Filed under: Economy, Unemployment | Tags: BLS Statistics, The Federal Government, The Foreign Born
We are in the seventh year of “recovery,” such as it is. The first quarter of the year, the economy, the economy not only didn’t improve, it declined by 0.7 percent. The administration blames it on the weather, which was indeed a harsh winter in the East.
So it is unsurprising that economists are looking closely at the new reports on last month’s results. Hiring was picking up, last month’s jobs numbers came in at 280,000, an improvement over the average of 207,000 for the past three months. But if hiring is picking up why are wages and GDP stagnant or even shrinking?
The Bureau of Labor Statistics (bls.gov) reports the Establishment survey (the source of the monthly nonfarm payrolls change) and the Household survey (the source of the monthly unemployment rate data). In this case the numbers were almost identical. an increase of 280K jobs and the Household survey reported 272K jobs added. Only 251,000 jobs were expected. Two thirds of all jobs were low-paying, low-quality, primarily teachers, retail, temporary help and waiters. The vast majority were in the 20-24 age group, and the number of self-employed workers jumped by 350K to 10 million. At Zero Hedge, the pseudonymous Tyler Durden is more helpful
So the “recovery” has almost entirely benefitted foreign-born workers, or 3 to 1 times more than native born Americans.
Here’s how the BLS describes a foreign-born worker.
The foreign born are persons who reside in the United States but who were born outside the country or one of its outlying areas to parents who were not U.S. citizens. The foreign born include legally-admitted immigrants, refugees, temporary residents such as students and temporary workers, and undocumented immigrants. The survey data, however, do not separately identify the numbers of persons in these categories.
Filed under: Capitalism, Humor, Law, Politics, Taxes | Tags: Hypocrisy, Tax-Delinquency, The Federal Government
—Some days one is struck by the absolute absurdity of the human race. John Hinderaker of Powerline keeps close track of the corrections published by The New York Times, The Times dutifully publishes a lot of corrections and their prim recitation of getting everything just about totally wrong gets me right in my weird sense of humor.
—Most people are aware that the much vaunted plug-in electric cars are not exactly selling like hotcakes. Their share of the total market is only a pathetic 0.65%. But that’s nothing to compare to the sales of the used EV market. All new cars lose about 20% of their value the minute they roll off the lot, but plug-ins have some specific problems. You don’t get President Obama’s $7,599 bribe on the used ones. The higher retail price is rarely made up in fuel savings over the life of the model. The $40,000 Chevy Volt is basically a $17,000 Cruze with a 500 lb., 25 mi. range, eight-hour-to-charge battery. The big question is how much does a new battery cost? GM claims $8,000-$9,500. Ford say between $12,000 to $15,000. The humor comes in the fact that we’ve wasted more than $6.5 billion in subsidies just since 2008. We are indeed absurd.
—A Muslim country with a 25% slave population is elected Vice President of the United Nations Human Rights Council. The UN human Rights Council met in Geneva on Dec. 12, and elected Mauritania as its Vice-President and Rapporteur for the next year, the second highest position at the world’s top human rights body. According to a recent report by the Guardian, “up to 800,000 people in a nation of 3.5 million remain chattels,” with power and wealth overwhelmingly concentrated among lighter-skinned Moors,”leaving slave-descended darker skinned Moors and black Africans on the edges of society.” Must not criticize a cultural tradition.
—A new report just out from the Internal Revenue Service reveals that thirty-six members of President Obama’s executive office staff owe the country $833,970 in back taxes. A reminder that the best taxers aren’t always the best at being taxed. Federal employees as a group owe a whopping $3.4 billion in unpaid taxes. This includes 1.181 employees of the Treasury Department who are delinquent on a total of $9.3 million in taxes. Bad example from the boss. Tim Geithner had to pay $42,000 in back taxes before his confirmation as Treasury Secretary. Some of the worst offenders are: the Government Printing Office, The Court Services and Offender Supervision Agency, and also —the Federal Reserve Board of Governors. Among the worst of the small department offenders, with only 77 employees, is the U.S. Office of Government Ethics.