Posted by: coastcontact | May 3, 2014

Middle Class and Working Class Have No Voice

“Total nonfarm payroll employment rose by 288,000, … the number of unemployed persons, at 9.8 million, decreased by 733,000.” These statements were copied from yesterday’s Employment Situation Summary issued by the U.S. Bureau of Labor Statistics.

The difference of 445,000 are the former workers who have decided to stop looking for work. The issue is not what their source of income will be. The issue for this discussion is the .4% drop in unemployment. At 6.3% the Federal Reserve can now say the goal of 6.5% has been achieved. We can now further reduce our bond buying (quantitative easing) program. The program goal is to keep interest rates low as an aid to business to encourage borrowing.

Did private enterprise respond as desired? It appears business saw the advantage of outsourcing manufacturing to other nations as the preferred business choice.

Congressional actions did not support the Federal Reserve. Rather than imposing taxes on companies that outsource or providing funds to build infrastructure congress did nothing.

Many reading this believe that congress did the right thing by not taking any action. That is the reason our economy is in its current condition.

The rich are happy! The poor? Well, they have no voice.

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Responses

  1. Reblogged this on Alicia Sakal.

  2. The “reported” numbers are obviously way-off, and for a reason. I just wrote about this very subject. Thank you.


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