“We’re getting closer and closer to full employment,” said Ryan Sweet, an economist at Moody’s Analytics Inc. in West Chester, Pennsylvania. “Wages had been the one sore spot in the labor market data, and I think that’s coming through here. With inflation accelerating I think we’re going to start to see even stronger wage growth down the road.” The prospect of a Fed rate increase at its meeting next week is “pretty much a slam dunk,” he said.
The Department of Labor announced today that the official unemployment rate fell to 5.5 percent last month, the lowest it’s been since Spring of 2008. Good news, right? Well, kind of. The official unemployment rate masks a problem that’s been plaguing the economy since shortly before the 2009 recession: a continuing decline in the labor force participation rate, which basically measures the percentage of the able-bodied population that’s either working or looking for work. After holding steady at roughly 66 percent from 2004 through late 2008, the labor force participation has been falling, and falling, and falling some more, with no end in sight....
Hillary Clinton: Corporations and Businesses Don’t Create Jobs At a Democratic rally in Massachusetts, Hillary Clinton’s attempt to attack “trickle-down economics,” resulted in a spectacularly odd statement. Clinton defended raising the minimum wage saying “Don’t let anybody tell you that raising the minimum wage will kill jobs, they always say that.” She went on to state that businesses and corporations are not the job creators of America. “Don’t let anybody tell you that it’s corporations and businesses that create jobs,” the former Secretary of State said.Here's the video: On a related note, do you know who's a big fan of trickle down economics?
Taxpayers should have a great say in where their tax dollars are spent, that's not a point I disagree with and is a principle I will always advocate. When it comes to mandatory drug testing as a contingency for public assistance though, I'm not convinced it's a good idea for two simple reasons: 1) requiring drug testing is an expansion of government 2) it doesn't address the problem of why people are seeking public assistance to begin with.
But the most controversial points are the governor’s proposals to require drug testing for individuals filing for unemployment and for “able-bodied, working-age adults requesting food stamps” through the state’s FoodShare public assistance program.The bottom line, Walker says, is the bottom line: Taxpayers shouldn’t have to pay for public assistance programs for individuals who can’t pass a drug test.
Breaking: The economy added 288,000 jobs in June while the unemployment rate dropped to 6.1 percent, Labor Dept. reports.— POLITICO (@politico) July 3, 2014
“By providing heavily subsidized health insurance to people with very low income, and then withdrawing those subsidies as income rises, the act creates a disincentive for people to work relative to what would have been the case in the absence of that act,” Douglas Elmendorf told the House Budget Committee on Wednesday. “By providing a subsidy, these people are better off, but they do have less of an incentive to work.”None of this is new. Here's Elmendorf's testimony from February 2011 regarding the same effect, although at that time the projection was only 800,000 jobs:
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