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OBAMA WILL LEAVE OVAL OFFICE…

September 7, 2012

 

Voluntarily for the Good of the Country

HOW MANY TIMES HAS BARACK BEEN WARNED?

U.S. Jobs Growth Slows In August

WASHINGTON — U.S. jobs growth slowed more than expected in August, setting the stage for the Federal Reserve to pump additional money into the sluggish economy next week and dealing a blow to President Obama as he seeks reelection in November.

Nonfarm payrolls increased only 96,000 last month, the Labor Department said on Friday. While the unemployment rate dropped to 8.1 percent from 8.3 percent in July, it was largely due to Americans giving up the search for work.

The report’s weak tenor was also underscored by revisions to June and July data to show 41,000 fewer jobs created than previously reported. The labor force participation rate, or the percentage of Americans who either have a job or are looking for one, fell to 63.5 percent — the lowest since September 1981.

The lackluster report keeps the pressure on Obama ahead of the November vote in which the health of the economy looms large.

Economists polled by Reuters had expected payrolls to rise 125,000 last month, but some had pushed their forecasts higher after upbeat data on Thursday.

The economy has experienced three years of growth since the 2007-09 recession, but the expansion has been grudging and the jobless rate has held above 8 percent for more than three years — the longest stretch since the Great Depression.

Fed Chairman Ben Bernanke last week said the labor market’s stagnation was a “grave concern,” a comment that raised expectations for a further easing of monetary policy as soon as the central bank’s meeting on Wednesday and Thursday.

The jobless rate peaked at 10 percent in October 2009, but progress reducing it stalled this year, threatening Obama’s bid for a second term. An online Reuters/Ipsos poll on Thursday gave Republican challenger Mitt Romney a 1-point edge on Obama, 45 percent to 44 percent.

The lack of headway putting Americans back to work has also put the question of further monetary stimulus on the table at the Fed. The central bank has held interest rates close to zero for nearly four years and pumped about $2.3 trillion into the economy through two bouts of bond buying.

The weak report makes it more likely that the Fed will launch a third round of bond purchases next week. Since the beginning of the year, job growth has averaged 139,000 per month, compared with an average monthly gain of 153,000 in 2011.

Economists blame fears of the so-called U.S. fiscal cliff — the $500 billion or so in expiring tax cuts and government spending reductions set to take hold at the start of next year unless Congress acts — and Europe’s long-running debt problems, for the slowdown in hiring.

Job creation last month was weak across the board, with manufacturing payrolls down 15,000, the first decline since September 2011. Factory jobs were inflated in July because automobile manufacturers kept plants running when they would normally shut them for retooling, economists said.

There was little improvement in construction employment, which added 1,000 jobs. Temporary hiring fell 4,900, declining for the first time since March.

Utilities payrolls saw a snap back, adding 8,800 after being depressed by the strike of about 9,000 workers in July.

Reuters

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34 Comments
  1. September 7, 2012 10:34 pm

    This plan works off of the same 2% monthly minimum payment that SOMEBODY is paying every month. The difference is right now once a person pays that 2% minimum, they may only have 30-40% of what they just paid to respend, and the rest went to interest rate charges, not to pay down the principle.

    So next month, instead of also having a slightly lower payment because the principle went down a little bit, the principle may actually increase if the consumer needed to respend 50% of what they just paid. These minor incremental shifts are having a huge affect when spread out over 75 million people making payments every month.

  2. September 7, 2012 10:37 pm

    Answered another way, we will know when government is serious about helping main street when instead of continuing to offer zero percent interest rates to banksters so they can entice consumers into more and more in debt, zero percent interest is offered to consumers trying to reduce their debt load, instead.

  3. September 8, 2012 10:58 am

    NEW ARTICLE IS UP

  4. moononpluto permalink
    September 8, 2012 11:32 am

    Liar Liar….1 Day it took for the flip.

    Surprise! HHS pilot program to send 2 million poor seniors from Medicare into … voucher programs

    http://hotair.com/archives/2012/09/08/surprise-hhs-pilot-program-to-send-2-million-poor-seniors-from-medicare-into-voucher-programs/

    I know that every campaign promise Barack Obama makes has an expiration date … but this is ridiculous. The confetti is barely off the floor at the Time Warner Cable Arena in Charlotte, North Carolina after Obama’s acceptance speech, and already we find out that he’s flip-flopped. Remember this part of the speech, in which he attacks the Paul Ryan plan to apply free-market reform and cost controls to Medicare?

    And I will — I will never turn Medicare into a voucher.

    No American should ever have to spend their golden years at the mercy of insurance companies. They should retire with the care and the dignity they have earned. Yes, we will reform and strengthen Medicare for the long haul, but we’ll do it by reducing the cost of health care, not by asking seniors to pay thousands of dollars more. And we will keep the promise of Social Security by taking the responsible steps to strengthen it, not by turning it over to Wall Street.

    Expiration date — the very next day:

    In his convention speech in Charlotte, President Obama vowed to block the Republican Medicare reform plan because “no American should ever have to spend their golden years at the mercy of insurance companies.”

    But back in Washington, his Health and Human Services Department is launching a pilot program that would shift up to 2 million of the poorest and most-vulnerable seniors out of the federal Medicare program and into private health insurance plans overseen by the states.

    The administration has accepted applications from 18 states to participate in the program, which would give states money to purchase managed-care plans for people who are either disabled or poor enough to qualify for both Medicare and Medicaid. HHS approved the first state plan, one for Massachusetts, last month.

    Bear in mind that Ryan’s plan made the vouchers optional; seniors could choose the traditional government-run Medicare plan or opt for a private insurance plan from a federal exchange of approved insurers. Ryan also allows all seniors to choose, and didn’t force the poorest seniors to take the voucher option. Not only will Obama push just the poorest seniors into this plan, in some states they’d have to know to opt back in to traditional Medicare:

    read on…..

    What a bastard.

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