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As depressing as this may sound, change in private sector employment, by fiscal year, since 2001:
2011: +2.26 million (188K/month)
2005: +2.24 million (187K/month)
2012: +2.20 million (183K/month)
2006: +2.00 million (167K/month)
2004: +1.68 million (140K/month)
2013: +1.51 million (216K/month)*
2007: +1.00 million (83K/month)
2010: +0.35 million (29K/month)
2003: -0.26 million (-22K/month)
2001: -1.12 million (-93K/month)
2002: -1.60 million (-133K/month)
2008: -1.63 million (-136K/month)
2009: -6.51 million (-543K/month)
*2013: Thru first seven months.
In other words, a net increase of only 2.1 million private sector jobs in 151 months since October 2000, an average of: 14K jobs/month.
This what I don't get.... They were reporting an average of 380,000 jobs lost weekly.... Yes weekly... for 3+ years straight.
The annual deficit has fallen 32% over the first seven months of this fiscal year compared with same period last year, according to Congressional Budget Office figures released Tuesday.
A major reason: A big jump in tax revenue.
Tax collections rose by $220 billion -- or 16% -- between the start of the fiscal year on Oct. 1 through April 30. Individual and payroll taxes accounted for $184 billion of that increase.
The tax haul rose sharply primarily because wages and salaries were higher, the payroll tax cut of the past two years expired on Jan. 1 and the fiscal cliff deal brokered over New Year's raised tax rates on high earners.
Spending, meanwhile, fell 1.9% year over year, the CBO estimated.
The biggest percentage drop occurred in the payment of unemployment benefits, which were down nearly 25%, or $15 billion. Defense spending fell 5.3%, or $20 billion, and "other activities" -- primarily spending on nondefense programs -- fell 8.6%, or $58 billion.
looks like Sequester is working! Kudos Obama for dreaming it up and to Republicans for making it happen!
You can calculate it both ways. In fact, your mortgage company likely looked at loan/payment as a percentage of your income.
Correct. But all they really care about is the cash at the end of the month. It doesn't matter to them if your ratios are great if you spent the cash at the bar.
This what I don't get.... They were reporting an average of 380,000 jobs lost weekly.... Yes weekly... for 3+ years straight.
That number is NOT just for the last 3 years - that number is normal for the last 40 years or so and represents NORMAL "thrashing" in the labor market. Even in a healthy economy some people lose their jobs every week - poorly performing businesses fail and either lay off part of their workforce or go out of business entirely. That's not necessarily a terrible thing as long as some other business is either starting out and needs initial workers or expanding and needs MORE workers. As long as there's another job to go to it's not that big a deal. It's when NO ONE ELSE is hiring that it becomes a problem - and generally that's not the case. 380,000 sounds like a lot, but in fact it's a tiny fraction of the total labor market.
The average weekly new UE claims has pretty much never fallen below 200,000 for any length of time since the early 1970's and has in fact climbed over time as the size of the US labor market (and it's total population) has grown.
Look for yourself - pick a period of time (any period of time - even the "good" Reagan years of 1985-1988 - it only briefly managed to go below 300,000 - and didn't stay there long) and you see that the weekly UE claims is virtually always in the 100s of thousands every single week . The number just looks big because of the HUGE size of the US economy. 380,000 workers is really just a tiny fraction of the overall workforce.
Do you pay your mortgage each month with dollars or percent of your gross pay?
Actually, the correct analogy is the mortgage one.
When new homebuyers buy their home, it is a struggle to make the monthly payment. After a few years, income rises which lessens the burden. It's exactly what happened to World War II debt, which was huge at the time. We never really paid off that debt, but growth in GDP rose making the debt irrelevant.
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Deficit plunges 32%
