Tag Archives: economy

Business/Economics, Idaho, U.S.

What Economic Recovery? Idaho’s Unemployment rate goes down, but not because of job creation

The Idaho Department of Labor reported a slight drop in Idaho’s unemployment, now at 9.4%, but they also reported a drop in job creation.

The Department of Labor says seasonal hiring for May was below normal levels, and that job creation was weak.  So why the drop in the unemployment rate?  Officials say it’s due to workers retiring, workers dieing, and unemployed people who have stopped looking for work!

Idaho labor officials say that so far 2011 is lagging behind 2010, when it comes to job creation.

 

Business/Economics, Idaho, U.S.

Government Incompetence: Idaho can’t make Medicaid payments, yet 102 state employees get bonuses!

June 20, Idaho announced that they can’t make Medicaid payments, yet last week they announced bonuses for 102 government workers!

Example: Legislative Services Director Jeff Youtz, paid himself, and his staff, bonuses equal to $94,633.  The total amount of bonuses paid to agencies of the State of Idaho came to $227,003.

Idaho House Speaker Lawrence Denney said it was necessary to “…retain qualified and experienced staff.”

Idaho House Majority Leader Mike Moyle thinks otherwise: “…with the budgetary concerns we’re dealing with, I don’t think it was wise or prudent.”

Moyle is correct.  Consider that the government of Idaho has laid off 517 employees since 2009, and has suspended Medicaid payments, twice now, along with drastic cuts in education and other services (called “austerity” cuts).  Bonuses for government workers are not what the taxpayers want to see.

Business/Economics, Idaho, U.S.

What Economic Recovery? Idaho Stops Medicaid payments

June 20, Idaho Department of Health and Welfare says they’re out of money for Medicaid.

As a result, Medicaid payments to Idaho hospitals will be suspended for at least one week.  Those payments would have come to $13 million.  Officials will announce, by the end of the week, if payments will be delayed for another week.

This isn’t the first time Idaho stopped Medicaid payments to hospitals.  In 2010 they suspended nine weeks of payments.  Health and Welfare officials say that for some reason the majority of payment claims always come in when state Medicaid funds are at their lowest point.

 

Business/Economics, International

What Economic Recovery? Greece threatens default if they don’t get second bailout, EU Finance Ministers say domino effect if Greece defaults

“If Greece was to be the first country to default, eyes would turn to other countries such as Ireland, Portugal, Spain, Italy, maybe Belgium but also France, given its deficit and debt levels. We don’t know where the contagion would stop.”-Didier Reynders, Belgian Finance Minister

After the European Union announced they would hold back the second bailout loan for Greece, because they want Greece to make more spending cuts, Greece said pay up or we will default on the first loan.

Greece is supposed to make their first payment, on the first bailout, in July.  Greek officials say they need the second bailout before then, or they won’t be able to make the first payment.  Greek Prime Minister George Papandreou, also warned of a “violent bankruptcy”.

The Belgian Finance Minister, Didier Reynders says there is evidence that the Greeks presented false economic statements prior to getting the first bailout loan.  This is one of many reasons the EU is now holding back on the second loan.

 

Business/Economics, International

What Economic Recovery? EU holds back on second Greek bailout, possible “catastrophic default”, wants Greece to make even more cuts

European Union finance ministers are holding back on another bailout loan for Greece.  They’ve decided that Greece to needs to make even more cuts to social services, and other government spending (which is called “austerity”, something that’s going on in the U.S., but U.S. officials and media have avoided using that term).

The EU decision came even after Greece announce it would sell off government properties, like airports.  In July, Greece is supposed to make a payment on the bailout loan they got last year.

EU finance ministers are worried that Greece will experience a “catastrophic default” if it does not make even harsher cuts in spending, and so are holding back on the second bailout loan.

Last week the International Monetary Fund warned that the global economic crisis had entered the “political phase”, meaning that only governments could save us now.  Not good when you see what’s happening in Europe.

 

Fukushima, U.S.

Missouri River causes “unusual event” at U.S. Nuclear Plants

The Cooper Nuclear Station, in Nebraska, is flooded.  The Fort Calhoun nuclear plant, also in Nebraska, has been shut down.

By Sunday, 19 June 2011, several levees failed along the Missouri River, causing nuke plant operators to issue a “Notification of unusual event.” A ‘notification’ is the lowest of four emergency classifications developed by the Nuclear Regulatory Commission.

Reuters reported that officials will shut down the Cooper nuclear plant if flood levels hit 13.9 meters (45.5 feet).  Other reports say the Fort Calhoun plant was shut down.  Heavy rain in the Rocky Mountains could keep the Missouri River high until August.

Business/Economics, International

What Economic Recovery? Japan posts 2nd worst trade deficit since 2009

For the second month in a row Japan has posted a huge trade deficit.  Not only that, it’s the second highest deficit since January 2009.  Preliminary reports say Japan’s May trade deficit hit $10 billion.

The March 11 natural and nuclear disasters are to blame.  Japanese economist are blaming increasing imports of oil and gas for power generation, since many of Japan’s nuclear plants went off line.  Also, the loss of electricity to run factories, and damage to other factories, resulted in huge reduction of exports.

Japan’s almost total reliance on nuclear power, and the ongoing efforts to deal with a nuclear disaster, coupled with the fatally flawed practice of “just in time” supply system for factories, means this economic situation could continue into next year.

 

Fukushima

Corporate Incompetence: 125 exposed workers still not tested for radiation!

The Japanese Health and Labor Ministry reports that Tokyo Electric Power Company still has 125 workers that are waiting to be tested for radiation.  Those workers were present when reactor buildings exploded after the 11 March 2011 disasters.

Despite the government’s complaints about TEPCo dragging its feet on testing employees, TEPCo claims they’ve tested 1,100 workers, so far.  My experience in the military tells me TEPCo could have gotten that many workers tested in a day, so why has it taken them three plus months?

TEPCo is reporting that several more workers have tested positive for levels of radiation exposure above government limits.  The latest worker, to test positive for contamination, was exposed to 335 millisieverts per hour of radiation.

 

Fukushima

Mystery radiation coming from reactor 4!

20 June 2011, NHK reporting that Tokyo Electric Power Company is now scrambling to find out why extreme radiation levels are coming from Reactor 4 building, at the Fukushima Daiichi nuke plant.

Reactor 4 was shut down for maintenance when the 11 March 2011 natural disasters hit.  Early on most concerns were with the spent fuel pool above the reactor.  TEPCo officials thought they had that under control.

Over the weekend, workers had to be moved out of Reactor 4 building due to a sudden jump in radiation levels.

TEPCo was using the fuel pool to store large contaminated objects found around the nuclear plant’s compound.  After the jump in radiation emissions they discovered that water levels in the pool had dropped by 1/3.  They are now injecting water, hoping that will stop the radiation emissions.  Workers were in the process of strengthening the structure of Reactor 4 building.

Fukushima

Tokyo revises Liquefaction Zone Map

The 11 March 2011 9.0 earthquake near Fukushima, Japan, caused liquefaction as far away as Tokyo.

Tokyo officials say they are now revising their current liquefaction zone map, because the 11 March quake revealed a potentially larger liquefaction zone.

The new map will affect future construction in Tokyo.