Political Economy category archive

Read the story of Bob the Businessman.

One more time: Truman was right.

Via Raw Story.

States are caught up in their own addiction to dealing–dealing the cards, that is.

As the American Psychiatric Association’s manual, DSM-5, for the first time recognizes a non-substance-based addiction — gambling — states have become completely dependent on the money generated by gamblers. So much so, that when gambling revenues decline, states desperately seek out new ways to hook people.

New Jersey is such a state. As its gambling casino revenues falter — and new casinos fail — the state has (in the words of the New York Times) doubled down on its gambling concessions.

Much more at the link.

I’ve never been a fan of state lotteries and the like. They are essentially con games–conning taxpapers out of money without an honest tax increase. And, while casinos may look cool in a James Bond movie, a slots parlor is a damned depressing place.

States bet on gambling as a way to raise free money.

Now they are trapped in their own three card monte.

Just wait till next week, when the evul fedrul guvmint gets laid at by the heels by the sequesteration!

Jobless claims decreased by 22,000 to 344,000 in the holiday-shortened week that ended Feb. 23, the Labor Department reported today in Washington. The median forecast of 44 economists surveyed by Bloomberg called for 360,000 applications. The number of people collecting unemployment insurance dropped to the lowest level since June 2008.

(snip)

The less-volatile four-week moving average fell to 355,000 from 361,750.

The number of people continuing to receive jobless benefits dropped by 91,000 to 3.07 million in the week ended Feb. 16, the fewest since the period ended June 21, 2008. The continuing claims figure doesn’t include Americans receiving extended unemployment benefits under federal programs.

In other news, don’t ask Bloomberg’s experts for tips on the ninth at Delaware Park. Really, just don’t.

PoliticalProf sums up the Republican part of the dance:

The Republican negotiating position is, in effect, “If you don’t shoot yourself I’ll shoot myself!” Which can’t end well other than anywhere except the movies . . . .

Via Juan Cole, who has more maps and commentary.

Via Bartcop.

Them what has, gets.

Incomes rose more than 11 percent for the top 1 percent of earners during the economic recovery, but not at all for everybody else, according to new data.

Via Atrios.

Possibly a trend, plus Bloomberg’s “experts” blow it yet again:

Jobless claims decreased by 27,000, the most in a month, to 341,000 in the week ended Feb. 9, Labor Department figures showed today in Washington. The level of filings was lower than any projection in a Bloomberg survey in which the median forecast was 360,000.

(snip)

Estimates of the 49 economists in the Bloomberg survey ranged from 350,000 to 375,000 claims. The Labor Department revised the previous week’s figure to 368,000 from a previously reported 366,000.

The four-week moving average, a less volatile measure than the weekly figures, rose to 352,500 last week from 351,000.

I wish I could get paid so well for consistently being wrong.

The Republican Party–now and ever the party of privilege.

Via Raw Story.

In the Tampa Bay Times, Robyn Blumner ruminates on the contradiction of Republican Economic Theory. Follow the link for details:

When you’re a bigwig of industry, perched up high above the hoi polloi, maybe you really do think that the laws of politics, economics and even gravity are suspended, or are at least twisted, to your benefit.

That’s the only conclusion I can draw from years of listening to business-oriented groups meeting with the Tampa Bay Times editorial board with the same conflicting agenda: demands for lower taxes and fewer government protections for workers, consumers and the environment while calling for a more educated workforce, modern infrastructure and cities that attract the creative class.

We have an entire political movement dedicated to the belief that those who have the most deserve a free lunch.

Looking a little better once more.

Applications for jobless benefits dropped 5,000 to 366,000 in the week ended Feb. 2, Labor Department figures showed today. Economists forecast 360,000 claims, according to the median of 53 estimates in a Bloomberg survey.

(snip)

The four-week moving average of jobless claims, a less- volatile measure, fell to 350,500, the lowest since March 2008, from 352,750. The average reflects a plunge to 330,000 in initial claims two weeks ago that reflected difficulty in adjusting the data from the holidays and the start of a quarter.

The number of people continuing to collect jobless benefits rose by 8,000 to 3.22 million in the week ended Jan. 26. The continuing claims figure does not include the number of workers receiving extended benefits under federal programs.

The Commander Guy: using fear of the national debt as a scare tactic is nothing new.

A little worse:

Initial jobless claims rose 38,000 in the week ended Jan. 26, the most since Nov. 10, to 368,000, the Labor Department reported today in Washington. Economists forecast 350,000 filings, according to the Bloomberg survey median. The increase followed a combined 45,000 drop in the prior two weeks.

(snip)

The number of people who continue to collect jobless benefits climbed by 22,000 to 3.2 million in the week ended Jan. 19. The continuing claims figure does not include workers receiving extended benefits from the federal government.

Those who’ve exhausted their traditional benefits and now are collecting emergency and extended payments jumped by about 418,000 to 2.11 million in the week ended Jan. 12.

Just wait till Republican sequestration sets in, if it does. Then you’ll see jobless claims.

On second thought, sequestering Republicans might not be such a bad id–oh, never mind.

Afterthought:

Self-sequestration! That’s the ticket!

Via Bob Cesca. Follow the link for more.

Via Delaware Liberal.

Psychology Today blogger Laurie Essig attends a “Bridal Expo.”

This past weekend I went to study the species homo romanticus at a wedding exp. Wedding expos, for those of you who have never been to one, are generally held in hotel ball rooms and like any other expo allow vendors and consumers to find one another. Want the perfect cake for your day? You’ll find it there. How about a perfect body? You can go to bridal bootcamp for ten weeks for about a $1000 or you could go over to the cosmetic procedures booth and find out how to melt fat away with lasers. Maybe you want a limo or a balloon ride or the perfect wedding band or a song written for your beloved. You’ll find that and more at a bridal expo.

While there, she interviews couples to find out why they are willing to spend more than they have for a few hours on a single day.

Check it out; see whether you can find any rationality in the reasons.

I couldn’t.

Afterthought:

I once knew a fellow, a construction worker type of guy, who cashed in his retirement to pay for his daughter’s wedding. Words fail me.