Hopelessness, but change

US labor force participation drops to lowest level since 1981. The unemployment rate is reported as falling because of this huge drop in people still seeking work yet the media will doubtless lead with the lower unemployment number brought about by Obama. Bloomberg (News, not the soda Czar) might disagree:

Employers may be reluctant to expand headcounts as they face a global economic slowdown and the so-called fiscal cliff of automatic tax increases and government spending cuts. The damage inflicted by the lack of progress on jobs is the reason Federal Reserve Chairman Ben S. Bernanke last week said the central bank may need to do more.

“This is definitely a setback for the labor market and the economy,” said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York and former economist for the Fed. “This clearly validates Bernanke’s concern. We haveEurope, the fiscal cliff, and it is a generally cautious business environment.”

I didn’t watch it, but I assume Mr. Obama demanded for more years of his ineptitude in his acceptance speech last night because of the fine job he’s done in the first four.

20 Comments

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20 responses to “Hopelessness, but change

  1. Where's the beef?

    Stock Market, and corporate profits, at new highs.
    Where is all that money?
    Hoarded in some mattress?

  2. edgewater

    labor force participation rate is the result of a slew of influences, including the vigor in the economy, but also demographics, as lots of babies and lots of seniors will obviously suppress the rate. the biggest change, however, seems to be the federal government’s active promotion of ‘safety nets’ of welfare without a work requirement, food stamps, extended unemployment compensation and opening the floodgates to disability benefits. if there’s no need to work, or little net benefit from the income from work vs the benefits from the government, why bother?

  3. The spin machine is already churning at all the mainstream media HQ; as you said, the goal is to twist the numbers such that right before the election, the rate will drop below 8%, with Obama able then to say his plan is working.

    But, for me, sadder than the high unemployment is the rampant racism we have. Twitchy has run a series of Tweets from last night that will make you vomit. Blacks calling Romney a faggot. And people who will vote for Obama for no other reason than he’s black. Warning: the tweets are vulgar and upsetting but interesting to see the mindset of some. It’s hatred, pure and simple.
    http://twitchy.com/2012/09/07/my-president-is-black-a-post-racial-twitter-trend-for-a-post-racial-america/

    Of course, the other huge issue from last night is that ONLY Fox chose to air Cardinal Dolan’s benediction. Dolan prayed for the life of the unborn. Contrary to the DNC platform.

    I’m very blue today. Blue for my country that hates more than it can find a way to solve our many woes. I see a president who mocks his opponent in comments only suited for an SNL skit, not a convention speech. And a President who made fun of Romney’s overseas trip yet very quickly forgot that four years ago, Hillary’s most successful ad campaign was how Obama was not ready for that 3am phone call.

    This rabid political junkie, who makes every effort to listen to and watch both sides, worries, and worries alot, that Obama will be re-elected.

  4. Citizen

    Edgewater: Do you really think anyone who is getting unemployment payments would rather stay unemployed than work? Do you realize that the typical check is less than $250 per week? You can’t live off an unemployment check.

    • Many people are not comfortable being unemployed (or, the new unemployment, “disabled”), Citizen, that’s true. That makes Obummer’s incompetence, his refusal to spend money on “burley men” (the feminist’s in his administration’s term for construction workers) jobs like bridge repair, seem all so unnecessarily cruel. Given the man’s record of non-accomplishment in this area, can we expect your vote this fall?

  5. Dollar Bill

    Best line of the evening; Republicans answer to any economic problem is always the same “give me tax cuts, and roll back regulations, and call me in the morning” So true.

  6. Ivan Pukeski

    Moscow wasn’t built in a day, comrade!

  7. anonymous

    Hey $DB, whose party is rancid and revolting?? Read those tweets and then tell me your party is the party for every man.

  8. Feisty

    EOS – I feel exactly the same way. Not hope, but HOPELESS!

  9. RaisedinRiverside

    Actually, I watched Dolan on CSPAN, so FOX wasn’t the only network that aired it. And PS edgewater, Obama didn’t eliminate the work requirement for welfare – that is simply not true.

  10. Hopeless

    Citizen – I actually do know someone who preferred to receive unemployment rather than get a full-time job because they could supplement it with “under the table” work, getting paid cash for odds and end jobs. That approach made more economic sense to him that getting a full time position, since a minimum wage job (all he was qualified for), would pay less that this combo approach. Sad but true. He collected until the unemployment benefits, extended many, many, many times, finally ran out. And he is still unemployed (after 2+ yrs), and has essentially given up looking, and thus is not included in the unemployment figures released by the govt. I wonder how many people like him are out there. This country needs change, in a big way. I will be voting republican this fall.

  11. Come on, CF. Money is being spent on “burley men”. The single biggest expenditure of the recovery, oops, stimulus act, is being spent right here in CT. It is the reconstruction of the Niantic, CT railroad bridge. Only 20 years overdue, and it will be done in 2013. Look it up..
    Alex Castellanos, a FORMER Romney adviser, said he has come up with no economic plan, and he has until October 3 to think of something. That is the first debate. Maybe Willard can consult Bill Clinton; The GOP seems to like him now.

    • I linked to the article when it first came out and then again this year- search here for Burly Men and you’ll find it. Fact is, feminists steamed bloody Hell when the first draft of Obama’s stimulus bill was released because too much of it was going to “burly men”- their term, not mine. So the bill was redrafted to ensure that something like 60% was cut from construction jobs and sent to the states to keep the jobs of people in traditionally fake occupations: teaching, nursing. social work.
      When the money ran out the state employees list their jobs anyway (no new ones had been created) and our infrastructure was still the same.
      You can as I’ve suggested, look it up.

  12. AJ

    What’s with the addressing each other as citizen? Are we getting ready for the day when just addressing somone as monsieur instead of citoyen could get your head chopped off?

  13. Anonymous

    @AJ, somebody chose it as a user name see: Citizen September 7, 2012 at 10:14 am

    @Citizen, I actually knew many people who were laid off in 2008 with a generous separation package who were looking forward to collecting UI for as long as it paid out (nearly two years for them). Had I applied in my state (along with the freeloaders I knew) I would have received $475/week for 99 weeks. Nearly $50k for sitting on your ass and pretending to look for work via the internet once a week for an hour. It’s not enough to pay bills for long but if you already have that covered, it’s a nice chunk of change to sock in the bank or spend on whatever you’d like.

  14. AJ

    Thanks anonymous, in addition to eating too fast sometimes I read to fast.

    DB is overlooking one large proof-is-in-the-pudding point. And that is the two economies that are thriving are the illegal alien economy and the underground economy. Could it be because neither of those groups are affected by the ball and chain albatross know as taxes?

    • AJ, an observation: the original term, “the proof of the pudding is in the eating”, dating back at least as early as 1300, has slowly been corrupted (earliest reference seems to be 1920) into “the proof is in the pudding”, which would be a messy way to establish the truth of an assertion, particularly if one used his fingers to dig around with while searching. I still prefer the original term but you’re very much in the majority and I doubt the original will last another twenty years.
      And this has something to do with the underground economy? No, I just thought I’d point it out as a fun factoid.

  15. AJ

    I did not know that, and have never heard nor read the original. Now the name of the Poof of the Pudding restaurant makes sense. Haven’t eaten there since the seventies, but remember it as a great place to eat.

    • From the NYT:
      A Manhattan restaurateur was convicted Friday of grand larceny for failing to pay $50,000 in state sales tax.

      A jury returned the guilty verdict in Criminal Court in Manhattan against the restaurateur, Frank Valenza, and his Proof of the Pudding restaurant on Manhattan’s Upper East Side.

      The second-degree larceny conviction against Mr. Valenza was returned on charges that he failed to report or pay $50,000 in state sales taxes on $700,000 in sales at the restaurant between Jan. 1, 1978 and March 20, 1980. The Proof of the Pudding, which was located at 1165 First Avenue, is now closed.

  16. AJ

    Indeed, I liked Luchow’s but it went out of business and a few years later someone lit fire to the place and the landmark building was demolished. Come to think of it, I do recall the proof is in the eating — that opened some old neural pathways. I usually check idioms that pop into my head to see if they really mean what I think they do. Thought I knew that one, guess I was wrong. Good editing, which I guess is what good lawyering, to a degree, is all about. Don’t want to open any doors like they did in the North Carolina Little Rascals Day Care case, a most unusual case with children giving testimony of being forced to swim with sharks from the side of a sailboat out at sea. It’s out there to be marveled at on PBS’s Frontline, I believe. Discretion is the better part of valor, aka shut your mouth? There’s an idiom for you.