Politics

[Christmas Tree 4840]

Unemployment figures down today. Good news.

[Guest alex]

Worrying to see a further rise in youth unemployment though which now stands at over 20%.

[Happy Face 29]

Unemployment figures down today. Good news.

 

But the number claiming job seekers allowance rose.

 

Ergo more people went back to full time education or got too old to be included in the unemployment stats than actually found paying work.

[ChezGiven 0]

Worrying to see a further rise in youth unemployment though which now stands at over 20%.

 

Which is a far better indicator of the future state of the economy, since young people out of work now dont get into the job market and get left behinf creating a long term burden on social services/benefits etc.

 

It also shows the structural issues in the economy and that we are not growing in new areas of business that typically employ young people. A dynamic economy that is investing in new technologies and exploiting new markets in the global economy will need to draw from the young age groups as older age groups are skilled for the older markets.

 

1 million 16 to 24 year olds without a job.

 

http://www.guardian.co.uk/business/2011/ap...-grim-milestone

[Christmas Tree 4840]

Worrying to see a further rise in youth unemployment though which now stands at over 20%.

 

I would hate to be a kid now. Go to college and walk away with massive debt or get a minimum wage job in a call centre or McDonalds.

[Kevin S. Assilleekunt 1]

Worrying to see a further rise in youth unemployment though which now stands at over 20%.

 

I would hate to be a kid now. Go to college and walk away with massive debt or get a minimum wage job in a call centre or McDonalds.

 

Or just do an apprenticeship.

[Kevin S. Assilleekunt 1]

If he sticks it out he's on the road to the high life: cars; women; you name it

[Christmas Tree 4840]

Unemployment figures down today. Good news.

 

But the number claiming job seekers allowance rose.

 

Ergo more people went back to full time education or got too old to be included in the unemployment stats than actually found paying work.

 

 

143,000 extra employed which doesn't really tie in with that.

[ChezGiven 0]

Unemployment figures down today. Good news.

 

But the number claiming job seekers allowance rose.

 

Ergo more people went back to full time education or got too old to be included in the unemployment stats than actually found paying work.

 

 

143,000 extra employed which doesn't really tie in with that.

Half of them were employed to do the census.

[Park Life 71]

Worrying to see a further rise in youth unemployment though which now stands at over 20%.

 

It's about 50% in Latin Europe.

[Christmas Tree 4840]

Obama Offers Plan to Trim $4 Trillion From Deficit in 12 Years

 

 

President Barack Obama vowed to cut $4 trillion in cumulative deficits within 12 years through a combination of spending cuts and tax increases, setting the stage for a fight with congressional Republicans over the nation’s priorities.

 

In presenting his long-term plan for closing the budget shortfall, Obama set a target of reducing the annual U.S. deficit to 2.5 percent of gross domestic product by 2015, compared with 10.9 percent of GDP projected for this year. He reiterated his support for overhauling the tax code to lower rates while closing loopholes and ending some breaks to increase revenue.

 

“We have to live within our means, reduce our deficit, and get back on a path that will allow us to pay down our debt,” Obama said in prepared remarks for a speech today at George Washington University in the capital. “And we have to do it in a way that protects the recovery.”

 

Over the next five years, the administration forecasts the government will pile up a cumulative deficit of $3.8 trillion; over the decade, the cumulative deficits would rise to $7.2 trillion. With today’s proposal, Obama is going beyond the fiscal 2012 budget he presented on Feb. 14, which forecast cutting the deficit by $1.1 trillion over a decade.

 

As with his budget, Obama in his latest plan calls for ending the Bush-era tax cuts for the wealthiest Americans, which are set to expire in 2012.

 

‘Debt Failsafe’

 

To achieve his new goals, the president is urging Congress to pass a “debt failsafe” that would trigger across-the-board spending cuts and tax changes if the debt-to-GDP ratio hasn’t stabilized by 2014, according to an administration fact sheet. The automatic cuts wouldn’t apply to entitlements, including Social Security, Medicare, and programs intended for low-income Americans.

 

The plan would target government spending, from the Pentagon to the Department of Agriculture. Obama proposes saving $400 billion in current and future defense spending.

 

U.S. stocks fell, sending the Standard & Poor’s 500 Index to its longest slump since July. Defense contractors were among the biggest decliners. Lockheed Martin Corp. (LMT) fell 2.5 percent at 1 p.m., the third-biggest percentage drop in the S&P 500. Raytheon Co. (RTN), down 2.3 percent, followed with the fourth- biggest decline. General Dynamics Corp. (GD) fell 2.2 percent and Northrop Grumman Corp. (NOC) dropped 2.1 percent. Boeing Co. (BA), down 1.8 percent, had the biggest percentage drop among 30 stocks in the Dow Jones Industrial Average.

 

Republican Opposition

 

Signaling the political fight his plan faces, Republican congressional leaders said after getting briefed by the president that they won’t accept tax increases as part of a deficit-cutting plan.

 

The president “heard us loud and clear” on the tax issue, House Speaker John Boehner of Ohio told reporters after the White House meeting. “If we are going resolve our differences and do something meaningful, raising taxes will not be part of that.”

 

Most of the reductions proposed by Obama will be phased in to the second half of the 12-year timeframe, to avoid hurting the economic recovery, according to the White House.

 

Borrowing Ideas

 

The president borrowed some ideas from the Simpson-Bowles debt commission he created last year, drawing on the co- chairmen’s recommendation for a simpler, fairer tax code that lowers rates and increases revenue. He also adopted the recommendations on non-security discretionary spending, saving $770 billion by 2023.

 

“If our creditors start worrying that we may be unable to pay back our debts, it could drive up interest rates for everyone who borrows money, making it harder for businesses to expand and hire,” Obama said in his prepared remarks.

 

The administration is aiming to provide a counterpoint to the budget plan released last week by Representative Paul Ryan, which relies on deep cuts in federal spending to trim the deficit. Obama will specifically reject the Wisconsin Republican’s idea of a voucher-like system for future Medicare recipients, a person said.

 

Spending Cuts, Taxes

 

The recommendations from the debt commission’s co- chairmen, former Senator Alan Simpson, a Republican from Wyoming, and former Clinton administration official Erskine Bowles, a Democrat, both of whom were at the speech, would cut almost $4 trillion over the period. Both used a combination of spending cuts and higher revenue.

 

Ryan’s plan would cut the deficit by $4.4 trillion over 10 years, primarily through reductions in federal spending. He proposes to reduce top income and corporate tax rates from 35 percent to 25 percent.

 

A broad group of Senate Republicans and Democrats has been pressing Obama to endorse a goal of cutting the deficit by at least $4 trillion, in line with the plans by the debt panel and Ryan.

 

Some lawmakers were urging Obama before he spoke to match the reductions proposed by the debt commission.

 

“You need a package that’s in that range -- roughly $4 trillion -- to get the debt back on track and to secure a strong future for the United States,” Democratic Senator Kent Conrad of North Dakota, head of his chamber’s Budget Committee, said in an interview yesterday.

[spongebob toonpants 4134]

Obama Offers Plan to Trim $4 Trillion From Deficit in 12 Years

 

 

Most of the reductions proposed by Obama will be phased in to the second half of the 12-year timeframe, to avoid hurting the economic recovery, according to the White House.

 

.

 

Seems sensible

[Christmas Tree 4840]

Obama Offers Plan to Trim $4 Trillion From Deficit in 12 Years

 

 

Most of the reductions proposed by Obama will be phased in to the second half of the 12-year timeframe, to avoid hurting the economic recovery, according to the White House.

 

.

 

Seems sensible

 

Aye, take all the credit now and let the next president deal with the pain.

[Tooj 17]

Glad to see that the Health Secretary has the backing of our front line staff...

[Christmas Tree 4840]

Glad to see that the Health Secretary has the backing of our front line staff...

 

Unions vote against reform shocker!

[Christmas Tree 4840]

Camerons Immigration Speech

 

Business Secretary Vince Cable has said David Cameron's comments on immigration are "unwise", hours ahead of a keynote speech from the Prime Minister.

 

Mr Cable is understood to be happy with the policy itself, but is not happy with the language Mr Cameron will use.

The Lib Dems, however, have distanced themselves from Mr Cable's comments.

 

A source said Vince Cable is "his own man" and that the "Prime Minister is a conservative Prime Minister using conservative language".

 

Mr Cameron will insist in a speech later today that he is keeping his promise to get a grip on immigration and admit it has caused "discomfort and disjointedness" in some areas.

 

The Prime Minister will blame welfare dependency and the last Labour government for allowing the number of people coming to the UK to be "too high".

 

Labour oversaw the "largest influx of people Britain has ever had" with 2.2m more people coming to the UK between 1997 and 2002, he will say in a speech.

 

Ministers either closed down debate and left people fearful of being dubbed racist or used "tough talk" that was not backed by effective policies, Mr Cameron will tell party supporters in Hampshire.

 

This allowed more extreme parties such as the British National Party to "flourish", but Mr Cameron will say he wants to starve them of the "oxygen" of public anxiety.

 

He will say he listened to voters' concerns on the doorstep and will take action to cut numbers without harming businesses.

 

"The real issue is this: migrants are filling gaps in the labour market left wide open by a welfare system that for years has paid British people not to work," he will say.

 

"That's where the blame lies - at the door of our woeful welfare system, and the last government who comprehensively failed to reform it.

 

"So, immigration and welfare reform are two sides of the same coin. Put simply, we will never control immigration properly unless we tackle welfare dependency."

 

He will add: "Yes, Britain will always be open to the best and brightest from around the world and those fleeing persecution.

 

"But with us, our borders will be under control and immigration will be at levels our country can manage."

 

Conservative sources have dismissed concerns the PM is lurching back to the rhetoric used by ex-leaders William Hague and Michael Howard and what was known as the "core vote" strategy.

 

But with local elections weeks away, this is Mr Cameron's chance to reach out to his likely voters.

 

His argument draws a clear dividing line between the Conservatives and Labour - and coalition partners the Liberal Democrats.

[NJS 4411]

Camerons Immigration Speech

 

Business Secretary Vince Cable has said David Cameron's comments on immigration are "unwise", hours ahead of a keynote speech from the Prime Minister.

 

Mr Cable is understood to be happy with the policy itself, but is not happy with the language Mr Cameron will use.

The Lib Dems, however, have distanced themselves from Mr Cable's comments.

 

A source said Vince Cable is "his own man" and that the "Prime Minister is a conservative Prime Minister using conservative language".

 

Mr Cameron will insist in a speech later today that he is keeping his promise to get a grip on immigration and admit it has caused "discomfort and disjointedness" in some areas.

 

The Prime Minister will blame welfare dependency and the last Labour government for allowing the number of people coming to the UK to be "too high".

 

Labour oversaw the "largest influx of people Britain has ever had" with 2.2m more people coming to the UK between 1997 and 2002, he will say in a speech.

 

Ministers either closed down debate and left people fearful of being dubbed racist or used "tough talk" that was not backed by effective policies, Mr Cameron will tell party supporters in Hampshire.

 

This allowed more extreme parties such as the British National Party to "flourish", but Mr Cameron will say he wants to starve them of the "oxygen" of public anxiety.

 

He will say he listened to voters' concerns on the doorstep and will take action to cut numbers without harming businesses.

 

"The real issue is this: migrants are filling gaps in the labour market left wide open by a welfare system that for years has paid British people not to work," he will say.

 

"That's where the blame lies - at the door of our woeful welfare system, and the last government who comprehensively failed to reform it.

 

"So, immigration and welfare reform are two sides of the same coin. Put simply, we will never control immigration properly unless we tackle welfare dependency."

 

He will add: "Yes, Britain will always be open to the best and brightest from around the world and those fleeing persecution.

 

"But with us, our borders will be under control and immigration will be at levels our country can manage."

 

Conservative sources have dismissed concerns the PM is lurching back to the rhetoric used by ex-leaders William Hague and Michael Howard and what was known as the "core vote" strategy.

 

But with local elections weeks away, this is Mr Cameron's chance to reach out to his likely voters.

 

His argument draws a clear dividing line between the Conservatives and Labour - and coalition partners the Liberal Democrats.

 

I have no problem with some of his points about language and culture but business won't accept caps so it's just rhetoric.

 

I'd also ask him how Labour encouraged welfare "abuse" as opposed to that under Thatcher and Major - the difference in the Labour years was that there were jobs for the immigrants to take - if the economy had been the same pre-97 then they would have loved the cheap labour..

[Christmas Tree 4840]

Only under a Tory government do we get a spring, this good.

[ChezGiven 0]

The fuck you on about?

[Rob W 0]

the sun shines on the righteous

[Christmas Tree 4840]

the sun shines on the righteous

 

[ChezGiven 0]

Great article on insights from ecologists on the causes of the financial crisis

 

"In consequence, the financial system became, like plants, animals and oceans before it, less disease-resistant", Haldane noted. "When environmental factors changed for the worse, the homogeneity of the financial ecosystem increased materially its probability of collapse."

 

http://www.guardian.co.uk/business/2011/ap...inancial-crisis

[Happy Face 29]

Max Keiser was canny funny on the 10 O'clock show last week doing his "hang the bankers" schtick.

 

The divvy off the apprentice would be first up the gallows for me.

[Happy Face 29]

Max Keiser was canny funny on the 10 O'clock show last week doing his "hang the bankers" schtick.

 

The divvy off the apprentice would be first up the gallows for me.

 

 

16 minutes in....

 

http://www.channel4.com/programmes/10-oclo...ive/4od#3178347

[Christmas Tree 4840]

The FTSE 100 fell shortly after opening this morning as investors fretted over whether Greece would default on its massive debt mountain.

 

The Greek government has denied any suggestion it will need to restructure its loans but the governor of the country's central bank fanned the flames of discontent by warning of a shrinking economy.

 

It led to a new record yield for Greek 10-year bonds while the FTSE 100 closed tonight at 5870.08, dropping 2.1%.

 

It was a similar picture across Europe - with Germany's Dax losing 2.11% of its value.

 

While the jitters over Greece were infectious, the market falls accelerated when Standard & Poor's, a key ratings agency, announced a downgrade for US government debt.

 

S&P cut its outlook for sovereign debt in America to negative from stable due to risks from the country's growing deficit.

 

As a result, Wall Street's Dow Jones Industrial Average fell 1.5% on opening.

 

S&P warned that while the US has a high-income, diversified and flexible economy, the country's ballooning deficit could offset these positives over the next two years.

 

Investors rushed for gold as a result.