Thursday, July 15, 2010

Elephant Poo Déjà Vu

Hasn't this country already suffered enough harm from their crap?

Seeing the Elephant

William Rivers Pitt:

The Republican Party has become a preposterous farce, dominated by the likes of Sarah Palin and Michael Steele. The Tea Party movement is basically nothing more than a Trojan Horse filled with hard-core GOP base members whose views on everything from religion to the constitution to freedom of choice is not shared by roughly 75% of the general population.

They are the Taliban of American Christianity, and the only reason they have gotten so much ink is because the national press corps likes to take the easy way out whenever possible. Add to this the fact that the Tea Party has shot the GOP in the foot several times already by running off electable Republicans and nominating the cast from One Flew Over the Cuckoos Nest. [...]

If people need a reminder, one is readily available. We are, of course, in the middle of a gut-twisting recession that a lot of smart people believe is about to get worse again. The response of the GOP and the far right, of course, is to offer up a repackaged version of trickle-down Reaganomics that would, if enacted, char the economy to cinders. Not to worry, because the very rich would get theirs, but the rest of us would wind up standing in soup lines and selling apples to stay alive.

If people need a specific reminder, they can look to the obnoxious drama that has been unfolding in congress over the last several weeks. Democrats in the Senate have been trying to extend unemployment benefits to millions of Americans who desperately need help. Senate Republicans have filibustered the extension of these benefits at every turn, insisting that these benefits be paid for by either tax hikes or spending cuts. This view is shared by virtually every Republican in the Senate.

But wait, there's a solution right in front of them: the bloated, unaffordable Bush-era tax cuts for rich people are about to expire, and the GOP is in a tizzy. Democrats want to keep those tax cuts in place only for people making up to $200,000-$250,000 a year, and dump the tax cuts for anyone making more. This would generate billions in revenue that could pay for, among other things, extending unemployment benefits for Americans who have been screwed out of their jobs and homes by Bush-era economic policies.

But no, says the GOP, we have to keep those tax cuts as they are. Their desire to make sure unemployment benefits are paid for does not extend to making sure these Bushian tax cuts are paid for. If Senate Republicans get their way, the unemployed will get screwed and the super-wealthy will keep getting pornographically huge slices of revenue we absolutely cannot afford to give them. As it stands, the GOP's filibuster of these benefits is already screwing the people, and if the Republicans were in the majority, well, we've read this script before.

Been there. Done that. Didn't work.

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Wednesday, February 24, 2010

Antitrust Exemption Repealed; Jobs Bill Passed

House votes to kill antitrust exemption for health insurers:
The House voted overwhelmingly Wednesday to repeal the antitrust exemption currently granted to health insurance companies.

The vote was 406-19 to repeal the exemption, which has been in place since the end of World War II. The 19 who voted against the repeal are Republicans.

Liberal Democrats have said a repeal would help inject competition into the health care industry while reducing consumer costs.

House Roll Call vote: a resolution — H RES 1098 — to restore the application of the Federal antitrust laws to the business of health insurance.
H. RES. 1098

Resolved, That upon the adoption of this resolution it shall be in order to consider in the House the bill (H.R. 4626) to restore the application of the Federal antitrust laws to the business of health insurance to protect competition and consumers.


Jobs Bill Passes in Senate:
Companies that hire the unemployed would claim new tax breaks under a jobs-promoting bill the Senate passed Wednesday, delivering President Barack Obama and Democrats a much-needed victory.

The 70-28 vote sends the bill back to the House, which passed a far more costly measure in December.

Senate Roll Call vote: H.R. 2847 — “the Jobs Bill” (Commerce, Justice, Science, and Related Agencies Appropriations Act)
H.R.2847

Pursuant to H.Res. 976, the House modified the Commerce-Justice-Science Appropriations Act, 2010, H.R. 2847, substituting the "Jobs for Main Street Act, 2010" as Division A of the Act and the "Statutory Pay-As-You-Go Act of 2009" as Division B.

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Thursday, December 17, 2009

Jobs For Main Street

In a 217 to 212 vote Wednesday evening, the House passed the Jobs for Main Street Act (H.R. 2847) "to create or save jobs here at home with targeted investments ($75 billion) for highways and transit, school renovation, hiring teachers, police, and firefighters, small business, job training and affordable housing – key drivers of economic growth that have the most bang for the buck. These investments are fully paid for by redirecting TARP funds from Wall Street to Main Street."

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Friday, March 06, 2009

The Going Gets Tougher, The Weird Gets Weirder

Bad, Bad, Bad Jobs Report: Unemployment at 8.1 Percent

Econopocalypse: Unemployment Climbs Even Further

1/3 Of America Is Crazy: They Think Their Jobs Are Safe

Solis: "Destructive Cycle of Job Loss"

Biden to AFL-CIO: Employee Free Choice Act Key to Rebuilding Middle Class

Fox News characterized not-so-secret Biden appearance at AFL-CIO meeting as "secret"

Emerging Research on Health Care as a Human Right: They Get It

Limbaugh the Ultimate 'Straw Man'

Limbaugh runs with homeless-cell phone smear

Democrats blast Limbaugh for comment on Kennedy

It's like deja vu all over again

Are Republicans Suddenly Concerned About Deficits or Do They Just Want to Embarrass Obama?

The Dittohead Party: Why the GOP Is Screwing Itself

Michele Bachmann: A Wordsmith She Ain't

Joe Scarborough Health Care Plan: Socialism and Murder

Scarborough baselessly claimed "we're spending ... $2 trillion this year ... just to pay interest on the national debt"

Michael Steele Rejects Calls for His Resignation: 'Not Me Baby!'

Steele takes down his blog.

50 Signs That Conservatives Are Screwed

Dept. Of Pots And Kettles

Republicans Living a Fairy Tale, Ayn Rand Style

The repugs lie about Obama raising taxes

$250,000 Lie - The Truth Behind The Tax Increase

When is a Tax Cut for 98% of Us Considered a Tax Increase?

Newsweek: Obama? Yes! GOP? Thanks, But No Thanks!


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Tuesday, February 10, 2009

Senate Passes Stimulus Bill

The Senate has passed H.R. 1 (American Recovery and Reinvestment Act of 2009) in a 61 - 37 vote.

Measure Title: A bill making supplemental appropriations for job preservation and creation, infrastructure investment, energy efficiency and science, assistance to the unemployed, and State and local fiscal stabilization, for fiscal year ending September 30, 2009, and for other purposes.

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Wednesday, February 04, 2009

GOP Political Games Are Not Okay

Republicans Clearly Are Willing to Let This Country Collapse if They Think it Will Win Them Elections

Doug Kreeger, AlterNet:

It is abundantly clear that the Republican leaders are going to do everything to prevent Obama and the Dems from doing anything constructive.


Grasping for relevance, out-of-touch lawmakers crafting stimulus just remembered we have a housing crisis

Meg White. BuzzFlash:

Republicans say tax cuts are key to getting people to buy houses. It's hard to tell the origination of this idea, however. The GOP plan for the stimulus package has been more tax cuts all along. Fearing looking antiquated, uncompassionate, greedy or all three, they've decided to inject some relevance.

Basically, they've changed their talking point from "It's tax cuts that stimulate the economy, not government spending!" to "We want to fix the root of the problem: housing. Democrats just want to spend money on pet projects!" But they're still selling the same magic solution.

Democrats are almost as politically-driven as the GOP in their recalculation. Hallucinating that the conservative talking points about pork-barrel spending were actually working on the American people, Dems decided to come to the rescue of the ailing housing market, too. Their plan intends to save current homeowners from the brink of foreclosure, something the Obama Administration planned to take on in a separate action.

This move is even less surprising, but perhaps also less callous than the Republicans'. [...]

It's less callous because it has less to do with partisan desires like the ones driving the tax cut cries from Republicans. People actually need assistance with their mortgages, and tax cuts won't stop foreclosure.


Denial As Political Strategy

Josh Marshall, TPM:

Behind all the back and forth over the Stimulus Bill is a simple fact: the debate in Washington is rapidly moving away from any recognition that the US economy -- and the global economy, for that matter -- is in free-fall. The range of outcomes stretches from severe recession to something closer to a replay of the Great Depression, though that label is perhaps better seen as a placeholder for 'catastrophic economic collapse' since the underlying place of the US economy in the world economy is very different from what it was in 1929. This reality was palpable in the political debate until as recently as a few weeks ago. But Republicans are using a strategy of conscious denial to push it off the stage.


It's the Stupid, Stupid

Josh Marshall, TPM:

I've been hollering for days about this or that Republican's picayune complaints about the Stimulus Bill -- either line items for minuscule dollar amounts or bogus complaints about spending items that demonstrably will create lots of jobs and improve the economy over the long term. [...]

Those jobs are needed in the short-term to prevent unemployment from getting out of hand and in the longer term to reshape the economy so that we're not dependent on recurrent bubbles to keep the economy afloat. This is an emergency jobs bill. And it costs a lot of money because we're in a deep crisis. But this basic point has disappeared almost entirely from the public debate.

ThinkProgress has admirably demonstrated that the cable networks continue to tip the scales in favor of Republicans by booking like twice or even three times as many Republicans as Democrats to discuss the Stimulus Bill. But that only tells us what we already know, which is that the Washington press establishment is still wired for Republicans. But there is a Democratic president. And he does have the bully pulpit. And he needs to make this argument, which he's not. Absent that, we can't be surprised and the Democrats are not in much of a position to complain if the vacuum is filled by a bunch of Republicans making statements that are either demonstrable nonsense or just lies.

Look at what people are talking about and you wouldn't get the sense that we're actually in the midst of a major economic crisis that will likely send unemployment well into double digits if nothing is done quickly -- and a crisis that is in large measure the result of the economic policies that the Boehners and Cantors and McConnells are telling us, all the evidence to the contrary, will now save us. Everyone who's taking this situation seriously realizes that spending is the pivotal part of what the government needs to do to stabilize the economy in the face of this crisis.


Message to D.C.: It's the Jobs, Stupid. Not Tinkering with Taxes.

Christine Bowman, BuzzFlash:

It's time we workers told everyone in Washington that the way to bail out America is to save and create more jobs. Period.

Washington, listen to this. Convince us workers that we will be getting a paycheck if you want us to be good consumers and help the American economy come back. You can also tell us how we can help. Convince us that Uncle Sam will have a plausible safety net for us -- most importantly, access to health care, Social Security benefits, new job training programs, educational help -- and we won't hold on to every discretionary penny we still have. We might even be ready to "buy American." [...]

While you're at it, you also could partner with unions that are willing to provide job training. Give grants to schools and colleges willing to prepare students to succeed in the globalized economy. Pay Americans today to build up America for tomorrow.

Or, you Washington "leaders" can tinker with tax rules and argue your ideological talkling points as the country sinks lower than a Mississippi swamp day by day and minute by minute.

Today the outrageous news is that GOP senators have decided to fight Obama on the nation's recovery bill. Although Keynesian economic theory says go big and fast, or you've lost the stimulus battle before the first shot is fired, the GOP seeks to reduce the package. They want to tinker with housing. That horse has long since left the barn. How would that get money flowing?


Michael Steele Continues Republican Lies: Not in the History of Mankind Has the Government Ever Created a Job

Heather, C and L (with video):

Michael Steele is completely clueless. Hey Steele, weren't you drawing a government pay check at one time? Maybe that didn't qualify as a job. I think the people working for the Post Office, Parks Department, IRS....etc., etc., etc. might disagree with you.


Joe the Plumber: ‘I don’t know if the American public deserve me.’

Amanda Terkel, Think Progress:

Yesterday, the ubiquitous Samuel Joseph Wurzelbacher — aka “Joe the Plumber” and “Joe the War Correspondent” — became “Joe the Economist” when he went and spoke to a House GOP breakfast on the economic recovery package.

One thing that needs to be done, he said, is killing this stimulus package, because it’s just another example of “American government” — Republicans and Democrats — “kicking our butts left and right.” He also called it welfare.


Joe the Plumber now advising the GOP

SilentPatriot, C and L:

Sooo.... I guess the Republicans actually want to stay in the minority?


Painfully Stupid

Josh Marshall, TPM (with video):

Sen. Thune (R-SD) explains Republican thinking about the economic crisis ...

Country's on the precipice. And idiots like this are holding the floor.


D.L. Hughley: A Man Can Take Us To War and Lie and We Won't Do a Damn Thing About That

John Amato. C and L:
I had to tune out the Blago stuff after a while, but check out D.L. Hughley's take.

If This Were an M. Night Shyamalan Movie I'd Walk Out

LithiumCola, Daily Kos:

So, the idea seems to be that Washington Republicans are engaging in purely ideological shadowplay for the benefit, not of their constituents, but their party bosses. And the effect of this shadowplay will be to wipe out programs that have little appreciable effect on the cost of the stimulus, and that no one but Republican bosses would have bothered to complain about, except for the theatrical bellyaching. [...]

Now, I don't know about you, but I am confused. Why is anyone in their right mind considering sacrificing programs that no one really opposes, in order to get votes that aren't needed anyway, to please no one but the bosses of a regional party, who neither have nor want any reasonable arguments for sacrificing those programs in the first place?


It's Not Going to Be OK

Chris Hedges, Truthdig:

The economic crisis could plunge the U.S. into a long period of social instability. Our democracy is in peril; the threat of totalitarianism is real.

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Saturday, January 31, 2009

Round Up For The Week, January 31, 2009

• Obama signs first major piece of legislation: the Lilly Ledbetter Fair Pay Restoration Act

• The House Vote Was Not a Failure for Obama

• Conservatism: Debt, Death, and Destruction By Way Of Tax Cuts

• Conservatives Distort Research To Claim They’ll Create 6.2 Million Jobs

• The Republican Abyss -- 10 Miles Down and Sinking Faster

• A partial list of what republicans don't think Americans need

• Clueless STILL!

• Republicans' Bizarre Collective Response to Obama's Economic Recovery Plan: We're Out to Lunch

• The Economic Recovery Plan’s Bold Move To Repower America

• House Republicans "delighted" and "elated" and "celebrating" over their zero votes to save the economy

• Heckuva Job, Boehny!

• Senate Republicans Gearing Up To Filibuster Recovery Package Despite Promises To The Contrary

• Senate Republicans May Filibuster Obama Stimulus Package

• Conservatives' Profoundest Fear: What if Obama succeeds?

• Democrats use Limbaugh to slam GOP on stimulus bill

• Obama: big Wall Street bonuses 'outrageous'

• Dodd Is Looking at ‘Every Means’ to Reclaim Bonuses

• Sen McCaskill "A Bunch Of Idiots Up On Wall Street! Kicking Sand In The Faces Of Americans!"

• The Rich Got MUCH Richer!

• 400 richest Americans’ incomes doubled under Bush

• Bailed-Out Bank Uses Taxpayer Cash to Fight Employee Free Choice

• Corporations use bailout money to organize against Employee Free Choice Act

• Reich: Why We Need Stronger Unions

• Obama launches task force on middle class

• Obama seeks to reverse Bush labor policies

• Biden to lead middle-class task force

• Unlike Cheney’s energy task force, Biden’s middle-class task force will be transparent

• A union-friendly White House

• Transcript: The President's Remarks On The Middle Class Task Force

• SCHIP passes the Senate


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Saturday, December 20, 2008

The End Of Retirement?

Pension Funds Collapse: The End of Retirement?

Unless things change fast, history will show that the phenomenon of "retirement" was limited to one generation.


Shamus Cooke, ICH:

Unless things change fast, human history will show that the phenomenon of "retirement" was limited to one generation. After World War II, when European and Japanese economies stood in tatters, American capitalism could fulfill "the American dream," since there was little foreign competition to speak of. For the first time ever, workers were promised that -- after working thirty or so years -- they would be able to securely retire. That was largely the case ... for one generation.

The second generation is having a devastating reality check. 2008 was supposed to be a watershed year for retirement: it was the first year that the baby-boomers turned 62, and the retirement frenzy was to begin (since people could begin to draw on their social security benefits). Early in the year, however, a study was conducted that found one-fourth of these boomers were delaying retirement (only the baby-boomers who were actually able to plan for retirement were studied). The economy has since nosedived, and many more retirements are being delayed. The unfortunate reality is that many who planned on retiring will work until the grave, joining the millions of other baby-boomers who never had such dreams.

The experts are calling this the "perfect storm" for retirement. Everything that could go wrong is in fact going wrong. This storm, however, was not created by supernatural forces, but the coordinated effort of big-business and their puppet politicians.

The deliberate destruction of the pension and its replacement by the 401(k) was, of course, a giant step towards attacking retirement; but now that the economic crisis has emerged, we're beginning to see just how ruinous the effects are.


Continue article here.

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Tuesday, December 16, 2008

Bleak Economic Forecast

Job cuts adding to growing number of housing defaults

USA Today:

Unemployment is now the cause of almost half of all foreclosures on conventional mortgages, raising concerns that mounting joblessness will stall any housing recovery and could cause more foreclosures next year.

The increase in unemployment as a cause is a significant shift from 2007, when foreclosures were primarily driven by the large number of homeowners who had taken on risky loans. Many were first-time home buyers or those who bought during the housing boom that ended in 2006.

Now, layoffs and the recession are playing the pivotal role in driving mortgage defaults. The 4.3 million people collecting unemployment is the most since 1974, the Labor Department says.

During the first half of the year, about 46% of the 90-day delinquencies on conventional, conforming loans were because of a loss of income, vs. 36% in 2006, according to mortgage giant Freddie Mac.

Job losses exacerbate the situation for homeowners with risky mortgages. [...]

Mounting joblessness is also affecting homeowners who may have traditional, 30-year conventional loans but are living paycheck to paycheck.

They tend to be more urban, lower- and middle-class blue-collar workers, says Rick Sharga of RealtyTrac.

"It's not going to be pretty," Sharga says. "You're going to see whole different regions of the country suffer."

Rising unemployment could undermine chances of a housing rebound for months to come. Potential home buyers are less likely to borrow for a home because of uncertainty about job security. That could keep inventories high as unsold homes stay on the market for months — dragging down home prices.

Another complication: Banks are less likely to lend when unemployment is high. [...]

A recent study by the National Coalition for the Homeless found homelessness rising. It's often hard for displaced workers to find new jobs. When they do, the new jobs on average pay about 13% less than the previous jobs, the coalition says.


Homelessness rising as economy slides

Reuters:

Homelessness and demand for emergency food are rising in the United States as the economy founders, a report said on Friday, and homeless advocates cautioned many cities were not equipped for the increase.

A survey by the U.S. Conference of Mayors showed that 19 of 25 cities saw an increase in homelessness in the 12 months to October, while four reported a drop and two cities lacked enough data for conclusive results.

On average, the cities in the survey saw a 12 percent rise in homelessness, the report said. Although the results do not cover all U.S. cities, homeless advocates said they were in line with anecdotal evidence nationwide.

Homeless advocates say families are flooding homeless shelters across the United States in numbers not seen for years, camping out in motels or staying with friends and relatives following foreclosures on tens of thousands of homes during the worst financial crisis since the Great Depression.


U.S. States Cut Spending for First Time Since 1983

Bloomberg:

U.S. state governments are reducing spending for the first time since 1983 as the recession erodes the tax collections that pay for schools, health clinics and other local programs, a national survey found.

The budgets passed by states cut spending from their general funds, the pools of money not earmarked for specific purposes, by $380 million to $689 billion in the current fiscal year, which began in July for all but four states, according to a survey by the National Association of State Budget Officers released today.

The decline has only deepened since the budgets were set because of rising unemployment, consumer spending cutbacks and the loss of more than $7 trillion from the U.S. stock market this year. That has dealt a blow to sales and income tax collections and forced 22 states to cut $12.1 billion from the spending plans enacted for the current year so far, the report found.

“The situation is bad and unfortunately it will continue to get worse,” Scott Pattison, executive director of the budget group, said during a conference call with reporters. “To have an actual nominal decline in spending is extremely significant, even in the downturn in the early 1990s we didn’t have a figure that bad.”


Bleak fiscal 2009 seen for states: report

States will experience a bleak fiscal 2009, a new report said Monday, with spending expected to decrease for the first time since 1983 and budget cuts to follow in coming fiscal years.

Market Watch:

"Given the continued stall in credit availability, rising unemployment rates and increasing demand for state services such as Medicaid and welfare as people lose their jobs, the fiscal outlook for states is likely to get worse," said Raymond Scheppach, executive director of the governors association. He said the decline in the housing market has impacted state revenues, especially corporate and sales tax revenues. Read the report.

State spending growth slowed for most states during fiscal 2008, the report found, and 13 states reduced their enacted budgets, by $3.6 billion. So far in fiscal 2009, 22 states have cut their enacted budget by $12.1 billion. Another five are forecasting cuts.

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Monday, December 15, 2008

Wage Cuts: Not Economically Smart

Gene Sperling: Why Make Autoworkers Concede To ‘Brutal Wage Cuts’ During A Recession?

Think Progress:

The main justification espoused by conservatives for blocking a proposed $14 billion bridge loan to General Motors and Chrysler last week was that the United Automobile Workers (UAW) would not agree to “steep cuts in pay and benefits,” to be implemented in 2009.

During an appearance on CNN’s Late Edition yesterday, Center for American Progress Action Fund Senior Fellow Gene Sperling questioned the rationale behind the conservative demands, asking, “Why, in the middle of a recession, would you want to demand, in 2009, these type of brutal wage cuts? It’s not fair. It’s not economically smart.” [...]

Sperling is correct, though, to note that “it’s not economically smart” to cut wages during a downturn. Keeping people working — and spending — is a key component of reversing the downward trail of America’s ailing economy.

But preventing the loan entirely because there was no immediate UAW wage cut could have even more drastic consequences, if any of Detroit’s Big Three should fail. The New York Times reported today that, “With unemployment claims reaching their highest levels in decades, states are running out of money to pay benefits.” The fund in Michigan — the epicenter of America’s auto industry — has already run out.

The Times produced the following chart, showing that the states in danger of exhausting their unemployment funds are overwhelmingly in the auto-producing belt of the midwest:



I have a message for the GOP Senators and their supporters...

You have alienated the millions of Americans who built your homes, your cars, protected your precious homes from fire and your families from crime. [...]

And by the way don't call me again to ask for my vote, my money, my time to promote your corporatist / christianist / fascist agenda. Ever.

In fact, don't call me for anything ever again.

Don't call us when your home catches fire.

Don't call us when your home is burglarized.

Don't call us when your child is struggling in school.

Don't call us when you need your new luxury home built in that private gated community you so cherish.

Don't call us when your Lexus breaks down (yes Lexuses do break down) in some God-forsaken ghetto that you helped create by busting someone's union and driving their wages down.

Don't call us when said Lexus needs extensive and expensive repairs.

Don't call us when you and your famly want to fly to Bali for the weekend when most of your constituents can't afford to fill up their cars.

Don't call us when the first draft of your new anti-union legislation needs to be rushed by UPS to your lobbyist for approval before you send it to committee.

Don't call us when you need a new casino in Vegas to piss away your lobbyist's loot.

Don't call us when your new shoes need to be shipped from Thailand, Malaysia, Vietnam, Columbia, or whatever hellhole third world country that pays the lowest wages that week.

Don't call us when your smelly trash needs to be picked up.

Don't call us when the voluminous amounts of waste you produce has clogged your plumbing and you need someone to rod out the fetid mass that is stuck in your drainpipe.

Finally, don't call us for any other dirty job that is beneath your dignity or beyond your skill level.

After all, we union members are just lazy, unproductive, overpaid, complacent leaches on the body of the American economy.

How dare we have the gall to ask for a decent wage, a safe jobsite, and affordable health care for our children.

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Saturday, December 13, 2008

Senate GOP Class Warriors Head For Hooverville

Countdown Friday:

GOP VS. GM

Epic Bail: Our fifth story tonight, the end of an era, as we learn that Senate Republicans are now willing to kill GM, regardless of whether it's good for our country, in order to kill the union of GM's workers.


GOP: 'Action Alert - Auto Bailout'

Countdown has obtained a memo entitled "Action Alert - Auto Bailout," and sent Wednesday at 9:12am, to Senate Republicans. The names of the sender(s) and recipient(s) have been redacted in the copy Countdown obtained. The Los Angeles Times reported that it was circulated among Senate Republicans. The brief memo outlines internal political strategy on the bailout, including the view that defeating the bailout represents a "first shot against organized labor." Senate Republicans blocked passage of the bailout late Thursday night, over its insistence on an immediate union pay cut.

From:

Sent: Wednesday, December 10, 2008 9:12 AM

To:

Subject: Action Alert -- Auto Bailout

Today at noon, Senators Ensign, Shelby, Coburn and DeMint will hold a press conference in the Senate Radio/TV Gallery. They would appreciate our support through messaging and attending the press conference, if possible. The message they want us to deliver is:

1. This is the democrats first opportunity to payoff organized labor after the election. This is a precursor to card check and other items. Republicans should stand firm and take their first shot against organized labor, instead of taking their first blow from it.

2. This rush to judgment is the same thing that happened with the TARP. Members did not have an opportunity to read or digest the legislation and therefore could not understand the consequences of it. We should not rush to pass this because Detroit says the sky is falling.

The sooner you can have press releases and documents like this in the hands of members and the press, the better. Please contact me if you need additional information. Again, the hardest thing for the democrats to do is get 60 votes. If we can hold the Republicans, we can beat this.

What’s good for the GOP is not good for GM

Dec. 12: Newsweek’s Jonathan Alter talks with MSNBC’s David Shuster about the effort by some Republican Senators to turn the issue of the auto bailout into a debate over organized labor:



7:36


"Herbert Hoover Time"

Robert L. Borosage, HuffPo:

In their last obstruction, "Dr. No" Mitch McConnell's Senate Republicans blocked a bridge loan for the auto companies, unwilling even to sustain them long enough for a new administration to sculpt a responsible response to their crisis.

What was the sticking point? It wasn't getting rid of the CEOs that drove the companies into the ditch. It wasn't forcing the creditors to cut their loans in exchange for stock, giving them a stake in the future. It wasn't accepting an auto czar to enforce the agreement and drive a transition to fuel efficient cars. That was agreed to. No, led by benighted Tennessee Senator Bob Corker -- known previously solely for his "call me" race bait campaign ad that helped him win election -- Republicans wanted to break the union, and punish the workers. [...]

For Republicans, the problem wasn't the worst economic downturn since the Great Depression. It wasn't wrong-headed management that was skewered when soaring gas prices wiped out their SUV cash cows. It wasn't the Wall Street dominated trade policies that sacrificed US manufacturing behind a high dollar that made it profitable to move plants and production abroad and aided foreign competitors. It wasn't the burdens of health care costs that make US manufacturers less competitive.

No, for the Republican Senators, the bailout was a chance for a little class warfare. Why should an autoworker make $50-60,000 a year, plus health care? The workers should accept half that and be happy. Autoworkers have agreed to wage givebacks and benefit cuts over the last years. They pledged even deeper cuts in relation to the agreement. But their sacrifices weren't great enough nor the cuts fast enough for Corker and the Republicans. [...]

Forget about the deepening recession. The Senate Republican position was essentially that the price of bailing out GM and Chrysler was to insure that the union was broken and the workers went bankrupt. [...]

There are defining moments in politics. Here Republicans defined themselves. They are not free market conservatives, for they were willing to do the bailout. They don't object to nationalizing the banks or micromanaging the auto industry on the fly. They are class warriors, willing to risk a worse global economic calamity in order to break a union, to force workers into bankruptcy. Herbert Hoover time. Let's not forget this last ignoble obstruction, committed just as the Senators went home for the holidays.

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Friday, December 05, 2008

Job Losses Surge, Recession Deepens

Unemployment Sinks Even Further

Truthdig:

News continues to get worse after the government finally made our current recession “official”. The U.S. Labor Department has announced that 533,000 jobs were cut during the month of November, the biggest monthly cut in 34 years—with analysts fearing that the 11-month trend of increasing job loss will worsen even further.

The BBC:

US employers axed 533,000 jobs in November, the biggest monthly cut in 34 years, the US Labor Department said.

In a dramatic indication of the worsening situation in the economy, the US jobless rate rose to a 15-year high of 6.7% from 6.5% in October.

Since these latest figures were compiled, further jobs losses have been announced, including big cuts at AT&T.

Recent weak economic data has fuelled fears that the world’s biggest economy is set for a deep, long downturn.

Read more

U.S. job losses worst since 1974 as downturn deepens

Reuters

U.S. employers axed payrolls by 533,000 jobs in November, the most in 34 years, as the year-old recession hammered the economy and hardened calls for dramatic government action to turn the tide.

The Labor Department on Friday said the unemployment rate hit 6.7 percent last month, the highest since 1993, which adds up to 10.3 million Americans out of work or 2 million more than the population of New York City.

The jobless rate, which stood at 6.5 percent in October, would have been even higher but for people leaving the labor force in discouragement over their search for work.

A slew of U.S. companies have announced jobs cuts this week, including phone giant AT&T, which said on Thursday it was letting 12,000 workers go, and economists expect the unemployment rate to top 8 percent by late next year.

"You can't get much uglier than this. The economy has just collapsed, and has gone into a free fall," said Richard Yamarone, chief economist at Argus Research in New York.


Big jobs losses point to deepening recession

McClatchy:

Employers shed a worse-than-expected 533,000 jobs in November, the Labor Department reported Friday, the biggest monthly jobless number in 34 years and indisputable evidence that the U.S. recession is worsening.

Adding insult to injury, the Bureau of Labor Statistics revised upwards its previous jobless reports, noting employers in October actually sent 320,000 workers packing instead of the 240,000 first reported. And September job losses were actually 403,000 and not the 284,000 stated in that month's report.

November's numbers were the worst since December 1974, when employers lopped off 602,000 positions in response to tightening credit and government price controls designed to quash inflation.

In a separate employment survey Friday, the government said the nation's unemployment rate ticked up to 6.7 percent in November, from 6.5 percent the prior month. This was slightly better than consensus expectations but reflected a large number of people no longer looking for work and thus out of the workforce. Still, the unemployment rate is now the highest in 15 years.

Taken with weak holiday sales numbers, slowing exports and the worst financial crisis since the Great Depression, it's clear the U.S. economy is in deepening trouble. […]

"Job declines were widespread with losses in manufacturing, construction and retail, financial and business services. The only bright spots remaining are health care and education," said John Silvia, chief economist for Charlotte, N.C.-based Wachovia, in a note to investors. "Over the last year, the breadth of industries adding jobs has dropped sharply suggesting broad weakness in consumer spending and dismal consumer confidence."

Looking forward, it seems unlikely that recovery is anywhere around the corner.

BLS report

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