Another One Bites The Dust

Yet another government entitlement program looks to be about to go belly up.

Social Security Disability Payments Could End in 2017

Aging baby boomers and laid-off workers are inundating Social Security’s disability program with benefit claims, a financial strain that new congressional estimates report could leave the program bankrupt by 2017.

Applications have increased by 50 percent over the past decade, according to a report from the Congressional Budget Office (CBO), as more people with disabilities lost their jobs — and often remain unemployed for months or even years — in an economy that has been hemorrhaging jobs.

See also:
Social Security Disability and SSI going broke
Social Security Disability Payments May Cease in 2017
Social Security disability on verge of insolvency
Report: Disability fund losing cash
A look at Social Security’s disability program
Old And In The Way: The Politics, Policies and Poverty Of Aging
Soc. Sec. disabilities claims up by 50%
U.S. Trust Funds
Social Security Disability Payments In Peril by 2017
Another Looming Entitlement Crisis
Social Security Disability Fund In Trouble
Government Running Out of Funds for Social Security
Social Security disability payments could end in 2017

Medicare, Social Security, and now Social Security Disability are all well down the road toward insolvency and the politicians, particularly the Democrats, don’t have the guts to do a damn thing about it. So, if you’re under say, 50, I wouldn’t be counting on any of these entitlement programs to be there for you when you might need them in the future.

/it’s the Age of Obama economy and you’re just going to have to learn to fend for yourself

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Yemen Circling The Drain

Okay, Yemen was already pretty much circling the drain. But now the Yemeni government, that was marginally helping us in the war against al Qaeda and radical Islam, is under pressure. Who knows what manner of government might come to power if the current one falls?

Massive protests erupt in Yemen to demand ouster of president

Around 15,000 protesters took to streets in the Yemeni capital of Sanaa on Thursday, calling for the ouster of President Ali Abdullah Saleh.

“People want to change the regime, want the president to leave, ” protesters uproared with pink belts wrapped around their heads, which symbolized freedom, waving pink flags together in the largest public rallies organized by the opposition parties in four areas in the capital.

The protesters are mainly university students, opposition party members and supporters, as well as some workers and the unemployed, mostly of whom complained about unemployment and poverty.

“We are sending our message today to the president and his government that we demand improving living conditions, combating corruption as well as political reform. We want better future for our children,” a protester from the opposition Islamist Islah party told Xinhua.

See also:
Yemen protesters demand change of government
Now, people’s power sets off tremors in Yemen
Political Unrest Spreads as Yemeni Protesters Rally against Long-time Ruler
Thousands in Yemeni capital protest regime
Thousands of protesters urge Yemeni President Saleh to resign
Thousands march in capital in support of reforms
Thousands of Yemenis demand change in government
Sporadic Protests Continue in Egypt as Protest Movement Spreads to Yemen
Yemen protests: Thousands call on president to leave
Yemen protests: ‘People are fed up with corruption’
Canada urges Yemen to allow ‘freedom of expression’
Yemen president slams Al-Jazeera TV by phone call with Qatar Emir
US backs Yemeni right to protest

Let’s see, the pro-Western governments of Pakistan, Lebanon, Tunisia, Egypt, and now Yemen, have all been toppled or are under extreme pressure from opposition groups looking to overthrow the current regimes. And what’s Obama’s response? He’s throwing them all under the bus by encouraging the opposition protests under the guise of “freedom of expression”. Doesn’t Obama realize that the world could end up with a whole slew of new, anti-Western, Islamic governments? Wouldn’t that be fun?

/Obama is really naive and stupid or he actually approves of the possibility of a bunch of new, anti-Western, Islamic governments, either way, it’s extremely unsettling, remember, Obama didn’t lift a finger to help or utter a peep of support when the mass protests were against the Islamic regime in Iran

How’s That Trillion Dollars In “Stimulus” Working Out?

What does a trillion dollars in wasteful deficit spending on Democrat pet pork projects buy, besides record deficits and the most unsecured national debt in American history? Well, lets see, 2.7 million jobs lost since the “stimulus” just had to be passed immediately, without anyone even having read it, and the highest unemployment rate in 26 years, with no net job growth in sight. Hip, hip, hooray, you go Obama and the Democrats (hopefully starting in 2010)!

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Job losses accelerate to 263,000 in September

The nation’s job losses accelerated in September, driving the unemployment rate to a 26-year high of 9.8% and casting a cloud over the incipient recovery, economic data showed Friday.

Nonfarm payrolls fell by a greater-than-expected 263,000 in September, the Labor Department reported. It marked the 21st consecutive month of job losses.

Since the recession began in December 2007, 7.2 million jobs have been lost and the unemployment rate has doubled.

While disappointing, the September numbers were not catastrophic, economists said.

“We are more inclined to view September as a temporary setback than as a signal that the decelerating trend in job losses has stalled out,” wrote Stephen Stanley, chief economist for RBS Securities. “It is far too early to be pulling the alarm on this nascent recovery.”

But another economist sounded the warning.

The “weak employment report lessens hope for a sustainable recovery,” wrote Harm Bandholz of UniCredit Research. “Once the impact of the inventory cycle and the fiscal stimulus has run its course, gross domestic product growth will slow down substantially again.”

The employment figures also carried a political dimension, as Republicans said the continued job losses proved the stimulus had failed, while Democrats said they proved that government support is essential.

“Today’s job report is a sobering reminder that progress comes in fits and starts — and that we’re going to need to grind out this recovery step by step,” said President Barack Obama. “I’m working closely with my economic advisors to explore any and all additional options and measures that we might take to promote job creation.”

“We are headed for what appears to be, at best, a jobless recovery,” said Rep. John Boehner, the Ohio Republican who leads the GOP in the House. “That is not what the American people were promised.”

Details of the report were almost universally dismal, with the number of unemployed people rising by 214,000 to 15.1 million.

And of those, 5.4 million have been out of work longer than six months, accounting for a record 35.6% of the jobless.

Stimulus Spending Doesn’t Work

The global recession and financial crisis have refocused attention on government stimulus packages. These packages typically emphasize spending, predicated on the view that the expenditure “multipliers” are greater than one—so that gross domestic product expands by more than government spending itself. Stimulus packages typically also feature tax reductions, designed partly to boost consumer demand (by raising disposable income) and partly to stimulate work effort, production and investment (by lowering rates).

The existing empirical evidence on the response of real gross domestic product to added government spending and tax changes is thin. In ongoing research, we use long-term U.S. macroeconomic data to contribute to the evidence. The results mostly favor tax rate reductions over increases in government spending as a means to increase GDP.

. . .

The bottom line is this: The available empirical evidence does not support the idea that spending multipliers typically exceed one, and thus spending stimulus programs will likely raise GDP by less than the increase in government spending. Defense-spending multipliers exceeding one likely apply only at very high unemployment rates, and nondefense multipliers are probably smaller. However, there is empirical support for the proposition that tax rate reductions will increase real GDP.

Gee, who would have ever figured that tax cuts were more effective at stimulating the economy and creating jobs than massive government deficit spending on Democrat pet pork projects that do nothing to create sustainable jobs. Just a thought, maybe the Democrats should have passed more tax cuts instead of wasting most of a trillion dollars in taxpayer money on incredibly stupid crap like frozen sliced ham, turtle tunnels, and outhouses in national parks.

See also:
US unemployment at 26-year high
Jobless rate reaches 9.8 percent in September
263,000 Jobs Lost, Worse Than Views; Jobless Rate 9.8%
Unemployment rate rises to 9.8% as employers cut more jobs than expected
UPDATE: Fed’s Rosengren Sees High Unemployment Next 2 Years
2.7 Million Jobs Lost Since “Stimulus” Bill Enacted
Stimulus can’t ease job pain for U.S. states and cities
Biden on Unemployment: “Less Bad” Isn’t Good
Republicans Seize on Jobs as Proof Obama’s Policies Have Failed
Job Numbers Released, GOP Pounces
As Biden lays out stimulus goals, GOP demands specifics on new jobs
Romney: Stimulus Not Working, Time to Fix It
Stimulus: New Research on Government Stimulus Spending and Tax Cuts
How Bad Does The “Stimulus” Suck?
Where’s The Stimulus And Why Do We Need Any More Of It Anyway?

/so, Obama and the Democrats have lost 2.7 million jobs, the U.S. unemployment rate is the highest in 26 years, and their trillion dollar “stimulus” has failed miserably, I guess there’s only one thing left for them to do, blame Bush!