US Unemployment Rate 20%, could it be?
Posted 13 April 2003 - 06:35 PM
(YellowTimes.org) - The much-publicized diminishing unemployment rate in Godzone is political rhetoric designed to appease the population. It's not unknown for statistics to be manipulated to put things in a good light. Thus, the economy is healthy and unemployment is down.
In Godzone, somebody working two hours a week is considered employed. They can receive a top-up wage which is not quite the same as being on the dole or fully employed. It's a bit like being in the hospital and being regarded as not quite dead. Doctor and undertaker hover expectantly but you statistically don't count as either dead or alive.
Real unemployment is not diminishing; if anything, it is increasing beyond society's ability to cope with the poverty created. Police resources are unable to handle the increase in crime caused by a welfare system that perhaps unwittingly encourages financial dependence upon the state. Dysfunctional families are rife and young children are removed, placed in foster care to appease do-gooders. I wouldn't argue most cases but, now and again, mindless bureaucracy rears, innocent lives are lost and families torn apart with no effective appeal to commonsense.
Real wages are dropping alarmingly, caused mainly by inflated government and local body charges and the catch-up-plus philosophy of big business. The corporatization of Godzone has taken the decency from living and, with business and government holding hands under the duvet, exponents of the New Zealand Disease (experts at everything) have shown they don't give a tinker's cuss about anybody.
They state, "This is the way we do things. We've got bits of paper that say we're highly qualified; therefore, we know what's best." What they really mean is, "We're alright, Jack, so why should we give a damn about you?"
Posted 13 April 2003 - 09:42 PM
Blacks always vote for democrats. Look, Clinton was living a life of a black man his wife is a bitch, he got women on a side, and look his friend is Jesse Jackson.
Posted 13 April 2003 - 10:00 PM
redarmy , I know what you mean. Fully agree but the other side of coin is if all think like you then many businesses would go out of business creating more unemployed people who would rely on government or charities money to get by. It's like a closed circle.
That's why pure capitalism sucks and its end is near.
Posted 13 April 2003 - 10:27 PM
Never got into that rut. I'm debt free, and intend on staying that way. No credit cards, no bank accounts. I pay cash for most everything.
I own very little. My lack of physical possessions would make a monk cry.
And know what ? I'm quite happy not having 2 cars, 2 houses, and 2 phychiatrists.
Posted 14 April 2003 - 01:47 PM
To cut aloooong story short: Capitalism suks!
Work 9 to 5 till 65 (65... lol) and then drop!
Well actually hmmm... I was reading the proposal to legalize entry of philip Morris into serbia. One of the things they said was how they could stimulate the economy and save the state a lot of money. Smokers die younger and dont live long enough to collect state benefits.
Posted 21 April 2003 - 07:50 PM
By Robert Reich Published: April 20 2003 19:24
The first President George Bush won the first Gulf War. A year later he lost the presidency because the economy was in the tank. Will the second George Bush suffer the same fate? There is one big difference that should work in his favour. The first Bush's recession started after the first Gulf War, while the second Bush's recession started before the second Gulf War. But the nature of this recession may remove the advantage...... With recessions, timing usually makes all the difference. Recessions typically last about a year and a half. That is why presidents like to have them early in their first term. ........ What makes the White House nervous is that the current recession is far from being over.
Indeed, the US economy continues to lose jobs at a remarkable rate. The last two monthly job reports, for February and March, show a combined loss of almost half a million jobs. So far, this recession has spawned the longest continuous decline in jobs in half a century...........
Even though corporations still have not resumed spending, American consumers have kept buying. But there is a limit to how much consumers can spend when their jobs are disappearing and their pay cheques are under stress. The White House's worry is that consumers are now deep in debt. They were already in a hole when the recession started, but the hole is now so deep that many cannot climb out.
Low interest rates have made it easy for many cash-strapped consumers to borrow against their homes. Last year, American homeowners raised $130bn through home-equity loans, nearly double the amount they borrowed in 2001. So far this year, the home-equity borrowing binge continues. Homeowners are using the cash to buy all sorts of things they otherwise would not be able to afford - appliances, home repairs, new or used cars.
But mainly they are using it to pay down mounting credit-card debt. That is smart. Interest rates on home-equity loans are only about half those on credit-card debt, and home-equity interest payments can be deducted from income taxes while interest on credit-card debt cannot....... MORE
Industry in Peril; Unemployment Rises By REUTERS Filed at 5:08 p.m. ET
NEW YORK (Reuters) - Manufacturing in the U.S. mid-Atlantic region shrank for a second month in early April as factories trimmed production, while more Americans joined the ranks of the unemployed last week, reports on Thursday showed.
One of the month's first glimpses into regional manufacturing performance, the Federal Reserve Bank of Philadelphia's sinking gauge of business conditions dealt a blow to hopes for a swift U.S. industrial recovery..........
The report came in at -8.8, worse than the -8.0 March reading, but less alarming than the double-digit negative figures certain economists had predicted. Any reading below zero indicates contraction in the sector.
``The report was not as bad as people were braced for, but it's still pretty weak,'' said Jim O'Sullivan, an economist at UBS Warburg. ``But if this sort of weakness continues into May, then it'll be time to worry.''.........
One of the month's first glimpses into regional manufacturing performance, the Federal Reserve Bank of Philadelphia's sinking gauge of business conditions dealt a blow to hopes for a swift U.S. industrial recovery. Separately, a surprising jump in first-time unemployment benefits suggested it may take a while before Americans can begin to feel secure in their jobs, prompting analysts to fear that April payrolls could signal yet more gloom.
An April drop in payrolls could leave job losses over the past three months above 500,000, the sort of tally usually associated with recession..........
Posted 22 April 2003 - 10:45 AM
* GENERAL ELECTRIC's jet engine division will eliminate up to 800 jobs by the end of June, due to the disintegration of the airline sector; the jet engine division's global employment has fallen by 15% (4,500 jobs) since October 2001;
* MAYTAG, the third-biggest U.S. home appliance maker, will cut 500 jobs, or 8% of its workforce, as it reported that first-quarter earnings plunged by 39%;
* Fiber-optics maker CORNING, is slashing 1,000 jobs and shutting a Pennsylvania plant that makes cathode ray tube glass used in television sets;
* MOTOROLA, the world's second-largest mobile phone company, will cut 3,000 additional jobs, as part of a drive to slash $3 billion more in costs in 2003 and 2004.
[source: FNS transcript, April 16, 2003]
WIESBADEN, April 16 -- CAPACITY UTILIZATION OF U.S. MANUFACTURING SECTOR PLUNGES TO LOWEST LEVEL IN 20 YEARS. As the Federal Reserve reported on Tuesday, the proportion of industrial activity in use fell to 74.8% in March from 75.3% in February, the lowest in 15 months and only 0.2% away from the lowest since June 1983.
Capacity utilization in the manufacturing sector -- that is industry excluding mines and utilities -- fell to 72.9% in March, the lowest since May 1983.
Even much worse is the situation in the high-tech and aerospace sectors, where capacity utilization is down to levels of about 60%: Semiconductors and related electronic components 65.4%, computer and electronic products 61.8%, aircraft and other miscellaneous transportation equipment 59.4%, communications equipment 50.6%.
[source: wires, April 15-16, 2003]
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