Tag Archives: jobs

The Real U.S. Crisis Is Not a Debt Downgrade but a Growth Crisis

By Simon Johnson Bloomberg, August 14, 2011 The U.S. has a fiscal crisis, but not the one that everyone is talking about. Standard and Poor’s proved beyond a reasonable doubt that the U.S. still has the world’s preeminent reserve currency. When shocks hit — and investors have no idea who or what might be next in line for a downgrade — they buy U.S. government securities. Downgrades don’t usually have this effect. For example, if ... Read more

The Economic Illiterates Step Up The Attack On Social Security and Medicare

                By Dean Baker Truthout, August 9, 2011     Standard & Poor’s (S&P) downgrade of US debt should be seen as the joke it is. The rating agency, which gave investment grade ratings to hundreds of billions of dollars of subprime mortgage-backed securities, made an accounting error of $2 trillion in doing its assessment of the US financial situation. However, when this ... Read more

A More Complete Review of U.S. Employment

Look Again–July Jobs DECLINED by 198,000 Jack Rasmus, August 7, 2011 COMMENTARY: Last Friday’s July jobs report indicated 117,000 jobs were created last month. It was hailed as a ‘not so bad’ report, not great but not as terrible as expected after last week’s dismal manufacturing and consumer spending reports that forced stocks into a downward trajectory after the ‘debt deal’ did little to stimulate economic confidence. But the 117,000 ... Read more

GE CEO Jeffrey Immelt, The Head Of Obama’s Jobs Council, Is Moving Jobs And Economic Infrastructure To China At A Blistering Pace

By Michael Snyder Hawaii Daily News, July 28, 2011 Jeffrey Immelt, the head of Barack Obama’s highly touted “Jobs Council”, is moving even more GE infrastructure to China.  GE makes more medical-imaging machines than anyone else in the world, and now GE has announced that it “is moving the headquarters of its 115-year-old X-ray business to Beijing“.  Apparently, this is all part of a “plan to invest about $2 billion across China” over the ... Read more

The “Recovery” is Making Americans Poorer

How Recession Is Hastening the Wal-Martization of America A new report finds that the vast majority of the jobs created in the so-called recovery have been low-wage jobs. That’s a recipe for continued economic pain. By Sarah Jaffe Alternet, August 2, 2011 With all the focus on the drama surrounding the debt ceiling, and the much-too-late focus on the economic pain the final deal’s austerity agenda will inflict, items that really ... Read more

US debt deal: how Washington lost the plot

Politicians and the media are obsessing on debt, deficit and cuts, but the real story is a stalled economy and rising unemployment   Dean Baker guardian.co.uk, Monday 1 August 2011 Debt relief? Senate Republican leader Mitch McConnell gives a thumbs up when asked if a deal had been agreed. Photograph: Astrid Riecken/Getty Images President Obama and the Republicans in Congress have finally worked out a deal over the debt ceiling. It appears ... Read more

A Boom in Corporate Profits, a Bust in Jobs, Wages

By Paul Wiseman Associated Press, July 23, 2011 WASHINGTON — Strong second-quarter earnings from McDonald’s, General Electric and Caterpillar on Friday are just the latest proof that booming profits have allowed Corporate America to leave the Great Recession far behind. Photo: AFP Strong second-quarter earnings from McDonald’s, General Electric and Caterpillar on Friday are just the latest proof that booming profits have allowed ... Read more

CEOs to Workers: More for Me, Less for You

“Reductions in wages and benefits explain the majority of the net improvement in [profit] margins . . . US labor compensation is now at a 50-year low relative to both company sales and US GDP,” JP Morgan investor newsletter. By Holly Sklar Common Dreams, July 25, 2011 Big company CEOs got a 23 percent raise last year and corporate profits are at record highs. But the minimum wage has less buying power now than in 1956 – the year Elvis ... Read more

Will the Ceiling Fall In? Disastrous Outcomes From an Orchestrated Crisis

By Paul Craig Roberts Counterpunch, July 29, 2011 With the world concerned about US financial credibility and the poor outlook for the US economy, now is not the time for the Republicans to grandstand on the public debt. The debt ceiling needed to be quietly raised.  Instead, the Republicans started a fire and then threw gasoline on it, creating an inferno that could burn up the US social safety net or the US Treasury’s credit rating and the ... Read more

Deficit Debates vs. Jobs Report-Left Hook and Right Cross to the US Economy

By Jack Rasmus July 27, 2011 COMMENTARY: While everyone is focusing on the August 2 debt ceiling default deadline looming behind the current deficit cutting debates in Congress, the real blow to awareness how weak the US economy is today may come with the date of August 6 quickly to follow. That’s when the July jobs report is released. July and certainly August reports will reveal the depth of the deteriorating jobs crisis that this writer ... Read more