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Washington’s Addiction to Uncle Ben’s Funny Money™

Welcome to America's Total Dependency Economy.

by
Stephen Green

Bio

January 13, 2014 - 11:13 am
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The United States is evolving from the most production nation in the world to a nation which does not work. Welcome to the Total Dependency Economy.

You’ve probably already seen December’s dismal jobs report. The headline number looked pretty decent at 6.7, down three tenths since November. But not even the panel on MSNBC’s Morning Joe could mask the disheartening numbers below the headline. Joe Scarborough called last month’s 74,000 net new jobs “a horrific number,” and Michelle Caruso-Cabrera added that the report was “very, very bad.”

Worse was the labor force participation rate as spotlighted by the scary-ass chart above from the Federalist, which dropped to a 35-year low. And perhaps most frightening was the fact that another 347,000 Americans left the labor force last month, some due to age but many due to despair. Cox Radio’s Jamie Dupree notes that for the last quarter of 2013, the labor force shrank by an ominous average of 45,000 a month. October looked strong as 659,000 people entered the workforce for a change, but that gain was utterly wiped out in November and December, when not even the promise of temporary holiday work could tempt people back into the labor pool.

We can excuse some of December’s lousy figures on the lousier weather, but AEI’s James Pethokoukis says the weather isn’t entirely to blame:

In December, the labor force participation rate sank to 62.8% vs. 63.0 % in November and 63.6% a year ago. If the participation rate had stayed steady the past 12 months, the jobless rate would be 7.9%. The entire jobless rate drop from last month was due to workers fleeing the workforce. And don’t blame the weather for this one.

The big debate in Washington — aside from Bridgegate that is — is over just how long to extend unemployment benefits. Republicans are eager to allow a three-month “temporary” extension, to give Congress and the White House time to find corresponding budget cuts. The White House doesn’t want any cuts anywhere, because even with continuing record deficits, cowboy poets must also remain dependent on Washington’s largess. The State Department last year spent $5.4 million on “exquisite crystal glassware.”

Meanwhile, a record 92,000,000 Americans aren’t in the labor pool, and total employment remains below where it was at the start of 2008, before the Great Recession.

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All Comments   (23)
All Comments   (23)
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my classmate's half-sister makes $72 hourly on the internet . She has been unemployed for 10 months but last month her income was $16022 just working on the internet for a few hours. you could try here >>>>>>>>>>>>>>>
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http://xurl.es/8n6e2
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35 weeks ago
35 weeks ago Link To Comment
uptil I saw the receipt which was of $8656, I accept ...that...my neighbour woz like actually bringing home money part time on their apple labtop.. there uncle started doing this for only a year and resantly paid the depts on there cottage and purchased a great Mercedes. have a peek at this website star56.com
35 weeks ago
35 weeks ago Link To Comment
By following this simple advices you can bring from 5000-6000$ income every month... All you need is a computer and a internet connection and you are ready to start... Learn how to make a steady income for yourself on following web adress...>>>>>>>>>>>> http://ow.ly/qekIU
35 weeks ago
35 weeks ago Link To Comment
60 an hour! Seriously I don't know why more people haven't tried this, I work two shifts, 2 hours in the day and 2 in the evening…And whats awesome is Im working from home so I get more time with my kids. Here is what i did... ​http://ow.ly/qekIU
35 weeks ago
35 weeks ago Link To Comment

Penelope. although Randy`s stori is amazing, on tuesday I bought themselves a BMW M3 after making $6888 this past 5 weeks and a little over $10,000 this past month. it's actualy the most-comfortable work I have ever had. I actually started 4 months ago and straight away began to bring in minimum $82 per hour. go to this site star56.com
35 weeks ago
35 weeks ago Link To Comment
my buddy's step-aunt makes $82/hr on the computer. She has been out of work for 10 months but last month her paycheck was $18010 just working on the computer for a few hours. read this….
http://www.dub30.com
35 weeks ago
35 weeks ago Link To Comment
"What will it look like when America finally hits our rock bottom?"

Gotham city in the first Batman. Maybe a crappier version of blade runner. Weimar republic?

Contemplate this - there are millions on the dole. Generations that have never held a job. They know nothing but pick up the EBT card, and welfare check.

What do you think will happen when the music stops? No EBT. No nothing. No post office, or a post office with drastically shorter hours.

The Gumint will HAVE to change. This isn't the 30's. There will be nowhere to borrow money, there will be no printing our way out.
35 weeks ago
35 weeks ago Link To Comment
My Aunty Julia got a nine month old Mitsubishi only from working part time off a macbook... have a peek here ,,,,,,,,,,,,,••►►►► http://ddp.net/9xm
35 weeks ago
35 weeks ago Link To Comment
When the checks stop the riots will begin. Since the welfare recipients are concentrated in the blue cities while the guns are concentrated in the red rural areas, this will be a self-correcting problem.

It will horrific, but the idea of limousine liberals being hoist by their own petard lightens the horror a bit.
35 weeks ago
35 weeks ago Link To Comment
I just finished reading "Extraordinary Delusions and the Madness of Crowds" by Charles Mackey. Wonderful story about the real John Law, who talked the keepers of $ in France into a paper scam for a New Orleans venture. It read like a prelude to what has and is happening here, albeit on a smaller scale. Take notice!

I cannot recommend the book highly enough (the story of Law is just one section)
35 weeks ago
35 weeks ago Link To Comment
Interesting thing about lots of the 'manias' described in the book is how they really got started once Government poled its nose into what were once private ventures. John Laws Mississippi paper money project was doing fine as a private venture. The script was backed by hard assets. But the French government took over Law's private bank and it became the Bank Royale and the French government decided to back the script with its "guarantee". Only then did things spiral out of control. Similarly, the Dutch 'tulip mania' had its nexus in two Government decrees. The first banned 'short selling' which made the tulip market a one-way bet. The second was a proposal being debated by the Dutch government just prior to the tulip market going crazy. That proposal would have allowed buyers of tulip contracts to void their contracts by paying a small fee. This proposal would have changed the tulip deals from futures contracts into options. Anticipating that this proposal would become law, speculators bid up prices to eye-popping levels, believing that if things continued going up they'd make money on the deal and if things went bad they'd be able to void the contract under the new law. To really screw up on such massive scales usually requires Government.
35 weeks ago
35 weeks ago Link To Comment
Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one. - Charles Mackay
35 weeks ago
35 weeks ago Link To Comment
Gone in four minutes, dirtbag!
35 weeks ago
35 weeks ago Link To Comment
ShadowStats says the unemployment rate, if computed the way it was in the 1930's, is 23%.

http://www.shadowstats.com/alternate_data/unemployment-charts
35 weeks ago
35 weeks ago Link To Comment
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