Category Archives: economy

Household Income Continues to Fall Significantly as Federal Government Claims the Great Recession is Officially Over

Posted on 10 October 2011 by Ken Zino

Real median annual household income has fallen significantly more during the so called economic recovery period from June 2009 to June 2011 than during the recession lasting from December 2007 to June 2009. That’s right, not only do we a jobless recovery, but we have one where incomes are dropping. Since when are politicians in the business of making people poorer in a grim reversal of the American Dream?

The report is bad news for the auto industry, which remains in a severe slump caused in part by record high new car prices – now averaging more than $30,000 a vehicle, and projections of even higher prices to come because of new emissions and safety regulations. Continue reading →

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U.S. Unemployment at 9.1% Unchanged in September

Posted on 7 October 2011 by Ken Zino

The unemployment rate during September in the U.S. remains unchanged at 9.1% where it has been stuck for months now. This means that according to the Federal government more than 14 million people are out of work. The real number – if you include people who stopped looking for work and forced part time workers – is likely 25 million people who want to work full time. Continue reading →

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U.S. 2011 Deficit $1.3 Trillion, Greater Than any Year Since 1945

Posted on 7 October 2011 by Ken Zino

The 2011 deficit was equal to 8.6% of gross domestic product, CBO estimates, down from 8.9% in 2010 and 10.0% in 2009, but greater than in any other year since 1945. Continue reading →

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New Jersey Stiffs U.S. Taxpayers over $271 Million Grant. Republicans, Democrats Collude on Cancelled ARC Tunnel

Posted on 6 October 2011 by Ken Zino

Well, it sounds like LaHood (an Illinois Republican appointed by Obama) had no choice. Defenders of the deal, and there are some, say that DOT maneuvered to get N.J. taxpayers some benefit from the cancelled transit investment. In their view this solves the standoff over reimbursement — interest and penalties were accruing daily that New Jersey taxpayers would have been responsible for — and maybe New Jersey residents will also get the benefit of improved transit in the state. We will see. There sure is enough political manure here in my view to help New Jersey remain the garden state… Continue reading →

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Obama Administration Submits Controversial FTAs to Congress. Largest Loss of Jobs since NAFTA Coming?

Posted on 4 October 2011 by Ken Zino

The AFL-CIO said the “The Korea agreement is the largest offshoring deal of its kind since NAFTA. If enacted, it likely will displace 159,000 U.S. jobs, mostly in manufacturing. And its glaring loopholes would allow unscrupulous businesses to import illegally labeled goods from China and possibly even from sweatshops in North Korea—potentially without any tariffs at all.” Continue reading →

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Mercedes-Benz Superdome is the New Name in New Orleans

Posted on 4 October 2011 by Ken Zino

The New Orleans stadium is infamous as the lawless, unlit refugee area for the homeless after Hurricane Katrina caught federal, state and local government agencies completely unprepared. State taxpayers rebuilt the stadium so that the New Orleans Saints could play there again starting in 1996. About $336 million has been spent by taxpayers on the sports facility since then. Continue reading →

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General Motors September Sales Up 20%, Led by Pickup Trucks

Posted on 3 October 2011 by Ken Zino

Based on early results GM is maintaining a market share of about 20%, which means it remains solidly in first place even as the Japanese maker are now back in full production. It also appears to prove the wisdom of the U.S. Treasury Department’s insistence on killing four brands, as part of the taxpayer bailout, and concentrating on the remaining four – Chevrolet, GMC, Buick and Cadillac in descending sales order. However, Cadillac (+1%) and Buick (+5.6%) appear to be badly trailing overall industry growth basis. Continue reading →

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Chrysler Group U.S. Sales Up 27% in September, Led By Trucks

Posted on 3 October 2011 by Ken Zino

Chrysler Group’s Retail sales were up 50%. Chrysler Group has beaten the average industry sales increase in eight of nine months this year, and is in a dead heat with Toyota Motor Sales for the Number Three position in the U.S. Continue reading →

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U.S. September SAAR Projected at Weak 10 Million Vehicles

Posted on 30 September 2011 by Ken Zino

September could be the first time that new-vehicle retail sales have remained strong throughout the month in the U.S. since the stronger selling rates at the beginning of 2011 before the economy stalled, according to projections from consultancy J.D. Power and Associates. Continue reading →

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S&P Raises General Motors to Highest Junk Grade – BB+

Posted on 29 September 2011 by Ken Zino

The upgrade came one day after the GM’s 49,500 UAW employees ratified a new four-year contract that will not raise GM’s labor costs, and will provide bonuses based on profitability instead of automatic pay raises. GM at this time appears to have the lowest labor costs among the Detroit Three since both Ford Motor and Chrysler UAW contracts are unresolved. It’s ironic that it took a Democratic President to curb the union – in essence breaking it – under the forced bankruptcy reorganization of GM, which included a no strike clause. Continue reading →

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Labor Demand Down Again, Continuing Unemployment Trend

Posted on 28 September 2011 by Ken Zino

nline advertised vacancies were down 43,500 in September to 3,947,100, according a Conference Board study released today. The September drop follows a decline of 164,000 in August and a decrease of 217,000 in July. The Supply/Demand ratio stands at 3.50, meaning there were 3.5 unemployed for every online advertised vacancy in August, the latest monthly data available for unemployment. Nationally, there are 10 million more people officially unemployed (9.98 million) than advertised vacancies under the “no jobs” Obama Administration. Continue reading →

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Great Recession Cuts Congestion as Economy and Traffic Stall

Posted on 28 September 2011 by Ken Zino

The growing traffic congestion problem is the direct result of politicians refusing to address the underlying problem of a bankrupt Highway Trust fund. Federal gasoline taxes that support the highway system, – 18.4 cents per gallon – have not been increased since 1993 as the population expands and road use and repair costs go up. Continue reading →

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The Business of Plugging In Adds EV Experts to Panels

Posted on 27 September 2011 by Ken Zino

The Center for Automotive Research is holding a timely conference – The Business of Plugging In, an electric vehicle conference – this October that will discuss the emerging plug-in electric vehicle (PEV) against a background of contentious budget debates in Washington about subsidies for automakers, global warming, emission regulations, and tax policies. Continue reading →

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U.S. September Sales Up from ‘10. SAAR Weak at 12.9 Million

Posted on 22 September 2011 by Ken Zino

This is the first time the retail selling rate would be above 10 million units since the 10.8 million-unit rate in April, if the J.D. Power and Associates projection holds up. Nonetheless, sales are far, far below the 16-17 million unit SAARs of last decade as a jobless recovery continues with record levels of long-term unemployment. Continue reading →

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Ford UAW is Next Labor Contract Fight. Strike Possible?

Posted on 22 September 2011 by Ken Zino

If the GM UAW contract sets the pattern, as it has in the past, a combination of job creation and increased pay for new union hires (the shrinking UAW desperately needs the revenues) will occur and signing bonuses will be given to existing workers under a new Ford UAW deal. Continue reading →

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