Author Topic: Misery Index: The Obama Depression - "Private sector doing just Fine"  (Read 153248 times)

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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #625 on: February 16, 2012, 06:36:03 PM »
America on Verge of Economic Collapse Because of Obama's Cooked Reports
News Blaze ^ | 2/16/12 | Chuck Ness
Posted on February 16, 2012 9:28:25 PM EST by OneVike

The Obama administration has released an economic report that claims everything is coming up roses, and it is making the rounds of the MSM's news outlets. Truth is, when you look into the numbers, it's rather easy to come to the conclusion that the economic reports are as screwy as the administration's employment numbers. In order to convince Americans that his economic measures are working, Obama is claiming there has been an increase in retail sales from December to January by a seasonally adjusted .4%. The administration goes on to explain that while the economy is moving in a positive direction, it is still slow. They also point out that the recently reported gains reduced unemployment to 8.3%, proving that Socialist economic policies are working. However, Obama's unemployment numbers have since been proven to be lies. Have I stated that we are in an election year and that Obama needs to get re-elected in order to continue transforming the greatest country in the history of mankind into a Soviet style basket case? To assist in the destruction, the MSM has been knowingly repeating this administration's lies.



Instead of reporting how America's real unemployment is actually up between 19 and 25%, they report that Obama has been able to get unemployment down to 8.3%. Instead of reporting that the government is spending more money than it is taking in, and that retail sales have dropped by almost $100 billion from December to January, we are told by the administration's propaganda machine that retail sales have increased by .4%. In an election year, the MSM will do everything in their power to convince Americans that Obama is even greater than Ronald Reagan.

(Excerpt) Read more at newsblaze.com ...

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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #626 on: February 17, 2012, 02:35:57 PM »
The Family Prostitute - as the recession continues, more and more women are turning to...
laweekly ^ | 2-17-12 | Albo




In the workplace lunchroom, dominated by a Formica table stocked with a condiment cradle that holds four kinds of hot sauce, Nikki furrows her brow as she fishes into her purse and retrieves her driver's license. A resident of Riverside, Nikki is filling out some paperwork for her new job. "There's a lot of stuff they want to know," she says.

It's been a busy day for the former administrative assistant. "I flew in and saw the doctor before I even got here," she says. Dressed in "business casual," Nikki is an attractive 24-year-old African-American woman with a retro hairstyle reminiscent of Mary Tyler Moore on the actress's eponymous '70s sitcom. Speaking with a slight but charming lisp, Nikki notes that she can't work until she gets cleared by the authorities, and the doctor visit is the first part of that process. In the meantime, she says, "I'll stay here and get some training because I don't know anything. Tomorrow, I'll get my license at the sheriff's office, and then I can work."

Nikki is one step away from becoming a prostitute in one of Nevada's legal brothels.

She's the sole supporter of two small children and her mother, and the work is important to Nikki. "In the Inland Empire," she laments, "there are no jobs at all. I couldn't even get a job at McDonald's right now."

And so she's come to Moundhouse, Nevada, just east of Carson City, where four of the state's 28 brothels are located just off U.S. Route 50, a desolate track that cuts through a high plain of sage and scrub and is known as "the loneliest road in America."


(Excerpt) Read more at laweekly.com ...

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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #627 on: February 18, 2012, 07:27:16 AM »
Are We Coming Apart?

http://townhall.com/columnists/johncgoodman/2012/02/18/are_we_coming_apart ^ | February 18, 2012 |

John C.Goodman


Posted on Saturday, February 18, 2012 9:37:10 AM by Kaslin

We are experiencing an ever widening cultural divide, according to Charles Murray.


Upper-middle class professional types may pretend that they are cultural relativists, accepting of whatever lifestyle their fellow human beings happen to choose. In reality, they live by old fashioned puritan values, however. They get married and stay married. They work hard and work long hours.


Not so for the blue collar, never-got-beyond-high-school class, however. A shocking number aren't even working at all. Many are not getting married in the first place. Of those that get married, the divorce and separation rates are soaring.


What about happiness and well-being? About 65% of the upper middle class professional types say they are in happy marriages. That number has been dropping steadily for the past 40 years for the working class types; and today it stands at 25%!


Murray, by the way, is the author of Losing Ground, the book generally credited with sparking welfare reform in the United States, and The Bell Curve, the book that generated a national debate on the role of IQ in our society. When he speaks, people on both the right and the left tend to listen. His latest book, Coming Apart, is another block buster.


Just so you don't think what Murray is describing is all about race or about immigrants, the entire analysis in it is focused on non-Hispanic whites. Within the white population a cultural cataclysm is underway. One part of that population (about 20% of the total) is firmly attached to traditional values. The other part (about 30% of the total) is undergoing cultural disintegration.


In 1960, these two groups of people lived similar lives. Today, they are headed in opposite directions.


Take divorce. Between 1960 and 1980, Murray shows that working class whites' divorce/separation rate rose from about 5% to about 15%. Over the next 20 years it more than doubled again, rising from 15% to 35%. The professional class also saw an increase in the divorce rate rise between 1960 and 1980: from about 1% to about 7.5% between 1960 and 1980. But it then completely leveled off: the professional class divorce/separation rate has been flat for the last thirty years. The same pattern holds for children growing up in broken homes. There has been a steady increase for the working class and a low plateau for the professional class.


What about work? In 1968, only 3% of prime age males with no more than a high school education were "out of the labor force." By 2008, that figure climbed to 12% — almost one in eight. Meanwhile, little has changed among males with a college education.


Part-time work is another indicator of the decline of industriousness among the working class. Among prime age males with no more than a high school education, the fraction working fewer than 40 hours a week doubled — from 10% in 1968 to 20% in 2008. Among the college graduates, the rise was much smaller: from 9% to 12%.


Writing in The New York Times the other day, David Brooks noted that the key ingredient in the cultural disintegration of working class life style is the role of men:


Tens of millions of men have marred life chances because schools are bad at educating boys, because they are not enmeshed in the long-term relationships that instill good habits and because insecure men do stupid and self-destructive things.


Over the past 40 years, women's wages have risen sharply but, as Michael Greenstone and Adam Looney of the Hamilton Project point out, median incomes of men have dropped 28 percent and male labor force participation rates are down 16 percent. Next time somebody talks to you about wage stagnation, have them break it down by sex. It's not only globalization and technological change causing this stagnation. It's the deterioration of the moral and social landscape, especially for men.


Religious beliefs are changing too. Secularism rose 11 percentage points (from 29% to 40%) for the upper middle class, but rose 21 percentage points (from 38% to 59%) for the working class.


What about cause and effect? It should be obvious that culture affects economic outcomes, but some on the left think it's the other way around. Here's an amazing statement by Paul Krugman writing in The New York Times:



Traditional values aren't as crucial as social conservatives would have you believe — and, in any case, the social changes taking place in America's working class are overwhelmingly the consequence of sharply rising inequality, not its cause.

As usual, Krugman has it completely wrong. When Charles Murray was in Dallas the other day I suggested to him that culture is like the economists' notion of a "public good." We all benefit from it, even if we personally do nothing to create it, nurture it, or defend it. But if the institutions that sustain a culture are weak and eroding, then the culture itself will disappear and everyone will be affected by that change.


What is happening in working class America is the disintegration of the American way of life.


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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #628 on: February 18, 2012, 09:39:26 AM »

Religious beliefs are changing too. Secularism rose 11 percentage points (from 29% to 40%) for the upper middle class, but rose 21 percentage points (from 38% to 59%) for the working class.



Maybe he has something there.

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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #629 on: February 18, 2012, 10:35:52 PM »
White House hides the big drop in percentage of working Americans (11 M not in the work force)
American Thinker ^ | 02/18/2012 | Rick Moran
Posted on February 18, 2012 4:23:34 PM EST by SeekAndFind

It's not the same as the unemployment rate. It is the workplace participation rate that shows the true horror of Obama's jobless "recovery."

Quite simply, the percentage of working-age Americans who have a job is crashing. Daily Caller:

A new chart produced by the Republican Study Committee shows the downward jumps of that job-participation rate, even after President Barack Obama deployed his trillion-dollar stimulus in February 2009, and after Obama declared the summer of 2010 a "Recovery Summer."

"I expect you will be seeing this chart on the House floor during debates, it will be shown at town hall meetings and in district events," committee spokesman Brian Straessle told The Daily Caller.

Amid the optimistic text in today's economic report, the detailed tables reveal a sharp statistical decline.In 2000, 64.4 percent of working-age Americans had formal jobs, either full-time or part-time, according to Table B-35 on page 361. That was the measure's high water mark.

The ratio drifted down to 63.0 percent in 2007 before hitting the skids in the 2008 recession that was largely caused by federal real-estate policies.

By October 2009, five months after the recession technically ended, the ratio hit bottom at 58.5 percent, where it remained two years later in December 2011.

Given the nation's working-age population of 240.5 million, that 4.5 percent drop means that roughly 11 million Americans have fallen out of the workforce. They are excluded, however, from the nation's formal unemployment rolls - which document only 13.75 million unemployed Americans.

By excluding those non-working Americans, the White House can claim that the formal unemployment rate has fallen to 8.3 percent in January 2012, down from a peak of 10 percent in 2009.

Some of those 11 million workers not being counted retired early or have started their own businesses.

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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #630 on: February 19, 2012, 10:52:15 AM »
Report: Millions of jobless file for disability when unemployment benefits run out
Fox News ^ | 2/19/12
Posted on February 19, 2012 1:19:32 PM EST by Libloather

Report: Millions of jobless file for disability when unemployment benefits run out
Published February 19, 2012 | FoxNews.com

Being unemployed for too long reportedly is driving people mad and costing taxpayers billions of dollars in mental illness and other disability claims.

The New York Post reported Sunday that as unemployment checks run out, many jobless are trying to gain government benefits by declaring themselves unhealthy.

More than 10.5 million people -- about 5.3 percent of the population aged 25 and 64 -- received disability checks in January from the federal government, the Post wrote, a 18 percent jump from before the recession.

(Excerpt) Read more at foxnews.com ...





Yeah, real fuvking recovery! 

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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #632 on: February 19, 2012, 07:36:43 PM »

Jobless disability claims soar to record $200B as of January
New York Post ^ | Last Updated: 10:41 AM, February 19, 2012 | By JANET WHITMAN
Posted on February 19, 2012 10:13:27 PM EST by Behind Liberal Lines

With their unemployment-insurance checks running out, some of the country’s long-term jobless are scrambling to fill the gap by filing claims for mental illness and other disabilities with Social Security — a surge that hobbles taxpayers and making the employment rate look healthier than it should as these people drop out of the job statistics.

(Excerpt) Read more at nypost.com ...

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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #634 on: February 20, 2012, 02:05:16 PM »
For boomers, it's a new era of 'work til you drop'

By JOHN ROGERS
Associated Press

 
 

LOS ANGELES (AP) -- When Paula Symons joined the U.S. workforce in 1972, typewriters in her office clacked nonstop, people answered the telephones and the hot new technology revolutionizing communication was the fax machine.

Symons, fresh out of college, entered this brave new world thinking she'd do pretty much what her parents' generation did: Work for just one or two companies over about 45 years before bidding farewell to co-workers at a retirement party and heading off into her sunset years with a pension.

Forty years into that run, the 60-year-old communications specialist for a Wisconsin-based insurance company has worked more than a half-dozen jobs. She's been laid off, downsized and seen the pension disappear with only a few thousand dollars accrued when it was frozen.

So, five years from the age when people once retired, she laughs when she describes her future plans.

"I'll probably just work until I drop," she says, a sentiment expressed, with varying degrees of humor, by numerous members of her age group.

Like 78 million other U.S. Baby Boomers, Symons and her husband had the misfortune of approaching retirement age at a time when stock market crashes diminished their 401(k) nest eggs, companies began eliminating defined benefit pensions in record numbers and previously unimagined technical advances all but eliminated entire job descriptions from travel agent to telephone operator.

At the same time, companies began moving other jobs overseas, to be filled by people willing to work for far less and still able to connect to the U.S. market in real time.

"The paradigm has truly shifted. Now when you're looking for a job you're competing in a world where the competition isn't just the guy down the street, but the guy sitting in a cafe in Hong Kong or Mumbai," says Bill Vick, a Dallas-based executive recruiter who started BoomersNextStep.com in an effort to help Baby Boomers who want to stay in the workforce.

Not only has the paradigm shifted, but as it has the generation whose mantra used to be, "Don't trust anyone over 30," finds itself now being looked on with distrust by younger Generation X managers who question whether boomers have the high-tech skills or even the stamina to do what needs to be done.

"I always have the feeling that I have to prove my value all the time. That I'm not some old relic who doesn't understand social media or can't learn some new technique," says Symons, who is active on Twitter and Facebook, loves every new time-saving software app that comes down the pike, and laughs at the idea of ever sending another fax.

"Ahh, that's just so archaic," she says.

Meanwhile, as companies have downsized, boomers have been hurt to some degree by their own sheer numbers, says Ed Lawler of the University of Southern California's Marshall School of Business.

The oldest ones, Lawler says, aren't retiring, and more and more the youngest members of the generation ahead of them aren't either. It's no longer uncommon, he says, for people to work until 70.

"People who would have normally been out of the workforce are still there, taking jobs that would have gone to what we now call the unemployed," he said.

John Stewart of Springfield, Mo., sees himself becoming part of that new generation that never stops working.

"No, I don't see myself retiring," says Stewart, who is media director for a large church. "I think I would be bored if I just all of a sudden quit everything and did whatever it is retired people do."

Then there are the financial considerations. Like many boomers, the 60-year-old acknowledges he didn't put enough aside when he was younger.

For more than 30 years, Stewart ran his own photography business, doing everything from studio portraits to illustrating annual reports for hospitals and other large corporations to freelancing for national magazines and newspapers.

As the news media began to struggle, the magazine and newspaper work dried up. As the economy tanked, his large corporate clients began to use cheaper stock photos purchased online rather than hire him to take new ones. Eventually he took his current job, producing videos of pastors' sermons and photos for church publications. He says he is glad to be one boomer to make a late career change and keep working.

"There were times when the money was really rolling in," he says of his old business. "But somehow retirement wasn't really in the forefront of my thinking then, so saving for it wasn't an automatic thing."

Steve Wyard, of Los Angeles, says he and his wife have planned carefully for retirement.

He's worked for 30 years for a company that sells and services commercial washers and dryers, and she's been with a health maintenance organization for even longer. They've invested cautiously, lived in the same house for decades and meticulously paid down the mortgage.

Plus he's one of the few boomers who figures that, no matter what technology comes along, his job won't go away.

"Everyone has to do the laundry," he says.

Still, he and his wife have two sons, 19 and 21, to put through college, and Wyard, 61, sees that pushing back retirement for several years.

Until then he plans to keep working, which is what every physically able boomer should consider doing, says USC's Lawler.

Union membership, which has been declining for years, now includes only about 10 percent of all eligible U.S. employees, according to the Bureau of Labor Statistics. Meanwhile, the number of defined benefit retirement funds offered by private enterprise have fallen from about one in three employers in 1990 to about one in five in 2005.

With unions no longer in a strong position to fight for benefits like pensions, with jobs disappearing or going overseas, and with Gen Xers and even younger Millennial Generation members coveting their jobs, Lawler warns this is no time for boomers to quit and allow the skills they've spent a lifetime building to atrophy.

"My advice is above all don't retire," he says. "If you like your job at all, hold onto it. Because getting back in in this era is essentially impossible."

© 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.
 

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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #635 on: February 21, 2012, 06:36:03 AM »
Gallup Finds Unemployment Climbing to Nine Percent in February
By Matt Cover
February 20, 2012
   

A man looking for work stands on a street corner in Portland, Maine. (AP)




(CNSNews.com) – Unemployment in the U.S. rose to nine percent in mid-February, up from 8.3 percent a month earlier, according to a new Gallup survey. The polling company said this suggests that it is “premature” to assume the economy will not feature prominently in the 2012 election season.

Gallup figures typically provide an indication of what the government will report at the end of the month.

“The U.S. unemployment rate, as measured by Gallup without seasonal adjustment, is 9.0% in mid-February,” Gallup said in its mid-month unemployment survey, released on February 17. “The mid-month reading normally reflects what the U.S. government reports for the entire month, and is up from 8.3% in mid-January.”

Gallup said the Bureau of Labor Statistics (BLS) would likely report a rise in the official unemployment rate in early March, when it publishes its February figures.

Gallup’s mid-month figures are not seasonally adjusted, and so may not predict the official unemployment rate precisely. However, because Gallup and BLS both conduct their unemployment surveys at the same time – in the middle of the month – Gallup’s early figures can provide a barometer of where the official rate is likely headed.

“Gallup’s mid-month unemployment reading, based on the 30 days ending Feb. 15, serves as a preliminary estimate of the U.S. government report, and suggests the Bureau of Labor Statistics will likely report on the first Friday of March that its seasonally adjusted unemployment rate increased in February,” Gallup said.

The survey also found that “underemployment” – those unemployed and those working part-time because full-time jobs are unavailable – rose to 19 percent, up from the 18.7 percent Gallup found in January.


Gallup said its report reflected a continuing trend of weakness in U.S. labor markets, marking a “sharp deterioration” in job market conditions.

“Regardless of what the government reports, Gallup’s unemployment and underemployment measures show a sharp deterioration in job market conditions since mid-January.”

That decline was consistent with an economy struggling with weak growth and rising energy prices, Gallup said, making it “premature” to think that the economy would not be a major factor in November’s presidential elections.

“Further, it suggests that it is premature to assume the condition of the economy will not remain a major issue for Americans both financially and politically in 2012.”

Gallup’s survey is a random telephone tracking survey of 30,000 adults conducted through February 15, whereas BLS’s survey is done over one week in the middle of each month and surveys 60,000 households. BLS adjusts its results for seasonal changes in the job market – regular changes in the labor market that occur every year and aren’t reflective of the demand for labor or the supply of available jobs, such as temporary hiring around the holiday shopping season.

Since Gallup’s figures are not seasonally adjusted, the 0.7 percent rise in unemployment tracked in its survey almost certainly includes some of the seasonal factors that typically contribute to unemployment after the holiday shopping season.

Nonetheless, Gallup predicted that BLS would find an increase in unemployment in February.

“Although the government seasonally adjusts the U.S. unemployment rate, and the workforce participation rate could decline – both of which could drive down its unemployment rate – it still seems likely that the BLS will report an increase in the seasonally adjusted U.S. unemployment rate for February.”


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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #636 on: February 21, 2012, 07:03:03 AM »
Unemployment Rate Not as Rosy as it Appears
Mich Cap Con ^ | 2-21-12 | Tom Gantert




The days of Michigan leading the nation in the unemployment rate appear to be in the rear view mirror.

Michigan’s unemployment rate of 9.3 percent in December ranks it 11th highest in the nation. The state's unemployment rate was 11.2 percent just four months earlier.

But a big reason for the state’s rosier outlook is a large drop in the state’s labor force, something University of Michigan economist Don Grimes calls “one of the least understood results” of the economic recovery.

Michigan’s workforce has dropped from 5.1 million in January 2006 to 4.6 million in December 2011. Michigan added 13,000 jobs in December of 2011, but the labor force decreased by 11,705 jobs.

“The labor force and employment are moving in opposite directions and that’s strange,” said James Hohman, a fiscal policy analyst with the Mackinac Center for Public Policy.

Hohman estimates that if Michigan had maintained the same number of people in the workforce as December 2007, and if all of the labor force drop-outs were instead classified as unemployed, Michigan’s unemployment rate would be at 16 percent.

Most experts are not quite sure why the state’s labor force has decreased.

Some of the reasons include “discouraged workers,” or a person who was once actively searching for a job but stopped due to lack of success. There also are more people retiring or more stay-at-home moms and dads. And there are more people leaving the state.

Grimes also pointed to two other possible factors — an increase in what he calls “the underground economy” — or workers who are not reporting income to the IRS and not admitting they are employed.

“If someone — for example a former construction worker — is not reporting their income to the tax authorities they are not going to tell some census employee that they are working, and they are not going to fit the test to determine if they are ‘unemployed,' which requires that they are actively searching for, and available to start a new job,” Grimes wrote in an email. “Thus they end up being counted as out of the labor force. But the truth is nobody really knows what is going on here.”

Grimes also wondered if a national trend could also be playing a part. That trend saw some long-time unemployed workers whose benefits were running out move to filing for disability with Social Security.

“Nobody knows if the labor force is going to continue to decline like this or rebound as people return to work,” Grimes said.

At a November conference, Grimes said economists ran an experiment and held the labor force constant over 2012 and 2013 — negating the current declining trend — and found the unemployment rate was 1 percent lower than it would have been by the end of 2013.

“If the labor force shrinks, the drop in the unemployment rate will be even greater,” Grimes said. “So we could run into a problem of relatively low unemployment rates, where firms are having a very hard time finding qualified workers much sooner than expected. But, since a lot of these labor force dropouts will not have any income (or much less income) our prosperity will be much lower than the unemployment rate would indicate.”

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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #637 on: February 21, 2012, 12:39:39 PM »
Gallup Finds Unemployment Climbing to Nine Percent in February. (Underemployment 19.5%)
Gallup ^ | 2/20/12 | Dennis Jacobe

Posted on Tuesday, February 21, 2012 3:36:00 PM by xuberalles

PRINCETON, NJ -- The U.S. unemployment rate, as measured by Gallup without seasonal adjustment, is 9.0% in mid-February, up from 8.6% for January. The mid-month reading normally reflects what the U.S. government reports for the entire month, and is up from 8.3% in mid-January.

Gallup's mid-month unemployment reading, based on the 30 days ending Feb. 15, serves as a preliminary estimate of the U.S. government report, and suggests the Bureau of Labor Statistics will likely report on the first Friday of March that its seasonally adjusted unemployment rate increased in February. Gallup found that unemployment decreased to 8.3% in its mid-January report, and suggested that the U.S. unemployment rate the BLS reported for January would decline.

Gallup also finds 10.0% of U.S. employees in mid-February are working part time but want full-time work, essentially the same as in January. The mid-February reading means the percentage of Americans who can only find part-time work remains close to its high since Gallup began measuring employment status in January 2010.

Underemployment, a measure that combines the percentage of workers who are unemployed with the percentage working part time but wanting full-time work, is 19.0% in mid-February. This is higher than the 18.7% recorded for January, and is up significantly compared with January's mid-month reading of 18.1%.


(Excerpt) Read more at gallup.com ...


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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #638 on: February 22, 2012, 05:12:55 AM »
Americans' Satisfaction Almost as Low as It Was Under Carter
By Lauren Fox


http://www.usnews.com/news/blogs/washington-whispers/2012/02/21/americans-satisfaction-almost-as-low-as-it--was-under-carter


February 21, 2012



It's February, nine months before a presidential election, and only 22 percent of Americans say they are satisfied with the way things are going. Voters haven't been this unhappy with the country since George H.W. Bush's presidency, when only 21 percent of Americans reported being happy with the country's direction. And before that, the lowest approval rating was 19 percent during Jimmy Carter's first term.

What do the two presidencies have in common? Neither of them won re-election. And, if the trends holds true, Obama looks to be in an equally precarious situation. [Read about the 10 Worst Presidents.]

The American Enterprise Institute for Public Policy Research released its 2012 campaign outlook, and it's clear Obama's sitting in the same position George H.W. Bush and Jimmy Carter were in during the February before their election losses—voters don't feel good about the country.

Bill Clinton, Ronald Reagan, and George W. Bush—presidents who won re-election—all had at least 41 percent of voters optimistic with the state of the union.


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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #639 on: February 22, 2012, 06:19:53 AM »
 :o

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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #640 on: February 24, 2012, 04:21:00 AM »
BY MIGUEL BUSTILLO AND DANA MATTIOLI

After seven years of trying to rebuild the iconic retailer Sears, hedge-fund manager Edward S. Lampert reversed course on Thursday, announcing that Sears Holdings Corp. will unload more than 1,200 stores in an effort to raise up to $770 million of much-needed cash.

Many on Wall Street interpreted the move as the beginning of the breakup of the company. Sears on Thursday reported a loss of more than $3 billion for 2011, and same-store sales have fallen for six straight years. The company's shares, which fell below $30 last month, rose almost 19% on Thursday to $61.80 on news of ...

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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #641 on: February 24, 2012, 05:26:06 AM »
In Retreat, Sears Set to Unload Stores [Obama's America: End of An American Retail Giant]
Wall St. J ^ | February 23, 2012 | MIGUEL BUSTILLO AND DANA MATTIOLI

Posted on Friday, February 24, 2012 1:31:44 AM by Steelfish

FEBRUARY 24, 2012 In Retreat, Sears Set to Unload Stores

[Subscriber Content Preview] BY MIGUEL BUSTILLO AND DANA MATTIOLI

After seven years of trying to rebuild the iconic retailer Sears, hedge-fund manager Edward S. Lampert reversed course on Thursday, announcing that Sears Holdings Corp. will unload more than 1,200 stores in an effort to raise up to $770 million of much-needed cash.

Many on Wall Street interpreted the move as the beginning of the breakup of the company. Sears on Thursday reported a loss of more than $3 billion for 2011, and same-store sales have fallen for six straight years. The company's shares, which fell below $30 last month, rose almost 19% on Thursday to $61.80 on news of ..


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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #642 on: February 24, 2012, 01:34:09 PM »
A Million US Families Are Living On A Shocking $2 Per Day (Obama's Depression/Michelle In Vail)
TBI ^ | 2-24-2012 | Noelia de la Cruz




Over A Million US Families Are Living On A Shocking $2 Per Day

Noelia de la Cruz
Febuary 24,2012






More than 1.46 million families in the U.S. are living on $2 or less per day, a new study found.

That's up from the 636,000 households who lived under the same conditions in 1996.

Two dollars or less per day translates to about $60 per person, per month.

While 43 percent of American households receive government benefits, a decreasing proportion of those benefits go to the poor, the researchers from University of Michigan and Harvard University, said.

The study based its definition of income on the U.S. Census Bureau's Survey of Income and Program Participation (SIPP).

It includes such factors as a person's pension and retirements, cash income from public programs, and reported income from friends and family members who are not part of the household.

When the Supplemental Nutrition Assistance Program is included as income, the number of households living on $2 or less per day drops to about 800,000.

Additionally, the study found about 37 percent of the households living in poverty were headed by a married couple, while 51 percent were headed by a single female.

In 2011, nearly 50 percent of the households were headed by white non-Hispanics, 25 percent by African Americans, and 22 percent by Hispanics.

While minority groups do not represent the majority of these households, they're increased the most since 1996, the study found.


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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #643 on: February 25, 2012, 06:32:16 AM »
The Next 17 Big Companies That Are At Risk Of Bankruptcy
Business Insider ^ | Jan. 25, 2012 | Gus Lubin and Jana Kasperkevic
Posted on February 25, 2012 9:12:55 AM EST by iowamark

American Airlines, Eastman Kodak, Hostess...

Lots of iconic brands have filed for bankruptcy recently. Some blamed weak consumer demand, others pointed to rising commodity costs and pension demands. In any case, you can count on many more companies to follow suit.

GovernanceMetric's International provided us with a list of companies with the greatest probability of financial distress. We picked out the biggest names.

Caesars Entertainment Financial distress probability: 7.28% Total assets: $28.9 billion Founded: 1937

Caesars Entertainment is the world's largest casino entertainment company.

Clearwire (CLWR) Financial distress probability: 9.54% Total assets: $8.8 billion Founded: 2003

(Excerpt) Read more at businessinsider.com ...

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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #644 on: February 28, 2012, 06:32:50 AM »
HOUSE PRICES FALL WORSE THAN EXPECTED, DOWN 4% FOR 2011
Joe Weisenthal    | 41 minutes ago | 468 | 4
A A A
 
 
inShare
10

Wikimedia CommonsORIGINAL POST: The granddady of housing data: Case-Shiller housing comes out at 0.

Analysts expect to see a 0.35% monthly decline in home prices.
On a year over year basis, the decline for December is expected to be 3.65%.
We'll have the number here LIVE as it comes out.
UPDATE:

Worse than expected...

House prices in December fell 0.5% sequentially, worse than the 0.35% decline that was expected.
That's modestly better than the 0.74% decline from last November, but still it's a bummer.
On a year over year basis, house prices fell 3.99%, worse than the 3.65% expected.
The full report can be downloaded here.

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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #645 on: February 28, 2012, 08:04:13 AM »
..Home prices fell in December in most US cities
Survey: Prices fell in 18 of 20 US cities in final months of 2011, prices back to 2002 level

By Derek Kravitz, AP Economics Writer | Associated Press – 1 hour 9 minutes ago
....
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WASHINGTON (AP) -- Home prices fell in December for a fourth straight month in most major U.S. cities, as modest sales gains in the depressed housing market have yet to lift prices.

The Standard & Poor's/Case-Shiller home-price index shows prices dropped in December from November in 18 of the 20 cities tracked. The steepest declines were in Atlanta, Chicago and Detroit. Miami and Phoenix were the only cities to show an increase.

The declines partly reflect the typical slowdown that comes in the fall and winter.

Still, prices fell in 19 of the 20 cities in December compared to the same month in 2010. Only Detroit posted a year-over-year increase. Prices in Atlanta, Las Vegas, Seattle and Tampa dropped to their lowest points since the housing crisis began.

Nationwide, prices have fallen 34 percent nationwide since the housing bust, back to 2002 levels. A gauge of quarterly national prices, which covers 70 percent of U.S. homes, fell to its lowest point on records dating back to 1987 after being adjusted for inflation.

"The pick-up in the economy has simply not been strong enough to keep home prices stabilized," said David M. Blitzer, chairman of the S&P's index committee. "If anything, it looks like we might have reentered a period of decline as we begin 2012."

The Case-Shiller monthly index covers half of all U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The December data is the latest available.

Home values remain depressed despite some hopeful signs at the end of last year.

Builders are growing more optimistic after seeing more people express interest in buying this year. Sales of previously occupied homes are at their highest level since May 2010. More first-time buyers are making purchases. And the supply of homes fell last month to its lowest point in nearly seven years, which could push home prices higher.

Homes are the most affordable they've been in decades. And mortgage rates have never been cheaper.

Much of the optimism has come because hiring has picked up. More jobs are critical to a housing rebound.

There's hope among some economists that an increase in sales could stop prices from falling further by the late winter or early spring. A rise in prices could lead to a positive cycle of better sales, too.

"Stability in home prices will likely persuade more potential buyers that it is now worth getting into the market," said Ian Shepherdson, chief U.S. economist at High Frequency Economics.

Conditions are improving for those in position to buy a home. Still, many people can't afford to buy or are unable to qualify for mortgage. Some people in position to buy are holding off, worried that prices could fall even further.

The biggest reason why prices are still falling is foreclosures, which are still high across the country. Foreclosures and short sales — when a lender accepts less for a home than what is owed on a mortgage — are selling at an average discount of 20 percent.

..

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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #646 on: February 28, 2012, 08:38:26 AM »
Durable Goods Demand Falls Most in 3 Years; Down 4%
Published: Tuesday, 28 Feb 2012 | 10:19 AM ET Text Size By: Reuters   Twitter 



New orders for U.S. manufactured goods fell in January by the most in three years as demand fell across the board from machinery to aircraft, suggesting the economy started the year on weaker footing than expected.

 
George Frey | Bloomberg | Getty Images
--------------------------------------------------------------------------------
 
Durable goods orders dropped 4.0 percent, the biggest drop since January 2009 when the country was still mired in a deep recession, according to Commerce Department data on Tuesday.

Economists had forecast orders falling 1.0 percent.

Durable goods range from toasters to big-ticket items like aircraft which are meant to last three years and more.

Excluding transportation, orders fell 3.2 percent. Economists had expected that reading to be flat. Machinery orders dropped 10.4 percent, the largest decline since January 2009.

Non-defense capital goods orders excluding aircraft, a closely watched proxy for future business investment, fell 4.5 percent, the steepest drop in a year.

A 6.1 percent drop in bookings for transportation equipment — including a 19 percent fall in civilian aircraft orders — dragged on the overall reading for durable goods.



Boeing received 150 orders for aircraft during the month, according to the plane maker's website, down from 287 in December.

Orders for motor vehicles edged up 0.9 percent.

Shipments of non-defense capital goods orders excluding aircraft, which go into the calculation of gross domestic product, fell 3.1 percent in January, the biggest decline since April 2009.


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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #647 on: March 01, 2012, 07:47:52 AM »
February 29, 2012 1:17 PM PrintText Inflation: Not as low as you think
By Kathy Kristof

http://www.cbsnews.com/8301-505144_162-57387655/inflation-not-as-low-as-you-think




Forget the modest 3.1 percent rise in the Consumer Price Index, the government's widely used measure of inflation. Everyday prices are up some 8 percent over the past year, according to the American Institute for Economic Research.

The not-for-profit research group measures inflation without looking at the big, one-time purchases that can skew the numbers. That means they don't look at the price of houses, furniture, appliances, cars, or computers. Instead, AIER focuses on Americans' typical daily purchases, such as food, gasoline, child care, prescription drugs, phone and television service, and other household products.


The institute contends that to get a good read on inflation's "sticker shock" effect, you must look at the cost of goods that the average household buys at least once a month and factor in only the kinds of expenses that are subject to change. That, too, eliminates the cost of housing because when you finance your home with a fixed-rate mortgage, that expense remains constant until you refinance or move.


Will gas prices stall the economy?
Why higher oil and gas prices are good news
VIDEO: Ask the experts -- gas prices


The group maintains that this index better measures the real-world impact of price changes, particularly for people on a budget. And, largely as the result of the recent run-up in gas prices, this "everyday price index" (EPI) suggests that Americans are being pinched far more tightly than the official inflation measure would have you believe.

Over the past year, the EPI is up just over 8 percent, according to the economics group. The biggest factor: Motor fuel and transportation costs are up 21.06 percent from year-ago levels. The cost of food, prescription drugs, and tobacco also have increased faster than the government's inflation measure, rising 3.56 percent, 4.21 percent, and 3.4 percent, respectively.


On the bright side, prices of household fuel (natural gas and electricity) and supplies have increased only 2.74 percent; recreation and personal care products are up less than 1 percent; and telephone or Internet services are down 0.66 percent.


Admittedly, the purchases that the EPI tracks make up slightly less than 40 percent of the average household budget. But Steven Cunningham, research and education director at AIER, says these items are what contribute to the "sticker shock at the gasoline pump and the supermarket check-out line."


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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #648 on: March 01, 2012, 08:11:12 AM »
Only 54% Of Young Adults In America Have A Job
Zero Hedge ^ | 3/1/2012 | Tyler Durden




A month ago, Zero Hedge readers were stunned to learn that unemployment among Europe's young adults has exploded as a result of the European financial crisis, and peaking anywhere between 46% in the case of Greece all they way to 51% for Spain. Which makes us wonder what the reaction will be to the discovery that when it comes to young adults (18-24) in the US, the employment rate is just barely above half, or 54%, which just happens to be the lowest in 64 years, and 7% worse than when Obama took office promising a whole lot of change 3 years ago.

And while technically this means 46% are unemployed, or the same percentage as in Greece, the US ratio, which comes from Pew, shows the ratio as a % of the total population: a very sensitive topic now that every month we see another 250,000 drop off mysteriously from the total labor force. However, unlike those on the trailing age end, young adults by definition are the labor force in their age group demographic, so it would be difficult to explain away this horrendous number by claiming that ever more 24 year olds are retiring. Although, yes, we agree that some may be dropping out of the labor force in order to go to college, incidentally the locus of the latest credit bubble, where they meet a fate worse even than secular unemployment: they become debt slaves of the Federal System, with non-dischargable debt at that, which even assuming they can get a job would take ages to pay back!


But wait: there's more - of all age groups, this is the one that has actually seen its wages drop the most under the Obama administration.

So not only are they unemployed, young adults are at least poor.


Net result: double the change, zero the hope.

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Re: Misery Index: The Obama Depression & Intentional Economic Collapse
« Reply #649 on: March 01, 2012, 06:57:07 PM »
The latest quarterly report out of CoreLogic is as usual full of curious insights about the state of US housing. Key among them is the finding that "negative equity and near-negative equity mortgages accounted for 27.8 percent of all residential properties with a mortgage nationwide in the fourth quarter, up from 27.1 in the previous quarter. Nationally, the total mortgage debt outstanding on properties in negative equity increased from $2.7 trillion in the third quarter to $2.8 trillion in the fourth quarter." In other words, courtesy of no Mark To Market, there is at least $2.8 trillion in debt held by investors (read banks and GSEs) that is marked at par and should be impaired. And one wonders why Fannie lost $16.9 billion in 2011 (up from $14.0 billion in 2010), and needed another taxpayer injection of $4.6 billion in Q4: it is so banks can pretend reality exists, and in the process avoid evicting tenants who live in these underwater homes, and who can pretend they don't have to pay their bills, but can spend money on iGadgets instead. Yet the scariest data point is that if one is currently in Nevada and looks at three houses right this second, two of them are underwater, or said otherwise, have negative or near-negative equity.

(Excerpt) Read more at zerohedge.com ...