability of approximately $18 trillion.

 

First, Congress needs to stop using payroll taxes for purposes not related to Social Security, which was a trick the Clinton administration used to claim balanced budgets. Second, Congress should eliminate unconstitutional spending — including unnecessary overseas commitments — and use the saved funds to help transition to a Social Security system that is completely voluntary. At some point in the near future Congress must allow taxpayers to opt out of federal payroll taxes in exchange for never receiving Social Security benefits.

Medicare similarly faces a shortfall of $30.8 trillion in unfunded future benefits. The Part D prescription drug benefit accounts for approximately $15.5 trillion, or half of the unfunded Medicare liability. Congress should immediately repeal the disastrous drug benefit passed in 2003 by President Bush and a Republican Congress.

Fiscal conservatives should not be afraid to attack entitlements philosophically. We should reject the phony narrative that entitlement programs are inherently noble or required by “progressive” western values. Why exactly should Americans be required, by force of taxation, to fund retirement or medical care for senior citizens, especially senior citizens who are comfortable financially? And if taxpayers provide retirement and health care benefits to some older Americans who are less well off, can’t we just call it welfare instead of maintaining the charade about “insurance” and “trust funds”?

Military spending and interest on the national debt similarly represent large federal expenditures that Congress must address by rethinking our foreign policy and exercising far greater oversight over the Federal Reserve and the Treasury department.

I have for a long time criticized our interventionist foreign policy and the Fed, and I will continue to do so. It’s time for Congress to face the fundamental problems that affect Social Security and Medicare, and show the courage necessary to make real changes to both programs by rejecting the welfare/warfare state.

Ron Paul to Congress: Show True Compassion by Abolishing FEMA

Abolish FEMA

Help The Gulf Coast Families!

Please check out this link and learn how you can help residents of the Gulf Of Mexico survive the United States’ second 9/11 – make no mistake… This event will live in infamy and small businesses, livelihoods and health of everyday families are being flushed down the toilet. We all need to help our fellow man.

Imagine if it were you and your family caught down there with no income, no way to leave, and no end in sight.

http://www. GulfCoastFamilyFund.org.org/share.html

Give War A Chance

The solution to war is peace… through war. Does this sound like a certain situation going on in the middle east right now?

I would venture to suggest ‘peace’ should not be the end game in the middle east region, but rather respect for ALL peoples, rights and religions. Could it be that the elusive ‘peace’ that is toted as the holy grail of our modern world is a ideology that underpins perpetual war, masquerading as peace?

As the US and Israel prepare to attack Iran and the unending assault on Palestinians, let us re-evaluate what our goals and mission as people on this planet should be.

Do we really want to bomb eachother into submission in the name of peace, or do we want to respect all points of view, all religions, all rights, all lands, and refuse to walk down the destructive path of war dressed up as peace?

Dumping Stocks

I see that there is a fire sale going on with BP shares. But what I am curious about is why did both Goldman Sachs and BP President Tony Hayward (30%) dump all their shares 3 weeks before the disaster? Its probably just a lucky coincidence but I’m thinking these guys need to become professional gamblers.

These guys below didn’t get off quite so lucky.

Check out this FOX article:

BP Stock Frowned On as Bank of America, Lawmakers Unload

 

Published June 16, 2010

| FOXNews.com

 

Bank of America reportedly has sent around a directive to limit trades with BP as the oil company’s stock continues to decline and its credit rating erodes. 

The bank’s stink-eye toward BP comes as several lawmakers revealed they’ve unloaded the oil company’s stock.

Reuters reported that a high-level Bank of America executive on Monday ordered traders not to conduct oil trades with the company that last beyond June 2011. The decision comes as the company scrambles to staunch the gushing oil leak in the Gulf of Mexico while working with the federal government to contain and clean up the damage. 

Bank of America would not confirm or deny the report. 

“We’re not commenting on that. That’s a client, so as a rule we do not comment on client relationships,” said spokesman John Yiannacopoulos. 

The crisis has left BP on the hook for what will likely be billions in clean-up costs, economic damages and potential penalties. The company reached a deal with the Obama administration Wednesday for a $20 billion fund to pay claims to Gulf residents. 

Meanwhile, several lawmakers in Congress have dumped their shares in companies connected to the oil rig disaster. The Center for Public Integrity said in a statement Wednesday that Sens. John Kerry, D-Mass.; Kit Bond, R-Mo.; and Judd Gregg, R-N.H.; and Rep. Carolyn Maloney, D-N.Y., had all sold shares in either BP or Transocean, which owned the rig.

The center was basing its statement on information obtained ahead of the release of financial disclosure documents. According to the center, Gregg earlier reported owning between $15,001 and $50,000 in BP shares; Maloney reported owning between $50,001 and $100,000 in BP shares; and Bond reported having between $1,001 and $15,000 in Transocean shares. Bond’s office said the senator actually sold his stock in February 2009, long before the Gulf of Mexico oil spill. 

Kerry sold his Transocean stock but still owns between $1,001 and $15,000 in BP stock, according to the center.