Soaring Domestic Production Has Failed To Ease Pain At The Pump
Saturday, March 24, 2012
Sunday, March 18, 2012
The Increasingly Poor Decisions Of Scott Walker
Walker Issues Hefty Raises To Top Milwaukee County Aides
County Finances On Brink
Privatization Wastes Taxpayer Dollars
The Walker Jobs Plan: Layoffs
If Only We Could Harness Walker's Hot Air
Journal Sentinel Likes Walker's Package
Scott Walker Failure Files
Walker's Unpaid Tab Grows To More Than $5 Billion
Walker's Refusal Of Federal Stimulus Money
Walker Takes Credit For Job Program He Vetoed
Scott Walker: The Failure
Walker's Bogus Budget
There He Goes Again
If Not For
County Finances On Brink
Privatization Wastes Taxpayer Dollars
The Walker Jobs Plan: Layoffs
If Only We Could Harness Walker's Hot Air
Journal Sentinel Likes Walker's Package
Scott Walker Failure Files
Walker's Unpaid Tab Grows To More Than $5 Billion
Walker's Refusal Of Federal Stimulus Money
Walker Takes Credit For Job Program He Vetoed
Scott Walker: The Failure
Walker's Bogus Budget
There He Goes Again
If Not For
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Thursday, March 15, 2012
Where The Real Money Is Made
From the Democratic Party of Wisconsin: "After months spent decrying public school teachers, nurses and snow plow drivers as the 'haves' as justification for his assault on collective bargaining, Scott Walker on Monday night ridiculously suggested that his $144,423 salary isn’t 'real money.' Speaking at a March 12 forum hosted by right-wing radio host Charlie Sykes, Scott Walker stated that he didn’t want to lose the recall, not because he cares about his job as governor, but because his wife would like him to return to the private sector where he could 'make some real money.'"
So, "real" money is made in the private sector.
But didn't Scott Walker just spend the last year telling all of Wisconsin that the public sector (specifically, unions) was the cause of all our fiscal woes? Didn't he - and the Journal Sentinel, for that matter - harangue the [mythical] lavish benefits, cushy pensions, and excessive hourly pay of public workers? We were told the only way we could balance our budget was to clamp down on the excessive pay of those public sector Rockefellers.
And now Mr. Walker is telling us the "real" money is made in the private sector.
But seriously, I thought public worker pay needed to be shrunk to "bring it in line with the private sector." Now it sounds, though, that the public sector is, in fact, underpaid in comparison to the private sector. Which, as Scott Walker has explained, is where the "real" money is made.
There is no thought, conviction, nor morality behind anything Mr. Walker and his Republican ilk devise.
The Republican Party, of which Scott Walker has become a poster boy, has truly solidified their position as Mayberry Machiavellis. GOP operatives morph their policy positions to fit whoever is willing to fund their campaigns (textbook crony capitalism), whilst simultaneously accusing their opponents of being for whatever Republicans are against.
Yet another Scott Walker reform where the true conservative scheme position is, finally, revealed...and it is nothing like the original line they were selling.
Tuesday, March 13, 2012
Gas Prices
"Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy. Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. The correlation between price and how much of a good or service is supplied to the market is known as the supply relationship. Price, therefore, is a reflection of supply and demand," according to Investopedia.
"What the commodity markets are telling us is that we’re living in a finite world, in which the rapid growth of emerging economies is placing pressure on limited supplies of raw materials, pushing up their prices. And America is, for the most part, just a bystander in this story," explained Paul Krugman.
Sunday, March 11, 2012
If Not For
While the election season heats up, among endless platitudes about 'getting the economy going' and 'job creation,' let's all take a moment to reflect (sadly) on Scott Walker's return of $810 million in federal aid.
Nationally, even though we've seen 23 consecutive months of private sector job growth, Republican politicians and pundits are claiming the economy is performing poorly. In Wisconsin, where we rank poorly in comparison to the other states in job growth during the recovery, Scott Walker is claiming 'job creation' success based on a slightly declining unemployment rate.
Where would Wisconsin be right now had it taken advantage of $810 million in stimulus? Where would the unemployment rate be? Where would the employment population ratio be? What long-term effects would be incubating and growing due to the massive investment in our public transportation? How many businesses, jobs, and residents will Wisconsin miss out on due to this lack of needed investment during a crucial economic time?
An opportunity cost is "the cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action."
Had Wisconsin taken the alternative action of not electing Scott Walker, Wisconsin would have seen a billion more dollars worth of investment during our country's second worst economic downturn. In the current economic climate, this billion-dollar disappearing-act should eliminate any thoughts of Mr. Walker's ability to govern effectively.
Just one [more] alarmingly significant reason for Wisconsinites to vote against Walker whenever the recall occurs.
Nationally, even though we've seen 23 consecutive months of private sector job growth, Republican politicians and pundits are claiming the economy is performing poorly. In Wisconsin, where we rank poorly in comparison to the other states in job growth during the recovery, Scott Walker is claiming 'job creation' success based on a slightly declining unemployment rate.
Where would Wisconsin be right now had it taken advantage of $810 million in stimulus? Where would the unemployment rate be? Where would the employment population ratio be? What long-term effects would be incubating and growing due to the massive investment in our public transportation? How many businesses, jobs, and residents will Wisconsin miss out on due to this lack of needed investment during a crucial economic time?
An opportunity cost is "the cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action."
Had Wisconsin taken the alternative action of not electing Scott Walker, Wisconsin would have seen a billion more dollars worth of investment during our country's second worst economic downturn. In the current economic climate, this billion-dollar disappearing-act should eliminate any thoughts of Mr. Walker's ability to govern effectively.
Just one [more] alarmingly significant reason for Wisconsinites to vote against Walker whenever the recall occurs.
Walker's Job Creation & Population Growth
The employment population ratio measures "the economy's ability to provide jobs for a growing population; its consistent cyclical properties and the relative accuracy of its seasonal adjustment make the ratio especially useful for evaluating demographic employment trends. It answers the question, 'What proportion of the working-age population is employed?'"
In Wisconsin, the ratio for 2011 was 63.5, in 2010 it was 63.6. A .1 percent difference.
The Wisconsin governor draws attention to a declining unemployment rate. Which, in itself, is good. The problem it that the unemployment rate hasn't declined because of the policies of the governor. It has declined in spite of his policies. The unemployment figures of Wisconsin appear better due to slow population growth (16% in Wisconsin versus 24% nationwide, since 1990), more so than any significant job creation.
As the employment population ratio illuminates, job growth has been insignificant in relation to population growth (and population growth was low!). But such unimpressive information isn't good fodder for campaign commercials attempting to convince voters why they should not vote against Walker in a recall election. Regardless of what Governor Walker would like, the employment population ratio illustrates the governor's ineffectiveness at creating jobs.
Or, as Paul Krugman states, "My current favorite measure of the labor market, the employment-population ratio of prime-age Americans — employment rather than unemployment so as to avoid distortion by people dropping out, prime-age to avoid demographic issues as the population ages."
In Wisconsin, the ratio for 2011 was 63.5, in 2010 it was 63.6. A .1 percent difference.
The Wisconsin governor draws attention to a declining unemployment rate. Which, in itself, is good. The problem it that the unemployment rate hasn't declined because of the policies of the governor. It has declined in spite of his policies. The unemployment figures of Wisconsin appear better due to slow population growth (16% in Wisconsin versus 24% nationwide, since 1990), more so than any significant job creation.
As the employment population ratio illuminates, job growth has been insignificant in relation to population growth (and population growth was low!). But such unimpressive information isn't good fodder for campaign commercials attempting to convince voters why they should not vote against Walker in a recall election. Regardless of what Governor Walker would like, the employment population ratio illustrates the governor's ineffectiveness at creating jobs.
As Marc Levine describes, in a recent report, "..The unemployment rate is a less telling measure than it once was. It’s simply no longer the best barometer of the country’s economic health...' Others recommend looking to the 'employment-population' ratio for a 'truer picture' of labor market conditions ... Put simply, the employment-population ratio measures the percentage of the working-age population (or a subset of that population) that is employed. Its particular value as a labor market indicator is that it tells us, much better than the flawed, narrower unemployment rate, the extent to which the working age population in a community or among certain racial or ethnic groups is, in fact, working – which is, in the end, what we really want to know about the health of a labor market."
Or, as Paul Krugman states, "My current favorite measure of the labor market, the employment-population ratio of prime-age Americans — employment rather than unemployment so as to avoid distortion by people dropping out, prime-age to avoid demographic issues as the population ages."
Friday, March 9, 2012
Regarding That Big Fat Idiot
The Colbert Report
Get More: Colbert Report Full Episodes,Political Humor & Satire Blog,Video Archive
Get More: Colbert Report Full Episodes,Political Humor & Satire Blog,Video Archive
Weekend Reading
Monday, March 5, 2012
Monday Reading
$207 Million For Suburban Freeway
Congress' Potential Faulty Tax Logic
"Ever Expanding" Government Illustrated (Part III)
Federal Judge Rules Ban Of Project Labor Agreements Unconstitutional
Richest 1% Account For Nearly All Of Recovery's Gains
Tax Code Not Aligned With Basic Principles
The Evolution Of Top Incomes In The U.S.
The History of Milwaukee & It's Government
The Wisconsin Uprising
Video Shows Walker Saying He Will Negotiate With Unions
Congress' Potential Faulty Tax Logic
"Ever Expanding" Government Illustrated (Part III)
Federal Judge Rules Ban Of Project Labor Agreements Unconstitutional
Richest 1% Account For Nearly All Of Recovery's Gains
Tax Code Not Aligned With Basic Principles
The Evolution Of Top Incomes In The U.S.
The History of Milwaukee & It's Government
The Wisconsin Uprising
Video Shows Walker Saying He Will Negotiate With Unions
Saturday, March 3, 2012
Earning Your Income From Tips
The Colbert Report
Get More: Colbert Report Full Episodes,Political Humor & Satire Blog,Video Archive
Get More: Colbert Report Full Episodes,Political Humor & Satire Blog,Video Archive
Tuesday, February 28, 2012
There He Goes Again
After cramming through instituting a budget that has hurt children, seniors, the poor, Wisconsin businesses, Wisconsin schools, job seekers, and pretty much the whole state, Scott Walker is now very worried about what effect the recall election will have on seniors and children.
If I wasn't living through the absurdity of Scott Walker attempting to govern I wouldn't believe such a doofus could exist.
For Further Reading:
Think Of The Children & Seniors
Walker's Budget Harms Seniors
Walker Budget Slashes Tax Credits That Aid The Poor
Walker Budget Slashes Medicaid
Walker To Use Foreclosure Settlement To "Balance" Budget
Walker's Budget Impact On Women And Girls
Walker's Budget Hurts Middle Class Families
Walker's Record Of Failure
If I wasn't living through the absurdity of Scott Walker attempting to govern I wouldn't believe such a doofus could exist.
For Further Reading:
Think Of The Children & Seniors
Walker's Budget Harms Seniors
Walker Budget Slashes Tax Credits That Aid The Poor
Walker Budget Slashes Medicaid
Walker To Use Foreclosure Settlement To "Balance" Budget
Walker's Budget Impact On Women And Girls
Walker's Budget Hurts Middle Class Families
Walker's Record Of Failure
Sunday, February 26, 2012
Sunday Reading
Competitiveness Is About Capital Much More Than Labor
Decades Of Decline In Employer-Sponsored Health Insurance Coverage
Gary Oldman
Medicaid's Big Spenders, In One Chart
No Shortage Of Rental Housing, Rents Not Rising Rapidly
Representatives & Senators: Trends In Member Characteristics Since 1945
Right-Wing Plot To Undermine Science In Public Schools
SuperPAC-Men Playing For Big Payday
The 10 Worst Things About The Oscars
Universities In Innovation Networks
You're Not Paying The Tax Rate You Think You Are
Decades Of Decline In Employer-Sponsored Health Insurance Coverage
Gary Oldman
Medicaid's Big Spenders, In One Chart
No Shortage Of Rental Housing, Rents Not Rising Rapidly
Representatives & Senators: Trends In Member Characteristics Since 1945
Right-Wing Plot To Undermine Science In Public Schools
SuperPAC-Men Playing For Big Payday
The 10 Worst Things About The Oscars
Universities In Innovation Networks
You're Not Paying The Tax Rate You Think You Are
Target(ing) Unions
Looks like we (living-wage and Labor-friendly individuals) have another anti-union business to boycott -- Target.
Saturday, February 25, 2012
The Right To Have Your Labor Exploited
37 state legislatures are attempting to pass anti-union, anti-labor right-to-work bills. The race to the bottom continues. This -- right-to-work legislation -- will lead to lower wages, less health care coverage, and more retirement volatility.
For Further Reading:
Does Right-To-Work Create Jobs?
Right To Work For Less
Right To Work Lowers Wages
What's Wrong With Right-To-Work?
Working Hard To Make Indiana Look Bad
For Further Reading:
Does Right-To-Work Create Jobs?
Right To Work For Less
Right To Work Lowers Wages
What's Wrong With Right-To-Work?
Working Hard To Make Indiana Look Bad
Milwaukee Real Estate
Multifamily Property Sales Prices
Office Property Sales Prices
Retail Property Sales Prices
Office Property Asking Rent
Retail Property Asking Rent
[Source: Loopnet]
Wisconsin Republicans Repealing Equal Pay Act
Amanda Terkel reports, "The Equal Pay Enforcement Act was meant to deter employers from discriminating by giving workers more avenues to press charges. Among other provisions, it allows individuals to plead their cases in the less costly, more accessible state circuit court system, rather than just in federal court.
In November, the state Senate approved (SB 202) rolling back this provision. On Wednesday, the Assembly did the same. Both were party-line votes. The legislation is now in the hands of Gov. Scott Walker (R). His office did not return a request for comment on whether the governor would sign it."
In November, the state Senate approved (SB 202) rolling back this provision. On Wednesday, the Assembly did the same. Both were party-line votes. The legislation is now in the hands of Gov. Scott Walker (R). His office did not return a request for comment on whether the governor would sign it."
Tuesday, February 21, 2012
The U.S, Debt & Households
In the media, when trying to practice "The Sky Is Falling" journalism (which is often), you'll see it said that the U.S. should act like a household. They shouldn't be in debt. They should balance their budget. They can't spend more than they take in. If the U.S. doesn't heed these warnings, Armageddon isn't far away.
Inspirational fear mongering aside, most U.S households don't to any of these prescriptions.
67% of U.S. homeowners have a mortgage. The median value for a home in the U.S. is $171,000. Per capita income is $26,000. So, let's assume the typical household with two adults is earning $52,000 per year. With a mortgage on eighty percent of the median home value, this is indebtedness of 2.6 times annual household earnings. And, this is just the house. Most households also have car, credit card, and medical debt.
The United States has a $15 trillion dollar economy. U.S debt is also estimated at $15 trillion. As a whole, the country is breaking even. Now a surplus would be nice, but compared to the typical U.S. household (in debt at least 2.6 times more than they earn, on average), breaking even seems pretty nice.
Inspirational fear mongering aside, most U.S households don't to any of these prescriptions.
67% of U.S. homeowners have a mortgage. The median value for a home in the U.S. is $171,000. Per capita income is $26,000. So, let's assume the typical household with two adults is earning $52,000 per year. With a mortgage on eighty percent of the median home value, this is indebtedness of 2.6 times annual household earnings. And, this is just the house. Most households also have car, credit card, and medical debt.
The United States has a $15 trillion dollar economy. U.S debt is also estimated at $15 trillion. As a whole, the country is breaking even. Now a surplus would be nice, but compared to the typical U.S. household (in debt at least 2.6 times more than they earn, on average), breaking even seems pretty nice.
Walker's Bogus Budget
Rick Ungar chronicles the sordid details of Scott Walker's "attempt" at budgeting.
"In a letter sent by Mike Huebsch, Walker’s Administration Secretary, to the U.S. Department of Health & Human Services just two months ago, Huebsch disclosed that the state of Wisconsin would have an ‘undisclosed deficit’ from January, 2012 through June, 2013...
Let’s begin with why Walker would want to go on record with his letter to HHS claiming a deficit while, at the same time, campaigning on a message that tells a very different story. Federal law allows a state to remove people from the state’s Medicaid rolls only in the circumstance where the state can show that it is suffering deficits...All so he can hold onto the opportunity to place more than 50,000 Wisconsinites in danger of losing their only access to health care...
There are, essentially, two accepted methods of accounting. There is the “cash method”— the one utilized by the Wisconsin legislature and Gov. Walker in creating their balanced budget—which accounts for how much money is in the bank at the end of the fiscal year after bills have been paid. As a result, cash accounting rarely presents a true picture of an organization’s finances—which is precisely why every public company in America, along with most city and country units of government, are required to use the GAAP method. GAAP (the acronym for Generally Accepted Accounting Practices) accounting takes into consideration the money expected to come in and the money committed to going out in order to work out where an organization actually stands...
"In a letter sent by Mike Huebsch, Walker’s Administration Secretary, to the U.S. Department of Health & Human Services just two months ago, Huebsch disclosed that the state of Wisconsin would have an ‘undisclosed deficit’ from January, 2012 through June, 2013...
Let’s begin with why Walker would want to go on record with his letter to HHS claiming a deficit while, at the same time, campaigning on a message that tells a very different story. Federal law allows a state to remove people from the state’s Medicaid rolls only in the circumstance where the state can show that it is suffering deficits...All so he can hold onto the opportunity to place more than 50,000 Wisconsinites in danger of losing their only access to health care...
There are, essentially, two accepted methods of accounting. There is the “cash method”— the one utilized by the Wisconsin legislature and Gov. Walker in creating their balanced budget—which accounts for how much money is in the bank at the end of the fiscal year after bills have been paid. As a result, cash accounting rarely presents a true picture of an organization’s finances—which is precisely why every public company in America, along with most city and country units of government, are required to use the GAAP method. GAAP (the acronym for Generally Accepted Accounting Practices) accounting takes into consideration the money expected to come in and the money committed to going out in order to work out where an organization actually stands...
What Walker is doing here is using the cash method of accounting to form the basis of his claims as stated in his advertisement while using GAAP accounting when making his claim to the Feds...
It seems that while Governor Walker now chooses to use cash basis accounting rather than a more honest representation of the state’s finances—at least when reporting his results to the people of Wisconsin—Candidate Walker saw it very differently. In fact, in 2010, Walker vigorously campaigned on the importance of ridding the state of this distorted method of accounting, going so far as to state on his campaign website that he would 'Require the use of generally accepted accounting principles (GAAP) to balance every state budget, just as we require every local government and school district to do.'"
It seems that while Governor Walker now chooses to use cash basis accounting rather than a more honest representation of the state’s finances—at least when reporting his results to the people of Wisconsin—Candidate Walker saw it very differently. In fact, in 2010, Walker vigorously campaigned on the importance of ridding the state of this distorted method of accounting, going so far as to state on his campaign website that he would 'Require the use of generally accepted accounting principles (GAAP) to balance every state budget, just as we require every local government and school district to do.'"
Federal Employee Compensation
Unionized workers with only a high school diploma earn, roughly, 20 percent more than their private sector counterparts. When we consider age, education, and experience, public sector workers with at least an Bachelors degree, earn less than their private sector counterparts. These are the conclusions of three recent studies (here, here and here). The Congressional Budget Office's latest research on the topic (looking at Federal employees) has found similar results.
"CBO's study compares federal civilian employees and private-sector employees with certain similar observable characteristics. This analysis focuses on wages, benefits, and total compensation between 2005 and 2010."
"CBO's study compares federal civilian employees and private-sector employees with certain similar observable characteristics. This analysis focuses on wages, benefits, and total compensation between 2005 and 2010."
- Federal civilian workers with no more than a high school education earned about 21 percent more, on average, than similar workers in the private sector.
- Workers whose highest level of education was a bachelor's degree earned roughly the same hourly wages, on average, in both the federal government and the private sector.
- Federal workers with a professional degree or doctorate earned about 23 percent less, on average, than their private-sector counterparts.
For Further Reading:
Thursday, February 16, 2012
Saturday, February 11, 2012
The Real Food Stamp President(s)
"Setting the record straight. Can you guess which president owns the first chart, about the increase in people who get food stamps, and which president owns the second one, about the rising cost of the program. I'm not going to tell you the answers, but I will give you two hints. There is a father and son in the answers, and neither is named Barack Obama."
h/t Crooks & Liars
CEO Pay, Unionization & The Middle Class
Union Membership Since 1983
Union Affiliation, Private Industries & Government
Union Membership Rate By State
Union Membership; Middle Class Share of Income
As union membership declines, so does the middle class.
Further Reading - Unionization:
Ratio CEO Compensation To Average Worker
The Top 1 Percent's Share of National Income
Further Reading - CEO Pay:
America's 25 Highest Paid CEOsCEO Pay
The CEO Pay Slice
CEO Pay Took Off While Middle Class Struggled
CEOs Distance Themselves From Average Worker
Corporate Paywatch
Pay Disparity Ratio
Wall Street Ascendant
Wall Street Class Racket
U.S Median Household Income
Further Reading - Inequality:
Sunday, February 5, 2012
Employment Readings
Alternative Measures Of Labor Utilization
Comparing Recessions & Recoveries
Down & Out
Eleven Telling Charts From 2011
Employment Population Ratio
The Employment Situation
Lies, Damned Lies, And Politics
1 Million People Didn't Drop Out Of Labor Force Last Month
Right-Wing Relying On Discredited Information
Wow. But Is The Number Real?
Comparing Recessions & Recoveries
Down & Out
Eleven Telling Charts From 2011
Employment Population Ratio
The Employment Situation
Lies, Damned Lies, And Politics
1 Million People Didn't Drop Out Of Labor Force Last Month
Right-Wing Relying On Discredited Information
Wow. But Is The Number Real?
Sunday Reading
Comparing Recessions & Recoveries
Dissecting Romney's Statement
Fantastic News On Jobs
It Pays To Be Rich
Koch Brothers & Allies Pledge $100 Million To Beat Obama
The One Percent Versus The Twenty Percent
Private Equity & "Job Creation"
Rachel Maddow Mocks Mitt Romney
Romney's Gift From Congress
Soaking The Poor, State By State
Why Don't We Pay People Enough?
Why The GOP Should Stop Invoking Reaganomics
Why The Super Bowl Is Socialist
Dissecting Romney's Statement
Fantastic News On Jobs
It Pays To Be Rich
Koch Brothers & Allies Pledge $100 Million To Beat Obama
The One Percent Versus The Twenty Percent
Private Equity & "Job Creation"
Rachel Maddow Mocks Mitt Romney
Romney's Gift From Congress
Soaking The Poor, State By State
Why Don't We Pay People Enough?
Why The GOP Should Stop Invoking Reaganomics
Why The Super Bowl Is Socialist
Saturday, February 4, 2012
Jobs
Mitt Romney feels President Obama has made the recession worse.
The latest jobs numbers dispute this fantasy.
John Boehner conceded the latest jobs figures were good, but claims Republican can do better.
To the graphical record:
The latest jobs numbers dispute this fantasy.
John Boehner conceded the latest jobs figures were good, but claims Republican can do better.
To the graphical record:
Since George W. Bush had the worst record for job creation of any president, the claim by Republicans that they know how to create jobs also falls flat. President Obama, in the first three years of his first term, has created more jobs than Bush created over his entire two terms.
President Obama (with 23 consecutive months of private sector job growth) hasn't made things worse, and we have recent historical evidence debunking the claim Republicans can do better. Their policies drove the car into the ditch, Obama has had to get it out. Let's not give the wheel back to the Republicans.
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