Friday, February 7, 2014

Hanging is too good

The official count of jobs created in January was 113,000. Half in construction, the rest divided among manufacturing, wholesale and mining jobs. These are employment sectors whose growth point to long term growth. This is about double the current rate of growth from young people and immigrants entering the workforce.

This is just the first estimate of new jobs and is subject to several revisions. November and December numbers together were revised upward by 34,000. This has been typical as growth in the job market tends to be under reported by employer surveys.

New unemployment claims declined by 31,000 from the previous week to 331,000. This has become a more or less the normal number indicating the job market is experiencing moderate growth.

The Household Survey done by the Bureau of Labor Statistics shows 837,000 so-called discouraged workers, about the same as a year ago. These are people who don't look for work because they don't believe that there is work for them, such as in their job is now in China.

The US is now technically in excess of the debt ceiling but the Treasury Dept expects to be able to juggle the books through the end of February.

According to documents released through Freedom of Information Act requests, it appears that Obama wasn't really pooh-poohing the idea of the Trillion Dollar Platinum Coin after all. Administration lawyers did craft the legal mumble jumble to make it possible to go ahead with simply minting coins to keep the Government running. So it's unlikely the Tea Party seditionists who tried to destroy America and western civilization by refusing to pay for spending Congress has previously authorized will try it again.

Twitter @BruceEnberg - where Seditionists wish that they had been hanged instead.

Tuesday, February 4, 2014

Getting only what you ask for

The Right Wing is smacking their lips over a new CBO estimate that 2 million Americans will give up full time work in order get government subsidies for healthcare.

Time for some simple economic math. To begin with most low paid workers don't have any real say about how many hours that they work. If you have a fulltime job, you will show up for that job, or have no job at all. So that's nonsense on the face of it.

Then there is the effect on unemployment. If 2 million people actually work less, that opens up jobs for people who don't have one in order for employers to get the work done. Over all it's a wash at worst, or you could say putting the long term unemployed back into the workforce is a good thing. And if there's not enough workers to easily replace those who 'choose' to work less, then employers will need to pay higher wages to attract them. This is also good for the economy.

A small note on CBO reports, the Republicans that control the House have become adept at crafting report criteria for the CBO that gets them the report that they want to see. This became evident with the so-called IRS scandal. The Republicans made it appear that Tea Bag groups were singled out for IRS scrutiny by requiring that the CBO only review the cases of Tea Bag groups and no others. All in a days work for the enemies of the United States of America.

Twitter @BruceEnberg - where Conservatives get all the things that they didn't ask for.