Mass immigration has given us massive unemployment, falling wages.
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From: brad herschel on 6 Jul 2010 08:13 On Jul 6, 8:11 am, brad herschel <bradhersc...(a)gmail.com> wrote: > On Jul 5, 8:15 pm, Steve from Colorado <gass...(a)hushmail.com> wrote: > > > > > > > Thank an immigrant and the Democratic / Republican parties for the > > high levels of unemployment and declining wages. Illegal aliens and > > workers from India will work for less with fewer or no benefits than > > you, an American will. No wonder the Chamber of Commerce hates > > American workers. > > >http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/787... > > > With the US trapped in depression, this really is starting to feel > > like 1932 > > The US workforce shrank by 652,000 in June, one of the sharpest > > contractions ever. The rate of hourly earnings fell 0.1pc. Wages are > > flirting with deflation. > > > "The economy is still in the gravitational pull of the Great > > Recession," said Robert Reich, former US labour secretary. "All the > > booster rockets for getting us beyond it are failing." > > > Ambrose Evans-Pritchard: Comment > > > "Home sales are down. Retail sales are down. Factory orders in May > > suffered their biggest tumble since March of last year. So what are we > > doing about it? Less than nothing," he said. > > > California is tightening faster than Greece. State workers have seen a > > 14pc fall in earnings this year due to forced furloughs. Governor > > Arnold Schwarzenegger is cutting pay for 200,000 state workers to the > > minimum wage of $7.25 an hour to cover his $19bn (£15bn) deficit. > > > Can Illinois be far behind? The state has a deficit of $12bn and is > > $5bn in arrears to schools, nursing homes, child care centres, and > > prisons. "It is getting worse every single day," said state > > comptroller Daniel Hynes. "We are not paying bills for absolutely > > essential services. That is obscene." > > > Roughly a million Americans have dropped out of the jobs market > > altogether over the past two months. That is the only reason why the > > headline unemployment rate is not exploding to a post-war high. > > > Let us be honest. The US is still trapped in depression a full 18 > > months into zero interest rates, quantitative easing (QE), and fiscal > > stimulus that has pushed the budget deficit above 10pc of GDP. > > > The share of the US working-age population with jobs in June actually > > fell from 58.7pc to 58.5pc. This is the real stress indicator. The > > ratio was 63pc three years ago. Eight million jobs have been lost. > > > The average time needed to find a job has risen to a record 35.2 > > weeks. Nothing like this has been seen before in the post-war era. > > Jeff Weninger, of Harris Private Bank, said this compares with a peak > > of 21.2 weeks in the Volcker recession of the early 1980s. > > > "Legions of individuals have been left with stale skills, and little > > prospect of finding meaningful work, and benefits that are being > > exhausted. By our math the crop of people who are unemployed but not > > receiving a check amounts to 9.2m." > > > Republicans on Capitol Hill are filibustering a bill to extend the > > dole for up to 1.2m jobless facing an imminent cut-off. Dean Heller > > from Vermont called them "hobos". This really is starting to feel like > > 1932. > > > Washington's fiscal stimulus is draining away. It peaked in the first > > quarter, yet even then the economy eked out a growth rate of just > > 2.7pc. This compares with 5.1pc, 9.3pc, 8.1pc and 8.5pc in the four > > quarters coming off recession in the early 1980s. > > > The housing market is already crumbling as government props are pulled > > away. The expiry of homebuyers' tax credit led to a 30pc fall in the > > number of buyers signing contracts in May. "It is cataclysmic," said > > David Bloom from HSBC. > > > Federal tax rises are automatically baked into the pie. The > > Congressional Budget Office said fiscal policy will swing from > > a net +2pc of GDP to -2pc by late 2011. The states and counties may > > have to cut as much as $180bn. > > > Investors are starting to chew over the awful possibility that > > America's recovery will stall just as Asia hits the buffers. China's > > manufacturing index has been falling since January, with a downward > > lurch in June to 50.4, just above the break-even line of 50. Momentum > > seems to be flagging everywhere, whether in Australian building > > permits, Turkish exports, or Japanese industrial output. > > > On Friday, Jacques Cailloux from RBS put out a "double-dip alert" for > > Europe. "The risk is rising fast. Absent an effective policy > > intervention to tackle the debt crisis on the periphery over coming > > months, the European economy will double dip in 2011," he said. > > > It is obvious what that policy should be for Europe, America, and > > Japan. If budgets are to shrink in an orderly fashion over several > > years as they must, to avoid sovereign debt spirals then central > > banks will have to cushion the blow keeping monetary policy ultra- > > loose for as long it takes. > > > The Fed is already eyeing the printing press again. "It's appropriate > > to think about what we would do under a deflationary scenario," said > > Dennis Lockhart for the Atlanta Fed. His colleague Kevin Warsh said > > the pros and cons of purchasing more bonds should be subject to > > "strict scrutiny", a comment I took as confirmation that the Fed Board > > is arguing internally about QE2. > > > Perhaps naively, I still think central banks have the tools to head > > off disaster. The question is whether they will do so fast enough, or > > even whether they wish to resist the chorus of 1930s liquidation > > taking charge of the debate. Last week the Bank for International > > Settlements called for combined fiscal and monetary tightening, > > lending its great authority to the forces of debt-deflation and mass > > unemployment. If even the BIS has lost the plot, God help us. > > Our government is proving that it will not handle large problems if > it involves possibly offending some ethnic minority group. > > http://www.theoccidentalobserver.net/ The Occidental Observer- Hide quoted text - > > - Show quoted text - |