Skip to comments.Pence: Simplify the Fed's Job
Posted on 12/06/2010 12:19:33 AM PST by JohnHuang2
Despite the Federal Reserves announcement last month of a new round of quantitative easing to help unemployment, the national unemployment rate increased to 9.8 percent in November. Indianas Rep. Mike Pence, in light of the Feds announcement, is promoting a different solution: simplify the Feds job so that it doesnt have to worry about employment.
Pence was among the first to express concerns about the Feds employment mandate when news broke last month that the federal government would participate in a U.S. Treasury security-buy, known as quantitative easing.
(Excerpt) Read more at townhall.com ...
When the Labor Department said Friday that a measly 39,000 jobs were added last month, experts responded by expressing shock that their inept predictions were wrong again. Obama responded by fleeing the country.
Obama traveled all the way to Afghanistan to have a phone conversation with Hamid Karzai. Not to worry, the trip succeeded in its mission -- moving the stellar jobs report off the front page. (In fairness, the White House denies any such motive, since it's only the fourth time Obama was coincidentally abroad on the same day a crappy jobs report pops up. Trust us!)
Having been wrong in all their predictions, economists insist the dismal jobs report validates what the Fed's been doing with "Quantitative Easing," since it hasn't work.
Liberals claim the uptick in unemployment to a seven-month high is actually a good sign because it means more people are now actively looking for work and not finding any.
The jobless rate has topped 9 percent for 19 consecutive months -- another good sign! Nearly all those 19 months of 9 percent-plus unemployment were during the recovery, marked by a burst of even higher unemployment.
According to the Labor Department report, 15.1 million people were jobless in November, while the underemployment rate stood at 17 percent of the work force. Around 6.3 million people have been out of work for six months or longer in November.
In response to the dismal economy, the House passed a bill to lower the volume of TV commercials.
The jobs report also showed the average workweek stuck at 34.3 hours in November, and down for non-supervisory workers to 33.5, but -- in a hopeful sign -- average hourly earnings soared by a massive 1 cent. (This will really help consumer spending.)
In even better news, the report's household survey showed 173,000 job cuts in November, on top of 330,000 job losses in October.
In response, Harry Reid is pushing legislation allowing poker games over the Internet.
During the month of November, 5,000 construction jobs were lost, 13,000 factory jobs disappeared, 28,100 retail jobs got slashed, 1,500 motor vehicle and parts jobs were cut and 9,000 jobs in financial services were snuffed out.
Coming to the rescue, the House passed a child nutrition bill, limiting school bake sales.
The jobs report also showed the employment-to-population ratio dropping from September's 58.5 percent to 58.3 percent in October and to 58.2 percent in November. A year ago, it was 58.5 percent. During the horrors of the Bush years, the ratio reached 63.7 percent.
In response, the Obama administration is looking for ways to disable cell phones in cars.
In a separate report, orders to U.S. factories 'unexpectedly' plunged in October by the biggest amount in five months, with demand for appliances, furniture, machinery, computers and transportation equipment sinking. The Commerce Department said orders overall fell by 0.9 percent.
The Senate responded by holding more hearings on 'Don't Ask, Don't Tell.'
Eager to keep furnishing as much evidence as possible that they're insane, libbies still cling to the notion that the economy lies in shambles because the Bush tax cuts haven't been repealed yet and that the jobless rate is 9.8 percent because Obama lacks a communications strategy and that business is 'unexpectedly' crappy because the failed 'stimulus' didn't waste enough money and that the key to job growth is to pay people to stay unemployed and that good tax policy is to dole out tax 'rebates' to people who don't pay taxes.
But, rejoice! The list of jobless people will shrink big-time as soon as the names Obama and Biden are added to it.
My Two Cents...
Monday-morning ping! Have a GREAT WEEK, y’all!
You know, when you stop drilling, you don’t only put drillers out of work.
Similarly, when you export your manufacturing to China, you don’t just lose the factory jobs.
There are layers and layers to an economy that rest upon your basic producers. Get rid of the basic producers in an economy and you suddenly find that they don’t need you anymore either.
As usual, great post! It’s always a pleaded to see you on the job.
Pleasure- I blame it on the droid
The local want ads are full of nothing!
I've lived 68 years and never seen things anywhere near so bleak.
I’m so sorry to hear that swampsniper. We’v all been tightening our belts except for those clowns in government. I’m going to have to sell my one bedroon coop and move into a studio. If that doesn’t work...it’s a shelter.
Breaking rocks at Leavenworth would be a good simplification for them.
It will get a lot worse next year. I am implementing escape and survival plans that have been on hold. I see no chance with Obama in the White House for another 2 years.
9% unemployment is quatitative easing of inflationary full employment aka the new normal.
I blame lack of caffeine
Quantitive Easing is the theft of everyones saving accounts.
Banks are paying 1.2% on CD’s and Quantitive Easing will inflate money past what the interest rate is stealing your principle a dollar at a time.
Thanks for the ping to another excellent essay
Great front-story/back-story, JH2. These socialist scumbags are destroying us from within. Most of the 535, the executive, the judicial, and other select unaccountable collectivists need to be ______ ___ ___ ____.
Thank you so very much for your excellent wrap-up!
John, I believe the unemployment numbers are completely fiction.
The rate has been in two digits for over a year, but they don’t dare let anyone know the truth.
We are on a runaway train toward a washed out bridge.
Those Dem-witted buggers on the left couldn't get anything right if their lives depended on it. (Funny thing... their political lives are hanging by threads, but ya gotta love it - they just keep on cutting them.)
You are one amazingly talented writer!
You have no idea how much I appreciate you, and what you do.
Thank you so much!
BTW, I’ve missed you.