THIS EXCERPT IS TAKEN FROM THE HONORABLE ELIJAH MUHAMMAD’S LECTURE ENTITLED,”THE THEOLOGY OF TIME,”GIVEN BETWEEN JUNE 4,1972–OCTOBER 29,1972(20 LECTURES IN ALL AS TRANSCRIBED BY OUR BELOVED BROTHER MINISTER NASIR HAKIM @ WWW.MEMPS.COM).PAGE 232,”FINE,HIGHLY EDUCATED PEOPLE DON’T HAVE WORK TO DO,THEIR WORK IS SHUTTING OFF FAST. THE DEVIL HAS UNEMPLOYMENT IN YOUR OFFICE. HE DOESN’T KNOW WHAT TO DO WITH HIS OWN UNEMPLOYED PROFESSIONAL PEOPLE.THIS IS WHY THEY’RE HAVING SO MUCH TROUBLE IN THE SCHOOL.THEY WANT SOMETHING TO DO WHEN THEY GET THEIR DIPLOMAS AND THEIR DEGREES,BUT WHERE ARE YOU GOING TO GET THAT SOMETHING IF YOU DON’T MAKE IT FOR YOURSELF? YOU GOT TO MAKE IT FOR YOURSELVES. IF YOU DON’T MAKE IT FOR YOURSELVES, WHO IS GOING TO MAKE IT FOR YOU WHEN AMERICA IS FACED WITH THE WORST PROBLEM SHE EVER HAD;THAT IS, UNEMPLOYMENT FROM HER ARMED FORCES. WHEN THEY COME BACK HOME ,WHAT IS SHE GOING TO GIVE THEM TO DO?THIS MEANS WAR AT HOME.THEY ARE GOING TO START FIGHTING FOR SOMETHING AND AMERICA KNOWS SHE’S IN TROUBLE. SHE WILL BE SENDING THESE UNEMPLOYED SOLDIERS BACK HOME TO DO NOTHING. SHE’S IN TROUBLE,BUT SHE DOESN’T KNOW WHAT TO DO WITH THESE PEOPLE.”
ALL WE HAVE TO DO IS LOOK AT THE ECONOMIC SITUATION;”34 Million Americans Receiving Food Assistance – 6 Million Increase in One Year: Five Charts Showing the Status of U.S. Employment: Manufacturing Pounded, Participation Rate at Multi-Decade Lows, Part-time Employment at Record Levels, and Less Layoffs with few Hires.
Posted by mybudget360 in Employment, bailout, debt, economy, government, income, market history, recession, unemployment
0 Comments There is something troubling when the theme of recovery is never tied to U.S employment. The American worker is suffering. This has not changed. The solace being offered is that less people are being fired. I suppose the 26 million American workers who are unemployed or underemployed might find some comfort in the jobless recovery talk. Yet this recession is making it particularly hard for people to find work. That is why we are seeing a spike in bankruptcy rates that rival those of 2005 when people rushed to file before more stringent guidelines were imposed. Even with the banking friendly rules, you can only squeeze so much out of someone who has nothing left.
If you want to see the actual pain for those at the lowest rung of the economic ladder, all you need to do is look at the massive spike in people receiving food stamps:
This is off the charts here. We can look at two previous peaks to see how bad this in proportion to the population:
1981: Food stamp participation at 21 million
Population (229 million)
9 percent of total population on food stamps
1994: Food stamp participation at 27 million
Population (263 million)
10 percent of total population on food stamps
2009: Food stamp participation 34 million
Population (307 million)
11 percent of total population on food stamps
I adjusted the figures to account for population and by far, this is the highest rate of people on food stamps in the last 30 years. And the spike is amazing if you look at the above chart. We went from 28.4 million in May of 2008 to 34.4 million in May of 2009. 6 million people have been added to the food stamp program in the matter of one year. And if you think people receiving this assistance are making big bucks, the average monthly benefit comes in at $101 per person. And if you think these are average Americans (i.e., those making $50,000 a year who are struggling as well) think again:
The program itself is no longer called food stamps but is now labeled as SNAP (Supplemental Nutrition Assistance Program). Bottom line however is that many people are struggling in this economy and those with lower incomes and the middle class are being squeezed the hardest.
With that as the economic back drop, let us now look at the overall employment situation:
Chart 1 – Sectors of Employment
These are illuminating charts from the Atlanta Federal Reserve. We already know that since December of 2007, the economy has shed nearly 7 million jobs by official standards. But if you look at which sectors have been hit the hardest, you can see why the middle class is being hurt. The biggest hit sectors are manufacturing, construction, and services. Now we need to remember that the manufacturing sector has been decimated over the last 40 years so these jobs being lost are in light of the already deep cuts. Construction employment has fallen with the housing bubble imploding. In the past, we would usually have construction and housing lead us out of recession but this recession was caused by housing and massive amounts of debt. Plus, we have $3 trillion in commercial real estate debt and plenty of empty vacant space for years to come.
These jobs were better paying positions. If you look on the chart above, the only 2 sectors that had any hiring in 2009 on an overall basis to show up on the chart are the government and services. This is not where you want to see job growth.
Chart 2 – Manufacturing
At a certain point we are going to need to realize that having some semblance of a manufacturing base is going to be important for the vitality of our country. People may not even realize that we have the same number of people employed in manufacturing as we did back in the 1940s not adjusting for population growth!
These are typically better paying jobs and the pattern is abundantly clear. The employment picture looks grim if we don’t stabilize some of these markets.
Chart 3 – Unemployment and Participation Rate
We are starring at unemployment rates and labor force participation rates that have not been seen in 30 years. What is troubling regarding this recession is how deep and how quick it is moving. What is even more disturbing is the new structural changes that are occurring. For example, we may not see the fabled 4 to 5 percent ideal unemployment rate for another decade. What industry is going to pick up this massive slack? This is one thing that escapes many. We went from a technology bubble to a housing bubble. This has preoccupied our nation for 20 years. Is there any other bubble to create massive amounts of employment? I just don’t see it occurring in the short-run. I’m looking at indicators like the food stamp participation rate, U-6 employment measures, and following the $3 trillion in commercial real estate debt outstanding. This will give us a better sense of when true recovery occurs and not just a bailout for Wall Street rallying on the subsidies of the American taxpayer.
Chart 4 – Part-time for Economic Reasons
Never have we seen this many Americans working part-time for economic reasons. In this way, we are becoming like Japan since they have a high part-time employment base. No security, no benefits, and no stability. Some 8.8 million fall in this category. This pattern is troubling because Japan saw similar impacts once their Heisei bubble burst and caused two (going on three) lost decades. They kept zombie banks alive while bleeding the real employment sector dry. They report low overall unemployment rates but those working part-time make up nearly a third of their entire workforce. We are seeing similar patterns with commercial real estate debt just sitting hidden and the U.S. Treasury and Federal Reserve buying up questionable assets in exchange for U.S. Treasuries.
Now this issue is going to carry a lot of weight especially with the current healthcare debate. Part-time employment growth is not exactly something you want to see.
Chart 5 – Less Layoffs but Few Hiring
Chart 5 probably summarizes our current position best. As you can see, the layoff trend is heading lower but the hiring trend is also at a low level. In fact, according to the Atlanta Federal Reserve Board for June of 2009 the hiring rate came in at a record low of 2.9%! This is the lowest on record since data started being measured back in December of 2000.
Now just think about what the above chart signifies. If people aren’t hiring and people are still letting people go, is this actually a good sign? That is why it is premature to say things are getting better. The jobs that were lost were good paying jobs. Many will never return. So what industry is going to make up that gap? If there is no industry, then our economy is going to have to adjust. Sure the S&P 500 is up by 50 percent but this isn’t based on solid earnings. If we look at more realistic indicators of our economy, the recession is still deep and painful and shows no signs of improving, just getting worse at a slower pace.”——AMERICA KNOWS THAT HER TIME IS RUNNING OUT EVEN AMONGST HER OWN CONTROLLED INSTITUTIONS;”11:46 August 18th, 2009
Rebalance or else, IMF says
Post a comment (1)Posted by: Emily Kaiser
Tags: Uncategorized, china, dollar, imf, MacroScope, rebalancing, u.s. economy
The International Monetary Fund has been warning for years about the risk of global imbalances — namely huge U.S. current account deficits and surpluses in China. Today its chief economist offered a grim view of how the economy might suffer if the rebalancing act fails.
Olivier Blanchard says unless the United States can refocus its economy more toward exports and China more toward imports, the U.S. recovery will probably be anemic because American consumers aren’t going to quickly revert back to their pre-crisis free-spending ways.
And if the recovery is anemic, there will no doubt be intense political pressure for more stimulus, particular in 2010 when most members of Congress face re-election.
“Were that to happen, one can imagine various scenarios: political pressure may be resisted, the fiscal stimulus phased out, and the U.S. recovery would then be very slow. Or fiscal deficits might be maintained for too long, leading to issues of debt sustainability, worries about U.S. government bonds and the dollar, and causing large capital flows from the United States. Dollar depreciation may take place, but in a disorderly fashion, leading to another episode of instability and high uncertainty, which could itself derail the recovery,” Blanchard wrote in an article released by the IMF.”
AND AS THE MOST HONORABLE ELIJAH MUHAMMAD TAUGHT,THERE ARE NO JOBS FOR THE SOLDIERS TO COME HOME TO.THIS MEANS TROUBLE AND PLEBTY OF IT.THIS IS ONE REASON WHY AMERICA IS STILL KEEPING TROOPS IN FOREIGN LANDS EVEN THOUGH SHE KNOWS IT HAS BANKRUPT HER AND NO LONGER FEASABLE WHILE IT STANDS AGAINST THE WILL AGAINST ITS OWN PEOPLE.THIS IS S THEY KNOW BUT THEY ARE TRYING TO AVERT ANOTHER REBELLION AT HOME,SO THEY MUST TRY TO STOP THIS;”« Previous story Next story »
Soldiers Return Home To Find An Unwelcoming Job Market
By Fred Thys (WBUR)
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Navy Petty Officer Leo Pike was laid off from his job as a New Bedford firefighter while he was serving in Iraq. (Fred Thys/WBUR)
The economy is not sparing military veterans. At a hearing in Worcester on Monday, veterans told members of the legislature about how layoffs are affecting them. They also revealed how prejudices against veterans with post-traumatic stress disorder are preventing them from working.
As veterans testified to the way they have been battered since returning from Iraq and Afghanistan, a consensus built in the hearing room that more must be done to help them get and keep jobs.
Lawrence Phillips did two tours of duty in Iraq as a Marine infantryman. He is now being treated for post-traumatic stress disorder. A disabled veteran with post-traumatic stress disorder, he works at Mass Veterans, Inc., the shelter in Worcester where Monday’s hearing was held.
“My goal in life and lifelong dream is to become a police officer,” Phillips said. “It’s taken me now two years and still going, and I’ve been to over probably about 30 police departments, and I have not yet been hired. I don’t know what it is that Massachusetts is looking for in a police officer. I’m 25 years old. I’m well capable of becoming a police officer.”
Phillips is aware that it’s a bad time to get hired as a police officer when police departments across New England are laying officers off. But he suspects that the main reason for his inability to get a job is that no police department wants to hire a veteran with PTSD.
Corporal Eric Madonna says he was relieved of his duties as a Fall River police officer after he revealed that he had post-traumatic stress disorder.
“My service to my country ruined my life, ruined everything I did,” Madonna says. “I was a decorated officer – officer of the year 2007, and 2009 I don’t have a job. They forced me out. They forced me to retire because I have post-traumatic stress disorder, and I shouldn’t have told them. I look back now, maybe I should have lied.”
Madonna says after he was relieved of his duties, he tried to contact every member of Congress he could think of.
“And the only person that called me back was Senator McCain himself, from Arizona,” Madonna says. “The only one who called. Sens. Kerry and Kennedy sent me standard-form letters that never addressed what I wrote down in my complaint.”
A spokeswoman for Sen. John Kerry’s office says phone logs and notes show he never contacted the office. A spokeswoman for Sen. Edward Kennedy says notes show that Madonna told an aide to the senator that he decided against having the senator’s office call the Fall River Police Department on his behalf for fear that it would ruin his chances to get his job as a patrol officer back.
Sen. Kennedy’s office says it’s happy to help Madonna if he’s changed his mind.
The economy is hitting veterans as hard as it’s hitting the rest of the country. Secretary of Veterans’ Services Tom Kelly says the Massachusetts National Guard has noticed an increase in layoffs of its soldiers. He also says that, nationally, veterans of the wars in Iraq and Afghanistan have a very high unemployment rate.
“Veterans between the ages of 18 and 24 have the highest unemployment, to date, at 14.1,” Kelly says.
That’s almost twice the national average, but it is the same unemployment rate as for non-veterans 18 to 24, so veterans of the recent wars are not suffering from unemployment any more than non-veterans. They are suffering more simply because they’re young.
The economy has also affected services to veterans. Members of the Patrick administration and legislators are worried that some cities and towns are not hiring a full-time veterans’ services officer, as they are required to by law, and they are considering increasing the penalties to cities and towns that don’t meet their obligations.
Steve Connor, the director of veterans’ services for Northampton and surrounding towns, worries that when some towns don’t offer veterans’ services, towns that do could get overwhelmed. “Now, the city of Northampton,” Connor recalls. “When I started five years ago, we were assisting 12 veterans. We are now at 120.”
Connor recognizes that one reason for the influx is the presence of a VA hospital in Northampton, but he believes that the other reason is that Northampton offers better services than surrounding communities.
Of particular concern to members of the joint Committee on Veterans’ Affairs are veterans who have lost their civilian jobs, while still on active duty. A police officer from Fall River who was blinded by an explosion learned he was being laid off while still being treated at the Walter Reed Army Medical Center.
New Bedford firefighter Leo Pike got word he was losing his job while he was in Iraq. Pike had served tours of duty in Iraq and Afghanistan as a Marine before becoming a New Bedford firefighter. Two years ago, he decided to go back into the military. This time, he joined the Navy and went to Iraq. Last month, Pike’s girlfriend received a letter from the fire department.
“So now, she’s at home, ” Pike says. “She’s going to school full time. She works full time, and we have a two-and-a-half-year-old son. She has to wait for me to call home to say, ‘Hey! Guess what? Your job is gone.’ Now, if you talk to any firefighter, we love our job. I’m upset because I’ve been running into a burning building any one of my brothers, and the way I lost my job was like a slap in the face. ‘Thanks for serving and, by the way, when you get home your job’s gone.”
Pike is now an apprentice iron worker. He doesn’t know when he’ll get his job as a firefighter back.
“Now, do I think I should be free from layoffs? No. I feel that there’s seniority, and it’s there for a reason. That’s the union way. But wait ’till a guy gets home.”
The Patrick administration and legislators say they may not be able to tell towns to wait until their public-safety officers get home from the wars before laying them off, but they are promising to implement procedures to insure that those who are fighting overseas are at least informed in a respectful way that they don’t have a job to go home to anymore.
Tags: Afghanistan, Iraq, job market, post-traumatic stress disorder, veterans, Worcester”
GOD IN PERSON IS AFTER AMERICA AND SHE KNOWS THAT SHE IS IN THE GRIPS OF THE TRUE AND LIVING GOD .SHE WILL SUFFER ONE CALAMITY RIGHT AFTER ANOTHER .SHE NOW IS DAMBED IF SHE TRIES TO BRING HER TROOPS HOME AND SHE IS DAMDEB IF SHE DOESN’T.
BECAUSE SHE DIDN’T MEET OUT FREEDOM,JUSTICE,AND EQUALITY TO THE PEOPLE(ESPECIALLY HER EX-SLAVE AND THE RED INDIAN AND EVEN HAD THEM BEFORE THE WORLD AS A MOCKERY TO GOD) SHE WILL NOW FACE THE HAND OF JUSTICE AGAINST HER.
WE ARE NOW LIVING IN THE DAYS OF THE SON OF MAN….THESE ARE THE DAYS OF THE ONE TRUE GOD IN PERSON!