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Posts Tagged ‘Jobs’

Obama Killed 8.5 Million Jobs in his First Term

Posted by FactReal on February 1, 2013

Newsbusters.org:

The Bureau of  Labor Statistics released jobs numbers for January Friday  showing that … the  unemployment rate rose to 7.9 percent… [and there was] another rise in the number of people not in the labor force.

This number now stands at a staggering 89 million, up from 80.5 million when President Obama took office.

This means that there are currently 8.5 million more Americans not in the  labor force than just four years ago.

Read more:  here.

SOURCE
Labor report for January 2013:
●http://www.bls.gov/news.release/empsit.nr0.htm

Posted in Economy/ Finance, Obama | Tagged: , , , , , , , | Leave a Comment »

Government Regulations are Killing the American Economy

Posted by FactReal on August 5, 2011

GOVERNMENT REGULATIONS = HIDDEN TAXES
The Obama administration is making things worse by imposing bigger burdens on business…and consumers.
   
(Hat tip: GatewayPundit, The Foundry)

A recent study by the Heritage Foundation analyzes Obama’s costly red tape.

Here are some highlights:

Every product imaginable costs more because of regulations:
“The costs of regulation are inevitably passed on to consumers in the form of higher prices and limited product choices. Basic items, such as toilets, showerheads, light bulbs, mattresses, washing machines, dryers, cars, ovens, refrigerators, television sets, and bicycles all cost significantly more because of government decrees on energy use, product labeling, and performance standards that go well beyond safety—as well as hundreds of millions of hours of testing and paperwork to document compliance.”

The annual cost of regulation — $1.75 trillion by one frequently cited estimate — represents twice the amount of individual income taxes collected last year.

● From the beginning of the Obama Administration to mid-fiscal year (FY) 2011, regulators have imposed $38 billion in new costs on the American people, more than any comparable period on record. Consider Washington’s red tape to be a hidden tax.

● Costs are routinely minimized: The actual cost of the new regulations is almost certainly higher due to under-estimation, agencies’ failures to analyze costs, and the fact that “non-major” rules aren’t even calculated.

● The regulations imposed include fuel economy and emission standards for passenger cars, light-duty trucks, and medium-duty passenger vehicles, with an annual cost of $10.8 billion; energy conservation standards for lightbulbs, with an annual cost of $700 million; constraints on “short sales” of securities, at $1.2 billion; and a slew of other costly regulations related to the Dodd–Frank financial regulation statute and Obamacare health regulations.

● More regulators, bigger budgets: In addition to the costs imposed on the private sector, regulations swell the government workforce and fatten the federal budget. According to a report, “regulatory staff at federal agencies (full-time equivalents) increased about 3 percent between 2009 and 2010, from 262,241 to 271,235, and is estimated to rise another 4 percent—to 281,832—in 2011. Federal outlays for developing and enforcing regulations are also expected to grow by 4 percent this year, from $46.9 billion in 2010 (in constant 2005 dollars) to $48.9 billion.”

● More regulations coming: American businesses and the American people continue to suffer under the regulatory burden, all while the government workforce keeps expanding and the number of regulations keep growing, with 2,785 rules in the pipeline.

● This flood of red tape will undoubtedly persist, as hundreds of new regulations stemming from the vast Dodd–Frank financial regulation law, Obamacare, and the EPA’s global warming crusade advance through the regulatory pipeline—all of which further weakens an anemic economy and job creation, while undermining Americans’ fundamental freedoms.

Read the full study.

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Dow Jones and Economy Down…despite Debt Deal and Obama’s “Stimulus”

Posted by FactReal on August 4, 2011

(Dow Jones Industrial Average – 8/4/2011)
WALL STREET GETS THE MESSAGE: LIBERAL POLICIES ARE NOT WORKING
Despite Obama’s big government spending, the economic sector continues to show signs of weakness. Everywhere you look, the direction is downward. Today, the Dow Jones Industrial Average fell 513 points to 11,384 – erasing its gains for the year in the worst day of trading since the 2008 financial crisis. (On Sept. 29, 2008, the Dow lost 777 points after the House initially failed to approve the TARP bank bailout.) Over the last 10 trading days stocks have lost more than 10% (the traditional definition of a market correction.)

Unemployment is at 9.2%. Manufacturing and consumer spending is down. The new debt-ceiling deal will add $7 trillion or more to our national debt in the next decade. After the debt-ceiling fiasco, it is clear that tax hikes and more wasteful spending will be the Democrats’ prescription. Weak Republicans will be bullied again into submission with fake threats of debt defaults or worse.

Thus, it is not surprising that consumers and corporations are opting to keep their cash. What’s keeping them from investing? Uncertainty. Businesses are not hiring. “They don’t know if U.S. government debt will be downgraded from AAA, setting off a spike in rates across the economy. They don’t know what their tax rates will be next year. They see hundreds if not thousands of new regulations coming down the pipeline. And they hear politicians on the left — from Obama to Reid and Pelosi — routinely demonizing them. Who invests and creates jobs in such an environment?”

Wall Street’s Awful Day by the Numbers

  Here’s a quick look at some of the key numbers at the end of what was a brutal day in New York trading:

-Dow Jones Industrial Average (^DJI): Down 512.76 points, or 4.31%, to 11,383.68
-S&P 500 (^GSPC): Down 60.27 points, or 4.78%, to 1200.07
-Nasdaq Composite (^IXIC): Down 136.68 points, or 5.08%, to 2556.39
-Russell 2000 (^RUT): Down 45.98 points, or 5.95%, to 726.80
-S&P 500 Volatility Index (^VIX): Up 8.28 points, or 35.41%, to 31.66
-Number of Dow stocks that fell: 30 (out of 30)
-Worst Dow stock on a percentage basis: Alcoa (AA), down 9.26% to $12.94
-Best-performing Dow stock on a percentage basis: McDonald’s (MCD), down 1.47% to $82.48
-Percentage of stocks that fell on the New York Stock Exchange: 91
-Percentage of stocks that fell on the Nasdaq: 91
-Oil prices: Down $5.49, or 5.97%, to $86.44 (4 p.m. ET)
-Gold prices: Down $12.60, or 0.76%, to $1,650.80 (4 p.m. ET)

As for sectors of the market, the downturn was just as evident:

-Banks: Dow Jones U.S. Banks Index (^DJUSBK), down 10.85 points, or 5.52%, to 185.72
-Semiconductors: Philadelphia Stock Exchange Semiconductor Index (^SOX), down 22.07 points, or 5.82%, to 357.32
-Computer hardware: Amex Computer Hardware Index (^HWI), down 17.25 points, or 5.14%, to 318.14
-Transportation: Dow Jones Transportation Average (^DJT), down 255.44 points, or 5.14%, to 4711.74
-Retail: S&P Retail Index (^RLX), down 23.04 points, or 4.47%, to 492.68
-Homebuilders: Philadelphia Stock Exchange Housing Sector Index (^HGX), down 5.50 points, or 5.70%, to 90.95
-Energy: Amex Oil Index (^XOI), down 83.91 points, or 6.79%, to 1151.53
-Biotechnology: Amex Biotechnology Index (^BTK), down 135.86 points, or 10.61%, to 1144.93
-Drug companies: Amex Pharmaceutical Index (^DRG), down 12.49 points, or 3.98%, to 301.63

Here’s how a few widely held tech stocks fared (this will probably look familiar):

-Apple (AAPL): Down $15.20, or 3.87%, to $377.37
-Microsoft (MSFT) Down 98 cents, or 3.64%, to $25.94
-Cisco (CSCO) Down 67 cents, or 4.33%, to $14.82

 
 
 
 

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OBAMANOMICS: Five Ways Obama Killed Jobs

Posted by FactReal on July 13, 2011

Via The Foundry
 
  • Stimulus package—The nearly $1 trillion boondoggle failed to stimulate, as we all now know, but made government grow beyond its means. Most of the stimulus bill was filled with the usual government pork or repeating failed policies of the past such as “shovel-ready” projects. Very few provisions were pro-growth and worked to encourage companies to create new, permanent jobs. Some provisions, such as increased unemployment benefits, unfortunately increase the duration of unemployment. The bottom line is that the stimulus bill was based on the flawed economic assumption that governments can spend their way back to prosperity and growth. The government stimulus bill did not create jobs; instead it filled job creators with fears of future tax hikes or more borrowing, and thus future artificially high interest rates.
  • Obamacare—It took the Administration and the Democratic-held Congress a year and half to ram this piece of legislation down the throat of the American people, time that could have been spent fixing the employment picture. Worse yet, Obamacare imposes vast and expansive new regulations and made labor costs uncertain. Many businesses have said that they are not going to hire permanent workers until they understand exactly how much Obamacare is going to cost their business and raise employment expenses. Other businesses are not sure how the new Obamacare regulations impacts their bottom line, which means they are going to sit tight instead of expanding.
  • Frank-Dodd Financial Bill—The heavy-handed Dodd-Frank financial regulation bill not only placed needless burdens on small as well as large financial institutions,  but has deterred investment by imposing ill-defined restrictions on those who want to invest in the economy.  And it did so without addressing the real causes of the financial crisis.
  • Environmental Protection Agency regulation—Unable to get Congress to pass Cap and Trade, with its skyrocketing electric rates, the Obama EPA is skinning the cat another way—mandating costly regulation. The EPA is implementing a lineup of electric-industry regulations, including the already in-force, but-as-yet-unspecified new CO2 rules, that promise higher rates, less reliability, and a sketchy future business environment.  It’s no great surprise that firms haven’t turned up the throttle on hiring and expansion.
  • Regulatory Assault on Employers—The Administration’s enforcement agencies view employers as lawbreakers who need to be brought in line. Within the Department of Labor the Occupational Safety and Health Administration (OSHA) and Wage and Hour Division (WHD) have ramped up enforcement spending while cutting back programs that help employers understand and comply with the law. Obama’s Solicitor of Labor emphasizes the Labor Department’s focus on litigation against employers. The National Labor Relations Board (NLRB) is twisting the law into pretzels to facilitate union organizing, going so far as to file charges against Boeing for creating jobs in a non-union state. Obama’s message to employers has been clear: “We suspect you are breaking the law and we will get you.” Small wonder they are not hiring.
 
 
 
 

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