Economy? What Economy?
By Harold Meyerson
Wednesday, September 3, 2008
ST. PAUL, Minn. -- Maybe it's a good thing for Republicans that Hurricane Gustav has abbreviated their convention. On an issue of some concern to Americans -- the economy -- they seem to have nothing to say. I have combed the schedule of events here without finding a single forum, workshop or kaffeeklatsch devoted to what John McCain and the Republican Party propose to do about America's short- and long-term economic challenges. I've found four panels on what to do about the Middle East, but not one on what to do about the Middle West.
Some events deal with aspects of economic policy, to be sure: The Consumer Electronics Association is sponsoring a salute to free trade. The U.S. Chamber of Commerce is hosting a Vote for Business Bandwagon. The American Petroleum Institute, in conjunction with the American Gas Association and the National Mining Association, is throwing a wingding for Republican governors. And I count two forums on tax issues. But by the standard of Republican conventions past, this is a skimpy list. Time was you could count on conservative think tanks to host convention events on privatizing Social Security and deregulating this industry or that. But with our deregulated financial and housing sectors imploding, and with Social Security privatization dead for lack of a second, the Republicans this year are steering clear of such hardy perennials.
Then again, the Republicans here plainly don't believe that the economy needs fixing. On Monday, a New York Times poll of Republican convention delegates showed that 57 percent believe the American economy is in very good or fairly good shape. The only economic concern of ordinary Americans that finds expression inside this year's GOP convention is the price of gas, for which the chief solution, as you would expect at a convention where the American Petroleum Institute is hosting the party's governors, is offshore drilling.
Republican silence on economic matters stands in sharp contrast to the Democratic convention last week in Denver, where there were close to 20 forums on "green" jobs, reviving progressive taxation, balancing the budget, rebuilding infrastructure, the economy of alternative energy and the like. The Democrats have devised a macroeconomic strategy for a beleaguered economy. The party's commitment to alternative energy and green jobs opens the door for, among other things, a public-private jobs program, a WPA for the 21st century. This policy does more than address America's energy needs. It also begins to grapple with American capital's systematic underinvestment in American jobs. Our banks and corporations, it's clear, have little interest in financing manufacturing here when they can get products built at a fraction of the cost abroad. With our private sector no longer creating the good jobs it did in decades past, it's the public sector, or the private sector with targeted tax dollars, that can create the construction, transportation and manufacturing jobs we need to build not just a more energy-efficient economy but also one that is more prosperous.
These are the kinds of programs that Republicans reflexively oppose, of course, but what is the current GOP strategy for job creation and restoring America's middle class? The number of manufacturing jobs has plummeted during the Bush presidency, and the GOP's commitment to free trade guarantees only further decline. Median family income has dropped over the past eight years, and the Republicans' war on unions means that Americans will have even less power to raise their wages should McCain win this fall. Health insurance grows more costly and more scattershot, and Republican resistance to providing more coverage to their compatriots means more families will be stretched to, and beyond, their limits. For all these woes, McCain offers only a continuation of Bush's tax cuts for the rich and an ideological bias toward the very kind of deregulation that has wrecked the housing market. Small wonder the American people are fleeing the GOP in droves.
Harold Meyerson is a weekly columnist for The Post, writing mainly about politics. His column appears on Wednesdays. Meyerson is executive editor of the American Prospect as well as a member of the editorial board of Dissent.
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resignedPosted:
Fri Sep 05, 2008 3:51 am
War is up. Business is good.
USA USA USA USA USA
USA USA USA USA USA
USA USA USA USA USA
USA USA USA USA USA
Click your heels together...
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victims cryPosted:
Fri Sep 05, 2008 7:45 am
Unemployment up again, rates jump to 6.1%
4 more years of more of the same?
On Vacation!
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dithersPosted:
Fri Sep 05, 2008 8:22 am
You people act as if we're all standing in soup lines. Get a grip. We're one of the wealthiest nations on the face of the earth.
If push comes to shove we can always keep the illegals out and let Americans work those jobs. With the money we save - some 338.3 BILLION A YEAR - the govt. could even throw some money in the pot to supplement the low wages of those jobs.
If you're so worried about the employment rate wait until businesses lay off workers after Obama hits them with higher taxes.
Pretty in Blonde
Joined: 17 Apr 2006
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K HemingwayPosted:
Fri Sep 05, 2008 9:53 am
Jobless rate jumps to 5-year high of 6.1 percent
By JEANNINE AVERSA – 1 hour ago
WASHINGTON (AP) — The nation's unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike.
The Labor Department's report, released Friday, showed the increasing toll the housing, credit and financial crises are taking on the economy.
U.S. stock prices slid in early trading Friday. The Dow Jones Industrial Average was down 70 points in the opening minutes of trading. All the major stock indexes tumbled into bear territory Thursday as investors lost hope of a late-year recovery. With the employment situation deteriorating, there's growing worry that consumers will recoil, throwing the economy into a tailspin later this year or early next year.
The jobless rate jumped to 6.1 percent in August, from 5.7 percent in July. And, employers cut payrolls for the eighth month in a row. Job losses in June and July turned out to be much deeper. The economy lost a whopping 100,000 jobs in June and another 60,000 in July, according to revised figures. Previously, the government reported job losses at 51,000 in each of those months.
The latest snapshot was worse than economists were forecasting. They were predicting payrolls would drop by around 75,000 in August and the jobless rate to tick up a notch, to 5.8 percent. The grim news comes as the race for the White House kicks into high gear. The economy's troubles are Americans' top worry.
"With the unemployment rate over 6 percent, it is a clear warning sign that this economy is continuing to soften faster than we thought. It is a real concern," said Joel Naroff, president of Naroff Economic Advisors. "Businesses have decided to hunker down. They are not hiring, and they are paring workers where they can. That is making things pretty tough out there."
Wachovia Corp., Ford Motor Co., Tyson Foods Inc. and Alcoa Inc. were among the companies announcing job cuts in August. GMAC Financial Services this week said it would lay off 5,000 workers.
Job losses in August were widespread, the government report showed.
Factories cut 61,000 jobs, with housing-related manufacturers and automakers among the hardest hit. Construction firms eliminated 8,000 jobs, retailers axed 20,000 slots, professional and business services slashed 53,000 positions and leisure and hospitality got rid of 4,000. Those losses swamped employment gains in the government, education and health.
Job losses at all private employers — not including government — came to 101,000 in August.
The government said workers age 25 and older accounted for all the increase in unemployment in August.
All told, the number of unemployed rose to 9.4 million in August, compared with 7.1 million a year ago. Economists predict more job losses ahead, pushing the jobless rate to 6.5 percent or higher next year.
Workers saw wage gains in August, however.
Average hourly earning rose to $18.14 in August, a 0.4 percent increase from July. Economists were forecasting a 0.3 percent gain. Over the past year, wages have grown 3.6 percent, but paychecks aren't stretching as far because of high food and energy prices.
Caught between dueling concerns of slow growth and inflation, the Fed is expected to leave a key interest rate alone at 2 percent when it meets next on Sept. 16 and probably through the rest of this year. Concerned about inflation, the Fed at its last two meetings didn't budge the rate. Before that, though, the Fed had aggressively cut rates to shore up the economy.
With the Fed on the sidelines, Democratic presidential nominee Barack Obama has called for a second round of government stimulus, while his GOP rival John McCain has favored free-trade and other business measures to spur the economy.
===
How's that economic policy workin for ya?
Hear any actual proposals about what McCain is going to do differently from the Bush's economic policies last night?
Oh yeah...there WAS one. 'Drill, baby, Drill'
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GeorgiaMomPosted:
Fri Sep 05, 2008 10:10 am
All of those companies you mentioned that are fixing to have lay offs, outsourse overseas. How is that the Governments fault. There is nothing the Democrats or Republicans can do to stop American companies from sending our work overseas other than make it more attractive to them to keep the work in America. With Obama's proposal to increase tax on big businesses, it will only inflate the situation.
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K HemingwayPosted:
Fri Sep 05, 2008 10:16 am
GeorgiaMom wrote:
All of those companies you mentioned that are fixing to have lay offs, outsourse overseas. How is that the Governments fault. There is nothing the Democrats or Republicans can do to stop American companies from sending our work overseas other than make it more attractive to them to keep the work in America. With Obama's proposal to increase tax on big businesses, it will only inflate the situation.
Well....just my opinion, but a good start would be to stop giving tax breaks to those companies who outsource overseas, and start GIVING tax breaks to companies who build and keep jobs here.
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dithersPosted:
Fri Sep 05, 2008 10:46 am
While an increase in job losses is never a good thing let's put this in perspective.
Over the past 30 years the lowest the unemployment rate has ever been is 3.9%. The jobless rate during the Great Depression was 25%. I'd say we're one heckuva lot closer to that historical low than the historical high.
The jobless rate in France is 7.2%, Canada is 6.2%, Germany is 7.7% and the UK is 5.4%. Jobless rates are going up worldwide I DO NOT believe this is something you can lay at the feet of GWB.
If companies are already eliminating jobs I can't imagine we can hope to see any new jobs being added with the tax increases Obama plans to pass their way. How can he be talking about all of these new social programs when the economy is heading into the dumper as you all are wringing your hands over. Shouldn't he be thinking in a more fiscally conservative vein?
Some on here would call this scare tactics.
Pretty in Blonde
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K HemingwayPosted:
Fri Sep 05, 2008 10:49 am
'Some on here would call this scare tactics.'
I'm not afraid of the facts. You have to identify and acknowledge a problem before you can fix it.
FALSE MCCAIN ATTACK: “For workers in industries that have been hard hit, we’ll help make up part of the difference in wages between their old job and a temporary, lower paid one while they receive retraining that will help them find secure new employment at a decent wage.”
I've heard those words uttered by Dubya in the past too.
THE FACTS: MCCAIN HAS REPEATEDLY OPPOSED VITAL TRAINING FOR WORKERS IN HARD-HIT INDUSTRIES
* McCain Opposed $1 Million In Job Training Programs For Young People. In 2003, McCain sponsored an amendment to delete several provisions from the war supplemental spending bill, including $1 million for the Jobs for America’s Graduates school-to-work program for at-risk young people for Training Employment Services. [2003 Senate Vote #118, 4/3/2003, McCain: Y]
* McCain Voted Against a Pilot Program to Provide Low-Interest Loans to Workers in Job Training or Assistance Programs. In 2002, McCain voted to kill an amendment requiring the Labor Department to establish a pilot program providing low-interest loans to workers in job training or job assistance programs to enable workers to continue making their mortgage payments. (CQ) McCain: Y [2002 Senate Vote #119, 5/21/2002]
* McCain Voted Against Providing Additional $4.1 Million For Job Training And Other Domestic Programs. In 1992, McCain voted against transferring $4.1 billion from defense to domestic programs, including Head Start, child immunization programs and the Job Corps program. (CQ) McCain: N [1992 Senate Vote #208, 9/16/1992, McCain: N]
* McCain Voted Against Providing $1 Billion In Economic Assistance, Including Job Training. In 1992, McCain voted against providing $1 billion for various programs designed to help those struggling economically, including job training funding. [1992 Senate Vote #146, 7/2/1992, McCain: Y]
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dithersPosted:
Fri Sep 05, 2008 11:07 am
First of all - as you yourself pointed out somewhere yesterday - with a House and Senate in Dems hands it isn't going to matter jack-squat what President McCain wants to do.
While you're busy showing us the bills McCain voted against why don't you list the ones he was for. Why don't you list the ones Obama and Biden were for or against? The reason many measures are voted against is because the bills are so bogged down and laden with pork and other asstd. garbage.
The economy is a very tangled and complex system. You CANNOT come on here and say this, that or the other is down the tubes simply because (fill in the name) voted against one measure or another.
If you want to talk about who votes against what then how about the Dems continually voting against school vouchers that would enable parents to get their kids out of bad schools? That's because they're beholden to the teacher's unions. Obama complaining the other night that some of these crumbling school buildings were built in the 1800's. Well, GWB hasn't been in office since the 1800's. FDR was elected to four terms - all of them well past the 1800's. Why didn't he replace these school bldgs? Clinton had that surplus you all brag about. Why didn't he replace those school bldgs. from the 1800's? GMAFB
Pretty in Blonde
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K HemingwayPosted:
Fri Sep 05, 2008 11:12 am
dithers wrote:
First of all - as you yourself pointed out somewhere yesterday - with a House and Senate in Dems hands it isn't going to matter jack-squat what President McCain wants to do.
While you're busy showing us the bills McCain voted against why don't you list the ones he was for. Why don't you list the ones Obama and Biden were for or against? The reason many measures are voted against is because the bills are so bogged down and laden with pork and other asstd. garbage.
The economy is a very tangled and complex system. You CANNOT come on here and say this, that or the other is down the tubes simply because (fill in the name) voted against one measure or another.
If you want to talk about who votes against what then how about the Dems continually voting against school vouchers that would enable parents to get their kids out of bad schools? That's because they're beholden to the teacher's unions. Obama complaining the other night that some of these crumbling school buildings were built in the 1800's. Well, GWB hasn't been in office since the 1800's. FDR was elected to four terms - all of them well past the 1800's. Why didn't he replace these school bldgs? Clinton had that surplus you all brag about. Why didn't he replace those school bldgs. from the 1800's? GMAFB
Why don't you ever rebutt my posts with some independent facts of your own?
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K HemingwayPosted:
Fri Sep 05, 2008 11:16 am
And by the way,if McCain is elected, how is he going to deal with the growing unemployment claims. Is he gonna RAISE the FUTA rate on small business, or just continue to add to the deficit?
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dithersPosted:
Fri Sep 05, 2008 11:20 am
K Hemingway wrote:
Why don't you ever rebutt my posts with some independent facts of your own?
Because the facts you post are oftentimes irrelevant to the big picture and I'm not going to waste my time trying to measure up to irrelevance.
Just a few posts up I did post some facts re: historical jobless rates and current jobless rates in some other countries. Now I could have buried it in the lengthy cut and paste lingo that you prefer but I have to believe my fellow posters more appreciate being able to look at some down and dirty simply stated data. I know I do. I'm not impressed by what you've copied from Google.
We don't need any specific votes posted on the voucher question as it's common knowledge the Dems are against them.
Pretty in Blonde
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K HemingwayPosted:
Fri Sep 05, 2008 11:28 am
You won't discuss facts period. It's you who just keep repeating McCain's promises and lies, with no facts or specifics to support them. Just like he does.
The facts I post are anything but irrelevant to this election. To quote Bill Clinton's successful campaign slogan, 'It's the economy, stupid'
And the unemployment rate in the US when GWB took office was 3.6.
What IS irrelevant in the unemployment rate in other countries...because US taxpayers don't pay taxes in the countries.
Last edited by K Hemingway on Fri Sep 05, 2008 11:38 am; edited 1 time in total
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dithersPosted:
Fri Sep 05, 2008 11:37 am
K Hemingway wrote:
You won't discuss facts period. It's you who just keep repeating McCain's promises and lies, with no facts or specifics to support them. Just like he does.
The facts I post are anything but irrelevant to this election
And the unemployment rate in the US when GWB took office was 3.6.
What IS irrelevant in the unemployment rate in other countries...because US taxpayers don't pay taxes in the countries.
Please, I offer you the opportunity to go back through any and all of my posts and find where I've touted any of McCain's promises or
(lies? ).
If anything, you'll find that I've said on many occassions that I consider him the least of two evils.
I hate to burst your bubble but the unemployment rate in other countries is very important and relevant to this country. The economy is a global entity. If you think the US economy can exist in a vacuum than go do some more Googling and bone up on economics. American's don't pay foreign taxes? Guess you've never encountered that line when doing your tax return. I run into it every year - and it is never zero.
Pretty in Blonde
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K HemingwayPosted:
Fri Sep 05, 2008 11:45 am
Pollster to undecided voter: 'Are you concerned about the unemployment rate in other countries in the election year since we now compete in a global market, and will it influence how you vote?'
Undecided Voter: Huh? WTF does that have to do with me and my family's ability to just survive week to week? WHO WRITES THESE STUPID POLL QUESTIONS ANYHOW?
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dithersPosted:
Fri Sep 05, 2008 11:55 am
K Hemingway wrote:
Pollster to undecided voter: 'Are you concerned about the unemployment rate in other countries in the election year since we now compete in a global market, and will it influence how you vote?'
Undecided Voter: Huh? WTF does that have to do with me and my family's ability to just survive week to week? WHO WRITES THESE STUPID POLL QUESTIONS ANYHOW?
Just because the undecided voter being questioned by the pollster doesn't understand or care about the state of of global economics doesn't render it irrelevant. It just shows that independent voter is not informed. Probably got an education in one of those teachers' union protected schools built in the 1800's.
I've seen 'man on the street' interviews with people who don't even know the names of the current President or VP.
Pretty in Blonde
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K HemingwayPosted:
Fri Sep 05, 2008 11:58 am
dithers wrote:
Just because the undecided voter being questioned by the pollster doesn't understand or care about the state of of global economics doesn't render it irrelevant. It just shows that independent voter is not informed. Probably got an education in one of those teachers' union protected schools built in the 1800's.
I've seen 'man on the street' interviews with people who don't even know the names of the current President or VP.
And that's exactly why it's not relevant to this election.
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dithersPosted:
Fri Sep 05, 2008 12:04 pm
K Hemingway wrote:
And that's exactly why it's not relevant to this election.
Again, your message escapes me.
Pretty in Blonde
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paxPosted:
Sat Sep 06, 2008 4:29 am
Joe Biden, 'the silence was deafening':
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paxPosted:
Sat Sep 06, 2008 4:50 am
K Hemingway wrote:
Well....just my opinion, but a good start would be to stop giving tax breaks to those companies who outsource overseas, and start GIVING tax breaks to companies who build and keep jobs here.
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paxPosted:
Tue Sep 16, 2008 12:44 am
Speaker Nancy Pelosi
Posted September 15, 2008
Denial is Not An Economic Recovery Plan
In the midst of a dire economic situation, President Bush this morning characterized recent market developments as an 'adjustment' that can be painful for investors and employees of the firms, while Senator McCain said the 'fundamentals of our economy are strong.' President Bush, Senator McCain, and their Republican Party are out of touch and apparently ill-equipped to get our economy back on track. Under the leadership of President Bush, Senator McCain and the Republican Congress, Wall Street gamed the system and American families and businesses paid the price. This morning, as reports of major financial institutions faltering were piling up, Americans were left looking for answers. Eight years of weakened regulation of our nation's financial system -- including a failure to regulate risky, and often predatory, lending practices -- by the Bush administration and Republicans in Congress have led us to this point, and could further erode our nation's economic health. America needs leadership going forward that understands the depth of the problem. Senator John McCain's public statements don't offer much confidence:
"I believe, still, the fundamentals of our economy are strong..."
- Sen. John McCain, 9/15/08
Sen. McCain admitted in December that the economy isn't his strong suit:
"The issue of economics is not something I've understood as well as I should... I've got Greenspan's book."
- Sen. John McCain, 12/18/07
Perhaps Sen. McCain should have watched former Federal Reserve Chairman, Alan Greenspan, on Sunday's ABC News This Week:
"I can't believe we could have a once-in-a-century type of financial crisis without a significant impact on the real economy globally, and I think that indeed is what is in the process of occurring."
- Alan Greenspan, Former Federal Reserve Chairman, 9/14/08
Millions of Americans are feeling the pain of eight years of disastrous economic policies -- job losses, foreclosed homes, reduced home values, eroded pensions, high gas prices and compromised financial futures. Today, more than 9 million Americans are without work and millions more are struggling with the high cost of gas, health care and groceries, yet John McCain told Americans who are out of work or who just lost their jobs that another four years of the same failed Bush economic policies are the right solution for them and for America.
This year, the Democratic-led Congress enacted the largest reform to the housing finance system in a generation -- a key to helping our economy recover. We also passed a bipartisan economic stimulus package earlier this year and the House will soon take up another economic package that will create jobs and address some of the most immediate consequences of the Administration's serious mismanagement of our economy. Democrats are ready to do the hard work of helping address the pain of everyday Americans and begin to stabilize and grow this economy again.
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ElizaPosted:
Tue Sep 16, 2008 1:30 am
With things the way they are, it would be bad to turn the country over to a president with a paper thin portfolio.
Biden is connected to the banking industry and helped pass the bankruptcy bill of 2005 for his "constituants", the banks of Deleware.
I am appalled at the manner in which some of the left wing liberal America hating media almost seem gleeful, IMO.
This too shall pass. Experience is very important now. Rookie community organizers, need not apply.
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paxPosted:
Tue Sep 16, 2008 1:43 am
Talking about it realistically is the first step on the road to recovery, imho. Denial is not just a river in .... never mind.
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paxPosted:
Tue Sep 16, 2008 2:04 am
The implications of what's happening are indeed tragic. Addressing it realistically is patriotic, imho. If someone stood at ground zero the day after 9/11 and said 'the World Trade Center is fundamentally sound' I'd presume he's in shock and get help but wouldn't want him as President.
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