If this article is right, then the job losses at the state level has barely started unless the federal government bails them out.
States are looking at a total budget gap of $180 billion for fiscal 2011, which for most of them begins July 1. These cuts could lead to a loss of 900,000 jobs, according to Mark Zandi, chief economist of Moody's Economy.com.
"There are two ideas of government. There are those who believe that if you just legislate to make the well-to-do prosperous, that their prosperity will leak through on those below. The Democratic idea has been that if you legislate to make the masses prosperous their prosperity will find its way up and through every class that rests upon it." William Jennings Bryan, 1896
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!
You may not connect airline safety with globalization, labor arbitrage and offshore outsourcing, but....they are. The more corporations squeeze the more workers are less skilled and the more corners are cut. Why do a good job when the only thing a corporations sees is a $ sign tattooed on your forehead? Even worse how can one do a good job when corporations won't pay for the training and conditions required to do so?
Southern European countries are trapped in an overvalued currency and suffocated by low competitiveness, a situation that will lead to the break-up of the euro bloc, according to Societe Generale SA’s top-ranked strategist Albert Edwards.
We're all temporary workers now. Yes, the FTE 3 letter mnemonic should stand for f@&*ed temporary employee instead of full time.
The latest outrage du jour is how employers are miscategorizing workers as independent contractors to avoid paying unemployment claims, workman's comp. and payroll taxes.
The Internal Revenue Service and 37 states are cracking down on companies that try to trim payroll costs by illegally classifying workers as independent contractors, rather than as full employees, The Associated Press has learned. The practice costs governments billions in lost revenue and can leave workers high and dry when they are hurt at work or are left jobless.
The latest report from the Congressional Oversight Panel is out and they are making no bones about another shoe to drop, Commercial Real Estate (the link goes to a post warning on CRE from last July). On their main page is this:
Nearly $1.4 trillion in commercial real estate loan debt will come due for refinancing in the next several years. The Panel's February report expresses concern that a wave of defaults and losses could jeopardize the stability of many banks and prolong an already painful recession.
Let's cut to the chase and say Congress and the Obama administration have blown off Commercial Real Estate generally. Here is COP's conclusion:
The Panel is concerned that until Treasury and bank supervisors take coordinated action to address forthrightly and transparently the state of the commercial real estate markets – and the potential impact that a breakdown in those markets could have on local communities, small businesses, and individuals – the financial crisis will not end.
Enough of the bastardization of Keynesian economics. True Keynesian economics is NOT about bailing out Wall Street and providing a tax cut to wealthiest Top 1-2% of population. Keynesian economics is NOT about providing government spending for a war machine. Keynesian economics is NOT about creating deficits WITHOUT a material return on investment in the form of FULL EMPLOYMENT.
What is Keynesian economics? In a nutshell, Keynesian economics is a political economic philosophy that believes that government fiscal and monetary policy can help close any output (GDP) gap in the economy - meaning recession/depression. The focus of Keynesian economics is on FULL EMPLOYMENT and SHARED PROSPERITY.
It seems the MSM is finally catching on and reporting that Stimulus is actually stimulating other countries economies, including China. ABC News is reporting $2.1 billion of renewable energy stimulus funds have gone offshore.
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!
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