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The Economic Year in Review
Weekly Standard, by Irwin M. Stelzer

Original Article

Posted By:StormCnter, 12/22/2012 5:00:11 AM

This is a good time to see where we have come during the year now coming to a close. Some things haven’t changed very much, or so it might seem. When the year began, households reported that 142 million Americans held jobs; right now, 143 million are in work. The labor force participation rate—the portion of workers in the labor market—was 63.7 percent when we (or some of us) were sleeping off New Year’s Eve hangovers, and now stands at 63.6 percent. Fortunately, the labor market has done more than return to where it was on January 1,

      


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Reply 1 - Posted by: djcdjc, 12/22/2012 7:13:38 AM     (No. 9078980)

....borrowed growth including more cheap housing and auto loans cloaking a stealth contraction. Fracking is our default, sugar daddy.

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Reply 2 - Posted by: Judith, 12/22/2012 7:50:54 AM     (No. 9079018)

My small town in MA, that bragged about having a solid upper middle class population, now has beggars on the streets. We have people hanging out, sometimes sleeping, in our public library. Our food pantry is overwhelmed by requests. I´ve lived in this town for most of my life. I´ve NEVER seen beggars on our streets....before obama came to rule.

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Reply 3 - Posted by: JackBurton, 12/22/2012 8:36:22 AM     (No. 9079089)

Stupid article. It has some numbers but reads them as mediocre but good when reality is that the decline that started with Obama has continued to intensify. Net worth down, incomes down, debt and deficits up. This year had some good news but it came in areas that the administration fought: fracking and the lower chemical buisness costs. But we´ve continued to freeze out drilling jobs, pipeline jobs and nat-gas export jobs.

The big news totally missed in the article is legal win for Obamacare and the initial reactions of companies. Stryker is cutting its workforce by 5%. So are many other health products companies. Smaller companies with service employees in entry level jobs are going to be cut back to 29 hour weeks. Companies are downsizing to 49 employees or never growing larger than that. All these bad items and more had the concrete set on them this year though the major impact will be felt next year.

Irwin missed all of this.

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Reply 4 - Posted by: Grambo, 12/22/2012 10:10:34 AM     (No. 9079253)

The article ignores the impending train wreck of Obamacare, which will massively alter the complexion of employment in America, turning us into a nation of small subsidiaries of 49 employees or less, all working part-time.

A glimpse of the future can be seen in the coming events in the healthcare industry.

The private health insurance industry will be extinct at the writing of next year’s year-end review. Most hospitals will be insolvent, and most current physicians over age 50 will be retired or in another line of work, their numbers offset by the thousands of IRS agents roaming the halls of hospitals and clinics. Seventeen percent of the US economy, the health industry, will have essentially ceased to function in the US, and been moved off shore by savvy business and physician entrepreneurs.

The law of unintended consequences, which plagues all “progressive” social engineering gambits, is about to be seen in all her glory once again.


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