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Title: A 'Recovery' Like No Other (The Obama Depression)
Source:
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URL Source: http://www.foxnews.com/opinion/2010/12/13/recovery-like/
Published: Dec 14, 2010
Author: John Lott
Post Date: 2010-12-14 09:10:54 by no gnu taxes
Keywords: None
Views: 5307
Comments: 10
This is the first entirely "temporary help service" job recovery. Our current "recovery" might be in its seventeenth month, but the few new private sector jobs have come from companies temporarily hiring staff on a contract basis. What were once jobs reserved for people hired to cover seasonal demand or permanent employees on sick leave have become the standard employment for many workers. Companies simply don’t want the risk of hiring workers that they might soon have to get rid of. Since the recovery started in June 2009, the total number of private sector jobs has increased by 203,000. But these weren't "regular," permanent jobs. Indeed, permanent private sector jobs fell by 257,000. "Temporary help service" jobs is what made up the difference, as they increased by 460,000. For all sectors of the economy, including government jobs, the drop in the number of permanent jobs during the recovery was even worse -- a drop of 561,000. The trend has recently been getting worse. During five of the last six months, the total number of permanent jobs fell. The new unemployment numbers released on Friday weren't as bad as other recent numbers. There were 39,000 more jobs during November. However, with 39,500 coming from temporary jobs, there would have been essentially no new permanent jobs. When the Bureau of Labor Statistics started collecting data on these temporary jobs in 1990, such jobs were much less common than today. Only about half as many people held temporary jobs two decades ago. Since then, the current recovery is record-setting in terms of adding temporary jobs. We can compare the three recessions since 1990. While the current recovery has seen the share of jobs held by temporary workers increase by 26 percent, the recession that ended in March 1991 saw a 10 percent increase in share held by temporary workers and the recession that ended in November 2001 had no increase (see the diagram here). The explanation behind temporary job creation is pretty simple: uncertainty. Companies don’t want to make longer-term commitments if they don’t know what the next couple of years will look like. New regulations are being imposed on companies, be it health care, finance, the environment, and the other areas. And the exact form and extent of these regulations still have to be determined by regulators. Many small companies don't even know what tax rates they will face after the beginning of the year. Neither the president nor the Democratically controlled congress attempted to prevent income tax rates from rising for even the middle class until just a few weeks before they were expected to rise. President Obama's stimulus and regulations have created much of today's unemployment by moving around trillions of dollars in the economy and moving around the jobs that are associated with that money. People haven't instantly moved from one job to another. A 9.8 percent unemployment rate that is higher than when the recovery began and 6.3 million people who have been unemployed for more than 6 months are both bad enough. But Obama hasn't just created a lot of unemployment and a stagnant economy, he has also changed the types of jobs that people are getting.
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#1. To: no gnu taxes (#0)
The Recession started with the Coup 10 years ago. The Depression started December 26, 2007.
Its the economy, stupid. And anyone that thinks the average American is buying 'jobless recovery' or the insipid 'new economy!' mantra are so disconnected from reality they should be sent into psychiatric care.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
With Best Buy stock now down almost 15% for the day, it is not a good day for holders of the name, starting at the very top with Chairman Richard Schulze, whose 67.5 million shares in stock are now worth $400 million less than they were about two hours ago. And of course, with holdings of 22.5 million shares, expect Black Rock's Bob Doll to make 5 surprise appearances on CNBC explaining to the infidels one last time (expect for the next "last" time) how he expects the S&P to print at 10,000 in the next 12 months. That said, it is a little surprising to find none other than Hussman in spot 34 with 1.5 million shares. " -zerohedge Hurry up with that Bonus Check, Goddammit!!! Iraq is currently linked to the Turkish Ceyhan port. The new 225 km pipeline through Syria could increase Iraq’s oil output from the current 1.2 million barrels per day to 2.9 million barrels.
Indeed, the U.S. has already strategically positioned its military throughout the Middle East, which is obviously the most oil-rich region in the world. [6]. When availability and expense begin threatening the U.S. share of global oil production, these forces can be readily mobilized to secure production facilities and trade routes. There is no doubt, however, that such actions by the U.S. will be met with even more popular resistance than it is currently experiencing. Coming to a Reality near you. 8D
So why did cheney invade Iraq? Why did Obama on his 4 hour whirlwind8D tour of bagram, not meet with ONE Afghans official? 8D
from zerohedge comments: From Bloomberg (terminal) top stories: 4) U.S. Retail Sales Rise More Than Economists Forecast as Consumers Recover 5) Best Buy Cuts Annual Forecast as Profit Misses Estimates; Shares Retreat I always find it funny when conflicting headlines are right next to each other. * Login or register to post comments
And anyone that thinks the average American is buying 'jobless recovery' or the insipid 'new economy!' mantra are so disconnected from reality they should be sent into psychiatric care. and this is why GOP leaders are supporting a second stimulus at the expense of growing the deficit.
"Temporary help service" jobs is what made up the difference, as they increased by 460,000. For all sectors of the economy, including government jobs, the drop in the number of permanent jobs during the recovery was even worse -- a drop of 561,000.
Actually, its the fourth or fifth attempt at government 'stimulus' since the fall of 2008.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
#2. To: no gnu taxes (#0)
A 9.8 percent unemployment rate that is higher than when the recovery began and 6.3 million people who have been unemployed for more than 6 months are both bad enough. But Obama hasn't just created a lot of unemployment and a stagnant economy, he has also changed the types of jobs that people are getting.
#3. To: no gnu taxes (#0)
#4. To: no gnu taxes (#0)
#5. To: All (#4)
#6. To: All (#5)
#7. To: no gnu taxes (#0)
On January 3, 2011 the GOP assumes responsibility for deficit spending.
#8. To: Badeye (#2)
Its the economy, stupid.
On January 3, 2011 the GOP assumes responsibility for deficit spending.
#9. To: go65 (#7)
Since the recovery started in June 2009, the total number of private sector jobs has increased by 203,000. But these weren't "regular," permanent jobs. Indeed, permanent private sector jobs fell by 257,000.
#10. To: go65 (#8)
and this is why GOP leaders are supporting a second stimulus at the expense of growing the deficit.
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