The U.S. economy added 103,000 new jobs in September with the unemployment rate holding steady at 9.1 percent, the U.S. Bureau of Labor Statistics (BLS) reported October 7. Most U.S. stock indexes rallied on the news in the early morning hours of the announcement, as the job growth was better than expected and stronger than the average of the past three months.
The 103,000 new jobs figure included the return of some 45,000 striking Verizon employees to work. But even discounting the Verizon striking workers, the total increase 94,000 new private sector jobs in September was still above average compared to the past three months. Government employment continued its downward trend in September, with 34,000 jobs cut. While the U.S. Postal Service cut their payroll by 5,000 in September, nearly all of the reduction in government jobs occurred in state and local governments. State and local governments, many of which are required to have balanced budgets, have cut employment by more than 500,000 as the recession reduced tax revenue. Other than the U.S. Post Office, federal employment remained steady.
Most economists estimate that the U.S. economy must add approximately 100,000 new jobs per month in order to keep pace with growing population. This is why the economy added approximately 100,000 new jobs and the unemployment rate remained stable at 9.1 percent.
The BLS also revised upward new job creation estimates for July and August, writing: "The change in total nonfarm payroll employment for July was revised from +85,000 to +127,000, and the change for August was revised from 0 to +57,000."
Writing for the left-wing blog ThinkProgress, Matthew Yglesias noted his difficulty in coming up with a suitable slogan representing what the “Occupy Wall Street” demonstrators really wanted.
My view is that the best demand of all … is “free money for the rest of us.” There are a lot of different specific ways this can be implemented, but the ... Powers That Be … have been willing to provide all manner of free money to players in the banking system. Debt cancellation is a form of free money for the indebted. But why give free money only to banks? And why give free money only to the indebted? Why not free money for everyone? “Everyone,” of course, includes the indebted. But it also includes ordinary people who didn’t happen to avail themselves of the credit binge. It’s an idea so good that it sounds almost silly.
"Everyone knows” that you can’t just hand out free money to everybody. Except actually you can … in the short term, free money for everyone impacts prices … [but] it would do so in a useful way. I don’t know what the best way to turn this into a slogan is, but the point is that if the different institutions that together constitute “the government” worked together, they could put more dollars into our hands. Creditors won’t like it because doing this will devalue their existing debt claims, but so what?
One of the signs prominently held up by one of the idiots at the Occupy Wall Street mob scene read “People Not Profits.” Obviously, this numbskull doesn’t understand that without profits we would all be living in poverty, as they do in Cuba. But neither the Cuban nor Soviet governments even remotely gave up on profits. The Soviets used slave labor to mine the gold in Siberia to pay for the Communist government’s need to import goods, and the Cuban government earns profits by maintaining beach resorts for foreign tourists.
But the sign “People Not Profits” is an indication of the lack of any understanding of how an economy works. And all of these ignoramuses went to public schools where the failures of socialism are never taught. Another sign read “Fight market dictatorship.” The very essence of a free market is that it is totally democratic and the very opposite of dictatorship. A free market encourages competition, not monopoly dictatorship. But these idiots marching on Wall Street don’t know anything about markets because what they have to sell nobody wants. Not even Chinese communists believe in such nonsense.
Another sign read, “People of the world rise up!” The only people who might be tempted to rise up are Alinsky’s “have nots” who want to take from the “haves.”
Finally, a well-known economist has said something about the Social Security system that no one else has said: sell federal land to pay those who have been taxed for Social Security but want to opt out of the system. Our much admired and respected Walter Williams wrote in his column of October 4, 2012:
Here's what might be a temporary fix: The federal government owns huge quantities of wasting assets — assets that are not producing anything — 650 million acres of land, almost 30 percent of the land area of the United States. In exchange for those who choose to opt out of Social Security and forsake any future claim, why not pay them off with 40 or so acres of land? Doing so would give us breathing room to develop a free choice method to finance retirement.
Great idea! But who in this tottering capitalist system has the ability to understand this simple solution to a pressing problem? Certainly not our socialist president, who believes the federal government ought to own more land, not less.
A new competitor in private industry’s “space race” has drawn the attention — and financial support — of a major airline. Space Expedition Curaçao (SXC) hopes to eventually shuttle human beings between distant points on the Earth in less than two hours, and it appears that Royal Dutch Airlines (KLM) is betting that SXC will accomplish that goal.
Although evaluations of various approaches to private space flight — and even "space tourism" — have assessed such efforts as ranging from innovative to quixotic, the concept of private corporations ferrying humans to orbit, or using suborbital craft for high speed transportation around the Earth, has endured. To date, Richard Branson’s Virgin Galactic has often been seen as the most serious contender for being the first to accomplish the feat of creating a fleet of spacecraft for suborbital flights. As reported for The New American in December 2009, over 300 individuals had already committed to a $200,000 per flight price tag to fly on a Virgin Galactic flight. But now SXC has entered the competition, at a dramatically reduced — and yet still fittingly astronomical — price tag of $93,000.
Federal authorities furnished Michigan transportation officials Wednesday with a $196.5 million grant for track and signal upgrades on an Amtrak passenger rail running between Chicago and Detroit. The line, running on Amtrak’s Wolverine and Blue Water services, will reportedly yield speeds of up to 110 miles per hour on a route serving nearly 30 million people. Granted to its own beloved enterprise (all of Amtrak’s preferred stock is owned by the federal government), the government’s lavish gift to the train line comes at the expense of American taxpayers.
U.S. Transportation Secretary Ray LaHood claims the grant to the Michigan Department of Transportation will slash travel times between Detroit and Chicago by up to 30 minutes. "This is an important investment that will reduce travel time, improve reliability and on-time performance, and attract more passengers," LaHood applauded. "We are creating jobs in Michigan, building our rails with American-made materials and growing the regional economy."
Predictably, Democratic supporters tout the infrastructure jobs and new business activity that will stem from Amtrak’s latest endowment. Michigan Senators Carl Levin and Debbie Stabenow hailed the grant’s approval and its economic benefits for their state —
Steve Jobs, a man who played a pivotal role in defining the future of home and business computing, died Wednesday at the age of 56. Part of Jobs' legacy is a world in which many individuals under the age of 25 simply take for granted the innovations that he helped bring to the realm of personal computing. When Steve Jobs, Steve Wozniak and Ronald Wayne founded Apple Computer in 1976 the very concept of computers having a place in the home of the average American seemed farfetched — at best.
Now, the seeming-omnipresence of Apple-inspired or influenced technologies surround us every day. The fundamental change that Apple has helped to bring was symbolized when the company changed its name to “Apple, Inc.” in early 2007 — the integration of phones, music, television and computing had reached the point where the very concept of computing had changed.
Republican presidential debates have been marked by sometimes awkward audience cheers, but former Obama administration official and U.S. Senate candidate frontrunner Elizabeth Warren got a really awkward and wild audience cheer in a Massachusetts Democratic Party primary debate when she declared that she'd use her government position to attack Wall Street. Warren stated, "Forbes magazine named Scott Brown 'Wall Street's favorite senator.' And I was thinking, that’s probably not an award I’m going to get.”
The audience erupted.
The remark was part of a broad-based attack on capitalism by Warren, who, when asked about the Occupy Wall Street protests, remarked,
The people on Wall Street broke this country, and they did it one lousy mortgage at a time. It happened more than three years ago, and there has still been no basic accountability and there has been no real effort to fix it. That's why I want to run for the United States Senate. That's what I want to do to change the system.
Again, the Lowell, Massachusetts, audience erupted with wild applause.
Rep. Dennis Kucinich’s recent offering of his “National Emergency Employment Defense Act” (NEED Act) is designed to remove all money creation powers from the Fed to a newly established congressional agency, the Monetary Authority. According to Kucinich, the bill “would reassert congressional sovereignty and regain control of monetary policy from private banks [the Federal Reserve]” by placing that control into the hands of “a separate Monetary Authority made up of experts … responsible for managing monetary policy.” That Monetary Authority would advise the …
Treasury how much money is needed in the economy. Treasury [would advise] Congress how much recycled or new money is required to pay off debt (as it comes due) and supplement existing revenues to fund infrastructure renewal, grants and loans to state and local governments, education and other priorities, as appropriated by Congress.
From the actual language of the bill, it promises everything: to create full employment, to retire the national debt, to “stabilize” Social Security, to restore the authority of Congress to create and regulate money, to modernize and provide stability for the monetary system, and “for other public purposes.” In the body of the bill it reiterates that “the authority to create money is a sovereign power vested in the Congress under Article I, Section 8 of the Constitution,” and that the purpose of the act is as follows:
Labor unions, communists, “community organizers,” socialists, and anti-capitalist agitators have all joined together to “Occupy Wall Street” and protest against “greed,” corporations, and bankers. But despite efforts to portray the movement as “leaderless” or “grassroots,” it is becoming obvious that there is much more going on behind the scenes than meets the eye.
Billionaire financier George Soros’ fingerprints, for example, have been all over the anti-Wall Street campaign from the very beginning. And this week, the infamous hedge-fund boss publicly announced his sympathy for the protesters and their complaints about bailouts — despite the fact that he lobbied for even greater unconstitutional handouts to bankers in 2009.
“Actually I can understand their sentiment, frankly,” he told reporters while announcing a large donation to the United Nations. “I can sympathize with their grievances.”
But Soros’ support for the protesters goes far beyond his tepid public statements. In fact, the original call to “Occupy Wall Street” came from the magazine AdBusters, an “anti-consumerist” publication financed by, among other sources, the Soros-funded Tides Foundation.