Bloomberg has yet another stunning revelation that Tea Party Congressional members are being funded heavily by the Banksters.
Tea Party favorites such as Stephen Fincher of Tennessee were swept into Congress on a wave of anger over government-funded bailouts of banks.
Now those incumbents are collecting thousands of dollars for re-election campaigns from the same Wall Street firms whose excesses they criticized. They have taken no significant steps to curb them or prevent future taxpayer-financed rescues.
Welcome to the weekly roundup of great articles, facts and figures. These are the weekly finds that made our eyes pop.
53.6% of New College Grads are Jobless or Underemployed in 2011
Dr. Andrew Sum crunched the numbers and for those graduating from college with a Bachelors we have some startling news. A whopping 53.6% of those under the age of 25 who have a college degree are either unemployed or unable to land a job in a field associated with their college major. Associated Press:
The Deficit Boogie Men, Medicare and Social Security are once again knocking at the door. The Social Security Trustees just released their annual report. They say social security will run out of money by 2036. This is one year earlier than projected last year. Why the sudden shocking news? Seems the fund projected revenues greater than actual because gee, people have less income than originally thought.
This week 60 Minutes, revisited the collapse of Lehman Brothers. Much we already know, but the below segment gives us a refresher and sums it up nicely. There is no justice for you and me, regardless of how much evidence there is of civil and criminal wrongdoing.
U.S. multinational corporations are hiring. The problem is most of that hiring is happening abroad. In an updated BEA summary on sales, investment and employment by Multinational Corporations for 2010, we have a 0.1% increase in hiring for jobs in the United States while MNCs increased their hiring abroad by 1.5%.
Worldwide employment by U.S. multinational companies (MNCs) increased 0.5 percent in 2010, to 34.0 million workers, with increases in both the United States and abroad. Employment in the United States by U.S. parent companies increased 0.1 percent, to 23.0 million workers, which contrasted with a 0.6 percent decrease in total private-industry employment in the United States. The employment by U.S. parents accounted for roughly one-fifth of total U.S. employment in private industries. Abroad, employment by the majority-owned foreign affiliates of U.S. MNCs increased 1.5 percent, to 11.0 million workers.
U.S. multinationals account for 20% of U.S. hires in the private sector. Yet from 1999 to 2009, U.S. MNCs decreased U.S. employment by 1 million workers while expanding employment abroad by 2.9 million. The U.S. share of employment by MNCs went from 75.2% in 1999 to 67.7% by 2010.
Today our statistic is from Mitt Romney. Team Romney claims women have lost 92.3% of the jobs since Obama took office. U.S. Treasury Secretary Geithner, acting as political pundit, calls Romney's new favorite statistic ridiculous.
First off Romney is right. Since Obama took office in January 2009, the below graph shows the total job losses by women as a percentage of the total job losses. As of March 2012, it is 92.3%.
While the Wall Street Journal tries to claim software engineer is the best job, whistle blower Jay Palmer is blowing the lid off the dire straights most American technical workers are facing today. We have brazen labor arbitrage through abuse of the United States foreign guest worker system. American workers with college degrees, high skills and years of experience, are either fired or not hired. Systemically U.S. STEM labor is displaced and replaced by cheap foreign guest workers, some on immigration visas which are not even legal.
Welcome to the weekly roundup of great articles, facts and figures. These are the weekly finds that made our eyes pop.
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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