Political Economy category archive
Nothing To Do, Nowhere To Go 0
The number of do-nothing stay-at-homes continues to inch down:
(snip)
The total number of people receiving jobless benefits fell by 16,000 in the week ended March 24 to 3.34 million.
In addition to the jobless claims, the number of Americans receiving extended benefits under federal programs increased by about 17,000 to 3.26 million in the week ended March 17.
Stray Thought, Armaments Dept. 0
All the spin the world can’t turn a bag of Skittles into a Glock.
Nothing To Do, Nowhere To Go 0
Looking trendier every day:
(snip)
The four-week moving average, a less volatile measure than the weekly figures, declined to 355,000 last week from 356,250. The average during last month’s survey week was 359,500, indicating the job market may have continued to improve.
Update from the Foreclosure-Based Economy 0
Just what exactly are the resale prospects for a repo church:
The real-estate information company CoStar Group looked at five years of distressed church sales and found only a handful of foreclosures nationwide prior to 2008, when the number jumped to 24. In 2009, the figure was 67.
CoStar Group spokeswoman Angela Brown said the market saw a big spike in 2010 with 135 churches sold after a lender-initiated foreclosure. In 2011, there were 138 such sales.
The states with the highest percentages of forced church sales often were those with some of the worst home-foreclosure rates, including California, Florida and Michigan.
Nothing To Do, Nowhere To Go 0
Looking more like a trend every month.
(snip)
The number of people continuing to collect jobless benefits dropped by 81,000 in the week ended March 3 to 3.34 million. The continuing claims figure does not include the number of workers receiving extended benefits under federal programs.
Those who’ve used up their traditional benefits and are now collecting emergency and extended payments decreased by about 73,900 to 3.33 million in the week ended Feb. 25.
Republicans are no doubt celebrating with the rest of us, given their commitment to the greater good.
Also, pigs, wings.
Nothing To Do, Nowhere To Go 0
For all practical purposes, no change from last week.
(snip)
The four-week moving average, a less-volatile measure, was little changed at 355,000 from 354,750, which were the fewest since March 2008.
A Gruesome Birthday 0
Shaun Mullen explains. It’s a must-read.
Twaddling Clothes 0
PoliticalProf observes:
Except, of course, this characterization of the two parties’ positions on government is factual twaddle.
Follow the link to find out why.
Nothing To Do, Nowhere To Go 0
Signs of a positive trend continue.
(snip)
The four-week moving average, a less-volatile measure, declined to 359,000, also the lowest since March 2008, from 366,000.
The number of people continuing to collect jobless benefits dropped by 52,000 in the week ended Feb. 11 to 3.39 million. The continuing claims figure does not include the number of workers receiving extended benefits under federal programs.
Contraindications 2
Clarence Page wonders on this apparent contradiction: States who number among those receiving the highest amounts of government benefits have populaces who tend to be most vocally opposed to government benefits.
He suggests that it is a question of framing: To wit, my hard-earned asset is your undeserved entitlement.
Here’s a bit. Click to read the rest.
Irritated readers responded with personal arguments that basically went like this:
“How dare you refer to (Social Security/Medicare/unemployment/home mortgage income tax deduction/etc., etc.) as a ‘benefit.’ I worked hard for (fill in the blank) years to earn my (Social Security/Medicare/unemployment/home mortgage income tax deduction/ etc., etc.), you (fill in the invective.)”
Believe me, I get it. The dispute here is between what I mean when I say “benefit” and what some people hear. In the years since Ronald Reagan won blue-collar votes by denouncing “welfare queens” and the like, many voters have come to associate the word “benefits” with handouts to “deadbeats” and “losers” and “cheats.”
Nothing To Do, Nowhere To Go 0
Despite the best efforts of Republicans in Congress, we may have a trend:
(snip)
The number of people continuing to collect jobless benefits dropped by 100,000 in the week ended Feb. 4 to 3.43 million, the fewest since August 2008. The continuing claims figure does not include the number of workers receiving extended benefits under federal programs.
The Fee Hand of the Market 0
At Psychology Today, Peter Corning points out that there was much more to Adam Smith’s beliefs than an unfeeling reverence for acquisitiveness and for letting Goldman fill his sacks in any way he can.
Dustbiters 0
I forgot to check whether the FDIC was dining out on the town yesterday evening.
It was. Two more blanked banks:
Nothing To Do, Nowhere To Go 0
If this keeps up, we might just maybe have a trend:
(snip)
The number of people continuing to collect jobless benefits rose by 64,000 in the week ended Jan. 28 to 3.52 million. The continuing claims figure does not include the number of workers receiving extended benefits under federal programs.
Those who’ve used up their traditional benefits and are now collecting emergency and extended payments increased by about 18,650 to 3.5 million in the week ended Jan. 21.
Update from the Foreclosure-Based Economy 0
Reaching for the skies:
The 1,023-foot Bank of America Plaza in Atlanta is scheduled to be auctioned Tuesday on the steps of the Fulton County Courthouse.
The picture would be complete if it were owned by Bank of America, but it isn’t. It’s owned by some Los Angeles outfit that bought it at just the wrong time.
Update from the Foreclosure-Based Economy 0
Creamy foreclosure goodness for everyone:
More than 1,500 Bay Area homes with mortgages of $1 million or more were scheduled for auction last year, more than double the number in 2008, according to ForeclosureRadar, a foreclosure tracking service.
“The fact is, upper-end folks are starting to feel the crunch,” said Barbara Safran, president of the Contra Costa County Association of Realtors.
iStuffed 0
Asia Times reports on Apple’s off-shoring.
After addressing the notion that there are two economies, a “financial” economy (companies such as Goldman Sachs, which make money by playing with money) and a “real” economy (companies that make money by making stuff), they look at Apple and other tech companies:
A nugget:
Long before the banking collapse of 2008, such important US industries as machine tools, consumer electronics, auto parts, appliances, furniture, telecommunications equipment, and many others that had once dominated the global marketplace suffered their own economic collapse. Manufacturing employment dropped to 11.7 million in October 2009, a loss of 5.5 million or 32% of all manufacturing jobs since October 2000. The last time fewer than 12 million people worked in the manufacturing sector was in 1941. In October 2009, more people were officially unemployed (15.7 million) than were working in manufacturing.
This decimation of the manufacturing sector, which involved the elimination a massive number of well-paying manufacturing jobs, played a central role in the stagnation of income, wages, and purchasing power in the United States. In the three decades prior to the crash of 2008, Robert Reich notes, the wages of the typical American hardly increased, and actually dropped in the 2000s.
One result is that the number of persons who can afford the stuff that the “real” economy produces is decreasing apace.
Follow the link for the rest.
Nothing To Do, Nowhere To Go 0
Slightly better:
(snip)
The four-week moving average for jobless claims, a less volatile measure than the weekly figures, fell to 375,750 last week from 377,750. It was the second-lowest average since 2008, after a 374,000 reading in the last week of December.