Tag Archives: unemployment

Business/Economics, International, U.S.

What Econimic Recovery? Business profits down, tax collections down, government debt at historic high!

May 11, 2012, the Japanese government reporting that pre-tax profits of Japanese businesses dropped for the first time in the past three years.

For the Japanese fiscal year (which ends in March) 2011 there was a drop of in overall business profits by 13.3%.  This only concerns the 701 companies listed on the Tokyo Stock Exchange.

The Japanese Finance Ministry also reports that the debt of the Japanese government is at a record high.  It is now at $12 trillion USD!

That’s an increase of $437 billion USD since last year.  It works out to about $90,000 USD for every Japanese citizen!

Officials blame everything on the rising value of the yen, which is being caused by the ongoing nuclear disaster at Fukushima Daiichi, and the lack of economic recovery in the United States.

 

Business/Economics, International, Technology, U.S.

What Economic Recovery? Panasonic reports record loses!

May 11, 2012, Panasonic reporting a record loss for the year ending in March.

Panasonic ended the Japanese year with a net balance of minus $9.8 billion USD, it’s the fourth straight year of loses for the electronics company!

Panasonic officials blame it on a huge drop in TV set sales.  In April, Sony and Sharp gave the same reason for their losses as well, and blamed it on the lack of recovery in the United States.

 

Business/Economics, U.S.

What Economic Recovery? American’s making $150,000+ per year get financial aid!

Make more than $150,000 USD per year and want to send your brat to a expensive private grade school?  Just join the growing ranks of six figure earners who are actually applying for financial aid!

According to the National Association of Independent Schools, at least 20% of six figure earners apply for financial help to get their kids into a private grade school.

According to PrivateSchools.com, at least one fifth of private school students get “need based” financial aid.  Most of the schools provide the financial aid themselves, and there are also scholarships.

This is a pretty sad state of economic affairs when six figure earners can get private financial aid!

According to Chantal Stevens, national director of programs at A Better Chance, six figure earners are actually taking bigger hits to their incomes than lower income earners.  The non-profit group sees more and more minority upper middle class applicants every year: “Every year we see families with more means outpacing the families with less means. It’s not a pretty trend.”

What this means is that there is no economic recovery in the United States!

Business/Economics, U.S.

What Economic Recovery? U.S. Postal Service to cut operating hours, by as much as six hours per day! Northrop Grumman sues!

May 9, 2012, Postmaster General, Patrick Donahoe, is trying to alleviate concerns over the possible closing of 3,700 post offices, which were to begin in May.  Now the USPS will try to keep as many open as possible, by drastically reducing their operating hours.

The reduction of operating hours would also take place in post offices that are not slated for closing, as many as 13,000 post offices could see hours reduced by two to six per day.

The other option is the creation of Village Post Offices, which would replace the standard post office.  The Village Post Office would operate through a retail business such as WalMart, Walgreens, etc.

Of course Congress has to approve the new plans.

The USPS is also considering letting go any employee who is not protected by labor contracts, and they’re going to do another round of early retirement buyouts.

The Postal Service, which makes its money off the services they provide, not taxes, is facing an $11 billion USD future retirement pre-payment later in the year, as well as health payments.  There are some people who say the U.S. Treasury is actually using the money for other things.

In September 2011, National Association of Letter Carriers president, Fredric Rolando, said most of the blame is on Congress: “I’m here to tell you that the Postal Service is not broke. The Postal Service just needs access to its own money. And Congress needs to get busy and give them that access.”-PBS Newshour interview

He also pointed out that the USPS does not make its money from taxes: “The Postal Service actually has somewhere between $50 billion and $125 billion in their other funds that is not taxpayer money. They haven’t used a dime of taxpayer money in over 30 years! And the Congress just needs to act responsibly and quickly to give them access to that — those funds.”

Postmaster General, Patrick Donahoe agreed: “Fred is exactly right around the issues that we have faced in the last few years. In that same time, we have been required [by Congress] to prepay employee retirement funding.”-PBS Newshour interview

Congress has made concessions, by releasing some Postal Service money, but requiring that the money be used only to reduce the number employees with early retirement buyouts!

The latest Senate bill would allow the USPS to use taxpayer money for the first time in 30 years.  The Senate bailout bill would give the Postal Service $34 billion in tax revenue.

To make matters worse, Northrop Grumman (the third largest USPS contractor) and the USPS are suing each other!

The dispute involves a 2007 automated mail processing contract.  Northrop Grumman says the USPS owes them $180 million USD.  The Postal Service says Northrop owes them $341 million!

They both claim the other failed to meet numerous contractual agreements.

 

 

 

 

Fukushima

One Year Later: Last Nuclear Reactor shut down in Japan

05 May 2012, on the northern big island of Hokkaido, Japan’s last operating nuclear reactor is being shut down.

By Saturday night (Japan time), and after 42 years, the country will be free of electricity produced by nuclear reactors.

The Hokkaido Electric Power Company is shutting down Reactor 3 of the Tomari Nuclear Power Plant.  The reactor will be completely shut down by 02:00 hours Sunday morning.

While the Tomari reactor is not scheduled for re-start, those that are have been blocked by local governments.  In Japan the local governments have the final word on reactor re-start, and because of the on going disaster reactors at Fukushima Daiichi, the majority of people in Japan are against re-starting any reactors.

For the summer of 2011 Japan’s domestic industries suffered greatly because of an electrical power shortage, even with 37 reactors operating.  Now Japan is heading into summer 2012, with not one nuclear reactor up and running.  National officials are scrambling to find ways to convince the local governments to re-start reactors.

There has been a push for wind power, but, just like here in the United States, there’s been a backlash of people who are against it because those windmills are “eyesores” and reduce property value.

Business/Economics, U.S.

What Economic Recovery? U.S. April retail sales worst in past three years!

May 4, 2012, major retailers operating in the United States, including Costco, Macy’s and Target, reported dismal sales for April.

In fact sales were below what analysts and experts were predicting.  It was hoped that the retail industry would see at least a 1.5% increase in sales, instead they got a stagnant 0.8%!  It’s the worst April since 2009!!!

The U.S. retail industry represents 70% of all U.S. economic activity.  Some analysts blame the lack of increased consumer spending on the fact that unAmerican Corporate America continues to layoff employees!

 

Business/Economics, Idaho, International, Technology, U.S.

Economic Recovery? Idaho’s Micron Technology invades Japan! Micron on the offensive!

May 4, 2012, Japanese media reporting that failed Elpida Memory has chosen Idaho’s Micron Technology as its corporate savior.

According to NHK: “Elpida is Japan’s sole DRAM memory chip maker. It filed for bankruptcy protection in February after suffering losses stemming from the strong yen and intense foreign competition.”

But here’s the irony; Idaho’s Micron is also having revenue trouble.  Idaho media, real estate web sites, etc, have been reporting Micron as the Boise area’s largest employers.  But Micron’s employment in Boise dropped to 5,000 in 2009, and has been trickling down ever since.

Micron has had a lot of investors, yet their quarterly reports for 2011 were loss after loss (in the hundreds of millions each quarter).  This is because the memory chip market basically crashed.

However, since the beginning of 2012 Micron officials have been busy buying up other factories, and now companies.  Micron recently took over a Toshiba owned factory in Virginia, called Dominion Semiconductor.

Here’s what the Wall Street Journal’s Market Watch said: “The current state of the memory-production business is looking like the hotel business, where various facilities are bought and sold like trading cards from company to company.”

One reason for that is that memory chips have become a dime a dozen (actually less) and there’s no brand loyalty among chip users.

Micron officials seem to have scouted the next wave of memory innovation correctly, they are now pushing their RealSSD (Solid State Drive) and computer companies are buying it up.

On May 4, 2012, Elpida officials chose Micron, out of three bidders, to take over their company.  It’s reported that it will cost Micron $2.5 billion USD.  The take over will be finalized at the end of May, and new company plan submitted to Tokyo District Court by August.

Originally Micron offered $1.9 billion for Elpida, but Elpida shareholders threatened legal action.

 

 

Business/Economics, U.S.

Employment Evil: Even with nearly 100 million American’s out of work, work place deaths & injuries increase! Actual reason for exploding health care costs?

“We’re actually trending upward, which is not a good sign, particularly in an economy when the hours of work are down, especially in construction. If construction was running full bore, it’s likely the numbers would be higher.”–Bill Kojola, industrial hygienist with AFL-CIO

 The yearly Death on the Job report has been issued, it’s not good.  The report uses data from the U.S. Department of Labor and state governments.

According to federal government data, 13 U.S. workers die on the job everyday!

Also, in 2010 an estimated 50,000 U.S. workers died from diseases related to their jobs!

West Virginia leads the country in worker deaths!

As many as 11.4 million U.S. workers become injured or sick directly because of their jobs!

As a result unAmerican Corporate America is costing the health care industry as much as $300 billion USD per year!  Maybe this is the real reason health insurance rates continue to go up?

Is it any wonder that the U.S. Bureau of Labor Statistics recently admitted that at least 86 million unofficially unemployed people are refusing to look for work?

To read the Death on the Job report, click here.

Business/Economics, U.S.

What Economic Recovery? Corporate America’s (and state & local governments’) planned layoffs increase for 2012

Don’t blame Obama for the bad labor market, the U.S. Labor Department just revealed that the bad labor market (people unable to find good jobs) began in 2000, under Bush Jr’s watch!

Blame Corporate America!  For more proof, Chicago based Challenger, Gray & Christmas released the results of their study of recent planned layoff announcements coming from unAmerican Corporate America, and state & local governments. 

Announced layoffs have gone up 11% since last year!  Education, government, consumer goods and transportation industries had the most planned layoffs, with the education sector leading the way.

According to Business Week, Michigan leads the country with the most planned layoffs: 5,094 announced just last month!

California is next with 4,070, Washington state with 3,329 and Pennsylvania takes fourth with 3,292!