The Obama administration has released a detailed report on “The Resurgence of the American Automotive Industry” for June, 2011. The report discusses the jobs created in the sector, the turnaround of the companies that are now turning a profit, and how entire communities have been revitalized by a strengthened auto industry. Or that’s the blurb they want us to print. I see no mention of the other big news the admin said on Wednesday that the government will lose about $14 billion in taxpayer funds from the bailout of the U.S. auto industry. It sure is nice that the industry has added 115,000 jobs since June of 2009, but is that worth $14 billion cost to us? My calculator doesn’t even count that high to figure out how much each of those jobs are worth.
Welcome to the Friday and Weekend open lines….
Labor stats for May was just released, with an increase of 54,000 newly employed people, leaving the official unemployment rate at 9.1%. Because there are hires and fires all around, the exact details vary across industries. The net result is the increase of 54,000 hires. But the indicators to me of the state of our economy are that in May, the number of long-term unemployed (those jobless for 27 weeks and over) increased by 361,000 to 6.2 million; their share of unemployment increased to 45.1 percent. What’s even more horrible to realize is that Aprils McDonalds hiring spree of 50,000 workers are included in these May numbers, because those jobs were added after the April data was collected. So in essence, taking out McDonalds our economy added 4,000 jobs.
You may read the full report here.
doesn’t sound good.
and remember…there are places who are hiring people for summer jobs that will end after Labor Day.
this could be included in the McDonald’s jobs, AND some of the 4000 others.
dismal to say the least.
some economists fear a double dip recession, or even a Great Depression.
housing is still in free fall, many foreclosures continue.
stocks are down
unemployment figures continue to be high.
stagflation and inflation on the horizon
the US credit rating is at risk.
and Geitner wants the Congress to allow another 2 and half TRILLION in the next year or so…making a staggering 5 trillion the amount borrowed and spent in 3 years.
AND both him and Obama want to raise taxes.
and Phil…about the GM/Chrysler bail-out…
didn’t Fiat take over Chrysler?
so…didn’t a foreign auto maker get some of that bail out money?
and didn’t China take over the Hummers?
wow…what a deal.
anybody buying a Volt?
I heard that some dealers were buying the Volts from each other, pocketing the $7,500.00 incentive, and then selling them as used cars….no $7,500.00 for the buyer.
LOL
We had 50,000 new hires ‘they’ say, we have to wonder how many had to lose employment to satisfy the current unemployment figure?
Also seems to me we could cut the military budget, or for that matter the government budget to balance the national budget.
Redit…I think there are plenty of cuts to government that can be made.
such as redundant services and agencies.
or whole departments for that matter.
certainly subsidies.
but that would take common sense, backbone and ethics…rare in DC.