The Jobs Report Came Out Today

The jobs report came out today. The number I watch, and I am waiting to see change is the Workforce Participation Rate. That number is holding steady at 62.9. That is not a great number, but it is an okay number. That number reached 66 during some of early 2008, but has generally been in the 63 or 64 range most of the time since then. The other numbers on the report are really good.

CNS News is reporting the numbers today:

The Labor Department’s Bureau of Labor Statistics says a record 155,965,000 people were employed in July, the 11th record-breaker since President Trump took office 19 months ago.

“Our economy is soaring. Our jobs are booming. Factories are pouring back into our country, they coming from all over the world. We are defending our workers,” President Trump told a campaign rally in Pennsylvania on Thursday.

BLS said the economy added 157,000 jobs in July (compared with a revised 248,000 in June).

The unemployment rate edged down to 3.9 percent, as the number of employed people reached new heights, and the number of unemployed persons declined by 284,000 to 6,280,000 in July. 

Among the major worker groups, the unemployment rates for adult men (3.4 percent) and Whites (3.4 percent) declined in July. The jobless rates for adult women (3.7 percent), teenagers (13.1 percent), Blacks (6.6 percent), and Asians (3.1 percent), showed little or no change over the month. The unemployment rate for Hispanics hit a record low of 4.5 percent, down from last month’s record 4.6 percent.

There was also good news for wage-earners–in addition to the tax cut, hourly wages went up:

In July, average hourly earnings for all employees on private nonfarm payrolls rose by 7 cents to $27.05. Over the year, average hourly earnings have increased by 71 cents, or 2.7 percent.

This growth is the direct result of the policies of President Trump–the combination of deregulation, tax cuts, and domestic energy development has resulted in economic growth.

 

The Trump Economy

CNBC is reporting today that more private-sector jobs were created in October than economists expected.

The article reports:

The ADP National Employment showed private-sector businesses added 235,000 jobs in the month. ADP was expected to show private employers added 200,000 jobs in October, up from 135,000 in September.

Goods-producing companies benefited strongly with 85,000 new jobs, 62,000 of which came from construction. Manufacturing also saw 22,000 positions added.

…Overall, the service sector accounted for the bulk of the job creation, adding 150,000 jobs. Professional and business services added the most positions, up 109,000. Job losses were seen in the trade, transportation, and information sectors, as well as education.

“The job market rebounded strongly from the hit it took from Hurricanes Harvey and Irma,” Mark Zandi, chief economist of Moody’s Analytics, said in a statement. “Resurgence in construction jobs shows the rebuilding is already in full swing. Looking through the hurricane-created volatility, job growth is robust.”

Leisure and hospitality contributed 45,000 to the total while health care and social assistance grew by 44,000.

In terms of business size, job gains were spread evenly, with companies that have more than 500 employees hiring 90,000 while those with fewer than 50 added 79,000.

Part of this growth is the result of deregulation, and part of this growth is in anticipation of tax cuts that will be favorable to the middle class and to business growth. It will be interesting to see how the increase in the number of people re-entering the job market looking for jobs impacts the unemployment numbers that will come out this week.

The ObamaAdministration’s War On Coal Continues

CBN News is reporting today that thousands of America‘s coal workers gathered in Washington, D.C., yesterday to protest new Environmental Protection Agency (EPA) regulations that will shut down the coal industry in America.

The article reports:

Coal worker Jim Dailer of Wheeling, W.Va., complained, “They’ve tightened down regulation after regulation down through the years and ended up with putting us out of business pretty much.”
 
More than 200 coal-fired plants have already announced they’re closing.  Dailer said it will be some 350 by the end of next year. 
 
These coal miners, workers and officials rallied on Capitol Hill because only Congress or the courts can stop the EPA.
 
“What we’re trying to do is reach the hearts and minds of the people who are in those halls in front of me,” Horton said as he looked up at the Capitol building.  “To get them to understand that coal is much more than an energy source.  It’s people.”

Just for the record, I am not in favor of air pollution–but I do believe that the government is quite capable of over-regulating. According to the U.S. Energy Information Administration, in 2012 coal provided 37 percent of the electricity generated in America. At the present time, there is not a reliable ‘green’ source of energy to replace that power. Until the ‘green’ energy industry is more reliable and more economical, we need to leave our coal plants open.

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Speakeasy Restaurants???

CBS 2 in New York City posted an article Wednesday about an investigation they had done into New York City’s illegal dinner parties. There are a number of underground supper clubs operating in the city, and they are as of yet, unregulated.

The article reports:

But some critics have concerns about these unregulated dinner parties.

“It definitely falls into a gray area,” said Leon Lubarsky, owner of Letter Grade Consulting.

Lubarsky’s staff of retired New York City health inspectors advises restaurants on health regulations.

When asked if the underground restaurants should be regulated, Lubarsky told Leitner, “Yes, they should be regulated by the same system that regulates every restaurant in New York City.”

The article continues:

But if caught hosting an underground dinner party, the hosts could be fined $2,000 and ordered to shut down.

The price to get into one of these underground supper clubs ranges from $40 to several hundred. Some of the hosts say they are in it simply for the love of food, while others hope to turn a profit.

I have very mixed emotions about this. In Massachusetts I was involved in a church that was offering a monthly free dinner to whoever wanted it. Our kitchen help had to be certified, all food had to be cooked on the premises, and all ingredients posted. The rules were there to protect those eating the food. My feeling is that if the hosts (or hostesses) of these dinner parties are charging for the dinners, they should be regulated–they are essentially operating a restaurant–in their homes or wherever. I also wonder what would happen if anyone got sick after one of these dinners. Would the host (or hostess) be at risk of being sued?

I am not a big fan of government regulation–I think taking salt off of the table at restaurants or banning large sodas is stupid. However, I do think that food preparation should be overseen by the Board of Health in order to protect the public.

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Here Come The Regulations

The National Journal posted an article on Thursday about increased regulations under the Obama Administration. The article noted that during the first two years of President Obama’s term there were more regulations than normal. In 2012, the number of regulations decreased as regulations became a campaign issue.

The article reports:

Federal agencies are sitting on a pile of major health, environmental, and financial regulations that lobbyists, congressional staffers, and former administration officials say are being held back to avoid providing ammunition to Mitt Romney and other Republican critics.

The article posted a chart to illustrate how Washington plays the regulations game: Unfortunately, I cannot figure out how to post it here, so please follow the link to the article to view the chart. The bottom line is simple–the regulations game is played by both parties.

The article reports:

Among the most politically controversial rules is one that would slash toxic tailpipe pollution from gasoline, but that could also slightly increase costs at the pump. That rule, say industry lobbyists and environmentalists who work closely with EPA, has been sitting at the agency, ready to roll out, for nearly a year. But the White House was reluctant to regulate gasoline in an election year in which pain at the pump has ignited fierce firestorms.

“There are at least a half-dozen other examples like that throughout the agency,” said William Becker, executive director for the National Association of Clean Air Agencies. “And that’s why administrations will do everything they can to avoid putting these rules out during an election year. But all that ends after the election. Then it’s a mad rush to see who gets the rules out the door first.”

Before you vote, please consider this report, and please remember President Obama’s statement to Russian President Medvedev that he would be more flexible in dealing with the Russians in a second term. I sincerely believe that a second term of President Obama will destroy America as we have known it.

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When Legislation Gets Out Of Hand

Yesterday the Daily Caller posted an article about the Dodd-Frank bill that was supposed to remedy the problems that caused the 2008 economic meltdown. Aside from the fact that the bill does not address the major cause of the meltdown–the sub-prime mortgage market, there are a few other issues with the bill.

The article reports:

According to a release The Daily Caller obtained that will be sent out with the announcement of the new Web service, the legislation — and the rules government regulators have written to go with it — has already had a profound effect on the financial sector.

Regulators have written only 185 of the expected 400 rules. But those 185 rules are expected to cost the private sector more than 24 million man-hours each year to comply.

How much money does 24 million man-hours actually cost the private sector?

The article further points out:

Texas Republican Rep. Randy Neugebauer, the chairman of the committee’s subcommittee on oversight and investigations, told The Daily Caller that means that instead of hiring people to handle small business loans, banks will be hiring staff to comply with the new government regulations, ultimately having a negative impact on job creation.

“For example, let’s just get it down to the community banker — the person that loans money to most of the small businesses in our country,” Neugebauer said in a phone interview. “We’ve had a few community bankers come in here and say, ‘you know, they’re hiring a lot more compliance officer than they are loan officers.’ That is increasing the cost of banking and, ultimately, they have to charge higher interest rates and higher fees.”

Punishing people who make a profit will not prevent financial difficulties in the future, it will only create them. It is time we repealed Dodd-Frank and waited for a pro-business Congress to rewrite it. There is nothing wrong with being pro-business–business provides jobs and income for Americans. If we do not support business, we will eventually have a nation where everyone expects the government to support them and there is no one to pay taxes to the government. Unless there is serious change in Washington, that is where we are headed.

 

 

 
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Hidden In The Small Print…

Big Government is reporting today on some aspects of ObamaCare that I don’t think any of us had considered. Your cell phone is about to become a medical device (yes, you read that right) and your own stem cells are drugs. Good grief!

The article reports:

And because your phone has on it the two dollar blood pressure app – the Obama FDA asserts that they can thusly regulate your entire phone.  Because according to them that one app has turned your phone into a “medical device.”

Under the FDA’s expansive parameters, almost any device on which you do almost anything regarding your health – your smartphones, your tablets, your desktop and laptop computers – will be regulated.

Did you use your smartphone/tablet/computer camera or microphone to monitor something health-related?  It just became an Obama FDA-regulated medical device.

Did you save your health care data on any smartphone/tablet/computer? That too is now regulated.

Did you send an email containing any health care information to your doctor?  The device from which you sent said missive is too now regulated.

…Obama’s FDA is concurrently asserting that the adult stem cells in your body are a “drug” – and that therefore your body is now government regulatory property.

In another outrageous power-grab, FDA says your own stem cells are drugs—and stem cell therapy is interstate commerce because it affects the bottom line of FDA-approved drugs in other states!…

We have entered the Twilight Zone. If you care to leave the zone, please vote Republican in November.

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That Cost What ?

CBN News posted an article today about the cost of federal regulations.

The article reports:

Author Phil Kerpen looks at how such regulation is crippling the economy in his book titled Democracy Denied: How Obama is Ingnoring You and Bypassing Congress to Radically Transform America. 

How much do regulations cost?

“They found that each federal regulator destroys an average of 98 private sector jobs per year,” he said.

And each federal regulator wipes out about $6.2 million in economic output each year.

The bottom line:

“These busy bodies who are being paid with our tax dollars are spending all day long interfering in the private economy, and that has a very real, very negative cost associated with it,” Kerpen said.

The same study found cutting the budgets of the federal regulatory agencies just 10 percent would add about $150 billion to the gross domestic product every year.

And increase the creation of private jobs by 2.5 million or so a year.

We live in a representative republic. We are responsible for the government we have. If the government is not working, we have the responsibility to replace it. “Nuff said.

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One Answer To The Deficit And To Job Creation

In April of this year, the Daily Caller posted a story about the high cost of government regulations. The article reports:

Wayne Crews, vice president for policy at the Competitive Enterprise Institute, combed through the 81,405 pages of the Federal Registry — which contains the nation’s regulations on businesses, and state and local governments — and cites a report showing that regulation cost the economy a whopping $1.75 trillion in 2008.

In July, Forbes posted an article about the cost of Government regulation stating:

The country’s wealth creators need a real review of regulations, not comforting words from federal officials. Out of over 3,500 rules finalized in 2010, OIRA (Office of Information and Regulatory Affairs) reviewed 66 — and of those only did benefit calculations for 20.

A simple perusal of the Federal Register shows over 430 rules costing over $65 billion so far this year alone, let alone the entire Crain (Nicole and Mark Crain, author of the SBA’s oft-cited report finding of $1.7 trillion in regulatory costs) universe of rules, which stops at 2008. As the Crains note, regulatory costs are often “indirect,” compared with direct taxation.

The article at the Daily Caller also points out:

Combining regulatory costs with federal FY 2010 outlays of $3.456 trillion reveals a federal government whose share of the entire economy now reaches 35.5 percent.
In 2010, federal agencies issued 3,573 final rules.

While agencies issued 3,573 final rules, Congress passed and the president signed into law a comparatively “few” 217 bills. Considerable lawmaking power is delegated to unelected bureaucrats at agencies, an abuse addressed recently in proposals such as the REINS Act.
Proposed rules in the Federal Register have surged from 2,044 in 2009 to 2,439 in 2010, a jump of 19.3 percent.
I don’t know what the President will say in his economy speech tomorrow night, but unless he agrees to cut government regulations drastically, the unemployment numbers will not change significantly.

 

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Government Regulation And Jobs

John Boehner

Image via Wikipedia

On Tuesday, Fox News posted an article detailing some of the current discussions on government regulations and their impact on jobs.

Representative John Boehner has asked the Obama Administration for a list of all pending and planned regulations with a projected impact on our economy in excess of $1 billion. This request comes at the same time President Obama is claiming that he is planning to save the government money by cutting regulations.

The article reports:

President Obama replied Tuesday with a list of seven proposed rules with an estimated economic impact of over $1 billion. The various proposed regulations apply to the Environmental Protection Agency and Department of Transportation, ranging in rough costs from $1 billion for DOT hours of service regulations, to as much as $90 billion for ozone air standards.

Boehner’s office answered Obama’s letter with a statement Tuesday afternoon bashing the seven regulations.

“The combined cost of these seven new regulatory actions alone could be more than $100 billion,” the statement read. “These costs will be felt by the American people in the form of fewer jobs and slower economic growth.”

The amount of savings President Obama has called for in the reduction of federal regulations is $10 billion over 5 years. Seems a little unbalanced to me.

When the House of Representatives reconvenes this month, it is expected to examine the impact of regulations on employment and propose legislation to free small businesses from excessive regulation, allowing the businesses to grow and to hire new employees.

Read more: http://politics.blogs.foxnews.com/2011/08/30/obama-and-boehner-square-government-regulation#ixzz1Wonnmfm0

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