Pronk Pops Show 36, July 13, 2011: Segment 0: Lipstick On A Pig–Great Obama Depression– Deeper and Longer–Official U-3 Unemployment Rate Hits 9.2% In June 2011 With 14 Million Unemployed and Total Unemployment Rate U-6 Hits 16.2% With Over 24.8 Million Americans Seeking Full Time Job–Obama Is Not Working–2012–End An Error!–Fire Obama–Videos

Posted on July 12, 2011. Filed under: Business, Economics, Federal Government, Fiscal Policy, Government, Government Spending, Labor Economics, Monetary Policy, Philosophy, Politics, Polls, Radio, Resources, Tax Policy, Videos, War, Wisdom | Tags: , , , , , , , , , , |

Pronk Pops Show 36:July 13, 2011

Pronk Pops Show 35:July 6, 2011

Pronk Pops Show 34:June 29, 2011

Pronk Pops Show 33:June 22, 2011

Listen To Pronk Pops Podcast or Download Shows 34-36

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 22 (Part 2)-26

Listen To Pronk Pops Podcast or Download Shows 16-22 (Part 1)

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Segment 0: Lipstick On A Pig–Great Obama Depression– Deeper and Longer–Official U-3 Unemployment Rate Hits 9.2% In June 2011 With 14 Million Unemployed and Total Unemployment Rate U-6 Hits 16.2% With Over 24.8 Million Americans Seeking Full Time Job–Obama Is Not Working–2012–End An Error!–Fire Obama–Videos

“…In January 2009 the new Obama Administration issued its now-infamous report titled “The Job Impact of the American Recovery and Reinvestment Plan,” more commonly known as the “Romer/Bernstein Report” after the President and Vice President’s economists who authored it.  This report included estimates of what would  happen if the Administration’s stimulus plan was enacted, and what would happen if it wasn’t – presumably casting the U.S. into “another Great Depression.”  This chart displays the unemployment rates the Administration forecast in that January 2009 report if their stimulus plan passed (the “with stimulus” line), if their stimulus plan didn’t pass (the “without stimulus” line), and what actually happened: …”

 http://biggovernment.com/capitolconfidential/2011/06/17/turnaround-economy-unemployment-worse-than-obama-predicted-without-stimulus/

THE REAL CAUSE OF UNEMPLOYMENT!!! Obama must have a single digit IQ

Bernanke says economic growth should increase soon

Dismal Unemployment Report Suggests Recovery May Be Stalling

President Obama on June Job Numbers wants to create New Jobs

O’Reilly Factor – Friday – July 8th 2011 – Nations Unemployment at 9.2%

Obamanomics: Unemployment Climb At 9.2%

July 8th 2011 CNBC Stock Market Squawk Box June 2011 Jobs Report

Nonfarm Payrolls Rose By 18,000 In June, Missing Consensus Estimates For A Rise Of 125,000

USA Unemployment Rate Rises to 9.2% in June 2011 — Report

Wesbury Says Jobs Report May Be Last Weak Economic Data

Unemployment Rate is Not 9%, It’s 18% (CNN’s Your Money )

Lebas Says Second-Half Forecasts Are `Wildly Optimistic’ and Warren Buffett’s Reactions

Labor’s Solis `Disappointed’ by U.S. June Jobs Report

Rep. Noem Discusses Latest Jobs Report

Crescenzi Says Jobs Data Reflects U.S. Structural Issues

Pat Buchanan’s Debt Talk Prediction: “Obama Will Fold”

Brooks, Marcus on Job Numbers, Debt Deal Reality, Media Culture

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 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.8 5.1 4.9 5.4 5.6 5.8 6.1 6.2 6.6 6.8 7.3
2009 7.8 8.2 8.6 8.9 9.4 9.5 9.5 9.7 9.8 10.1 9.9 9.9
2010 9.7 9.7 9.7 9.8 9.6 9.5 9.5 9.6 9.6 9.7 9.8 9.4
2011 9.0 8.9 8.8 9.0 9.1 9.2
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 13542 13747 13914 14087



Series Id: LNS13327709
Seasonally Adjusted
Series title: (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status: Aggregated totals unemployed
Type of data: Percent or rate
Age: 16 years and over
Percent/rates: Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached

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 15.7 15.9 15.8 16.2

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 153406 153421 153693 153421
1 : Data affected by changes in population controls.

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 64.2 64.2 64.2 64.1

Background Articles and Videos

U.S. Economic Outlook & Monetary Policy: Ben Bernanke Press Conference pt.1

U.S. Economic Outlook & Monetary Policy: Ben Bernanke Press Conference pt.2

U.S. Economic Outlook & Monetary Policy: Ben Bernanke Press Conference pt.3

U.S. Economic Outlook & Monetary Policy: Ben Bernanke Press Conference pt.4

Employment Situation Summary

Transmission of material in this release is embargoed                   USDL-11-1011
until 8:30 a.m. (EDT) Friday, July 8, 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 -- JUNE 2011

Nonfarm payroll employment was essentially unchanged in June (+18,000), and the
unemployment rate was little changed at 9.2 percent, the U.S. Bureau of Labor
Statistics reported today. Employment in most major private-sector industries
changed little over the month. Government employment continued to trend down.
 Household Survey Data The number of unemployed persons (14.1 million) and the unemployment rate (9.2 percent) were essentially unchanged over the month. Since March, the number of
unemployed persons has increased by 545,000, and the unemployment rate has
risen by 0.4 percentage point. The labor force, at 153.4 million, changed
little over the month. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (9.1 percent),
adult women (8.0 percent), teenagers (24.5 percent), whites (8.1 percent), blacks (16.2 percent), and Hispanics (11.6 percent) showed little or no change in June.
The jobless rate for Asians was 6.8 percent, not seasonally adjusted. (See tables
A-1, A-2, and A-3.)

The number of persons unemployed for less than 5 weeks increased by 412,000 in
June. The number of long-term unemployed (those jobless for 27 weeks and over)
was essentially unchanged over the month, at 6.3 million, and accounted for 44.4
percent of the unemployed. (See table A-12.)
 The civilian labor force participation rate was little changed in June at 64.1 percent. The employment-population ratio decreased by 0.2 percentage point to 58.2 percent. (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 in June at 8.6
million. 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 June, 2.7 million persons were marginally attached to the labor force, about
the same as 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 982,000 discouraged workers in June,
down by 225,000 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 June had not searched for work in the
4 weeks preceding the survey for reasons such as school attendance or family
responsibilities. (See table A-16.)

Establishment Survey Data Total nonfarm payroll employment was essentially unchanged in June (+18,000).
Following gains averaging 215,000 per month from February through April,
employment has been essentially flat for the past 2 months. Employment in most
major private-sector industries changed little in June, while government
employment continued to trend down. (See table B-1.)

Within professional and business services, employment in professional and
technical services increased in June (+24,000). This industry has added 245,000
jobs since a recent low in March 2010. Employment in temporary help services
changed little over the month and has shown little movement on net so far this
year.

Health care employment continued to trend up in June (+14,000), with the largest
gain in ambulatory health care services. Over the prior 12 months, health care had
added an average of 24,000 jobs per month.

In June, employment in mining rose by 8,000, with most of the gain occurring in
support activities for mining. Employment in mining has increased by 128,000 since
a recent low in October 2009.

Employment in leisure and hospitality edged up (+34,000) in June and has grown by
279,000 since a recent low in January 2010.

Employment in government continued to trend down over the month (-39,000). Federal
employment declined by 14,000 in June. Employment in both state government and local
government continued to trend down over the month and has been falling since the
second half of 2008.

Manufacturing employment changed little in June. Following gains totaling 164,000
between November 2010 and April 2011, employment in this industry has been flat for
the past 2 months. In June, job gains in fabricated metal products (+8,000) were
partially offset by a loss in wood products (-5,000).

Construction employment was essentially unchanged in June. After having fallen
sharply during the 2007-09 period, employment in construction has shown little
movement on net since early 2010.

The average workweek for all employees on private nonfarm payrolls decreased by 0.1 hour to 34.3 hours in June. The manufacturing workweek for all employees decreased
by 0.3 hour to 40.3 hours over the month; factory overtime edged down by 0.1 hour
to 3.1 hours. The average workweek for production and nonsupervisory employees on
private nonfarm payrolls remained at 33.6 hours in June. (See tables B-2 and B-7.)

In June, average hourly earnings for all employees on private nonfarm payrolls
decreased by 1 cent to $22.99. Over the past 12 months, average hourly earnings
have increased by 1.9 percent. In June, average hourly earnings of private-sector
production and nonsupervisory employees declined by 1 cent to $19.41. (See tables
B-3 and B-8.)

The change in total nonfarm payroll employment for April was revised from +232,000 to +217,000, and the change for May was revised from +54,000 to +25,000. _____________
The Employment Situation for July is scheduled to be released on Friday, August 5,
2011, at 8:30 a.m. (EDT).

http://bls.gov/news.release/empsit.nr0.htm

Jobs Picture Gets Even Worse as Rate Swells to 9.2%

“…U.S. employment growth ground to a halt in June, with employers hiring the fewest number of workers in nine months, dousing hopes the economy would regain momentum in the second half of the year.

Nonfarm payrolls rose only 18,000, the weakest reading since September, the Labor Department said on Friday, well below economists’ expectations for a 90,000 rise.

The unemployment rate climbed to a six-month high of 9.2 percent, even as jobseekers left the labor force in droves, from 9.1 percent in May.

“The message on the economy is ongoing stagnation,” said Pierre Ellis, senior economist at Decision economics in New York. “Income growth is marginal so there’s no indication of momentum.

The government revised April and May payrolls to show 44,000 fewer jobs created than previously reported.

The report shattered expectations the economy was starting to accelerate after a soft patch in the first half of the year. It could prompt calls for the Federal Reserve to consider further action to help the economy, but Fed officials have set a high bar.

The U.S. central bank wrapped up a $600 billion bond-buying program last week designed to spur lending and stimulate growth.

“This confirms our view that the Fed will continue to keep rates on hold into 2012 and if weak employment continues it will be pushed out even further,” said Tom Porcelli, chief economist, RBC Capital Markets in New York. …”

http://www.cnbc.com/id/43682730

An Establishment in Panic

By Pat Buchanan

“…For how, exactly, are Republicans threatening the republic?

The House has not said it will not raise the debt ceiling. It must and will. It has not said it will not accept budget cuts. It has indicated a willingness to accept the budget cuts agreed to in the Biden negotiations.

Where the GOP has stood its ground is on tax increases.

Is fanaticism behind this stance? Does this manifest insanity? How does this imperil the nation’s honor and future?

Behind the GOP opposition to tax hikes is the party’s word given to the country that elected it in 2010, its political principles, its traditional view of what not to do when the nation is in a slump, and party history.

Fully 235 Republican House members signed a 2010 pledge not to raise taxes. And by giving their word they were rewarded with victory.

Should they now dishonor that pledge, what would differentiate them from George H.W. Bush, who famously promised in 1988: “Read my lips! No new taxes!” then went back on his word and took the party down to defeat with him?

Second, the GOP is the party of small government and low taxes.

Why would it agree to raise taxes on the private productive sector when federal spending, now at a peacetime record of 25 percent of GDP, is the problem?

Third, America is in a slump, with 9 percent of the workforce unemployed, another 7 percent underemployed and the economy growing at a tepid 1.8 percent.

What school of economic thought — Keynesian, supply-side or monetarist — says raising taxes in a slumping economy is the recipe for a return to prosperity? There is no such school.

Why, when the whole country is talking about the need to create jobs, would Congress raise taxes on a private productive sector that employs six in seven Americans and is the creator of real jobs?

In 1982, President Reagan agreed to the same deal being offered the party today: three dollars in spending cuts for every dollar in tax increases to which he assented. As he ruefully told this writer more than once, he was lied to. He got one dollar in spending cuts for every three in tax increases.

What of the charge that the Republican House is holding America hostage, blackmailing the nation with a suicidal threat to throw us all into national default if it does not get its way?

This smear is the precise opposite of the truth.

The Republican Party has not said it will refuse to raise the debt ceiling. It has an obligation to do so, and will.

The House has simply said it will not accept new taxes on a nation whose fiscal crisis comes from overspending. …”

http://www.realclearpolitics.com/articles/2011/07/08/an_establishment_in_panic_110501.html

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