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