Showing posts from April, 2011

Stories of the Great Recession - Over 50 and Out of Work


Related: Is YouTube changing Congress? ‘Speechless’ delivers a loud message – silently. (The Christian Science Monitor)

Let me see if I understand this correctly...

North Carolina, like most states, is facing a budget shortfall. The state needs to fill a $2.4 billion budget gap.

You might think that NC's legislators are looking at various ways to address the issue, and you would be right.

Gov. Bev Purdue proposed a budget back in February that in her words, balances the budget through 72% spending cuts and 28% revenue growth.

In response, the Republican General Assembly called for an additional 13% in spending cuts as a starting point for the budget negotiations.

So far, so good - different parties, different branches, different priorities. That's the normal legislative process.

But then, there's this reporting from the Associated Press:

RALEIGH -- Forced by Republican legislators to choose between halting unemployment benefits for about 37,000 people and accepting a double-digit budget cut, Gov. Beverly Perdue on Saturday vetoed legislation that would have kept checks flowing.…The legislation would have changed a formula for calculati…

Volunteers needed for "Job Party" video

Are you upset about the current economic situation? Do you think the government can do more to create jobs? Then we want to hear from you.The Job Party, a broad-based grassroots movement to create jobs and promote a progressive economic vision, is shooting a video this Saturday. We are looking for people to offer short statements on the economy and the need for jobs. It can be one sentence or several minutes -- whatever is on your mind. We will be editing this together for a video coming out next week.We will be shooting these statements on Saturday, April 9th, just before the "We Are One" labor solidarity rally on Times Square. The rally starts at noon. Join us at Bryant Park at 11am and take 5 minutes to record your statement.If you can join us, please contact -- include your name, email, phone number (we won't share that with anyone else).

Reuters: IFR Preview - major US data for release April 7

In advance of Thursday's weekly jobless claims report, Reuters provided commentary from Vimombi Nshom, an economist at IFR Markets: "Adjusting to new seasonal factors -- expecting negligible change for the week ending April 2 -- jobless claims for unemployment insurance will stutter up to 392,000. Unadjusted claims had a relatively flat reading this past week, (and as a result claims inched down 6k to 388k) leaving room for an insignificant seasonally adjusted increase when paired with a flat seasonal expectation.Continued filings appear to be improving 100k every month. With two more weeks of March data to come in, having just fallen to 3.714 mln, continued filings are poised to round to the high 6s, 3.685 mln for the week ending March 26.The number of 99ers (claimants who have exhausted their full 99 weeks of extended and emergency benefits) is probably increasing at an accelerated rate, which could partly explain the recent significant drops in unemployment. Those no long…

USA Today: CEO pay soars while workers' pay stalls

At a time most employees can barely remember their last substantial raise, median CEO pay jumped 27% in 2010 as the executives’ compensation started working its way back to prerecession levels, a USA TODAY analysis of data from GovernanceMetrics International found. Workers in private industry, meanwhile, saw their compensation grow just 2.1% in the 12 months ended December 2010, says the Bureau of Labor Statistics.…The big increases in executive compensation are difficult for workers to swallow, given that many Americans are struggling just trying to find a job or make ends meet, says Alan Johnson of executive pay consulting firm Johnson Associates. "The fact this makes us all squirm is true." (full story on

Unemployment hits 2-year low

The Labor Department released the best jobs report in two years, showing unemployment down to 8.8 percent. But, as Anthony Mason reports, the long-term unemployed are facing a new obstacle to finding work.