Category Archives: Economy

GDP revisions reveal slower growth from 2012 to 2014, Slowest US recovery since end of World War II is even weaker, New GDP reporting supposed to correct flaws in how military outlays and spending on consumer services such as health care are treated

GDP revisions reveal slower growth from 2012 to 2014, Slowest US recovery since end of World War II is even weaker, New GDP reporting supposed to correct flaws in how military outlays and spending on consumer services such as health care are treated

“Economic growth in the first quarter was restrained by factors including tepid foreign demand and harsh winter weather. At the same time, households saved most of their gains from low energy prices, Over the past four quarters, the most persistent and stable components of GDP — consumption and fixed investment — have grown 3.3 percent. This trend complements the strong pace of job growth and unemployment reduction over the last year.”... White House April 29, 2015

“two-thirds of the “boost” to final Q3 personal consumption came from, drumroll, the same Obamacare which initially was supposed to boost Q1 GDP until the “polar vortex” crashed the number so badly, the BEA decided to pull it completely and leave this “growth dry powder” for another quarter. That quarter was Q3.”…Zero Hedge December 23, 2014

 

“We are being lied to on a scale unimaginable by George Orwell.”…Citizen Wells

 

 

From Market Watch July 30, 2015.

“U.S. economy didn’t grow as fast as we were told from 2012 to 2014

The U.S. economy grew somewhat more slowly from 2012 to 2014 than previously estimated, according to a new government approach to gross domestic product that addresses flaws in how the report is produced.

The U.S. expanded at average 2% rate each year from 2012 to 2014 instead of 2.3% as reported under the old method of calculating GDP, the Bureau of Economic Analysis said. GDP reflects the value of all goods and services produced by the U.S. and is viewed as the best general measure of a nation’s economic health.

In short, the slowest U.S. recovery since the end of World War II is even weaker than everyone thought.
The BEA on Thursday unveiled a new-look GDP that’s supposed to correct flaws in how military outlays and spending on consumer services such as health care are treated, among other things. The new report also incorporates changes in how certain taxes and social benefits are categorized.

The first phase of the changes were rolled out Thursday. Two more phases will follow next year, potentially leading to more significant revisions to U.S. growth over the past few years.

Under the new GDP formula, U.S. growth in 2012 was trimmed to 2.2% from 2.3%. Growth in 2013 was chopped to 1.5% from 2.2%. And GDP in 2014 was unchanged at 2.4%.

Government bean counters began to reengineer the GDP report after the economy showed a contraction in the first quarter for the third time in five years. Historically the U.S. economy rarely shrinks during an economic expansion.

The wide discrepancy between quarters drew criticism from Wall Street economists and others who argued the GDP report was increasingly error-prone. Poor winter weather alone couldn’t account for gap, they argued, and it turns out they were right.”

GDPrevisions

Read more:

http://www.marketwatch.com/story/us-economy-didnt-grow-as-fast-as-we-were-told-from-2012-to-2014-2015-07-30

Homeownership Drops To 48 Year Low, Median Rent Soars To All Time High, White american employment decimated under Obama, 63.4 percent home ownership rate lowest since 1967, Fewer white americans employed now than 2007

Homeownership Drops To 48 Year Low, Median Rent Soars To All Time High, White american employment decimated under Obama, 63.4 percent home ownership rate lowest since 1967, Fewer white americans employed now than 2007

“In today’s labor market, there are nearly 1 million “missing” young workers—potential workers who are neither employed nor actively seeking work (and are thus not counted in the unemployment rate) because job opportunities remain so scarce. If these missing workers were in the labor market looking for work, the unemployment rate of workers under age 25 would be 18.1 percent instead of 14.5 percent.”…Economic Policy Institute May 1, 2014

“For now, the absence of young adults from the housing market continues to put a dent in the homeownership rate, which dropped to 64.8% in the first quarter, compared with 65.2% in the fourth quarter of 2013, according to U.S. Census statistics. The rate was as high as 69.2% in the fourth quarter of 2004. For those younger than 35, the rate has fallen noticeably faster. It slipped to 36.2% in the first quarter, from 36.8% in the fourth. The homeownership rate for this group was as high as 43.6% in the second quarter of 2004.”…Market Watch May 12, 2014

“We are being lied to on a scale unimaginable by George Orwell.”…Citizen Wells

 

 

We keep driving this point across.

It explains a lot.

White American employment has been decimated under Obama.

There were more white Americans employed in 2007 than now.

Whites make up approx. 2/3 of the US working age population.

From Zero Hedge July 28, 2015.

“US Middle Class Stays Dead: Homeownership Drops To 48 Year Low; Median Asking Rent Soars To All Time High

Three months ago, just as the last Census Homeownership and residential vacancy report hit, Gallup released its latest survey which confirmed just how dead the American Dream has become for tens if not hundreds of millions of Americans.

According to the poll, the number of Americans who did not currently own a home and say they do not think they will buy a home in “the foreseeable future,” had risen by one third to 41%, vs. “only” 31% two years ago. Non-homeowners’ expectations of buying a house in the next year or five years were unchanged, suggesting little change in the short-term housing market.

As Gallup wryly puts it, “what may have been a longer-term goal for many may now not be a goal at all, and this could have an effect on the longer-term housing market.””

“Earlier today, the US Census released its latest homeownership data, which confirmed that for what is left of America’s middle class, owning a home has become virtually impossible, with the homeownership rate plunging from the lowest level since 1986, or 63.7%, to just 63.4% the lowest reading since the first quarter of 1967.

Three months ago, when compiling this data we said that “at this rate, by the end of the 2015 and certainly by the end of Obama’s second term, the US homeownership rate will drop to the lowest in modern US history.” That moment, as shown on the chart below, came far sooner than ever we had expected. The only question is whether the lowest homeownership print on record reported in 1965 and standing at 62.9% will be taken out in the next 2 quarters or in early 2016.”

homeownership rate Q2 2015

“Yes, it is safe assume that the imminent lowest homeownership print in US history may be the “bottom.”
Still, the ongoing death of the middle class is not bad news to everyone: landlords, of which private equity firm Blackstone recently became the biggest in the US, are reaping unseen profits courtesy of runaway inflation in at least one item: rent.

Because as homeownership falls, demand for rental housing is booming. The vacancy rate for rented homes in the U.S. fell to 6.8% in the first quarter from 7.5% a year earlier. It was the lowest first-quarter rate since 1986.

And the punchline, which should come as no surprise to anyone: the median monthly asking rent just rose to a record $803 across the US.”

Read more:

http://www.zerohedge.com/news/2015-07-28/us-homeownership-drops-48-year-low-median-asking-rent-rises-new-record-high

Obamacare increases skyrocket for 2016, Blue Cross Blue Shield of New Mexico requested rate increases averaging 51 percent, 54 percent in Minnesota, Shock waves set off by Affordable Care Act, Obama lies your healthcare dies

Obamacare increases skyrocket for 2016, Blue Cross Blue Shield of New Mexico requested rate increases averaging 51 percent, 54 percent in Minnesota, Shock waves set off by Affordable Care Act, Obama lies your healthcare dies

“One of the CBO’s most intriguing estimates is that by 2017 there will be 2 million fewer full-time jobs on the market than there would have been without Obamacare, and that figure could climb to 2.5 million by 2024.”…Market Watch February 4, 2014

“If you’ve got health insurance we’re going to work with you to lower your premiums by $2,500 per family per year.”…Barack Obama

“We are being lied to on a scale unimaginable by George Orwell.”…Citizen Wells

 

 

From the NY Times July 3, 2015.

“Health Insurance Companies Seek Big Rate Increases for 2016”

“Health insurance companies around the country are seeking rate increases of 20 percent to 40 percent or more, saying their new customers under the Affordable Care Act turned out to be sicker than expected. Federal officials say they are determined to see that the requests are scaled back.

Blue Cross and Blue Shield plans — market leaders in many states — are seeking rate increases that average 23 percent in Illinois, 25 percent in North Carolina, 31 percent in Oklahoma, 36 percent in Tennessee and 54 percent in Minnesota, according to documents posted online by the federal government and state insurance commissioners and interviews with insurance executives.

The Oregon insurance commissioner, Laura N. Cali, has just approved 2016 rate increases for companies that cover more than 220,000 people. Moda Health Plan, which has the largest enrollment in the state, received a 25 percent increase, and the second-largest plan, LifeWise, received a 33 percent increase.

Jesse Ellis O’Brien, a health advocate at the Oregon State Public Interest Research Group, said: “Rate increases will be bigger in 2016 than they have been for years and years and will have a profound effect on consumers here. Some may start wondering if insurance is affordable or if it’s worth the money.””

“The rate requests, from some of the more popular health plans, suggest that insurance markets are still adjusting to shock waves set off by the Affordable Care Act.”

“Blue Cross and Blue Shield of New Mexico has requested rate increases averaging 51 percent for its 33,000 members. The proposal elicited tart online comments from consumers.”

““Our enrollees generated 24 percent more claims than we thought they would when we set our 2014 rates,” said Nathan T. Johns, the chief financial officer of Arches Health Plan, which covers about one-fourth of the people who bought insurance through the federal exchange in Utah. As a result, the company said, it collected premiums of $39.7 million and had claims of $56.3 million in 2014. It has requested rate increases averaging 45 percent for 2016.”

Read more:

http://www.nytimes.com/2015/07/04/us/health-insurance-companies-seek-big-rate-increases-for-2016.html?_r=3

 

Obama lies white American employment dies, Obama boasts to University of Wisconsin students, 12.8 million jobs added, Only 1 million more whites employed since January 2009, Not back to pre recession levels or population growth

Obama lies white American employment dies, Obama boasts to University of Wisconsin students, 12.8 million jobs added, Only 1 million more whites employed since January 2009, Not back to pre recession levels or population growth

“In December 2014 there were 18 million immigrants (legal and illegal) living in the country who had arrived since January 2000. But job growth over this period was just 9.3 million — half of new immigration.”…Center for Immigration Studies February 2015

“Of the approx. 6 million new employments since Obama took office in January 2009, 4,511,000, 75 percent, were Hispanic/Latino!”…Citizen Wells 2015

“We are being lied to on a scale unimaginable by George Orwell.”…Citizen Wells

 

 

I am going to make this real simple for you.

Recently Obama, the liar in chief, boasted to students at the University of Wisconsin that he created 12.8 million jobs.

The following comes straight from the US Labor Department website.

White Americans employed.

January 2009: 116,863,000 .

June 2015: 117,942,000.

That’s just over a million.

December 2007: 120,003,000.

We are not even close to pre recession levels.

Nor have we provided for population growth.

From Zero Hedge July 3, 2015.

“Barack Obama Tells Another Whopper – He Did Not Create 12.8 Million Jobs”

“America is better off when President Obama is out on the stump bloviating and boasting rather than in Washington actively doing harm. But the whoppers he just told the students at the University of Wisconsin are beyond the pale. Said our spinmeister-in-chief:

And the unemployment rate is now down to 5.3 percent. (Applause.) Keep in mind, when I came into office it was hovering around 10 percent. All told, we’ve now seen 64 straight months of private sector job growth, which is a new record — (applause) — new record —12.8 million new jobs all told.

“We are now 29 quarters from the pre-crisis peak and total non-farm labor hours utilized by the US economy are no higher than they were in Q4 2007. In other words, if you use a common unit of measure—–labor hours rather than job slots which treat coal-miners and part-time pizza delivery boys alike—–there have been no new units of employment at all. Our teleprompter reading President is actually tooting his own horn about recycled hours and “born again”  jobs and doesn’t even know it.”

“In short, we have gone through two business cycles and have essentially added zero new employment inputs to the US economy.  And that marks a sharp and devastating reversal of previous trends. In fact, the BLS’ own data convey an out-and-out crisis that the President should have been lamenting, not a cherry-picked simulacrum of growth based on born-again, apples-and-oranges jobs slots.

Thus, during the comparable 29 quarters after the 1990 business cycle peak (Q2 1990 to Q3 1997) non-farm labor hours had increased by 12% and during the same period of time after the 1981 peak (Q3 1981 to Q4 1988) labor hours expanded by 17 percent.  That’s what employment growth used to look like, and absolutely nothing like that has happened on Obama’s watch.”

Read more:

http://www.zerohedge.com/news/2015-07-03/barack-obama-tells-another-whopper-he-did-not-create-128-million-jobs

 

June 2015 jobs report reveals impact on white Americans: 106k fewer employed in June 339k more not in labor force labor force participation drop of 3.3 percent during Obama admin, Part time jobs up 161k, Full time jobs tumble 349k, Hunger in America

June 2015 jobs report reveals impact on white Americans: 106k fewer employed in June 339k more not in labor force labor force participation drop of 3.3 percent during Obama admin, Part time jobs up 161k, Full time jobs tumble 349k, Hunger in America

“In December 2014 there were 18 million immigrants (legal and illegal) living in the country who had arrived since January 2000. But job growth over this period was just 9.3 million — half of new immigration.”…Center for Immigration Studies February 2015

“Of the approx. 6 million new employments since Obama took office in January 2009, 4,511,000, 75 percent, were Hispanic/Latino!”…Citizen Wells 2015

“We are being lied to on a scale unimaginable by George Orwell.”…Citizen Wells

 

 

The media reports continue to claim that we are adding jobs every month.

What they are not telling you, the truth, is that white Americans and young native born Americans are being decimated in the job market.

One of the reasons for this is the influx of illegal aliens who are in fact taking jobs from native born Americans.

And yes, Donald Trump is correct.

They are bringing crime and using our resources at taxpayer expense.

Data from the US Labor Department reveals the impact on white Americans.

There were 106,000 fewer white Americans employed in June.

There were 339,000 more not in the labor force.

Since Obama took control in January 2009, the labor force participation rate for whites has dropped 3.3 percent.

From Zero Hedge July 2, 2015.

“Part-Time Jobs Surge By 161,000; Full-Time Jobs Tumble By 349,000”

“While the kneejerk reaction algos were focusing on the +223K jobs number reported by the Establishment Survey, few if anyone notched that the Household survey reported a decline of 56,000 workers in June.

But what’s worse, is that according to this survey which according to some is far more reliable than its peer, the composition of the US labor force once again deteriorated rapidly with part-time jobs added in June surging by 161,000 while the number of full time jobs tumbled by 349,000.”

“Why is this a problem: because while the US still has 800k full-time jobs to go to at least regain the prior peak, during the same time period the US civilian, non-institutional population has risen from 232.9 million to 250.7 million: an increase of 17.724 million!”

full time vs potential workers_0

http://www.zerohedge.com/news/2015-07-02/part-time-jobs-surge-161000-full-time-jobs-tumble-349000

The media has been reporting about hunger in America but they won’t tell you why.

Now you know.

 

 

Economic Policy Institute labor market report leaves out important facts, May to Feb 2015 and Dec 2007 comparisons, Hispanic Latinos big gains in employment, White Americans down almost 2 million employments since 2007, BLS data

Economic Policy Institute labor market report leaves out important facts, May to Feb 2015 and Dec 2007 comparisons, Hispanic Latinos big gains in employment, White Americans down almost 2 million employments since 2007, BLS data

“In today’s labor market, there are nearly 1 million “missing” young workers—potential workers who are neither employed nor actively seeking work (and are thus not counted in the unemployment rate) because job opportunities remain so scarce. If these missing workers were in the labor market looking for work, the unemployment rate of workers under age 25 would be 18.1 percent instead of 14.5 percent.”…Economic Policy Institute May 1, 2014

“Of the approx. 6 million new employments since Obama took office in January 2009, 4,511,000, 75 percent, were Hispanic/Latino!”…Citizen Wells

“We are being lied to on a scale unimaginable by George Orwell.”…Citizen Wells

 

 

From the Economic Policy Institute June 19, 2015.

“The Bureau of Labor Statistics’ May State Employment and Unemployment report showed most states continued on the generally positive—albeit somewhat unremarkable—track they’ve been on for the past year. Since May of 2014, all but one state (West Virginia) have added jobs, and unemployment has fallen in all but five states: Louisiana, North Dakota, South Carolina, South Dakota, and West Virginia. The only slight dark spot in recent trends is that, as with last month’s report, it appears the well of jobs from the oil and gas boom seems to be drying up. In states where growth from the boom has been explosive (North Dakota, Oklahoma), this slowdown still leaves them well ahead of the pack.

From February 2015 to May 2015, 38 states and the District of Columbia added jobs. Nevada (+1.3 percent), Rhode Island (+1.3 percent), and Maine (+1.0 percent) had the largest percentage gains. All three of these states showed some acceleration in job growth in recent months, although none of the three has yet to recover all the jobs they lost in the Recession. From February to May, 11 states lost jobs, with the biggest percentage losses occurring in North Dakota (-1.8 percent), Wyoming (-1.3 percent), and Oklahoma (0.6 percent). For the country as a whole, employment grew by 0.4 percent over the same period.

Unemployment fell in 25 states from February to May, with Washington (-0.9 ppt), Tennessee (-0.8 ppt), and Indiana (-0.8 ppt) experiencing the largest reductions. Washington state and the broader Pacific Region have had impressive labor market improvements over the past year, as Pacific states have increased employment and reduced unemployment faster than any other region of the country.”

Read more:

http://www.epi.org/publication/steady-as-she-goes-for-most-state-labor-markets-in-may/

As far as I am concerned, this is just another lie, i.e., leaving one with a false impression.

Directly from the US Labor Department, BLS.

Hispanic Latino employment rose 147,000 from February to May of 2015 and 3,875,000 since December 2007.

White employment rose 56,000 from February to May 2015 and dropped almost 2 million since December 2007.

Why is no one else reporting this?

Contact Rush, Hannity or anyone else you prefer to get the truth out.

 

Obama immigrant friendly crony friendly economy destroying native born American dreams, Gen X impact, White American jobs decimated, Consumers don’t have money to spend, Higher health care rent food costs and student debt

Obama immigrant friendly crony friendly economy destroying native born American dreams, Gen X impact, White American jobs decimated, Consumers don’t have money to spend, Higher health care rent food costs and student debt

“There’s no other way to say this. The official unemployment rate, which cruelly overlooks the suffering of the long-term and often permanently unemployed as well as the depressingly underemployed, amounts to a Big Lie.”…Gallup CEO Jim Clifton 

“In today’s labor market, there are nearly 1 million “missing” young workers—potential workers who are neither employed nor actively seeking work (and are thus not counted in the unemployment rate) because job opportunities remain so scarce. If these missing workers were in the labor market looking for work, the unemployment rate of workers under age 25 would be 18.1 percent instead of 14.5 percent.”…Economic Policy Institute May 1, 2014

“We are being lied to on a scale unimaginable by George Orwell.”…Citizen Wells

 

 

You should know by now that over 30 percent of millennials live with family members due to the horrid jobs situation, higher rent costs and student debt.

Gen X, Generation X, has also been hit by the Obama economy.

From Main St. June 8, 2015.

“Gen X, the leading edge of which will turn 50 next year, with the youngest hitting 35, are facing the reality of their looming retirement prospects. And so far, there is much room for improvement.

Gen X was roiled by the Great Recession, losing nearly half (45%) of their wealth. Now, a new study by Northwestern Mutual reveals that Gen X is compounding that major setback with the poorest financial habits of the four generations surveyed. Most respondents characterized themselves as spenders rather than savers, making them the generation most likely to havemore debt than savings.

Almost four in 10 (37%) admit they do not “at all feel financially secure,” an outlook more pessimistic than any other generation, even the often money-challenged Millennials.”

https://www.mainstreet.com/article/mtv-generation-faces-retirement-wake-up-call

If you have been reading Citizen Wells you know that White Americans have been decimated in the job market since Obama took the White House in January 2009.

As of a few months ago, 75 percent of the employments added went to Hispanics and Latinos.

From Zero Hedge June 11, 2015.

“All of this is cast against a subpar (or perhaps “non-existent” is the better term) economic recovery wherein weak demand has curtailed spending and investment, leading directly to lackluster wage growth. This of course, makes it still more difficult for would-be buyers to make a down payment and indeed it says quite a bit about the state of the economy when homeownership rates continue to hit multi-decade lows even as Fannie and Freddie are now backing loans with down payments as low as 3% while FHA has cut premiums at the same time.

If you’re a millennial, the situation is even more desperate. As we’ve documented extensively, new graduates are having a difficult time finding jobs that are commensurate with their education. College degrees have become so commonplace that they have largely ceased to differentiate candidates from one another and on top of that, many young job seekers are discovering that their $35,000 educations did not provide them with the skills sets employers are looking for. Speaking of $35,000 educations, student loan debt is perhaps the biggest impediment to homeownership for young Americans.

Combine a 14% U-6 unemployment rate for 18-29 year olds with soaring rents and a housing market that’spricing out young adults in many of the nation’s most desirable locales and you have the recipe for historically low homeownership rates for millenials. A new study by The Urban Institute has more on homeownership by age group:”

HomeOwnershipRates

http://www.zerohedge.com/news/2015-06-11/millennials-homeownership-dream-dying

From Zero Hedge June 15, 2015.

“Last week the government reported personal income and spending for April. After months of blaming non-existent consumer spending on cold weather, shockingly occurring during the Winter, the captured mainstream media pundits, Ivy League educated Wall Street economist lackeys, and Keynesian loving money printers at the Fed have run out of propaganda to explain why Americans are not spending money they don’t have. The corporate mainstream media is now visibly angry with the American people for not doing what the Ivy League propagated Keynesian academic models say they should be doing.”

“Despairing mothers, unemployed fathers, impoverished grandmothers, and indebted young people are supposed to feel lucky because they aren’t starving to death like the wretched Greeks. We do have one thing in common with the Greeks. We’ve both been screwed over by bankers and corrupt politicians. Did you know you’ve been given a free ride by your friends at the Federal Reserve? Did you know that zero interest rates and $3.5 trillion of Quantitative Easing (aka money printing) were implemented to benefit you? According to Hilsenrath, the Fed lending money at 0.25% to their Wall Street bank owners, who then allow you to borrow from them at 15% on your credit card, represents a free ride for you. Are the subprime auto loan borrowers, who account for 30% of all auto sales, paying 13% interest getting a free ride?”

Read more please:

http://www.zerohedge.com/news/2015-06-15/consumers-are-not-following-orders