Forum Post: Urgent Red Alert:People Not In Labor Force Soar By 663,000 To 90 Million, Labor Force Participation Rate At 1979 Levels
Posted 11 years ago on April 5, 2013, 11:55 a.m. EST by quantumystic
(1710)
from Memphis, TN
This content is user submitted and not an official statement
Things just keep getting worse for the American worker, and by implication US economy, where as we have shown many times before, it pays just as well to sit back and collect disability and various welfare and entitlement checks, than to work .The best manifestation of this: the number of people not in the labor force which in March soared by a massive 663,000 to a record 90 million Americans who are no longer even looking for work. This was the biggest monthly increase in people dropping out of the labor force since January 2012, when the BLS did its census recast of the labor numbers. And even worse, the labor force participation rate plunged from an already abysmal 63.5% to 63.3% - the lowest since 1979! But at least it helped with the now painfully grotesque propaganda that the US unemployment rate is "improving."
This is all being done to insulate consumer debt comprised of student loans and credit card debt so that they remain at record levels.
The result is, wages are down, but consumer debt as a ratio to wages and personal worth are at an all time low (a bad thing). Ironically, as consumer debt shrinks, money would percolate between more people faster, resulting in more tax revenue along with more income earners.
You won't find the following statistic anywhere, but it is quite possible that MORE MONEY is being made off the exorbitant interest rate charges on credit card debt and student loans along with penalities, fees, default and garnishment of earnings then on home mortgage interest rate charges!
Notice that NOBODY talks about credit card incentive programs for those that want to pay down their debt AND COULD if they had a lower interest rate.
The result is as much as 10% of a person's monthly income goes to the banker as interest rate profit, above and beyond the payment of the actual principle owed on a credit card debt.
I have a Target Card stuck near the max, every month I pay 15 dollars in interest rate charges because I can't pay it down right now.
I then spend 20 bucks on cat food.
So of the 35 bucks I put on the card every month, 43 percent goes towards NEVER ENDING interest rate charges.
This is why the economy doesn't get better. That 15 bucks every month goes into a bankerblackhole that does not help the economy. Now multiply that by literally a 200 million credit cards that ARE NOT being paid down, and there is the vortex that is siphoning the life out of the economy.
Eric Holder Gets Busy: Enron's Skilling May Be Released From Prison Over A Decade Early
by Tyler Durden on 04/04/2013
http://www.zerohedge.com/news/2013-04-04/eric-holder-gets-busy-enrons-skilling-may-be-released-prison-over-decade-early
Jeffery Skilling is Another Crony that Corrupted and worked to Disassemble the American Dream .... I guess he was Higher on President Obama's List ... than Supporting New Jobs or New Manufacturing in the USA. In fact, Recently Obama Terminated his Jobs Committee.
Austerity & Jeffery Skilling (and all the Crony Bankers) are Obama's Priorities ... No worries that TBTF are bigger today and are Quote Too Big Too Jail according to Eric Holder
From Article:
"....Former Enron CEO Jeff Skilling may be the latest beneficiary of the culture of pervasive permitted, even according to some - encouraged, crime. After being sentenced to prison for 24 years in the aftermath of Enron's spectacular 2001 bankruptcy, the former CEO may be released after serving well less than half of his term. As a result his prison term, which scheduled to end in 2028, may be cut by more than half as a result of a new agreement with the Department of Justice. It appears that AG Eric Holder is so busy not prosecuting Wall Street for being Too Big To Prosecute, he has decided it is far wiser to spend his time productively by commuting the sentences of convicted financial felons, because apparently there is nothing more important to do..."
Clearly Jeff Skilling is guilty of RICO Violations, Conspiracy to defraud the State of California on Energy Prices ... Just like LIBOR Rate Setting when you think about it. Racketeering.
And didn't ENRON set up a bunch of Shell Companies, so that It could Lie about it's Financial Health and Cover up the Fraud that was going .... It was in effect raising Gas or Electric Prices by Bidding them up through Fake Bids. The State of California should be Outraged. All people in the region of California paid higher energy prices and were damaged by Jeff Skilling's Fraud.
And... back to the Post ... ENRON Employees all lost their Jobs in bankruptcy.... after it was discovered that Financial Statements were Fraudulently Signed at ENRON ... and that Investment in Energy Production Plant in India failed and would not be able to produce affordable energy that Indians could afford to pay for.
let him out there are plenty of californians ready for vigilante justice.
Wow,... I hadn't thought of that. Wonder if Jeff Skilling would head for an Island Paradise ... or if he would gravitate to Washington DC or Wall Street? Skilling could ruin more lives or destroy more US JOBS as he might still be young enough to royally screw up more people.
v for vigilante.
Eric Holder Needs to go. He needs to Resign for the President to cover for the fact that Obama is kow-towing to TBTF Banks and Big Lobbyist.
Important Post. Hope Everyone Sees this.
Another story out today ... President Obama is not working on Jobs ... he is working on Cutting Social Security Benefits. He is showing an alliance with GOP Tea party members. Normal Heartland of America Republicans are expecting to get their Social Security benefits ... and they expect help with Medicare .... not cuts to Medicare while the Affordable Health Care Act seems to have driven up Health Care Costs.
http://www.washingtonpost.com/business/economy/obama-budget-would-cut-entitlements-in-exchange-for-tax-increases/2013/04/05/2ee93f82-9dd6-11e2-9a79-eb5280c81c63_story_2.html
Anyway... Obama should use his Religious Ethics to Fix the Investment Banking and Capitalism in the USA ... and he should work toward Jobs & R & D Investments that would produce "New American Jobs".
Funny how Christians are the Majority in the USA, but they don't mind starting Foreign Wars, Calling the Enemy names to Dehumanize them (so that we can Drone Strike them) ... and Christians by Default seem to be all about Crony Capitalism that cause the loss of Jobs and the 2008 Financial Crisis.
Hey President Obama, with all due Respect... Buy a Clue
Here is Robert Reich on why the Chained CPI is a bad thing. Easy to pass though, because no one understands it right? Sneaky bastards.
http://www.truth-out.org/opinion/item/15558-the-chained-cpi-why-its-bad-for-social-security-and-why-the-white-house-shouldnt-be-touting-it
Excellent Info. We need to pass this around. Stop the Idiots in the Palaces of Washington DC. Get all Political Networks Informed of the Stupidity that breeds like wild Fire among Democrats and Republicans. Damn Corporate Lobby & Contributions!
Knowledge is power. And, with knowledge comes action.
I guess we can blame Bush for that - it's apparent that he was the biggest loser when it came to job losses to china or was it because of the artifically "lower manufacturing costs".
China provided monitary incentives for manufacturing companies all over the world as a way to provide cheaply made products.
As a result china had a boom and the rest of the world had a bust.