Lame Duck Produces a Lame Economy

Floyd and Mary Beth Brow, FloydReports.com

The lame duck Congress and President Obama are retarding the recovery. It’s tough medicine to medicine to swallow — ending unemployment benefits for people who have been out of work for three years — but it is necessary if we want recovery.

The official U.S. unemployment rate has not been beneath 9 percent since April 2009, and it is unlikely to dip until much of the currently unemployed take jobs paying lower wages and benefits. Back in 2000, 7.2 percent of blue collar workers were either unemployed or underemployed. Today that figure is a staggering 19.5 percent.

When 2007 began, more than 1 million Americans were unemployed for half a year or longer. Today, there are more than 6 million Americans unemployed for half a year or longer. Since 2000, we have lost 10 percent of our living wage jobs. In the year 2000 there were approximately 72 million living wage jobs in the United States, but today, there are only about 65 million jobs capable of supporting a middle class lifestyle

When comparing 1940 with 2010, the United States now employs about the same number of people in manufacturing. Considering the fact that we had 132 million people living in this country in 1940, and well over 300 million people living in this country today, this is a sobering statistic.

The real culprits in the unemployment problem are 1) overregulation– which retards growth, 2) high taxes — which encourage multinationals to move factories abroad, and 3) illegal immigration– which depresses entry level job wages.

We agree that now is….

Read more.

"Loophole" from Obama's IRS: Protect your IRA or 401(k) with gold and silver... click here to get a NO-COST Info Guide >

Speak Your Mind

*