Economy UP

“*FLASH* - Consumer spending is up in the last two weeks.

Well, duh... have you seen gas prices lately?”

“Speaking of......Does anybody out there want to buy my Dodge Van?”

“Whatever the projection for March is, you can immediately deduct 70 from it. That is the number of people who will be unemployed in my school districts due to the Bush Regime.”

“Is it a PT Cruiser?”

“5.6% unemployment?!

Oh! The HUMANITY!”

“Top wage earners paying 45% of their income in taxes?

OH THE HUMANITY!




Gay people MARRYING? AMEND THE FUKKING CONSTITUTION!


Glad to see our least critical board conservative chime in with a catch phrase.

Whiner.”

“95.4% employed.

That leaves *just enough* unemployed to keep the Unemployment Office personnel busy during the day.

(You see, folks, there's actually a benefit to a certain degree of unemployment)

Viscious cycle, it tis.”

“I'm sure you'd be spouting that same line if a democrat was president.”

“Yo Vio,
I will tell ya one part of the economy that will make me switch my vote from R to D....
Is these friggin gas prices! Hell the way there going I may as well be unemployeed!
It is costing a fortune to drive to work!
Nearing $2.00 / gal in NY and they say it will keep going up...WTF!! We just crunched the biggest oil supply threat in middle east,
"So-damn-insane"....
I guess Bushy needs to make some campiagn cash from his oil buddies....
Gas should be under a buck!
Part of it is, the clean air act, so the Dems are to blame for that.LOL”

“At least we don't pay Europe’s gas prices. I went to school with a girl from Norway. She said the gas prices near Oslo were about $4 a leter.”

“Candidate Bush said in 2000 that he would "work with our friends in OPEC to convince them to open up the spigot, to increase the supply."

Don't worry, I'm sure he'll make good on his promise any day now.”

“This is where Ole' Bushy bugs me. The fact he has ties with oil, it seems to me, a conflict in interest.
Opec opening the spigot would mean The Good Ole Texan Boys opening their Wallets too, less profit.
We know that aint gonna happen!”

“Is 5.6 percent a low figure, or a high one? Depends.

If only 5.6 percent of hamburgers are discovered to contain meat, that?s way low. But if 5.6 percent of teachers are using their students as drug mules in elaborate Asian heroin importing schemes, that?s sort of high.

We?re comparing apples and oranges here. Or junkies and burgers. What if we compare similar or identical figures on the same subject, and from the same source?

Here?s CNN in July 1996, as the Clinton-Dole election approached:

Economists didn't expect June's unemployment rate to be much different from May's, which was an already-low 5.6 percent. But in fact, it did fall -- to 5.3 percent. The unemployment rate hasn't been that low since June 1990.

So 5.6 percent is ?already-low?. Now here?s CNN in December 2001:

The U.S. unemployment rate jumped to 5.7 percent in November - the highest in six years - as employers cut hundreds of thousands more jobs in response to the first recession in a decade in the world's largest economy.

Can you ?jump? to a figure 0.1 percent above that already defined as ?low?? More from CNN, this time in March 2002:

The U.S. unemployment rate fell to 5.5 percent in February and businesses added jobs for the first time since last summer, the government said Friday, as the labor market began to recover from a downturn that led to more than a million job cuts in 2001.

The jobless rate fell from 5.6 percent in January as employers added 66,000 jobs to payrolls ...


That should read ?fell from an already-low 5.6 percent in January?, surely. In January, CNN?s Mark Gongloff decided that an unemployment rate of 5.7 percent was bad news for Bush:

Though the unemployment rate posted a surprising decline, and many economists believe the job market will improve in 2004, Friday's report probably will keep Fed policy-makers on hold and may put some political pressure on President Bush.

A weak job market could prove tough for President Bush as the November election approaches.


Gongloff repeated his line about Bush?s election chances earlier this month when a familiar number appeared:

The unemployment rate fell to 5.6 percent, the lowest level since January 2002, from 5.7 percent in December.

A weak job market could prove tough for President Bush as the November election approaches.


Why? It didn?t for Clinton.”

“On FAUX news last night they were saying gas will be around $3.00 a gal by summer. They had their usual "Fair and Balanced" news...the gal that was saying the higher prices were the fault of the environmentalists got to say her piece uninterrupted, while the guy that was saying it's because of greed (42 BILLION in profits last year for one company)and the huge mergers was interrupted every time he was making a point.”

“OPEC needs to go away. Everyone knows that the US sits over a larger oil reserve than all the Middle East combined, it's just that it's very deep. The US is very smart in this, suck the Middle East and Russia dry, open up the supplies here and hold the world by the nuts.... There is no oil shortage and won't be until after we and our kids are long gone.... OPEC supports terrorists.... bomb the #&%!$e out of them and take the oil.”

“Reminder: The unemployment rate misses a lot of people who do not qualify for unemployment money, or whose 'unemployment' has run out, even though people are actively seeking employment.

Count me as one of the not counted and not able to find employment.”

“Reminder: The unemployment rate misses a lot of people who do not qualify for unemployment money, or whose 'unemployment' has run out, even though people are actively seeking employment.

Count me as one of the not counted and not able to find employment.”

“Oh dear sweet Mother of Jesus!

We're in a Hellbound handbasket, I tell ya! Spiraling ever downward into the abiss of dispair and teeth gnashing unlike anything our weak and puny nation has ever before witnessed!

O! THE HUMANITY!

Damn that President Bush! Damn that BASTAGE!”

“Yes we are but I'm enjoying the ride.”

“Translation from Gojo:

Economic indicators be damned: I'll believe what I want, whatever the facts.”

“At the height of the Depression in 1933, 24.9% of the total work force or 11,385,000 people, were unemployed. Although farmers themselves technically were not unemployed, drastic drops in farm commodity prices resulted in farmers losing their lands and homes to foreclosure.”

“Here's a fact:
I'm an optimist; I see the glass as half full.

Sue me, wheaty.”

“I'm optimistic that things will be better when Bush is out of office.”

“Me too.
I think Condy will make a great president in 2008.”

“Phag, you are gonna have to wait until '08”

“Rising Oil Prices and a Weak Dollar could Shatter the Global Economy

by Jeremy Rifkin

The average nationwide price of a gallon of gasoline in America reached a record high of $1.77 this month. The steady spike in prices has left analysts wondering if this is a harbinger of even more dramatic increases as motorists head into the spring and summer months. Get ready for what might become the economy's version of the perfect storm later this summer. The devastation could quickly spread to the UK and the rest of the world, with dire consequences for the global economy. The first hint of what might be in store came last month when Opec announced its decision to withdraw 1m barrels of crude oil a day from the market. Opec is worried about the weakening value of the dollar: it has lost one-third of its value in just under two years. Since Opec sells oil for dollars, the oil-producing countries are losing precious revenue as the value of the dollar continues to erode. And because oil-producing countries then turn around and purchase much of their goods and services from the EU and must pay in euros, their purchasing power continues to deteriorate. (The euro is currently valued at $1.23.)

How will the weaker dollar affect oil prices? Philip K Verleger, the dean of US oil market analysts and a visiting fellow at the Institute for International Economics, suggests that "oil-exporting countries may decide to adjust their price band to reflect the falling value of the dollar". If the dollar continues to slide, he warns, we could see oil prices rising from the current $38.18 a barrel to a record high of $40 by midsummer.

There are other dark clouds on the horizon. US crude oil inventories are at the lowest point since the mid 70s, and the retail gasoline market is operating with little reserve margin as we move into the summer months, where more travel will increase demand. The dwindling oil reserves are made worse by the White House decision to replenish the strategic petroleum reserve, further reducing the amount of gasoline available.

Verleger says gasoline could climb as high as $3.50 a gallon before leveling off at $2 by the autumn. How high prices eventually soar could depend on still other factors, including potential oil disruptions in Venezuela and the Middle East. There is also the prospect that one or two major refineries might fail during peak demand this summer - not that unusual when increased consumer pressure forces refineries to produce at peak capacity without taking the time for proper maintenance.

Here is where events potentially begin to feed off each other, creating the conditions for the perfect storm for the economy. If the price of oil increases to $40 a barrel with an accompanying rise in gasoline prices, the already weak economic recovery could stall.

How then do we lower the price of a barrel of oil? We'd have to strengthen the value of the dollar so that Opec would not be forced to raise prices to compensate for the deteriorating value of the currency. But the dollar's value is declining because of America's growing debt. The IMF is so concerned about US debt - the result of rising budget deficits and trade imbalance - that it issued a report warning that if steps weren't taken to reverse the trend, it could threaten the financial stability of the world economy.

An ever-weaker dollar makes foreign investors less interested in financing the mushrooming US debt. The US could raise interest rates, making it more attractive for foreign investors, but that would mean higher interest rates for US companies and consumers, which could dampen the already weak recovery and send us back into a recession in the US and around the world.

So we have all the conditions coming together to create the perfect economic storm: record oil prices triggering a restriction in US economic growth and an increase in the federal budget deficit, accompanied by further erosion in the value of the dollar - with increased budget deficits and the diminished value of the dollar leading in turn to higher interest rates to convince foreign investors to lend the US additional money, followed by a further retraction of the US economy as rising interest rates lead to a drop in domestic investment and consumption. The cascade of events touches off a tsunami that engulfs the rest of the global economy, submerging the world in deep recession.

As long as the US and global economy are increasingly dependent on an ever-dwindling supply of oil from the Middle East, the conditions for a perfect economic storm will continue to haunt us. The solution, in the long run, is to wean the world off its dependency on oil. That would require much tougher fuel efficiency standards, greater energy conservation measures, support of hybrid vehicles and a switch to renewable sources of energy. Short of that, expect the storm clouds to gather in intensity.

· Jeremy Rifkin is the author of 'The Hydrogen Economy' and president of the Foundation on Economic Trends in Washington DC ”

“What does a guy have to do to get his icon changed around here?”

“I wish gas was $1.73 a gallon here. I paid $1.89 two days ago.”

“Can't get it less than $1.95 here.”

“There was a show on cars last night on the history channel that showed some interesting fuel alternatives.”

“Does this mean Halliburton will be selling gas at $4.00 p/g to our military? I think they jack it up at a 2:1 ratio, or was that food? I can't remember.”

“It's on the rise in D-Town....”

“It's the gas, BB. The food is done by counting all the empty spaces at the tables!”

“What we need are a few more refineries and an across the country standard for fuels. With the limited number of refineries and the State mandated variations demand is exceding supply.

I wonder why the author completely omitted these details? The price of oil is not responsible for higher gasoline prices. It is the limited refining capacity.”

“They were saying roughly the same thing when California's power crisis was happening. It was all about not having enough power plants.”

“I say drill ANWAR. Seriously.”

“Not enough oil there to make a difference.”

“Drilling in ANWAR will have little or no effect on our dependence on foreign oil. Any oil that would come out of ANWAR will be offset by a non-stop rise in demand.”

“"With the limited number of refineries and the State mandated variations..........."


This is the brightest thing I heard you say in years.....”

“They said on the news that the demand in China for oil and steel is pushing prices up on the global market. They need plenty of raw materials because so many products are made there.”

“U.S. receiving more 'outsourced' jobs than it's losing

By Art Pine

BLOOMBERG NEWS

Story

Democratic presidential candidate John Kerry was asked recently if his plan to tax U.S. companies that move work overseas addressed an "overblown" issue, considering the jobs non-U.S. companies create in America.

"Nope, not if you talk to any worker that's out there," Kerry said in an interview.

He hasn't talked to Barry Bell, a 39-year-old section leader of a Bayerische Motoren Werke AG factory in Spartanburg County, S.C. He joined BMW when the world's second-largest maker of luxury cars opened the plant in 1994.

"I think it's a great opportunity," Bell said of the arrival of Munich-based BMW and other non-U.S. companies in South Carolina in recent years. "We've seen a big explosion" of jobs offered by overseas employers, he said in an interview.

Bell and BMW illustrate the flip side of the election-year debate in the United States over job "outsourcing." While U.S. companies including Hewlett-Packard Co., the world's second- largest computer maker, and AIG Life Insurance Co., the world's largest insurer, have transferred white-collar work to low-wage countries such as India and China, more jobs are coming the other way, according to government estimates and trade analysts.

The movement of U.S. jobs abroad "has been blown out of proportion" mainly because domestic companies in the United States have been slow to increase hiring, said Martin Baily, chairman of former President Bill Clinton's Council of Economic Advisers. "There was lots of offshoring going on in the 1990s, but job growth was so strong in the U.S. that nobody really took much notice."”

“By the way that's not the entire article.”

“LoL but remember Kerry needs/wants the economy to tank, everyone to lose their jobs, and everything to be outsourced so he can "save the day" LOL! Im not saying Kerry can't won't win I can't see what will happen between now and the election but so far quite a few of his talking points(the economy,jobs)are not going his way I love that :).”

“Kerry said in his speech to USC that he was happy for the 300,000 people who found jobs. (it was on TV yesterday) He just says that it doesn't make up for the (now, close to 3 million that lost them)(1.1 million just ran out of unemployment benefits) In fact, my job will be real stable for two years, then the factory being built in China (and elsewhere)will make ours obsolete.(the company told us to vote for Bush) and also told us we won't be open in two years. So do I think Bush's re-training will work for me and 1000's of others in the (high tech manufacturing industry) NO. And do i think that more training in the healthcare field will help? NO. (nurse's are overworked and stretched too thin) more training just stresses them out more (it's an additional amount of hours attached to their already stretched long hours) more training in the education field? NO. These positions already require a college degree. Training? Only on the job training is what would be beneficial. Once you have a degree, you are stamped with the (trainable) icon. Kerry has a much better plan. Nothing better than community service to teach you about the real world.”

“Kerry has a much better plan -

For turning us into a third world nation.

Their is a major economic shift underway along the lines of the shift from an agricultural economy to a manufacturing economy that took place during the first half of the 19th century. Forgive me for thinking that keeping us on the back end of that wave isn't such a good idea.”

“I think we are headed in the right direction as we are now. Sure a few things could be changed or done different but I don't like much if anything I hear from Kerry. I also don't agree with everything GW has done or is doing but I by far agree more with what he has done and is doing than what Kerry plans or his lack of plans.”

“Cripes!”

“Insourcing

And this as an example: Nokia coming to town”

“Please give us some insight into the "real world" Le Bast.

Why don't you tell us what you like about Kerry's plans to protect jobs in the US.

Why don't you explain how raising taxes will help our economy.

Do you believe that Kerry will be more successful than Clinton and Bush at pressuring OPEC for the good of the US economy?

Specifically, what parts of Kerry’s economic plan do you think will have the most positive impact on our economy?

Inquiring minds want to know.”