Archive for March 8th, 2011

Pronk Pops Show 19: March 8, 2010: Segment 2, Gallup–U.S. Unemployment Hits 10.3% In February 2011 Vs. Bureau of Labor Statistics (BLS) U.S. Unemployment Rate Declined By .1% To 8.9% in February 2011 With Job Creation of 192,000 In February 2011–Over 13.7 Million Americans Unemployed More Than Worse Month of Great Depression!– Videos

Posted on March 8, 2011. Filed under: American History, Budgetary Policy, Economics, Education, Federal Government, Fiscal Policy, Government, Government Spending, History, Labor Economics, Monetary Policy, Politics, Radio, Tax Policy, Unions, Videos, Wisdom | Tags: , , , , , , , , , , |



Pronk Pops Show 19: March 8, 2011

Listen To Pronk Pops Podcast or Download Shows 16-19

Listen To Pronk  Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

 

Gallup Finds U.S. Unemployment Hitting 10.3% in February

“…Unemployment, as measured by Gallup without seasonal adjustment, hit 10.3% in February — up from 9.8% at the end of January. The U.S. unemployment rate is now essentially the same as the 10.4% at the end of February 2010. …”

http://www.gallup.com/poll/146453/Gallup-Finds-Unemployment-Hitting-February.aspx

US Unemployment Drops to 8.9 Percent

Adecco Group’s workplace economy – March 2011

 

US unemployment rate drops to 8.9% – Press TV News

 

Peter Schiff Video Blog – March 4, 2011

Payrolls Rose 192,000; Jobless Rate at 8.9% in February

 

Silvia Says Unemployment, Inflation Will Challenge Fed

 

Maki Sees U.S. Unemployment Rate Below 8.5% by Year End

 

Pre-Market Movers: March 4th, 2011

 

Gross Says Inflation Matters More Than Bernanke Suggests

The progressive radical socialist economic policies of the Obama Administration and the Democratic Party have utterly failed in the creation of new jobs and wealth resulting in the continuation of the Great Recession soon to become the Obama Depression.

Comparing the first full month that Obama was President two years latter paints a picture of the big fail.

In February 2009 the employment level in the United States was approximately 141.6 million.

In February 2011 the employment level in the United States was approximately 139.5 million.

Two years of the Obama Administration has resulted in the decline of the employment level of approximately 2.1million.

In February 2009 the civilian level force in the United States was approximately 154.4 million.

In February 2011 the employment level in the United States was approximately 153.2 million.

Two years of the Obama Administration has resulted in the decline of the civilian labor force of approximately 1.2 million.

In February 2009 the labor force participation rate in the United States was approximately 65.7%.

In February 2011 the labor force participation rate in the United States was approximately 64.2%

Two years of the Obama Administration has resulted in the decline of the labor force participation rate of 1.5%.

In February 2009 the unemployment level in the United States was approximately 12.7 million.

In February 2011 the unemployment level in the United States was approximately 13.6 million.

Two years of the Obama Administration has resulted in the increase of the unemployment level of approximately .9 million.

In February 2009 the official unemployment rate (U-3) in the United States was approximately 8.2%.

In February 2011 the official unemployment rate (U-3) in the United States was approximately 8.9%.

Two years of the Obama Administration has resulted in the increase of the official unemployment rate (U-3) of approximately .7%.

In February 2009 the total unemployment rate (U-6) in the United States was approximately 15.0%.

In February 2011 the total unemployment rate (U-6) in the United States was approximately 15.9%.

Two years of the Obama Administration has resulted in the increase of the total unemployment rate (U-6) of approximately .9%.

The actual unemployment rate which would include long-term discourage workers that are excluded by the BLS unemployment U-6 series is now over 20%  with over 30 million Americans that are either unemployed or underemployed.

The Great Recession is fast becoming the Obama Depression and no amount of political manipulation of the unemployment statistics will persuade the American people otherwise.

“…The seasonally-adjusted SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers.

The U-3 unemployment rate is the monthly headline number. The U-6 unemployment rate is the Bureau of Labor Statistics’ (BLS) broadest unemployment measure, including short-term discouraged and other marginally-attached workers as well as those forced to work part-time because they cannot find full-time employment. …”

http://www.shadowstats.com/alternate_data/unemployment-charts

Background Articles and Videos

John Williams Hyperinflation to come in the next couple months

Ecconomist John Williams of Shadow Statistics on Radio Liberty 12-29-10

 

Bureau of Labor Statistics, Department of Labor

http://data.bls.gov/pdq/SurveyOutputServlet

 

Employment Level

Labor Force Statistics from the Current Population Survey

Series Id: LNS12000000
Seasonally Adjusted
Series title: (Seas) Employment Level
Labor force status: Employed Age: 16 years and over
Type of data: Number in thousands


Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143150(1) 143457 143741 143761 144089 144353 144202 144625 144815 145314 145534 145970
2007 146033(1) 146066 146334 145610 145901 146058 145886 145670 146231 145937 146584 146272
2008 146407(1) 146183 146143 146173 145925 145725 145479 145167 145056 144778 144068 143324
2009 142201(1) 141687 140822 140720 140292 139978 139794 139409 138791 138393 138590 137960
2010 138511(1) 138698 138952 139382 139353 139092 138991 139267 139378 139084 138909 139206
2011 139323(1) 139573
1 : Data affected by changes in population controls.

 

Civilian Labor Force

Series Id: LNS11000000
Seasonally Adjusted
Series title: (Seas) Civilian Labor Force Level
Labor force status: Civilian labor force
Type of data: Number in thousands
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153133(1) 152966 153054 152446 152666 153038 153035 152756 153422 153209 153845 153936
2008 154060(1) 153624 153924 153779 154322 154315 154432 154656 154613 154953 154621 154669
2009 154185(1) 154424 154100 154453 154805 154754 154457 154362 153940 154022 153795 153172
2010 153353(1) 153558 153895 154520 154237 153684 153628 154117 154124 153960 153950 153690
2011 153186(1) 153246
1 : Data affected by changes in population controls.

Unemployment Level (U-3)

Series Id:           LNS13000000 Seasonally Adjusted Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7100 6900 6721 6836 6766 6980 7149 7085 7191 7272 7261 7664
2008 7653 7441 7781 7606 8398 8590 8953 9489 9557 10176 10552 11344
2009 11984 12737 13278 13734 14512 14776 14663 14953 15149 15628 15206 15212
2010 14842 14860 14943 15138 14884 14593 14637 14849 14746 14876 15041 14485
2011 13863 13673

 

 

Labor Force Participation Rate

Series Id:           LNS11300000 Seasonally Adjusted Series title:        (Seas) Labor Force Participation Rate
Labor force status:  Civilian labor force participation rate
Type of data:        Percent or rate
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.0 66.1 66.0 66.0 65.8 65.8
2009 65.7 65.7 65.6 65.6 65.7 65.7 65.5 65.4 65.1 65.1 65.0 64.7
2010 64.8 64.8 64.9 65.1 64.9 64.7 64.6 64.7 64.7 64.5 64.5 64.3
2011 64.2 64.2

Unemployment Level

Series Id: LNS13000000
Seasonally Adjusted
Series title: (Seas) Unemployment Level
Labor force status: Unemployed
Type of data: Number in thousands
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7100 6900 6721 6836 6766 6980 7149 7085 7191 7272 7261 7664
2008 7653 7441 7781 7606 8398 8590 8953 9489 9557 10176 10552 11344
2009 11984 12737 13278 13734 14512 14776 14663 14953 15149 15628 15206 15212
2010 14842 14860 14943 15138 14884 14593 14637 14849 14746 14876 15041 14485
2011 13863 13673

Unemployment Rate (U-6)

Series Id: LNS14000000
Seasonally Adjusted
Series title: (Seas) Unemployment Rate
Labor force status: Unemployment rate
Type of data: Percent or rate
Age: 16 years and over


Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9
2007 8.4 8.1 8.0 8.2 8.2 8.3 8.4 8.5 8.4 8.4 8.5 8.8
2008 9.1 8.9 9.0 9.2 9.7 10.1 10.5 10.9 11.2 11.9 12.7 13.6
2009 14.1 15.0 15.6 15.8 16.4 16.6 16.5 16.8 17.0 17.4 17.1 17.2
2010 16.5 16.8 16.8 17.0 16.5 16.5 16.5 16.7 17.1 17.0 17.0 16.7
2011 16.1 15.9

Employment Situation Summary

Transmission of material in this release is embargoed USDL-11-0271 until 8:30 a.m. (EST) Friday, March 4, 2011 Technical information: Household data: (202) 691-6378 * cpsinfo@bls.gov * www.bls.gov/cps Establishment data: (202) 691-6555 * cesinfo@bls.gov * www.bls.gov/ces Media contact: (202) 691-5902 * PressOffice@bls.gov THE EMPLOYMENT SITUATION -- FEBRUARY 2011 Nonfarm payroll employment increased by 192,000 in February, and the unemployment
rate was little changed at 8.9 percent, the U.S. Bureau of Labor Statistics re- ported today. Job gains occurred in manufacturing, construction, professional and business services, health care, and transportation and warehousing. Household Survey Data The number of unemployed persons (13.7 million) and the unemployment rate (8.9 percent) changed little in February. The labor force was about unchanged over the month. The jobless rate was down by 0.9 percentage point since November 2010. (See table A-1.) Among the major worker groups, the unemployment rates for adult men (8.7 percent), adult women (8.0 percent), teenagers (23.9 percent), whites (8.0 percent), blacks (15.3 percent), and Hispanics (11.6 percent) showed little or no change in February. The jobless rate for Asians was 6.8 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.) The number of job losers and persons who completed temporary jobs, at 8.3 million, continued to trend down in February and has fallen by 1.2 million over the past 12 months. The number of long-term unemployed (those jobless for 27 weeks or more) was 6.0 million and accounted for 43.9 percent of the unemployed. (See tables A-11 and A-12.) Both the civilian labor force participation rate, at 64.2 percent, and the employ- ment-population ratio, at 58.4 percent, were unchanged in February. (See table A-1.) The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged at 8.3 million in February. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.) In February, 2.7 million persons were marginally attached to the labor force, up
from 2.5 million a year earlier. (These data are not seasonally adjusted.) These
individuals were not in the labor force, wanted and were available for work, and
had looked for a job sometime in the prior 12 months. They were not counted as
unemployed because they had not searched for work in the 4 weeks preceding the
survey. (See table A-16.)

Among the marginally attached, there were 1.0 million discouraged workers in February,
a decrease of 184,000 from a year earlier. (These data are not seasonally adjusted.)
Discouraged workers are persons not currently looking for work because they believe no
jobs are available for them. The remaining 1.7 million persons marginally attached to the labor force in February had not searched for work in the 4 weeks preceding the sur- vey for reasons such as school attendance or family responsibilities. (See table A-16.) Establishment Survey Data Total nonfarm payroll employment rose by 192,000 in February. Job gains occurred in manufacturing, construction, and several service-providing industries. Since a recent low in February 2010, total payroll employment has grown by 1.3 million, or an average of 106,000 per month. (See table B-1.) Manufacturing employment rose by 33,000 in February. Almost all of the gain occurred in durable goods industries, including machinery (+9,000) and fabricated metal pro- ducts (+7,000). Manufacturing has added 195,000 jobs since its most recent trough in December 2009; durable goods manufacturing added 233,000 jobs during this period. Construction employment grew by 33,000 in February, following a decline of 22,000 in January that may have reflected severe winter weather. Within construction, specialty trade contractors accounted for the bulk of the February job gain (+28,000). Employment in the service-providing sector continued to expand in February, led by a gain of 47,000 in professional and business services. Employment services added 29,000 jobs, and employment rose by 7,000 in management and technical consulting. Within employment services, the number of jobs in temporary help services edged up over the month. Health care employment continued to increase in February (+34,000). Over the prior 12 months, health care had added 260,000 jobs, or an average of 22,000 jobs per month. Transportation and warehousing employment increased by 22,000 in February, with half of that gain in truck transportation (+11,000). Employment in both state and local government edged down over the month. Local govern- ment has lost 377,000 jobs since its peak in September 2008. The average workweek for all employees on private nonfarm payrolls was unchanged at 34.2 hours in February. The manufacturing workweek for all employees rose by 0.1 hour to 40.5 hours, while factory overtime rose by 0.2 hour to 3.3 hours. The average work- week for production and nonsupervisory employees on private nonfarm payrolls increased by 0.1 hour to 33.5 hours. (See tables B-2 and B-7.) In February, average hourly earnings for all employees on private nonfarm payrolls increased by 1 cent to $22.87. Over the past 12 months, average hourly earnings have increased by 1.7 percent. In February, average hourly earnings of private-sector pro- duction and nonsupervisory employees were unchanged at $19.33. (See tables B-3 and B-8.) The change in total nonfarm payroll employment for December was revised from +121,000 to +152,000, and the change for January was revised from +36,000 to +63,000. ___________ The Employment Situation for March is scheduled to be released on Friday, April 1, 2011, at 8:30 a.m. (EDT).


Phillips Curve

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Pronk Pops Show 19: March 8, 2011: Segment 1: The Washington Political Elites of Both Parties Are Not Serious About Balancing The Federal Budget And Funding Entitlement Liabilities–Send In The Clowns–Don’t Bother There Here–Videos

Posted on March 8, 2011. Filed under: American History, Budgetary Policy, Business, Economics, Education, European History, Federal Government, Fiscal Policy, Government, Government Spending, History, Labor Economics, Monetary Policy, Politics, Private Sector Unions, Public Sector Unions, Tax Policy, Unions, Videos, Wisdom | Tags: , , , , , , |

Pronk Pops Show 19: March 8, 2011

Listen To Pronk Pops Podcast or Download Shows 16-19

Listen To Pronk  Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Corrections and Updates For Show 18:

1. Governor Scott Walker is Governor of Wisconsin and not Indiana, my memory lapse and mistake:

Scott Walker – Meet the Press 2/27/2011

Wisconsin’s Crowded Capitol: Collective-Bargaining Protest Grows

Why Has the White House Backed Off the Wisconsin Protests?

Government Union Collective Bargaining 101

2. The highest percentage of unionization of the civilian labor force was about 36% in 1953 and not 25.5% as shown in the graph below and stated in the broadcast.

 

3. The highest number of union members was in 1970 with 17 million  and not 1957-58 as stated, again my mistake.

“…Periods Defining the Decline of Unions in the U.S.

1959-1970: After peaking in 1953, and largely leveling off afterward, union membership as a percentage of the private sector workforce began declining during the period of 1959 through 1970 largely due to the much faster growth of the non-unionized ranks of the private sector. Remarkably, this occurred even as the total number of private sector labor union jobs increased throughout this period. At its peak in 1970, the number of union jobs in the private sector nearly reached 17 million. …”

http://politicalcalculations.blogspot.com/2006/03/union-membership-trends-in-us-private.html

Segment 1: The Washington Political Elites of Both Parties Are Not Serious About Balancing The Federal Budget And Funding Entitlement Liabilities–Send In The Clowns–Don’t Bother There Here–Videos

“A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned – this is the sum of good government.”
~Thomas Jefferson

Judy Collins Send in the Clowns

Obama Defends 2012 Budget Proposal

 

Boehner Highlights Vote to Cut Spending, Help Create Better Environment for Job Creation

 

Chairman Hensarling: The Republican Spending Cuts Are Not Draconian

 

Rand Paul to vote “NO” on GOP budget

Rand Paul and Mike Lee on “Glenn Beck” with Judge Napolitano 03/07/11


Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending


Former U.S. Comptroller General David Walker on The Federal Fiscal Crisis


Obama; Spending us into Oblivion. Why? – How do we pay off this Debt? – Glenn Beck Explains


U.S National Debt Clock

It’s Simple to Balance The Budget Without Higher Taxes

Collender Says Budget Bill Doesn’t Deal With Long-Term

If The Debt Limit Isn’t Increased It’s Going To Cause Problems” Ron Paul & Rand Paul Interview

The Washington D.C. political establishment and ruling elites of both political parties are not serious people– they are clowns.

The American people no longer find them very funny or entertaining.

The American people now know the joke was on them.

The American people now know they were lied to about Social Security and Medicare.

The American people now know that the Social Security surpluses were spent every year by both Democratic and Republican Administrations.

The American people now know that Social Security, Medicare and Medicaid are not adequately funded by tax revenues and are running huge and every growing deficits.

I.O.U.S.A. Bonus Reel: Deficits and Social Security

These entitlement programs are running huge deficits that must be stopped.

I.O.U.S.A. Bonus Reel: Social Security+Medicare Projections

Otherwise it will simply be too late to put these programs on an actuarially sound foundation.

The most either political party will cut from the fiscal year 2011 budget of over $3,800 billion is $100 billion or less than 3% of Fiscal Year 2011 outlays.

The earliest either political party would come even come close to balancing the budget is five to ten years.

Apparently both the House of Representatives and Senate is challenged when it comes to the will, courage, and vision to seeing the American economy does not have five to ten years for the Federal Government to balance a budget.

The Federal Budget must be balanced starting in Fiscal Year 2012 and every year thereafter.

Actually the Federal Budget needs to run surpluses to stop the rampant growth in unfunded Federal Government liabilities.

Any politician who speaks of a path to a balanced budget simply does not understand the magnitude of the problem.

Everything must be on the table including entitlements; and budgets must be balance starting in Fiscal Year 2012 not Fiscal Year 2020.

To balance the budget and live within ones means, namely estimated tax revenues, would require budget cuts of over $1,000 billion.

This requires the permanent shut-down of entire Federal Departments.

Milton Friedman on Libertarianism (Part 4 of 4)

 

Keep in mind the Federal National Debt does not include the increase every year of unfunded liabilities or Federal Debt for so-called mandatory spending and entitlements such as Social Security, Medicare, Prescription Drugs, Medicaid and other entitlement programs and unfunded military and civilian pension obligations.

Currently these unfunded liabilities of the Federal Government exceed $100,000 billion or more than ten times the so-called National Debt owed to the public that exceeds $10,000 billion today.

These unfunded liabilities are adding at least another $3,000 billion plus each year to the unfunded liabilities of the United States Government.

The United States Government is therefore running total deficits each year of nearly $5,000 billion!

To first stop and then reverse this trend requires surplus budgets not merely balanced budgets.

Who do the clowns or educated fools of the Washington D.C. political ruling class think they fooling–not the American people.

Ask any college freshman today if he thinks he will receive a dime from Social Security or Medicare.

President Barack Obama is addicted to tobacco, big spending and massive debts.

House Speaker John Boehner is also addicted to tobacco , big spending and massive debts.

Neither can kick their nasty habit of smoking cigarettes, spending the American people’s money and burdening future generation with debt.

President Obama’s addiction to big spending, huge deficits and a massive national debt is evidenced by his proposed fiscal year budgets for 2010, 2011, and 2012:

For Fiscal Year 2010 President Obama proposed a budget of $3,456 billion in spending outlays with estimated tax revenues of $2,162 billion resulting in an estimated total deficit of over $1,293 billion.

For Fiscal Year 2011 President Obama proposed a budget of $3,818 billion in spending outlays with estimated tax revenues of $2,173 billion resulting in an estimated total deficit of over $1,645 billion.

For Fiscal Year 2012 President Obama proposed a budget of $3,728 billion in spending outlays with estimated tax revenues of $2,677 billion resulting in an estimated deficits of over $1,101 billion.

President Obama gives real meaning to term fiscally irresponsible and delusional by proposing three budgets that have deficits totalling over $4,000 billion.

By the time President Obama is hopefully voted out of office in 2012, President Obama will have run up deficits totalling over $5,000 billion and increased the National Debt by over 50% in just four years!

Keep in mind that the total United States National Debt from its founding through President George W. Bush was just under $10,000 billion!

Year Gross Debt in Billions undeflated[11] as % of GDP Debt Held By Public ($Billions) as % of GDP
1910 2.6 unk. 2.6 unk.
1920 25.9 unk. 25.9 unk.
1928 18.5[12] unk. 18.5 unk.
1930 16.2 unk. 16.2 unk.
1940 50.6 52.4 42.8 44.2
1950 256.8 94.0 219.0 80.2
1960 290.5 56.0 236.8 45.6
1970 380.9 37.6 283.2 28.0
1980 909.0 33.4 711.9 26.1
1990 3,206.3 55.9 2,411.6 42.0
2000 5,628.7 58.0 3,409.8 35.1
2001 5,769.9 57.4 3,319.6 33.0
2002 6,198.4 59.7 3,540.4 34.1
2003 6,760.0 62.6 3,913.4 35.1
2004 7,354.7 63.9 4,295.5 37.3
2005 7,905.3 64.6 4,592.2 37.5
2006 8,451.4 65.0 4,829.0 37.1
2007 8,950.7 65.6 5,035.1 36.9
2008 9,985.8 70.2 5,802.7 40.8
2009 12,311.4 86.1 7,811.1 54.6
2010 (31 Dec) 14,025.2 95.2 (3rd Q) 9,390.5 63.7 (3rd Q)

 

 

 

 

 

 

 

 

 

http://en.wikipedia.org/wiki/United_States_public_debt

Historical Debt Outstanding – Annual 2000 – 2010

Includes legal tender notes, gold and silver certificates, etc.

The first fiscal year for the U.S. Government started Jan. 1, 1789. Congress changed the beginning of the fiscal year from Jan. 1 to Jul. 1 in 1842, and finally from Jul. 1 to Oct. 1 in 1977 where it remains today.

To find more historical information, visit The Public Debt Historical Information archives.

Date Dollar Amount
09/30/2010 13,561,623,030,891.79
09/30/2009 11,909,829,003,511.75
09/30/2008 10,024,724,896,912.49
09/30/2007 9,007,653,372,262.48
09/30/2006 8,506,973,899,215.23
09/30/2005 7,932,709,661,723.50
09/30/2004 7,379,052,696,330.32
09/30/2003 6,783,231,062,743.62
09/30/2002 6,228,235,965,597.16
09/30/2001 5,807,463,412,200.06
09/30/2000 5,674,178,209,886.86

 

 

 

 

 

 

 

 

 

http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm

Unless the Republican Party takes on the reform of Social Security, Medicare and Medicaid, the closing of entire Federal Departments, cuts in Defense spending, and reductions in salaries and employment benefits of all Federal employee, they are not serious about balancing the budget.

Federal spending needs to be cut by over $1,000 billion in Fiscal Year 2012 to have any chance of balancing the budget.

Talking about cuts of several hundred billion over the next ten years are simply not serious.

Any politician proposing such small cuts should be replaced in the next election by a tea party candidate.

Stop wasting valuable time and starting cutting spending and balancing the budget.

The Federal Budget needs to be limited to 80% of tax revenue collections of the prior year with the remaining 20% of tax revenue collections used to pay down the national debt.

Pass the FairTax and combine it with a balanced budget rule that requires the above.

The FairTax: It’s Time

What is the FairTax plan?

The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.

The FairTax Act (HR 25, S 13) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.

The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.

The FairTax:

  • Enables workers to keep their entire paychecks
  • Enables retirees to keep their entire pensions
  • Refunds in advance the tax on purchases of basic necessities
  • Allows American products to compete fairly
  • Brings transparency and accountability to tax policy
  • Ensures Social Security and Medicare funding
  • Closes all loopholes and brings fairness to taxation
  • Abolishes the IRS

 

Every day over 20% of the United States civilian labor force or 30 million Americans who want to work at a full-time job either are unemployed, work part-time at lower paid jobs or are so discouraged they stop looking for a job after hundreds and thousands of attempts to find one.

The American economy is losing billions of dollars daily in lost output and income that can never be recovered.

As a direct result tax revenues of local, city, county, state and Federal governments are also significantly down.

In the month of February, the United States government ran a monthly budget deficit of over $223 billion, the largest monthly deficit in U. S. history!

This is mainly due to Federal government intervention into the economy and the uncertainty created by excessive government spending, deficits, debt and unfunded liabilities.

Yet the political class or so-called ruling class and elites lie, mislead and argue about cutting a $3,800 billion budget by less than $100 billion or less than 3% of the total Fiscal Year 2011 U.S. Government budget.

With some exceptions, the professional politicians are not serious people–they are clowns or educated fools.

These clowns lack the will, courage, urgency and vision to cut Federal government spending, balance the budget and replace the current Federal income tax system with a broad-based national retail sale consumption tax–the FairTax.

Time is of the essence.

The United States economy is on the brink of the Obama Depression and there is no sense of urgency or understanding of the problem by the majority of our elected Representatives, Senators or the President of the United States.

If the political ruling class were serious people they would be discussing cuts of $1,000 billion in the Fiscal Year 2011 budget of over $3,800 billion given that tax revenues for Fiscal Year 2011 are expected to be less than $2,500 billion.

The only politicians proposing such spending cuts are Representative Ron Paul of Texas and Senator Rand Paul of Kentucky, both of whom are ignored and even laughed at by both the Republican and Democratic establishment and leadership.

Sen. Rand Paul on $500Billion in Spending Cuts: The American People Are Ready

 

Ron Paul: Congress Won’t Stop Spending until the Dollar Fails

David M. Walker , former United States Comptroller General was right.

The United States’ biggest and most serious deficits are budget, savings, balance of payments and leadership.

I.O.U.S.A. Bonus Reel: Dave Walker Explains the 4 Deficits

 

Why US Economy will Collapse – I.O.U.S.A. the movie

The United States needs leaders not clowns or educated fools.

The United States needs leaders who remember and learn from history.

Why You’ve Never Heard of the Great Depression of 1920 | Thomas E. Woods, Jr.

Join the Second American Revolution and the tea party movement by marching on Washington D.C. on Friday, April 15, 2011!

The Tea Party patriots want balanced budgets, cuts in spending, deficits and the national debt, repeal of the income tax Amendment and passage of a balanced budget amendment to the United States Constitution and the FairTax.

The goal is for 3 million Americans marching in Washington D.C. demanding that Congress and the Senate cut Federal spend, balanced the budget and replace Federal taxes with the FairTax!

Start at the Federal Reserve building, march pass the White House and stop at the Capital building for a rally.

This is a grassroots movement.

Spread the word.

Only individuals Americans can prevent the economic collapse of the United States.

Economic Collapse 101 for Dummies

 

Quantitative Easing Explained

 

Hi, I’m a Tea Partier revisited

 

Send In the Clowns – Glenn Close

Isn’t it rich?
Are we a pair?
Me here at last on the ground,
You in mid-air.
Send in the clowns.

Isn’t it bliss?
Don’t you approve?
One who keeps tearing around,
One who can’t move.
Where are the clowns?
Send in the clowns.

Just when I’d stopped opening doors,
Finally knowing the one that I wanted was yours,
Making my entrance again with my usual flair,
Sure of my lines,
No one is there.

Don’t you love farce?
My fault I fear.
I thought that you’d want what I want.
Sorry, my dear.
But where are the clowns?
Quick, send in the clowns.
Don’t bother, they’re here.

Isn’t it rich?
Isn’t it queer,
Losing my timing this late
In my career?
And where are the clowns?
There ought to be clowns.
Well, maybe next year.

 

Barbra Streisand Send In The Clowns

Background Articles and Videos

I.O.U.S.A.: Byte-Sized – The 30 Minute Version

 

 

Budget of the U.S. Government Fiscal Year 2o11

http://www.gpoaccess.gov/usbudget/fy11/pdf/budget.pdf

 

2010 Social Security Trustees Report: Reform Needed Now

“…Abstract:The 2010 annual report by the Social Security trustees has been released. It comes as no surprise that the Trustees Report predicts massive—and permanent— yearly deficits if the Social Security system is not reformed. Though the report shows that Social Security payments are secure for another five years, Social Security already owes $7.9 trillion more in benefits this year than it will receive in tax revenues. The time for reform is now—delay will only make each challenge and problem harder to fix. Heritage Foundation financial and pension expert David C. John examines the findings of the new Trustees Report—and explains what they mean for Americans. …”

 

http://www.heritage.org/research/reports/2010/08/2010-social-security-trustees-report-reform-needed-now

 

“…Kleiner Perkins partner Mary Meeker analyzes America as a corporation in an epic presentation: USA Inc.: A Basic Summary of America’s Financial Statements (pdf).

“…This report looks at the federal government as if it were a business, with the goal of informing the
debate about our nation’s financial situation and outlook. In it, we examine USA Inc.’s income
statement and balance sheet. We aim to interpret the underlying data and facts and illustrate
patterns and trends in easy-to-understand ways. We analyze the drivers of federal revenue and
the history of expense growth, and we examine basic scenarios for how America might move
toward positive cash flow. …”

This report is available online and on iPad at www.kpcb.com/usainc

http://images.businessweek.com/mz/11/10/1110_mz_49meekerusainc.pdf

Mary Meeker’s Definitive Guide To The American Public Debt Crisis

“…Here are some key slides from her definitive report:
  • Spending as a percent of GDP rose 3 percent each year from 1790 and 1930. Worse: It rose to 24% in 2010.
  • Only 1 in 50 Americans needed Medicaid when it was first created in 1965, 1 in 6 Americans receives Medicaid now.
  • Extended unemployment benefits could set back America Inc. $34 billion in the next two years alone.
  • There is no quick-fix to America’s deficit problem. While raising taxes could help, the only real solution is cutting costs.
  • Why we should increase the retirement age to 73 or cut Social Security benefits by 12%

Read more: http://www.businessinsider.com/mary-meeker-usa-inc-february-24-2011-2#ixzz1FwfigfSi

March 7, 2011

Spotlight on the States: Wisconsin

“…Today, Wisconsin faces a budget shortfall of $137 million (just shy of 10 percent of the budget) for the remaining fiscal year (which ends June 30) and a $3.6 billion shortfall over the next 2 years (six percent of the budget) in a $59 billion 2012-2013 budget. In an attempt to put the state back on a sustainable fiscal path, and more specifically to address this year’s shortfall, newly-elected Gov. Scott Walker (R) introduced what he called a “Budget Repair Bill” last month. The bill requires government workers to contribute 5.8 percent of their salary toward pensions–which has sparked a back-and-forth about whether pension benefits are paid for by taxpayers or employees–and increases contributions to health care premiums from 6 percent to at least 12 percent. It also limits public employee collective bargaining rights, with the exception of police, firefighters, and other public safety employees, which is the provision that has sparked the current protests, as the unions are willing to accept the other changes.

Nevertheless, Gov. Walker has said that enacting these reforms would save $30 million this fiscal year and thousands of state and local jobs. He also said that he could pledge there would be no layoffs or furloughs for state employees. This did not comfort the thousands of government employees who swarmed the state’s capital, protesting that the Governor’s budget bill is more geared to political ends than fiscal ones.

In his March 1st budget address, (postponed from February 22), Gov. Walker outlined some of the details of his full proposal. The biennial budget balances the $3.6 billion two-year deficit and reduces the structural deficit–deficits even under normal economic conditions and full employment–by 90 percent, from $2.5 billion to $250 million. It also reduces overall state spending by $4.2 billion (6.7 percent) over the biennium. Other highlights of the legislation include:

  • $1.25 billion in reductions in aid to local governments
  • $834 million in reduction in aid to public schools
  • $80.6 million in tax cuts for FY 2012, including elimination of the capital gains tax for investors with long-term (5 or more years) investments in Wisconsin-based businesses
  • $500 million in Medicaid spending cuts through various reforms
  • $200 million in funding for the “public-private agency” the Wisconsin Economic Development Corporation
  • Various reforms to state agencies, including a 10% across-the-board cut to non-personnel budgets of most agencies and elimination of all positions that have been vacant for over a year …”

http://crfb.org/blog

Wisconsin Governor Seeks Deep Cuts

“…The collective-bargaining bill stalled in the state Senate also would require most public employees to contribute 5.8% of their salary this year toward their pension payments and 12.6% of their health-insurance premiums out of their wages. The measure passed the state Assembly last week.

Mr. Walker said that bill would produce savings of $1.44 billion for school districts and local governments, more than offsetting the cuts in state aid he recommended Tuesday.

Critics said the governor’s estimate is overstated, because some communities and school districts already require employees to pay more than 12.6% of their health-insurance premiums out of their salaries.

In De Pere, Wis., employees already pay 15% of insurance premiums from their wages. For that reason, and because police officers and firefighters are exempt, “I believe the savings through pension-contribution increases will not be enough to offset the loss of state shared revenue,” De Pere Alderman Daniel Robinson wrote in a letter Monday to Republican state Sen. Robert Cowles. …”

http://online.wsj.com/article/SB10001424052748704506004576174413551008574.html

 

 


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