What will the debt deal do for America?
Obama's plan for the U.S. becoming a welfare state...
A welfare state is a "concept of government in which the state plays a key role in the protection and promotion of the economic and social well-being of its citizens. It is based on the principles of equality of opportunity, equitable distribution of wealth, and public responsibility for those unable to avail themselves of the minimal provisions for a good life. The general term may cover a variety of forms of economic and social organization." http://en.wikipedia.org/wiki/Welfare_state
Job losses announced in the past month...
30,000 jobs - HSBC (http://www.foxbusiness.com/markets/2011/08/01/hsbc-sheds-30000-jobs-posts-surprise-profit-rise/?test=MM)
13,000 jobs - Merck (in addition to the 15,000 from 2009) (http://prescriptions.blogs.nytimes.com/2011/07/29/merck-plans-more-job-cuts/)
12,050 jobs - Cisco (http://www.networkworld.com/news/2011/072011-cisco-job-cuts.html)
3,300 jobs - Lockheed voluntary & layoff offers to 6,500 U.S. employees (http://online.wsj.com/article/SB10001424052702303661904576456432443830652.html)
2,000 jobs - Research In Motion (http://www.thestreet.com/story/11204077/1/rims-job-cuts-tech-weekly-recap.html)
7,000 jobs - Nokia
11,000 jobs - Borders
(http://www.news10.net/news/article/146432/2/Borders-bankruptcy-puts-thousands-out-of-work-)
1,000 jobs - Goldman Sachs
(http://www.fiercefinance.com/story/goldman-sachs-says-layoffs-imminent/2011-07-19)
750 jobs - Newspaper Cuts Across the Country in July 2011 (http://newspaperlayoffs.com/)
15,000 jobs - Lloyds Banking Group
315 jobs - Whirlpool
700 jobs - Houston City
100 jobs - BMW
That is nearly 100,000 jobs lost in July. Those were only the ones I was able to scour off the web today...
Economic News Release
Mass Layoffs Summary
http://www.bls.gov/news.release/mmls.nr0.htm
For release 10:00 a.m. (EDT) Friday, July 22, 2011 USDL-11-1083
Technical information: (202) 691-6392 * mlsinfo@bls.gov * www.bls.gov/mls
Media contact: (202) 691-5902 * PressOffice@bls.gov
MASS LAYOFFS -- JUNE 2011
Employers took 1,532 mass layoff actions in June involving 143,444 workers, seasonally
adjusted, as measured by new filings for unemployment insurance benefits during the
month, the U.S. Bureau of Labor Statistics reported today. Each mass layoff involved
at least 50 workers from a single employer. The number of mass layoff events in June
decreased by 67, or 4 percent, from May, and the number of associated initial claims
decreased by 96, or less than 1 percent. In June, 341 mass layoff events were reported
in the manufacturing sector, seasonally adjusted, resulting in 35,693 initial claims;
both figures decreased over the month. (See table 1.)
The national unemployment rate was 9.2 percent in June, essentially unchanged from the
prior month but down from 9.5 percent a year earlier. In June, total nonfarm payroll
employment increased by 18,000 over the month and by 1,036,000 over the year.
Industry Distribution (Not Seasonally Adjusted)
The number of mass layoff events in June was 1,661, not seasonally adjusted, resulting
in 159,930 initial claims for unemployment insurance. The number of mass layoff events
was down by 200 from June 2010, and associated initial claims decreased by 11,260, or
7 percent. (See table 2.) Nine of the 19 major industry sectors in the private economy
reported over-the-year declines in initial claims, with the largest decreases occurring
in accommodation and food services, retail trade, and construction. The six-digit industry
with the largest number of initial claims in June 2011 was elementary and secondary
schools. (See table A. The table includes both publicly and privately owned entities.)
Table A. Industries with the largest number of mass layoff initial claims in June 2011,
not seasonally adjusted
June peak
Industry
Initial claims Year Initial claims
Elementary and secondary schools .............. 24,919 2010 31,849
School and employee bus transportation ........ 14,733 2007 21,611
Temporary help services (1) ................... 10,002 2000 13,815
Food service contractors ...................... 9,905 2007 14,527
Child day care services ....................... 9,269 2011 9,269
Other individual and family services .......... 2,702 2006 2,744
Motion picture and video production ........... 2,542 2000 9,435
Mixed mode transit systems .................... (2) 2011 (2)
Other social advocacy organizations ........... 2,035 2000 3,815
Light truck and utility vehicle manufacturing . 1,999 1998 7,608
************
Statement of Principles:Statement of Principles:Alliance@IBM/CWA Local 1701 is an IBM employee organization that is dedicated to preserving and improving our rights and benefits at IBM. We also strive towards restoring management's respect for the individual and the value we bring to the company as employees. Our mission is to make our voice heard with IBM management, shareholders, government and the media. While our ultimate goal is collective bargaining rights with IBM, we will build our union now and challenge IBM on the many issues facing employees from off-shoring and job security to working conditions and company policy. http://www.endicottalliance.org/jobcutsreports.php
********

Redistribution of wealth is the transfer of income, wealth or property from some individuals to others caused by a social mechanism such as taxation, monetary policies, welfare, nationalization, charity, divorce or tort law. Most often it refers to progressive redistribution, from the rich to the poor, although it may also refer to regressive redistribution, from the poor to the rich. The desirability and effects of redistribution are actively debated on ethical and economic grounds. http://en.wikipedia.org/wiki/Redistribution_of_wealth




Cash welfare assistance has been cut in 18 states, raising questions about the program’s ability to respond to rising unemployment during hard times. By contrast, the number of recipients of the food stamp program grew in all states. Related Article
| STATE | WELFARE RECIPIENTS, 2007 | WELFARE RECIPIENTS, 2008 | PCT. CHANGE IN WELFARE RECIPIENTS | UNEMPLOYMENT RATE, 2007 | UNEMPLOYMENT RATE, 2008 | PCT. PT. CHANGE IN UNEMPLOYMENT | FOOD STAMP RECIPIENTS, 2007 | FOOD STAMP RECIPIENTS, 2008 | PCT. CHANGE IN FOOD STAMP RECIPIENTS |
| 42,920 | 41,849 | -2.5 | 3.5 | 5.5 | 2 | 556,247 | 613,737 | 10.3 |
| 7,974 | 7,316 | -8.3 | 6.2 | 7.2 | 1 | 56,112 | 58,058 | 3.5 |
| 88,235 | 88,781 | 0.6 | 3.9 | 6.1 | 2.2 | 606,973 | 734,403 | 21 |
| 21,075 | 19,689 | -6.6 | 5.5 | 5.4 | -0.1 | 376,021 | 387,956 | 3.2 |
| 1,144,529 | 1,216,866 | 6.3 | 5.7 | 8.2 | 2.5 | 2,104,426 | 2,398,897 | 14 |
| 24,720 | 24,453 | -1.1 | 3.9 | 5.7 | 1.8 | 246,532 | 272,982 | 10.7 |
| 39,042 | 38,862 | -0.5 | 4.8 | 6.5 | 1.7 | 203,016 | 219,532 | 8.1 |
| 37,421 | 39,267 | 4.9 | 5.7 | 7.3 | 1.6 | 86,759 | 92,288 | 6.4 |
| 9,244 | 10,049 | 8.7 | 3.5 | 5.3 | 1.8 | 70,914 | 81,462 | 14.9 |
| 74,994 | 87,632 | 16.9 | 4.3 | 7 | 2.7 | 1,345,162 | 1,694,649 | 26 |
| 42,608 | 37,983 | -10.9 | 4.5 | 6.9 | 2.4 | 971,241 | 1,139,309 | 17.3 |
| 10,617 | 10,890 | 2.6 | 2.8 | 4.6 | 1.8 | 92,486 | 105,100 | 13.6 |
| 2,234 | 2,246 | 0.5 | 2.7 | 5.3 | 2.6 | 90,059 | 111,838 | 24.2 |
| 68,001 | 62,525 | -8.1 | 5.3 | 7.3 | 2 | 1,269,240 | 1,424,439 | 12.2 |
| 117,097 | 113,572 | -3 | 4.5 | 6.4 | 1.9 | 607,782 | 740,347 | 21.8 |
| 42,174 | 38,500 | -8.7 | 3.8 | 4.4 | 0.6 | 245,282 | 276,177 | 12.6 |
| 34,391 | 31,215 | -9.2 | 4 | 4.9 | 0.9 | 186,284 | 197,939 | 6.3 |
| 58,555 | 58,124 | -0.7 | 5.4 | 6.8 | 1.4 | 620,114 | 663,591 | 7 |
| 21,841 | 19,545 | -10.5 | 3.6 | 5.6 | 2 | 642,999 | 687,571 | 6.9 |
| 34,224 | 34,401 | 0.5 | 4.9 | 5.7 | 0.8 | 169,531 | 186,715 | 10.1 |
| 52,084 | 57,601 | 10.6 | 3.6 | 4.9 | 1.3 | 342,095 | 402,892 | 17.8 |
| 108,077 | 110,419 | 2.2 | 4.3 | 5.5 | 1.2 | 479,248 | 563,068 | 17.5 |
| 226,520 | 196,775 | -13.1 | 7.5 | 9.3 | 1.8 | 1,225,285 | 1,303,093 | 6.4 |
| 76,525 | 78,348 | 2.4 | 4.6 | 5.9 | 1.3 | 272,522 | 292,862 | 7.5 |
| 24,052 | 23,714 | -1.4 | 6.3 | 7.2 | 0.9 | 442,007 | 472,537 | 6.9 |
| 111,780 | 101,916 | -8.8 | 5.4 | 6.5 | 1.1 | 854,513 | 949,404 | 11.1 |
| 7,836 | 8,091 | 3.3 | 3.2 | 4.8 | 1.6 | 78,911 | 81,735 | 3.6 |
| 23,790 | 23,067 | -3 | 3.1 | 3.7 | 0.6 | 119,939 | 121,416 | 1.2 |
| 21,062 | 21,796 | 3.5 | 5.1 | 7.7 | 2.6 | 132,935 | 162,743 | 22.4 |
| 11,270 | 12,069 | 7.1 | 3.3 | 4.1 | 0.8 | 60,376 | 68,114 | 12.8 |
| 97,358 | 94,297 | -3.1 | 4.2 | 6 | 1.8 | 420,166 | 456,010 | 8.5 |
| 34,346 | 38,219 | 11.3 | 3.3 | 4.3 | 1 | 231,074 | 258,130 | 11.7 |
| 408,313 | 391,110 | -4.2 | 4.6 | 5.7 | 1.1 | 1,825,759 | 2,025,853 | 11 |
| 47,898 | 49,653 | 3.7 | 4.7 | 7.1 | 2.4 | 896,913 | 1,012,481 | 12.9 |
| 6,700 | 7,295 | 8.9 | 3.2 | 3.4 | 0.2 | 47,306 | 49,293 | 4.2 |
| 172,074 | 179,595 | 4.4 | 5.7 | 7.3 | 1.6 | 1,108,749 | 1,207,998 | 9 |
| 20,686 | 19,170 | -7.3 | 4.3 | 4.3 | 0 | 419,604 | 432,642 | 3.1 |
| 44,803 | 53,353 | 19.1 | 5.4 | 7.2 | 1.8 | 443,316 | 499,012 | 12.6 |
| 212,788 | 199,273 | -6.4 | 4.4 | 5.8 | 1.4 | 1,157,888 | 1,234,892 | 6.7 |
| 24,093 | 19,908 | -17.4 | 5.1 | 9.3 | 4.2 | 81,417 | 90,444 | 11.1 |
| 32,886 | 38,050 | 15.7 | 6 | 7.9 | 1.9 | 569,204 | 636,698 | 11.9 |
| 5,929 | 6,172 | 4.1 | 2.9 | 3.2 | 0.3 | 60,433 | 65,159 | 7.8 |
| 151,843 | 144,705 | -4.7 | 5 | 7 | 2 | 891,779 | 977,109 | 9.6 |
| 136,797 | 115,690 | -15.4 | 4.3 | 5.6 | 1.3 | 2,322,073 | 2,651,370 | 14.2 |
| 11,218 | 12,324 | 9.9 | 2.8 | 3.5 | 0.7 | 130,425 | 156,033 | 19.6 |
| 12,017 | 12,922 | 7.5 | 3.9 | 5.2 | 1.3 | 53,154 | 60,062 | 13 |
| 62,715 | 65,546 | 4.5 | 3.2 | 4.4 | 1.2 | 527,906 | 582,494 | 10.3 |
| 112,583 | 124,937 | 11 | 4.6 | 6.3 | 1.7 | 542,599 | 631,487 | 16.4 |
| 21,223 | 22,927 | 8 | 4.7 | 4.6 | -0.1 | 273,852 | 285,242 | 4.2 |
| 38,803 | 37,811 | -2.6 | 4.8 | 5.1 | 0.3 | 394,494 | 469,853 | 19.1 |
| 478 | 613 | 28.2 | 2.9 | 3.3 | 0.4 | 23,591 | 24,993 | 5.9 |