President Obama, speaking this afternoon in Cleveland, seemed to celebrate the unemployment rate of 8.1 percent, and said it "typically take[s] countries up to ten years to recover from financial crises of this magnitude."
At this point in 1956, President Dwight D. Eisenhower was running for reelection, the Yankees’ 24-year-old Mickey Mantle was on his way to winning the Triple Crown, 37-year-old Jackie Robinson was playing in his final season in the big leagues (eventually helping Brooklyn edge the Milwaukee Braves by 1 game for the pennant), 21-year-old Elvis Presley had just performed “Hound Dog” on The Milton Berle Show, and 57.6 percent of Americans were employed.
Everybody is worried about the nation’s dismal employment situation, and that worry has prompted news organizations, pundits, market watchers, and others to focus intently upon any and all economic metrics that gauge the problem. On the first Friday of every month, the non-farm payroll report from the Bureau of Labor Statistics is hotly anticipated, and can move the markets for days afterwards.
The federal government’s Bureau of Labor Statistics publishes monthly tallies for the employment-population ratio. That stat shows something rather straightforward: Among those who are living in America and are free to pursue employment, what percentage are employed? (The bureau excludes those who are under 16 years old, are active-duty military, or are — in the bure
John Merline of Investor's Business Daily interviews Bernie Marcus, the co-founder of Home Depot. Marcus tells IBD that Home Depot "would never have succeeded" as a retail business if it were founded today because of the regulatory burden. Here's a taste of the interview:
On Sunday, I noted that an estimate from President Obama’s own economists shows that the economic “stimulus” has cost taxpayers $278,000 per job and that, without the “stimulus,” 288,000 additional jobs would have been
If House Republicans succeed in cutting tens of billions of dollars in discretionary spending over the next six months, some of the most immediate victims will be federal employees, many of whose jobs will be slashed as their agencies pare back.
After a year of debate and legislative scheming, President Obama and congressional Democrats are making one last push for their ill-conceived health care plan. Fittingly, the endgame is as unseemly as the various maneuvers and backroom deals that got them this far.