Despite hype, unemployment news is grim and looks like it will be so for a long time to come:
The number of long-term unemployed (more than 27 weeks) in March rose to more than 6.5 million. The percentage of people unemployed for 27 weeks or more also rose to a record 44.1% of all jobless.
The figures also showed the average earnings per hour dropped and the number of people working part-time increased.
The underemployment rate -- which includes part-time and those who have given up looking increased to 16.9% from 16.8%.
Read more…
The 2010 Recovery - What happens when the reflation bill comes due?
As we look beyond this year, the bill for this Great Reflation will eventually come due. Coming out of the last steep recession, in 1983, both interest rates and tax rates were coming down. Today, they are both headed up. In 1983, the regulatory state was in retreat. Today, it is expanding across most areas of the economy.
A huge tax increase hits on January 1, as the Bush rates expire. Sooner or later, the Fed will get off zero and interest rates will climb. The neo-Keynesians who have dominated U.S. economic policy since 2006 are betting—hoping—that the expansion will have built up enough steam to ride out these and other growth shocks. The rest of us have to hope they're right. Read more…
Tea Party Anger Reflects Mainstream Concerns - demonizing us as racists is a huge mistake! #teaparty #tcot #tiot #gop
Hillary Invades Canada! - and she's deserted the pro-life movement!": Now, this is curious. When she was First Lady (ah, those were the days), Hillary Clinton said abortion is “wrong.” (Newsweek, October 31, 1994) Now that she is Secretary of State in the most avidly pro-abortion administration in U.S. history, she not only thinks America must have abortion-on-demand, paid for by U.S. taxpayers, but she also thinks the Canadians should be scolded in their own capital city if they fail to promote abortion throughout the world.
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