In the last year, the civilian population rose by 1,739,000. Yet the labor force rose by a mere 238,000. Those not in the labor force rose by 1,501,000. Were it not for people dropping out of the labor force, the unemployment rate would be well over 11%.
With growth slowing and fiscal deficits widening, the EFSF isn’t big enough to stop the contagion. We think Europe’s outlook will deteriorate until a strong new source of confidence is introduced – though two powerful ones, ECB bond buying and U.S.-style blanket guarantees for new bank debt, aren’t on the table.
If President Obama ever expected the economy to improve significantly before the 2012 election, Fed Chairman Ben Bernanke buried that hope this week.
Resolution of the European mess has been all about how to bail out banks at taxpayer expense even though banks brought this mess on to themselves by treating sovereign debt as if it had zero risk.
Three years ago, conservative Republicans were falling all over themselves to support Mitt Romney in the Republican primary over John McCain.
In attending the occupation of Oakland, I was struck by how the American Left has coalesced around the advocacy of Saul Alinsky, a man that 99% of the so called 99%ers have doubtlessly never heard of.
First lady Michelle Obama the other day railed at "the few at the top," who do all sorts of bad things. A few months ago, we began hearing of the "1 percent" who are responsible for the current economic mess. "They" apparently make all their money at the expense of the other 99 percent. Are they the same as last year's villains, who had not paid "their fair share" in making over $200,000 in annual income?
Russian's non-Putin President Dmitry Medvedev (a.k.a. President Placeholder) met with a group of small businessmen in Moscow over the summer to discuss their challenges. One can only imagine where to start. So Medvedev, according to state news agency RIA Novosti, offered some direction: "The youth believe that (the civil service) is an example of how to be successful quickly without the need to apply any effort."
Barack Obama has a problem with numbers. Sometimes he just gets them wrong, and sometimes the numbers aren't very nice to him.