Mind and Destiny

“I make no pretension to patriotism. So long as my voice can be heard ... I will hold up America to the lightning scorn of moral indignation. In doing this, I shall feel myself discharging the duty of a true patriot; for he is a lover of his country who rebukes and does not excuse its sins. It is righteousness that exalteth a nation while sin is a reproach to any people.”- Frederick Douglass

Location: Delhi, N.Y., United States

The author and his webmaster, summer of 1965.

Sunday, November 06, 2016

Recent Economic Data

The most recent economic data from the Labor Department showed 161,000 non-farm jobs being added in October.  That was a significant gain, but below the 191,000 jobs added in September.  Furthermore, the average hourly wages posted their largest annual growth since mid-2009.  Wages are up 2.8 percent over the last 12 months, and that is the largest increase since the great recession.
Our economy added 151,000 jobs in August, which was considerably less than the 275,000 new jobs in July.  Under the Obama administration we’ve continued the longest streak of overall job growth on record.
The unemployment rate is down to 4.9 percent, which less than half of what it was in 2009, when unemployment peaked at 10 percent.  Some experts consider 4.9 percent unemployment to be near the level consider full employment for our economy.
Regarding Donald Trump’s negative reaction to the Labor Department’s report, Bernie Sanders suggested: "Donald Trump suffers from a very serious disease called amnesia.  He seems to have forgotten 8 years ago we were losing 800,000 jobs a month"
Actually, at the end of the Bush administration the wealth of most American families had declined at a rate nearly seven times faster than when the stock market crashed in 1929.  Home foreclosures numbered in the millions.  Deficits were soaring because hardworking Americans, who had been paying taxes were suddenly unemployed.  We lost 650,000 jobs in December 2008.  An additional 700,000 jobs were lost in January, the month Obama was sworn in.
Twenty-four days after Obama took office the Recovery and Reinvestment Act was passed, without a single Republican vote in the House and only 3 Republican votes in the Senate.
Thomas Paine wrote: “To argue with a person who has renounced the use of reason is like administering medicine to the dead.”


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