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Economic news – Public should take heed

1. “Unemployment up in South Sound”
“Thurston County’s unemployment also inched upwards, climbing to 6.9 percent from a revised October rate of 6.7 percent. That’s a loss of 500 jobs from month to month.”

“Looking at the big picture, though, the numbers are much more encouraging. Pierce County’s November jobless rate, for example, is nearly a full point lower than it was last year, and that 7.9 percent figure is the lowest November jobless rate for the county since 2008. Thurston county’s numbers tell a similar story, with unemployment down 0.6 points from last November’s 7.5 percent rate,” quoting the Business Examiner.
Editor’s Note: Regardless of the year-over-year numbers, one must notice the trend now is disconcerting.
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2. “The Fiscal Cliff: Is January 1st the Real Doomsday for America?”
“‘Sooner or later, it will be Americas turn to fall out of favor with investors and to see its own interest rates rise. It is hard to know when that day will come, or precisely what pressures the country will face.

Let me only venture one forecast: We will not be ready.'”

“Here is an idea of what we face if Washingtons maneuvering falls flat once again:

January 1st: The Bad, The Really Bad, and The Downright Ugly,” ,” quoting Angie Davidson in the Liberty Crier.
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3. “Forget the ‘fiscal cliff’: Debt ceiling is much scarier”
“Investors fearing a stock market plunge if the U.S. tumbles off the “fiscal cliff” next week may want to relax.

But they should be scared if a few weeks later Washington fails to reach a deal to raise the nation’s debt ceiling as that threatens a default, another credit downgrade and a financial markets panic,” quoting Ryan Vlastelica, Edward Krudy and Doris Frankel / Reuters.
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4. “No Santa Claus and Bill Clinton Was Not an Economic Savior”
“The truth is often painful but nonetheless it is important that we live in the real world. Just as little kids have to come to grips with the fact that there is no Santa Claus, it is necessary for millions of liberals, including many who think of themselves as highly knowledgeable about economic matters, to realize
that President Clintons policies sent the economy seriously off course.

In Washington it is common to tout the budget surpluses of the Clinton years as some momentous achievement, as though the point of economic policy is to run budget surpluses. Of course the point of economic policy is to produce an economy that improves the lives of the people in a sustainable way.
Clinton badly flunked this test.

The Clinton economy was driven by a stock bubble. This is not a debatable point,” quoting Dean Baker in Truthout.
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Posted by Steve on December 29, 2012 at 5:50 am | Permalink

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