Over at the Wisconsin Center for Investigative Journalism, Sara Jerving writes about nearby Rock County’s economy following the departure of GM from Janesville, Wisconsin. In Rock County Feeling Increasing Ripples from GM Departure,” Jerving describes the impact on the area: More than a year after GM closed its plant in Janesville after three waves of…
Economy
Economy, Politics
Peggy Noonan: America Is at Risk of Boiling Over – WSJ.com
by JOHN ADAMS •
When the adults of a great nation feel long-term pessimism, it only makes matters worse when those in authority take actions that reveal their detachment from the concerns—even from the essential nature—of their fellow citizens. And it makes those citizens feel powerless. Inner pessimism and powerlessness: That is a dangerous combination. I see Noonan’s point,…
Economy
U.S. Employers Shed 131,000 Jobs in July; Unemployment Rate Steady at 9.5% – WSJ.com
by JOHN ADAMS •
The government’s latest snapshot of the job market was bleak, a sign the economic recovery is running out of steam with 14.6 million Americans still searching for work. Job growth proved anemic in July as governments cut jobs and private-sector employers barely expanded. The economy shed 131,000 jobs, as 143,000 temporary Census workers fell off…
Economy
Second-Quarter Slowdown Likely Worse Than First Thought – Real Time Economics – WSJ
by JOHN ADAMS •
The slowdown in economic growth recorded in the second quarter was likely even less robust than initially reported on Friday, according to new inventory data released today. Inventories have had a major impact on growth over the past few quarters, and the change was estimated to have added more than one percentage point to the…
Economy
The 2.4% Recovery – WSJ.com
by JOHN ADAMS •
Yesterday’s report also contained the government’s annual historic GDP revisions, and growth was revised downward for the last three years. This means the U.S. is $130 billion, or 1%, poorer than previously thought and that growth will have to be that much faster to catch up…. The message of 2.4% second quarter growth is closer…
Economy
AP: Recovery Slows in Second Quarter to Weakest in Nearly a Year as Consumers Turn Cautious
by JOHN ADAMS •
Economy, Government Spending, Politics
Walworth County Sunday on “Time to Open the Roadmap”
by JOHN ADAMS •
City, Economy, Government Spending
Bloomberg: Jobless Claims in US Declined by 11,000 to 457,000
by JOHN ADAMS •
It’s less than we need. The story reports that a collection of local government associations estimated that, nationally, local governments may cut almost 500,000 jobs through 2011 (or 8.6% of their total workforces). These are only estimates, and they say nothing about how any particular community will fare. In any event, sacrifices should always begin…
Economy, Government Spending
Congressional Budget Office: “Federal Debt and the Risk of a Fiscal Crisis”
by JOHN ADAMS •
City, Economy, Poverty
Rethinking the U.S. Poverty Measure
by JOHN ADAMS •
I’ve written about poverty in Whitewater before, and the 2010 Census will offer fresh information on the state of Whitewater’s economy. It’s a subject that cheerleaders for the town probably wish would go away. An ordinary person would prefer economic arrangements that make poverty go away, but there you see the distinction between sensible &…
Economy
The Economy Isn’t “On the Mend” (But an Acknowledgment that Tax Cuts Increase Economic Growth)
by JOHN ADAMS •
There’s a story at the GazetteXtra.com about nearby Rock County’s unemployment rate, now at a staggering 10.8%. That’s up from 10.4%. Rock County’s unemployment rate, a year ago, was 13.2%. Here’s what Wisconsin’s chief economist had to say about the current, 10.8% rate: “That’s to me … pretty good news,” said Dennis Winters, chief labor…
Economy, Government Spending
After Job Training, Many Still Scrambling for Employment – CNBC
by JOHN ADAMS •
Economy, Government Spending
Milwaukee Journal Sentinel: Wisconsin Lost 1,000 Private Sector Jobs in June
by JOHN ADAMS •
There can be no true recovery in which aggregate private sector jobs are lost. Yet, Wisconsin lost 1,000 private sector jobs last month. The answer to private sector struggles is a reduction of the public policies of taxing, spending, and regulating. See, Milwaukee Journal Sentinel: Wisconsin Lost 1,000 Private Sector Jobs in June
Economy
The Worst Ecological Disaster Ever? Looking Beyond the Gulf
by JOHN ADAMS •
I’m sure that I’ve thought, of the oil spill in the Gulf, that it must be the worst ecological disaster in our history. At Commentary, John Steele Gordon asks the question, “The Worst Ecological Disaster Ever?” and concludes that the Gulf spill’s not our worst experience. He offers some experiences far worse: ….how about the…