…now I’m staring at the March employment report in dazed bewilderment, because this is a truly BAD report. As you work through it the badness just keeps growing.
The best of it is in the Establishment report, but at 88K nonfarm jobs that isn’t much of a best. And then I look at the details, and I become uneasy. Wholesale trade and retail trade both racked up significant negatives. Transportation and warehousing is negative. Temporary help services are a big plus, which at least keeps one from drinking bleach.
“This Time Is Different: Eight Centuries of Financial Folly” author Carmen Reinhart:
“…the crisis isn’t over yet, not in the US and not in Europe….”
“….no central bank will admit it is keeping rates low to help governments out of their debt crises. But in fact they are bending over backwards to help governments to finance their deficits,” and guess what, “this is nothing new in history ….”
“….No doubt, pensions are screwed….”
http://www.zerohedge.com/news/2013-04-11/carmen-reinhart-no-doubt-our-pensions-are-screwed
The economic engines that fueled the middle class are now off shore. The manufacturing sector that maintained the middle class has largely been outsourced. The middle class was also the tax base and the engine that drove the economy. Engine is broken. All warranties are null and void. What was the middle class is now a liability rather than tax contributing asset. In a nutshell, any chance of economic recovery has been outsourced.
http://www.cnn.com/CNN/Programs/lou.dobbs.tonight/popups/exporting.america/content.html
If your wondering why where in this fix. Look into the RBC back door immigration scam. The mounting salaries of Government workers.The monument building from out taxes by Leaders from Municipal to federal spend thrifts.
Add to this the ever growing Squatting using the Middle income tax payers to pay for these colonists.These are just the figures of the Legal open Immigration (Immigrants cost $23B a year: Fraser Institute report.) Think about the temporary & New scandals of what is being done to us under the table not counted.. Where paying for our own extinction.
Dear John Baird, About Those 120,000 Palestinian Refugees You’re Bringing To Canada … F&ck You
http://blazingcatfur.blogspot.ca/
Welcome to Turtle Island. Where its Citizens are mere dupes for a Government kick back scam for money for individual MPs.
How many more free homes, cars, will be given to these people. How many government jobs. Don’t believe me go to any federal building. Young people struggling for a home , yet new comers get free accommodation. Free school, free jobs courses.Free driving lessons. The pick of the litter of any Job because of quotas.While being protected by special courts only because of having a different skin color, or Religion.
Mean while those same people who have lived here pay outrages amounts of money. To be replaced by an elite group of squatters, who idolize murder, savagery & mutilation. While hating anyone else. Spreading anti-Semites like smallpox .
The Government parties that run this Nation have savaged their own population for individual gain. Destroyed future social co-cohesion. Introduced Multiculturalism , human rights boards to destroy any democracy left. Including Blasphemy laws for only one Religion.
Harper & his boys are no different than the libs or NDP, only sneaker,with a slower Time line, than the others to deconstruction of Canada.
Mean while our families with the middle class are looted to pay for their own demise.Held back from any gain or meritocracy. By self evident race Laws , along with being vilified . While the true monsters are made welcome spiting on our Civilization.
Of course there are other problems as well. Like Over taxation, the lack of any Meritocracy in Canada anymore. The Grotesque cost of Quebec to this Nation.
The Western World is F%$#@d for one reason: people who understand what is happening choose to do ‘nothing constructive’ (tweet and post) instead of fight.
I read maxed out mama regularly and I get the feeling she is a Clinton democrat. She always tries to see the bright side. I need her optimism after many of these reports but I think it’s finally starting to sink in.
I think the Russians are on to something: Obama IS trying to destroy America.
Consider that there are nearly 315 million people in the US, with nearly forty million over the age of sixty-five and 76 million seventeen and under with the remainder able to work. Eighty-eight thousand jobs is a laugh.
What optimism?
Even worse is that there are only 113 million taxpayers of which 23 mil are state or federal emloyees. The workforce numbers spell dead end for the economy. The Fed printing 85 billion a month just to maintain excessive spending is only the beginning of the end. I see food stamp recipients just passed 48 million.
http://www.usdebtclock.org/index.html
I don’t thnk it is as bad as some say. In the case of boomers, which both my wife and I are, once we get to 71 (assuming we make it to that point), we will have to convert our RRSPs to RRIFs. That dictates a mandatory minimum annual withdrawal. In our particular case, that will result in roughly $40K annually, at least initially, that had previously been sheltered coming back into the economy and being subject to taxation. Multiply that sort of scenario with the number of boomers, regardless of what they have in RRSPs, and I would think that the tax authorities are going to see a strong upsurge in revenues.
Lou dobbs is an idiot. Outsourcing isn’t the problem.
The welfare state – and debt and dependency it has created is.
Lack of labour competitiveness is the result of the latter and the cause of the former but dobbs and other lefties will never admit it or their failure.
The problem is Bruce you and your bride are very much in the minority. Most retirees will rely heavily on government and private db pensions that have far too low reserves. And all retirees have saved diddly squat to pay fir their healthcare. You will be a ward of the state in that regard and likely the tax on your rrif income won’t cover the cost.
Dobbs a lefty ? That will be news to him. The debt and dependency that created the welfare state is primarily visible on Walmart shelves. The middle class in America once produced those products. Excessive regulations, Union greed and taxation sent the factories to other countries and millions of what was the middle class are now unemployed. How do you propose we compete with countries that pay one dollar per hour with few regulations ?. Just what failure are you talking about ? If outsourcing isn’t the problem then please explain how we can recoup the money lost when thousands of factories shut their gates and million of workers became liabilities instead of contributors. I beg to differ that outsourcing isn’t the problem. One look at the growing economies in China, India,etc make a mockery of that theory.
Gord you are making a good point. In my case I haven’t relied that much on the public health care system, I have been fortunate enough to have the resources to travel to wherever to obtain, primarily for my wife who has MS, immediate treatment rather than stew on the waiting list. Two years ago I took her to a private clinic in California for the so-called Zamboni treatment which is simply angioplasty to unclog arteries and veins. I spent $17K for what would have cost the Canadian medical system $350; even though it is a common treatment in Canada, Health Canada would not allow it to be done for MS patients. Fine…I accept that, I’m not going argue or complain. It is what it is.
Now that one of my knees is presenting significant problems (I HATE get old) I’ll likly go to to Seattle to have it done…instead of being “free”, it will probably cost me about $8K. But….my money…my choice.
But you are absolutely right…at some point I will become a financial burden on the medical system in Canada. Unless I croak first. Heh.
See you at Harbour View or Swedish (-: