Tag: First Time

*VIDEO* Donald Trump Reads Off A Teleprompter For First Time During His AIPAC Speech

Hey, he said he could be “presidential” when he wanted to be. Now we know that’s true.
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Personally, I prefer the non-presidential Trump who shoots from the hip, not this Obamatized version.

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Related video:

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For instance, this is The Donald when he’s NOT being “presidential”.
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There, now wasn’t that better?

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Obamanomics Update: Number Of People Not In Labor Force Tops 94 Million For First Time In History

Record 94,031,000 People Not In Labor Force – Big Government

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The number of people not in the labor force exceeded 94 million for the first time, hitting another record high in August, according to new jobs data released Friday by the Bureau of Labor Statistics.

The BLS reports that 94,031,000 people (ages 16 and over) last month were neither employed nor had made specific efforts to find work in the prior four weeks.

The number of individuals out of the civilian work force represented a jump of 261,000 over July’s record of 93,626,000 people.

August’s labor force participation rate remained at the same level as the prior two months at 62.2 percent, the lowest level seen since October 1977 when the participation rate was 62.4 percent.

The civilian labor force also experienced a slight decline of 41,000 people, compare to July’s 157,106,000 people in the civilian labor force to 157,065,000.

In total 149,036,000 people were employed in August, 8,029,000 were unemployed, and 5,932,000 people who wanted a job.

Overall the Labor Department reported that the economy added 173,000 jobs in August. The unemployment rate was 5.1 percent, lower than July’s 5.3 percent.

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Thanks Barack… U.S. Labor Participation Rate Falls Behind Great Britain For First Time In 36 Years

Obamanomics In Action: US Labor Participation Rate Falls Behind Great Britain For First Time In 36 Years – Gateway Pundit

Obamanomics in action –

One million fewer Americans are working today than before Barack came into office.

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The US labor participation rate has fallen behind Great Britain for the first time in 36 years thanks to Obama’s failed big government policies.

Liberty Unyielding reported:

The labor force participation rate – the proportion of adults who are either working or looking for work – started to decline in the US in 2000 and has plunged since 2008 from 66 to 63 per cent.

The equivalent of 7.4m people are no longer part of the labour force. Yet participation in the UK has held up remarkably well despite the country’s prolonged downturn and now stands at 63.6 per cent – the first time in 36 years that it has been higher than the US rate.

Economists have been surprised by the trends, not least because the US labour market has long been seen as one of the most resilient and flexible.

“America is even more flexible than us and yet there is this complete contrast,” said Paul Gregg, economics professor at the UK’s Bath university.

And, then there’s the long-term unemployment disaster:

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House Republicans
@HouseGOP

Fact of the Day: the # of long-term unemployed Americans has more than doubled since 2007, from 18.4% to 39.3%: http://j.mp/1m3XCCc
12:00 PM – 25 Mar 2014

22 Retweets – 6 favorites
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Federal Reserve’s Ownership Of U.S. Debt Breaks $2 Trillion For First Time

$2,001,093,000,000.00: Fed’s Ownership Of U.S. Debt Breaks $2T for First Time – CNS

The Federal Reserve’s holdings of publicly traded U.S. Treasury securities – federal government debt – pushed above $2 trillion for the first time last week, hitting approximately $2,001,093,000,000.00 as of Aug. 14, according to the Fed’s latest weekly accounting.

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The Fed’s accounting for the previous week showed that it had owned approximately $1,993,375,000,000.00 in U.S. Treasury securities as of Aug. 7.

Back on Dec. 31, 2008, before the Fed began its strategy of “Quantitative Easing,” the Fed owned only $475.9 billion in U.S. Treasury securities. Since then, the Fed’s holdings of U.S. government debt have more than quadrupled.

Launched in 2009, the Fed’s Quantitative Easing (QE) efforts have attempted to stimulate the economy.

“Under QE,” explains a February 2013 Congressional Research Service report, “the Fed attempts to lower long-term Treasury and MBS [mortgage-backed security] yields directly through purchases that drive down their yields, in the hope that lower Treasury and MBS yields will indirectly filter through to reductions in other private long-term yields. (Lower Treasury yields do not directly stimulate economic activity – they are only stimulative if other yields fall as a result.) This could occur because Treasury securities are considered a ‘benchmark’ against which other private securities are priced, so that other securities are automatically repriced when Treasuries are repriced (although the change is unlikely to be one-to-one).”

(In its latest weekly accounting, the Fed also said that as of Aug. 14, it owned approximately $1.299831 trillion in mortgage-backed securities that had been issued by Fannie Mae, Freddie Mac and Ginnie Mae. Back on Jan. 14, 2009, the Fed owned only $5.6 billion in mortgage-backed securities.)

By law, the Fed is not permitted to buy U.S. Treasury securities directly from the Treasury. Instead it buys them in the secondary market. However, when the Fed buys U.S. government debt even on the secondary market it creates a closed circle: The Treasury pays the Fed the interest owed on that part of the federal government’s debt, and almost all of that interest – considered “profit” by the Fed – is paid back to the Treasury.

“Monetizing the deficit refers to financing the budget deficit through money creation rather than by selling bonds to private investors,” said the CRS. “Hyperinflation in foreign countries has consistently resulted from governments’ decision to monetize large deficits.

“According to this definition, the deficit has not been monetized,” said CRS. “Section 14 of the Federal Reserve Act legally forbids the Fed from buying newly issued securities directly from the Treasury, and all Treasury securities purchased by the Fed to date have been purchased on the secondary market from private investors.”

“Nonetheless,” said CRS, “the effect of the Fed’s purchase of Treasury securities on the federal budget is similar to monetization whether the Fed buys the securities on the secondary market or directly from the Treasury. When the Fed holds Treasury securities, Treasury must pay interest to the Fed, just as it would pay interest to a private investor. These interest payments, after expenses, become profits of the Fed. The Fed, in turn, remits about 95 percent of its profits to the Treasury, where they are added to general revenues. In essence, the Fed has made an interest-free loan to the Treasury, because almost all of the interest paid by Treasury to the Fed is subsequently sent back to Treasury.

“The Fed could increase its profits and remittances to Treasury,” said CRS, “by printing more money to purchase more Treasury bonds (or any other asset).”

As of Aug. 15, according to the Bureau of the Public Debt, the total value of Treasury securities held by the public was $11,952,073,953,024.85. (The rest of the federal government’s debt is “intragovernmental” debt – n.b. money that the Treasury owes to federal trust funds, such as the Social Security trust fund.)

The $2,001,093,000,000.00 in Treasury securities now owned by the Fed equals 16.7 percent of the U.S. government’s debt held by the public. Another $5.6006 trillion in U.S. Treasury securities is owned by foreign entities, according to the Treasury’s latest report on foreign holders of U.S. debt. The combined $7,601,693,000,000.00 in U.S. Treasury securities owned the Fed and foreign entities equals about 64 percent of all extant U.S. Treasury securities.

After the Fed, entities on Mainland China are the largest owners of U.S. government debt, holding $1.2758 trillion as of the end of June.

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Daley Gator Surpasses 90,000 Monthly Views Mark For The First Time!

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We here at the Daley Gator would like to take this moment to thank our many loyal readers for helping to make this humble blog a success.

And now…

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Daley Gator Surpasses 60,000 Monthly Views Mark For The First Time!

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We here at the Daley Gator would like to take this moment to thank our many loyal readers for helping to make this humble blog a success.

And now…

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Government Handouts Top Tax Revenues For First Time Since Great Depression

Government Handouts Top Tax Revenues For First Time Since Great Depression – Fiscal Times

* Households received $2.3 trillion in government income support in 2010.

* Government cash accounts for79 percent of household income growth since 2007.

* Since 2007, household tax payments have fallen by $312 billion.

With President Obama’s deficit-reduction plan now on the table, the political left, right and center are ready to rumble over how to assure long-term fiscal stability. The big questions are where to slash and by how much, but over the next year or two, the most important question for the economy might well be how quickly the cutting should begin. Households have become unusually dependent on the government for income support and removing that prop too fast could put the recovery at risk.

For the first time since the Great Depression, households are receiving more income from the government than they are paying the government in taxes. The combination of more cash from various programs, called transfer payments, and lower taxes has been a double-barreled boost to consumers’ buying power, while also blowing a hole in the deficit. The 1930s offer a cautionary tale: The only other time government income support exceeded taxes paid was from 1931 to 1936. That trend reversed in 1936, after a recovery was underway, and the economy fell back into a second leg of recession during 1937 and 1938.

As then, the pattern now reflects two factors: the severe depth of the 2007-09 recession and the massive fiscal policy response to it. The recession cut deeply into tax payments as more people lost their jobs, and it boosted payments for so-called automatic stabilizers, such as unemployment insurance, that ramp up payments as the economy turns down. Plus, policy actions, including the Recovery Act, boosted payments to households by expanding and extending jobless benefits and creating other income subsidies while extending the Bush-era tax cuts and adding new reductions in income and payroll taxes.

Government transfers of income to households started to overtake personal taxes at the start of 2008, and the gap has been widening. In 2010, households received $2.3 trillion in income support from unemployment benefits, Social Security, disability insurance, Medicare, Medicaid, veterans’ benefits, education assistance and other cash transfers of government funds to individuals. Also last year, households paid $2.2 trillion in income, payroll, and other taxes. The difference was $125 billion, equivalent to 1 percentage point of overall personal income and about three times the amount Republicans and Democrats agreed to cut from government spending through Sept. 30.

Since the onset of the recession, government direct payments have increased by $579 billion, accounting for 79 percent of the growth in overall personal income. As job growth has picked up, that contribution has diminished, but during 2010, government cash still accounted for 28 percent of the increase in income. Not surprisingly, Social Security, including survivors’ and disability benefits, accounted for a significant portion of the increased payments and the amount paid out in unemployment benefits more than tripled over that period. At the same time, tax payments since the recession began have fallen by $312 billion, also providing a boost to consumers’ purchasing power.

Government Transfers of Income to Households
(In Billions of Dollars, seasonally-adjusted annual rates)

2007 Q4

2010 Q4

Change

Federal Social Benefits to Households

1275.9 1742.1 466.2

Social Insurance Funds

1071.8 1383.5 311.7

Social Security, Survivors,
and Disability

581.1 699.8 118.7

Medicare

437.0 532.9 95.9

Unemployment

35.1 129.0 93.9

Other Federal Social Insurance

18.6 21.9 3.3

Veterans Benefits

41.1 61.5 20.4

Supplemental Nutrition Assistance

32.5 69.8 37.3

Earned Income Credit

54.8 73.0 18.2

Supplemental Security Income

37.9 45.3 7.4

Other Federal Benefits

37.8 109.0 71.2

State & Local Benefits

444.0 556.8 112.8

Medicaid & Other Medical Care

344.9 442.1 97.2

Other State & Local Benefits

99.0 114.7 15.7

Total Government Transfers to Households

1719.9 2298.9 579.0
Data: Bureau of Economic Analysis

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Typically, the gap between transfers and taxes runs the other way – and by a wide margin. “In normal times the household sector gives about 8 percentage points more of its income in taxes than it receives in direct transfers,” says J.P. Morgan economist Michael Feroli. The potential problem over the next few years is the enormous drag on household income as stimulus measures such as the payroll tax cut and extended unemployment benefits expire. Even if unemployment declines from its current level, the labor markets may not be strong enough to generate the wage and salary income needed to offset that drag.

Feroli says that if the net flow of taxes and transfers even partly returns to normal, the resulting drag on incomes would be significant. The size of the drag would be especially sensitive to how fast that flow is reversed. A shift all the way back to the average 8 percentage point difference between taxes and transfers would be equivalent to about $1.2 trillion in income. To put that in context, half that amount is equal to the total increase in personal income over the past year.

The Inflation Factor

Consumers needed support in the first quarter, as inflation from surging energy costs ate into the buying power of their incomes. Energy helped push the Consumer Price Index in March up 0.5 percent, with prices during the first quarter rising at a 6.1 percent annual rate, gobbling up most of last quarter’s increase in income. Even with a reduced tax burden of about $60 billion last quarter, mainly reflecting the 2 percent cut in payroll taxes, inflation-adjusted spending appears to have grown only half as fast as the fourth quarter’s 4 percent pace. A tepid rise in March retail sales implies little momentum heading into the second quarter.

An increasing number of economists are downgrading their expectations for first quarter economic growth, to be reported on Apr. 28, and for the rest of the year. The drag from costlier energy is lasting longer than expected, and uncertainties over the impact of Japan’s struggles and the ongoing turmoil in the Middle East are weighing on growth. Obama’s recent deal with the GOP to cut nearly $40 billion from the federal budget for fiscal 2011 is equivalent to about 0.5 percentage points of GDP over the next six months, although the timing of those cuts is not yet set.

All this should be a yellow flag for the White House and Congress as they work toward reducing the deficit. Until the labor markets are strong enough to power consumer spending without the outsized income support from the government, withdrawing that support too quickly could put spending and the economy at risk to some unexpected shock.

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