Category Archives: Unemployment

Obama Bain Capital contributions, Bain contributed more to democrats in 2008, FEC changes to Bain contributions, Treasurer Martin Nesbitt Pritzker ties

Posted on July 16, 2012 | 121 comments

Obama Bain Capital contributions, Bain contributed more to democrats in 2008, FEC changes to Bain contributions, Treasurer Martin Nesbitt Pritzker ties

“He who lives in a glass house shouldn’t throw stones.”…proverb


“It’s important to recognize that this issue is not a, quote, distraction. I think there are folks who do good work in that area and there are times where they identify the capacity for the economy to create new jobs or new industries. But understand that their priority is to maximize profits. And that’s not always going to be good for communities or businesses or workers. And the reason this is relevant to the campaign is because my opponent, Governor Romney, his main calling card for why he thinks he should be president is his business experience. When you’re president, as opposed to the head of a private equity firm, then your job is not simply to maximize profits. Your job is to figure out how everybody in the country has a fair shot. So to repeat, this is not a distraction. This is what this campaign’s going to be about.”…Barack Obama

“Democratic presidential contender Barack Obama says he’ll crack down on fraudulent sub-prime lenders. If he really means it he can start by firing his campaign finance chair, Penny Pritzker. Before taking over Obama’s campaign finances, she headed up the borderline shady and failed Superior Bank. It collapsed in 2002. The bank’s sordid story and its abominable role in fueling the sub-prime crisis are well known and documented. It engaged in deceptive and faulty lending, questionable accounting practices, and charged hidden fees. It did it with the sleepy-eyed see-no-evil oversight of federal. It made thousands of dubious loans to mostly poor, strapped homeowners. A disproportionate number of them were minority.

Obama’s home state, Illinois, ranked near the top of thee states in the percentage of sub-prime mortgages. Nearly 15 percent of home loans were sub-prime according to the Mortgage Bankers Association. But that only tells part of the tale. According to the Woodstock Institute, a Chicago non-profit that studies housing issues, the sub-prime fall-out was far higher in the predominantly black and Latino neighborhoods of South and Southwest Chicago.

The predictable happened when many of those lost their homes. When the bank collapsed Pritzker and bank officials skipped away with their profits and reputations intact. Aside from the financial and personal misery sub prime lenders caused the thousands of distressed homeowners, sub-prime lending has been a major cause of the housing crisis in many areas, and has dealt a sledgehammer blow to the economy. Obama has said nothing about Pritzker, Superior Bank, or their dubious practices.”…Huffington Post, February 29, 2008

“Obama was confident that he was destined for more than a day job
running a foundation or practicing law or languishing in the minority
party in the Illinois senate…He invited a group of African-American
professionals to the house of Marty Nesbitt, who had served as finance
chairman of his congressional campaign. Nesbitt is…vice-president of
the Pritzker Realty Group, part of the Pritzker family empire…Nesbitt
arranged a weekend gathering to help Obama reach inside the deepest
pockets he knew—those of the Pritzker family”…Common Conservative October 1, 2008

Many of us in 2008 began questioning contributions to the Obama campaign. Many of the donors listed looked suspect. I saved at least one least to search through and return to later. I will refer to it in a moment.

Barack Obama, et al have been trying their best to highlight Mitt Romney’s association with Bain Capital in a negative light. Consistent with past behaviour, the Obama camp continues to tell lies.

From the Boston Globe May 23, 2012.

“President Obama has accepted $92,270 in his last two campaigns from employees of Bain Capital, the private equity firm formerly led by Mitt Romney, which he has villainized for profiting on failed companies that laid off workers.
 
Romney has taken $229,650, more than any other politician. But together, Democratic candidates and committees have received more than $1.3 million from Bain Capital workers since the 2008 election cycle – double the amount collected by Republicans.”
 
“If accepting campaign contributions from Bain Capital has opened the president to charges of hypocrisy, the problem may be resolving itself. Bain Capital employees’ donations to Obama have dropped precipitously in recent months. The president has received just one gift of $1,500 this calendar year, after getting $32,500 in 2011 and $58,270 in the last election.”
 
 
Bain Capital contributed to Obama and Romney in 2008. Obama received $ 95,270. More striking is the fact that Bain gave $495,900 to the Democrat Party versus $183,150 to the Republicans.
 
 
Back to contributions to the Obama campaign for 2008.
 
The date stamp for the text file that I saved from the FEC is May 1, 2008.
 

“HOME / CAMPAIGN FINANCE REPORTS AND DATA / PRESIDENTIAL REPORTS / 2007 JULY QUARTERLY / REPORT FOR C00431445 / CONTRIBUTIONS BY EMPLOYER
CONTRIBUTIONS BY EMPLOYER
OBAMA FOR AMERICA
PO Box 8102
Chicago, Illinois 60680

NOTE: Address IS Different than previously reported
FEC Committee ID #: C00431445
This report contains activity for a Primary Election
Report type: July Quarterly
This Report is an Amendment

Filed 01/31/2008”

“BAIN CAPITAL 11,500.00
BAIN CAPITAL LLC 10,170.04
BAIN CAPITAL VENTURES 4,600.00”

http://query.nictusa.com/pres/2007/Q2/C00431445/A_EMPLOYER_C00431445.html

Clicking on the same link now reveals.

“Report type: July Quarterly

This Report is an Amendment

Filed 08/22/2008”
“BAIN CAPITAL 2,300.00
BAIN CAPITAL LLC 970.04
BAIN CAPITAL VENTURES 0.00”

“Treasurer: Martin H. Nesbitt
Date Signed: 08/22/2008”

What does this mean? I am not certain.

Just thought you should know.

Especially since

Obama for America failed to file notice of nearly 2 million dollars in contributions in 2008.
 
From Citizen Wells April 20, 2012.
 
“Final Audit Report on Obama for America. On April 19, the Commission made public the Final Audit Report of the Commission on Obama for America (OFA) covering campaign finance activity between January 16, 2007 and December 31, 2008. The Commission approved a finding that OFA failed to file required 48-hour notices totaling $1,972,266 received in 2008.”
 
 
And you remember Martin Nesbitt.
 
From The Common Conservative October 1, 2008.
 

“This was exactly the time frame Superior Bank was very active in the
sub-prime lending and no doubt, Obama knew exactly who Penny Pritzker
was and her involvement in the ACORN sponsored lending practices.
Another direct link early on to Obama is with another foundation that
Pritzker in involved in. Pritzker is very much involved in the reform
of Chicago’s public education system. Currently she is vice chair of
the Chicago Public Education Fund, the successor organization to the
Chicago Annenberg Challenge, which is the same Board Sen. Obama served
with William Ayers.

Obama no doubt needed the financial backing of the Pritzker’s. They
are the owners of the Hyatt Hotel chain and Obama had inside
connections. David Mendell recalled in his 2007 book Obama: From
Promise To Power:
“Obama was confident that he was destined for more than a day job
running a foundation or practicing law or languishing in the minority
party in the Illinois senate…He invited a group of African-American
professionals to the house of Marty Nesbitt, who had served as finance
chairman of his congressional campaign. Nesbitt is…vice-president of
the Pritzker Realty Group, part of the Pritzker family empire…Nesbitt
arranged a weekend gathering to help Obama reach inside the deepest
pockets he knew—those of the Pritzker family…”

“…Nesbitt knew that if Obama could sell himself to Penny Pritzker, her
support would not only reap huge immediate financial dividends but
also be a crucial step in the foundation of a fund-raising network.”
“The Rezko/Pritzker connection goes deep and finding the link hasn’t
been easy. On October 1, 2006, Daley appointed Martin Nesbitt
chairperson of the Chicago Housing Authority. The CHA was created for
“the purposes of engaging in the development, acquisition, leasing,
operation, and administration of a Low Rent Housing Program and other
federally assisted programs,” according to the agency’s 2005 annual
financial report.”

http://thecommonconservative.com/2008/10/01/obamas-links-to-real-estate-scandals-bank-failures-and-rezko-far-deeper/

 
 
 
 
 

121 Comments

Posted in Barack Obama, Chicago, Citizen News, Citizens for the truth about Obama, CitizenWells, corruption, Illinois, Lies, Mitt Romney, News, Obama, Obama lies, Obama Nation, Obama records, Pay to play politics, Presidential candidate, Rezko, The Case Against Barack Obama, Unemployment, Washington DC, white house

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June unemployment rate 8.2 percent, Labor force participation rate 63.8 percent, Manufacturing and Wages Drop, Waxman Declares a Depression

Posted on July 7, 2012 | 91 comments

June unemployment rate 8.2 percent, Labor force participation rate 63.8 percent, Manufacturing and Wages Drop, Waxman Declares a Depression

“The United States economy has lost more jobs than it has added since the recovery began over a year ago.”…NY Times Sept. 20, 2010.

“Guilford (Large NC County) appears on it’s way to a third consecutive year with annual jobless rates in double digits. Economists say that likely hasn’t happened since the Great Depression.”…Greensboro News Record December 2, 2011

“the Times of the nineteenth of December had published the official forecasts of the output of various classes of consumption goods in the fourth quarter of 1983, which was also the sixth quarter of the Ninth Three-Year Plan. Today’s issue contained a statement of the actual output, from which it appeared that the forecasts were in every instance grossly wrong. Winston’s job was to rectify the original figures by making them agree with the later ones.”…George Orwell, “1984″

From Philly.com July 7, 2012.

“U.S. unemployment rate stays at 8.2 percent”

“Three years after the official end of the recession, the nation’s payrolls added 80,000 jobs in June, well short of the 100,000 to 150,000 jobs that economists say are necessary each month to keep up with population growth.

The unemployment rate remained unchanged at 8.2 percent, the U.S. Labor Department reported Friday.

The recession, which rocked the nation’s economy and is still influencing business and consumer spending, began in December 2007 and ended, officially, in June 2009.

“We’re three years past the end of the recession, and for many Americans, the recovery has never shown up,” said Mark Vitner, senior economist at Wells Fargo Securities in Charlotte.

“We’ve been consistently adding jobs,” said Heidi Shierholz, a labor market economist at the Economic Policy Institute in Washington. “But we’ve been adding what we need to roughly tread water. It’s not what we need to dig out. It’s just what we need to hang on.”

Stock markets fell in response to the news. The Dow Jones industrial average closed down 124.20 points at 12,772.47.”

“Retailing declined, with the biggest drops in department and general merchandise stores, reflecting a general cutback in consumer spending.

To Kurt Rankin, an economist at the PNC Financial Services Group, the drop in retail spending is emblematic of what has been happening since the recession ended.

“Consumer psychology was impacted dramatically and is still suffering from the lingering aftereffects,” he said. Scared by what they saw, Americans are putting their money into reducing their personal debt, rebuilding retirement nest eggs, and increasing their savings, he said.

“We’re stuck with a slow-stall speed recovery,” Rankin said, “and that’s kept hiring and consumer spending from breaking free.”

Friday’s results were particularly disappointing after Thursday’s optimistic trio of portents:

There was the survey from the ADP payroll company showing the addition of 176,000 jobs in June, outplacement firm Challenger, Gray & Christmas’ news that June’s announced job cuts were the lowest in a year, and the report that first-time claims for unemployment had dropped for the week ending June 23.

The bad news in June’s Labor Department report included an increase in the “U-6” statistic – the measurement of the miserable – to 14.9 percent. That’s all the unemployed, plus discouraged workers, plus part-time workers who would like full-time work, and others marginally associated with the labor force.

The “U-6” rate is down from 16.2 percent a year ago, but up from 14.8 percent in May.

“We may be suffering through a major heat wave, but the economy is cooling off,” said Bucks County economist Joel Naroff of Naroff Economic Advisers. “With so much uncertainty about the world economy and politics, businesses have decided the best course is to do very little.”

The average length of unemployment grew to 39.9 weeks, up from 39.7 in May and virtually unchanged since 39.8 weeks in June 2011, a testimony to the unrelenting difficulty that the long-term unemployed have in finding jobs.

The median length of unemployment, which is the amount of time it takes most people to find work, has fallen a little more than two weeks in a year, from 22.1 weeks to 19.8 weeks.

Of the 12.7 million unemployed, up 29,000 from May, 41.9 percent have been out of work for more than 27 weeks. Federal emergency unemployment benefits are due to expire at the end of the year, meaning that those who now become unemployed can expect to receive only 26 weeks of benefits, assuming that they qualify.”

http://www.philly.com/philly/business/20120707_U_S__unemployment_rate_stays_at_8_2_percent.html?cmpid=138890509

The Labor Force Participation rate remains at historic lows. It was 63.8 for June.

From the Bureau of Labor Statistics.

 
Download:
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2009 65.7 65.8 65.6 65.6 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6  
2010 64.8 64.9 64.9 65.1 64.9 64.6 64.6 64.7 64.6 64.4 64.5 64.3  
2011 64.2 64.2 64.2 64.2 64.2 64.1 64.0 64.1 64.1 64.1 64.0 64.0  
2012 63.7 63.9 63.8 63.6 63.8 63.8              

http://data.bls.gov/pdq/SurveyOutputServlet

From Rush Limbaugh July 03, 2012.

“Manufacturing, Wages Drop. “Nostrilitis” Waxman Declares a Depression. Who’s to Blame? Democrats Say…Walmart!”

“BEGIN TRANSCRIPT

RUSH: Well, folks, I hate to be the bearer of this kind of news, but the news is what it is. And this news is from the Washington Examiner: “Wages Drop, Only 5th Time in 33 Years … Average weekly wages fell in 2011, one of only five declines since the category was created in 1978 by the Bureau of Labor Statistics. In a just-released review of employment in the nation’s largest 322 counties, BLS found that weekly wages dropped over the year by 1.7 percent to $955 in the fourth quarter of 2011 from a high of $971 in the fourth quarter of 2010. … The wage drop comes as employment has increased in a majority of the counties in the last quarter of 2011.” Employment has increased? “That irony makes it the only quarter in history where wages shrunk while employment grew.”

I’m telling you, if the election were today, it would be a landslide defeat for Obama. I don’t care who Romney picks as his veep, it isn’t gonna matter, if the election were held today.

In manufacturing news. “US manufacturing shrank in June for the first time in nearly three years, adding to signs that economic growth is weakening.” That’s how the AP chose to characterize it. Production declined. The number of new orders plunged. Good Lord, folks. After three-and-a-half years of being told by this administration that they have the answers for this, that they have the answers and we’re on the rebound, we’ve turned the corner, we’re coming back from the brink. Every policy that this administration has instituted has done great damage. They talked about the manufacturing. We have a little montage of media Drive-Bys talking about it.
SANTELLI: Holy smokes. We haven’t been under 50 since July of ’09.

LIESMAN: The softness in the economy is evident in the ISM’s.

VARNEY: The ISM report for the month of June came in weak. That’s taken the market down.

SCHATZKER: A dismal picture this morning.

PAYNE: Below 50 means contraction, not expansion. Manufacturing is the thing that’s supposed to be the game-changer for our economy.
RUSH: That was Charles Payne, Fox Business Channel there, the last comment you heard, and he’s exactly right. Henry “Nostrilitis” Waxman was on C-SPAN Newsmakers on Sunday morning. They’re talking about the economy. One of the panelists was a woman named Kate Hunter from Bloomberg, and she said to “Nostrilitis” Waxman, “Most people seem to think that, you know, passage of the health care law in 2010 contributed to Democrats losing control of the House that year in midterm elections. I’m wondering, do you think that tradeoff was worth it, getting the health care law passed and losing the House?”

WAXMAN: If that were the tradeoff. But, look, the president inherited a terrible economy. We were hemorrhaging jobs in 2008 when he got elected, so by the time he took office in 2009, we had over 10% unemployment. We had the banks frozen. They couldn’t deal with their assets. The economy has not recovered. Some people call it a recession. I think it’s a depression.

RUSH: It’s a depression. The Democrats are tweeting about manufacturing, I kid you not: “Ten Reasons Walmart is responsible for the decline of American manufacturing.” That’s what the Democrats are tweeting. Walmart’s responsible for it. How can that be? Walmart depends on people manufacturing stuff so they can stock it. But I thought the private sector was doing fine. That’s what Obama said. Private sector’s doing fine. Now it’s Walmart’s fault.

BREAK TRANSCRIPT

RUSH: Here’s Henry Waxman, “Well, you know, he inherited a horrible economy, hemorrhaging jobs in 2008.” They started hemorrhaging jobs in this economy after Obama was elected in 2008. Go back and look at the monthly unemployment numbers and then take a look at November and December and then January. The bottom fell out, the Wall Street bottom fell out. And it hasn’t recovered. But these people had all the answers. Hope and change. Everything was gonna be better now. They had miracles waiting to enact. Everything they have done has brought great damage to this economy under the guise of fixing it.

END TRANSCRIPT”

http://www.rushlimbaugh.com/daily/2012/07/03/manufacturing_wages_drop_nostrilitis_waxman_declares_a_depression_who_s_to_blame_democrats_say_walmart

 

91 Comments

Posted in Barack Obama, Citizen News, Citizens for the truth about Obama, CitizenWells, Economy, Employment, Government, Jobs, News, Obama, Obama administration, Obama lies, Obama Nation, Obama records, Presidential candidate, The Case Against Barack Obama, Unemployment, US economy, Washington DC, white house

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Obama Obamacare taxes facts, Negative impact on jobs economy, Huge Obama lie about not taxing lower incomes, Unemployment labor force participation affected

Posted on July 1, 2012 | 151 comments

Obama Obamacare taxes facts, Negative impact on jobs economy, Huge Obama lie about not taxing lower incomes, Unemployment labor force participation affected

“Nobody who makes under $200,000 a year will see their taxes go up as long as I’m president.”…Barack Obama

“I absolutely reject that notion [mandate is a tax].”…Barack Obama

“The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command. His heart sank as he thought of the enormous power arrayed against him, the ease with which any Party intellectual would overthrow him in debate, the subtle arguments which he would not be able to understand, much less answer. And yet he was in the right! They were wrong and he was right. The obvious, the silly, and the true had got to be defended. Truisms are true, hold on to that! The solid world exists, its laws do not change. Stones are hard, water is wet, objects unsupported fall towards the earth’s centre. With the feeling that he was speaking to O’Brien, and also that he was setting forth an important axiom, he wrote:

Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984”

Much has been said about the recent Supreme Court ruling which stated that Obamacare is a tax, a very big tax. However, most commentary has focused on the individual mandate as being the primary taxation, much too simplistically.

Yesterday the Citizen Wells article indicated that future taxes to pay for Obamacare and out of control Obama deficit spending will be the spectre dreaded most. This will be explained below. Perhaps the biggest impact of Obamacare so far has been the influence on business decisions in regard to hiring and expansion. This is the hidden story, not being reported in the monthly unemployment and labor force participation numbers. Businesses have delayed making decisions and will continue to do so for some time. Even with the recent Supreme Court ruling it is anticipated that most or all of Obamacare will be repealed.

From Townhall June 29, 2012.

“The Coming ObamaTax Bomb”

“By now you know what the Supreme Court verdict is: ObamaCare is a tax. So what does that mean in terms of actual dollar amounts for Americans and businesses who will pay this new tax? The Heritage Foundation and Americans for Tax Reform have released a series of summaries, tables and charts to help families understand what this means for their wallet.

Heritage:

The Patient Protection and Affordable Care Act (PPACA)[1] imposes numerous tax hikes that transfer more than $500 billion over 10 years—and more in the future—from hardworking American families and businesses to Congress for spending on new entitlements and subsidies. In addition, higher tax rates on working and investing will discourage economic growth both now and in the future, further lowering the standard of living.”

”

1. Excise Tax on Charitable Hospitals (Min$/immediate): $50,000 per hospital if they fail to meet new “community health assessment needs,” “financial assistance,” and “billing and collection” rules set by HHS. Bill: PPACA; Page: 1,961-1,971

2. Codification of the “economic substance doctrine” (Tax hike of $4.5 billion).  This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108-113

3. “Black liquor” tax hike (Tax hike of $23.6 billion).  This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105

4. Tax on Innovator Drug Companies ($22.2 bil/Jan 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980

5. Blue Cross/Blue Shield Tax Hike ($0.4 bil/Jan 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004

6. Tax on Indoor Tanning Services ($2.7 billion/July 1, 2010): New 10 percent excise tax on Americans using indoor tanning salons. Bill: PPACA; Page: 2,397-2,399

Taxes that took effect in 2011

7. Medicine Cabinet Tax ($5 bil/Jan 2011): Americans no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin). Bill: PPACA; Page: 1,957-1,959

8. HSA Withdrawal Tax Hike ($1.4 bil/Jan 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent. Bill: PPACA; Page: 1,959

Tax that took effect in 2012

9. Employer Reporting of Insurance on W-2 (Min$/Jan 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957

Taxes that take effect in 2013

10. Surtax on Investment Income ($123 billion/Jan. 2013):  Creation of a new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single).  This would result in the following top tax rates on investment income: Bill: Reconciliation Act; Page: 87-93
Photobucket

*Other unearned income includes (for surtax purposes) gross income from interest, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations.  It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income.  It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans.  The 3.8% surtax does not apply to non-resident aliens.
11. Hike in Medicare Payroll Tax ($86.8 bil/Jan 2013): Current law and changes:
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12. Tax on Medical Device Manufacturers ($20 bil/Jan 2013): Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax.  Exempts items retailing for <$100. Bill: PPACA; Page: 1,980-1,986

13. Raise “Haircut” for Medical Itemized Deduction from 7.5% to 10% of AGI ($15.2 bil/Jan 2013): Currently, those facing high medical expenses are allowed a deduction for medical expenses to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI).  The new provision imposes a threshold of 10 percent of AGI. Waived for 65+ taxpayers in 2013-2016 only. Bill: PPACA; Page: 1,994-1,995

14. Flexible Spending Account Cap – aka “Special Needs Kids Tax” ($13 bil/Jan 2013): Imposes cap on FSAs of $2500 (now unlimited).  Indexed to inflation after 2013. There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children.  There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education.  Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. Bill: PPACA; Page: 2,388-2,389

15. Elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D ($4.5 bil/Jan 2013) Bill: PPACA; Page: 1,994

16. $500,000 Annual Executive Compensation Limit for Health Insurance Executives($0.6 bil/Jan 2013). Bill: PPACA; Page: 1,995-2,000

Taxes that take effect in 2014

17. Individual Mandate Excise Tax (Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the higher of the following

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Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS). Bill: PPACA; Page: 317-337

18. Employer Mandate Tax (Jan 2014):  If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees.  Applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer). Bill: PPACA; Page: 345-346

Combined score of individual and employer mandate tax penalty: $65 billion/10 years

19. Tax on Health Insurers ($60.1 bil/Jan 2014): Annual tax on the industry imposed relative to health insurance premiums collected that year.  Phases in gradually until 2018.  Fully-imposed on firms with $50 million in profits. Bill: PPACA; Page: 1,986-1,993

Taxes that take effect in 2018

20. Excise Tax on Comprehensive Health Insurance Plans ($32 bil/Jan 2018): Starting in 2018, new 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family).  Higher threshold ($11,500 single/$29,450 family) for early retirees and high-risk professions.  CPI +1 percentage point indexed. Bill: PPACA; Page: 1,941-1,956

Also, ATR is warning Americans of Taxmageddon, which will happen on January 1, 2013. This will be the largest tax hike in American history and will come in three waves.

First Wave: Expiration of 2001 and 2003 Tax Relief

In 2001 and 2003, the GOP Congress enacted several tax cuts for small business owners, families, and investors (later re-upped by President Obama and Democrat Congress in 2010).  The following tax hikes will occur on January 1, 2013:

Personal income tax rates will rise on January 1, 2013.  The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which the majority of small business profits are taxed).  The lowest rate will rise from 10 to 15 percent.  All the rates in between will also rise.  Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates.  The full list of marginal rate hikes is below:

– The 10% bracket rises to a new and expanded 15%

– The 25% bracket rises to 28%

– The 28% bracket rises to 31%

– The 33% bracket rises to 36%

– The 35% bracket rises to 39.6%

Higher taxes on marriage and family coming on January 1, 2013.  The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of taxable income.  The child tax credit will be cut in half from $1000 to $500 per child.  The standard deduction will no longer be doubled for married couples relative to the single level.

Middle Class Death Tax returns on January 1, 2013.  The death tax is currently 35% with an exemption of $5 million ($10 million for married couples).  For those dying on or after January 1 2013, there is a 55 percent top death tax rate on estates over $1 million.  A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.

Higher tax rates on savers and investors on January 1, 2013.  The capital gains tax will rise from 15 percent this year to 23.8 percent in 2013.  The top dividends tax will rise from 15 percent this year to 43.4 percent in 2013.  This is because of scheduled rate hikes plus Obamacare’s investment surtax.

Second Wave: Obamacare Tax Hikes

There are twenty new or higher taxes in Obamacare.  Some have already gone into effect (the tanning tax, the medicine cabinet tax, the HSA withdrawal tax, W-2 health insurance reporting, and the “economic substance doctrine”).  Several more will go into effect on January 1, 2013.  They include:

Medicare Payroll Tax Hike takes effect on January 1, 2013.  The Medicare payroll tax is currently 2.9 percent on all wages and self-employment profits.  Starting in 2013, wages and profits exceeding $200,000 ($250,000 in the case of married couples) will face a 3.8 percent rate.

“Special Needs Kids Tax” comes online on January 1, 2013  Imposes a cap on FSAs of $2500 (now unlimited).  Indexed to inflation after 2013. There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children.  There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education.  Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education.  This Obamacare cap harms these families.

Medical Device Tax begins to be assessed on January 1, 2013.  Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax.  Exempts items retailing for <$100.

“Haircut” for Medical Itemized Deductions goes into force on January 1, 2013.  Currently, those facing high medical expenses are allowed a deduction for medical expenses to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI).  The new provision imposes a threshold of 10 percent of AGI. Waived for 65+ taxpayers in 2013-2016 only.

Third Wave: The Alternative Minimum Tax and Employer Tax Hikes

When Americans prepare to file their tax returns in January of 2013, they’ll be in for a nasty surprise—the AMT won’t be held harmless, and many tax relief provisions will have expired.  These tax increases will be in force for BOTH 2012 and 2013.  The major items include:

The AMT will ensnare over 31 million families, up from 4 million last year.  According to the left-leaning Tax Policy Center, Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families—rising from 4 million last year to 31 million.  These families will have to calculate their tax burdens twice, and pay taxes at the higher level.  The AMT was created in 1969 to ensnare a handful of taxpayers.

Full business expensing will disappear.  In 2011, businesses can expense half of their purchases of equipment.  Starting on 2013 tax returns, all of it will have to be “depreciated” (slowly deducted over many years).

Taxes will be raised on all types of businesses.  There are literally scores of tax hikes on business that will take place.  The biggest is the loss of the “research and experimentation tax credit,” but there are many, many others.  Combining high marginal tax rates with the loss of this tax relief will cost jobs.

Tax Benefits for Education and Teaching Reduced.  The deduction for tuition and fees will not be available.  Tax credits for education will be limited.  Teachers will no longer be able to deduct classroom expenses.  Coverdell Education Savings Accounts will be cut.  Employer-provided educational assistance is curtailed.  The student loan interest deduction will be disallowed for hundreds of thousands of families.

Charitable Contributions from IRAs no longer allowed.  Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA.  This contribution also counts toward an annual “required minimum distribution.”  This ability will no longer be there.

”

Read more:
http://townhall.com/tipsheet/katiepavlich/2012/06/29/the_coming_obamatax_bomb

Remember, and this is important:

Businesses do not pay taxes.

Consumers do!

Make certain that those in your sphere of influence understand this. That includes your congressmen.

151 Comments

Posted in Barack Obama, Citizen News, Citizens for the truth about Obama, CitizenWells, Deficit, Economy, Employment, fraud, Government, Jobs, Lies, News, Obama, Obama administration, Obama lies, Obama Nation, Obama records, Presidential candidate, The Case Against Barack Obama, Unemployment, US economy, Washington DC, white house

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Obama lies, Glenn Beck reviews three plus years of Obama lies, Obamacare biggest lie? and tax, Taxes of Christmas future most frightening

Posted on June 30, 2012 | 53 comments

Obama lies, Glenn Beck reviews three plus years of Obama lies, Obamacare biggest lie? and tax, Taxes of Christmas future most frightening

“Nobody who makes under $200,000 a year will see their taxes go up as long as I’m president.”…Barack Obama

“I absolutely reject that notion [mandate is a tax].”…Barack Obama

“But, the Supreme Court never ventured into the issues of redistribution of wealth, and of more basic issues such as political and economic justice in society. To that extent, as radical as I think people try to characterize the Warren Court, it wasn’t that radical. It didn’t break free from the essential constraints that were placed by the Founding Fathers in the Constitution, at least as it’s been interpreted, and the Warren Court interpreted in the same way, that generally the Constitution is a charter of negative liberties. Says what the states can’t do to you. Says what the federal government can’t do to you, but doesn’t say what the federal government or state government must do on your behalf.”…2001 Obama interview on Chicago public radio .

From The Blaze June 29, 2012.

“BECK REVIEWS OBAMA’S THREE-PLUS ‘YEARS OF LIES’”

“On his Friday morning radio broadcast, troubled by the recent Supreme Court ruling to uphold Obamacare, Glenn Beck reviewed the president’s three-and-half “years of lies,” beginning with his failed vow to close Guantanamo Bay detention center.

Obama promised the American people he would rid the halls of Washington of lobbyists, yet appointed several to high-ranking positions within his own administration, he also promised to half the deficit in his first term — another declaration that went unfulfilled.

“This is not about bashing Obama, but about presenting facts to the American people,” Beck stated plainly.

Of course the most egregious instance of a broken promise came when Obama promised he would not raise taxes on the middle class, yet his Obamacare “mandate,“ now ruled a ”tax” by the highest court in the land, results in the the most “massive tax increase in U.S. history” and directly affects the middle class.

“The IRS is now the most powerful arm of the federal government,” Beck said.”

Watch Glenn Beck here:

http://www.theblaze.com/stories/beck-reviews-obamas-three-plus-years-of-lies/

Glenn Beck has presented the frightening spectre of Christmas past created by Obama. But as in Dickens’ “A Christmas Carol”  it is the Ghost of Christmas Future that frightens me. The impact of Obamacare on our health care system and the combined impact of Obamacare and record deficit spending on our economy. The taxes of Christmas future to pay for Obama’s actions.

However, the weakening of the US Constitution by Obama, et al may be what frightens me most.

53 Comments

Posted in Barack Obama, Citizen News, Citizens for the truth about Obama, CitizenWells, Economy, Employment, fraud, Government, Health Insurance, Healthcare bill, Lies, News, Obama, Obama administration, Obama lies, Obama Nation, Obama records, ObamaCare, Presidential candidate, The Case Against Barack Obama, Unemployment, Washington DC, white house

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Unemployment claims June 21, 2012, Initial claims 387000, Decrease 2000?, Moving average increases 3500, NC increases 3148, 13 states increase over 1000

Posted on June 21, 2012 | 44 comments

Unemployment claims June 21, 2012, Initial claims 387000, Decrease 2000?, Moving average increases 3500, NC increases 3148, 13 states increase over 1000

“The United States economy has lost more jobs than it has added since the recovery began over a year ago.”…NY Times Sept. 20, 2010.

“Guilford (Large NC County) appears on it’s way to a third consecutive year with annual jobless rates in double digits. Economists say that likely hasn’t happened since the Great Depression.”…Greensboro News Record December 2, 2011

“the Times of the nineteenth of December had published the official forecasts of the output of various classes of consumption goods in the fourth quarter of 1983, which was also the sixth quarter of the Ninth Three-Year Plan. Today’s issue contained a statement of the actual output, from which it appeared that the forecasts were in every instance grossly wrong. Winston’s job was to rectify the original figures by making them agree with the later ones.”…George Orwell, “1984″

The Unemployment claims data for June 21, 2012 is just in. Initial claims are 387,000 with a decrease of 2,000 claims. The moving average  increased 3,500.   However, the big story is the number of states and the amount of increases in claims. NC is one of them.

From the US Labor Department June 21, 2012.

“In the week ending June 16, the advance figure for seasonally adjusted initial claims was 387,000, a decrease of 2,000 from the previous week’s revised figure of 389,000. The 4-week moving average was 386,250, an increase of 3,500 from the previous week’s revised average of 382,750.”

STATES WITH A DECREASE OF MORE THAN 1,000

State Change State Supplied Comment
None

STATES WITH AN INCREASE OF MORE THAN 1,000

State Change State Supplied Comment
CA +12,987 Layoffs in the service industry.
PA +7,036 Layoffs in the transportation, entertainment, lodging, food services, educational service, and healthcare and social service industries.
TX +4,028 No comment.
GA +3,686 Layoffs in the manufacturing, healthcare and social assistance, administrative service, trade, and construction industries.
NC +3,148 Layoffs in the nonclassifiable establishments, construction, furniture and fixture, textile, and business industries.
FL +1,933 Layoffs in the agriculture, construction, manufacturing, trade, retail, and service industries.
SC +1,845 Layoffs in the manufacturing industry.
MI +1,838 Modest increase in layoff across most industries.
IL +1,835 Layoffs in the construction, transportation and warehousing, and administrative service industries.
OH +1,596 No comment.
NY +1,561 Layoffs in the manufacturing, healthcare and social assistance, and retail industries.
WI +1,272 No comment.
MD +1,030 No comment.

”

http://www.dol.gov/opa/media/press/eta/ui/eta20121273.htm

44 Comments

Posted in Barack Obama, Citizen News, Citizens for the truth about Obama, CitizenWells, Economy, Government, Jobs, Labor Department, NC, News, North Carolina, Obama, Obama administration, Obama lies, Obama Nation, Obama records, The Case Against Barack Obama, Unemployment, United States, US economy, white house

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Greensboro News Record job article misleading, Orwell exuberance or Democrat pressure?, Manufacturing, jobs up in Triad, Economist Don Jud quoted

Posted on June 19, 2012 | 140 comments

Greensboro News Record job article misleading, Orwell exuberance or Democrat pressure?, Manufacturing, jobs up in Triad, Economist Don Jud quoted

“The United States economy has lost more jobs than it has added since the recovery began over a year ago.”…NY Times Sept. 20, 2010.

“Guilford (Large NC County) appears on it’s way to a third consecutive year with annual jobless rates in double digits. Economists say that likely hasn’t happened since the Great Depression.”…Greensboro News Record December 2, 2011

“the Times of the nineteenth of December had published the official forecasts of the output of various classes of consumption goods in the fourth quarter of 1983, which was also the sixth quarter of the Ninth Three-Year Plan. Today’s issue contained a statement of the actual output, from which it appeared that the forecasts were in every instance grossly wrong. Winston’s job was to rectify the original figures by making them agree with the later ones.”…George Orwell, “1984″

Donald Patterson and the Greensboro News Record have done a decent job lately of reporting the facts on the NC jobs situation. However, yesterday, June 19, 2012, the front page headline stated:

“Manufacturing, jobs up in Triad”

and the article quoted economist Don Jud to paint a rather rosy picture of the job situation in the triad (largest city Greensboro). Any good news is welcome but this had too close a ring to Obama touting jobs created while omitting the jobs lost and drop in labor force participation rate.

From the Greensboro News Record June 18, 2012.

“It’s not often that our part of the world comes in first in anything . But economist Don Jud has found an example. And it’s a biggie.

In recent months, Jud says, the Greensboro-High Point metro area has far outpaced state and national averages for employment growth in goods production.

That means companies in Guilford, Rockingham and Randolph counties, which make up the local metro area, are hiring people to make stuff.

“That’s the best news I know,” Jud said.

But there’s just one problem: Jud and others can’t say with any certainty why we’re doing so much better than everyone else.

“I think I have spotted a trend,” said Jud, who defined goods-producing jobs as those in construction and manufacturing. “Why it is ongoing and how likely it is to continue, I really don’t know.”

Jud said that from April 2011 to April 2012, goods-producing employment in the area increased 6 percent. That compares to a 1.8 percent growth rate nationally and just 0.2 percent for North Carolina.

During those 12 months, Jud said, employment in the local metro has grown by 5,200 jobs, with more than 75 percent of that coming from the goods-producing sector.

Area people involved in economic development welcomed the surge.”

http://www.news-record.com/content/2012/06/18/article/manufacturing_jobs_up_in_triad

Now compare the above to the tone of a June report by Economist Don Jud.

“Tracking the Triad Economy

The recovery from the most recent recession which began in July 2009 has generated a very anemic rate of employment growth over the past 34 months. Nationally, employment is up just 2.2% since the recovery began, which is even slower than the tepid 2.3% pace of employment growth registered during the previous two recoveries. In North Carolina, the employment recovery has been even slower, with employment growing just 2.1%. The pace of the employment recovery in the state is much slower than the average 4.2% increase recorded during the first 34 months of recovery following the previous two recessions.

Since the recovery began, employment is up in 9 of the state’s 14 metropolitan areas, but it is lower in 5 areas. The most rapid rate of employment growth has been recorded in Raleigh, with a gain of 4.6%. It is followed by Burlington and Charlotte with gains of 3.9% and 3.8% respectively. The biggest decline in employment was registered in Durham, where employment is down 1.8% since the start of the recovery. It was followed by Rocky Mount with a drop of 1.3%.

The Triad as a whole (which subsumes the Burlington, Greensboro/High Point, and Winston-Salem MSAs) has recorded a 1.2% rate of employment growth since the onset of the current recovery, lagging both the state and the nation.”

http://www.uncg.edu/bae/tbi/gdp-triad.htm

Recently I applauded the Charlotte Observer for presenting factual data on jobs.

“Only 1,400 more people had jobs in April. More than 11,000 people left the labor force in April compared to May, the figures show. More than 21,000 people had joined the North Carolina labor force since April a year ago.”

https://citizenwells.wordpress.com/2012/06/15/nc-unemployment-rate-june-15-2012-may-rate-dropping-rates-due-to-people-leaving-workforce-labor-force-participation-rate-charlotte-observer/

From the Greensboro News Record June 16, 2012.

“North Carolina’s unemployment rate was unchanged last month at 9.4 percent, breaking a four-month streak of declining unemployment rates, state officials said toay.

The total number of unemployed North Carolinians dropped by almost 4,000 people, but the rate remained the same because the size of the work force got smaller.

The rate was previously unwavering at 10.7 percent between July and September, but had been gradually declining since October.

North Carolina’s May unemployment rate is 1.1 percentage points lower than its May 2011 rate. The state fares worse than the national rate, which rose slightly to 8.2 percent in May.

“The NC state economy is continuing to not grow at a sufficient enough rate to put much of a dent in the unemployment rate,” said Harry Davis, professor of banking at Appalachian State University. “We simply are not creating enough jobs to lower the unemployment rate and absorb people entering the labor force.”

The largest job creation was in the Trade, Transportation and Utilities sector, which added nearly 2,000 jobs. Government jobs slightly declined by about 700 positions. Davis noted continued declines in the construction and leisure sectors as particularly problematic.

“It’s not making the comeback needed to get the unemployment rate down very much,” Davis said of the construction industry. “It continues to flounder, and if it wasn’t for apartment buildings there wouldn’t be much going on right now.”

The size of the work force in North Carolina continues to shrink. Nearly 10,000 workers left the labor force between April and May.

“Unfortunately, I believe we’re going to live with an unemployment rate in the 9 percents for quite some time, at least for the rest of the year,” Davis said. “Hopefully, that’s not the new norm.””

http://www.news-record.com/content/2012/06/15/article/state_unemployment_rate_holds_steady_in_may

My impression was that the News Record article was placed at the top of the front page to prop up the economy  and Obama, as a kind of peace offering for telling the truth in previous months. Or perhaps it was just exuberance over good news.

140 Comments

Posted in Barack Obama, Citizen News, Citizens for the truth about Obama, CitizenWells, Economy, Election 2012, media, NC, News, Newspapers, North Carolina, Obama, Obama lies, Obama Nation, Obama records, Orwell, Orwellian, Presidential candidate, The Case Against Barack Obama, Unemployment, US economy, Washington DC, white house

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NC unemployment rate of 9.4 among worst in nation, 9 plus percent at least for the rest of the year, Appalachian State professor, Nearly 10000 workers left labor force between April and May

Posted on June 16, 2012 | 23 comments

NC unemployment rate of 9.4 among worst in nation, 9 plus percent at least for the rest of the year, Appalachian State professor, Nearly 10000 workers left labor force between April and May

“The United States economy has lost more jobs than it has added since the recovery began over a year ago.”…NY Times Sept. 20, 2010.

“Guilford (Large NC County) appears on it’s way to a third consecutive year with annual jobless rates in double digits. Economists say that likely hasn’t happened since the Great Depression.”…Greensboro News Record December 2, 2011

“the Times of the nineteenth of December had published the official forecasts of the output of various classes of consumption goods in the fourth quarter of 1983, which was also the sixth quarter of the Ninth Three-Year Plan. Today’s issue contained a statement of the actual output, from which it appeared that the forecasts were in every instance grossly wrong. Winston’s job was to rectify the original figures by making them agree with the later ones.”…George Orwell, “1984″

The Democrat Convention in Charlotte, NC should be extremely interesting. Of course Obama can outdo any character in “1984” when it comes to Owellian lies. He will of course “rectify” all of the factual numbers.

From the Greensboro News Record June 16, 2012.

“North Carolina’s unemployment rate was unchanged last month at 9.4 percent, breaking a four-month streak of declining unemployment rates, state officials said toay.

The total number of unemployed North Carolinians dropped by almost 4,000 people, but the rate remained the same because the size of the work force got smaller.

The rate was previously unwavering at 10.7 percent between July and September, but had been gradually declining since October.

North Carolina’s May unemployment rate is 1.1 percentage points lower than its May 2011 rate. The state fares worse than the national rate, which rose slightly to 8.2 percent in May.

“The NC state economy is continuing to not grow at a sufficient enough rate to put much of a dent in the unemployment rate,” said Harry Davis, professor of banking at Appalachian State University. “We simply are not creating enough jobs to lower the unemployment rate and absorb people entering the labor force.”

The largest job creation was in the Trade, Transportation and Utilities sector, which added nearly 2,000 jobs. Government jobs slightly declined by about 700 positions. Davis noted continued declines in the construction and leisure sectors as particularly problematic.

“It’s not making the comeback needed to get the unemployment rate down very much,” Davis said of the construction industry. “It continues to flounder, and if it wasn’t for apartment buildings there wouldn’t be much going on right now.”

The size of the work force in North Carolina continues to shrink. Nearly 10,000 workers left the labor force between April and May.

“Unfortunately, I believe we’re going to live with an unemployment rate in the 9 percents for quite some time, at least for the rest of the year,” Davis said. “Hopefully, that’s not the new norm.”

State Republicans quickly capitalized on the report, localizing national trends of both parties feuding over the North Carolina economy. Both the Romney and Obama campaigns have targeted North Carolina as a November battleground state and have been flooding the state with high-profile political figures to talk economics.

Republican gubernatorial candidate Pat McCrory and the Republican Governors Association issued press releases after the unemployment figures were released, criticizing Democratic gubernatorial candidate Walter Dalton’s economic views.”

http://www.news-record.com/content/2012/06/15/article/state_unemployment_rate_holds_steady_in_may

 

23 Comments

Posted in Barack Obama, Citizen News, Citizens for the truth about Obama, CitizenWells, democratic convention, Economy, Election 2012, Jobs, NC, News, North Carolina, Obama, Obama lies, Obama Nation, Obama records, Presidential candidate, The Case Against Barack Obama, Unemployment, US economy, Washington DC, white house

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NC unemployment rate June 15, 2012, May rate 9.4, Dropping rates due to people leaving workforce, Labor force participation rate, Charlotte Observer

Posted on June 15, 2012 | 69 comments

NC unemployment rate June 15, 2012, May rate 9.4, Dropping rates due to people leaving workforce, Labor force participation rate, Charlotte Observer

“The United States economy has lost more jobs than it has added since the recovery began over a year ago.”…NY Times Sept. 20, 2010.

“Guilford (Large NC County) appears on it’s way to a third consecutive year with annual jobless rates in double digits. Economists say that likely hasn’t happened since the Great Depression.”…Greensboro News Record December 2, 2011

“the Times of the nineteenth of December had published the official forecasts of the output of various classes of consumption goods in the fourth quarter of 1983, which was also the sixth quarter of the Ninth Three-Year Plan. Today’s issue contained a statement of the actual output, from which it appeared that the forecasts were in every instance grossly wrong. Winston’s job was to rectify the original figures by making them agree with the later ones.”…George Orwell, “1984″

Just in 10:01 AM, the May NC unemployment rate remained at 9.4 %.

The NC unemployment rate for May will be released in a few minutes. The dropping rate in NC and the nation has been largely due to the Labor Force Participation rate falling to historical lows. That is, droves of people leaving the work force.

I was pleased to see the Charlotte Observer reporting the facts from the AP.

From the Charlotte Observer June 15, 2012.

“NC unemployment rate for May to be released”

“RALEIGH, N.C. North Carolina’s unemployment rate is being released.

The state Division of Employment Security is scheduled to release the rate for May on Friday. The rate dropped to 9.4 percent in April, down from 9.7 a month earlier. But the main reason for the drop was the number of people leaving the workforce.

Only 1,400 more people had jobs in April. More than 11,000 people left the labor force in April compared to May, the figures show. More than 21,000 people had joined the North Carolina labor force since April a year ago.

North Carolina’s unemployment was higher than the national rate, which fell slightly to 8.1 percent in April.”

http://www.charlotteobserver.com/2012/06/15/3319162/nc-unemployment-rate-for-may-to.html

69 Comments

Posted in Barack Obama, Citizen News, Citizens for the truth about Obama, CitizenWells, democratic convention, Economy, Election 2012, Employment, Jobs, NC, News, Newspapers, Obama, Obama lies, Obama Nation, Obama records, The Case Against Barack Obama, Unemployment, US economy, Washington DC, white house

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US Labor Dept. May 2012 employment data, June 1, 2012, Long term unemployed rose .3 million, Involuntary part-time workers 8.1 million, March April increases revised down

Posted on June 1, 2012 | 111 comments

US Labor Dept. May 2012 employment data, June 1, 2012, Long term unemployed rose .3 million, Involuntary part-time workers 8.1 million, March April increases revised down

“We’ve added back more than 4.2 million private sector jobs and seen 26 straight months of job growth—but there’s more work to do.”…Obama Truth Team

“the Times of the nineteenth of December had published the official forecasts of the output of various classes of consumption goods in the fourth quarter of 1983, which was also the sixth quarter of the Ninth Three-Year Plan. Today’s issue contained a statement of the actual output, from which it appeared that the forecasts were in every instance grossly wrong. Winston’s job was to rectify the original figures by making them agree with the later ones.”…George Orwell, “1984”

Forget the unemployment rate, which is not going down and is grossly understated. Read today’s, June 1, 2012, Employment Situation report from the US Labor Department and look at the data.

“THE EMPLOYMENT SITUATION — MAY 2012
Nonfarm payroll employment changed little in May (+69,000), and the unemployment rate was essentially unchanged at 8.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in health care, transportation and warehousing, and wholesale trade but declined in construction. Employment was little changed in most other major
industries.

Household Survey Data

Both the number of unemployed persons (12.7 million) and the unemployment rate (8.2 percent) changed little in May. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (7.8 percent) and Hispanics (11.0 percent) edged up in May, while the rates for adult women (7.4 percent), teenagers (24.6 percent), whites (7.4 percent), and blacks (13.6 percent) showed little or no change. The jobless rate for Asians was 5.2 percent in May (not seasonally adjusted), down from 7.0 percent a year earlier. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks and over) rose from 5.1 to 5.4 million in May. These individuals accounted for 42.8 percent of the unemployed. (See table A-12.)

The civilian labor force participation rate increased in May by 0.2 percentage point to 63.8 percent, offsetting a decline of the same amount in April. The employment-population ratio edged up to 58.6 percent in May. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) edged up to 8.1 million over the month. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)

In May, 2.4 million persons were marginally attached to the labor force, up from 2.2 million a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 830,000 discouraged workers in May, about the same as a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.6 million persons marginally attached to the labor force in May had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment changed little in May (+69,000), following a similar change in April (+77,000). In comparison, the average monthly gain was 226,000 in the first quarter of the year. In May, employment rose in health care, transportation and warehousing, and wholesale trade, while construction lost jobs. (See table B-1.)

Health care employment continued to increase in May (+33,000). Within the industry, employment in ambulatory health care services, which includes offices of physicians and outpatient care centers, rose by 23,000 over the month. Over the year, health care employment has risen by 340,000.

Transportation and warehousing added 36,000 jobs over the month. Employment gains in transit and ground passenger transportation (+20,000) and in couriers and messengers (+5,000) followed job losses in those industries in April. Employment in both industries has shown little net change over the year. In May, truck transportation added 7,000 jobs.

Employment in wholesale trade rose by 16,000 over the month. Since reaching an employment low in May 2010, this industry has added 184,000 jobs.

Manufacturing employment continued to trend up in May (+12,000) following a similar change in April (+9,000). Job gains averaged 41,000 per month in the first quarter of this year. In May, employment rose in fabricated metal products (+6,000) and in primary metals (+4,000). Since its most recent low in January 2010, manufacturing employment has increased by 495,000.

Construction employment declined by 28,000 in May, with job losses occurring in specialty trade contractors (-18,000) and in heavy and civil engineering construction (-11,000).
Since reaching a low in January 2011, employment in construction has shown little change on net.

Employment in professional and business services was essentially unchanged in May. Since the most recent low point in September 2009, employment in this industry has grown by 1.4 million. In May, job losses in accounting and bookkeeping services (-14,000) and in services to buildings and dwellings (-14,000) were offset by small gains elsewhere in the industry.

Employment in other major industries, including mining and logging, retail trade, information, financial activities, leisure and hospitality, and government, changed little in May.

The average workweek for all employees on private nonfarm payrolls edged down by 0.1 hour to 34.4 hours in May. The manufacturing workweek declined by 0.3 hour to 40.5 hours, and factory overtime declined by 0.1 hour to 3.2 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours.
(See tables B-2 and B-7.)

In May, average hourly earnings for all employees on private nonfarm payrolls edged up by 2 cents to $23.41. Over the past 12 months, average hourly earnings have increased by 1.7 percent. In May, average hourly earnings of private-sector production and nonsupervisory employees edged down by 1 cent to $19.70. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for March was revised from +154,000 to +143,000, and the change for April was revised from +115,000 to +77,000.”

http://www.bls.gov/news.release/empsit.nr0.htm

Notice

Inserted at the end:

“The change in total nonfarm payroll employment for March was revised from +154,000 to +143,000, and the change for April was revised from +115,000 to +77,000.”

Also important:

“The number of long-term unemployed (those jobless for 27 weeks and over) rose from 5.1 to 5.4 million in May.”

“The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) edged up to 8.1 million over the month. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.”

“In May, 2.4 million persons were marginally attached to the labor force, up from 2.2 million a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.”

111 Comments

Posted in Citizen News, Citizens for the truth about Obama, CitizenWells, Economy, Election 2012, Employment, Government, Jobs, Labor Department, News, Obama, Obama administration, The Case Against Barack Obama, Unemployment, Washington DC, white house

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Unemployment claims rise 10000, Private sector job adds fewer than expected, First quarter economy growth revised downward, Change and no hope

Posted on May 31, 2012 | 44 comments

Unemployment claims rise 10000, Private sector job adds fewer than expected, First quarter economy growth revised downward, Change and no hope

“And we can see the positive impacts right here at Solyndra. Less than a year ago, we were standing on what was an empty lot.But through the Recovery Act, this company received a loan to expand its operations. This new factory is the result of those loans.”…Barack Obama

“One could make the argument that Pritzker was the most important person in Barack Obama’s presidential bid – except, perhaps, for Obama himself. A longtime Obama friend, Pritzker was national finance chairwoman for the Obama campaign throughout his 2008 presidential effort. She helped him raise a record $750 million from a dizzying array of donors.
Obama’s huge fundraising advantage not only gave him clout during the primaries against Sen. Hillary Rodham Clinton (D-N.Y.), but also provided the means to bypass federal funding for the general election and dramatically outspend Sen. John McCain (R-Ariz.)…Washington Post 

“Democratic presidential contender Barack Obama says he’ll crack down on fraudulent sub-prime lenders. If he really means it he can start by firing his campaign finance chair, Penny Pritzker. Before taking over Obama’s campaign finances, she headed up the borderline shady and failed Superior Bank. It collapsed in 2002. The bank’s sordid story and its abominable role in fueling the sub-prime crisis are well known and documented. It engaged in deceptive and faulty lending, questionable accounting practices, and charged hidden fees. It did it with the sleepy-eyed see-no-evil oversight of federal. It made thousands of dubious loans to mostly poor, strapped homeowners. A disproportionate number of them were minority.

Obama’s home state, Illinois, ranked near the top of thee states in the percentage of sub-prime mortgages. Nearly 15 percent of home loans were sub-prime according to the Mortgage Bankers Association. But that only tells part of the tale. According to the Woodstock Institute, a Chicago non-profit that studies housing issues, the sub-prime fall-out was far higher in the predominantly black and Latino neighborhoods of South and Southwest Chicago.

The predictable happened when many of those lost their homes. When the bank collapsed Pritzker and bank officials skipped away with their profits and reputations intact. Aside from the financial and personal misery sub prime lenders caused the thousands of distressed homeowners, sub-prime lending has been a major cause of the housing crisis in many areas, and has dealt a sledgehammer blow to the economy. Obama has said nothing about Pritzker, Superior Bank, or their dubious practices.”…Huffington Post, February 29, 2008

We got the change Obama promised and no hope as long as he stays in office.

From the US Labor Dept. May 31, 2012.

“In the week ending May 26, the advance figure for seasonally adjusted initial claims was 383,000, an increase of 10,000 from the previous week’s revised figure of 373,000. The 4-week moving average was 374,500, an increase of 3,750 from the previous week’s revised average of 370,750.”

http://www.dol.gov/opa/media/press/eta/ui/eta20121072.htm

From Zachs Investment Research May 31, 2012.

“For the second month in a row, the monthly jobs report from Automatic Data Processing (ADP – Snapshot Report) missed expectations. Since the ADP report tries to preview the monthly labor market report from the government’s Bureau of Labor Statistics (BLS), this morning’s disappointing read does not bode well for tomorrow’s BLS report. For May, the ADP report is showing private-sector jobs of 133K, below expectations of 154K (according to Bloomberg). The tally for April was modestly revised downwards to 113K (from 119K). The expectation for private sector jobs in Friday’s BLS report is for 164K.”

http://www.zacks.com/stock/news/76139/ahead-of-wall-street-may-31-2012

From Bloomberg Business Week May 31, 2012.

“U.S. Economy Q1 Growth Revised Downward”

“The U.S. economy grew more slowly in the first quarter than previously estimated, reflecting smaller gains in inventories and bigger government cutbacks.

Gross domestic product climbed at a 1.9 percent annual rate from January through March, down from a 2.2 percent prior estimate, revised Commerce Department figures showed today in Washington. The report also showed corporate profits rose at the slowest pace in more than three years and smaller wage gains at the end of 2011.”

http://www.businessweek.com/news/2012-05-31/economy-in-u-dot-s-dot-grew-less-in-first-quarter-than-last-estimated?r=bloomberg

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