Daily Digest

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Daily Digest 10/23 - The Myth Of Job Creation, Is The U.S. Becoming An Extractive State?

Tuesday, October 23, 2012, 10:32 AM

Economy

Is The U.S. Becoming An Extractive State? (jdargis)

Extractive states are controlled by ruling elites whose objective is to extract as much wealth as they can from the rest of society. Inclusive states give everyone access to economic opportunity; often, greater inclusiveness creates more prosperity, which creates an incentive for ever greater inclusiveness.

U.S. Energy Trade Group Says Economy Sucks - Survey Proves It (James S.)

For gasoline, a benchmark for U.S. consumer sentiment in the energy sector, API reported deliveries were down 3.6 percent in September to their lowest level since 2001, the same year Pew saw a vibrant 30-something demographic. Nevertheless, API took note of the 0.3 percent decline in the U.S. employment rate. In September, about 7.8 percent of Americans were out of work, the lowest rate since U.S. President Barack Obama took office in January 2009.

The U.S. Election And Your Country (jdargis)

The president has also used Greece as a fiscal policy teaching point, saying America's deficit and debt worries are not nearly as severe. But at a White House Greek independence day celebration, he was more effusive.

The Myth Of Job Creation (jdargis)

Public-sector job loss means trouble for everyone. Government jobs are crucial to education, public health and safety, environmental protection, defense, homeland security and myriad other functions that the private sector cannot fulfill. They are also critical for private-sector job growth in two fundamental ways. First, the government gets its supplies from private-sector companies, which is why Republican senators like John McCain have been frantically warning about the dire effects on job creation if Congress moves ahead with planned military spending cuts. (Republicans insisted upon the cuts as part of their ill-advised showdown over the debt ceiling.) Second, government spending on supplies and salaries reverberates strongly through the economy, increasing demand and with it, employment.

China’s Doldrums Put Pressure on U.S. Exporters (jdargis)

Job reductions are hitting industries like mining, heavy machinery and scrap metal that prospered as China boomed, illustrating some of the risks to the broader American economy if growth continues to slow in what is now the world’s second-largest economy. Last week the Chinese government announced that gross domestic product grew at an annual rate of 7.4 percent in the third quarter, the slowest pace in more than three years.

Energy

Iran Says It May Stop Oil Sales if Sanctions Tighten (jdargis)

"If you continue to add to the sanctions we (will) cut our oil exports to the world... We are hopeful that this doesn't happen, because citizens will suffer. We don't want to see European and U.S. citizens suffer," he said, adding that the loss of Iranian oil on the market would drive up oil prices.

The U.S. government has focused on blocking Iran's oil exports because it estimates that crude sales provide about half of Iranian government revenues and that oil and oil products make up nearly 80 percent of the country's total exports.

Turning The Oceans Into Jetfuel (westcoastjan)

Jet fuel, along with all other common fuels, is a hydrocarbon. As the name suggests, these are chains of hydrogen and carbon atoms. In theory if you can combine those two elements in the correct way you can produce a fuel. It turns out that seawater is a good source of both ingredients – it contains hydrogen in the H20, and a lot of dissolved carbon dioxide (CO2). It also has the advantage of occurring in abundance - and for the Navy - close to the action.

Environment

Japan confirms explosion, leakage at nuke plant (Donna B.)

Japan earlier in the day warned of a meltdown at a reactor at the plant, damaged when a massive earthquake and tsunami struck the northeast coast, but said the risk of radiation contamination was small.

Article suggestions for the Daily Digest can be sent to dd@peakprosperity.com. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

9 Comments

saxplayer00o1's picture
saxplayer00o1
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Tall
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More Americans delaying retirement until their 80s

NEW YORK (CNNMoney) -- As they struggle to save for retirement, a growing number of middle-class Americans plan to postpone their golden years until they are in their 80's.

Nearly one-third, or 30%, now plan to work until they are 80 or older -- up from 25% a year ago, according to a Wells Fargo survey of 1,000 adults with income less than $100,000.

//

Those who are unable to work as long as they intend could therefore face a very grim reality. In fact, more than one-third of Americans could wind up living at or near poverty in retirement, the survey found.

http://money.cnn.com/2012/10/23/retirement/delaying-retirement/index.html?hpt=hp_t3

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MarkM
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Government jobs

Government can only redistribute wealth to move job creation from the private sector to the public sector.

Goverment job creation on the back of deficit spending is nothing more than an illusion.

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rhare
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Third Party Debate Tonight

For those interested in hearing thoughts from parties other than the two chosen for us, there is a presidential debate tonight - Tuesday Oct. 23, 8PM CT.  It will be on CSPAN and via the Internet (some other satellite TV channels as well) and is being moderated by Larry King.  Here is the info:

http://freeandequal.org/events/presidential-debate/

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Arthur Robey
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Whooee. Some spike in silver.

Did anyone else notice the spike in silver at midnight? I guess someone tried an experiment with his algo and got it wrong. Silly boy. He is supposed to manipulate the price down, not up.

I'll bet he go a fright.

Doug's picture
Doug
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rhare wrote:For those

rhare wrote:

For those interested in hearing thoughts from parties other than the two chosen for us, there is a presidential debate tonight - Tuesday Oct. 23, 8PM CT.  It will be on CSPAN and via the Internet (some other satellite TV channels as well) and is being moderated by Larry King.  Here is the info:

http://freeandequal.org/events/presidential-debate/

I watched this debate last night.  What a stark contrast to the "big two" debates.  Real people with political positions that mean something.  There differences were vast, but they expressed their stands and let the chips fall where they may.  They discussed positions as if they mattered and were not "poll tested."  It was absolutely refreshing.  Of the four debaters, the top two finishers in freeandequal.org 's online poll will meet again next Tuesday for another debate.  I encourage everyone to listen in.

Doug

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Quercus bicolor
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Watch last night's 3rd party debate here

The debate is well worth watching including the pre-debate show where each candidate has about 5-10 minutes to be interviewed.  It is a breath of fresh air compared to the Obama-Romney debate with it's obviously scripted answers that tell people what they want to hear, questions both parties agreed in advance would not be asked (for example the NDAA constitutional issue) and questions that were sidestepped on stage.  You can find it here. The first hour or so includes some related commentary on RT that was not part of the original webstream.  Watch or skip it as you please.

Enjoy!

Steve

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LesPhelps
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Of Course the US is an Extractive state!

I realise you need a title for an article, but why would you even have to ask.

Obvious examples abound.  For example, corporate executives with compensation packages in the millions or tens of millions per year who aren't growing the company that they lead.  Instead they grow company profits by eliminating hundreds or thousands of middle class jobs every year.

The middle class is disapearing and executive compensation is going up.

One obvious catch in all of this is that corporations rely on middle class to purchase thier products.  Yet, they are rapidly eliminating their very customers.

This is just one example.  I expect you can come up with several more.

saxplayer00o1's picture
saxplayer00o1
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