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calendar   Thursday - December 29, 2011

Meanwhile, Back in the USSA

How ironic that it took the Republican Governor of the state of Maine to admit that his state is the first one provably belly up: Welfare Recipients outnumber taxpayers in Maine. Maine has never been a rich state, and they have had a lot of folks on welfare for a long time. On the other hand, there really aren’t all that many people up there, so it hasn’t amounted to much in total. Now? Maybe the numbers are getting steeper. Seems to me like there could be a really large Workfare labor force just sitting around up there, waiting for some shovels.

Paul LePage, the Republican governor of Maine, mentioned an uncomfortable truth in a radio address this month: Maine has more welfare recipients than income tax payers.

Democrats challenged the accuracy of this assertion.

The Bangor Daily News fact-checked LePage and discovered that 445,074 Mainers paid state income tax, while 453,194 received some sort of state aid.

In Maine, Medicaid, welfare, food stamps and subsidies for education have a combined enrollment of 660,000.



Not to worry, Lord O Bambam gonna save us all, right? I mean, when he’s done playing golf or back from his latest vacation. Right? Right? Oh right - Obama has a plan: let’s borrow more money to spend on my pals and their Green Energy scams:

Obama seeks $1.2 trillion debt ceiling increase

President Obama plans to ask Congress this week to raise the debt limit by $1.2 trillion, an increase that should get the government through most of next year, a Treasury department official said Tuesday.

Fortunately, though, the increase should come without the fireworks that accompanied this summer’s debt battle, as it comes in line with the deal struck back then.

That deal, signed into law in August, authorized a phased increase of the debt ceiling by up to $2.4 trillion, with $400 billion of that kicking in immediately and another $500 billion coming in September.

It’s pretty much a done deal. The thieves in DC may make all sorts of noise about cutting spending, but nothing happens. What the hell, let’s saddle the great-grandkids with even more bills to pay, and they aren’t even hardly born yet.

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Not to worry, the employment situation is getting better, right? Um, well, maybe not. Even with the new and vastly reduced size of the official labor market, the numbers are creeping upwards. Hey, that’s really unexpected, isn’t it?

New U.S. claims for unemployment benefits rose more than expected last week, a government report showed on Thursday, but the underlying trend continued to point to improving labor market conditions. Initial claims for state unemployment benefits increased 15,000 to a seasonally adjusted 381,000, the Labor Department said. The prior week’s claims data was revised up to 366,000 from the previously reported 364,000.

Economists polled by Reuters had forecast claims rising to 375,000. A Labor Department official said that because of a public holiday on Monday, claims from seven states - including California and Virginia - had been estimated.

The four-week moving average — a better measure of trends — fell 5,750 to 375,000, the lowest level since June 2008.

So, with half a million or so folks now rolled off of the extended benefits train, the seasonally adjusted numbers can be tweaked to appear at under 9%. And the fact that the average number of new claims for unemployment is 375,000 PER WEEK is good news, because it could be higher? Really? Who is left at this point? But I digress ... yeah baby, look at that economy growing! Go go go! Why, (until next week’s unexpected upward revision) this week’s numbers all point in the right direction. Yee ha!

A question for any pilots out there: If your airplane is falling out of the sky, and the best thing you can do to remedy that is to decrease the rate of descent from 10,000 feet per minute to 2,000 feet per minute, is this still going to be good news an hour from now?


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Posted by Drew458   United States  on 12/29/2011 at 12:56 PM   
Filed Under: • Economics •  
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