Futures Nose Dive down 100 Dow Points
Only 57K private sector jobs.
Unemployment jumped to 9.2% from 9.1%
labor force shrank.
Average weekly hours fell to 34.3.
Average hourly earnings were flat, vs expectations of 0.0%.
Real unemployment rate is now 16.2%….i think it may even be higher
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Canada > America
In Canada, the Conservatives are in charge.
Coincidence?
_______
It was actually the Canadian liberals in the 1990s that succeeded in cutting spending and pretty much completely turned the Canadian economy around.
The conservatives are now in charge.
Yeah, they slashed spending, raised taxes, reduced entitlements, and doubled the amount that individuals pay into the Canadian version of Social Security. They also let the Loonie sink to new lows in order to protect manufacturing.
A balanced approach that spread the pain around, and was possible because everyone wanted to put the good of the country ahead of political considerations.
That’s what’s needed now.
and why are the GOPpers opposed to raising the limit on the fica tax? Joey Sixpack pays on 100% of his salary while the guys complaining the most have a cap on their earnings thus reducing the contribution %.
“If they increased it to say, $140,000 overnight, the vast majority of Americans would probably applaud it, while this would go a good way in bridging the Social Security fund depletion. After all, that’s a lot more politically savvy than increasing the retirement age or decreasing benefits to seniors, right?”
and it will still be a regressive tax …
Social security has been perverted from its original intent. It was supposed to pay you a retirement based on contributions. There is a maximum limit to the benefits anyone can receive, so there is a maximum cutoff on contributions. But the feds have spent all the money they were supposed to be saving for our retirement, and they give it to many folks not originally intended to be beneficiaries. So now it’s more of a tax and entitlement program, like every other tax and spend program. So maybe the upper limit should be done away with. Go ahead and call a spade a shovel I guess.