Economy, Jobs and Poverty

The job market

A report from the Labor Department on 9/20 indicated that 382,000 Americans seeking unemployment benefits last week. The 382,000 is a near two-month high level.

The four-week average rose for the fifth straight week to 377,500—the highest level in nearly three months.

All indications still point to some weakening in job market conditions.

Of course, the unemployment rate has been above 8% for more than 3 years—first time since the Great Depression.

August unemployment rates in swing states

Latest report from the US Department of Labor showed unemployment rates either stayed the same as July or went up for most swing states—New Mexico and Colorado were the only states with improved unemployment rates of 0.1%:

                                 Jul-2012    Aug-2012

  Arizona…………….             8.3        8.3

  Colorado……………            8.3        8.2

  Florida…………….              8.8        8.8

  Iowa……………….               5.3        5.5

  Michigan……………            9.0        9.4

  Missouri……………             7.2        7.2

Nevada……………..          12.0       12.1

  New Hampshire……….    5.4        5.7

  New Mexico………….        6.6        6.5

  North Carolina………        9.6        9.7

  Ohio……………….                7.2        7.2

  Pennsylvania………..         7.9        8.1

  Virginia……………              5.9        5.9

  Wisconsin…………..            7.3        7.5

(Data taken from reuters.com)

Michigan has the highest jump in unemployment rates—from 9.0% to 9.4%.

Nevada still has the highest unemployment rate among swing states (and the nation) at 12.1%.

Poverty level

In 2011, about 15% of Americans were under the poverty level—i.e. 46 million people which coincide with the number of people in welfare programs.

Three-year average (2009-2011) of population in poverty for swing states:

  Arizona…………….         19.1

  Colorado……………        12.6 

  Florida…………….          15.1  

  Iowa……………….           10.5   

  Michigan……………        14.9  

  Missouri……………        15.3  

  Nevada……………..        15.0  

  New Hampshire……….   7.3  

  New Mexico………….     19.9 

  North Carolina………     16.6

  Ohio……………….             14.6  

  Pennsylvania………..      12.0  

  Virginia……………            10.9  

  Wisconsin…………..         11.3 

(Data taken from census.gov)

A few swing states stand out with higher percentage (than national average) of people at or below the poverty level: New Mexico, Arizona, North Carolina, Nevada, Missouri and Florida.

Election 2012

Romney-Ryan will need to steer the campaign back to economy and jobs creation. Bringing people out of poverty level will require jobs and more jobs—not more government handouts.

Why should Obama-Biden be trusted for four more years? They are not proposing anything new except taxing the rich at higher rates—a tax proposal that will bring in only a addition of about $89 billion a year, barely a drop in the bucket of more than $1 trillion deficit a year. Raising taxes while the economy is still in (Obama’s) recession has never worked.

What will Obama-Biden be able for the economy and jobs creation in second term that they have not tried? Even with more than $5 trillion in new debts and more than hundred billion of dollars printed in QE1 and QE2, Fed chairman Ben Bernanke admitted that the economy will not see any improvements.

What differences will four more years of Obama-Biden bring? Nothing new.

 

 Ch3 Nguyen

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s