August 2008

Gustav Eying Gulf Oil and the LOOP

Hurricane Gustav is currently eying oil producing rigs and the Lousiana Offshore Oil Port (LOOP) as it heads north across Cuba's Pinar del Rio province into the Gulf Mexico.

Over the past decade, oil from the Gulf Coast has become an increasing part of domestic production. (link to DOE production figures) Current figures show that oil rigs in the Gulf produced 1.35 mbd (million barrels daily) in April 2008.

TechiesTargeted - Twice as likely to lose Jobs by Outsourcing

There is a new study out hinting at some quantifying number of jobs being offshore outsourced. Outsourcing is very hard to get hard data on, simply because Corporations do not want you to know the hard data (for you might demand Congressional Action!).

From the Study abstract:

Despite significant public, media, and academic interest in offshoring, there has been very little data available through which to assess how offshoring has affected US-based information technology workers. In this study, we use data from two new, nationally representative surveys to examine how offshoring has already affected the US based IT workforce, and to test the hypothesis that offshoring is making interpersonal skills more valuable for US-based IT workers.

The economy is GREAT!...if you don't count inflation

Let's say one month you spend $100 on groceries. The next month you spend $120 for the exact same groceries. According to the government we all became richer because you are spending more for the exact same stuff.

Durable goods orders beat expectations with a 1.3% month-on-month increase in July. But the apparent strength is due to higher prices, not stronger activity. In fact, deflating orders by the producer price index for durable manufactured goods shows a 9.4% year-on-year drop in real orders, the worst since early 2002.

Am I picking out one little report to try and make a big point? Nope. Allow me to dig through pretty much every single economic report the government releases.

Friday Movie Night - William Greider Edition

hot buttered popcorn

It's Friday Night! Party Time!

Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!

This weeks video clip theme is William Greider. Greider is a fantastic journalist and author who covers economics, trade and markets. Now while some economists have criticized him now that it is 2008, maybe he was more dead on than they care to admit? He goes into great depth, certainly the most detailed analysis that is not written for an Academic audience. Greider is the Cassandra of globalization, as being advanced in practice.

On Wal-Mart and the model of cheap labor-cheap prices:

Big Brother IBM - It's a Brave New World

Here Comes Big Brother and it's in the form of Big Blue.

IBM mind control
Yup, every move you make, every thought you take is now being put into databases for analysis by software.

That's right and the number one target for IBM: their own employees.

By building mathematical models of its own employees, IBM aims to improve productivity and automate management

Ah, I see, the world can be just a nest of worker bees with automated software monitoring your every move.

Do you drink too much? Do you eat too many Twinkies? Hell, big brother knows because we have your profile.

The Middle Class Squeeze - Redux

middle class squeeze
Today, personal incomes fell 0.7%, the largest single drop in 3 years. Consumer spending slowed also. What a surprise, Americans are tapped out, credit card debt is now estimated at $1 trillion, double from 1996 and unpaid debt has increased 22% from one year ago. Here are some statistics from EPI.

 

 

 

While the poor get poorer

real median income united states

 

Ah, but don't worry, the rich are getting richer: 

GDP Exceeds Estimates - But Wait, Some Economists calling it the Last Hurrah

Just when you think the respite is upon us, the U.S. Chamber of Commerce says:

Today's GDP report is kind of the last hurrah for the U.S. economy, said at a press conference today. ``We've begun the process of slipping into a good old-fashioned recession -- Martin Regalia, chief economist for the U.S. Chamber of Commerce

Populist Politician Pick - Barry Welsh

The Persnickety Populist Presents.... The Populist Politician Pick of the Week.

Populism Soapbox

The Election season is upon us.   With all of the pontificatin' and politickin', who really has the United States national interest, the middle class, and working America in mind really when it comes to policy? 

Tough to figure out eh?

Most Populists want dramatic trade policy change based on sound economic and labor economics theory. Most Populists want a removal of corporate corruption from government. Most Populists want representatives to actually represent what their constituents want. Finally, most Populists want American workers placed front and center in any policy strategy.

Each Week, until the election, The Economic Populist will overview candidates who are particularly strong in trade, economic, labor positions.

Would we truly be racist if we demanded "Made in the USA"?

Amazingly, in the past several months I've been called a racist 3 times, more than anytime in my life!  The first time was when the Jeremiah Wright thing broke out and I defended the guy, I was called bigoted against whites.  Then, just the other I was called first "pro-Black" then "racist against whites" because I favored Barack Obama over that walking museum piece from Arizona.  Now, today, the conservative economic blog site, Carpe Diem, is labeling people like me racist for demanding things be made in this country!

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