Powered by TypePad

« Former CIA Official Indicted | Main | Saturday Morning Open Thread »

January 07, 2011

Comments

Neo

Even NPR was reporting this morning that 103,000 new private-sector jobs isn’t enough to keep up with the number of new workers attempting to enter the workforce.

Just what the reader ordered, though.

The headline fails to tell the story which is not good news for Obama or the headline writer.
============

bgates

The Obama administration isn't concerned about headlines, TM. They're focused on doing what's right for their country.

Which country that is, I have no idea.

Threadkiller

Jobs?

">http://www.youtube.com/watch?v=79wQ7Ohu3M8"> The Prosperity Congress

">http://mcclintock.house.gov/2011/01/the-prosperity-congress.shtml"> Text

I rise to express the hope that historians will look back on the 112th Congress as the session that restored American prosperity – and to express my strong agreement with the new leaders of this House who have declared that every action of this body must be measured against this goal.


Government does not create jobs or wealth – it merely redistributes them. Jobs and wealth can only be created through the free exchange of goods and services in a free market. Government’s role is to create and protect the conditions which promote prosperity.


We must restore the freedom of choice that gives consumers the ultimate say over the output of our economy. In a free and prosperous society, consumers vote every day with their own dollars on what kind of light-bulbs they prefer, on how they wish to get to work, on what foods they like, on how much water they want in their toilets, on what kind of cars they want or on what kind of housing they desire.


M. Speaker, let us together revive and restore the freedom and prosperity of this nation and fulfill that sacred command inscribed on our Liberty Bell: “To proclaim liberty throughout ALL the land, and unto ALL the inhabitants there of.”

TM for President; Either one.

Janet

Would Obama Prefer A Good Headline Now Or Later?

Nobody knows. He was at Island Snow in flip flops & was unavailable for comment. Ask Daley....

Jim Ryan

Is the dollar on a slope that is too slippery at this point, given our leadership?

Threadkiller

Those were excerpts. The entire speech is a keeper. Please enjoy it.

mikey

I heard last night on Kudlow that many were expecting gangbuster numbers. This fell way below many expectations. How does this play into the repeal debate where Republicans are making the case that Obamacare is a jobs killer?I think this will be the line of reasoning on the Sunday talk shows injunction with Bernanke's testimony.

glasater

"shows injunction with Bernanke's testimony" -- que?

Non?

in conjunction
======

clarice

Mikey Let's say I give that CBO report even less credence than I did the preposterous report they manufactured when Obamacare was passed.

Agent J. (formally known as "J"..

A question(s) not an opinion. Records show creating 103,000 jobs. How many new Americans enter the work force every month? Are we gaining. If we have, say 250,000 entering, and we create 103,000..we are still moving in the wrong direction.

Jim Rhoads a/k/a vjnjagvet

You are not alone, Clarice. As a Fox reporter said this morning, garbage in and garbage out. Even the CBO admitted that it used assumptions about reduction in Medicare and Medicaid costs that were more than suspect. Dems like Debbie WassermanSchultz are mindlessly mouthing the faulty CBO report.

Melinda Romanoff

mikey-

9.4 will be all the chatter, IMO. The hopes being that no one will pay attention to the fact that the DENOMINATOR in that calculation shrank by 317,000.

(Find the Red Queen)

Porchlight

TK, thanks for the link to the McClintock speech. The Prosperity Congress - I like that.

Rick Ballard

"isn’t enough to keep up with the number of new workers attempting to enter the workforce."

That does not comport with BLS labor force projections. The 16-24 yo 'new worker' cohort is projected to shrink by 7,500 per month while the workhorse contingent increases by 13,000 per month and geezers are chained in harness at a rate of 100,000 per month (see Table 2). The projections call for employment to rise by 127,00 per month but that's not the same as the increase in the size of the labor force and has nothing whatsoever to do with the size of the 'new entrant' cohort.

I don't agree with the projections (the geezers aren't going to stay chained in harness) but the overall demographic distribution of the labor force is correct.

NK

Folks-- how do we know that this is a lousy jobs report, and no real increase in hiring is expected by the Obamaniac? What have they done to kick off their 2012 run? didn't force bogus votes for the Budget, agreed to a 3 month CR; signed off on 2 year tax rate extension and payroll tax reduction -- for EVERYONE-- EVEN ME!!--; hired Daley fired Gibbs and Jarrett(?); speech to Chamber of Commerce; FOX superbowl interview. Trend-- running away from the Lefties, making nice to the Righties/Indies. Unemployment stuck on high; gas prices going up. Terrible way to run an election decided by Indies. Barry O may have screwed his own re-election pooch.

NK

RickB-- as usual you are johnny on the spot with data. Bottom line the "Atmospherics" are rising food and fuel prices, stagant wages, no better job prospects. That is a lousy way to run for RE-election when the people most hurt by that are working/middle class indie voters.

cathyf

Technical questions...

When you are on unemployment, you can earn a certain amount in a week with no reduction of benefits, then they start reducing benefits, and then if you make enough, you get no benefit for that week. (This is so the UI doesn't discourage people from taking odd jobs.) Suppose there is a big snowstorm, and an unemployed person works (very hard) for a couple of days and earns $2000. So he dutifully reports those earnings and receives no money for that week, but then goes back on unemployment for the next week. Or someone works as a substitute teacher. Weeks where she doesn't work, or works one or two days, she still gets unemployment. If there is a rash of sick teachers and she works every day for 3 weeks, then she won't get unemployment for those weeks. Does this stuff count as an entrance & exit from the work force? It seems that lots of people could be getting by with a combination of odd jobs some weeks and unemployment other weeks, and you could get into some serious double-counting if you aren't careful...

If someone's unemployment compensation simply runs out, do they stop getting counted? What about when the next benefit year starts and they reapply? (A person who cobbles together odd jobs and part-time work will pay enough unemployment taxes to be eligible for another block of benefits.)

Melinda Romanoff

Heeeerrre's Nancy!

hahahahahahah!

Melinda Romanoff

cathyf-

And can I collect in Kenosha what I do in Chicago?

Oh, sorry, that's not unemployment.

narciso

Ah, 'Bless her heart" she's a blithering idiot' and she might actually actually believe that, not just a talking point for
her

Porchlight

Does this stuff count as an entrance & exit from the work force?

cathyf,

I remember hearing a story in the summer about Census jobs being counted even though people only worked about 3 weeks or so and then were laid off. Some never even worked - only received training. But I bet those were counted as jobs, too.

Jane (sit on the couch or save your country)

And many were hired, fired and re-hired many times so they could be counted every time they were hired. It was all a scam.

Melinda Romanoff

cathyf-

That was a weak cover for I honestly don't know, Rick would know that better than me.

Jim Ryan

Joe thinks the dollar is going down hard. What should Joe do with his tiny IRA, put it into Canadian dollars or some other foreign currency?

Jack is Back!

OT:

For all the friends of PeterUK, here is nice clip of Ronnie Corbett and Harry Enfield discussing the problem with Blackberry's, Apples and even Orange (the cell network in the UK). Ronnie has a nice Lancashire accent and would be close to the way Peter Bocking would talk.LUN

BTW, its pretty funny!!

Melinda Romanoff

Jim-

I wouldn't be giving Joe any help, in the form of advice, drilling holes in his own boat.

[If the dollar is so bad because of our economy, where's a stronger one?]

glasater

Here's one take on the jobs report:

The Ugly Details Behind Today's Big Jobs Report Miss

glasater

BTW -- The Bernanke intimated in his testimony before the senate committee that the muni bond market would not be in trouble or more specifically going down the dumper.

Reading 'way between the lines -- could it be that that Fed will intervene in that market?

Jim Ryan

Mel, crap, I gave everything in my IRA to this guy. He said he had a sure thing. Didn't get his name. He was a member of the administration and the guy with him was a Congressman.

NK

Glasater--

If the Bernanke intervenes in the MuniBond mart to bail out dem governors (and the Goldman fees) can a Fed Chairman be impeached by the House? Is he a Federal Officeholder?

Stan Grabowski

Illinois Suckers!!!!!

"Illinois Lawmakers Propose 75 Percent Income Tax Hike

Gov. Pat Quinn and the leaders of both houses of the Illinois General Assembly have agreed on raising the state income tax.

If the bill passes, the plan would raise the personal income tax rate from the current 3 percent to 5.25 percent. That’s a 75 percent increase. In real dollars, that would mean if you currently owe $1,000 in taxes, next year you would owe $1,750.

The Democratic leaders in the Illinois General Assembly believe this income tax increase, a corporate tax hike, and a $1-per-pack tax increase on cigarettes would erase the state’s $15 billion budget deficit."
LUN

Porchlight

The Democratic leaders in the Illinois General Assembly believe this income tax increase, a corporate tax hike, and a $1-per-pack tax increase on cigarettes would erase the state’s $15 billion budget deficit."

Only if half the state doesn't decide to pack up and move to Texas.

NK

Boeing, Boeing, Boeing... Gone!!!!!!

Ranger

The Democratic leaders in the Illinois General Assembly believe this income tax increase, a corporate tax hike, and a $1-per-pack tax increase on cigarettes would erase the state’s $15 billion budget deficit.

Until those leaders come up with more plans to spend money to buy votes across the state. BTW, just admitting to the size of the budget deficit is admiting to violating the state constitution, which requires a ballanced budget every year.

The only good news in all of this is that this tax hike will hit the "moderate republican" Chicago suburbs who re-elected Quinn because they coudln't bring themselves to vote for a downstate Republican who was a "social conservative."

NK

FunFact--

The Ill. tax increase also reduces Fed Income tax receipts 25% from every itemized deduction filer in Ill. The tax mongers even feed on their own.

Ranger

Also, this tax hike in Illinois does nothing to deal with the existing state debt, which is going to crush the state budget with debt servicing costs, or the pending collapse of the state pension funds.

Neo

Yeah, that's the ticket ...

We still would have lost the election because we had 9.5% unemployment. Let’s take it where that came from. The policies of George W. Bush and the Republican support for his initiatives, tax cuts are for the wealth, recklessness by some.”
One wonders why she didn't blame Climate Change ?

Melinda Romanoff

Ranger-

Yes it does so change the state debt levels, because they're going to sell $12.2B more to "cover their bills".

So they've got that going for them...

Jack is Back!

Mel,

Any states or muni's that PIMCO won't buy their bonds? Isn't that always a tell-tale sign?

Melinda Romanoff

Neo-

Note my "Heeerrre's Nancy!" at 1:35.

JiB-

Bill Gross is nobody's friend when he shares his insights. Keep that in mind.

Ranger

Yes it does so change the state debt levels, because they're going to sell $12.2B more to "cover their bills".

So they've got that going for them...

Posted by: Melinda Romanoff | January 07, 2011 at 03:12 PM

Ah, so they are going to pay the interest on one credit card by taking out a new one and maxing it out right away. Of course they are!

Melinda Romanoff

Let's not talk about the pension adjustment bill, that's sitting on Quinn's desk, just quite yet. (That would be the one that forces municipalities to hike their real estate tax rates until public pensions are 90% funded across the state by 2015, no state funds involved.)

Neo

Investigation into death of Notorious B.I.G. heats up

I know we've all been waiting for justice here.

cathyf

So what do you think that's going to do for real estate values in Wisconsin and Indiana? While Porch's suggestion to move to Texas has its strong points, about 90% of the population of Illinois can move out of state and still commute to jobs in state. (Heck, I ALREADY live in Illinois and work in another state. I could buy a house next to the office, move my residency, and keep the Illinois house as a "vacation home." It's not like I'd ever be able to sell it -- I think 10% of the property in my town is on the market, for an average of about 18 months. Want a lovely 4BR victorian mansion in a nice neighborhood? $43,000, and it's been on the market for 5 years.)

cathyf

I heard PIMCO stopped buying Irish bonds, and the Swiss won't take them as collateral any more.

Well there's always been a close Chicago-Ireland connection!

NK

MelindaR-- Bill Gross is always HIS OWN best friend.

Extraneus

New documents: Hitler-mocking dog enraged Nazis

BERLIN (AP) -- Newly discovered documents have revealed a bizarre footnote to the history of the Second World War: a Finnish mutt whose imitation of the Hitler salute enraged the Nazis so deeply that they started an obsessive campaign against the dog's owner.
Extraneus

Jackie and owner Tor Borg, a businessman from the Finnish city of Tampere.

clarice

More on the CBO report


The American Spectator ^ | January 07, 2011 | Philip Klein
The Congressional Budget Office, in an email to Capitol Hill staffers obtained by the Spectator, has said that repealing the national health care law would reduce net spending by $540 billion in the ten year period from 2012 through 2021. That number represents the cost of the new provisions, minus Medicare cuts. Repealing the bill would also eliminate $770 billion in taxes. It's the tax hikes in the health care law (along with the Medicare cuts) which accounts for the $230 billion in deficit reduction. Full email, from Edward "Sandy" Davis, CBO's Associate Director for Legislative Affairs, below.

++++
Is Pelosi nuts? Or is she nuts?


Insty notes nice sized bi-partisan vote to kill Obamacare.

bgates

a Finnish mutt whose imitation of the Hitler salute enraged the Nazis so deeply that they started an obsessive campaign against the dog's owner

In entirely unrelated news,
After his last victory the UFC lightweight said he wanted his next bout to be against Barack Obama, because of their political differences. That, Volkmann told MMAFighting.com, brought on a visit from the Secret Service on Tuesday.

NK

Clarice-- yes Nancy P is NUTZ. Do you think being continuously hooked up to a Botulinum IV has no effect?

clarice

NK, She should stick with her area of expertise, catholic theology.

jimmyk

If someone's unemployment compensation simply runs out, do they stop getting counted?

Cathyf, the unemployment status is not connected to whether they are getting unemployment benefits. The survey asks if they are actively seeking employment, not whether they are getting UI benefits. (It's true that in order to get UI benefits you are supposed to be actively seeking work, but the converse is not true.)

daddy

Another day, another Instalance for Hit & Run over at Instapundit!

On a roll Hit.

NK

Excellent Pelosi snark Clarice.

narciso

Where are you today, in the world, daddy

Pagar

Check the Update at the end of the Article.
Mass Supreme Ct ruling.
Apparently they expect American banks to adhere to American real estate laws. If the bank doesn't have the correct paperwork to show they own the house, they are not entitled to foreclose. What a novel idea!

Danube of Thought

I'm simply loving Bloomberg's approval numbers. Won't it be a fine day when that officious fool is out of our lives?

Threadkiller

They can’t shut him up now. Iggy, you get your forest back.

">http://www.youtube.com/watch?v=RxHnSWzxZ44"> The Royal Forests

">http://mcclintock.house.gov/2011/01/the-royal-forests.shtml"> Text


During the despotic eras of Norman and Plantagenet England, the Crown declared one third of the land area of Southern England to be the royal forest, the exclusive preserve of the monarch, his forestry officials and his favored aristocrats. The people of Britain were forbidden access to and enjoyment of these forests under harsh penalties. This exclusionary system became so despised by the people that in 1215, five clauses of the Magna Carta were devoted to redress of grievances that are hauntingly similar to those that are now flooding my office.
Mr. Speaker, the attitude that now permeates the U.S. Forest Service from top to bottom is becoming far more reminiscent of the management of the royal forests during the autocracy of King John than of an agency that is supposed to encourage, welcome, facilitate and maximize the public’s use of the public’s land in a nation of free men and women.
*****
It is time for Congress to conduct a top-to-bottom review of the abuses by this increasingly unaccountable and elitist agency, to demand accountability for the damage it has done – and is doing – to our forests’ health, to the public’s trust, to the government’s revenues and to the nation’s economy – and to take whatever actions are necessary to restore an attitude of consumer-friendly public service which was Gifford Pinchot’s original vision and for which the U.S. Forest Service was once renowned and respected.


Oh yea!

clarice

Me, too DoT. Maybe if he spent less time greasing the skids for the GZM fraudsters and telling restaurants what ingredients to use...

Danube of Thought

Tyler Durden:

"While today's unemployment number came at a low 9.4%, well below expectations, the one and only reason for this is that the labor force in America has plunged to a fresh 25 year low. Assuming a reversion to the mean in the long-term average participation rate back to 66%, means that the civilian labor force, which in December came at 153,690, a drop of 260,000 from November, is in reality 157.6 million, a delta of 3.91 million currently unaccounted for. Maybe someone can ask Bernanke during his imminent presentation before Congress what happened to the unemployed population, which would have been 18.4 million if this labor force delta was incorporated, resulting in an unemployment rate of 11.7%."

Dave (in MA)

Now that he's been safely reelected, Barney Frank's http://www.bostonherald.com/business/general/view/20110107barney_frank_tells_young_tv_interviewers_job_exhausts_him/srvc=home&position=also>"sense of obligation" is revealed to be the only reason he decided to run for office again, in a 2009 interview with the local public TV station.

(http://www.facebook.com/pages/Sean-Bielat/318262062362>Reactions from his 2010 opponent's supporters on Facebook)

daddy

Narciso,

Just arrived in Anchorage from Shanghai an hour ago. As usual, 4 posts and 300 comments behind everybody else. Did you guys already congratulate Hit on his latest Instalance?

Kleber Razorg

Excellent post, I liked a lot. Success!

Extraneus

ThinkProgress via PolitiFeeds: What the libs are talking about.

Obama Created More Jobs In One Year Than Bush Created In Eight

Gee, they don't show any of Bush's data prior to December, '07. Weird.

(Full graph is viewable with Narcisolator avatar suppression. In case you can't read it, the lower left says "OFFICE OF THE DEMOCRATIC LEADER".)

Extraneus

Careful not to click that spam LUN at 6:34. Some Brazilian site.

hit and run

Thanks Daddy...

Captain Hate

NK, She should stick with her area of expertise, catholic theology.

With some of her daft comments on that I'm surprised she hasn't been excommunicated; or served with an exorcism.

anduril

Great, great cat video: Медвэд vs. Котэ (bear vs. cat)

Ignatz

--or served with an exorcism--

Wouldn't she be playing the antagonist in an exorcism rather than the one being served? :P

Extraneus

John Hinderaker on what a great idea the Constitution reading turned out to be).

Melinda Romanoff

Here we go!!

The Highest Corporate Tax Rates in the USA!!

Way to go Illinois legislature!

(Bye-bye Abbot Labs, Baxter Labs, and Boeing!)

And this is before the Cook County actions will begin.

Extraneus

(Hit's a regular at Insty now, daddy. People don't want to look like star-struck teens to even bring it up.)

Captain Hate

I debated how to phrase that, Iggy, and your argument that she is in fact the possessing demon has validity. Wow speaking of exorcisms, I think Pat Summerall needs one; or some sort of "intervention".

Sue

Only if half the state doesn't decide to pack up and move to Texas.

Hush your mouth! There are enough damn Yankees here as it is.

Captain Hate

Btw I think it's a complete travesty that the Cotton Bowl isn't being played in the Cotton Bowl. Is nothing sacred?

Sue

Why are all the fish and birds dying? Where do I go to find out a good theory?

Extraneus

Hey, did you see this from Insty, Sue?

No, Paul Krugman, Texas Is Not Broke

Sue

tw I think it's a complete travesty that the Cotton Bowl isn't being played in the Cotton Bowl.

I had that conversation with my niece today. It isn't the Cotton Bowl if they don't play it at the Cotton Bowl on the fair grounds in Dallas. She told me they had torn down the Cotton Bowl. ::eyeroll:: Utes. Can't tell the difference between Texas Stadium and the Cotton Bowl.

Rick Ballard

"Assuming a reversion to the mean in the long-term average participation rate back to 66%"

Is close to idiotic for this decade but you won't see that on ZeroHedge. The BLS projections I cited above give a 64.5% participation rate in '18 and that is premised upon Boomers staying in harness at a "this time, it's very, very different" rate.

Today's report was fairly pathetic but in two years a newly elected Republican President is going to have the very same demographic situation and a 66% participation rate is going to be even farther away. I have very serious reservations concerning the probability that 64.5% will hold by the end of the decade.

narciso

One suspects the Reverend Muthee might be called in, his services explain a great many things, in the LUN, a corrective to some recent deviations, the Maverick seems to be on a strafing run again,

Sue

There’s a multibillion-dollar pot of cash sitting there in front of politicians who must be just slavering inside at the thought of it, and they aren’t going to touch it

What can I say? We're pretty damn smart, south of the Red River. Which is why I don't want Porch giving them damn Yankees any ideas.

Captain Hate

Let her know, Sue; she won't find out from public schools or the MFM.

Danube of Thought

Also via Insty, a merciless commenter discusses Cornel West's contention that Obama "surname too easily" to the big banks, etc.:

"No, this is nothing like ebonics. It's the opposite of ebonics, if anything. Cornel West may be black, but his speech is not at all ebonics. It's pretentious straining at erudition, which is why it's so damned funny when he screws up.

"I would not put up a post making fun of someone who lapses into an ebonics-type usage. I don't see the value in mocking that. I do see big value in puncturing a puffed-up academic — even though political correctness nags at me to refrain from making fun of the way a black person speaks.

"iI do have some sympathy for West here, though, because I think PC folk have failed — over a long period of time — to give him the feedback that would have kept him from developing this absurdly inflated style of speech, with its danger of missteps like this, and the self-serious demeanor that makes his mistakes especially funny."

Danube of Thought

Commenter *from Althouse*

Jim Rhoads a/k/a vjnjagvet

Watching the Cotton Bowl pre-game, I noticed for the first time that Jim Brown looks like age is finally catching up with him. He was the greatest player I ever saw live (as opposed to TV). That has held true even though his life after football was checkered.

Danube of Thought

*surcame* too easily

(iPad auto-correct can't tolerate Prof. West. I'm outta here.)

Captain Hate

Jim he was the best player I ever saw too but he was never well liked in the neighborhoods in Cleveland because he acted like an extreme ass at block parties, particularly with women. The local faves at the time were Bobby Mitchell and Paul Warfield.

narciso

It looks like there is a semblance of sanity, in Richardson's old haunts, in the LUN

clarice

"Hit's a regular at Insty now, daddy. People don't want to look like star-struck teens to even bring it up.)"
Yup--Thats it..I wonder if they'd feel quite so enamored of him if they knew about his work with chainsaws...? Just saying.

Ignatz

--*surcame*--

Man that is funny. Thanks for the clarification DoT. I couldn't even figure it out and even knowing how he spelled it, it's still pretty hard to get from succumb to surcame with a functioning cortex.
One thing is for sure, Corny is way, way smarter than Sarah.

Ignatz

--Hit's a regular at Insty now, daddy.--

I hope he still stops by occasionally. I just took delivery of a gigantic Stihl chainsaw and I was going to post a picture for him in a day or two.

narciso

The subtext of his babble, was that Obama, had
veered to far to the center for his taste, well you're right Cornell, he's a sellout, much in the same way that Harold Laski regarded Roosevelt

clarice

I think West thought the past tense of surcome was surcame, Iggie.

hit and run

I'm here as often as I can be.

Problem is,my company's IT has seen fit (rightfully,if you ask me) to ban typepad as a domain when on their network.

I'm am much more productive because of it.

But it does make visits here more infrequent...

narciso

Meannwhile you can do AGW apocalypse, a little
Priory de Sion Christian debunking, but there
are some things that are sacred at the History
Channel, in the LUN

hit and run

Sue:
Hush your mouth! There are enough damn Yankees here as it is.

Hey,that was my joke here years ago -- forget the southern border,it's the northern border Texas really should worry about.

Captain:
think it's a complete travesty that the Cotton Bowl isn't being played in the Cotton Bowl.

Me too. My in-laws went to the 1979 Cotton Bowl and love love love to tell the story to this day (go ahead,ask them,you'll be tied up for at least an hour). Notre Dame v Houston. They're from Houston,but they're Catholic and were rooting for Notre Dame. And by rooting,I mean huddling,shivering,cursing that they had made the choice to brave the elements that year. Well,that and watching Joe Montana work his magic.

Sara (Pal2Pal)

surcame is past tense of surcome? Ok, so what is surcome?

The comments to this entry are closed.

Wilson/Plame