Daily Archives: April 5, 2013
The BLS reports non-farm payroll jobs increased by only 88,000 in March, while the unemployment level fell 0.1% to 7.6%. Private payrolls increased only 95,000. Average hourly earnings were unchanged, while the average workweek increased a single tick to 34.6 hours. The internals of the report are uniformly bad. The labor force participation rate fell to 63.3%, the lowest since May, 1979. 496,000 people left the labor force since last month, as it fell from 155,524,000 to 155,028,000. The number of persons who declared themselves employed in the household survey fell from 143,492,000 to 143,286,000, a decline of 206,000. The number of persons not in the labor force rose 663,000 to 89,967,000. The employment to population ratio is back down to 58.5, matching the lows of the 2009-2010 recession, and the historic lows of the 1978-1982 period. While it will probably be reported as a "bright spot" in an otherwise dreary employment report, even the drop in the official unemployment rate is bad, in that it is merely a reflection of the fact the people are leaving the labor force faster than new jobs can be created. So many people have left the labor force that the official unemployment rates are essentially useless. This month’s huge drop in the size of the labor force caused the U-6 unemployment rate, the broadest official measure of unemployment, to fall sharply from 14.3% last month to 13.8%. In actuality, using the historical average labor force participation rate, the real rate of unemployment jumped from 11.47% to 11.65%, the highest since Jan, 2012. There is simply nothing good in this report.
The US trade balanced narrowed slightly in February to $-43.0 billion from $-44.4 billion the previous month.
Two-thirds of Democrats now believe Obama’s health care reforms will either hurt them personally or have no effect on their daily lives, a Quinnipiac University poll released Thursday shows. In comparison, just 27 percent of Democratic respondents said the reforms would help them.
As for the rest?
Just 3 percent of Republicans and 15 percent of independents believe the president’s overhaul will help them personally, the poll shows. Even worse for the White House, 68 percent of self-identified Republicans and more than a third of all independents said the reforms would hurt them personally.
But a Democratic Congress rammed it through anyway, didn’t it? And a sell-out Chief Justice found it to be “Consitutional”, so now we have to live with it – at least temporarily.
Yet most of the country believes it won’t do what was advertised and will instead cost them more. And most of them have believed that (rightfully so) since the beginning.
Yet we still have it.
How anyone, even Democrats, believed that adding layers of government regulation, taxation and bureaucracy could possibly make the health care system less expensive remains one of those mysteries of life. Well, not really. It’s call delusion. And in this case, it was something they wanted to believe badly and facts and reality just got in the way of that belief. And now what has their secular faith brought us?
Another in a long line of disastrous and costly government programs that we can’t afford.
And now they want to bitch.