Posts

Showing posts from May, 2011

Job Creation by Presidential Term

President
Jobs
CreatedJobs
at end
of termJobs
at start
of termPayroll
exp.
(percent)Jobs
created
per year
Pop.
growth
% change
in pop.Click a column heading to sort by that categoryNote: all figures in millions unless otherwise notedSource: Real Time Economics, The Wall Street JournalBush (43)3.0135.5132.52.30.375227.7%Clinton23.1132.5109.421.12.90025.28.9%Bush (41)2.5109.4106.92.30.62512.54.8%Reagan16.0106.990.917.62.00017.37.0%Carter10.590.980.413.12.6009.84.3%Ford1.880.478.62.30.7455.12.3%Nixon9.478.669.213.61.70012.35.7%Johnson11.969.257.320.82.30011.35.6%Kennedy3.657.353.76.71.2008.24.3%Eisenhower3.553.750.27.00.43823.312.8%Truman8.450.241.820.11.100N/AN/A
This chart was originally posted in The Wall Street Journal back in January 2009. I'm reposting it here because the GOP has released a second jobs bill, which has received its fair share of criticism.If you want to see what has worked in the past, look to the Clinton era, with over 23 million jobs created, the highest payroll expansion pe…

Unemployment: The 99ers

"At a time when corporate profits are soaring, it is morally indefensible to give businesses more tax breaks while the long-term unemployed are left to fend for themselves." Marc Morial, President and CEO, National Urban League (source)

Best. Headline. Ever. (May 27th Edition)

"Republicans pull unemployment bill"As reported by Politico, the GOP's "JOBS Act" is dead:House Republicans yanked a bill to tweak unemployment insurance after Republican lawmakers raised concerns that the legislation was too confusing and would be dead in the Senate.…Majority Whip Kevin McCarthy (R-Calif.) said there was an “education” issue with the bill.Rep. McCarthy is right - when people learn about the bill, they tend to disfavor it.

House Republicans Push Plan To Renege On Tax Deal By Cutting Unemployment Benefits

ThinkProgress' Wonk Room has published a guest post from Danielle Lazarowitz of the Center for American Progress Action Fund. The full article is well worth your attention, and echoes the sentiment seen here and elsewhere - with their proposed bill, the GOP is putting the BS in JOBS.

Time: Jobless Discrimination? When Firms Won't Even Consider Hiring Anyone Unemployed

"Traditionally, the unemployed — who can, after all, give up membership in the group in an instant if they get a job offer — have not been regarded as a protected class. But as the Great Recession rages on and the plight of the long-term unemployed becomes more desperate, that may be about to change." Read more: http://www.time.com/time/nation/article/0,8599,2073520,00.html#ixzz1Nfl9kiXQ

Soneone who gets it

More of this, please: "There are people who would love to be working and they just cannot find the jobs. They're not bums, they're not looking for government benefits, but they desperately need work and this would just come as a godsend to them." - Tennessee House Minority Leader Craig Fitzhugh (source)

USA Today: Long-term jobless see reduction in benefits

In Missouri and elsewhere, benefits for the jobless are under pressure. Governors and legislatures across the nation are moving to cut the length of time unemployed workers can receive benefits, despite historically high unemployment rates, amid concerns that states may need to boost taxes on employers to shore up unemployment trust funds exhausted by the jobless benefits.
We've discussed the current state of unemployment insurance taxes. If corporations are making record levels of profits (which they are) and paying historically low tax rates (which they are), then why are states concerned?Someone more conspiracy-minded might be led to the conclusion that these states are looking to either abandon the state unemployment insurance program that has been in place since the Great Depression, or push the responsibility onto the federal government.

North Carolina: Triad "99ers" Left Without Benefits for One Month

And now for something completely different...

Image
Hats off to The Other 98%, for a fine piece of political theater.

The Rachel Maddow Show: Fresh Squeezed

Visit msnbc.com for breaking news, world news, and news about the economy

New York State: Now with 48 percent more 99ers

The figures below are republished with the kind courtesy of the New York State Department of Labor, which tracks the number of beneficiaries who have exhausted employment benefits.Needless to say, these numbers are not encouraging at all, and represent a significant reason for all the members of the NY Congressional delegation, on both sides of the aisle, to throw their support behind H.R. 589.Between January 21 and April 29, almost 65,000 people have been added to the list of the 99ers who worked and live in NY state.Almost 50,000 of that increase come from the five boroughs of New York City, plus the suburbs of Long Island and Westchester.New York State Beneficiaries Who Have Exhausted All Available BenefitsNew Yorkers first began exhausting the current federal UI extensions on March 28, 2010
through
January 21, 2011through
April 29, 2011population
changepercentage
changeNYS Including OSR and Unknown147,278218,33371,05548.25%NYS Excluding OSR and Unknown134,594199,28464,69048.06%Top 10 E…

Has the GOP overplayed another hand?

Note: Please credit Lauren Victoria Burke at Crew of 42 for her excellent reporting.Chairman Dave Camp of the House Ways and Means Committee may have overplayed the GOP's hand by introducing the "JOBS Act" in the same committee as H.R. 589.Exhibit A: Chairman Emanuel Cleaver of the Congressional Black Caucus. Last month, the Congressman appeared decidedly cool to the idea of supporting H.R. 589:In an exchange during their meeting last Wednesday with the President, CBC Chair Emanuel Cleaver called the cost of the 99ers bill (H.R. 589 sponsored by Rep. Barbara Lee of California) "prohibitive."In Rep. Cleaver’s words: "It was what I expected because my staff had done a lot of research on it. And we found that the cost of that program would be between $14 and 20 billion dollars which is cost prohibitive. So there was no point in the President saying, "yeah I support it…' when I laid it out I said to him, 'Mr. President, I'm going to raise this…

Reps. Scott and Lee to Chairman Camp: Stop Penalizing Unemployed Workers, Work With Us to Extend Aid for the Long-term

WASHINGTON, DC – Representative Barbara Lee (D-CA) and Representative Bobby Scott (D-VA) released the following statement today in reaction to legislation offered by Ways and Means Chairman Dave Camp (R-MI) that would gut unemployment benefits for millions of displaced workers. Representatives Lee and Scott have requested that Chairman Camp support their bill, HR 589, to extend aid for unemployed workers who have exhausted their benefits. HR 589 currently has 80 co-sponsors in the House."Instead of acting on our bill to extend aid to unemployed workers who have exhausted their benefits, Ways and Means Committee Chairman Camp wants to gut unemployment benefits and deny millions of jobless workers the means to help make ends meet. As we face an unemployment rate of 9 percent nationwide, an unemployment rate for teenagers three times as high as the national average, and an economy where there are 4.4 unemployed workers for every available job opening, it is simply wrong to propose a…

Florida's HB 7005: Deal struck, Governor expected to sign

Michael C Bender, writing for the St. Petersburg Times, reports on HB 7005's imminent passage:TALLAHASSEE — Out-of-work Floridians would receive fewer state benefits while businesses pay less tax under a controversial proposal approved Friday by a divided Legislature.The deal, which Gov. Rick Scott is expected to sign into law, immediately cuts unemployment benefits by 11.5 percent.Jobless Floridians would continue to receive a maximum payment of $275 per week, among the lowest of any state in the country. But they would be paid for no more than 23 weeks, instead of 26.This is exactly why the GOP's "JOBS Act" bill must be voted down, and why we have to push as hard as we're able to on behalf of H.R. 589: the "JOBS Act" would further accelerate the race to the bottom that states like Florida have created.Businesses in Florida already pay the lowest UI tax rates in the nation: a maximum of $378 per employee. Florida also has one of the nation's highes…

The GOP JOBS Act is a cruel joke - a response to Ways and Means Republicans

Image
As reported by Arthur Delaney in the Huffington Post:
"Congressional Republicans announced legislation on Thursday that would let states cut unemployment insurance for the long-term jobless and toughen work search requirements for benefits recipients."
Further in the article, Congressman Sander Levin's response:
“This is the opposite of a jobs bill - it is a hatchet job on the unemployment insurance program," said Sandy Levin (D-Mich.), the top Democrat on Ways and Means. "With this legislation, Republicans are proposing to end this year’s guaranteed benefit for the long-term unemployed, just like they’ve proposed ending the guaranteed benefit for Medicare recipients."
There are some important facts to keep in mind when discussing unemployment insurance.

First and foremost: it's an insurance benefit, meant to cushion the financial blow of having your job taken away through no fault of your own.

Second, this insurance benefit is administered by the states…

"Millions Set to Lose Unemployment Benefits"

Mark Thoma of Economist's View discussing an article in the Wall Street Journal:
This is the Say's law of jobs coupled with morality -- the supply of workers somehow creates a demand for them, it's the benefits that stop people from taking them -- and it's just as false here as it is more generally. There are not enough jobs, and ending unemployment benefits won't change that. We can always find someone who abuses any system, that's true in both the public and private sectors. But the vast majority of people still receiving help are struggling against a system they have no control over. They are trying to overcome problems they didn't create, and they deserve more help from the rest of us than they are getting.The professor brings up a number of insightful points, but this one in particular from the quote above caught my attention: how many jobs will be created by cutting off unemployment insurance benefits? Exactly none. ("There are not enough jobs, an…

Sleepwalking through America's unemployment crisis

Mohamed A. El-Erian is the CEO and co-CIO of PIMCO, the global financial services firm that manages one of the world's largest mutual funds.

His article on the need to address the unemployment crisis should be required reading for every member of Congress:

The US government has little time to waste if it is to avoid an even more protracted and entrenched unemployment problem. It must move now to address the problem’s sources through multi-year programs that range from educational restructuring and worker retraining to productivity enhancement and housing-sector reform. And it must do so while better protecting the long-term unemployed, many of whom bear little responsibility for their current, once unthinkable, and unfortunately long-lasting predicament.

It is past time for the US to wake up and confront in a holistic fashion its unemployment crisis. As everyone who has ever had an unpalatable job knows, shutting off the alarm and pulling the blanket over one’s head is not a solutio…

Alternet: the 10 worst states in which to lose your job

Alternet's Joshua Holland takes a look at state-level unemployment, underemployment and insurance benefits to compile this list.One statistic may catch your eye: in 2008, only 37 percent of jobless workers received unemployment insurance benefits.One other statistic to look at: the average weekly check that unemployment insurance provides: ask yourself how you would budget for food, shelter and transportation, while putting in the time to search for work, on $177.73 per week. That's the average UI benefit in Florida and Mississippi.

The Economist: Decline of the working man

Image
"It is a shame that American policymakers have barely considered the problem (of unemployment). Both Democrats and Republicans seem convinced that as the economy strengthens the labour market will heal itself. But although unemployment will continue to fall as the economy recovers, millions of American men will be left behind."



Please click the headline to access the complete article on The Economist's website.